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Pension Plan

 
Vesting

A Participant shall achieve vested status upon meeting the requirements described below.

  1. After January 1, 1999, a Participant will have achieved vested status if he or she:
    1. Has accumulated at least five Years of Credited Service without a Permanent Break in Service, has worked at least 1,400 hours in Covered Employment after his or her Contribution Date and has at least one Hour of Service on or after January 1, 1999; or
    2. Has accumulated at least seven Years of Credited Service without a Permanent Break in Service, has worked at least 1,400 hours in Covered Employment after his or her Contribution Date and has at least one Hour of Service on or after January 1, 1997; or
    3. Has accumulated at least ten Years of Credited Service, without a Permanent Break in Service, and has worked at least 1,400 hours in Covered Employment after his or her Contribution Date.

    However, a Non-Bargained Employee who has at least one Hour of Service after May 31, 1988, will attain vested status after he or she has accumulated five Years of Credited Service without a Permanent Break in Service.
  2. After January 1, 1997, a Participant will have achieved vested status if he or she:
    1. Has accumulated at least seven Years of Credited Service without a Permanent Break in Service, has worked at least 1,400 hours in Covered Employment after his or her Contribution Date and has at least one Hour of Service on or after January 1, 1997; or
    2. Has accumulated at least ten Years of Credited Service, without a Permanent Break in Service, and has worked at least 1,400 hours in Covered Employment after his or her Contribution Date.

    However, a Non-Bargained Employee who has at least one Hour of Service after May 31, 1988 will attain vested status after he or she has accumulated five Years of Credited Service without a Permanent Break In Service.
  3. After June 1, 1976, a Participant will have achieved vested status if he or she has accumulated at least ten Years of Credited Service, without a Permanent Break in Service, and has worked at least 1,400 hours in Covered Employment after his or her Contribution Date. However, a Non-Bargained Employee who has at least one Hour of Service after May 31, 1988, will attain vested status after he or she has accumulated five Years of Credited Service without a Permanent Break in Service.
  4. Between November 14, 1969 and June 1, 1976, a Participant achieved vested status if he or she (i) had accumulated at least ten Benefit Units, without a Permanent Break in Service, and (ii) had worked at least 1,400 hours in Covered Employment after his or her Contribution Date.
  5. Between July 1, 1964 and November 1, 1969, a Participant achieved vested status if he or she (i) became age 45, (ii) had accumulated at least fifteen Benefit Units, without a Permanent Break in Service, and (iii) had worked at least 1,400 hours in Covered Employment after his or her Contribution Date.
  6. Before July 1, 1964, a Participant achieved vested status if he or she (i) had attained age 55, (ii) had accumulated at least fifteen Benefit Units, and (iii) had worked at least 1,400 hours in Covered Employment after his or her Contribution Date.

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