Page 86 - Pay'n Save Retirement Truat fund

SOUND RETIREMENT | 84

Plan benefit through June 30, 2014 that uses Meat Plan form
adjustment factors. As a result, when your total benefit using
Sound Plan factors is lower than your Meat Plan benefit through
June 30, 2014 using Meat Plan factors, you will have the option
to take the lower benefit in order to preserve the Pop-up feature.
There is an exception if you retire before age 55, in which case
the Sound Plan factors apply only to benefits earned on or after
July 1, 2014 and to disability pensions.

For forms that are unique to one plan and not the other (such as
the 100% contingent annuity option), the Sound Plan adjustment
factors will apply to the entire benefit.

Normal Form of Payment if You Are Single

If you are single, the Plan’s normal form of payment is the single
life annuity. Under this form of payment, you receive a monthly
payment for your lifetime. If you die before your beneficiary, no
further payments will be made from the Plan.

Normal Form of Payment if You Are Married

If you are married, the Plan’s normal form of payment is the 50%
spouse option, as described beginning on page 38.

 Your benefit will be adjusted based on your age and the age
of your spouse. See pages 39-40 for the current factors under
the Sound Plan. Under the Sound Plan prior to October 1,
2016, the formula for determining this adjustment factor is
92% plus 0.4% for each year the spouse is older than you, or
92% minus 0.4% for each year the spouse is younger than you.
Below are Sound Plan adjustment factors that would apply at
various age combinations.

Sound Plan 50% Spouse Option Factors

Spouse Same Spouse 3 Years Spouse 3 Years
Participant Age
Age Younger Older

65 0.920 0.908 0.932

60 0.920 0.908 0.932

55 0.920 0.908 0.932

 Under the Meat Plan (for minimum benefits earned as of
June 30, 2014), the adjustment factors are determined using
plan assumptions, your age and your spouse’s age. Below are
Meat Plan adjustment factors that would apply at various age
combinations.