Page 94 - Pay'n Save Retirement Truat fund

SOUND RETIREMENT | 92

13. If you were in terminated vested status as of December 16,
2010 under #5 above, and attained at least age 54 and had 30
years of service as of that date and your retirement effective
date is September 1, 2013 or earlier, you are eligible for
subsidized early retirement benefits regardless of whether you
return to Covered Employment.
14. If you retire before the 2016 Rehabilitation Plan applies to you
(see page 18), monthly benefits earned under the Sound Plan
before September 1, 2003 and payable to you, your spouse,
or your surviving family members may be adjusted each year
to reflect changes in the cost of living. If there is a change in
the Consumer Price Index on July 1 of any year (as compared
to July 1 of the previous year), your monthly benefit will be
changed – upward or downward – beginning with the October
1 pension payment. However, regardless of the changes in the
Consumer Price Index, your monthly benefit can never be less
than the amount of your first monthly payment. Contact the
Trust Office for more information on this adjustment.

The maximum adjustment to your monthly payment (whether
an increase or decrease) is 2%. If the change in the Consumer
Price Index is more than 2% in 1 year, the excess will be added
to the adjustment for the next year to bring it up to 2%, if
necessary. No adjustment will be made to additional amounts
payable if prior to October 16, 2010 you selected the level
income payment option or, if your benefits commenced after
December 16, 2010, you were vested when you incurred a
break in service during a Plan Year ending after September 30,
2010 (September 30, 2009 if you had no contributory hours
during October 1, 2010 through December 16, 2010).

Note: unlike with eligibility for certain early retirement
benefits, once you lose your right to the cost-of-living
increases, you cannot earn them back.
15. CHANGES UNDER DEFAULT SCHEDULE The following benefit
changes apply to you if you are covered by a collective
bargaining agreement that adopts the Default Schedule under
the 2010 Rehabilitation Plan (or a later Rehabilitation Plan)
or if no schedule is adopted (a) within 180 days following the
expiration of your collective bargaining agreement that was
in effect the time the Trust entered critical status or (b) the
date of the notice sent to the Bargaining Parties regarding the
adoption of that Rehabilitation Plan, whichever is later. On
and after the date on which the Default Schedule to you:

y You will accrue benefits in an amount that produces
a monthly benefit (payable as a single life annuity
commencing at your normal retirement date) equal to the
lesser of (i) your current accrual rate under the Plan or
(ii) 1% times the total contribution made on your behalf