Page 93 - Pay'n Save Retirement Truat fund

91 | SOUND RETIREMENT

y you have no break in service after September 30, 2010, or
you have earned a year of Credited Future Service in two
consecutive Plan Years following your most recent break-
in-service as a vested participant after September 30, 2010
(September 30, 2009 if you had no contributory hours
during the October 1, 2010 through December 16, 2010)
9. For retirements on or after the effective date of the 2010
Rehabilitation Plan, the formula for determining the 50% Joint
and Survivor Option uses the adjustment factor of 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.
For retirements on or after the effective date of the 2010
Rehabilitation Plan, the formula for determining the 75%
Joint and Survivor Option uses the adjustment factor of 88%
plus 0.5% for each year the spouse is older than you, or 88%
minus 0.5% for each year the spouse is younger than you.
For retirements on or after the effective date of the 2010
Rehabilitation Plan, the formula for determining the 100%
Joint and Survivor Option uses the adjustment factor of 84%
plus 0.6% for each year the spouse is older than you, or 84%
minus 0.6% for each year the spouse is younger than you.
10. The following benefits will not be provided if you incurred a
one-year break in service in a Plan Year that began on or after
October 1, 2010 and before September 30, 2012 and you were
not in pay status on or before September 1, 2013:

y Subsidized early retirement benefits are eliminated; and
y The post-retirement COLAs that were payable on pre-
August 2003 benefit accruals will not be provided.
11. If you are covered by a bargaining agreements expiring on or
after May 1, 2013 or by an agreement that adopts a Schedule
on or after that date, the benefit changes described in #5 and
#10 above will apply if you incur a one-year break in service
during a Plan Year that begins after September 30, 2012.
For this purpose, you are considered to be covered by the
bargaining agreement under which you last earned an hour of
service in Covered Employment.
12. However, if your subsidized early retirement benefits were
eliminated under these rules, you may restore the subsidized
early retirement benefits that were eliminated by returning to
active employment with a contributing employer and earning
at least 500 hours of service in Covered Employment in two
consecutive Plan Years. If you again become a terminated
vested participant after that employment, you would again
lose the subsidy on benefits earned prior to your most recent
one-year break in service unless you retire before incurring a
one-year break in service.