Pension Summary Plan Description

H.4 Benefit Service After June 30, 1990 and Before July 1, 1997

You also earn a Straight Life Annuity monthly payment at Normal Retirement Age for Contributions on your Covered Employment after June 30, 1990 and before July 1, 1997. If you have at least 1,000 Contributory Hours after June 30, 1997, your accrual rate is equal to at least 2.0% of those Contributions. This benefit accrual is increased by an additional .5% for the amount of your Contributions during Plan Years 1991 to 1997 that are matched by Contributions made on your behalf after June 30, 1997.

EXAMPLE:

During Plan Years 1991 to 1997, Carl's employer contributed $45,000 to the Plan on his behalf. After June 30, 1997, Ricard's employer contributed $30,000 to the Plan on his behalf.

Carl's benefit from his Plan Year 1991 to 1997 Contributions is therefore computed as follows, including the .5% increase on the $30,000 in Contributions during Plan Years 1991 to 1997 matched by Contributions made on his behalf after June 30, 1997:

$45,000 x 2.0% = $900
$30,000 x 0.5% = $150
TOTAL = $1,050 monthly benefit at Normal Retirement Age for Contributions between July 1, 1990 and June 30, 1997

In addition, Carl will receive $810 toward his monthly benefit for his employer's Contributions after June 30, 1997 and before July 1, 2003, as shown in the example at Section 5.3, Benefit Service After June 30, 1997 and Before July 1, 2003. In these examples Carl is entitled to receive a $1,050 monthly benefit at Normal Retirement Age for his July 1, 1990 to June 30, 1997 Contributions and $810 in monthly benefits at Normal Retirement Age for his Contributions in Plan Years 1998 through 2003, for a total benefit payable at Normal Retirement Age of $1,860 ($1,050 + $810 = $1,860.)