Your Normal Retirement Date is the first day of the month coinciding with or next following your Normal Retirement Age. You will attain your Normal Retirement Age when you reach your 65th birthday. What is my Late Retirement Date? You may remain employed past the Plan’s Normal Retirement Date and retire instead on your Late Retirement Date. Your Late Retirement Date is the first day of the month coinciding with or next following the date you choose to retire after first having reached your Normal Retirement Date. On your Late Retirement Date, you will be entitled to all your accounts under the Plan. However, actual payment of your benefits will, at your election, occur as soon as administratively feasible following your Late Retirement Date. What happens if I leave the Employer’s workforce before I retire? The Plan is designed to encourage you to stay with us until retirement. Payment of your account balance under the Plan is available upon your death, disability or retirement. If your employment terminates for reasons other than those listed above, you will be entitled to receive only your vested percentage (your ownership rights) of your account balance. You may elect to have your vested benefit distributed to you as soon as administratively feasible following your termination of employment. What is my vested interest in my account? On December 31, 2010 the Plan was frozen by amendment, whereby effective January 1, 2011, no additional employees became eligible for the Plan, and all Participants with an account balance under the Plan became 100% vested.
Before the plan was frozen by amendment, the following vesting schedule applied: Vesting Schedule Vesting Years of Service Percentage Less than 5 0% 5 100%
In addition, in the event of a Top Heavy Plan Year, the following vesting schedule applied: (See the Article in this SPD entitled “Your Plan’s Top Heavy Rules for an explanation of when the Plan is considered to be Top Heavy.) Vesting Schedule Vesting Years of Service Percentage Less than 3 0% 3 100% Your vested benefit will normally be distributed to you or your beneficiary upon your death, disability, or retirement. How do I determine my Years of Service for vesting purposes?
10
Made with FlippingBook - Online catalogs