Pension Summary Plan Description

F.2 Unreduced Retirement Date If You Meet Minimum Hour and Contribution Requirements

If you meet the following requirements:

  • the minimum hour and Contribution requirements described in the next section, and
  • the employer Contributions made on your behalf from July 1, 1987, through June 30, 1990, are at least $3.00 per hour,

then you are eligible to receive an unreduced retirement at the earliest of the following:

  • age 45 if you have ten years of Vesting Service; or
  • our age on the date that your age plus five years of Vesting Service equal 55 and you have 2,000 Contributory Hours.

F.2.1 Minimum Hour and Contribution Requirements for Retirement

Employer Contributions made on your behalf determine the minimum hour and Contribution requirements which apply to you, as shown in the following table.

This table shows the minimum number of hours you must work with employer Contributions of at least $3.00 per hour. The number of hours depends on the year in which your employer began making Contributions at $3.00 per hour. You also receive credit for Contributions over $2.00 per hour for the 12 months before the $3.00 per hour Contributions began.

The year in which Contributions at $3.00 per hour Minimum Contributory Hours at began $3.00 per hour or more
1978 and earlier 2,000
1979 2,500
1980 3,000
1981 3,500
1982 4,000
1983 4,500
1984 through June 30, 1990 5,000

EXAMPLE:

Ruth's employer began making Contributions at $3.00 per hour on January 1, 1983. She worked 1,500 hours in 1983, 2,000 hours in 1984 and 2,000 hours in 1985 to meet her 4,500 hour requirement.

Ruth continued to work for this employer through June 30, 1990 and received credit for Contributions at the $3.00 rate for that work. She had over ten years of Vesting Service on June 30, 1990, so her Normal Retirement Age is 45 for the benefit she earned as of June 30, 1990.

F.2.2 Special Extension for Minimum Hour and Contribution Requirements

If you did not meet the requirements in the above table before July 1, 1990, you may have had an extension if employer Contributions of at least $3.00 per hour were made on your behalf after June 30, 1987 and before July 1, 1990. In that event, you had until June 30, 1993, to meet the requirements in the table.

F.2.3 Special Qualification for Participants Who Retire and Return to Covered Employment

If you retired and later returned to Covered Employment but did not meet the requirements in the above table before July 1, 1990, you can meet the minimum hour and Contribution requirements as follows:

  • between June 30, 1987 and July 1, 1990, your employer made Contributions of at least $3.00 per hour on your behalf; and
  • by June 30, 1993, you had worked at least 8,000 hours after you returned to work, for which your employer made Contributions of at least $3.00 per hour.