Pension Summary Plan Description

F.7 Lump Sum Payment of Employer Contributions

If you elected to receive a lump sum payment of employer Contributions that were required to be paid to the Pension Trust on your behalf before July 1, 1990:

  • You are ineligible for the Overlay, as described in Appendix H, with respect to the amounts received as a lump sum payment;
  • A full actuarial reduction from Normal Retirement Age will be applied to the residual annuity for any benefit accruals after June 30, 2000. For earlier benefit accruals, a full actuarial reduction will also be applied to the residual annuity, but the actuarial reduction is calculated from the age that you qualify for unreduced early retirement benefits, or from Normal Retirement Age, whichever is earliest; and
  • Your pre-lump sum service does not count toward the hours or service requirements under Section 4 or Appendix C.