Page 85 - Pay'n Save Retirement Truat fund

83 | SOUND RETIREMENT

your disability has become total and permanent, your temporary
early retirement pension will be converted to a disability pension
retroactive to the later of the date you began receiving benefits
or your date of your total and permanent disability. Contact the
Trust Office for more details if this may apply to you.

LATE RETIREMENT PENSION

If you continue working after your normal retirement date, you
will continue to accrue pension benefits while you are working.
If you reached normal retirement age before July 1, 2014, you
will receive the benefit you earned in the Meat Plan for service
through June 30, 2014 under the terms of the Meat Plan plus
any benefits you earn under the Sound Plan for service on or
after July 1, 2014. If you reach normal retirement age on or after
July 1, 2014, your late retirement benefits will be determined
under the Sound Plan provisions. Under the Sound Plan, each
year, the additional benefit you earn will be the larger of the
benefit calculated under the plan’s formula, or the prior year
benefit times an actuarial increase factor, as described in “Late
Retirement Pension” beginning on page 30.
For the amount earned under the Meat Plan as of June 30, 2014,
you will receive a retroactive payment including interest at 5%
per year on all payments owed since you were first eligible to
commence payments. For benefits earned on or after July 1, 2014,
you can choose between retroactive payments and the benefit
earned.

FORMS OF PAYMENT

The forms of payment available to you depend on whether you
earned credited service in the Sound Plan on or after July 1, 2014.

 If you do not earn any credited service on or after July 1,
2014, your payment choices and adjusted amounts will be
determined under the terms of the Meat Plan as of June 30,
2014.

 If you earned credited service on or after July 1, 2014, your
payment choices and adjusted amounts will be determined
under the terms of the Sound Plan. In general, when the
same form of payment is offered under the Meat Plan and the
Sound Plan, your benefit will be the larger of
y Your total benefit using the Sound Plan factors, or

y Your Meat Plan benefit through June 30, 2014 using the
Meat Plan factors.

Note, the 50% spouse option and the contingent annuity options
(75% and 100%) include a “Pop-Up” feature to increase your
benefit to the single life annuity value if your spouse dies before
you (see page 38). This feature is not included in your Meat