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Pension Plan

 
Pension Eligibility And Amounts

General. This Article sets forth the eligibility conditions and amounts payable for the pensions provided by the Plan. (Eligibility conditions and amounts payable for Employees as defined in Subsection 1.11.b. are set forth in Article 5.) The accumulation and retention of Benefit Units and Credited Service for eligibility are subject to the provisions of Article 6. The pension amounts are subject to reduction on account of the Spousal Pension (Article 7). Entitlement of an eligible Participant to receive pension benefits is subject to the Participant's Retirement and application for a pension, as provided in Article 10.

Eligibility depends in most instances upon Credited Service, which is defined in Sections 6.02 and 6.03, and takes into account credited employment both before and after the Contribution Date. Pension amounts (and in some instances, eligibility) are based on accumulated Benefit Units, as defined in Section 6.04, which also take into account creditable employment both before and after the Contribution Date.

Regular Pension - Eligibility. A Participant who has retired shall be entitled to receive a Regular Pension upon meeting the following requirements:

  1. He or she has attained age 60 and is vested in accordance with Section 6.09, or
  2. He or she has attained Normal Retirement Age as defined in Section 1.17.

For a Participant who retires subject to an Alternative Schedule, a Regular Pension shall not be available until the attainment of Normal Retirement Age and the early retirement provisions under Section 3.05 pertaining to retirement under an Alternative Schedule shall apply.

For a vested Participant who retires subject to the Default Schedule, a Regular Pension is available at age 60 only as to amounts accrued before January 1, 2011. For amounts accrued on or after January 1, 2011, the early retirement provisions under Section 3.05 pertaining to retirement prior to Normal Retirement Age under the Default Schedule shall apply.

Amount of Regular Pension.

  1. Effective June 1, 2000 (and applicable only to benefits accrued after the most recent Separation from Covered Employment, if any, before that date), the amount of a Regular Pension with a Pension Effective Date on or after January 1, 2001, shall be the sum of the following Subsections (1), (2) and (3).
    1. $25.00 for each Non-Contributory Benefit Unit.
    2. $90.00 for each Contributory Benefit Unit earned prior to the January 1 coincident with or next following the increase in the Participant's Bargaining Unit Contribution Rate to more than $1.00 per hour. However, if the Participant's Bargaining Unit Contribution Rate increased to more than $1.00 per hour by November 1, 1976, the $90.00 shall be paid for each Contributory Benefit Unit earned by the Participant prior to January 1, 1976.
    3. With respect to the Participant's hours of work in Covered Employment after the January 1 coincident with or next following the increase in the Participant's Bargaining Unit Contribution Rate to more than $1.00 per hour:
      1. 5.25% of Contributions made for such hours of work prior to January 1, 2003; plus
      2. 4.2% of Contributions made for such hours of work on and after January 1, 2003 and prior to April 1, 2003; plus
      3. 1.5% of Contributions made for such hours of work on or after April 1, 2003 and prior to September 1, 2005; plus
      4. 1% of Contributions made for such hours of work on and after September 1, 2005.

      If the Participant's Bargaining Unit Contribution Rate increased to more than $1.00 per hour by November 1, 1976, the monthly amount of the Regular Pension earned for the 1976 Calendar Year will be based on 5.0% of the Contributions made with respect to the Participant's hours of work in Covered Employment in 1976.

      No Regular Pension benefits will accrue under this Subsection (3) in any Calendar Year in which the Participant works less than 500 Contributory Hours, except that his or her Regular Pension will be increased by the applicable percentage of all Employer Contributions paid on his or her behalf for work in a Calendar Year in which he or she earns a Year of Credited Service and in a Calendar Year in which his or her Pension Effective Date occurs. Disability hours which are credited under Section 6.05 shall be excluded unless such hours, plus any actual Contributory Hours worked, total 500 or more.

    Exception: For hours worked in Covered Employment during Calendar Years 1988, 1989, and 1990 for which the Contribution Rate of $1.00 or less is made, the benefit rate is 2% of Contributions made for such hours of work. For such hours of worked in Covered Employment during the period January 1, 1991 through May 31, 1998, the benefit rates are the benefit rates in effect for the Employees covered by Article 5 during the period in which such Contribution Rates of $1.00 or less are made. For such hours of work in Covered Employment during the period of June 1, 1998 through August 31, 2005, the benefit rate is 2.8% of Contributions. Beginning September 1, 2005, the benefit rate is 1% of Contributions made for such hours of work in Covered Employment.
  2. If there has been a separation from Covered Employment as defined in Section 6.08, the Regular Pension shall be a monthly amount equal to the sum of (1) and (2) below:
    1. For work in Covered Employment which follows the most recent Separation from Covered Employment before June 1, 2000, a monthly amount determined in accordance with Subsection (a) above.
    2. For work in Covered Employment which precedes the most recent Separation from Covered Employment before June 1, 2000, a monthly amount determined as follows:
      1. If the Separation from Covered Employment is prior to January 1, 1999, a monthly amount determined in accordance with the terms of the Plan in effect at the end of the separation period; or
      2. If the Separation from Covered Employment is after January 1, 1999,a monthly amount determined in accordance with the terms of the Plan in effect at the end of the Calendar Year in which the Participant last earned Credited Service based on Contributory Hours worked prior to such separation period.
  3. If there has been a Permanent Break in Service prior to January 1, 1989, for which Section 6.07.g. applies, the Regular Pension attributable to the period preceding the Permanent Break in Service shall be determined in accordance with the reinstatement provisions of that Subsection.
  4. For Pensions with a Pension Effective Date on or after January 1, 1991, the monthly Regular Pension amount shall not be less than the Minimum Monthly Benefit determined in accordance with Section 3.16
  5. Notwithstanding this Section 3.03, the amount of a Regular Pension shall not include Employer Contribution allocated to reduce the Plan’s funding deficit as described in Section 1.07 of the Plan.

Early Retirement Pension -- Eligibility. A Participant who is retired shall be entitled to an Early Retirement Pension upon meeting the following requirements:

  1. He or she has attained age 55 but not yet attained age 60;
  2. He or she has ten Years of Credited Service without a Permanent Break in Service, exclusive, however, of any Credited Future Service earned as a result of Continuous Non-Covered Employment; and
  3. He or she has worked at least 1,400 Contributory Hours after his or her Contribution Date.

Amount of the Early Retirement Pension. The Early Retirement Pension shall be a monthly amount determined as follows:

  1. The first step is to determine the amount of the Regular Pension to which the Participant would be entitled in accordance with Subsection 3.03.a., b., and c. if he or she had attained age 60 on the Pension Effective Date.
  2. The second step, to take account of the fact that the Participant is younger than age 60, is to reduce the first amount by 1/2 of 1% for each month that the Participant is younger than age 60 on the Pension Effective Date of his or her Early Retirement Pension.

For Pensions with a Pension Effective Date on or after January 1, 1991, the monthly Early Retirement Pension amount shall not be less than the Minimum Monthly Benefit determined in accordance with Section 3.16.

For a Participant who retires subject to an Alternative Schedule, Subsection 3.05.b. shall not be applicable as to any amounts accrued under the Plan and the amount of the Early Retirement Pension shall be actuarially equivalent to the age 65 benefit. Such actuarial reduction for early commencement shall not give rise to an early retirement subsidy.

For a Participant who retires on or after January 1, 2011 subject to the Default Schedule, Subsection 3.05.b. shall apply only as to amounts accrued before January 1, 2011. For amounts accrued on or after January 1, 2011, the amount of the Early Retirement Pension shall be actuarially equivalent to the age 65 benefit and such actuarial reduction for early commencement shall not give rise to an early retirement subsidy.

Disability Pension -- Eligibility. A totally and permanently disabled Participant shall be entitled to receive a Disability Pension upon meeting the following requirements:

  1. He or she has not attained age 60;
  2. He or she has ten Years of Credited Service without a Permanent Break in Service, exclusive, however, of any Credited Future Service earned as a result of Continuous Non-Covered Employment; and
  3. He or she has, as a result of actual work in Covered Employment, earned at least two quarters of Credited Future Service in the two consecutive Calendar Years prior to or including the Calendar Year in which he or she became disabled from working in the Resilient Floor Covering Industry.

In accordance with the Rehabilitation Plan, the Disability Pension is discontinued as of January 1, 2011 and shall not be available to any Participant who becomes totally and permanently disabled, as determined under the Plan, on or after such date. The Disability Pension shall continue for any Participant who applied for a Disability Pension as of January 1, 2011 and is entitled to such Disability Pension in accordance with the terms of the Plan.

Amount of the Disability Pension. The monthly amount of a Disability Pension with a Pension Effective Date on or after January 1, 2001 is equal to 90% of the monthly amount of the Regular Pension for which the Participant would be eligible if he or she had attained age 60 when he or she became disabled.

Total and Permanent Disability Defined. A Participant shall be deemed totally and permanently disabled only if the Trustees, in their sole and absolute judgment, find that:

  1. On the basis of such competent medical evidence as the Trustees may require to be shown, the Participant is totally and permanently unable, as a result of bodily injury or disease, to engage in or perform any of the duties of any occupation for which he or she may reasonably be fitted by reason of education, training or experience;
  2. Such bodily injury or disease is not due to such Participant's willful engagement in any illegal activity or occupation or the self-infliction of such or any other injury, or resulting from chronic alcoholism or the use of narcotics, unless the same were administered pursuant to the orders of a licensed physician; and
  3. Such disability will be permanent and continuous for the remainder of the life of the Participant.

The Trustees may, in their sole and absolute judgment and discretion, require or accept as proof of total and permanent disability a determination by the Federal Social Security Administration that the Participant is entitled to a Social Security Disability Benefit in connection with his or her Old Age and Survivors Insurance Coverage. The Trustees may at any time, or from time to time, require evidence of continued entitlement to such Social Security Disability Benefit, and may at any time, notwithstanding the prior granting of a Disability Pension under the Plan on the basis of such Social Security Disability Benefit, require that the Participant satisfy the provisions of sub-paragraphs a., b., and c. of this Section as a prerequisite to the continuance of the Disability Pension granted under the Plan.

If there is a difference in the medical evidence submitted through the Social Security Administration or by an individual doctor or doctors, the Fund may select at its own expense a doctor to examine the Participant and submit the report of his or her findings in order to assist the Trustees with a determination as to whether the Participant is totally and permanently disabled as defined above.

Disability Pension Payments.

  1. Payment of the Disability Pension shall not commence until five full calendar months of Total and Permanent Disability have elapsed. Payment of the Disability Pension will continue as long as the disabled Pensioner remains totally and permanently disabled as herein defined, except that upon becoming age 60, the disabled Pensioner shall have his or her benefits continued regardless of whether he or she remains totally and permanently disabled.
  2. If the Pension Effective Date for a Participant who is totally and permanently disabled as defined in Section 3.08 is after the date payment would have begun in accordance with paragraph a. above, the Participant shall be entitled to a one-time cash payment equal to the monthly amount of the Disability Pension, in the payment form elected, multiplied by the number of calendar months between the date determined in accordance with paragraph a. above and the Pension Effective Date.
  3. Disability Pension payments shall continue during a period of trial work in which the Pensioner is determined by the Social Security Administration to be entitled to a Social Security Disability benefit.

Recovery of a Disability Pensioner. If a Disability Pensioner loses entitlement to a Social Security Disability Benefit, or recovers from a disability prior to attaining age 60, such fact shall be reported by the Pensioner in writing to the Board within 31 days of the date he or she receives notice from the Social Security Administration or the date of such recovery, whichever occurs first. If such written notice is not provided, the Pensioner will upon subsequent retirement not be eligible for benefits for a period of 3 months following the date of his or her subsequent retirement. The 3-month waiting period shall not apply if the subsequent retirement occurs after Normal Retirement Age.

Overpayments attributable to Disability Pension benefits paid for any month or months for which the Pensioner was no longer entitled to such benefits shall be deducted from any subsequent pension payments to which the Pensioner becomes entitled. A deduction from a monthly benefit for a month after the Pensioner attains Normal Retirement Age shall not exceed 25 percent of the pension amount. If a Pensioner dies before recoupment of overpayments has been completed, deductions shall be made from the benefits payable to his or her beneficiary or surviving Spouse, as the case may be, subject to the 25% limitation on the rate of deduction.

Service Pension -- Eligibility.

  1. A Participant who has retired shall for benefits accrued prior to September 1, 2005 be entitled to receive a Service Pension upon meeting all of the following requirements:
    1. He or she has not yet attained age 60;
    2. He or she has at least 25 Years of Credited Service without a Permanent Break in Service exclusive of any Credited Service earned in Continuous Non-Covered Employment (Service Credit earned under a Related Plan shall not be counted toward meeting this requirement for a Service Pension, the provisions of Section 4.05, notwithstanding);
    3. He or she had not previously been in receipt of an Early Retirement Pension; and
    4. Contributions of $0.50 per hour or more had been made for at least six months for the retired Participant's Bargaining Unit.

    A Participant who retires and receives a Service Pension with respect to his benefits accrued prior to September 1, 2005 must also concurrently receive any benefits accrued between September 1, 2005 and his or her Pension Effective Date.
  2. A Participant who has retired shall for benefits accrued on or after September 1, 2005 be entitled to receive a Service Pension upon meeting all of the following requirements:
    1. He or she is at least age 50 but has not yet attained age 60;
    2. He or she has at least 25 Years of Credited Service without a Permanent Break in Service exclusive of any Credited Service earned in Continuous Non-Covered Employment (Service Credit earned under a Related Plan shall not be counted toward meeting this requirement for a Service Pension, the provisions of Section 4.05, notwithstanding);
    3. He or she had not previously been in receipt of an Early Retirement Pension; and
    4. Contributions of $2.50 per hour or more had been made for at least six months for the retired Participant's Bargaining Unit.
  3. Notwithstanding the above, a Participant who has retired and is subject to an Alternative Schedule shall be entitled to receive a Service Pension upon meeting one of the following requirements, provide he or she had not previously been in receipt of an Early Retirement Pension:
    1. Has accrued at least 60,000 Hours of Service that constitute Credited Service;
    2. Is at least age 55 but has not yet attained age 62 and has accrued at least 54,000 Hours of Service that constitute Credited Service; or
    3. Is at least age 62 but has not yet attained age 65 and has accrued at least 45,000 Hours of Service that constitute Credited Service.

    The service requirement under Subsections (1), (2) and (3) above must be exclusive of any Hours of Service constituting Credited Service prior to any Permanent Break in Service and exclusive of any Credited Service earned in Continuous Non-Covered Employment (Service Credit earned under a Related Plan shall not be counted toward meeting this requirement for a Service Pension, the provision of Section 4.05, notwithstanding).
  4. For a Participant who retires on or after January 1, 2011 subject to the Default Schedule, the Service Pension shall be available under the terms described in Subsections 3.12.a. and 3.12.b. only as to amounts accrued before January 1, 2011. Such Participant may continue to accrue Years of Credited Service on and after January 1, 2011.
  5. Notwithstanding the above, if a Participant (i) stops working in the Resilient Floor Covering Industry prior to December 1, 2010, (ii) is within 1 year of earnings 25 Years of Credited Service and (iii) otherwise meets the requirements under Section 3.12.a. and/or b. above, such Participant shall be entitled to a Service Pension in accordance with subsection a. and/or b., provided he or she applies for such Service Pension on or after April 1, 2010 and before December 1, 2010.

Amount of the Service Pension. The monthly amount of the Service Pension is determined in the same way as the monthly amount of the Regular Pension is determined.

Special Service Pension - Eligibility. A Participant who retired on or after January 1, 1997 shall be entitled to receive a Special Service Pension for benefits accrued prior to September 1, 2005 upon meeting the following requirements:

  1. He or she has at least 30 Years of Credited Service without a Permanent Break in Service exclusive of any Credited Service earned in Continuous Non-Covered Employment (Service Credit earned under a Related Plan shall not be counted toward meeting this requirement for a Special Service Pension, the provisions of Section 4.05 notwithstanding); and
  2. He or she has not previously received any type of pension under the Plan. (This requirement shall not apply to a Disability Pensioner who recovers from his or her disability and reenters Covered Employment before age 55).

A participant who retires and receives a Special Service Pension for benefits earned before September 1, 2005 must also concurrently receive any benefits accrued between September 1, 2005 and his or her Pension Effective Date.

For a Participant who retires subject to an Alternative Schedule, a Special Service Pension shall not be available as to any amounts accrued under the Plan. For a Participant who retires on or after January 1, 2011 subject to the Default Schedule, the Special Service Pension shall be available under the terms described in this Section 3.14 notwithstanding the Rehabilitation Plan, and such Participant may continue to accrue Years of Credited Service on and after January 1, 2011 for purposes of earning a Special Service Pension.

Amount of the Special Service Pension. The monthly amount of the Special Service Pension is:

  1. 110% of the Regular Pension amount calculated in accordance with Subsections 3.03.a., b., and c.; or
  2. 125% of the Regular Pension amount calculated in accordance with Subsections 3.03.a., b., and c. if the Participant, on his or her Pension Effective Date, is at least age 60 or has at least 35 Years of Credited Service without a Permanent Break in Service exclusive of any Credited Service earned in Continuous Non-Covered Employment (Service Credit earned under a Related Plan shall not be counted toward meeting this requirement, the provisions of Section 4.05 notwithstanding).

For Pensions with a Pension Effective Date on or after January 1, 1991, the monthly Special Service Pension amount shall not be less than the Minimum Monthly Benefit determined in accordance with Section 3.16.

Minimum Monthly Benefit. The Minimum Monthly Benefit for Pensions with a Pension Effective Date on or after January 1, 1991 shall be determined as follows:

  1. The first step is to determine the amount of the Regular Pension in accordance with Subsections 3.03.a., b., and c.
  2. The second step is to increase the amount in a. above by 25%.
  3. The third step is to reduce the amount in b. above by 6-2/3% for each year that the Participant is younger than age 65 but not younger than age 62 and by 5% for each year that the Participant is younger than age 62.

If the first month for which the Pension is payable does not coincide with the month of the Participant's birthday, the appropriate factor shall be determined on a pro-rata basis, taking into account the number of completed months since the Participant's last birthday.

For a Participant who retires subject to an Alternative Schedule, the Minimum Monthly Benefit shall not be applicable as to any amounts accrued under the Plan and the amount of the Early Retirement Pension shall be determined under Section 3.05.

For a Participant who retires on or after January 1, 2011 subject to the Default Schedule, the Minimum Monthly Benefit shall apply only as to amounts accrued before January 1, 2011. For amounts accrued on or after January 1, 2011, the amount of the Early Retirement Pension shall be determined under Section 3.05.

Non-duplication of Pensions. A person shall not be entitled to the payment of more than one type of pension under this Plan at any one time.

Pensioner Increases.

  1. The amount of a Pension in pay status as of December 1, 1988, shall be increased effective January 1, 1989, as follows:
    1. Pensions having an Effective Date which is prior to the date the Pensioner's Bargaining Unit Contribution Rate was increased to more than $1.00 shall be increased by 12%.
    2. Pensions having an Effective Date which is after the date the Pensioner's Bargaining Unit Contribution Rate was increased to more than $1.00 shall be increased by 6%.
  2. For Pensioners who retired between January 1 and December 31, 1989 with respect to hours of work in Covered Employment in the 1989 Calendar Year only, for which the Contribution Rate was more than $1.00, benefits shall be accrued at 2.65% of Contributions.
  3. The amount of a pension in pay status as of December 1, 1990 shall be increased effective January 1, 1991 by 1 1/2% for each full Calendar Year since the later of the Pension Effective Date or the date of Resumption of pension payments following the most recent Suspension of pension payments.

    For purposes of this Subsection c., a "Full Calendar Year" shall mean a Calendar Year in which twelve monthly pension payments were made.
  4. The amount of a pension in pay status as of December 1, 1991 shall be increased effective January 1, 1992 according to the following schedule:
    Monthly Pension Amount as of December 1, 1991 Benefit Increase
    Under $400.00 5%
    $400.00 but less than $800.00 3%
    $800.00 or more 1%
    A Pensioner who retires on or after January 1, 1991 must have at least 500 Contributory Hours in the two Calendar Years immediately prior to his or her Pension Effective Date in order to be eligible for the above increase.
  5. The amount of a pension in pay status as of December 1, 1993 shall be increased effective January 1, 1994 by 1 1/2% for each full Calendar Year since the later of the Pension Effective Date or the date of Resumption of pension payments following the most recent Suspension of pension payments.

    For the purposes of this Subsection e., a "full Calendar Year" shall mean a Calendar Year in which twelve monthly pension payments were made.

    A Pensioner who retired on or after January 1, 1991 must have at least 500 Contributory Hours in the two Calendar Years immediately prior to his or her Pension Effective Date in order to be eligible for the above increase.
  6. The amount of a pension in pay status as of December 1, 1994 shall be increased effective January 1, 1995 by $5.00; with the exception that the amount of a Surviving Spouse Pension shall be increased by 50%, 75%, or 100% of this amount, whichever is applicable to the type of Surviving Spouse Pension the Spouse is receiving.

    A Pensioner who retires on or after January 1, 1991 must have at least 500 Contributory Hours in the two Calendar Years immediately prior to his or her Pension Effective Date in order to be eligible for the above increase.
  7. The monthly amount of a pension in pay status as of December 1, 1996 shall be increased effective January 1, 1997 according to the following schedule:
    Total Benefit Units Earned Under this Plan as of December 1, 1996 Additional Monthly Benefit
    25 or more $52.50
    15 but less than 25 $35.00
    Less than 15 $17.50
    The monthly amount of a Surviving Spouse Pension shall be 50%, 75% or 100% of the above additional monthly benefit, whichever is applicable to the type of Surviving Spouse Pension the Spouse is receiving.

    A Pensioner who retires on or after January 1, 1991 must have at least 500 Contributory Hours in the two Calendar Years immediately prior to his or her Pension Effective Date in order to be eligible for the above increase.
  8. The 500-hour eligibility requirement set forth in paragraphs d., e., f., and g. above and in paragraphs 9, 10, 11, 12, 13 and 14 of Appendix I shall be waived for any Pensioner who demonstrates to the satisfaction of the Board of Trustees that he or she has refrained from employment with a non-contributing employer performing work described in Section 1.25.
  9. The monthly amount of a pension in pay status as of December 1, 1997 shall be increased effective January 1, 1998 according to the following schedule:
    Total Benefit Units Earned Under this Plan as of December 1, 1997 Additional Monthly Benefit
    25 or more $90.00
    15 but less than 25 $60.00
    Less than 15 $30.00
    The monthly amount of a Surviving Spouse Pension shall be 50%, 75% or 100% of the above additional monthly benefit, whichever is applicable to the type of Surviving Spouse Pension the Spouse is receiving.

    A Pensioner who retires on or after January 1, 1991 must have at least 500 Contributory Hours in each of the two consecutive Calendar Years immediately prior to or including the Calendar Year in which his or her Pension Effective Date occurred in order to be eligible for the above increase.
  10. The monthly amount of a pension in pay status as of December 1, 1998 shall be increased effective January 1, 1999 according to the following schedule:
    Total Benefit Units Earned Under this Plan as of December 1, 1998 Additional Monthly Benefit
    25 or more $135.00
    15 but less than 25 $90.00
    Less than 15 $45.00
    The monthly amount of a Surviving Spouse Pension shall be 50%, 75% or 100% of the above additional monthly benefit, whichever is applicable to the type of Surviving Spouse Pension the Spouse is receiving.

    A Pensioner who retires on or after January 1, 1991 must have at least 500 Contributory Hours in each of the two consecutive Calendar Years immediately prior to or including the Calendar Year in which his or her Pension Effective Date occurred in order to be eligible for the above increase.
  11. The monthly amount of a pension in pay status as of May 31, 1999 shall be increased effective June 1, 1999 according to the following schedule:
    Total Benefit Units Earned Under this Plan as of
    May 31, 1999
    Additional Monthly Benefit
    25 or more $75.00
    15 but less than 25 $50.00
    Less than 15 $25.00
    The monthly amount of a Surviving Spouse Pension shall be 50%, 75% or 100% of the above additional monthly benefit, whichever is applicable to the type of Surviving Spouse Pension the Pension the Spouse is receiving.

    A Pensioner who retires on or after January 1, 1991 must have at least 500 Contributory Hours in each of the two consecutive Calendar Years immediately prior to or including the Calendar Year in which his or her Pension Effective Date occurred in order to be eligible for the above increase.
  12. The 500-hour eligibility requirement set forth in paragraphs i., j., and k. above and in paragraphs 15, 16, 17, 18 and 19 of Appendix I shall be waived for any Pensioner who demonstrates to the satisfaction of the Board of Trustees that he or she has refrained from employment with a non-contributing employer performing work described in Section 1.25. If the same 500-hour eligibility requirement is made applicable to other benefit improvements adopted on or after June 1, 2001, the same waiver shall be available unless the Plan specifically provides otherwise.

Merger Rules for the Carpet, Linoleum and Soft Tile Local Union 1926 Pension Plan. To accomplish the merger of the Carpet, Linoleum and Soft Tile Local Union 1926 Pension Plan into this Plan effective August 1, 2001, the following rules will apply:

  1. Assumption of Liabilities. This Plan assumes the Carpet, Linoleum and Soft Tile Local Union 1926 Pension Plan's obligation to pay its benefits which were accrued prior to August 1, 2001. No benefits will accrue under that plan after August 1, 2001 but benefits already accrued will continue to vest as provided in that plan.
  2. Power to Amend. If after July 31, 2001, it is necessary to amend the terms of the Carpet, Linoleum and Soft Tile Local Union 1926 Pension Plan to retain this Plan's tax qualification status, this Plan shall have full authority to make such amendments.
  3. Benefits Preserved. To the extent required by law or applicable regulations, the merger shall not eliminate or reduce the accrued benefit of any participant under the Carpet, Linoleum and Soft Tile Local Union 1926 Pension Plan as of July 31, 2001, specifically including any early retirement benefit or retirement-type subsidy or optional forms of benefits applicable to such accrued benefits.

    Benefits accrued by participants under the Carpet, Linoleum and Soft Tile Local Union 1926 Pension Plan during the period January 1, 2001 through July 31, 2001 will be accrued in accordance with the provisions of the Carpet, Linoleum and Soft Tile Local Union 1926 Pension Plan or the Resilient Floor Covering Pension Plan, whichever produces the higher benefit amount.
  4. Vesting of Benefits Accrued Under Carpet, Linoleum and Soft Tile Local Union 1926 Pension Plan. The following rules shall apply with respect to Participants who have accrued benefits through July 31, 2001:
    1. Effective August 1, 2001, all Covered Employment under the Resilient Floor Covering Pension Plan shall be considered Covered Employment under the Carpet, Linoleum and Soft Tile Local Union 1926 Pension Plan for vesting and break in service purposes.
    2. The benefits of a Participant will become 100% vested when the Participant accumulates 5 Years of Vesting Service if the Participant earned at least one Hour of Service on or after January 1, 1999. If the Participant did not earn at least one Hour of Service of or after January 1, 1999, the vesting schedule of the Carpet, Linoleum and Soft Tile Local Union 1926 Pension Plan in effect on July 31, 2001 shall continue to apply to those benefits.
  5. Incorporation by Reference. In order to assure that all benefits earned under the Carpet, Linoleum and Soft Tile Local Union 1926 Pension Plan prior to August 1, 2001 are maintained, that plan, as it exists on July 31, 2001 is hereby incorporated into this Plan by reference to the extent necessary to preserve those benefits.
Partial Pensions

Purpose. Partial Pensions are provided under this Plan for Employees who would otherwise lack sufficient service credit to be eligible for any pension because their years of employment were divided between different pension plans or, if eligible, whose pensions would be less than the full amount because of such division of employment. To provide such Partial Pensions, this Plan is signatory to the "Reciprocal Agreement for Joint Industry Pension Funds of all District Councils and Local Unions Affiliated with the International Union of Painters and Allied Trades." Wherever referred to in this Article, "signatory plans" shall mean plans that are signatory to that Agreement.

Recognized Pension Credits. For purposes of this Plan, the term "Pension Credits" shall mean those periods of service during which credit is granted for benefit accrual purposes. Pension Credits shall not necessarily cover periods for which a plan grants credit for vesting purposes under ERISA. Pension Credits accumulated and maintained by an employee under this Plan shall be recognized by the other signatory plans. Pension Credits under each plan shall be based on the rules in effect in that plan at the time the employment occurred.

Total Pension Credit. The Pension Credit granted under this Plan and other signatory plans together comprise the Employee's total Pension Credit. In no case will more than one (1) year of Pension Credit be counted for any twelve (12) consecutive calendar months.

Combined Service Credit. If an Employee has, in a Calendar Year, worked under two (2) or more plans and accumulated fractional years of Pension Credit which together add up to more than one (1) year of credit for that Calendar Year, then the Pension Credit recognized under all plans shall be limited to one (1) year. Pension Credit will first be counted under the plan to provide the highest benefit level. The other plan(s) shall count as Pension Credit the necessary fractional year(s), in a declining benefit level order, which will bring the total to exactly one (1) year of Pension Credit for the employee.

Eligibility. An employee shall be eligible for a Partial Pension under this Plan upon satisfying all of the following requirements:

  1. He or she would be eligible for any type of pension under this Plan if his or her total Pension Credits were treated as service under this Plan; and
  2. He or she has, under each of the signatory plans, in which he or she has credited service, at least one (1) year of Future Service Credit (prior to June 30, 1982, two (2) years of Future Service Credit with this Plan); and
  3. In the case of an employee applying for a pension based on disability, he or she is able to meet the definition of disability in this Plan; and
  4. In the case of an employee applying for a pension based on age, he or she meets the minimum age requirements in this Plan.

Breaks in Service. In applying the rules of this Plan with respect to cancellation of Pension Credits, any Pension Credit earned during a period in which the employee worked in the jurisdiction of another signatory plan, shall be considered in determining whether there has been a Permanent Break in Service. However, once an employee has left the coverage of all the signatory plans, the determination as to whether he or she has a Permanent Break in Service under each signatory plan shall be determined by each plan based solely on the vesting service earned under that plan, not on the combined Pension Credit.

Election of Pensions. If an employee is eligible for more than one type of pension under this Plan, he or she shall be entitled to select the type of pension he or she is to receive.

Partial Pension Amount. The amount of the Partial Pension payable under this Plan for which an employee qualified shall be the benefit amount he or she accrued under this Plan during the period he or she earned the Pension Credit.

Payment of Partial Pensions. The payment of Partial Pension shall be subject to all of the conditions contained in this Plan applicable to other types of pensions.

Other Benefits. The obligation of each of the signatory plans is limited to pension benefits, including Surviving Spouse Pensions after Retirement payable as a result of election of a Spousal Pension or guaranteed period payments and benefits to surviving Spouses under Section 7.05. This "Partial Pensions" provision shall not apply to any pre-retirement death benefits except the Surviving Spouse Pension under Section 7.05. Other benefits provided by any of the plans, after retirement, such as lump-sum death benefits, level income of lump-sum options, health benefits, etc., are not covered by this provision. However, nothing in this provision shall prohibit any plan(s) from providing such benefits in accordance with its own rules and regulations.

Benefit Increases. If an employee leaves the jurisdiction of one of the signatory plans and the benefit level in that plan is later increased, benefits from that plan shall be computed at the benefit level in effect at the time the employee last earned Pension Credits under that plan.

Application Procedure. The plan under which an employee first makes application for the benefits shall initiate the processing of a Partial Pension with the other signatory plans based upon information supplied by the employee as to where he or she worked. Each plan agrees to provide the other plans with complete data, certified by an authorized administrator or plan employee, in order to process Partial Pensions promptly.

Eligibility And Pension Benefits For Corporate Contributing Employers And Their Non-Bargained Employees

Purpose. This Article sets forth the requirements for eligibility and amounts payable for pensions provided by this Plan for Employees described in Section 1.11.b. Except as specifically covered in this Article 5, all other provisions of this Plan shall apply.

Eligibility. To be eligible for any benefits provided by this Plan based on Benefit Units earned and/or Contributions made on his or her behalf while a Section 1.11.b. Employee, a Participant must have at least two Years of Contributory Credited Service based on hours worked as a Section 1.11.b. Employee.

Exception. A Regular Pension at Normal Retirement Age and a Surviving Spouse Pension as provided by Section 7.05 are payable based on the Benefit Units earned and/or Contributions made on a Participant's behalf while a Section 1.11.b. Employee regardless of the number of Years of Contributory Credited Service he or she earned as a Section 1.11.b. Employee.

Non-Contributory Credited Service and Benefit Units. If an Employee was a Participant in this Plan at any time prior to becoming a Section 1.11.b. Employee, such Employee shall not be entitled to Non-Contributory Credited Service or Non-Contributory Benefit Units under this Article 5 during such periods of prior Participation.

Regular Retirement Age. The Regular Retirement Age is age 60, subject to the provisions of the Rehabilitation Plan and its Schedules.

Amount of Regular Pension. Effective June 1, 2000 (and applicable only to benefits accrued after the most recent Separation from Covered Employment, if any, before that date), the amount of the Regular Pension effective on or after June 1, 2001, based on the Benefit Units earned and/or Contributions made on the Participant's behalf while he or she worked as a Section 1.11.b. Employee, shall be determined according to the following Subsections:

  1. $25.00 for each Non-Contributory Benefit Unit, up to a maximum of 10 Benefit Units; plus
  2. 5.25% of Employer Contributions made on the Participant's behalf for hours worked prior to January 1, 2003; plus
  3. 4.2% of Employer Contributions made on the Participant's behalf for hours worked on and after January 1, 2003 and prior to April 1, 2003; plus
  4. 1.5% of Contributions made for such hours of work on or after April 1, 2003 and prior to September 1, 2005; plus
  5. 1% of Contributions made for such hours of work on and after September 1, 2005.

Notwithstanding this Section 5.05, the amount of a Regular Pension shall not include Employer Contribution allocated to reduce the Plan’s funding deficit as described in Section 1.07 of the Plan.

No Regular Pension benefits will accrue under Subsections b., c., d. and e. in any Calendar Year in which the Participant works less than 500 Contributory Hours, except that such Participant's Regular Pension will be increased by the applicable percentages above for any Calendar Year in which he or she earns a year of Credited Service or in the Calendar Year in which his or her Pension Effective Date occurs. Disability hours which are credited under Section 6.05 shall be excluded unless such hours, plus any actual Contributory Hours worked, total 500 or more.

Level Income Option

Purpose. In lieu of the pension otherwise payable, a Participant entitled to a Regular or Early Retirement Pension may elect a Level Income Option in accordance with which he or she will receive a higher monthly amount for each month before the month in which he or she attains age 62 or 65, according to the age at which he or she expects to receive his or her Social Security Benefit, and reduced thereafter. The adjustment will be determined in such a way as to provide a pension before age 62 or 65, as nearly equal as possible to his or her combined retirement income after that age.

The Level Income Option is not available to a Pensioner in receipt of a Spousal Pension.

The Level Income Option is not available for benefits accrued on and after January 1, 1997.

Amount of the Level Income Option.

  1. The amount by which such a Participant's pension may be increased until age 62 or 65 for each $10 by which the increased pension is to be reduced thereafter shall be in accordance with the following table:
    Age Increased Pension Effective Age Reduced Pension Effective
      62 65
    55 $5.25 $3.85
    56 $5.73 $4.20
    57 $6.26 $4.58
    58 $6.84 $5.01
    59 $7.50 $5.49
    60 $8.24 $6.03
    61 $9.06 $6.64
    62 - $7.32
    63 - $8.10
    64 - $8.99
  2. If the first month for which the Level Income Option is payable does not coincide with the month of the Participant's birthday, the appropriate factor shall be determined from the above table on a pro rata basis, taking into account the number of completed months since the Participant's last birthday.
  3. Payment of the Level Income Option shall be subject to the following conditions:
    1. The Participant must have elected the Level Income Option in writing, in a form prescribed by the Trustees and filed with the Trustees, before the first month for which the pension is payable.
    2. The Option may not be revoked once benefit payment in the optional form has commenced.
    3. If the adjustment described above would reduce the monthly amount payable after age 62 or 65 to less than $20 a month, it shall not be applied and in such event, the benefit amount payable before age 62 or 65 shall be adjusted so that the benefit payable to the Participant on and after attainment of age 65 shall be at least $20 a month.
    4. The Option shall in no event be less than the Actuarial Present Value of a straight life annuity.

Level Income Option No Longer Available under Rehabilitation Plan. For a Participant who retires subject to an Alternative Schedule or to the Default Schedule, the Level Income Option shall not be available as to any amounts accrued under the Plan.

Spousal Pensions

General. Upon Retirement, a 50%, 75% or 100% Spousal Pension provides a lifetime pension for a married Pensioner who meets the eligibility requirements for any type of Pension under the provisions of Articles 3, 4, and 5, plus a lifetime pension for his or her surviving Spouse, starting after the death of the Pensioner. In the event of death before Retirement, a 50% Spousal Pension provides a lifetime pension to the surviving Spouse of a married Participant who is vested in accordance with Section 6.09.

The monthly amount to be paid to the surviving Spouse in a 50% Spousal Pension is one-half the monthly amount which was payable or would have been payable to the deceased Pensioner or Participant.

The monthly amount to be paid to the surviving Spouse in a 75% Spousal Pension is seventy-five percent of the monthly amount which was payable or would have been payable to the deceased Pensioner.

The monthly amount to be paid to the surviving Spouse in a 100% Spousal Pension is the monthly amount which was payable or would have been payable to the deceased Pensioner.

When a Spousal Pension is in effect, the monthly amount of the Participant's pension is reduced in accordance with the provisions of Section 7.06 from the full amount otherwise payable.

Effective Date. The provisions of this Article do not apply:

  1. To a Pensioner, the Effective Date of whose Pension was before January 1, 1985;
  2. To a Vested Participant who has not earned one Hour of Service after August 22, 1984.

Upon Retirement.

  1. All pensions shall be paid in the form of a 50% (or 75% or 100%, if elected by the Participant) Spousal Pension, unless the Participant has filed with the Board, in writing, a timely rejection of that form of pension, subject to all of the conditions of this Section. No rejection shall be effective unless the Spouse of the Participant has consented in writing to such rejection, and acknowledged the effect thereof, and such rejection is witnessed by a Notary Public. No consent shall be required if it has been established to the satisfaction of the Board that there is no Spouse or the Spouse cannot be located or if such consent cannot be obtained for extenuating reasons satisfactory to the Board. A Participant and his or her Spouse may reject the Spousal Pension (or revoke a previous rejection) at any time but not more than 180 days or less than 30 days before the Pension Effective Date, that is, before the first day of the first month for which a pension is payable. A Participant and his or her Spouse shall in any event have the right to exercise this choice up to 180 days after they have been advised, by the Board, of the effect of such choice on the pension.

    In the absence of a Participant's election as to any form of benefit payable under the Plan, the 50% Spousal Pension shall apply.
  2. No less than thirty (30) days and no more than 180 days prior to the Pension Effective Date, the Plan shall provide to each Participant a written explanation including (1) a general description of the material features, and an explanation of the relative values of, the optional forms of benefit available under the Plan in manner that would satisfy the notice requirements of Code section 417(a)(3) and Treas. Reg. 1.417(a)(3)-1, (2) the terms and conditions of the 50% Spousal Pension, (3) the Participant’s right to make, and the effect of, an election to waive the 50% Spousal Pension, (4) the spouse’s right to consent to the employee’s election to waive the 50% Spousal Pension, and (5) the right to make, and the effect of, a revocation of an election to waive the 50% Spousal Pension.
  3. c. Notwithstanding the forgoing, a Participant may affirmatively elect a Retroactive Pension Effective Date, provided the following requirements are met:
    1. The Participants’ spouse (including an alternative payee who is treated as the spouse pursuant to a qualified domestic relations order (QDRO) as defined in Code Section 414(p)) consents to the distribution in a manner that satisfies Code Section 417(a)(2), unless the amount of the spouse’s survivor annuity payments under the Retroactive Pension Effective Date election is not less than the survivor payments under the 50%, 75%, or 100% Spousal Pension with a Pension Effective Date after the date the written explanation was provided.
    2. The distribution (including appropriate interest adjustments) provided based on the Retroactive Pension Effective Date satisfies the requirements of Code Section 415 as of the date the distributor commences, with the applicable interest rate and mortality table determined as of that date, unless the date the distribution commences is more than twelve (12) months after the Retroactive Pension Effective Date.
    3. The written explanation of the 50% Spousal Pension must be provided no more than 180 days before the date of the first actual payment of benefits based on the Retroactive Pension Effective Date, and must be provided at least thirty (30 ) days before the date of such first actual payment, unless the Participant, with any applicable spousal consent, elects to waive the thirty (30) day minimum election period requirement and distribution commences more than seven (7) days after the date that the written explanation is provided.
  4. d. Retroactive Pension Effective Date means a Pension Effective Date that occurs on or before the date the Participant is provided with the written explanation of the 50% Spousal Pension. The Plan may treat a Participant as having elected a Retroactive Pension Effective Date only if the following requirements are met:
    1. Future periodic payments with respect to the Participant must be the same as the future periodic payments, if any, that would have been paid with respect to the Participant had payments actually commenced on the Retroactive Pension Effective Date.
    2. The Participant receives a make-up payment equal to the amount of the missed payment or payments for the period from the Retroactive Effective Date to the date of the make-up payment, with an appropriate adjustment for interest, at a rate determined by the Trustees, from the date that the missed payment or payments would have been made to the date of the make-up payment.
    3. The benefit determined as of the Retroactive Pension Effective Date complies with the requirements of Code Section 415, with the applicable interest rate and applicable mortality table determined as of that date.
    4. The Retroactive Pension Effective Date does not precede the date upon which the Participant could have otherwise commenced receiving benefits under the terms of the Plan in effect as of the Retroactive Pension Effective Date.

If the Participant’s spouse as of the Retroactive Pension Effective Date is not the Participant’s spouse as of the date distributions commence, consent of the former spouse is not required for the Participant to waive the 50% Spousal Pension with respect to the retroactive annuity starting date, unless otherwise provided under a qualified domestic relations order (as defined in Code Section 414(p)).

Retirement on a Service Pension or a Disability Pension before Age 55. If the Pension Effective Date of a married Participant's Spousal Pension occurs before the Participant attains age 55 and the Participant should die before attaining age 55, the surviving Spouse, if any, shall have the choice of (a) receiving payment of the Surviving Spouse Pension beginning with the month following the death of the Pensioner or (b) deferring the Pension Effective Date of the Surviving Spouse Pension to the month following the date when the Pensioner would have attained age 55 had he or she lived. In the event payments will commence under (a), the amount of the monthly payments shall be adjusted to reflect the actuarial equivalent of the amount which could have been deferred.

Surviving Spouse Pension.

  1. If a married Participant dies after achieving Vested Status and before Retirement, and after earning one or more Hours of Service after August 22, 1984, his or her surviving Spouse shall be entitled to a Surviving Spouse Pension.

    If the Participant's death occurred after attainment of age 55 or after becoming eligible for a Service or Special Service Pension, the Spouse shall be paid a Surviving Spouse Pension as if the Participant had retired on a 50% Spousal Pension on the day before death.

    If the Participant's death occurred before attainment of age 55 and before becoming eligible for a Service or Special Service Pension, the Spouse shall have the choice of receiving the Surviving Spouse Pension commencing (a) with the month following the death of the Participant or (b) the month following the date the Participant would have attained age 55 had he or she lived. If the Surviving Spouse Pension is deferred until the month following the month in which the Participant would have reached age 55 had he or she lived, the amount of such pension shall be determined as if the Participant had left Covered Employment on the date of death (or the date last worked in Covered Employment, if earlier) retired on a 50% Spousal Pension upon reaching age 55, and died on the last day of the month in which age 55 was reached. If the Surviving Spouse Pension is paid beginning with the month following the Participant's death and prior to the date the Participant would have attained age 55, the amount of such pension shall be the Actuarial Equivalent of the amount which could have been deferred.

    This Section shall also apply to an inactive Participant who has achieved Vested Status, has one or more Hours of Service on or after September 2, 1974 and dies after August 22, 1984.
  2. Notwithstanding any other provision of this Section, a Surviving Spouse Pension shall not be paid in the form, manner or amount described above if one of the alternatives set forth in this Subsection applies.
    1. If the Actuarial Present Value of the benefit is $5,000 or less, the Board shall make a single-sum payment to the Spouse in an amount equal to that Actuarial Present Value in full discharge of the Surviving Spouse Pension.
    2. The Spouse may elect in writing, filed with the Board, and on whatever form it may prescribe, to defer commencement of the Surviving Spouse Pension until a specified date that is no later than the first of the month on or immediately following the date the Participant would have attained Normal Retirement Age. The amount payable at that time shall be determined as described in Subsection a. above, except that the benefit shall be paid in accordance with the terms of the Plan in effect when the Participant last worked in Covered Employment, as if the Participant had retired with a 50% Spousal Pension on the day before the surviving Spouse's payments are scheduled to start, and died the next day.
  3. A surviving Spouse who is the Participant's Beneficiary under Section 8.01 and 8.02 may elect to receive one of those death benefits in lieu of the Surviving Spouse Pension provided by this Section 7.05.
  4. If a Surviving Spouse dies before the Pension Effective Date of the Surviving Spouse Pension, that benefit will be forfeited and there will be no payments to any other person.

Adjustment of Pension Amount. For Pensions effective on and after June 1, 1999, when a Spousal Pension becomes effective, the amount of the Participant's monthly pension is reduced by the appropriate factor(s) in the tables of Spousal Pension factors (Appendices A through E) attached to and made part hereof.

Additional Conditions. A Spousal Pension is not effective under any of the following circumstances:

  1. A Spousal Pension shall not be effective in the case of the surviving Spouse of a Participant who is not a Pensioner unless the Spouse was married to the Participant throughout the year preceding the Participant's death.
  2. A Spousal Pension shall not be effective in the case of the surviving Spouse of a Pensioner unless the Pensioner and Spouse were married to each other on the Pension Effective Date of the Participant's pension, and for at least a one year period any time before the Pensioner's death.
  3. Subject to the requirements for documentation described in Section 7.03, the Participant must file, before his or her Pension Effective Date, a written representation, on which the Board or other Plan Representative is entitled to rely, concerning that Participant's marital status which, if false, gives the Board the discretionary right to adjust the dollar amount of the pension payments made to the alleged surviving Spouse so as to recoup any excess benefits which may have been erroneously paid.
  4. An effective election to waive the Spousal Pension or a revocation of such an election must be:
    1. Made (or revoked) prior to the Pension Effective Date;
    2. Made on forms furnished by the Fund Office; and
    3. Filed with the Fund Office.
  5. A Spousal Pension, once payable, may not be revoked or Pensioner's benefits increased by reason of the subsequent divorce of the spouse from the Pensioner, except as provided in a Qualified Domestic Relations Order.
  6. The rights of a former spouse or other alternate payee to any share of a Participant's pension, as set forth under a Qualified Domestic Relations Order, shall take precedence over any claims of the Participant's Spouse at the time of retirement or death, to the extent provided by such order or by any law of the United States.
  7. Notwithstanding any other provisions of the Plan, a waiver of the Spousal Pension shall not be effective if given more than 180 days before the Pension Effective Date.

Automatic Single Life Reversion Provision. For a married Participant who retires on or after January 1, 1991, and whose pension is to be paid in the form of a 50% Spousal Pension or for a married Participant who retires on or after January 1, 1993 and whose pension is to be paid in the form of a 75% or 100% Spousal Pension, if such Participant's Spouse predeceases him or her, the monthly benefit payable as a Spousal Pension shall revert to the full monthly amount otherwise payable in the absence of the application of the provisions of Section 7.06. That full amount is payable for the lifetime of the Pensioner.

All other provisions of Article 7 shall apply to this provision unless specifically indicated otherwise.

Spousal Consent Not Necessary

  1. Notwithstanding any other provision of the Plan, spousal consent in accordance with Section 7.03 is not required if the Participant establishes to the satisfaction of the Trustees:
    1. That there is no Spouse;
    2. That the Spouse cannot be located;
    3. That the Participant and Spouse are legally separated; or
    4. That the Participant has been abandoned by the Spouse as confirmed by court order.
  2. If the Spouse is legally incompetent, consent under Section 7.03 may be given by his or her legal guardian, including the Participant if authorized to act as the Spouse's legal guardian.

Spousal Pensions under the Rehabilitation Plan. Pursuant to the Rehabilitation Plan, the 100% Spousal Pension is not available for a Participant who retires subject to an Alternative Schedule. For a Participant who retires on or after January 1, 2011 subject to the Default Schedule, the 100% Spousal Pension shall be available only as to amounts accrued before January 1, 2011 and shall not be available as to amounts accrued on or after January 1, 2011.

Lump-Sum Payment in Lieu of Monthly Benefit

Lump-Sum Payment in Lieu of Monthly Benefit. If at the time the monthly benefit becomes payable to a Participant or surviving Spouse, the Actuarial Present Value of such monthly benefit is $5,000 or less, the Board shall pay to the Participant or surviving Spouse in a lump sum the amount of the Actuarial Present Value in lieu of the monthly benefit otherwise payable.

For purposes of this Section, Actuarial Present Value shall be determined in accordance with Section 1.02, except that the following procedure shall apply to benefits payable to a Participant if it results in a larger lump sum amount:

  1. For a Participant who is eligible for a Regular or Early Retirement Pension, the lump-sum amount shall be $118.00 for each $1.00 of pension if the Participant is age 60. The factor is increased by $0.18 for each month the Participant is younger than age 60; or decreased by $0.23 for each month the Participant is older than age 60.
  2. For a Participant who is eligible for a Disability Pension, the lump-sum amount shall be $99.00 for each $1.00 of pension if the Participant is age 45. The factor is increased by $0.04 for each month the Participant is younger than age 45; or decreased by $0.11 for each month the Participant is older than age 45.

References to specific section(s) of the Plan can be found in the Official Plan Document under Plan Documents on this website.

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