Page 88 - Pay'n Save Retirement Truat fund

SOUND RETIREMENT | 86

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 for the 75% annuity form (different factors apply for
other age combinations).

Spouse 3 Years Spouse 3 Years
Participant Age Spouse Same Age
Younger Older
65 0.864 0.844 0.883

60 0.884 0.868 0.899

55 0.903 0.891 0.915

You must choose this option before your first pension payment
is issued. The option can only be revoked if notice is given to the
Trustees before your pension starts.

Example: Forms of Payment

Juan and his spouse are both age 58, and Juan retires from the Sound Plan
on October 1, 2016 with a standard reduced early retirement pension equal
to $1,380 per month, payable as a single life annuity. Juan’s early retirement
pension based on his Meat Plan benefit at June 30, 2014 is $1,326.
The following table shows each of Juan’s payment options, how much he
would receive under the terms of the Sound Plan and Meat Plan, and the
amount he can expect to be paid (the larger of the two calculations).

His benefit And his So Juan and Upon Juan’s
If Juan and his under the benefit under his spouse death, his
spouse select terms of the the terms of would spouse would
the… Sound Plan the Meat Plan
would be… would be… receive… receive…

Single life $1,380.00 $1,326.00 $1,380.00 $0.00
annuity

50% spouse $1,269.60 $1,226.55 $1,269.60 $634.80
option

75%
contingent $1,214.40 $1,182.79 $1,214.40 $910.80
annuity
option
100%
contingent
annuity $1,159.20 $1,140.36 $1,159.20 $1,159.20
option