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Exhibit 10.11
THE PACIFIC GAS AND ELECTRIC COMPANY
RETIREMENT PLAN
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PART I
APPLICABLE TO MANAGEMENT EMPLOYEES ONLY
TABLE OF CONTENTS
RETIREMENT PLAN
Page
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1. Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
2. Eligibility and Participation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
3. Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
4. Break in Service and Reemployment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
5. Normal Retirement Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
6. Basic Pension Benefit Formula . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
7. Early Retirement Pension Benefit Formula . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
8. Pensions Where Employment Ends Before Age 55 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
9. Deferred Retirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
10. Forms of Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
11. Spouse's Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
12. Withdrawal of Participant Contributions on Termination of Employment . . . . . . . . . . . . . . . . . . . . . . . 9
13. Death Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
14. Facility of Payment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
15. Benefits Are Not Assignable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
16. Employer Contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
17. Company's Powers and Duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
18. Funding and Investment Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
19. Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
20. Claims Procedure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
21. Amendment, Termination, and Merger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
22. Definitions and Cross-References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
SPECIAL PROVISIONS A, B, C, D, E, F, G, H, I, J, K and M . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19-72
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RETIREMENT PLAN
1. Introduction
This is the controlling and definitive statement of the Pacific Gas
and Electric Company Retirement Plan which, with certain exceptions, is
effective on and after January 1, 1994, for EMPLOYEES 1/ who are employed
by Pacific Gas and Electric Company and other EMPLOYERS.
This PLAN is a further revision of the PLAN, originally placed in
effect by the COMPANY January 1, 1937, which has been amended from time
to time in the intervening years. Rights of PARTICIPANTS in this PLAN
will not be less than rights of PARTICIPANTS under COMPANY'S PLAN as it
existed before 1988.
Except for pension adjustments provided for in Special Provision G,
PARTICIPANTS who retire or terminate employment before the effective date
of any amendment are not affected or benefited by such amendments.
Since final regulations governing many statutory requirements of the
Employee Retirement Income Security Act of 1974 (ERISA) have not yet been
issued, the COMPANY reserves the right to retroactively modify the final
language of the revised PLAN to conform to these requirements.
It is proposed to use the ERISA "elapsed" time rules for determining
SERVICE under the PLAN for covered employment after 1975.
The PLAN is intended to be a single employer plan for all purposes
under the Employee Retirement Security Act of 1974 (ERISA), as amended,
and the Internal Revenue Code of 1954, as amended.
This PLAN consists of Part I and Part II. Part I applies solely to
MANAGEMENT EMPLOYEES, and Part II applies solely to NON-MANAGEMENT
EMPLOYEES (all other employees).
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1/ Words in all capitals are defined in Section 22.
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PART I
APPLICABLE TO MANAGEMENT EMPLOYEES ONLY
2. Eligibility and Participation
An EMPLOYEE automatically becomes a PARTICIPANT in the PLAN on the
first day of work for an EMPLOYER, and participation continues until the
PARTICIPANT's SERVICE is terminated.
3. Service
(a) The SERVICE of a PARTICIPANT on any date shall consist of the
sum of the following:
(1) Any CREDITED SERVICE as of December 31, 1975, as defined
under the PLAN prior to the January 1, 1976, amendment and reproduced in
Special Provision F, and
(2) The elapsed time from the first day of employment with
an EMPLOYER (but not earlier than January 1, 1976) to the PARTICIPANT's
SEVERANCE FROM SERVICE DATE, excluding any periods of BREAK IN SERVICE
and any SERVICE cancelled by the operation of Sections 4 and 13.
(b) For EMPLOYEES who attain part-time or intermittent status at
any time on or after January 1, 1991, SERVICE benefit accruals will be
based on the following SERVICE:
(i) Paragraph (a) of this Section will apply to all SERVICE
prior to January 1, 1991;
(ii) All SERVICE after December 31, 1990 in which the
EMPLOYEE is designated as a part-time or intermittent
EMPLOYEE shall be prorated for purposes of benefit
accruals based on the ratio of actual straight-time
hours worked in the calendar year to the full-time
hourly equivalent (2,080 per calendar year) rounded to
the nearest month.
4. Break in Service and Reemployment
Upon reemployment with an EMPLOYER after a BREAK IN SERVICE, prior
SERVICE earned under the PLAN will be treated as follows:
(a) If a PARTICIPANT has a BREAK IN SERVICE starting on or after
January 1, 1989, the SERVICE of such PARTICIPANT prior to the BREAK IN
SERVICE will be cancelled unless such prior SERVICE was at least five
years or, in the event that such prior SERVICE was less than five years,
if the period of the BREAK IN SERVICE was less than the prior SERVICE.
(b) If a PARTICIPANT has a BREAK IN SERVICE starting on or after
January 1, 1985, but before January 1, 1989, the SERVICE of such
PARTICIPANT prior to the BREAK IN SERVICE will be cancelled unless such
prior SERVICE was at least 10 years or, in the event that such prior
SERVICE was less than 10 years, such prior SERVICE will be cancelled if
the period of the BREAK IN SERVICE is equal to or exceeds the greater of
(i) five years or (ii) the period of SERVICE prior to the BREAK IN
SERVICE.
(c) If a PARTICIPANT has a BREAK IN SERVICE starting on or after
January 1, 1976, but before January 1, 1985, the SERVICE of such
PARTICIPANT prior to the BREAK IN SERVICE will be cancelled unless such
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prior SERVICE was at least 10 years or, in the event that such prior
SERVICE was less than 10 years, if the period of the BREAK IN SERVICE was
less than the prior SERVICE. If the PARTICIPANT's contributions to the
PLAN have been withdrawn, restoration of the PARTICIPANT's prior SERVICE
will be in accordance with the provisions of Section 12.
(d) EMPLOYEES who were PARTICIPANTS in the PLAN prior to January
1, 1976, and whose prior SERVICE would not be restored under the
provisions of (a) of this Section, but would have been restored under the
provisions of the PLAN prior to the January 1, 1976, amendment, shall
continue to be eligible to have their prior SERVICE restored under the
rules of the PLAN prior to the January 1, 1976, amendment. Such rules
are set forth in Special Provision E.
5. Normal Retirement Date
NORMAL RETIREMENT DATE is the first day of the month following a
PARTICIPANT's 65th birthday.
6. Basic Pension Benefit Formula
A PARTICIPANT whose SERVICE continues to NORMAL RETIREMENT DATE or
beyond 2/ is entitled to a BASIC PENSION payable on ACTUAL RETIREMENT
DATE and on the first day of each month thereafter as long as the
PARTICIPANT lives. 3/
(a) The monthly amount of the BASIC PENSION for a PARTICIPANT who
is a MANAGEMENT EMPLOYEE on January 1, 1988, or who is thereafter hired
as a MANAGEMENT EMPLOYEE, and whose entire SERVICE thereafter is accrued
as a MANAGEMENT EMPLOYEE under Part I of this PLAN, shall be the largest
of the amounts under (1), (2), or (3) below, and the amount so determined
shall take the place of all other retirement income to which a
PARTICIPANT might otherwise have been entitled under any suspended plan
of an EMPLOYER or predecessor company.
(1) A monthly amount equal to 1.6 percent of the
PARTICIPANT's average BASIC MONTHLY SALARY for the final
36 consecutive months of SERVICE, 4/ multiplied by the
number of whole and fractional years of SERVICE. For
participants whose ACTUAL RETIREMENT DATE is prior to
January 1, 1991, the average BASIC MONTHLY SALARY shall
be the average BASIC MONTHLY SALARY for the period
beginning with January 1, 1988, and ending on the last
day of the month preceding ACTUAL RETIREMENT DATE.
(2) (Applicable only to PARTICIPANTS whose SERVICE began
before 1977.)
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2/ See Section 9 for the conditions under which this may occur.
3/ See Section 10 for the conditions under which other forms of pension
may be substituted for the BASIC PENSION.
4/ A married PARTICIPANT'S EARLY RETIREMENT PENSION shall be in the
form of a MARITAL PENSION, computed as provided in Section 10b. In
lieu of a MARITAL PENSION, a PARTICIPANT may elect any of the
alternative forms of the EARLY RETIREMENT PENSION described in
Section 10b. and subject to the rules contained therein.
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A monthly amount equal to 40 percent of the
PARTICIPANT'S HIGHEST MONTHLY AVERAGE COVERED
COMPENSATION during any period of 60 consecutive months
(but not counting increases in COVERED COMPENSATION
which may occur after December 31, 1985), provided the
PARTICIPANT has 30 years of SERVICE. The 40 percent
shall be increased by 1/24th of one percent for each
month of SERVICE in excess of 30 years and shall be
reduced by 1/12th of one percent for each month of
SERVICE less than 30 years.
(3) (Applicable only to PARTICIPANTS whose SERVICE began
before 1977.)
A monthly amount equal to 50 percent of the
PARTICIPANT'S HIGHEST MONTHLY AVERAGE COVERED
COMPENSATION during any period of 60 consecutive months
(but not counting increases in COVERED COMPENSATION
which may occur after December 31, 1985), minus an
amount equal to one-half of the PRIMARY SOCIAL SECURITY
BENEFIT, provided the PARTICIPANT has 30 years of
SERVICE. (Such computation does not in any way affect
the amount of Social Security Benefits to be paid.) The
50 percent shall be increased by 1/24th of one percent
for each month of SERVICE in excess of 30 years and
shall be reduced by 1/12th of one percent for each month
of SERVICE less than 30 years.
(b) The monthly amount of the BASIC PENSION for a PARTICIPANT
whose classification is changed from a MANAGEMENT EMPLOYEE to a
NON-MANAGEMENT EMPLOYEE, or from a NON-MANAGEMENT EMPLOYEE to MANAGEMENT
EMPLOYEE, shall be the larger of (1) or (2) below:
(1) The amount produced by computing all years of SERVICE
pursuant to the applicable formula for the new
classification.
(2) The amount equal to the sum of (i) a pension benefit for
SERVICE prior to the change in classification, computed
pursuant to the applicable formula for the PARTICIPANT's
old classification in effect at the time of the change
in classification; and (ii) a pension benefit for
SERVICE after the change in classification, computed
pursuant to the formula applicable for the PARTICIPANT's
new job classification. Each portion of the BASIC
PENSION calculated under (i) and (ii) above shall be
subject to all the applicable reductions imposed in PART
I and PART II with respect to age and early retirement,
joint pensions, marital pensions, and the election of an
alternative spouse's pension.
(c) The monthly amount of the BASIC PENSION for a PARTICIPANT
receiving LONG TERM DISABILITY PLAN benefits on ACTUAL RETIREMENT DATE
shall be computed under (1) or (2) below, as applicable:
(1) For EMPLOYEES receiving LONG TERM DISABILITY PLAN
benefits on January 1, 1988, a monthly benefit equal to
1.6 percent of the larger of (i) the PARTICIPANT'S BASIC
MONTHLY SALARY for the last month of active SERVICE or
(ii) the PARTICIPANT'S LONG TERM DISABILITY PLAN benefit
for the month immediately preceding ACTUAL RETIREMENT
DATE. The result obtained in (i) or
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(ii) shall be multiplied by the number of whole or
fractional years of SERVICE.
(2) For EMPLOYEES who start receiving LONG TERM DISABILITY
PLAN benefits after January 1, 1988, a monthly benefit
equal to 1.6 percent of the larger of (i) the average
BASIC MONTHLY SALARY for the final consecutive 36 months
of active SERVICE 5/ or (ii) the PARTICIPANT'S LONG TERM
DISABILITY PLAN benefit for the month immediately
preceding ACTUAL RETIREMENT DATE. The result obtained
in (a) or (b) shall be multiplied by the number of whole
and fractional years of SERVICE.
7. Early Retirement Pension Benefit Formula
If a PARTICIPANT's SERVICE ends after the first day of the month
following said PARTICIPANT's 55th birthday, and before NORMAL RETIREMENT
DATE or death, the PARTICIPANT shall elect to receive either:
a. A BASIC PENSION computed as provided in Section 6, or a MARITAL
PENSION computed as provided in Section 10b., whichever is
applicable, payable beginning with NORMAL RETIREMENT DATE; or
b. An EARLY RETIREMENT PENSION with payments to begin on the
PARTICIPANT's EARLY RETIREMENT DATE and to continue on the first day
of each month thereafter so long as PARTICIPANT lives. EARLY
RETIREMENT DATE is the date selected by the PARTICIPANT for
commencement of payment of retirement benefits. This date must be
the first day of any month after the termination of SERVICE and
before the PARTICIPANT's 65th birthday. To elect an EARLY
RETIREMENT PENSION, PARTICIPANT must notify the EMPLOYER in writing
at least 30 days before the EARLY RETIREMENT DATE the PARTICIPANT
selects. The monthly amount of the PARTICIPANT's EARLY RETIREMENT
PENSION 6/ will be as follows:
(1) If PARTICIPANT has less than 15 years of SERVICE on the EARLY
RETIREMENT DATE, the amount of the BASIC PENSION shall be
reduced by one-fourth of one percent for each month (three
percent per year) between PARTICIPANT's NORMAL RETIREMENT DATE
and PARTICIPANT's EARLY RETIREMENT DATE; or
(2) If PARTICIPANT has at least 15 but less than 30 years of
SERVICE and is 62 years of age or older on the EARLY
RETIREMENT DATE, the amount shall be the PARTICIPANT's BASIC
PENSION computed to the PARTICIPANT's EARLY RETIREMENT DATE;
or
(3) If PARTICIPANT has at least 15 years of SERVICE and is less
than 62 years of age on the EARLY RETIREMENT DATE, the
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5/ For PARTICIPANTS whose ACTUAL RETIREMENT DATE is prior to January 1,
1991, the average BASIC MONTHLY SALARY shall be the average BASIC
MONTHLY SALARY for the period beginning with January 1, 1988, and
ending on the last day of the month preceding ACTUAL RETIREMENT DATE.
6/ A married PARTICIPANT'S EARLY RETIREMENT PENSION shall be in the
form of a MARITAL PENSION, computed as provided in Section 10b and
Section 7. In lieu of a MARITAL PENSION, a PARTICIPANT may elect
any of the alternative forms of the EARLY RETIREMENT PENSION
described in Section 10b. and subject to the rules contained therein.
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amount of the BASIC PENSION shall be reduced by one-fourth of
one percent for each month (three percent per year) by which
PARTICIPANT's EARLY RETIREMENT DATE precedes PARTICIPANT's
62nd birthday, and further reduced by 1/12th of one percent
for each month (one percent per year) by which PARTICIPANT's
EARLY RETIREMENT DATE precedes PARTICIPANT's 60th birthday; or
(4) If PARTICIPANT has at least 25 but less than 30 years of
SERVICE and is less than 62 years of age on the EARLY
RETIREMENT DATE, the amount of the BASIC PENSION shall be
reduced by one-fourth of one percent for each month (three
percent per year) by which PARTICIPANT's EARLY RETIREMENT DATE
precedes PARTICIPANT's 62nd birthday; or
(5) If a PARTICIPANT has at least 30 years of SERVICE and is less
than 60 years of age on the EARLY RETIREMENT DATE, the amount
of the BASIC PENSION shall be reduced by one- half of one
percent for each month (up to a maximum of 12 months or six
percent) by which PARTICIPANT'S EARLY RETIREMENT DATE precedes
PARTICIPANT's 60th birthday, and further reduced by one-fourth
of one percent for each month (three percent per year) by
which PARTICIPANT'S EARLY RETIREMENT DATE precedes
PARTICIPANT's 59th birthday; or
(6) If PARTICIPANT has at least 30 years of SERVICE and is 60
years of age or older on the EARLY RETIREMENT DATE, the amount
shall be the PARTICIPANT's BASIC PENSION computed to the
PARTICIPANT's EARLY RETIREMENT DATE.
See Special Provision B for a table of EARLY RETIREMENT reductions.
8. Pensions Where Employment Ends Before Age 55
Until January 1, 1989, a PARTICIPANT with at least 10 years of
SERVICE will be designated as a former EMPLOYEE rather than a retired
EMPLOYEE if such PARTICIPANT's SERVICE ends before the first day of the
month which follows the PARTICIPANT's 55th birthday. Effective January
1, 1989, any PARTICIPANT with at least five years of SERVICE will be
designated as a former EMPLOYEE if such PARTICIPANT's SERVICE ends before
the first day of the month which follows the PARTICIPANT's 55th birthday.
Such former EMPLOYEE has a vested right to receive a PENSION with the
same rights of election and in the same amounts as provided in Section 7,
provided that the earliest election date for commencement of PENSION
payments is the first day of the month after the PARTICIPANT's 55th
birthday and the latest shall be April 1 of the year following the year
in which the PARTICIPANT attains age 70-1/2. Such a PARTICIPANT is also
entitled to the elections provided in Sections 10 (Forms of Pension), 12
(Withdrawal of Participant Contributions on Termination of Employment),
13 (Death Benefits in Certain Cases), and 15 (Facility of Payment).
9. Deferred Retirement
An EMPLOYEE may continue in employment beyond the NORMAL RETIREMENT
DATE only at the request of an EMPLOYER or as may be required by law. A
PARTICIPANT whose employment continues beyond NORMAL RETIREMENT DATE
shall not be entitled to a pension until PARTICIPANT's ACTUAL RETIREMENT
DATE. Any provision of the PLAN notwithstanding, if an EMPLOYEE
continues employment beyond the end of the year in which the EMPLOYEE
attains age 70-1/2, PENSION payments shall begin no later than April 1 of
the year following the year in which the EMPLOYEE attains age 70-1/2.
The amount of the PENSION payable shall be the PENSION benefit
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accrued as of the April 1 following the end of the year in which the
EMPLOYEE attains age 70-1/2, adjusted for any elections made by the
PARTICIPANT and any forms of PENSION required under Section 10.
10. Forms of Pension
(a) Joint Pension With Non-Spouse
For a PARTICIPANT who is unmarried on the ACTUAL RETIREMENT DATE,
the normal form of a PENSION shall be a BASIC PENSION or an EARLY
RETIREMENT PENSION which terminates on the PARTICIPANT'S death. A
MARITAL PENSION, as described in 10(b) below, is the normal form of
PENSION for PARTICIPANTS who are married on the ACTUAL RETIREMENT
DATE. However, any PARTICIPANT, whether married or unmarried, who
wishes to have the PENSION continued in whole or in part after the
PARTICIPANT'S death for the life of a non-spouse JOINT PENSIONER,
may elect to have the applicable normal form of PENSION paid as a
JOINT PENSION by giving the EMPLOYER at least 30 days' advance
written notice prior to the PARTICIPANT'S ACTUAL RETIREMENT DATE.
If such an election is made, the PARTICIPANT will receive a reduced
BASIC or EARLY RETIREMENT PENSION for life and, upon the
PARTICIPANT'S death, the non-spouse JOINT PENSIONER designated by
the PARTICIPANT will receive that proportion of such reduced
PENSION, up to 100 percent, which the PARTICIPANT has elected, for
the remainder of the JOINT PENSIONER'S life.
Non-spouse JOINT PENSIONS shall be determined in accordance with an
actuarial formula which is set forth in Special Provision C.
(b) Joint Pension With Spouse
For a PARTICIPANT who is married on the ACTUAL RETIREMENT DATE, the
normal form of PENSION shall be a MARITAL PENSION, reducing the
amount of the PARTICIPANT'S BASIC PENSION and providing that on the
PARTICIPANT'S death one-half of such MARITAL PENSION will be
continued to the SPOUSE for the remainder of the SPOUSE'S life.
In lieu of the MARITAL PENSION, a married PARTICIPANT, by giving the
EMPLOYER at least 30 days' advance written notice prior to ACTUAL
RETIREMENT DATE, may elect one of the following options:
(1) a JOINT PENSION with SPOUSE which provides that an amount
equal to either 25, 75 or 100 percent of a reduced BASIC or
EARLY RETIREMENT PENSION will, upon the PARTICIPANT'S death,
be continued for the remainder of the SPOUSE'S life, or
(2) a SPECIAL JOINT PENSION with SPOUSE which provides an amount
of one-half or 100 percent of a reduced BASIC or EARLY
RETIREMENT PENSION that, upon the PARTICIPANT'S death, will be
continued for the remainder of the SPOUSE'S life. However, if
the SPOUSE predeceases the PARTICIPANT, future PENSION
payments will be restored to the amount of the full BASIC or
EARLY RETIREMENT PENSION that the PARTICIPANT would be
entitled to receive if no SPECIAL JOINT PENSION with SPOUSE
had been elected.
MARITAL PENSIONS and JOINT PENSIONS with SPOUSE shall be determined
in accordance with an actuarial formula which is set forth in
Special Provision D. Special Provision D also includes tables of
factors which apply to typical options which may be elected.
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SPECIAL JOINT PENSIONS with SPOUSE shall also be determined in
accordance with the actuarial formula which is set forth in Special
Provision D, but actuarially adjusted further to reflect the value
of the restoration feature. Provision D also includes tables of the
factors which apply to SPECIAL JOINT PENSION options that may be
elected.
(c) Basic or Early Retirement Pension Terminating Upon The Death Of The
Participant
Under this option, no additional PENSION payments are made to anyone
after the PARTICIPANT'S death.
(d) Conditions Applicable To All Forms Of Pensions
The written consent of the SPOUSE is required whenever an option is
elected which would provide benefits to a surviving SPOUSE less than
those provided by a MARITAL PENSION.
Once elected, no option under this Section can be changed after the
30th day preceding the PARTICIPANT'S ACTUAL RETIREMENT DATE except,
however, in the event that the PARTICIPANT or SPOUSE or JOINT
PENSIONER should die before the PARTICIPANT'S ACTUAL RETIREMENT
DATE, any election will automatically become inoperative.
The SPOUSE of a PARTICIPANT may not receive a benefit under any
provisions of this Section if a larger SPOUSE'S PENSION is payable
under Section 11.
11. Spouse's Pension
(a) If a married PARTICIPANT dies while employed by an EMPLOYER and
prior to the ACTUAL RETIREMENT DATE, or within 30 days thereafter, the
PARTICIPANT's surviving SPOUSE will be eligible to receive a SPOUSE's
PENSION if, at the time of the PARTICIPANT'S death, (i) the PARTICIPANT
was at least 55 years of age, or (ii) the sum of the PARTICIPANT's age
and years of SERVICE equaled 70 or more. (69.5 or more is rounded to
70.)
The amount of the SPOUSE's PENSION is one-half of the PENSION that the
PARTICIPANT would have been entitled to receive, and will be calculated
as if:
(1) the PARTICIPANT had elected a BASIC PENSION under Section 10(b)(3),
(2) the first day of the month following the PARTICIPANT's death had
been the PARTICIPANT's ACTUAL RETIREMENT DATE, and
(3) The PARTICIPANT had in fact retired on that date without reduction
for early retirement. However, if the SPOUSE is more than 10 years
younger than the PARTICIPANT, the amount of the SPOUSE's PENSION
shall be reduced 1/20th of one percent for each full month in excess
of 120 months' difference in their ages, except that such reduction
shall not result in a SPOUSE's PENSION lower than would have been
payable if the PARTICIPANT had retired as of the date of death and
elected an optional form providing for continuation of 50 percent to
a named JOINT PENSIONER with SPOUSE the same sex and age of the
SPOUSE, under the provisions of Section 10(b)(1). The SPOUSE's
PENSION is payable to the PARTICIPANT's surviving SPOUSE on the
first day of the month following the PARTICIPANT's death and the
first day of each month thereafter so long as the SPOUSE lives.
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(b) The surviving SPOUSE of a PARTICIPANT or of a former EMPLOYEE who
dies prior to actual retirement date shall be entitled to receive a
SPOUSE's PENSION under this Section 11(b) if, at the time of the
death of the PARTICIPANT or former EMPLOYEE, (i) the PARTICIPANT or
former EMPLOYEE had at least five years of SERVICE, and (ii) the
surviving SPOUSE does not qualify for a SPOUSE's PENSION under
Section 11(a), above.
A SPOUSE's PENSION under this Section 11(b) shall be payable on the
first day of the month following the later of (i) the date of death
or (ii) the month in which the deceased PARTICIPANT or former
EMPLOYEE would have attained his 55th birthday. By submitting an
election form to the PLAN ADMINISTRATOR, a SPOUSE may elect to begin
receiving a SPOUSE's PENSION at a specified later date.
(1) For a PARTICIPANT who is less than 55 years of age at the time
of his death, the SPOUSE's PENSION will be an amount equal to
the MARITAL PENSION that would have been payable to the
PARTICIPANT's SPOUSE if the PARTICIPANT had terminated
employment at the date of death, had lived until age 55, had
begun to receive PENSION payments, and had subsequently died.
(2) For a former EMPLOYEE, age 55 or older at the time of his
death, who is not yet receiving PENSION payments, the SPOUSE's
PENSION will be equal to the MARITAL PENSION that would have
been payable to the SPOUSE if the former EMPLOYEE had begun
receiving a PENSION immediately prior to his death.
(3) For a former EMPLOYEE, younger than age 55 at the time of his
death, the SPOUSE's PENSION will be equal to the MARITAL
PENSION that would have been payable to the SPOUSE if the
former EMPLOYEE had survived until age 55, had begun receiving
a PENSION, and had subsequently died.
A PARTICIPANT's SPOUSE may not receive both a SPOUSE's PENSION under this
Section and a MARITAL or JOINT PENSION under Section 10. If the
PARTICIPANT dies within 30 days after the PARTICIPANT's ACTUAL RETIREMENT
DATE, the SPOUSE will receive the larger of the monthly Pensions under
this Section and Section 3.10, but not both.
12. Withdrawal of Participant Contributions on Termination of Employment
A PARTICIPANT's contributions to the PLAN may not be withdrawn prior
to ACTUAL RETIREMENT DATE or other termination of SERVICE. After a
PARTICIPANT's SERVICE is terminated, the PARTICIPANT, by written notice
to the PARTICIPANT's EMPLOYER at least 30 days before the date the
PENSION begins, may elect to have such CONTRIBUTIONS PLUS INTEREST
returned. If SERVICE terminates before the PARTICIPANT has ten years of
SERVICE, such withdrawal terminates all of the PARTICIPANT's rights under
the PLAN. If such PARTICIPANT is reemployed and such cancelled SERVICE
would otherwise be restored pursuant to Section 4, the PARTICIPANT shall
be given an option to repay the amount of any contributions withdrawn
under this Section, together with additional interest at the rate of five
percent per annum from the date of distribution to the date of repayment.
Such repayment must be made within 24 months of the reemployment date of
such PARTICIPANT. If such withdrawn contributions are not thus repaid,
the PARTICIPANT's prior SERVICE which was accrued during the period of
time that contributions to the PLAN were required shall not be restored.
If such failure to repay causes a forfeiture of
-9-
12
all prior SERVICE, such PARTICIPANT shall be treated as a new EMPLOYEE
for all purposes.
If SERVICE terminates with at least ten years of SERVICE, the
PENSION the PARTICIPANT would otherwise be entitled to at the NORMAL or
EARLY RETIREMENT DATE shall be reduced by an amount that reflects the
actuarial value of the contributions withdrawn. The factors used to
reduce the PENSION of a PARTICIPANT who has withdrawn his contributions
are contained in the table set forth in Special Provision I.
These factors may be changed by the EMPLOYEE BENEFIT ADMINISTRATIVE
COMMITTEE from time to time to reflect the ERISA formula, but in no event
will the PENSION be reduced more than one-third.
13. Death Benefits
If a PARTICIPANT with contributions on deposit in the PLAN dies
before receiving payments from the PLAN equal to the amount of the
PARTICIPANT's CONTRIBUTIONS PLUS INTEREST, the difference between the
payments made and the CONTRIBUTIONS PLUS INTEREST will be paid to the
named BENEFICIARY, unless a PENSION is payable to the PARTICIPANT's
surviving SPOUSE or JOINT PENSIONER. If a PENSION is payable after such
PARTICIPANT's death, and if upon the death of the SPOUSE or JOINT
PENSIONER the total combined amount paid to the PARTICIPANT and the
SPOUSE or JOINT PENSIONER does not equal the amount of the PARTICIPANT's
CONTRIBUTIONS PLUS INTEREST, the difference between the total amount paid
and the PARTICIPANT's CONTRIBUTIONS PLUS INTEREST will be paid to the
BENEFICIARY of the SPOUSE or JOINT PENSIONER.
14. Facility of Payment
(a) If the present value of the PENSION payable under the PLAN to
any individual is less than $3,500.00 as of the date of SEVERANCE FROM
SERVICE or ACTUAL RETIREMENT DATE, the equivalent value shall be paid in
a lump sum, as directed by the ADMINISTRATOR. In determining the present
value, the PLAN ADMINISTRATOR shall use the interest rate set, as of the
first day of the PLAN year in which the lump sum payment is made, by the
Pension Benefit Guaranty Corporation for the purpose of determining the
present value of a lump sum distribution on PLAN termination.
(b) If the ADMINISTRATOR determines that any individual entitled to
any payment under the PLAN is physically or mentally incompetent to
handle the payment and no guardian or conservator has been appointed to
receive such payment, the ADMINISTRATOR may cause all payments thereafter
becoming due to such individual to be applied for and on behalf of and
for the benefit of such individual. Payments made pursuant to this
provision shall completely discharge the EMPLOYER, the ADMINISTRATOR, the
Trustee, and all fiduciaries of all further responsibility with respect
to such individual.
15. Benefits Are Not Assignable
Except as may be required by law, a PARTICIPANT's interest in the
PLAN, either before or after retirement, and that of a PARTICIPANT's
SPOUSE, JOINT PENSIONER, or BENEFICIARY shall not be subject to
assignment, anticipation, sale, transfer, pledge, encumbrance, or charge,
whether voluntary or involuntary, and any attempt to so assign,
anticipate, sell, transfer, pledge, encumber, or charge shall be void.
-10-
13
16. Employer Contributions
The COMPANY shall contribute to the PLAN such amount of EMPLOYER
CONTRIBUTIONS as the EMPLOYEE BENEFIT FINANCE COMMITTEE, with the advice
of the actuary, shall determine is necessary to keep the PLAN funded in
accordance with the Funding Policy and to satisfy any minimum funding
standard required by the Internal Revenue SERVICE or the Department of
Labor. The EMPLOYEE BENEFIT FINANCE COMMITTEE shall determine and charge
to each EMPLOYER its share of the EMPLOYER contributions made by the
COMPANY.
17. Company's Powers and Duties
The COMPANY, acting through its Board of Directors or Executive
Committee, reserves to itself the exclusive power to amend, suspend, or
terminate the PLAN as provided below and to appoint and remove from time
to time:
(a) The individuals comprising the EMPLOYEE BENEFIT FINANCE
COMMITTEE;
(b) The individuals comprising the EMPLOYEE BENEFIT ADMINISTRATIVE
COMMITTEE;
(c) The EMPLOYERS whose EMPLOYEES may participate in the PLAN.
All powers and duties not reserved to the COMPANY are delegated to
the EMPLOYEE BENEFIT FINANCE COMMITTEE and to the EMPLOYEE BENEFIT
ADMINISTRATIVE COMMITTEE. Action of either committee shall be by vote of
a majority of the members of the committee at a meeting, or in writing
without a meeting, and evidenced by the signature of any member who is so
authorized by the committee. The COMPANY indemnifies each member of each
committee against any personal liability or expense arising out of any
action or inaction of the committee or of any member of the committee or
of such individual, except that due to his own willful misconduct.
18. Funding and Investment Provisions
The EMPLOYEE BENEFIT FINANCE COMMITTEE appointed by the COMPANY's
Board of Directors to serve at its pleasure has the express powers and
duties described in this Section.
(a) Appointments. The EMPLOYEE BENEFIT FINANCE COMMITTEE has the
sole power and duty from time to time to appoint and remove the Funding
Agents, the Investment Manager, actuaries, accountants, and such other
advisors and consultants as may be needed for the proper financial
administration and investment of the assets of the PLAN. Supplementing
such appointments, the EMPLOYEE BENEFIT FINANCE COMMITTEE may enter into
appropriate agreements with each Trustee, Investment Manager or other
advisors appointed under this paragraph and delegate to them appropriate
powers and duties. The EMPLOYEE BENEFIT FINANCE COMMITTEE may appoint
and delegate to one or more individuals the power and duty to handle the
day-to-day financial administration of the PLAN. Such individuals need
not be members of the committee and shall serve at the pleasure of the
committee.
(b) Funding Policy. The EMPLOYEE BENEFIT FINANCE COMMITTEE has
the sole power and duty to establish a funding policy and an investment
policy and to review and revise it from time to time as the committee
shall determine in its sole discretion. All EMPLOYER contributions to
the PLAN shall be paid to Funding Agents which may be one or more
-11-
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insurance companies or corporate trustees, or to any combination thereof,
as the EMPLOYEE BENEFIT FINANCE COMMITTEE may determine from time to
time. These contributions, and all previous contributions of
PARTICIPANTS and EMPLOYERS, together with the proceeds of their
investment, shall be held and administered by these Funding Agents
pursuant to the agreements between the COMPANY and the Funding Agents.
19. Administration
The EMPLOYEE BENEFIT ADMINISTRATIVE COMMITTEE, appointed by the
COMPANY's Board of Directors to serve at its pleasure, is the
ADMINISTRATOR of the PLAN and is responsible for the overall
administration of the PLAN. The ADMINISTRATOR has the sole power and
duty to establish, and from time to time revise, such rules and
regulations as may be necessary to administer the PLAN in a
nondiscriminatory manner for the exclusive benefit of PARTICIPANTS and
all other persons entitled to benefits under the PLAN.
The ADMINISTRATOR shall also maintain such records and make such
computations, interpretations, and decisions as may be necessary or
desirable for the proper administration of the PLAN. The ADMINISTRATOR
may demand such proof of age of any PARTICIPANT, JOINT PENSIONER, or
SPOUSE as it considers necessary, and it may adjust any PENSION or other
payment or payments thereafter due under the PLAN as it deems appropriate
and equitable to correct any factual error or misrepresentation. The
ADMINISTRATOR shall maintain for PARTICIPANTS' inspection copies of the
PLAN, trust agreement, investment policy, each agreement with an
Investment Manager, the latest annual report, PLAN description, and
summary description, and any amendments or changes in any of these
documents. On written request, PARTICIPANTS may obtain from the
ADMINISTRATOR a copy of any of these documents at a cost established by
the ADMINISTRATOR from time to time.
20. Claims Procedure
If a claim is denied in whole or in part, the ADMINISTRATOR shall
furnish to the claimant a written notice setting forth:
(a) Specific reason(s) for the denial,
(b) The PLAN provision(s) on which the denial is based,
(c) A description of any material or information, if any,
necessary for the claimant to perfect the claim, and an explanation of
why such material or information is necessary, and
(d) Information concerning the steps to be taken if claimant
wishes to submit a claim for review.
The above information shall be furnished to the claimant within 90 days
after the claim is received by the ADMINISTRATOR.
If a claimant is not satisfied with the written notice described in
the preceding paragraph, such claimant may request a full and fair review
by so notifying the ADMINISTRATOR in writing within 90 days after
receiving such notice. If a review is requested the claimant shall also
be entitled, upon written request, to review pertinent documents and to
submit issues and comments in writing. The EMPLOYEE BENEFIT
ADMINISTRATIVE COMMITTEE shall furnish the claimant with a written final
decision within 60 days after receipt of the request for review.
-12-
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21. Amendment, Termination, and Merger
The COMPANY hopes and expects to continue this PLAN indefinitely
but, because future conditions cannot be foreseen, its Board of Directors
necessarily reserves the right to change, suspend, or terminate the PLAN
at any time. However, no change can be made which would adversely affect
the rights which any PARTICIPANT, retired EMPLOYEE, former EMPLOYEE,
SPOUSE, JOINT PENSIONER, or BENEFICIARY may then have with respect to
funds then being held under the PLAN by any Funding Agent or permit any
such funds to revert to an EMPLOYER or be used for any purpose except for
the exclusive benefit of PARTICIPANTS, Pensioners, and their SPOUSES,
JOINT PENSIONERS, and BENEFICIARIES.
In the event the PLAN is partially terminated, terminated or
suspended, all EMPLOYER contributions with respect to the affected
PARTICIPANTS shall cease and the accrued benefits of the affected
PARTICIPANTS shall become nonforfeitable. Subject to applicable
requirements of notice to the Pension Benefit Guaranty Corporation
governing termination of PENSION benefit plans, the funds held under the
PLAN by the Funding Agents shall be applied to provide the PENSIONS,
benefits and refunds accrued to the date of termination or suspension and
to the extent funded. Such provision shall be made in such manner as the
ADMINISTRATOR shall direct, including the purchase of paid-up annuities,
distribution in installments, or lump-sum distributions and shall be in
conformance with the requirements and priorities established by various
governmental agencies to oversee PLAN suspensions and terminations.
Notwithstanding any contrary provisions of the PLAN, after its
termination and after all liabilities for the payment of PENSIONS,
benefits and refunds to the date of termination have been satisfied or
provided for in accordance with the foregoing, any funds remaining with
the Funding Agents shall be returned to the COMPANY.
This PLAN shall not be merged into or consolidated with any other
PLAN, nor shall any of its assets or liabilities be transferred to any
other PLAN, unless each PARTICIPANT in this PLAN would (if such other
PLAN then terminated) receive a benefit immediately after the merger,
consolidation, or transfer which is equal to or greater than the benefit
such PARTICIPANT would have been entitled to receive immediately before
the merger, consolidation, or transfer (if this PLAN had then
terminated).
22. Definitions and Cross-References
Actual Retirement Date: The date of one of the following, whichever is applicable:
----------------------
(a) The date on which an EARLY RETIREMENT PENSION begins, or
(b) The PARTICIPANT's Normal Retirement Date, or
(c) If the PARTICIPANT continues in the employ of an EMPLOYER beyond Normal Retirement
Date, the first day of the month following termination of SERVICE.
Administrator: The EMPLOYEE BENEFIT ADMINISTRATIVE COMMITTEE referred to in Section 20,
------------- 201 Mission Street, 19th Floor, Mail Code
-13-
16
Basic Monthly Salary: The rate of pay used to calculate the monthly earnings from an EMPLOYER, adjusted
-------------------- to reflect nuclear premium payments, if any, but excluding payments from the LONG TERM
DISABILITY PLAN and all other bonuses, premiums, special allowances, overtime pay, or any
other payments, and excluding earnings from an EMPLOYER in excess of $200,000 for 1989,
multiplied by the adjustment factor prescribed by the Secretary of the Treasury under
Section 415(d) of the Internal Revenue Code for years beginning after December 31, 1989.
Basic Pension: The PENSION due at the later of NORMAL RETIREMENT DATE or ACTUAL RETIREMENT DATE and
------------- unreduced because of marital status. See Sections 6 and 10b.
Beneficiary: The individual or individuals or inter-vivos trust or trusts that a PARTICIPANT, SPOUSE,
----------- or JOINT PENSIONER designates to receive any death benefits due pursuant to Section
14. Such designation must be made on forms provided by the EMPLOYER and filed with the
ADMINISTRATOR. A PARTICIPANT, or the PARTICIPANT's SPOUSE (if receiving a SPOUSE's
PENSION), or the PARTICIPANT's JOINT PENSIONER (if receiving a Joint PENSION), may change
the designated Beneficiary from time to time by filing an appropriate written notice with
the ADMINISTRATOR. In the absence of a designation, the Beneficiary shall be the estate of
the person entitled to make the designation. There were no employee contributions after
December 31, 1972. Therefore, Employees who first became Participants in the PLAN after
said date were not required or permitted to name a Beneficiary.
Break in Service: A BREAK IN SERVICE occurs 12 months after the SEVERANCE FROM SERVICE DATE if during
---------------- such 12-month period an EMPLOYEE does not work for an EMPLOYER. Once a Break in Service
occurs, it continues until an EMPLOYEE is reemployed by an EMPLOYER.
Company: Pacific Gas and Electric Company.
-------
Contributions Plus Interest: The cumulative total of contributions made by a PARTICIPANT to the PLAN under Section 13;
--------------------------- paragraph (b) of Special Provision F; and to the COMPANY's Retirement PLAN as it
existed before 1969, plus interest at two percent per year on a PARTICIPANT's contributions
made after 1953, compounded annually to 1976, together with interest at five percent
compounded annually after 1975 on all contributions and previous interest.
-14-
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Covered Compensation: A Participant's Covered Compensation shall be the amount of Participant's earnings
-------------------- from an Employer, including straight-time pay for hours worked, shift and nuclear premiums
at the straight-time rate, straight-time pay for temporary upgrades, vacation pay (including
vacation pay upon retirement), inclement weather pay, sick leave pay, holiday pay,
differential pay for military training and pay for other time off with permission carrying
full pay. A Participant's Covered Compensation shall not include pay or shift and nuclear
premiums for more than 40 hours per week, overtime bonuses, other special fees or
allowances, per diem allowances and payments under Part B of the Group Life Insurance and
Long Term Disability Plan, any Workers' Compensation Law, supplemental benefits for
industrial injury, voluntary wage benefit or state disability plans, or any other benefit
plan.
For purposes of calculating a PARTICIPANT's accrued benefit under this PLAN, the
compensation limitations of Internal Revenue Code Section 401(a)(17) shall be applicable.
For purposes of calculating accruals after December 31, 1993, the amount of a PARTICIPANT's
compensation taken into account shall not exceed $150,000, or such greater amount permitted
by the Secretary of the Treasury. For purposes of calculating accruals after December 31,
1988, and before January 1, 1994, the amount of compensation taken into account shall not
exceed $200,000, or such greater amount permitted by the Secretary of the Treasury.
Unless otherwise provided under this PLAN, each Internal Revenue Code Section
401(a)(17) employee's accrued benefit under this PLAN will be the greater of the accrued
benefit determined for the employee under 1 or 2 below:
1. The employee's accrued benefit determined with respect to the benefit formula
applicable for the PLAN YEAR beginning on or after January 1, 1994, as applied to the
employee's total years of SERVICE taken into account under the PLAN for the purposes of
benefit accruals, or
2. The sum of:
(a) the employee's accrued benefit as of the last day of the last
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PLAN YEAR beginning before January 1, 1994, frozen in
accordance with Internal Revenue Code Section 1.401(a)(4)-13,
and
(b) the employee's accrued benefit determined under the benefit
formula applicable for the PLAN YEAR beginning on or after
January 1, 1994, as applied to the employee's years of service
credited to the employee for PLAN YEARS beginning on or after
January 1, 1994, for purposes of benefit accruals.
An Internal Revenue Code Section 401(a)(17) employee means an employee whose current
accrued benefit as of a date on or after the first day of the first plan year beginning on
or after January 1, 1994, is based on compensation for a year beginning prior to the first
day of the first plan year beginning on or after January 1, 1994, that exceeded $150,000.
Credited Service: See Special Provision F.
----------------
Early Retirement Date: See Section 7.
---------------------
Early Retirement Pension: See Section 7.
------------------------
Employee: An EMPLOYEE of an EMPLOYER. A "leased employee," as defined in Section 414(n) of the
-------- Internal Revenue Code, shall not be considered an EMPLOYEE eligible to become a
PARTICIPANT in the PLAN.
Employee Benefit
Administrative Committee: The EMPLOYEE BENEFIT ADMINISTRATIVE COMMITTEE referred to in Section 20.
------------------------
The Employee Benefit
Finance Committee: The EMPLOYEE BENEFIT FINANCE COMMITTEE referred to in Section 19.
--------------------
Employer: Pacific Gas and Electric Company, Standard Pacific Gas Line Incorporated,
-------- Pacific Gas Transmission Company, Pacific Service Employees Association,
Alaska California LNG Company, Pacific Gas Marine Company, Pacific Gas LNG
Terminal Company, Calaska Energy Company, Eureka Energy Company, Gas Lines,
Inc., Pacific Transmission Supply Company, and any other company, association,
or credit union designated by the Board of Directors as eligible to
participate in this PLAN is an EMPLOYER.
Joint Pension: See Section 10.
-------------
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Joint Pensioner: The individual designated by a PARTICIPANT upon the election
--------------- of a JOINT PENSION who will be entitled upon the PARTICIPANT's
death to receive a PENSION, as explained in Section 10.
Long Term Disability Plan: Part B of the Pacific Gas and Electric Company's
------------------------- Group Life Insurance and Long Term Disability Plan.
Management Employee: A monthly salaried EMPLOYEE who is not represented by a union.
-------------------
Marital Pension: See Section 10(b).
---------------
Maximum Pension: See Special Provision H.
---------------
Non-Management Employee: An EMPLOYEE who is not a MANAGEMENT EMPLOYEE.
-----------------------
Normal Retirement Date: The first of the month following the PARTICIPANT's 65th birthday.
----------------------
Participant: See Section 2.
-----------
Pension: Retirement income payable under the PLAN.
-------
Plan: The Company's Retirement Plan as amended, revised and set forth herein.
----
Service: For full-time EMPLOYEES, the period of time commencing with the first day
------- of work for an EMPLOYER and ending on PARTICIPANT's SEVERANCE FROM SERVICE
Date. For periods of part-time and intermittent employment, SERVICE for
purposes of benefit accrual is prorated based on the ratio of actual hours
worked in the calendar year to the full-time equivalent (2,080 per calendar
year) rounded to the nearest month. Such proration is applicable for any
employment period beginning with initiation of part-time or intermittent
status on or after January 1, 1991, and ending on the earlier of
Participant's return to full time status or the PARTICIPANT'S SEVERANCE
FROM SERVICE DATE. The method of computing SERVICE is described in Section 3.
Severance from Service Date: (i) The date prior to NORMAL RETIREMENT DATE on which an Employee quits,
--------------------------- retires, is discharged or dies, or the ACTUAL RETIREMENT DATE; or
(ii) The first anniversary of the first date of a period in which a
PARTICIPANT remains absent from work for an EMPLOYER for any
reason other than a quit, retirement, discharge, or death.
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For the purpose of determining the Severance from SERVICE Date, the
following periods shall not be considered as absences from work for an
EMPLOYER:
(a) Absence on a leave of absence authorized by an EMPLOYER.
(b) Absence because of illness or injury as long as the PARTICIPANT
is entitled to receive sick leave pay or is entitled to receive benefits
under the provisions of the Voluntary Wage Benefit Plan, a
state disability plan, Part B of the Group Life Insurance and Long Term
Disability Plan, or a Workers' Compensation Law.
(c) Absence for military service or service in the Merchant Marines so long
as reemployment rights are protected by law.
(d) Absence caused by layoff for lack of work of less than 12 continuous months
for a PARTICIPANT who has less than five years of SERVICE, or 24 continuous
months for a PARTICIPANT who has five years or more of SERVICE.
Special Joint Pension: See Section 10.
---------------------
Spouse: (a) If a PARTICIPANT dies in SERVICE, SPOUSE shall mean the PARTICIPANT's wife
------ or husband at the time of the PARTICIPANT'S death.
(b) If a PARTICIPANT dies after ACTUAL RETIREMENT DATE, SPOUSE shall mean the
PARTICIPANT's wife or husband at the time of the PARTICIPANT's Actual Retirement.
Spouse's Pension: See Section 11.
----------------
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SPECIAL PROVISION A
Payment of all PENSIONS to PARTICIPANTS which commenced before January 1,
1969, under the Retirement Plan of the COMPANY, its Past Service Plan, its
Supplemental Benefits and under any applicable retirement plan of a predecessor
company shall continue to be made under the PLAN, without regard to the
separate sources from which such pensions were previously paid.
SPECIAL PROVISION B
EARLY RETIREMENT REDUCTIONS IN PERCENTAGE POINTS
Years Of Service At Early Retirement Date
---------------------------------------------------------------
Age at Less Than 15 But Less 25 But Less 30 Years
Retirement 15 Years Than 25 Years Than 30 Years And Above
---------- --------- ------------- ------------- ---------
64 3 0 0 0
63 6 0 0 0
62 9 0 0 0
61 12 3 3 0
60 15 6 6 0
59 18 10 9 6
58 21 14 12 9
57 24 18 15 12
56 27 22 18 15
55 30 26 21 18
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SPECIAL PROVISION C
JOINT PENSION WITH NON-SPOUSE
(Entire Provision Amended 1/1/88)
The amount of non-spouse JOINT PENSION shall be determined by the use of
Actuarial Tables which provide 12%, 16%, 25%, 33-1/3%, 50%, 66-2/3%, 75% and
100% of the JOINT PENSION to a non-spouse JOINT PENSIONER who survives the
death of the PARTICIPANT.
Partial Actuarial Tables of 50% and 100% have been attached.
The following tables illustrate the factors to be applied for typical
options which may be elected for 50% and 100%.
EXAMPLE: Assume the PARTICIPANT is age 62 and elects a 50% or 100% option
with a non-spouse age 50. Also assume that the PARTICIPANT's BASIC
PENSION is $1,000 per month.
Non- Non- Non-Spouse's Pension
Spouse's Option Basic Reduced Spouse's In Event of
Option Factor Pension Pension Portion Participant's Death
- -------- ------ ------- -------- -------- ---------------------
50% .861 X $1,000. = $861. X .50 = $430.50
100% .756 X $1,000. = $756. X 1 .00 = $756.00
Tables for 12%, 16%, 33-1/3%, 66-2/3%, or 75% are available upon request.
Tables for Beneficiary's Age at Pensioner's Retirement of less than 25 years or
greater than 84 years are also available upon request.
-20-
23
SPECIAL PROVISION C
FACTORS TO BE APPLIED TO EMPLOYEE'S RETIREMENT INCOME
TO DETERMINE INCOME UNDER CONTINGENT
ANNUITANT OPTION IF 50% OF SUCH INCOME IS CONTINUED TO CONTINGENT ANNUITANT
BENEFICIARY'S BENEFICIARY'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 55 56 57 58 59 60 61 62 RETIREMENT
---------- --- --- --- --- --- --- --- --- ------------
25 .844 .836 .827 .817 .807 .797 .786 .775 25
26 .847 .838 .829 .819 .809 .799 .788 .777 26
27 .849 .840 .831 .821 .811 .801 .790 .779 27
28 .851 .842 .833 .824 .814 .803 .793 .781 28
29 .853 .844 .835 .826 .816 .806 .795 .784 29
30 .855 .847 .838 .828 .818 .808 .797 .786 30
31 .858 .849 .840 .831 .821 .811 .800 .789 31
32 .860 .852 .843 .833 .824 .813 .803 .792 32
33 .863 .854 .846 .836 .826 .816 .806 .794 33
34 .866 .857 .848 .839 .829 .819 .809 .797 34
35 .868 .860 .851 .842 .832 .822 .812 .801 35
36 .871 .863 .854 .845 .835 .825 .815 .804 36
37 .874 .866 .857 .848 .839 .829 .818 .807 37
38 .877 .869 .860 .851 .842 .832 .821 .811 38
39 .880 .872 .864 .855 .845 .835 .825 .814 39
40 .884 .875 .867 .858 .849 .839 .829 .818 40
41 .887 .879 .870 .862 .852 .843 .832 .822 41
42 .890 .882 .874 .865 .856 .846 .836 .826 42
43 .893 .886 .877 .869 .860 .850 .840 .830 43
44 .897 .889 .881 .873 .864 .854 .844 .834 44
45 .900 .893 .885 .876 .868 .858 .848 .838 45
46 .904 .896 .889 .880 .872 .862 .853 .842 46
47 .907 .900 .892 .884 .876 .867 .857 .847 47
48 .911 .904 .896 .888 .880 .871 .861 .851 48
49 .914 .907 .900 .892 .884 .875 .866 .856 49
BENEFICIARY'S BENEFICIARY'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 63 64 65 66 67 68 69 70 RETIREMENT
---------- --- --- --- --- --- --- --- --- ------------
25 .763 .751 .738 .725 .711 .697 .682 .667 25
26 .765 .753 .740 .727 .713 .699 .684 .669 26
27 .767 .755 .742 .729 .715 .701 .686 .671 27
28 .769 .757 .745 .731 .718 .703 .689 .674 28
29 .772 .760 .747 .734 .720 .706 .691 .676 29
30 .774 .762 .750 .736 .723 .708 .694 .679 30
31 .777 .765 .752 .739 .725 .711 .696 .681 31
32 .780 .768 .755 .742 .728 .714 .699 .684 32
33 .783 .771 .758 .745 .731 .717 .702 .687 33
34 .786 .774 .761 .748 .734 .720 .705 .690 34
35 .789 .777 .764 .751 .737 .723 .708 .693 35
36 .792 .780 .768 .754 .741 .727 .712 .697 36
37 .796 .784 .771 .758 .744 .730 .715 .700 37
38 .799 .787 .775 .761 .748 .734 .719 .704 38
39 .803 .791 .778 .765 .752 .737 .723 .708 39
40 .806 .795 .782 .769 .756 .741 .727 .712 40
41 .810 .798 .786 .773 .760 .746 .731 .716 41
42 .814 .803 .790 .777 .764 .750 .735 .720 42
43 .818 .807 .794 .782 .768 .754 .740 .725 43
44 .823 .811 .799 .786 .773 .759 .744 .729 44
45 .827 .816 .803 .791 .777 .764 .749 .734 45
46 .832 .820 .808 .795 .782 .768 .754 .739 46
47 .836 .825 .813 .800 .787 .774 .759 .744 47
48 .841 .830 .818 .805 .792 .779 .764 .750 48
49 .846 .835 .823 .811 .798 .784 .770 .755 49
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24
SPECIAL PROVISION C
FACTORS TO BE APPLIED TO EMPLOYEE'S RETIREMENT INCOME
TO DETERMINE INCOME UNDER CONTINGENT
ANNUITANT OPTION IF 50% OF SUCH INCOME IS CONTINUED TO CONTINGENT ANNUITANT
BENEFICIARY'S BENEFICIARY'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 55 56 57 58 59 60 61 62 RETIREMENT
---------- --- --- --- --- --- --- --- --- ------------
50 .918 .911 .904 .896 .888 .880 .870 .861 50
51 .921 .915 .908 .900 .892 .884 .875 .866 51
52 .925 .918 .912 .904 .897 .888 .880 .870 52
53 .928 .922 .916 .908 .901 .893 .884 .875 53
54 .932 .926 .919 .913 .905 .897 .889 .880 54
55 .935 .929 .923 .917 .909 .902 .894 .885 55
56 .938 .933 .927 .921 .914 .906 .898 .890 56
57 .942 .936 .931 .925 .918 .911 .903 .895 57
58 .945 .940 .934 .928 .922 .915 .908 .900 58
59 .948 .943 .938 .932 .926 .920 .912 .905 59
60 .951 .947 .942 .936 .930 .924 .917 .910 60
61 .954 .950 .945 .940 .934 .928 .922 .914 61
62 .957 .953 .948 .944 .938 .932 .926 .919 62
63 .960 .956 .952 .947 .942 .937 .931 .924 63
64 .963 .959 .955 .951 .946 .941 .935 .929 64
65 .965 .962 .958 .954 .949 .944 .939 .933 65
66 .968 .965 .961 .957 .953 .948 .943 .938 66
67 .970 .967 .964 .960 .956 .952 .947 .942 67
68 .972 .970 .967 .963 .960 .955 .951 .946 68
69 .975 .972 .969 .966 .963 .959 .955 .950 69
70 .977 .974 .972 .969 .966 .962 .958 .954 70
71 .979 .976 .974 .971 .968 .965 .961 .957 71
72 .980 .978 .976 .974 .971 .968 .965 .961 72
73 .982 .980 .978 .976 .973 .971 .968 .964 73
74 .984 .982 .980 .978 .976 .973 .970 .967 74
BENEFICIARY'S BENEFICIARY'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 63 64 65 66 67 68 69 70 RETIREMENT
---------- --- --- --- --- --- --- --- --- ------------
50 .850 .840 .828 .816 .803 .790 .775 .761 50
51 .855 .845 .833 .821 .808 .795 .781 .767 51
52 .860 .850 .839 .827 .814 .801 .787 .773 52
53 .865 .855 .844 .832 .820 .807 .793 .779 53
54 .870 .860 .849 .838 .826 .813 .799 .785 54
55 .876 .866 .855 .844 .832 .819 .806 .792 55
56 .881 .871 .861 .849 .838 .825 .812 .798 56
57 .886 .876 .866 .855 .844 .831 .819 .805 57
58 .891 .882 .872 .861 .850 .838 .825 .812 58
59 .896 .887 .878 .867 .856 .844 .832 .819 59
60 .902 .893 .883 .873 .863 .851 .839 .826 60
61 .907 .898 .889 .879 .869 .858 .846 .833 61
62 .912 .904 .895 .885 .875 .864 .853 .840 62
63 .917 .909 .901 .891 .882 .871 .860 .848 63
64 .922 .914 .906 .897 .888 .878 .867 .855 64
65 .927 .920 .912 .903 .894 .884 .874 .862 65
66 .931 .925 .917 .909 .900 .891 .881 .870 66
67 .936 .930 .923 .915 .907 .897 .888 .877 67
68 .940 .934 .928 .920 .913 .904 .894 .884 68
69 .945 .939 .933 .926 .918 .910 .901 .891 69
70 .949 .944 .938 .931 .924 .916 .908 .898 70
71 .953 .948 .942 .936 .930 .922 .914 .905 71
72 .957 .952 .947 .941 .935 .928 .920 .912 72
73 .960 .956 .951 .946 .940 .933 .926 .918 73
74 .964 .960 .955 .950 .945 .939 .932 .925 74
-22-
25
SPECIAL PROVISION C
FACTORS TO BE APPLIED TO EMPLOYEE'S RETIREMENT INCOME
TO DETERMINE INCOME UNDER CONTINGENT
ANNUITANT OPTION IF 50% OF SUCH INCOME IS CONTINUED TO CONTINGENT ANNUITANT
BENEFICIARY'S BENEFICIARY'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 55 56 57 58 59 60 61 62 RETIREMENT
---------- --- --- --- --- --- --- --- --- -------------
75 .985 .984 .982 .980 .978 .976 .973 .970 75
76 .987 .985 .984 .982 .980 .978 .976 .973 76
77 .988 .987 .985 .984 .982 .980 .978 .975 77
78 .989 .988 .987 .985 .984 .982 .980 .978 78
79 .990 .989 .988 .987 .985 .984 .982 .980 79
80 .991 .990 .989 .988 .987 .985 .984 .982 80
81 .992 .991 .990 .989 .988 .987 .986 .984 81
82 .993 .992 .991 .991 .990 .988 .987 .986 82
83 .994 .993 .992 .992 .991 .990 .989 .987 83
84 .995 .994 .993 .993 .992 .991 .990 .989 84
BENEFICIARY'S BENEFICIARY'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 63 64 65 66 67 68 69 70 RETIREMENT
---------- --- --- --- --- --- --- --- --- -------------
75 .967 .963 .959 .954 .949 .944 .937 .931 75
76 .970 .966 .963 .958 .954 .948 .943 .936 76
77 .973 .970 .966 .962 .958 .953 .948 .942 77
78 .975 .972 .969 .966 .962 .957 .952 .947 78
79 .978 .975 .972 .969 .965 .961 .957 .952 79
80 .980 .978 .975 .972 .969 .965 .961 .956 80
81 .982 .980 .978 .975 .972 .969 .965 .961 81
82 .984 .982 .980 .978 .975 .972 .968 .964 82
83 .986 .984 .982 .980 .978 .975 .972 .968 83
84 .987 .986 .984 .982 .980 .978 .975 .972 84
-23-
26
SPECIAL PROVISION C
FACTORS TO BE APPLIED TO EMPLOYEE'S RETIREMENT INCOME
TO DETERMINE INCOME UNDER CONTINGENT
ANNUITANT OPTION IF 50% OF SUCH INCOME IS CONTINUED TO CONTINGENT ANNUITANT
BENEFICIARY'S BENEFICIARY'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 70 71 72 73 74 75 76 77 RETIREMENT
---------- --- --- --- --- --- --- --- --- ----------
25 .667 .652 .636 .620 .603 .586 .569 .551 25
26 .669 .654 .638 .622 .605 .588 .571 .553 26
27 .671 .656 .640 .624 .607 .590 .573 .555 27
28 .674 .658 .642 .626 .609 .592 .575 .557 28
29 .676 .661 .645 .628 .612 .595 .577 .560 29
30 .679 .663 .647 .631 .614 .597 .580 .562 30
31 .681 .666 .650 .633 .617 .600 .582 .564 31
32 .684 .669 .653 .636 .619 .602 .585 .567 32
33 .687 .671 .655 .639 .622 .605 .588 .570 33
34 .690 .675 .659 .642 .625 .608 .591 .573 34
35 .693 .678 .662 .645 .628 .611 .594 .576 35
36 .697 .681 .665 .649 .632 .614 .597 .579 36
37 .700 .685 .669 .652 .635 .618 .600 .582 37
38 .704 .688 .672 .656 .639 .621 .604 .586 38
39 .708 .692 .676 .659 .643 .625 .607 .589 39
40 .712 .696 .680 .663 .647 .629 .611 .593 40
41 .716 .700 .684 .668 .651 .633 .616 .597 41
42 .720 .705 .689 .672 .655 .638 .620 .602 42
43 .725 .709 .693 .677 .660 .642 .624 .606 43
44 .729 .714 .698 .681 .664 .647 .629 .611 44
45 .734 .719 .703 .686 .669 .652 .634 .616 45
46 .739 .724 .708 .691 .674 .657 .639 .621 46
47 .744 .729 .713 .697 .680 .662 .644 .626 47
48 .750 .734 .718 .702 .685 .668 .650 .631 48
49 .755 .740 .724 .708 .691 .673 .655 .637 49
BENEFICIARY'S BENEFICIARY'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 78 79 80 81 82 83 84 85 RETIREMENT
---------- --- --- --- --- --- --- --- --- ----------
25 .533 .515 .497 .479 .461 .442 .424 .406 25
26 .535 .517 .499 .481 .462 .444 .426 .407 26
27 .537 .519 .501 .483 .464 .446 .427 .409 27
28 .539 .521 .503 .485 .466 .448 .429 .411 28
29 .542 .524 .505 .487 .468 .450 .431 .413 29
30 .544 .526 .507 .489 .470 .452 .433 .414 30
31 .546 .528 .510 .491 .473 .454 .435 .417 31
32 .549 .531 .512 .494 .475 .456 .437 .419 32
33 .552 .533 .515 .496 .477 .459 .440 .421 33
34 .555 .536 .518 .499 .480 .461 .442 .423 34
35 .558 .539 .520 .502 .483 .464 .445 .426 35
36 .561 .542 .524 .505 .486 .467 .448 .429 36
37 .564 .545 .527 .508 .489 .470 .451 .431 37
38 .567 .549 .530 .511 .492 .473 .454 .434 38
39 .571 .552 .534 .515 .495 .476 .457 .438 39
40 .575 .556 .537 .518 .499 .480 .460 .441 40
41 .579 .560 .541 .522 .503 .483 .464 .444 41
42 .583 .564 .545 .526 .507 .487 .468 .448 42
43 .588 .569 .550 .530 .511 .491 .472 .452 43
44 .592 .573 .554 .535 .515 .495 .476 .456 44
45 .597 .578 .559 .539 .520 .500 .480 .460 45
46 .602 .583 .564 .544 .524 .505 .485 .465 46
47 .607 .588 .569 .549 .529 .509 .489 .469 47
48 .613 .594 .574 .554 .535 .515 .494 .474 48
49 .618 .599 .580 .560 .540 .520 .500 .479 49
-24-
27
SPECIAL PROVISION C
FACTORS TO BE APPLIED TO EMPLOYEE'S RETIREMENT INCOME
TO DETERMINE INCOME UNDER CONTINGENT
ANNUITANT OPTION IF 50% OF SUCH INCOME IS CONTINUED TO CONTINGENT ANNUITANT
BENEFICIARY'S BENEFICIARY'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 70 71 72 73 74 75 76 77 RETIREMENT
---------- --- --- --- --- --- --- --- --- ----------
50 .761 .746 .730 .713 .697 .679 .661 .643 50
51 .767 .752 .736 .720 .703 .685 .667 .649 51
52 .773 .758 .742 .726 .709 .692 .674 .655 52
53 .779 .764 .748 .732 .715 .698 .680 .662 53
54 .785 .770 .755 .739 .722 .705 .687 .669 54
55 .792 .777 .762 .746 .729 .712 .694 .676 55
56 .798 .784 .768 .753 .736 .719 .701 .683 56
57 .805 .790 .775 .760 .743 .726 .709 .691 57
58 .812 .798 .783 .767 .751 .734 .717 .699 58
59 .819 .805 .790 .775 .759 .742 .725 .707 59
60 .826 .812 .798 .783 .767 .750 .733 .715 60
61 .833 .820 .805 .790 .775 .758 .741 .724 61
62 .840 .827 .813 .799 .783 .767 .750 .733 62
63 .848 .835 .821 .807 .792 .776 .759 .742 63
64 .855 .843 .829 .815 .800 .785 .768 .751 64
65 .862 .850 .837 .824 .809 .794 .778 .761 65
66 .870 .858 .845 .832 .818 .803 .787 .770 66
67 .877 .866 .854 .841 .827 .812 .797 .780 67
68 .884 .873 .862 .849 .836 .821 .806 .790 68
69 .891 .881 .870 .858 .845 .831 .816 .801 69
70 .898 .888 .878 .866 .853 .840 .826 .811 70
71 .905 .896 .885 .874 .862 .849 .836 .821 71
72 .912 .903 .893 .882 .871 .859 .845 .831 72
73 .918 .910 .900 .890 .879 .868 .855 .841 73
74 .925 .917 .908 .898 .888 .876 .864 .851 74
BENEFICIARY'S BENEFICIARY'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 78 79 80 81 82 83 84 85 RETIREMENT
---------- --- --- --- --- --- --- --- --- ----------
50 .624 .605 .585 .566 .546 .525 .505 .485 50
51 .630 .611 .591 .572 .551 .531 .511 .490 51
52 .637 .617 .598 .578 .558 .537 .517 .496 52
53 .643 .624 .604 .584 .564 .543 .523 .502 53
54 .650 .631 .611 .591 .571 .550 .529 .508 54
55 .657 .638 .618 .598 .578 .557 .536 .515 55
56 .664 .645 .625 .605 .585 .564 .543 .522 56
57 .672 .653 .633 .613 .592 .571 .550 .529 57
58 .680 .661 .641 .621 .600 .579 .558 .537 58
59 .688 .669 .649 .629 .608 .587 .566 .545 59
60 .696 .677 .658 .638 .617 .596 .575 .553 60
61 .705 .686 .667 .646 .626 .605 .584 .562 61
62 .714 .695 .676 .656 .635 .614 .593 .571 62
63 .724 .705 .685 .665 .645 .624 .602 .581 63
64 .733 .715 .695 .675 .655 .634 .612 .591 64
65 .743 .725 .705 .686 .665 .644 .623 .601 65
66 .753 .735 .716 .696 .676 .655 .634 .612 66
67 .763 .745 .727 .707 .687 .666 .645 .623 67
68 .774 .756 .738 .718 .698 .678 .657 .635 68
69 .784 .767 .749 .730 .710 .690 .668 .647 69
70 .795 .778 .760 .741 .722 .702 .681 .659 70
71 .805 .789 .771 .753 .734 .714 .693 .672 71
72 .816 .800 .783 .765 .746 .727 .706 .685 72
73 .826 .811 .794 .777 .759 .739 .719 .698 73
74 .837 .822 .806 .789 .771 .752 .732 .712 74
-25-
28
SPECIAL PROVISION C
FACTORS TO BE APPLIED TO EMPLOYEE'S RETIREMENT INCOME
TO DETERMINE INCOME UNDER CONTINGENT
ANNUITANT OPTION IF 50% OF SUCH INCOME IS CONTINUED TO CONTINGENT ANNUITANT
BENEFICIARY'S BENEFICIARY'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 70 71 72 73 74 75 76 77 RETIREMENT
- ------------ --- --- --- --- --- --- --- --- ------------
75 .931 .923 .915 .906 .896 .885 .873 .861 75
76 .936 .929 .921 .913 .904 .893 .882 .870 76
77 .942 .935 .928 .920 .911 .902 .891 .880 77
77 .947 .941 .934 .927 .918 .909 .900 .889 78
78 .952 .946 .940 .933 .925 .917 .908 .898 79
80 .956 .951 .945 .939 .932 .924 .916 .906 80
81 .961 .956 .951 .945 .938 .931 .923 .914 81
82 .964 .960 .955 .950 .944 .937 .930 .922 82
83 .968 .964 .960 .955 .950 .943 .937 .929 83
84 .972 .968 .964 .960 .955 .949 .943 .936 84
BENEFICIARY'S BENEFICIARY'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 78 79 80 81 82 83 84 85 RETIREMENT
- ------------ --- --- --- --- --- --- --- --- ------------
75 .847 .833 .817 .801 .784 .765 .746 .726 75
76 .858 .844 .829 .813 .796 .778 .759 .740 76
77 .868 .854 .840 .825 .808 .791 .773 .754 77
78 .877 .865 .851 .836 .821 .804 .786 .768 78
79 .887 .875 .862 .848 .833 .817 .800 .782 79
80 .896 .885 .872 .859 .845 .829 .813 .795 80
81 .905 .894 .883 .870 .856 .842 .826 .809 81
82 .913 .903 .892 .881 .868 .854 .839 .823 82
83 .921 .912 .902 .891 .879 .866 .851 .836 83
84 .928 .920 .911 .900 .889 .877 .863 .849 84
-26-
29
SPECIAL PROVISION C
FACTORS TO BE APPLIED TO EMPLOYEE'S RETIREMENT INCOME
TO DETERMINE INCOME UNDER CONTINGENT
ANNUITANT OPTION IF 100% OF SUCH INCOME IS CONTINUED TO CONTINGENT ANNUITANT
BENEFICIARY'S BENEFICIARY'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 55 56 57 58 59 60 61 62 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- -------------
25 .731 .718 .704 .691 .676 .662 .647 .632 25
26 .734 .721 .707 .694 .679 .665 .650 .635 26
27 .737 .724 .710 .697 .683 .668 .653 .638 27
28 .740 .727 .714 .700 .686 .671 .656 .641 28
29 .744 .731 .717 .703 .689 .675 .660 .644 29
30 .747 .734 .721 .707 .693 .678 .663 .648 30
31 .751 .738 .725 .711 .696 .682 .667 .651 31
32 .755 .742 .728 .715 .700 .686 .671 .655 32
33 .759 .746 .732 .719 .704 .690 .675 .659 33
34 .763 .750 .737 .723 .708 .694 .679 .663 34
35 .768 .754 .741 .727 .713 .698 .683 .667 35
36 .772 .759 .746 .732 .717 .703 .687 .672 36
37 .777 .764 .750 .736 .722 .707 .692 .677 37
38 .781 .768 .755 .741 .727 .712 .697 .681 38
39 .786 .773 .760 .746 .732 .717 .702 .687 39
40 .791 .779 .765 .751 .737 .723 .707 .692 40
41 .797 .784 .771 .757 .743 .728 .713 .697 41
42 .802 .789 .776 .762 .748 .734 .719 .703 42
43 .807 .795 .782 .768 .754 .740 .724 .709 43
44 .813 .800 .788 .774 .760 .746 .731 .715 44
45 .819 .806 .793 .780 .766 .752 .737 .721 45
46 .824 .812 .799 .786 .773 .758 .743 .728 46
47 .830 .818 .806 .793 .779 .765 .750 .734 47
48 .836 .824 .812 .799 .785 .771 .757 .741 48
49 .842 .830 .818 .805 .792 .778 .764 .748 49
BENEFICIARY'S BENEFICIARY'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 63 64 65 66 67 68 69 70 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- -------------
25 .617 .601 .585 .568 .551 .535 .518 .500 25
26 .619 .603 .587 .571 .554 .537 .520 .503 26
27 .622 .606 .590 .574 .557 .540 .523 .505 27
28 .625 .609 .593 .576 .560 .543 .525 .508 28
29 .629 .613 .596 .580 .563 .545 .528 .511 29
30 .632 .616 .599 .583 .566 .549 .531 .514 30
31 .636 .619 .603 .586 .569 .552 .534 .517 31
32 .639 .623 .607 .590 .573 .555 .538 .520 32
33 .643 .627 .610 .593 .576 .559 .541 .523 33
34 .647 .631 .614 .597 .580 .562 .545 .527 34
35 .651 .635 .618 .601 .584 .566 .549 .531 35
36 .656 .639 .623 .606 .588 .570 .553 .535 36
37 .661 .644 .627 .610 .593 .575 .557 .539 37
38 .665 .649 .632 .615 .597 .579 .561 .543 38
39 .670 .654 .637 .620 .602 .584 .566 .548 39
40 .676 .659 .642 .625 .607 .589 .571 .552 40
41 .681 .665 .648 .630 .612 .594 .576 .557 41
42 .687 .670 .653 .636 .618 .600 .581 .563 42
43 .693 .676 .659 .642 .624 .605 .587 .568 43
44 .699 .682 .665 .648 .630 .611 .593 .574 44
45 .705 .689 .671 .654 .636 .618 .599 .580 45
46 .712 .695 .678 .660 .642 .624 .605 .586 46
47 .718 .702 .685 .667 .649 .631 .612 .593 47
48 .725 .709 .692 .674 .656 .638 .619 .600 48
49 .732 .716 .699 .681 .663 .645 .626 .607 49
-27-
30
SPECIAL PROVISION C
FACTORS TO BE APPLIED TO EMPLOYEE'S RETIREMENT INCOME
TO DETERMINE INCOME UNDER CONTINGENT
ANNUITANT OPTION IF 100% OF SUCH INCOME IS CONTINUED TO CONTINGENT ANNUITANT
BENEFICIARY'S BENEFICIARY'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 55 56 57 58 59 60 61 62 RETIREMENT
---------- --- --- --- --- --- --- --- --- ----------
50 .848 .837 .825 .812 .799 .785 .771 .756 50
51 .854 .843 .831 .819 .806 .792 .778 .763 51
52 .860 .849 .838 .826 .813 .799 .785 .770 52
53 .866 .855 .844 .832 .820 .807 .793 .778 53
54 .872 .862 .851 .839 .827 .814 .800 .786 54
55 .878 .868 .857 .846 .834 .821 .808 .794 55
56 .884 .874 .864 .853 .841 .829 .816 .802 56
57 .890 .880 .870 .860 .848 .836 .823 .810 57
58 .895 .886 .877 .866 .855 .844 .831 .818 58
59 .901 .893 .883 .873 .863 .851 .839 .826 59
60 .907 .898 .890 .880 .870 .859 .847 .834 60
61 .912 .904 .896 .887 .877 .866 .855 .842 61
62 .918 .910 .902 .893 .884 .873 .862 .851 62
63 .923 .916 .908 .900 .890 .881 .870 .859 63
64 .928 .921 .914 .906 .897 .888 .878 .867 64
65 .933 .926 .919 .912 .904 .895 .885 .875 65
66 .937 .931 .925 .918 .910 .902 .892 .882 66
67 .942 .936 .930 .924 .916 .908 .900 .890 67
68 .946 .941 .935 .929 .922 .915 .906 .897 68
69 .950 .946 .940 .934 .928 .921 .913 .905 69
70 .954 .950 .945 .939 .933 .927 .920 .912 70
71 .958 .954 .949 .944 .939 .932 .926 .918 71
72 .962 .958 .953 .949 .944 .938 .932 .925 72
73 .965 .961 .957 .953 .948 .943 .937 .931 73
74 .968 .965 .961 .957 .953 .948 .942 .936 74
BENEFICIARY'S BENEFICIARY'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 63 64 65 66 67 68 69 70 RETIREMENT
---------- --- --- --- --- --- --- --- --- ----------
50 .740 .723 .706 .689 .671 .652 .633 .614 50
51 .747 .731 .714 .697 .679 .660 .641 .622 51
52 .755 .739 .722 .705 .687 .668 .649 .630 52
53 .763 .747 .730 .713 .695 .676 .657 .638 53
54 .771 .755 .738 .721 .703 .685 .666 .646 54
55 .779 .763 .747 .730 .712 .693 .674 .655 55
56 .787 .771 .755 .738 .721 .702 .683 .664 56
57 .795 .780 .764 .747 .730 .712 .693 .673 57
58 .804 .789 .773 .756 .739 .721 .702 .683 58
59 .812 .798 .782 .766 .749 .731 .712 .693 59
60 .821 .806 .791 .775 .758 .741 .722 .703 60
61 .829 .815 .800 .785 .768 .751 .733 .714 61
62 .838 .824 .810 .794 .778 .761 .743 .725 62
63 .846 .833 .819 .804 .788 .772 .754 .736 63
64 .855 .842 .829 .814 .799 .782 .765 .747 64
65 .863 .851 .838 .824 .809 .793 .776 .758 65
66 .872 .860 .847 .833 .819 .803 .787 .770 66
67 .880 .868 .856 .843 .829 .814 .798 .781 67
68 .888 .877 .865 .853 .839 .825 .809 .793 68
69 .895 .885 .874 .862 .849 .835 .820 .804 69
70 .903 .893 .883 .871 .859 .845 .831 .816 70
71 .910 .901 .891 .880 .868 .855 .842 .827 71
72 .917 .908 .899 .889 .878 .865 .852 .838 72
73 .923 .916 .907 .897 .887 .875 .863 .849 73
74 .930 .922 .914 .905 .895 .884 .873 .860 74
-28-
31
SPECIAL PROVISION C
FACTORS TO BE APPLIED TO EMPLOYEE'S RETIREMENT INCOME
TO DETERMINE INCOME UNDER CONTINGENT
ANNUITANT OPTION IF 100% OF SUCH INCOME IS CONTINUED TO CONTINGENT ANNUITANT
BENEFICIARY'S BENEFICIARY'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 55 56 57 58 59 60 61 62 RETIREMENT
---------- --- --- --- --- --- --- --- --- ----------
75 .971 .968 .965 .961 .957 .952 .948 .942 75
76 .974 .971 .968 .965 .961 .957 .952 .947 76
77 .976 .974 .971 .968 .965 .961 .957 .952 77
78 .979 .976 .974 .971 .968 .965 .961 .957 78
79 .981 .979 .976 .974 .971 .968 .965 .961 79
80 .983 .981 .979 .977 .974 .971 .968 .965 80
81 .985 .983 .981 .979 .977 .974 .971 .968 81
82 .986 .985 .983 .981 .979 .977 .975 .972 82
83 .988 .986 .985 .983 .982 .980 .977 .975 83
84 .989 .988 .987 .985 .984 .982 .980 .978 84
BENEFICIARY'S BENEFICIARY'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 63 64 65 66 67 68 69 70 RETIREMENT
---------- --- --- --- --- --- --- --- --- ----------
75 .936 .929 .921 .913 .904 .893 .882 .870 75
76 .941 .935 .928 .920 .912 .902 .892 .880 76
77 .947 .941 .934 .927 .919 .910 .900 .890 77
78 .952 .946 .940 .934 .926 .918 .909 .899 78
79 .956 .952 .946 .940 .933 .926 .917 .908 79
80 .961 .956 .951 .946 .939 .932 .925 .916 80
81 .965 .961 .956 .951 .945 .939 .932 .924 81
82 .968 .965 .961 .956 .951 .945 .939 .931 82
83 .972 .969 .965 .961 .956 .951 .945 .938 83
84 .975 .972 .969 .965 .961 .958 .951 .945 84
-29-
32
SPECIAL PROVISION C
FACTORS TO BE APPLIED TO EMPLOYEE'S RETIREMENT INCOME
TO DETERMINE INCOME UNDER CONTINGENT
ANNUITANT OPTION IF 100% OF SUCH INCOME IS CONTINUED TO CONTINGENT ANNUITANT
BENEFICIARY'S BENEFICIARY'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 70 71 72 73 74 75 76 77 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- -------------
25 .500 .483 .466 .449 .432 .414 .397 .380 25
26 .503 .486 .468 .451 .434 .416 .399 .382 26
27 .505 .488 .471 .453 .436 .419 .401 .384 27
28 .508 .491 .473 .456 .438 .421 .403 .386 28
29 .511 .493 .476 .458 .441 .423 .406 .388 29
30 .514 .496 .478 .461 .443 .426 .408 .391 30
31 .517 .499 .481 .464 .446 .428 .411 .393 31
32 .520 .502 .484 .466 .449 .431 .413 .396 32
33 .523 .505 .488 .470 .452 .434 .416 .398 33
34 .527 .509 .491 .473 .455 .437 .419 .401 34
35 .531 .513 .494 .476 .458 .440 .422 .404 35
36 .535 .516 .498 .480 .462 .443 .425 .407 36
37 .539 .520 .502 .484 .465 .447 .429 .411 37
38 .543 .525 .506 .488 .469 .451 .432 .414 38
39 .548 .529 .511 .492 .473 .455 .436 .418 39
40 .552 .534 .515 .496 .478 .459 .440 .422 40
41 .557 .539 .520 .501 .482 .463 .445 .426 41
42 .563 .544 .525 .506 .487 .468 .449 .430 42
43 .568 .549 .530 .511 .492 .473 .454 .435 43
44 .574 .555 .536 .517 .497 .478 .459 .440 44
45 .580 .561 .542 .522 .503 .483 .464 .445 45
46 .586 .567 .548 .528 .509 .489 .469 .450 46
47 .593 .573 .554 .534 .515 .495 .475 .455 47
48 .600 .580 .561 .541 .521 .501 .481 .461 48
49 .607 .587 .567 .548 .528 .507 .487 .467 49
BENEFICIARY'S BENEFICIARY'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 78 79 80 81 82 83 84 85 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- ------------
25 .364 .347 .331 .315 .299 .284 .269 .254 25
26 .365 .349 .333 .316 .301 .285 .270 .256 26
27 .367 .351 .334 .318 .302 .287 .272 .257 27
28 .369 .353 .336 .320 .304 .288 .273 .258 28
29 .371 .355 .338 .322 .306 .290 .275 .260 29
30 .374 .357 .340 .324 .307 .292 .276 .261 30
31 .376 .359 .342 .326 .309 .294 .278 .263 31
32 .378 .361 .344 .328 .311 .295 .280 .265 32
33 .381 .364 .347 .330 .314 .298 .282 .267 33
34 .384 .366 .349 .332 .316 .300 .284 .269 34
35 .387 .369 .352 .335 .318 .302 .286 .271 35
36 .390 .372 .355 .337 .321 .304 .288 .273 36
37 .393 .375 .357 .340 .323 .307 .291 .275 37
38 .396 .378 .361 .343 .326 .310 .293 .277 38
39 .400 .382 .364 .346 .329 .312 .296 .280 39
40 .403 .385 .367 .350 .332 .315 .299 .283 40
41 .407 .389 .371 .353 .336 .319 .302 .286 41
42 .412 .393 .375 .357 .339 .322 .305 .289 42
43 .416 .397 .379 .361 .343 .326 .309 .292 43
44 .421 .402 .383 .365 .347 .329 .312 .295 44
45 .425 .406 .388 .369 .351 .333 .316 .299 45
46 .431 .411 .392 .374 .355 .337 .320 .303 46
47 .436 .417 .397 .379 .360 .342 .324 .307 47
48 .442 .422 .403 .384 .365 .346 .328 .311 48
49 .447 .428 .408 .389 .370 .351 .333 .315 49
-30-
33
SPECIAL PROVISION C
FACTORS TO BE APPLIED TO EMPLOYEE'S RETIREMENT INCOME
TO DETERMINE INCOME UNDER CONTINGENT
ANNUITANT OPTION IF 100% OF SUCH INCOME IS CONTINUED TO CONTINGENT ANNUITANT
BENEFICIARY'S BENEFICIARY'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 70 71 72 73 74 75 76 77 RETIREMENT
- ------------ --- --- --- --- --- --- --- --- -------------
50 .614 .594 .575 .555 .534 .514 .494 .474 50
51 .622 .602 .582 .562 .542 .521 .501 .480 51
52 .630 .610 .590 .570 .549 .529 .508 .487 52
53 .638 .618 .598 .577 .557 .536 .515 .495 53
54 .646 .626 .606 .586 .565 .544 .523 .502 54
55 .655 .635 .615 .594 .574 .553 .532 .510 55
56 .664 .644 .624 .603 .582 .561 .540 .519 56
57 .673 .654 .633 .613 .592 .570 .549 .528 57
58 .683 .663 .643 .622 .601 .580 .558 .537 58
59 .693 .673 .653 .632 .611 .590 .568 .546 59
60 .703 .684 .663 .643 .622 .600 .578 .556 60
61 .714 .694 .674 .654 .632 .611 .589 .567 61
62 .725 .705 .685 .665 .644 .622 .600 .578 62
63 .736 .716 .697 .676 .655 .634 .612 .589 63
64 .747 .728 .708 .688 .667 .646 .624 .601 64
65 .758 .740 .720 .700 .679 .658 .636 .614 65
66 .770 .751 .732 .712 .692 .671 .649 .627 66
67 .781 .763 .745 .725 .705 .684 .662 .640 67
68 .793 .775 .757 .738 .718 .697 .676 .653 68
69 .804 .787 .769 .751 .731 .711 .689 .667 69
70 .816 .799 .782 .764 .744 .724 .703 .682 70
71 .827 .811 .794 .777 .758 .738 .718 .696 71
72 .838 .823 .807 .790 .771 .752 .732 .711 72
73 .849 .835 .819 .802 .785 .766 .746 .726 73
74 .860 .846 .831 .815 .798 .780 .761 .741 74
BENEFICIARY'S BENEFICIARY'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 78 79 80 81 82 83 84 85 RETIREMENT
- ------------ --- --- --- --- --- --- --- --- -------------
50 .454 .434 .414 .394 .375 .356 .338 .320 50
51 .460 .440 .420 .400 .381 .362 .343 .325 51
52 .467 .446 .426 .406 .387 .367 .348 .330 52
53 .474 .453 .433 .413 .393 .373 .354 .335 53
54 .481 .461 .440 .419 .399 .379 .360 .341 54
55 .489 .468 .447 .426 .406 .386 .366 .347 55
56 .497 .476 .455 .434 .413 .393 .373 .353 56
57 .506 .484 .463 .442 .421 .400 .380 .360 57
58 .515 .493 .472 .450 .429 .408 .387 .367 58
59 .524 .502 .481 .459 .437 .416 .395 .374 59
60 .534 .512 .490 .468 .446 .424 .403 .382 60
61 .545 .522 .500 .478 .455 .434 .412 .391 61
62 .556 .533 .510 .488 .465 .443 .421 .400 62
63 .567 .644 .521 .499 .476 .453 .431 .409 63
64 .579 .556 .533 .510 .487 .464 .441 .419 64
65 .591 .568 .545 .522 .498 .475 .452 .430 65
66 .604 .581 .557 .534 .511 .487 .464 .441 66
67 .617 .594 .571 .547 .523 .500 .476 .453 67
68 .631 .608 .584 .560 .537 .513 .489 .465 68
69 .645 .622 .598 .574 .550 .526 .502 .478 69
70 .659 .636 .613 .589 .565 .540 .516 .492 70
71 .674 .651 .628 .604 .580 .555 .531 .506 71
72 .689 .666 .643 .619 .595 .571 .546 .521 72
73 .704 .682 .659 .635 .611 .586 .562 .536 73
74 .720 .698 .675 .651 .627 .603 .578 .553 74
-31-
34
SPECIAL PROVISION C
FACTORS TO BE APPLIED TO EMPLOYEE'S RETIREMENT INCOME
TO DETERMINE INCOME UNDER CONTINGENT
ANNUITANT OPTION IF 100% OF SUCH INCOME IS CONTINUED TO CONTINGENT ANNUITANT
BENEFICIARY'S BENEFICIARY'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 70 71 72 73 74 75 76 77 RETIREMENT
---------- --- --- --- --- --- --- --- --- -------------
75 .870 .857 .843 .828 .811 .794 .775 .756 75
76 .880 .868 .854 .840 .824 .807 .790 .771 76
77 .890 .878 .865 .852 .837 .821 .804 .785 77
78 .899 .888 .876 .863 .849 .834 .818 .800 78
79 .908 .898 .886 .874 .861 .847 .831 .814 79
80 .916 .907 .896 .885 .873 .859 .844 .828 80
81 .924 .915 .906 .895 .884 .871 .857 .842 81
82 .931 .923 .915 .905 .894 .882 .869 .855 82
83 .938 .931 .923 .914 .904 .893 .881 .868 83
84 .945 .938 .931 .922 .913 .903 .892 .880 84
BENEFICIARY'S BENEFICIARY'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 78 79 80 81 82 83 84 85 RETIREMENT
---------- --- --- --- --- --- --- --- --- -----------
75 .735 .714 .691 .668 .644 .620 .595 .569 75
76 .751 .730 .708 .685 .661 .637 .612 .587 76
77 .766 .746 .724 .702 .679 .654 .630 .605 77
78 .781 .762 .741 .719 .696 .672 .648 .623 78
79 .797 .778 .757 .736 .714 .690 .666 .641 79
80 .811 .793 .774 .753 .731 .709 .685 .660 80
81 .826 .808 .790 .770 .749 .727 .704 .680 81
82 .840 .823 .806 .787 .766 .745 .723 .699 82
83 .853 .838 .821 .803 .784 .763 .741 .718 83
84 .866 .852 .836 .819 .800 .781 .760 .738 84
-32-
35
SPECIAL PROVISION D
MARITAL PENSIONS, JOINT PENSIONS WITH SPOUSES AND
SPECIAL JOINT PENSIONS WITH SPOUSES
MARITAL PENSIONS and JOINT PENSIONS with SPOUSES shall be determined by
multiplying factors calculated in accordance with the 1951 Male Group Annuity
Table at 5% interest, with the following modifications:
(i) PARTICIPANT's mortality rates shall be determined by adding 41% of the
rates at PARTICIPANT's ages to 59% of the rates at ages five years lower.
(ii) SPOUSE's mortality rates shall be determined by adding 59% of the rates
at SPOUSE's ages to 41% of the rates at ages five years higher.
(iii) For MARITAL PENSIONS, the factors shall be calculated taking into account
only one-half of the costs of the benefits to surviving SPOUSES.
(iv) When the proportions of the JOINT PENSIONS to be continued to SPOUSES
exceed 50%, the factors shall be calculated in such a way that the values
of such JOINT PENSIONS are equal to the values of corresponding MARITAL
PENSION.
(v) When the proportions of the JOINT PENSIONS to be continued to SPOUSES are
less than 50%, the factors shall be calculated taking into account only
one-half of the costs to surviving SPOUSES.
(vi) Whenever a factor calculated for a MARITAL or JOINT PENSION with SPOUSE
is smaller than the corresponding factor for a non-spouse JOINT PENSION,
the non-spouse JOINT PENSION factor shall be substituted for the
calculated factor.
The following tables illustrate the factors to be applied for typical
options which may be elected between 25% and 100%.
EXAMPLE: Assume the PARTICIPANT is age 62 and Spouse age 60. Also assume
that the PARTICIPANT's BASIC PENSION is $1,000 per month.
Non-Spouse's Pension
Spouse's Option Basic Reduced Spouse's In Event of
Option Factor Pension Pension Portion Participant's Death
-------- ------ ------- ------- -------- --------------------
25% .976 X $1,000. = $976. X .25 = $244.00
50% .955 X $1,000. = $955. X .50 = $477.50
75% .914 X $1,000. = $914. X .75 = $685.50
100% .876 X $1,000. = $876. X 1.00 = $876.00
SPECIAL JOINT PENSIONS with SPOUSES shall be determined using the same
actuarial assumptions described above and are illustrated in the tables
following the JOINT PENSION tables.
-33-
36
SPECIAL PROVISION D
FACTORS USED TO DETERMINE THE REDUCED ANNUAL RATE
OF RETIREMENT ANNUITY PAYABLE TO JOINT PENSIONERS
WHO ELECT VARIOUS OPTIONS WITH THEIR ELIGIBLE SPOUSE
25% OPTION ELECTION
-------------------
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 55 56 57 58 59 60 61 62 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- ----------
40 .969 .967 .964 .962 .959 .956 .953 .950 40
41 .970 .968 .965 .963 .960 .957 .954 .951 41
42 .971 .969 .966 .964 .961 .958 .955 .952 42
43 .972 .970 .967 .965 .962 .960 .957 .953 43
44 .973 .971 .968 .966 .963 .961 .958 .955 44
45 .974 .972 .969 .967 .965 .962 .959 .956 45
46 .975 .973 .970 .968 .966 .963 .960 .957 46
47 .976 .974 .972 .969 .967 .964 .962 .959 47
48 .977 .975 .973 .970 .968 .966 .963 .960 48
49 .978 .976 .974 .972 .969 .967 .964 .961 49
50 .979 .977 .975 .973 .970 .968 .965 .963 50
51 .980 .978 .976 .974 .972 .969 .967 .964 51
52 .980 .979 .977 .975 .973 .970 .968 .965 52
53 .981 .980 .978 .976 .974 .972 .969 .967 53
54 .982 .981 .979 .977 .975 .973 .971 .968 54
55 .983 .982 .980 .978 .976 .974 .972 .969 55
56 .984 .983 .981 .979 .977 .975 .973 .971 56
57 .985 .984 .982 .980 .979 .977 .975 .972 57
58 .986 .984 .983 .981 .980 .978 .976 .974 58
59 .987 .985 .984 .982 .981 .979 .977 .975 59
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 63 64 65 66 67 68 69 70 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- ----------
40 .946 .943 .939 .935 .930 .926 .921 .916 40
41 .948 .944 .940 .936 .932 .927 .922 .917 41
42 .949 .945 .941 .937 .933 .929 .924 .919 42
43 .950 .947 .943 .939 .934 .930 .925 .920 43
44 .951 .948 .944 .940 .936 .931 .927 .922 44
45 .953 .949 .946 .942 .937 .933 .928 .923 45
46 .954 .951 .947 .943 .939 .935 .930 .925 46
47 .955 .952 .948 .945 .940 .936 .932 .927 47
48 .957 .953 .950 .946 .942 .938 .933 .928 48
49 .958 .955 .951 .948 .944 .939 .935 .930 49
50 .960 .956 .953 .949 .945 .941 .937 .932 50
51 .961 .958 .955 .951 .947 .943 .939 .934 51
52 .962 .959 .956 .953 .949 .945 .940 .936 52
53 .964 .961 .958 .954 .951 .947 .942 .938 53
54 .965 .962 .959 .956 .952 .948 .944 .940 54
55 .967 .964 .961 .958 .954 .950 .946 .942 55
56 .968 .966 .963 .959 .956 .952. .948 .944 56
57 .970 .967 .964 .961 .958 .954 .950 .946 57
58 .971 .969 .966 .963 .959 .956 .952 .948 58
59 .973 .970 .967 .964 .961 .958 .954 .950 59
NOTE: Factors for additional age combinations are available from the
Administrator.
-34-
37
SPECIAL PROVISION D
FACTORS USED TO DETERMINE THE REDUCED ANNUAL RATE
OF RETIREMENT ANNUITY PAYABLE TO JOINT PENSIONERS
WHO ELECT VARIOUS OPTIONS WITH THEIR ELIGIBLE SPOUSE
25% OPTION ELECTION
-------------------
(Continued)
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 55 56 57 58 59 60 61 62 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- ----------
60 .987 .986 .985 .984 .982 .980 .978 .976 60
61 .988 .987 .986 .985 .983 .981 .980 .978 61
62 .989 .988 .987 .985 .984 .983 .981 .979 62
63 .990 .989 .988 .986 .985 .984 .982 .980 63
64 .990 .990 .988 .987 .986 .985 .983 .981 64
65 .991 .990 .989 .988 .987 .986 .984 .983 65
66 .992 .991 .990 .989 .988 .987 .985 .984 66
67 .992 .992 .991 .990 .989 .988 .986 .985 67
68 .993 .992 .992 .991 .990 .989 .987 .986 68
69 .994 .993 .992 .991 .990 .989 .988 .987 69
70 .994 .993 .993 .992 .991 .990 .989 .988 70
71 .995 .994 .993 .993 .992 .991 .990 .989 71
72 .995 .995 .994 .993 .993 .992 .991 .990 72
73 .995 .995 .995 .994 .993 .993 .992 .991 73
74 .996 .995 .995 .994 .994 .993 .992 .992 74
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 63 64 65 66 67 68 69 70 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- ----------
60 .974 .972 .969 .966 .963 .960 .956 .952 60
61 .976 .973 .971 .968 .965 .962 .958 .954 61
62 .977 .975 .972 .970 .967 .964 .960 .957 62
63 .978 .976 .974 .971 .969 .966 .962 .959 63
64 .980 .978 .975 .973 .970 .967 .964 .961 64
65 .981 .979 .977 .975 .972 .969 .966 .963 65
66 .982 .980 .978 .976 .974 .971 .968 .965 66
67 .983 .982 .980 .978 .975 .973 .970 .967 67
68 .985 .983 .981 .979 .977 .975 .972 .969 68
69 .986 .984 .983 .981 .979 .976 .974 .971 69
70 .987 .985 .984 .982 .980 .978 .976 .973 70
71 .988 .987 .985 .984 .982 .980 .978 .975 71
72 .989 .988 .986 .985 .983 .981 .979 .977 72
73 .990 .989 .987 .986 .985 .983 .981 .979 73
74 .991 .990 .989 .987 .986 .984 .982 .980 74
NOTE: Factors for additional age combinations are available from the
Administrator.
-35-
38
SPECIAL PROVISION D
FACTORS USED TO DETERMINE THE REDUCED ANNUAL RATE
OF RETIREMENT ANNUITY PAYABLE TO JOINT PENSIONERS
WHO ELECT VARIOUS OPTIONS WITH THEIR ELIGIBLE SPOUSE
50% OPTION ELECTION
-------------------
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 55 56 57 58 59 60 61 62 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- ----------
40 .942 .938 .934 .929 .924 .919 .914 .909 40
41 .943 .939 .935 .931 .926 .921 .916 .911 41
42 .945 .941 .937 .933 .928 .923 .918 .913 42
43 .947 .943 .939 .934 .930 .925 .920 .915 43
44 .948 .945 .941 .936 .932 .927 .922 .917 44
45 .950 .946 .942 .938 .934 .929 .924 .919 45
46 .952 .948 .944 .940 .936 .931 .926 .921 46
47 .954 .950 .946 .942 .938 .933 .929 .923 47
48 .955 .952 .948 .944 .940 .935 .931 .926 48
49 .957 .954 .950 .946 .942 .938 .933 .928 49
50 .959 .956 .952 .948 .944 .940 .935 .930 50
51 .961 .957 .954 .950 .946 .942 .938 .933 51
52 .962 .959 .956 .952 .948 .944 .940 .935 52
53 .964 .961 .958 .954 .950 .946 .942 .938 53
54 .966 .963 .960 .956 .953 .949 .945 .940 54
55 .968 .965 .962 .958 .955 .951 .947 .942 55
56 .969 .966 .963 .960 .957 .953 .949 .945 56
57 .971 .968 .965 .962 .959 .955 .952 .947 57
58 .972 .970 .967 .964 .961 .958 .954 .950 58
59 .974 .972 .969 .966 .963 .960 .956 .952 59
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 63 64 65 66 67 68 69 70 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- ----------
40 .903 .897 .891 .885 .878 .871 .863 .856 40
41 .905 .899 .893 .887 .880 .873 .865 .858 41
42 .907 .901 .895 .889 .882 .875 .868 .860 42
43 .909 .903 .897 .891 .884 .877 .870 .862 43
44 .911 .906 .899 .893 .886 .879 .872 .865 44
45 .914 .908 .902 .895 .889 .882 .875 .867 45
46 .916 .910 .904 .898 .891 .884 .877 .870 46
47 .918 .912 .906 .900 .894 .887 .880 .872 47
48 .920 .915 .909 .903 .896 .889 .882 .875 48
49 .923 .917 .911 .905 .899 .892 .885 .878 49
50 .925 .920 .914 .908 .901 .895 .888 .880 50
51 .928 .922 .917 .911 .904 .898 .891 .883 51
52 .930 .925 .919 .913 .907 .900 .894 .886 52
53 .933 .927 .922 .916 .910 .903 .897 .889 53
54 .935 .930 .925 .919 .913 .906 .900 .893 54
55 .938 .933 .927 .922 .916 .909 .903 .896 55
56 .940 .936 .930 .925 .919 .913 .906 .899 56
57 .943 .938 .933 .928 .922 .916 .909 .902 57
58 .946 .941 .936 .931 .925 .919 .913 .906 58
59 .948 .944 .939 .934 .928 .922 .916 .909 59
NOTE: Factors for additional age combinations are available from the
Administrator.
-36-
39
SPECIAL PROVISION D
FACTORS USED TO DETERMINE THE REDUCED ANNUAL RATE
OF RETIREMENT ANNUITY PAYABLE TO JOINT PENSIONERS
WHO ELECT VARIOUS OPTIONS WITH THEIR ELIGIBLE SPOUSE
50% OPTION ELECTION
-------------------
(Continued)
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 55 56 57 58 59 60 61 62 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- ----------
60 .976 .973 .971 .968 .965 .962 .959 .955 60
61 .977 .975 .973 .970 .967 .964 .961 .957 61
62 .979 .976 .974 .972 .969 .966 .963 .960 62
63 .980 .978 .976 .974 .971 .968 .965 .962 63
64 .981 .979 .977 .975 .973 .970 .967 .964 64
65 .983 .981 .979 .977 .975 .972 .970 .967 65
66 .984 .982 .980 .979 .976 .974 .972 .969 66
67 .985 .984 .982 .980 .978 .976 .974 .971 67
68 .986 .985 .983 .982 .980 .978 .975 .973 68
69 .987 .986 .985 .983 .981 .979 .977 .975 69
70 .988 .987 .986 .984 .983 .981 .979 .977 70
71 .989 .988 .987 .986 .984 .983 .981 .979 71
72 .990 .989 .988 .987 .985 .984 .982 .980 72
73 .991 .990 .989 .988 .987 .985 .984 .982 73
74 .992 .991 .990 .989 .988 .987 .985 .984 74
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 63 64 65 66 67 68 69 70 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- -----------
60 .951 .946 .942 .937 .931 .926 .919 .913 60
61 .953 .949 .945 .940 .934 .929 .923 .916 61
62 .956 .952 .947 .943 .938 .932 .926 .920 62
63 .958 .955 .950 .946 .941 .936 .930 .924 63
64 .961 .957 .953 .949 .944 .939 .933 .928 64
65 .963 .960 .956 .952 .947 .942 .937 .931 65
66 .966 .962 .959 .955 .950 .945 .940 .935 66
67 .968 .965 .961 .957 .953 .949 .944 .939 67
68 .970 .967 .964 .960 .956 .952 .947 .942 68
69 .972 .970 .966 .963 .959 .955 .951 .946 69
70 .974 .972 .969 .966 .962 .958 .954 .949 70
71 .976 .974 .971 .968 .965 .961 .957 .953 71
72 .978 .976 .973 .971 .967 .964 .960 .956 72
73 .980 .978 .976 .973 .970 .967 .963 .959 73
74 .982 .980 .978 .975 .972 .969 .966 .962 74
NOTE: Factors for additional age combinations are available from the
Administrator.
-37-
40
SPECIAL PROVISION D
FACTORS USED TO DETERMINE THE REDUCED ANNUAL RATE
OF RETIREMENT ANNUITY PAYABLE TO JOINT PENSIONERS
WHO ELECT VARIOUS OPTIONS WITH THEIR ELIGIBLE SPOUSE
75% OPTION ELECTION
-------------------
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 55 56 57 58 59 60 61 62 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- ----------
40 .890 .883 .875 .868 .859 .851 .842 .833 40
41 .893 .886 .878 .871 .863 .854 .845 .836 41
42 .896 .889 .881 .874 .866 .857 .849 .840 42
43 .899 .892 .885 .877 .869 .861 .852 .843 43
44 .902 .895 .888 .880 .872 .864 .856 .847 44
45 .905 .898 .891 .884 .876 .868 .859 .850 45
46 .908 .901 .894 .887 .879 .871 .863 .854 46
47 .911 .905 .898 .891 .883 .875 .867 .858 47
48 .915 .908 .901 .894 .887 .879 .870 .862 48
49 .918 .911 .905 .898 .890 .883 .874 .866 49
50 .921 .915 .908 .901 .894 .886 .878 .870 50
51 .924 .918 .912 .905 .898 .890 .882 .874 51
52 .927 .922 .915 .909 .902 .894 .887 .878 52
53 .931 .925 .919 .912 .906 .898 .891 .883 53
54 .934 .928 .922 .916 .910 .902 .895 .887 54
55 .937 .932 .926 .920 .913 .906 .899 .891 55
56 .940 .935 .930 .924 .917 .911 .903 .896 56
57 .943 .938 .933 .927 .921 .915 .908 .900 57
58 .946 .942 .936 .931 .925 .919 .912 .905 58
59 .949 .945 .940 .935 .929 .923 .916 .909 59
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 63 64 65 66 67 68 69 70 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- ----------
40 .824 .814 .803 .793 .782 .771 .760 .748 40
41 .827 .817 .807 .796 .785 .774 .763 .751 41
42 .830 .820 .810 .800 .789 .778 .766 .754 42
43 .834 .824 .814 .803 .792 .781 .770 .758 43
44 .837 .827 .817 .807 .796 .785 .773 .762 44
45 .841 .831 .821 .811 .800 .789 .777 .765 45
46 .845 .835 .825 .814 .804 .792 .781 .769 46
47 .849 .839 .829 .819 .808 .797 .785 .773 47
48 .853 .843 .833 .823 .812 .801 .789 .778 48
49 .857 .847 .837 .827 .816 .805 .794 .782 49
50 .861 .851 .842 .831 .821 .810 .798 .786 50
51 .865 .856 .846 .836 .825 .814 .803 .791 51
52 .869 .860 .851 .840 .830 .819 .808 .796 52
53 .874 .865 .855 .845 .835 .824 .813 .801 53
54 .878 .869 .860 .850 .840 .829 .818 .806 54
55 .883 .874 .865 .855 .845 .834 .823 .811 55
56 .887 .879 .870 .860 .850 .839 .828 .817 56
57 .892 .884 .875 .865 .855 .845 .834 .822 57
58 .897 .888 .880 .870 .860 .850 .839 .828 58
59 .901 .893 .885 .876 .866 .856 .845 .834 59
NOTE: Factors for additional age combinations are available from the
Administrator.
-38-
41
SPECIAL PROVISION D
FACTORS USED TO DETERMINE THE REDUCED ANNUAL RATE
OF RETIREMENT ANNUITY PAYABLE TO JOINT PENSIONERS
WHO ELECT VARIOUS OPTIONS WITH THEIR ELIGIBLE SPOUSE
75% OPTION ELECTION
-------------------
(Continued)
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 55 56 57 58 59 60 61 62 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- ----------
60 .952 .948 .943 .938 .933 .927 .920 .914 60
61 .955 .951 .946 .942 .936 .931 .925 .918 61
62 .958 .954 .950 .945 .940 .935 .929 .922 62
63 .961 .957 .953 .948 .944 .939 .933 .927 63
64 .963 .960 .956 .952 .947 .942 .937 .931 64
65 .966 .962 .959 .955 .951 .946 .941 .935 65
66 .968 .965 .962 .958 .954 .950 .945 .939 66
67 .971 .968 .964 .961 .957 .953 .948 .943 67
68 .973 .970 .967 .964 .960 .956 .952 .947 68
69 .975 .972 .970 .967 .963 .960 .956 .951 69
70 .977 .975 .972 .969 .966 .963 .959 .955 70
71 .979 .977 .974 .972 .969 .966 .962 .958 71
72 .981 .979 .976 .974 .971 .968 .965 .962 72
73 .982 .980 .978 .976 .974 .971 .968 .965 73
74 .984 .982 .980 .978 .976 .974 .971 .968 74
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 63 64 65 66 67 68 69 70 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- ----------
60 .906 .898 .890 .881 .871 .861 .851 .840 60
61 .911 .903 .895 .886 .877 .867 .857 .846 61
62 .915 .908 .900 .892 .883 .873 .863 .852 62
63 .920 .913 .905 .897 .888 .879 .869 .858 63
64 .925 .918 .910 .902 .894 .885 .875 .865 64
65 .929 .923 .916 .908 .900 .891 .881 .871 65
66 .934 .927 .921 .913 .905 .897 .887 .878 66
67 .938 .932 .925 .918 .911 .902 .894 .884 67
68 .942 .936 .930 .924 .916 .908 .900 .891 68
69 .946 .941 .935 .929 .922 .914 .906 .897 69
70 .950 .945 .940 .933 .927 .920 .912 .903 70
71 .954 .949 .944 .938 .932 .925 .918 .910 71
72 .958 .953 .948 .943 .937 .930 .923 .916 72
73 .961 .957 .952 .947 .942 .936 .929 .922 73
74 .964 .960 .956 .951 .946 .940 .934 .927 74
NOTE: Factors for additional age combinations are available from the
Administrator.
-39-
42
SPECIAL PROVISION D
FACTORS USED TO DETERMINE THE REDUCED ANNUAL RATE
OF RETIREMENT ANNUITY PAYABLE TO JOINT PENSIONERS
WHO ELECT VARIOUS OPTIONS WITH THEIR ELIGIBLE SPOUSE
100% OPTION ELECTION
--------------------
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 55 56 57 58 59 60 61 62 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- ----------
40 .844 .834 .824 .814 .803 .792 .781 .769 40
41 .847 .838 .828 .818 .807 .796 .785 .773 41
42 .851 .842 .832 .822 .811 .800 .789 .777 42
43 .855 .846 .836 .826 .816 .805 .793 .782 43
44 .860 .850 .841 .831 .820 .809 .798 .786 44
45 .864 .855 .845 .835 .825 .814 .803 .791 45
46 .868 .859 .850 .840 .829 .819 .807 .796 46
47 .873 .864 .854 .844 .834 .824 .812 .801 47
48 .877 .868 .859 .849 .839 .829 .817 .806 48
49 .881 .873 .864 .854 .844 .834 .823 .811 49
50 .886 .877 .868 .859 .849 .839 .828 .817 50
51 .890 .882 .873 .864 .854 .844 .833 .822 51
52 .895 .887 .878 .869 .860 .850 .839 .828 52
53 .899 .892 .883 .874 .865 .855 .845 .834 53
54 .904 .896 .888 .879 .870 .860 .850 .839 54
55 .908 .901 .893 .884 .876 .866 .856 .845 55
56 .913 .906 .898 .890 .881 .872 .862 .851 56
57 .917 .910 .903 .895 .886 .877 .868 .857 57
58 .922 .915 .908 .900 .892 .883 .873 .863 58
59 .926 .919 .912 .905 .897 .888 .879 .870 59
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 63 64 65 66 67 68 69 70 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- ----------
40 .757 .744 .732 .719 .705 .692 .678 .664 40
41 .761 .748 .736 .723 .709 .696 .682 .668 41
42 .765 .753 .740 .727 .713 .700 .686 .672 42
43 .770 .757 .744 .731 .718 .704 .690 .676 43
44 .774 .762 .749 .736 .722 .709 .695 .680 44
45 .779 .766 .754 .740 .727 .713 .699 .685 45
46 .784 .771 .759 .745 .732 .718 .704 .690 46
47 .789 .776 .764 .750 .737 .723 .709 .695 47
48 .794 .782 .769 .756 .742 .728 .714 .700 48
49 .799 .787 .774 .761 .748 .734 .719 .705 49
50 .805 .793 .780 .767 .753 .739 .725 .711 50
51 .810 .798 .786 .772 .759 .745 .731 .716 51
52 .816 .804 .791 .778 .765 .751 .737 .722 52
53 .822 .810 .797 .784 .771 .757 .743 .728 53
54 .828 .816 .804 .791 .777 .763 .749 .735 54
55 .834 .822 .810 .797 .784 .770 .756 .741 55
56 .840 .829 .816 .804 .791 .777 .763 .748 56
57 .846 .835 .823 .810 .797 .784 .770 .755 57
58 .853 .842 .830 .817 .804 .791 .777 .762 58
59 .859 .848 .837 .824 .811 .798 .784 .770 59
NOTE: Factors for additional age combinations are available from the
Administrator.
-40-
43
SPECIAL PROVISION D
FACTORS USED TO DETERMINE THE REDUCED ANNUAL RATE
OF RETIREMENT ANNUITY PAYABLE TO JOINT PENSIONERS
WHO ELECT VARIOUS OPTIONS WITH THEIR ELIGIBLE SPOUSE
100% OPTION ELECTION
--------------------
(Continued)
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 55 56 57 58 59 60 61 62 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- -----------
60 .930 .924 .917 .910 .902 .894 .885 .876 60
61 .934 .928 .922 .915 .908 .900 .891 .882 61
62 .938 .933 .926 .920 .913 .905 .897 .888 62
63 .942 .937 .931 .925 .918 .911 .903 .894 63
64 .946 .941 .935 .929 .923 .916 .908 .900 64
65 .950 .945 .940 .934 .928 .921 .914 .906 65
66 .953 .949 .944 .938 .933 .926 .919 .912 66
67 .957 .952 .948 .943 .937 .931 .925 .918 67
68 .960 .956 .951 .947 .942 .936 .930 .923 68
69 .963 .959 .955 .951 .946 .941 .935 .928 69
70 .966 .962 .959 .955 .950 .945 .940 .934 70
71 .969 .965 .962 .958 .954 .949 .944 .939 71
72 .971 .968 .965 .962 .958 .953 .949 .943 72
73 .974 .971 .968 .965 .961 .957 .953 .948 73
74 .976 .974 .971 .968 .965 .961 .957 .952 74
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 63 64 65 66 67 68 69 70 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- -----------
60 .866 .855 .843 .831 .819 .805 .792 .777 60
61 .872 .861 .850 .839 .826 .813 .799 .785 61
62 .878 .868 .857 .846 .834 .821 .807 .793 62
63 .885 .875 .864 .853 .841 .829 .815 .802 63
64 .891 .882 .871 .860 .849 .837 .824 .810 64
65 .897 .888 .878 .868 .857 .845 .832 .819 65
66 .904 .895 .885 .875 .864 .853 .840 .827 66
67 .910 .901 .892 .882 .872 .860 .848 .836 67
68 .916 .908 .899 .890 .879 .868 .857 .844 68
69 .921 .914 .906 .897 .887 .876 .865 .853 69
70 .927 .920 .912 .903 .894 .884 .873 .862 70
71 .932 .926 .918 .910 .901 .892 .881 .870 71
72 .938 .931 .924 .917 .908 .899 .889 .879 72
73 .943 .937 .930 .923 .915 .906 .897 .887 73
74 .947 .952 .936 .929 .921 .913 .904 .895 74
NOTE: Factors for additional age combinations are available from the
Administrator.
-41-
44
SPECIAL PROVISION D
SPECIAL JOINT PENSION WITH SPOUSE
FACTORS USED TO DETERMINE THE REDUCED ANNUAL RATE
OF RETIREMENT ANNUITY PAYABLE TO JOINT PENSIONERS
WHO ELECT THE SPECIAL JOINT PENSION OPTION WITH THEIR SPOUSE
50% OPTION ELECTION
-------------------
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 40 41 42 43 44 45 46 47 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- ----------
20 .966 .964 .961 .959 .956 .953 .950 .947 20
21 .967 .964 .962 .959 .957 .954 .951 .948 21
22 .967 .965 .963 .960 .957 .955 .952 .949 22
23 .968 .966 .963 .961 .958 .955 .952 .949 23
24 .969 .966 .964 .961 .959 .956 .953 .950 24
25 .969 .967 .965 .962 .960 .957 .954 .951 25
26 .970 .968 .965 .963 .960 .958 .955 .952 26
27 .971 .969 .966 .964 .961 .959 .956 .953 27
28 .971 .969 .967 .965 .962 .959 .957 .954 28
29 .972 .970 .968 .965 .963 .960 .957 .954 29
30 .973 .971 .969 .966 .964 .961 .958 .955 30
31 .974 .972 .969 .967 .965 .962 .959 .956 31
32 .974 .972 .970 .968 .965 .963 .960 .957 32
33 .975 .973 .971 .969 .966 .964 .961 .958 33
34 .976 .974 .972 .970 .967 .965 .962 .959 34
35 .977 .975 .973 .970 .968 .966 .963 .960 35
36 .977 .975 .973 .971 .969 .967 .964 .961 36
37 .978 .976 .974 .972 .970 .968 .965 .962 37
38 .979 .977 .975 .973 .971 .969 .966 .963 38
39 .980 .978 .976 .974 .972 .970 .967 .964 39
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 48 49 50 51 52 53 54 55 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- ----------
20 .944 .940 .937 .933 .929 .926 .921 .917 20
21 .945 .941 .938 .934 .930 .926 .922 .918 21
22 .945 .942 .938 .935 .931 .927 .923 .919 22
23 .946 .943 .939 .936 .932 .928 .924 .920 23
24 .947 .944 .940 .937 .933 .929 .925 .921 24
25 .948 .944 .941 .937 .934 .930 .926 .921 25
26 .949 .945 .942 .938 .935 .931 .927 .922 26
27 .950 .946 .943 .939 .936 .932 .928 .923 27
28 .950 .947 .944 .940 .936 .933 .929 .924 28
29 .951 .948 .945 .941 .937 .934 .930 .925 29
30 .952 .949 .946 .942 .939 .935 .931 .927 30
31 .953 .950 .947 .943 .940 .936 .932 .928 31
32 .954 .951 .948 .944 .941 .937 .933 .929 32
33 .955 .952 .949 .945 .942 .938 .934 .930 33
34 .956 .953 .950 .947 .943 .939 .935 .931 34
35 .957 .954 .951 .948 .944 .940 .937 .933 35
36 .958 .955 .952 .949 .945 .942 .938 .934 36
37 .960 .957 .953 .950 .947 .943 .939 .935 37
38 .961 .958 .955 .951 .948 .944 .940 .937 38
39 .962 .959 .956 .952 .949 .946 .942 .938 39
NOTE: Factors for additional age combinations are available from the
Administrator.
-42-
45
SPECIAL PROVISION D
SPECIAL JOINT PENSION WITH SPOUSE
FACTORS USED TO DETERMINE THE REDUCED ANNUAL RATE
OF RETIREMENT ANNUITY PAYABLE TO JOINT PENSIONERS
WHO ELECT THE SPECIAL JOINT PENSION OPTION WITH THEIR SPOUSE
50% OPTION ELECTION
-------------------
(continued)
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 40 41 42 43 44 45 46 47 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- -----------
40 .980 .979 .977 .975 .973 .970 .968 .966 40
41 .981 .979 .978 .976 .974 .971 .969 .967 41
42 .982 .980 .978 .977 .975 .972 .970 .968 42
43 .983 .981 .979 .977 .975 .973 .971 .969 43
44 .983 .982 .980 .978 .976 .974 .972 .970 44
45 .984 .982 .981 .979 .977 .975 .973 .971 45
46 .985 .983 .982 .980 .978 .976 .974 .972 46
47 .985 .984 .982 .981 .979 .977 .975 .973 47
48 .986 .984 .983 .981 .980 .978 .976 .974 48
49 .986 .985 .984 .982 .981 .979 .977 .975 49
50 .987 .986 .984 .983 .981 .980 .978 .976 50
51 .988 .986 .985 .984 .982 .981 .979 .977 51
52 .988 .987 .986 .984 .983 .981 .980 .978 52
53 .989 .988 .986 .985 .984 .982 .980 .979 53
54 .989 .988 .987 .986 .984 .983 .981 .980 54
55 .990 .989 .988 .986 .985 .984 .982 .980 55
56 .990 .989 .988 .987 .986 .984 .983 .981 56
57 .991 .990 .989 .988 .987 .985 .984 .982 57
58 .991 .990 .989 .988 .987 .986 .985 .983 58
59 .992 .991 .990 .989 .988 .987 .985 .984 59
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 48 49 50 51 52 53 54 55 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- -----------
40 .963 .960 .957 .954 .950 .947 .943 .939 40
41 .964 .961 .958 .955 .952 .948 .945 .941 41
42 .965 .962 .959 .956 .953 .950 .946 .942 42
43 .966 .963 .961 .958 .954 .951 .947 .944 43
44 .967 .965 .962 .959 .956 .952 .949 .945 44
45 .968 .966 .963 .960 .957 .954 .950 .947 45
46 .969 .967 .964 .961 .958 .955 .952 .948 46
47 .971 .968 .965 .963 .960 .957 .953 .950 47
48 .972 .969 .967 .964 .961 .958 .955 .951 48
49 .973 .970 .968 .965 .962 .959 .956 .953 49
50 .974 .971 .969 .966 .964 .961 .958 .954 50
51 .975 .973 .970 .968 .965 .962 .959 .956 51
52 .976 .974 .971 .969 .966 .963 .961 .957 52
53 .977 .975 .972 .970 .968 .965 .962 .959 53
54 .978 .976 .974 .971 .969 .966 .963 .960 54
55 .979 .977 .975 .972 .970 .968 .965 .962 55
56 .980 .978 .976 .974 .971 .969 .966 .963 56
57 .981 .979 .977 .975 .973 .970 .968 .965 57
58 .981 .980 .978 .976 .974 .971 .969 .966 58
59 .982 .981 .979 .977 .975 .973 .970 .968 59
NOTE: Factors for additional age combinations are available from the
Administrator.
-43-
46
SPECIAL PROVISION D
SPECIAL JOINT PENSION WITH SPOUSE
FACTORS USED TO DETERMINE THE REDUCED ANNUAL RATE
OF RETIREMENT ANNUITY PAYABLE TO JOINT PENSIONERS
WHO ELECT THE SPECIAL JOINT PENSION OPTION WITH THEIR SPOUSE
50% OPTION ELECTION
-------------------
(continued)
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 40 41 42 43 44 45 46 47 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- ----------
60 .992 .991 .990 .989 .988 .987 .986 .985 60
61 .993 .992 .991 .990 .989 .988 .987 .985 61
62 .993 .992 .991 .991 .990 .988 .987 .986 62
63 .993 .993 .992 .991 .990 .989 .988 .987 63
64 .994 .993 .992 .991 .991 .990 .989 .987 64
65 .994 .993 .993 .992 .991 .990 .989 .988 65
66 .994 .994 .993 .992 .992 .991 .990 .989 66
67 .995 .994 .994 .993 .992 .991 .990 .989 67
68 .995 .994 .994 .993 .993 .992 .991 .990 68
69 .995 .995 .994 .994 .993 .992 .991 .990 69
70 .996 .995 .995 .994 .993 .993 .992 .991 70
71 .996 .995 .995 .994 .994 .993 .992 .991 71
72 .996 .996 .995 .995 .994 .993 .993 .992 72
73 .996 .996 .996 .995 .994 .994 .993 .992 73
74 .997 .996 .996 .995 .995 .994 .994 .993 74
75 .997 .996 .996 .996 .995 .995 .994 .993 75
76 .997 .997 .996 .996 .995 .995 .994 .994 76
77 .997 .997 .997 .996 .996 .995 .995 .994 77
78 .997 .997 .997 .996 .996 .996 .995 .994 78
79 .998 .997 .997 .997 .996 .996 .995 .995 79
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 48 49 50 51 52 53 54 55 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- ----------
60 .983 .981 .980 .978 .976 .974 .972 .969 60
61 .984 .982 .981 .979 .977 .975 .973 .971 61
62 .985 .983 .982 .980 .978 .976 .974 .972 62
63 .985 .984 .983 .981 .979 .977 .975 .973 63
64 .986 .985 .983 .982 .980 .978 .976 .974 64
65 .987 .986 .984 .983 .981 .979 .978 .976 65
66 .988 .986 .985 .984 .982 .980 .979 .977 66
67 .988 .987 .986 .984 .983 .981 .980 .978 67
68 .989 .988 .987 .985 .984 .982 .981 .979 68
69 .989 .988 .987 .986 .985 .983 .982 .980 69
70 .990 .989 .988 .987 .986 .984 .983 .981 70
71 .991 .990 .989 .987 .986 .985 .984 .982 71
72 .991 .990 .989 .988 .987 .986 .985 .983 72
73 .992 .991 .990 .989 .988 .987 .985 .984 73
74 .992 .991 .990 .989 .988 .987 .986 .985 74
75 .993 .992 .991 .990 .989 .988 .987 .986 75
76 .993 .992 .992 .991 .990 .989 .988 .987 76
77 .993 .993 .992 .991 .990 .989 .988 .987 77
78 .994 .993 .992 .992 .991 .990 .989 .988 78
79 .994 .994 .993 .992 .991 .991 .990 .989 79
NOTE: Factors for additional age combinations are available from the
Administrator.
-44-
47
SPECIAL PROVISION D
SPECIAL JOINT PENSION WITH SPOUSE
FACTORS USED TO DETERMINE THE REDUCED ANNUAL RATE
OF RETIREMENT ANNUITY PAYABLE TO JOINT PENSIONERS
WHO ELECT THE SPECIAL JOINT PENSION OPTION WITH THEIR SPOUSE
50% OPTION ELECTION
-------------------
(continued)
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 40 41 42 43 44 45 46 47 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- ----------
80 .998 .997 .997 .997 .997 .996 .996 .995 80
81 .998 .998 .997 .997 .997 .996 .996 .995 81
82 .998 .998 .998 .997 .997 .997 .996 .996 82
83 .998 .998 .998 .997 .997 .997 .996 .996 83
84 .998 .998 .998 .998 .997 .997 .997 .996 84
85 .998 .998 .998 .998 .998 .997 .997 .997 85
86 .999 .998 .998 .998 .998 .997 .997 .997 86
87 .999 .998 .998 .998 .998 .998 .997 .997 87
88 .999 .999 .998 .998 .998 .998 .998 .997 88
89 .999 .999 .999 .998 .998 .998 .998 .997 89
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 48 49 50 51 52 53 54 55 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- ----------
80 .995 .994 .993 .993 .992 .991 .990 .990 80
81 .995 .994 .994 .993 .993 .992 .991 .990 81
82 .995 .995 .994 .994 .993 .992 .992 .991 82
83 .996 .995 .995 .994 .993 .993 .992 .991 83
84 .996 .995 .995 .994 .994 .993 .993 .992 84
85 .996 .996 .995 .995 .994 .994 .993 .992 85
86 .996 .996 .996 .995 .995 .994 .994 .993 86
87 .997 .996 .996 .995 .995 .995 .994 .993 87
88 .997 .997 .996 .996 .995 .995 .994 .994 88
89 .997 .997 .996 .996 .996 .995 .995 .994 89
NOTE: Factors for additional age combinations are available from the
Administrator.
-45-
48
SPECIAL PROVISION D
SPECIAL JOINT PENSION WITH SPOUSE
FACTORS USED TO DETERMINE THE REDUCED ANNUAL RATE
OF RETIREMENT ANNUITY PAYABLE TO JOINT PENSIONERS
WHO ELECT THE SPECIAL JOINT PENSION OPTION WITH THEIR SPOUSE
50% OPTION ELECTION
-------------------
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 55 56 57 58 59 60 61 62 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- -----------
20 .917 .913 .908 .903 .898 .893 .888 .882 20
21 .918 .913 .909 .904 .899 .894 .888 .883 21
22 .919 .914 .910 .905 .900 .895 .889 .884 22
23 .920 .915 .911 .906 .901 .896 .890 .885 23
24 .921 .916 .912 .907 .902 .897 .891 .886 24
25 .921 .917 .912 .908 .903 .898 .892 .887 25
26 .922 .918 .913 .909 .904 .899 .893 .888 26
27 .923 .919 .914 .910 .905 .900 .894 .889 27
28 .924 .920 .916 .911 .906 .901 .895 .890 28
29 .925 .921 .917 .912 .907 .902 .896 .891 29
30 .927 .922 .918 .913 .908 .903 .898 .892 30
31 .928 .923 .919 .914 .909 .904 .899 .893 31
32 .929 .925 .920 .915 .911 .905 .900 .895 32
33 .930 .926 .921 .917 .912 .907 .901 .896 33
34 .931 .927 .923 .918 .913 .908 .903 .897 34
35 .933 .928 .924 .919 .915 .909 .904 .899 35
36 .934 .930 .925 .921 .916 .911 .906 .900 36
37 .935 .931 .927 .922 .917 .912 .907 .902 37
38 .937 .932 .928 .924 .919 .914 .909 .903 38
39 .938 .934 .930 .925 .920 .915 .910 .905 39
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 63 64 65 66 67 68 69 70 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- -----------
20 .876 .870 .864 .857 .850 .843 .836 .828 20
21 .877 .871 .865 .858 .851 .844 .837 .829 21
22 .878 .872 .865 .859 .852 .845 .838 .830 22
23 .879 .873 .866 .860 .853 .846 .838 .831 23
24 .880 .874 .867 .861 .854 .847 .839 .832 24
25 .881 .875 .868 .862 .855 .848 .840 .833 25
26 .882 .876 .869 .863 .856 .849 .841 .834 26
27 .883 .887 .870 .864 .857 .850 .842 .835 27
28 .884 .878 .871 .865 .858 .851 .844 .836 28
29 .885 .879 .873 .866 .859 .852 .845 .837 29
30 .886 .880 .874 .867 .860 .853 .846 .838 30
31 .887 .881 .875 .868 .862 .855 .847 .840 31
32 .889 .883 .876 .870 .863 .856 .849 .841 32
33 .890 .884 .878 .871 .864 .857 .850 .842 33
34 .891 .885 .879 .873 .866 .859 .851 .844 34
35 .893 .887 .881 .874 .867 .860 .853 .845 35
36 .894 .888 .882 .876 .869 .862 .854 .847 36
37 .896 .890 .884 .877 .870 .863 .856 .849 37
38 .897 .892 .885 .879 .872 .865 .858 .850 38
39 .899 .893 .887 .880 .874 .867 .859 .852 39
NOTE: Factors for additional age combinations are available from the
Administrator.
-46-
49
SPECIAL PROVISION D
SPECIAL JOINT PENSION WITH SPOUSE
FACTORS USED TO DETERMINE THE REDUCED ANNUAL RATE
OF RETIREMENT ANNUITY PAYABLE TO JOINT PENSIONERS
WHO ELECT THE SPECIAL JOINT PENSION OPTION WITH THEIR SPOUSE
50% OPTION ELECTION
-------------------
(continued)
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 55 56 57 58 59 60 61 62 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- -----------
40 .939 .935 .931 .927 .922 .917 .912 .906 40
41 .941 .937 .933 .928 .924 .919 .914 .908 41
42 .942 .938 .934 .930 .925 .920 .915 .910 42
43 .944 .940 .936 .931 .927 .922 .917 .912 43
44 .945 .941 .937 .933 .929 .924 .919 .914 44
45 .947 .943 .939 .935 .930 .926 .921 .915 45
46 .948 .944 .941 .936 .932 .927 .922 .917 46
47 .950 .946 .942 .938 .934 .929 .924 .919 47
48 .951 .948 .944 .940 .936 .931 .926 .921 48
49 .953 .949 .946 .942 .937 .933 .928 .923 49
50 .954 .951 .947 .943 .939 .935 .930 .925 50
51 .956 .953 .949 .945 .941 .937 .932 .927 51
52 .957 .954 .951 .947 .943 .939 .934 .929 52
53 .959 .956 .952 .949 .945 .941 .936 .932 53
54 .960 .957 .954 .950 .947 .943 .938 .934 54
55 .962 .959 .956 .952 .948 .945 .940 .936 55
56 .963 .960 .957 .954 .950 .946 .942 .938 56
57 .965 .962 .959 .956 .952 .948 .944 .940 57
58 .966 .964 .961 .957 .954 .950 .946 .942 58
59 .968 .965 .962 .959 .956 .952 .948 .944 59
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 63 64 65 66 67 68 69 70 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- -----------
40 .901 .895 .889 .882 .875 .868 .861 .854 40
41 .903 .897 .890 .884 .877 .870 .863 .856 41
42 .904 .898 .892 .886 .879 .872 .865 .858 42
43 .906 .900 .894 .888 .881 .874 .867 .860 43
44 .908 .902 .896 .890 .883 .876 .869 .862 44
45 .910 .904 .898 .892 .885 .878 .871 .864 45
46 .912 .906 .900 .894 .887 .880 .873 .866 46
47 .914 .908 .902 .896 .889 .883 .876 .868 47
48 .916 .910 .904 .898 .892 .885 .878 .871 48
49 .918 .912 .907 .900 .894 .887 .880 .873 49
50 .920 .915 .909 .903 .896 .890 .883 .875 50
51 .922 .917 .911 .905 .899 .892 .885 .878 51
52 .924 .919 .913 .907 .901 .895 .888 .880 52
53 .927 .921 .916 .910 .904 .897 .890 .883 53
54 .929 .924 .918 .912 .906 .900 .893 .886 54
55 .931 .926 .920 .915 .909 .902 .896 .889 55
56 .933 .928 .923 .917 .911 .905 .898 .891 56
57 .935 .931 .925 .920 .914 .908 .901 .894 57
58 .938 .933 .928 .922 .917 .910 .904 .897 58
59 .940 .935 .930 .925 .919 .913 .907 .900 59
NOTE: Factors for additional age combinations are available from the
Administrator.
-47-
50
SPECIAL PROVISION D
SPECIAL JOINT PENSION WITH SPOUSE
FACTORS USED TO DETERMINE THE REDUCED ANNUAL RATE
OF RETIREMENT ANNUITY PAYABLE TO JOINT PENSIONERS
WHO ELECT THE SPECIAL JOINT PENSION OPTION WITH THEIR SPOUSE
50% OPTION ELECTION
-------------------
(continued)
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 55 56 57 58 59 60 61 62 RETIREMENT
- ------------ -- --- --- --- --- --- --- --- ------------
60 .969 .967 .964 .961 .958 .954 .950 .946 60
61 .971 .968 .965 .962 .959 .956 .952 .949 61
62 .972 .969 .967 .964 .961 .958 .954 .951 62
63 .973 .971 .968 .966 .963 .960 .956 .953 63
64 .974 .972 .970 .967 .965 .962 .958 .955 64
65 .976 .974 .971 .969 .966 .963 .960 .957 65
66 .977 .975 .973 .970 .968 .965 .962 .959 66
67 .978 .976 .974 .972 .969 .967 .964 .961 67
68 .979 .977 .975 .973 .971 .968 .966 .963 68
69 .980 .978 .977 .975 .972 .970 .967 .964 69
70 .981 .980 .978 .976 .974 .971 .969 .966 70
71 .982 .981 .979 .977 .975 .973 .971 .968 71
72 .983 .982 .980 .978 .976 .974 .972 .970 72
73 .984 .983 .981 .979 .978 .976 .974 .971 73
74 .985 .984 .982 .981 .979 .977 .975 .973 74
75 .986 .985 .983 .982 .980 .978 .976 .974 75
76 .987 .985 .984 .983 .981 .980 .978 .976 76
77 .987 .986 .985 .984 .982 .981 .979 .977 77
78 .988 .987 .986 .985 .983 .982 .980 .978 78
79 .989 .988 .987 .986 .984 .983 .981 .980 79
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 63 64 65 66 67 68 69 70 RETIREMENT
- ------------ --- --- --- --- --- --- --- --- ------------
60 .942 .938 .933 .927 .922 .916 .910 .903 60
61 .944 .940 .935 .930 .925 .919 .913 .906 61
62 .947 .942 .938 .933 .927 .922 .916 .909 62
63 .949 .945 .940 .935 .930 .924 .919 .912 63
64 .951 .947 .942 .938 .933 .927 .922 .916 64
65 .953 .949 .945 .940 .935 .930 .925 .919 65
66 .955 .951 .947 .943 .938 .933 .928 .922 66
67 .957 .954 .950 .945 .941 .936 .930 .925 67
68 .959 .956 .952 .948 .943 .939 .933 .928 68
69 .961 .958 .954 .950 .946 .941 .936 .931 69
70 .963 .960 .956 .953 .948 .944 .939 .934 70
71 .965 .962 .959 .955 .951 .947 .942 .937 71
72 .967 .964 .961 .957 .953 .949 .945 .940 72
73 .969 .966 .963 .959 .956 .952 .947 .943 73
74 .970 .968 .965 .961 .958 .954 .950 .946 74
75 .972 .969 .967 .963 .960 .956 .953 .948 75
76 .973 .971 .968 .965 .962 .959 .955 .951 76
77 .975 .973 .970 .967 .964 .961 .957 .954 77
78 .976 .974 .972 .969 .966 .963 .960 .956 78
79 .978 .976 .974 .971 .968 .965 .962 .959 79
NOTE: Factors for additional age combinations are available from the
Administrator.
-48-
51
SPECIAL PROVISION D
SPECIAL JOINT PENSION WITH SPOUSE
FACTORS USED TO DETERMINE THE REDUCED ANNUAL RATE
OF RETIREMENT ANNUITY PAYABLE TO JOINT PENSIONERS
WHO ELECT THE SPECIAL JOINT PENSION OPTION WITH THEIR SPOUSE
50% OPTION ELECTION
-------------------
(continued)
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 55 56 57 58 59 60 61 62 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- -----------
80 .990 .989 .988 .986 .985 .984 .983 .981 80
81 .990 .989 .988 .987 .986 .985 .984 .982 81
82 .991 .990 .989 .988 .987 .986 .985 .983 82
83 .991 .991 .990 .989 .988 .987 .986 .984 83
84 .992 .991 .990 .990 .989 .988 .987 .985 84
85 .992 .992 .991 .990 .989 .988 .987 .986 85
86 .993 .992 .992 .991 .990 .989 .988 .987 86
87 .993 .993 .992 .992 .991 .990 .989 .988 87
88 .994 .993 .993 .992 .991 .991 .990 .989 88
89 .994 .994 .993 .993 .992 .991 .991 .990 89
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 63 64 65 66 67 68 69 70 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- -----------
80 .979 .977 .975 .973 .970 .967 .964 .961 80
81 .980 .979 .977 .974 .972 .969 .966 .963 81
82 .982 .980 .978 .976 .974 .971 .968 .965 82
83 .983 .981 .979 .978 .975 .973 .970 .968 83
84 .984 .982 .981 .979 .977 .975 .972 .970 84
85 .985 .984 .982 .980 .978 .976 .974 .972 85
86 .986 .985 .983 .982 .980 .978 .976 .973 86
87 .987 .986 .984 .983 .981 .979 .977 .975 87
88 .988 .987 .985 .984 .983 .981 .979 .977 88
89 .989 .988 .987 .985 .984 .982 .980 .978 89
NOTE: Factors for additional age combinations are available from the
Administrator.
-49-
52
SPECIAL PROVISION D
SPECIAL JOINT PENSION WITH SPOUSE
FACTORS USED TO DETERMINE THE REDUCED ANNUAL RATE
OF RETIREMENT ANNUITY PAYABLE TO JOINT PENSIONERS
WHO ELECT THE SPECIAL JOINT PENSION OPTION WITH THEIR SPOUSE
100% OPTION ELECTION
--------------------
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 40 41 42 43 44 45 46 47 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- -----------
20 .904 .898 .892 .885 .879 .872 .864 .856 20
21 .906 .900 .894 .887 .880 .873 .866 .858 21
22 .908 .902 .896 .889 .882 .875 .868 .860 22
23 .909 .904 .897 .891 .884 .877 .870 .862 23
24 .911 .905 .899 .893 .886 .879 .872 .864 24
25 .913 .907 .901 .895 .888 .881 .874 .866 25
26 .915 .909 .903 .897 .890 .883 .876 .868 26
27 .917 .911 .905 .899 .892 .885 .878 .870 27
28 .919 .913 .907 .901 .894 .887 .880 .872 28
29 .921 .915 .909 .903 .896 .889 .882 .875 29
30 .923 .917 .911 .905 .899 .892 .885 .877 30
31 .925 .919 .913 .907 .901 .894 .887 .880 31
32 .927 .921 .916 .909 .903 .896 .889 .882 32
33 .929 .923 .918 .912 .905 .899 .892 .884 33
34 .931 .926 .920 .914 .908 .901 .894 .887 34
35 .933 .928 .922 .916 .910 .904 .897 .890 35
36 .935 .930 .924 .919 .913 .906 .899 .892 36
37 .937 .932 .927 .921 .915 .909 .902 .895 37
38 .939 .934 .929 .923 .917 .911 .905 .898 38
39 .941 .936 .931 .926 .920 .914 .907 .900 39
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 48 49 50 51 52 53 54 55 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- -----------
20 .849 .840 .832 .823 .815 .805 .796 .787 20
21 .850 .842 .834 .825 .816 .807 .798 .788 21
22 .852 .844 .836 .827 .818 .809 .800 .790 22
23 .854 .846 .838 .829 .820 .811 .802 .792 23
24 .856 .848 .840 .831 .822 .813 .804 .794 24
25 .858 .850 .842 .833 .824 .815 .806 .796 25
26 .860 .852 .844 .835 .826 .817 .808 .798 26
27 .862 .854 .846 .837 .829 .820 .810 .801 27
28 .865 .857 .848 .840 .831 .822 .813 .803 28
29 .867 .859 .851 .842 .833 .824 .815 .805 29
30 .869 .861 .853 .845 .836 .827 .817 .808 30
31 .872 .864 .856 .847 .838 .829 .820 .811 31
32 .874 .866 .858 .850 .841 .832 .823 .813 32
33 .877 .869 .861 .852 .844 .835 .825 .816 33
34 .879 .872 .864 .855 .846 .838 .828 .819 34
35 .882 .874 .866 .858 .849 .840 .831 .822 35
36 .885 .877 .869 .861 .852 .843 .834 .825 36
37 .888 .880 .872 .864 .855 .846 .837 .828 37
38 .890 .883 .875 .867 .858 .850 .840 .831 38
39 .893 .886 .878 .870 .861 .853 .844 .834 39
NOTE: Factors for additional age combinations are available from the
Administrator.
-50-
53
SPECIAL PROVISION D
SPECIAL JOINT PENSION WITH SPOUSE
FACTORS USED TO DETERMINE THE REDUCED ANNUAL RATE
OF RETIREMENT ANNUITY PAYABLE TO JOINT PENSIONERS
WHO ELECT THE SPECIAL JOINT PENSION OPTION WITH THEIR SPOUSE
100% OPTION ELECTION
--------------------
(continued)
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 40 41 42 43 44 45 46 47 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- -----------
40 .943 .939 .934 .928 .922 .916 .910 .903 40
41 .945 .941 .936 .930 .925 .919 .913 .906 41
42 .947 .943 .938 .933 .927 .921 .915 .909 42
43 .949 .945 .940 .935 .930 .924 .918 .912 43
44 .951 .947 .942 .937 .932 .927 .921 .914 44
45 .953 .949 .945 .940 .935 .929 .923 .917 45
46 .955 .951 .947 .942 .937 .932 .926 .920 46
47 .957 .953 .949 .944 .939 .934 .929 .923 47
48 .959 .955 .951 .946 .942 .937 .931 .925 48
49 .960 .957 .953 .949 .944 .939 .934 .928 49
50 .962 .959 .955 .951 .946 .941 .936 .931 50
51 .964 .960 .957 .953 .948 .944 .939 .934 51
52 .965 .962 .959 .955 .951 .946 .941 .936 52
53 .967 .964 .960 .957 .953 .948 .944 .939 53
54 .969 .966 .962 .959 .955 .951 .946 .941 54
55 .970 .967 .964 .960 .957 .953 .948 .944 55
56 .971 .969 .966 .962 .959 .955 .951 .946 56
57 .973 .970 .967 .964 .961 .957 .953 .948 57
58 .974 .972 .969 .966 .962 .959 .955 .951 58
59 .975 .973 .970 .967 .964 .961 .957 .953 59
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 48 49 50 51 52 53 54 55 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- ----------
40 .896 .889 .881 .873 .865 .856 .847 .838 40
41 .899 .892 .884 .876 .868 .859 .850 .841 41
42 .902 .895 .887 .879 .871 .863 .854 .845 42
43 .905 .898 .890 .883 .874 .866 .857 .848 43
44 .908 .901 .893 .886 .878 .869 .861 .852 44
45 .911 .904 .897 .889 .881 .873 .864 .856 45
46 .914 .907 .900 .892 .885 .876 .868 .859 46
47 .916 .910 .903 .896 .888 .880 .872 .863 47
48 .919 .913 .906 .899 .891 .884 .875 .867 48
49 .922 .916 .909 .902 .895 .887 .879 .871 49
50 .925 .919 .912 .906 .898 .891 .883 .875 50
51 .928 .922 .916 .909 .902 .894 .887 .878 51
52 .931 .925 .919 .912 .905 .898 .890 .882 52
53 .933 .928 .922 .915 .909 .902 .894 .886 53
54 .936 .931 .925 .918 .912 .905 .898 .890 54
55 .939 .933 .928 .922 .915 .909 .901 .894 55
56 .941 .936 .931 .925 .919 .912 .905 .898 56
57 .944 .939 .933 .928 .922 .915 .909 .902 57
58 .946 .941 .936 .931 .925 .919 .912 .905 58
59 .949 .944 .939 .934 .928 .922 .916 .909 59
NOTE: Factors for additional age combinations are available from the
Administrator.
-51-
54
SPECIAL PROVISION D
SPECIAL JOINT PENSION WITH SPOUSE
FACTORS USED TO DETERMINE THE REDUCED ANNUAL RATE
OF RETIREMENT ANNUITY PAYABLE TO JOINT PENSIONERS
WHO ELECT THE SPECIAL JOINT PENSION OPTION WITH THEIR SPOUSE
100% OPTION ELECTION
--------------------
(continued)
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 40 41 42 43 44 45 46 47 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- -----------
60 .977 .974 .972 .969 .966 .963 .959 .955 60
61 .978 .976 .973 .971 .968 .964 .961 .957 61
62 .979 .977 .975 .972 .969 .966 .963 .959 62
63 .980 .978 .976 .974 .971 .968 .965 .961 63
64 .981 .979 .977 .975 .972 .970 .967 .963 64
65 .982 .981 .978 .976 .974 .971 .968 .965 65
66 .983 .982 .980 .978 .975 .973 .970 .967 66
67 .984 .983 .981 .979 .977 .974 .971 .969 67
68 .985 .984 .982 .980 .978 .976 .973 .970 68
69 .986 .985 .983 .981 .979 .977 .974 .972 69
70 .987 .985 .984 .982 .980 .978 .976 .973 70
71 .988 .986 .985 .983 .981 .979 .977 .975 71
72 .988 .987 .986 .984 .983 .981 .979 .976 72
73 .989 .988 .987 .985 .984 .982 .980 .978 73
74 .990 .989 .987 .986 .985 .983 .981 .979 74
75 .990 .989 .988 .987 .986 .984 .982 .980 75
76 .991 .990 .989 .988 .986 .985 .983 .981 76
77 .992 .991 .990 .989 .987 .986 .984 .983 77
78 .992 .991 .990 .989 .988 .987 .985 .984 78
79 .993 .992 .991 .990 .989 .988 .986 .985 79
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 48 49 50 51 52 53 54 55 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- -----------
60 .951 .946 .942 .937 .931 .925 .919 .913 60
61 .953 .949 .944 .939 .934 .929 .923 .917 61
62 .955 .951 .947 .942 .937 .932 .926 .920 62
63 .958 .954 .949 .945 .940 .935 .929 .924 63
64 .960 .956 .952 .947 .943 .938 .933 .927 64
65 .962 .958 .954 .950 .945 .941 .936 .930 65
66 .964 .960 .956 .952 .948 .944 .939 .934 66
67 .965 .962 .959 .955 .951 .946 .942 .937 67
68 .967 .964 .961 .957 .953 .949 .945 .940 68
69 .969 .966 .963 .959 .955 .952 .947 .943 69
70 .971 .968 .965 .961 .958 .954 .950 .946 70
71 .972 .970 .967 .963 .960 .956 .953 .948 71
72 .974 .971 .968 .965 .962 .959 .955 .951 72
73 .975 .973 .970 .967 .964 .961 .957 .954 73
74 .977 .974 .972 .969 .966 .963 .960 .956 74
75 .978 .976 .973 .971 .968 .965 .962 .959 75
76 .979 .977 .975 .972 .970 .967 .964 .961 76
77 .981 .979 .976 .974 .972 .969 .966 .963 77
78 .982 .980 .978 .976 .973 .971 .968 .965 78
79 .983 .981 .979 .977 .975 .972 .970 .967 79
NOTE: Factors for additional age combinations are available from the
Administrator.
-52-
55
SPECIAL PROVISION D
SPECIAL JOINT PENSION WITH SPOUSE
FACTORS USED TO DETERMINE THE REDUCED ANNUAL RATE
OF RETIREMENT ANNUITY PAYABLE TO JOINT PENSIONERS
WHO ELECT THE SPECIAL JOINT PENSION OPTION WITH THEIR SPOUSE
100% OPTION ELECTION
--------------------
(continued)
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 40 41 42 43 44 45 46 47 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- -----------
80 .993 .992 .992 .991 .990 .988 .987 .986 80
81 .994 .993 .992 .991 .990 .989 .988 .987 81
82 .994 .993 .993 .992 .991 .990 .989 .987 82
83 .995 .994 .993 .992 .992 .991 .990 .988 83
84 .995 .994 .994 .993 .992 .991 .990 .989 84
85 .995 .995 .994 .994 .993 .992 .991 .990 85
86 .996 .995 .995 .994 .993 .992 .992 .991 86
87 .996 .995 .995 .994 .994 .993 .992 .991 87
88 .996 .996 .995 .995 .994 .994 .993 .992 88
89 .996 .996 .996 .995 .995 .994 .993 .993 89
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 48 49 50 51 52 53 54 55 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- -----------
80 .984 .982 .980 .978 .976 .974 .972 .969 80
81 .985 .983 .982 .980 .978 .976 .973 .971 81
82 .986 .985 .983 .981 .979 .977 .975 .973 82
83 .987 .986 .984 .982 .981 .979 .977 .975 83
84 .988 .986 .985 .983 .982 .980 .978 .976 84
85 .989 .987 .986 .985 .983 .981 .980 .978 85
86 .989 .988 .987 .986 .984 .983 .981 .979 86
87 .990 .989 .988 .987 .985 .984 .982 .981 87
88 .991 .990 .989 .988 .986 .985 .983 .982 88
89 .992 .991 .990 .988 .987 .986 .985 .983 89
NOTE: Factors for additional age combinations are available from the
Administrator.
-53-
56
SPECIAL PROVISION D
SPECIAL JOINT PENSION WITH SPOUSE
FACTORS USED TO DETERMINE THE REDUCED ANNUAL RATE
OF RETIREMENT ANNUITY PAYABLE TO JOINT PENSIONERS
WHO ELECT THE SPECIAL JOINT PENSION OPTION WITH THEIR SPOUSE
100% OPTION ELECTION
--------------------
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 55 56 57 58 59 60 61 62 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- -----------
20 .787 .777 .767 .757 .746 .736 .725 .714 20
21 .788 .779 .769 .759 .748 .737 .726 .715 21
22 .790 .781 .771 .760 .750 .739 .728 .717 22
23 .792 .782 .772 .762 .752 .741 .730 .719 23
24 .794 .784 .774 .764 .754 .743 .732 .721 24
25 .796 .787 .776 .766 .756 .745 .734 .723 25
26 .798 .789 .779 .768 .758 .747 .736 .725 26
27 .801 .791 .781 .771 .760 .749 .738 .727 27
28 .803 .793 .783 .773 .762 .751 .740 .729 28
29 .805 .796 .786 .775 .765 .754 .743 .731 29
30 .808 .798 .788 .778 .767 .756 .745 .734 30
31 .811 .801 .791 .780 .770 .759 .748 .736 31
32 .813 .803 .793 .783 .772 .761 .750 .739 32
33 .816 .806 .796 .786 .775 .764 .753 .741 33
34 .819 .809 .799 .789 .778 .767 .756 .744 34
35 .822 .812 .802 .792 .781 .770 .759 .747 35
36 .825 .815 .805 .795 .784 .773 .762 .750 36
37 .828 .818 .808 .798 .787 .776 .765 .753 37
38 .831 .821 .811 .801 .791 .780 .768 .757 38
39 .834 .825 .815 .805 .794 .783 .772 .760 39
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 63 64 65 66 67 68 69 70 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- -----------
20 .702 .691 .679 .667 .654 .642 .629 .617 20
21 .704 .692 .680 .668 .656 .643 .631 .618 21
22 .705 .694 .682 .670 .657 .645 .632 .620 22
23 .707 .695 .683 .671 .659 .646 .634 .621 23
24 .709 .697 .685 .673 .661 .648 .635 .623 24
25 .711 .699 .687 .675 .662 .650 .637 .624 25
26 .713 .701 .689 .677 .664 .652 .639 .626 26
27 .715 .703 .691 .679 .666 .653 .641 .628 27
28 .717 .705 .693 .681 .668 .655 .643 .630 28
29 .719 .708 .695 .683 .670 .658 .645 .632 29
30 .722 .710 .698 .685 .673 .660 .647 .634 30
31 .724 .712 .700 .688 .675 .662 .649 .636 31
32 .727 .715 .703 .690 .677 .664 .651 .638 32
33 .730 .718 .705 .693 .680 .667 .654 .641 33
34 .732 .720 .708 .695 .682 .669 .656 .643 34
35 .735 .723 .711 .698 .685 .672 .659 .646 35
36 .738 .726 .714 .701 .688 .675 .662 .648 36
37 .742 .729 .717 .704 .691 .678 .665 .651 37
38 .745 .733 .720 .707 .694 .681 .668 .654 38
39 .748 .736 .723 .711 .698 .684 .671 .657 39
NOTE: Factors for additional age combinations are available from the
Administrator.
-54-
57
SPECIAL PROVISION D
SPECIAL JOINT PENSION WITH SPOUSE
FACTORS USED TO DETERMINE THE REDUCED ANNUAL RATE
OF RETIREMENT ANNUITY PAYABLE TO JOINT PENSIONERS
WHO ELECT THE SPECIAL JOINT PENSION OPTION WITH THEIR SPOUSE
100% OPTION ELECTION
--------------------
(continued)
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 55 56 57 58 59 60 61 62 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- ----------
40 .838 .828 .818 .808 .797 .787 .775 .764 40
41 .841 .832 .822 .812 .801 .790 .779 .767 41
42 .845 .835 .825 .815 .805 .794 .783 .771 42
43 .848 .839 .829 .819 .808 .798 .786 .775 43
44 .852 .843 .833 .823 .812 .802 .790 .779 44
45 .856 .846 .837 .827 .816 .806 .794 .783 45
46 .859 .850 .841 .831 .820 .810 .799 .787 46
47 .863 .854 .845 .835 .825 .814 .803 .791 47
48 .867 .858 .849 .839 .829 .818 .807 .796 48
49 .871 .862 .853 .843 .833 .823 .812 .800 49
50 .875 .866 .857 .847 .837 .827 .816 .805 50
51 .878 .870 .861 .852 .842 .832 .821 .810 51
52 .882 .874 .865 .856 .846 .836 .825 .814 52
53 .886 .878 .869 .860 .851 .841 .830 .819 53
54 .890 .882 .874 .865 .855 .845 .835 .824 54
55 .894 .886 .878 .869 .860 .850 .840 .829 55
56 .898 .890 .882 .873 .864 .855 .845 .834 56
57 .902 .894 .886 .878 .869 .860 .850 .839 57
58 .905 .898 .890 .882 .874 .864 .855 .845 58
59 .909 .902 .895 .887 .878 .869 .860 .850 59
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 63 64 65 66 67 68 69 70 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- ----------
40 .752 .739 .727 .714 .701 .688 .674 .661 40
41 .755 .743 .730 .718 .704 .691 .678 .664 41
42 .759 .747 .734 .721 .708 .695 .681 .667 42
43 .763 .751 .738 .725 .712 .698 .685 .671 43
44 .767 .755 .742 .729 .716 .702 .689 .675 44
45 .771 .759 .746 .733 .720 .706 .693 .679 45
46 .775 .763 .750 .737 .724 .711 .697 .683 46
47 .780 .767 .755 .742 .728 .715 .701 .687 47
48 .784 .772 .759 .746 .733 .719 .705 .691 48
49 .789 .776 .764 .751 .738 .724 .710 .696 49
50 .793 .781 .769 .756 .742 .729 .715 .701 50
51 .798 .786 .773 .761 .747 .734 .720 .706 51
52 .803 .791 .778 .766 .752 .739 .725 .711 52
53 .808 .796 .784 .771 .757 .744 .730 .716 53
54 .813 .801 .789 .776 .763 .749 .735 .721 54
55 .818 .806 .794 .781 .768 .755 .741 .727 55
56 .823 .812 .799 .787 .774 .760 .747 .732 56
57 .828 .817 .805 .793 .780 .766 .752 .738 57
58 .834 .822 .811 .798 .785 .772 .758 .744 58
59 .839 .828 .816 .804 .791 .778 .764 .750 59
NOTE: Factors for additional age combinations are available from the
Administrator.
-55-
58
SPECIAL PROVISION D
SPECIAL JOINT PENSION WITH SPOUSE
FACTORS USED TO DETERMINE THE REDUCED ANNUAL RATE
OF RETIREMENT ANNUITY PAYABLE TO JOINT PENSIONERS
WHO ELECT THE SPECIAL JOINT PENSION OPTION WITH THEIR SPOUSE
100% OPTION ELECTION
--------------------
(continued)
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 55 56 57 58 59 60 61 62 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- -----------
60 .913 .906 .899 .891 .883 .874 .865 .855 60
61 .917 .910 .903 .895 .887 .879 .870 .860 61
62 .920 .914 .907 .900 .892 .884 .875 .865 62
63 .924 .917 .911 .904 .896 .888 .880 .870 63
64 .927 .921 .915 .908 .901 .893 .884 .876 64
65 .930 .925 .918 .912 .905 .897 .889 .881 65
66 .934 .928 .922 .916 .909 .902 .894 .886 66
67 .937 .931 .926 .920 .913 .906 .899 .891 67
68 .940 .935 .929 .924 .917 .911 .903 .895 68
69 .943 .938 .933 .927 .921 .915 .908 .900 69
70 .946 .941 .936 .931 .925 .919 .912 .905 70
71 .948 .944 .939 .934 .929 .923 .916 .909 71
72 .951 .947 .942 .938 .932 .927 .921 .914 72
73 .954 .950 .945 .941 .936 .931 .925 .918 73
74 .956 .952 .948 .944 .939 .934 .929 .922 74
75 .959 .955 .951 .947 .943 .938 .932 .927 75
76 .961 .958 .954 .950 .946 .941 .936 .931 76
77 .963 .960 .957 .953 .949 .944 .940 .934 77
78 .965 .962 .959 .955 .952 .948 .943 .938 78
79 .967 .964 .961 .958 .954 .951 .946 .942 79
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 63 64 65 66 67 68 69 70 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- -----------
60 .844 .834 .822 .810 .797 .784 .771 .757 60
61 .850 .839 .828 .816 .803 .790 .777 .763 61
62 .855 .845 .834 .822 .810 .797 .784 .770 62
63 .861 .850 .839 .828 .816 .803 .790 .776 63
64 .866 .856 .845 .834 .822 .810 .797 .783 64
65 .871 .862 .851 .840 .828 .816 .803 .790 65
66 .877 .867 .857 .846 .835 .823 .810 .797 66
67 .882 .873 .863 .852 .841 .829 .817 .804 67
68 .887 .878 .868 .858 .847 .836 .824 .811 68
69 .892 .883 .874 .864 .854 .842 .830 .818 69
70 .897 .889 .880 .870 .860 .849 .837 .825 70
71 .902 .894 .885 .876 .866 .855 .844 .832 71
72 .907 .899 .890 .881 .872 .861 .851 .839 72
73 .911 .904 .896 .887 .878 .868 .857 .846 73
74 .916 .909 .901 .893 .884 .874 .864 .853 74
75 .920 .913 .906 .898 .889 .880 .870 .859 75
76 .924 .918 .911 .903 .895 .886 .876 .866 76
77 .929 .922 .916 .908 .900 .892 .882 .873 77
78 .933 .927 .920 .913 .906 .897 .888 .879 78
79 .936 .931 .925 .918 .911 .903 .894 .885 79
NOTE: Factors for additional age combinations are available from the
Administrator.
-56-
59
SPECIAL PROVISION D
SPECIAL JOINT PENSION WITH SPOUSE
FACTORS USED TO DETERMINE THE REDUCED ANNUAL RATE
OF RETIREMENT ANNUITY PAYABLE TO JOINT PENSIONERS
WHO ELECT THE SPECIAL JOINT PENSION OPTION WITH THEIR SPOUSE
100% OPTION ELECTION
--------------------
(continued)
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 55 56 57 58 59 60 61 62 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- -----------
80 .969 .967 .964 .961 .957 .953 .949 .945 80
81 .971 .969 .966 .963 .960 .956 .952 .948 81
82 .973 .970 .968 .965 .962 .959 .955 .951 82
83 .975 .972 .970 .967 .965 .961 .958 .954 83
84 .976 .974 .972 .969 .967 .964 .961 .957 84
85 .978 .976 .974 .971 .969 .966 .963 .960 85
86 .979 .977 .975 .973 .971 .968 .966 .963 86
87 .981 .979 .977 .975 .973 .971 .968 .965 87
88 .982 .980 .979 .977 .975 .973 .970 .967 88
89 .983 .982 .980 .978 .976 .974 .972 .970 89
SPOUSE'S SPOUSE'S
AGE AT PENSIONER WHOSE RETIREMENT AGE IS: AGE AT
PENSIONER'S PENSIONER'S
RETIREMENT 63 64 65 66 67 68 69 70 RETIREMENT
- ----------- --- --- --- --- --- --- --- --- -----------
80 .940 .935 .929 .923 .916 .908 .900 .891 80
81 .944 .939 .933 .927 .920 .913 .906 .897 81
82 .947 .942 .937 .931 .925 .918 .911 .903 82
83 .950 .946 .941 .936 .930 .923 .916 .909 83
84 .953 .949 .945 .939 .934 .928 .921 .914 84
85 .956 .952 .948 .943 .938 .932 .926 .919 85
86 .959 .956 .951 .947 .942 .937 .931 .924 86
87 .962 .958 .955 .950 .946 .941 .935 .929 87
88 .965 .961 .958 .954 .949 .945 .939 .934 88
89 .967 .964 .961 .957 .953 .948 .943 .938 89
NOTE: Factors for additional age combinations are available from the
Administrator.
-57-
60
SPECIAL PROVISION E
As in Effect Prior to January 1, 1976
A PARTICIPANT who is rehired after a BREAK IN SERVICE shall be treated as
a new PARTICIPANT for all purposes, and the PARTICIPANT's SERVICE and
compensation before the BREAK IN SERVICE shall not be recognized for any
purpose of the PLAN, except as follows:
(a) Upon either the death or retirement of a PARTICIPANT with
broken SERVICE, the last period of CREDITED SERVICE immediately preceding
the PARTICIPANT's latest employment date by EMPLOYER shall be counted as
SERVICE provided:
(1) The PARTICIPANT has accrued at least five years of
SERVICE since last re-employed by EMPLOYER, and
(2) The PARTICIPANT was last re-employed by EMPLOYER within
five years of the date the PARTICIPANT's latest previous employment
was terminated; and
(3) The PARTICIPANT had accrued at least five years of
CREDITED SERVICE prior to the date the PARTICIPANT's last previous
employment with EMPLOYER terminated.
(b) All other periods of prior employment with EMPLOYER, if any,
shall not be counted as SERVICE.
SPECIAL PROVISION F
CREDITED SERVICE
(a) As in effect prior to January 1, 1976:
All SERVICE prior to ACTUAL RETIREMENT DATE, provided the
PARTICIPANT joined the PLAN on the date when the PARTICIPANT first became
eligible and participated therein continuously thereafter. An EMPLOYEE
who first became eligible to join the COMPANY's Retirement PLAN prior to
January 1, 1969, was permitted a grace period of six months beyond the
EMPLOYEE's eligibility date. An EMPLOYEE who first became eligible to
join the PLAN on or after January 1, 1969, was permitted a grace period
of 60 days beyond the EMPLOYEE's eligibility date. Subject to these
grace periods, if an EMPLOYEE did not become a PARTICIPANT when first
eligible the EMPLOYEE's CREDITED SERVICE did not begin until the EMPLOYEE
became a PARTICIPANT. If a PARTICIPANT suspended contributions at any
time between January 1, 1969, and December 31, 1972, inclusive. CREDITED
SERVICE did not accrue to the PARTICIPANT after the date of such
suspension of contributions. CREDITED SERVICE did not include any time
for which a vacation allowance may be paid subsequent to an EMPLOYEE'S
NORMAL RETIREMENT DATE.
(b) Effective April 1, 1981:
An EMPLOYEE who first became eligible to join the PLAN prior
to January 1, 1973, but who for any reason did not do so, shall, except
those EMPLOYEES who have had their CREDITED SERVICE previously adjusted
by action of the EMPLOYEE BENEFIT ADMINISTRATIVE COMMITTEE (EBAC), be
allowed the opportunity to have such lost CREDITED SERVICE restored. An
EMPLOYEE's CREDITED SERVICE shall not be adjusted or restored except as
follows:
-58-
61
(1) Prior to April 1, 1982, any EMPLOYEE described above
shall, upon application to EBAC, be permitted to buy back any
portion of the five years of lost CREDITED SERVICE immediately
preceding the latest date on which an EMPLOYEE became a member of
the PLAN. Such restored CREDITED SERVICE shall not, in combination
with current SERVICE, exceed PARTICIPANT's actual COMPANY SERVICE.
The cost for restoring such CREDITED SERVICE shall be computed at
the rate of five percent of an EMPLOYEE's current monthly wage rate
for each month of restored CREDITED SERVICE.
(2) In addition to the above, and prior to April 1, 1982,
any EMPLOYEE described above shall, upon application to EBAC, be
permitted to buy back any portion of the lost CREDITED SERVICE which
is in excess of the five years permitted in (1) above. The cost for
restoring such excess CREDITED SERVICE shall be computed at the rate
of ten percent of an EMPLOYEE's current monthly wage rate for each
month of restored excess CREDITED SERVICE.
For the purpose of applying Section 13 (Withdrawal of PARTICIPANT
Contributions on Termination of Employment) only that portion of the
payment made above, for restoration of lost CREDITED SERVICE, which
the EMPLOYEE would have contributed had the EMPLOYEE participated in
the PLAN at that time will be considered as CONTRIBUTIONS.
SPECIAL PROVISION G
PENSION AND LTD ADJUSTMENTS
(a) Effective December 31, 1993, the PENSION of any PARTICIPANT who
retired or the PENSION of a person receiving a SPOUSE's PENSION or a JOINT
PENSION, will be increased as follows:
Increase
--------
Retired on or before 12/31/73 9.0%
Retired between 1/1/74 and 12/31/83 5.0%
Retired between 1/1/84 and 12/31/89 2.5%
Retired between 1/1/88 and 12/31/88 2.5%
A minimum monthly increase of $50 will be provided to retirees with at
least 30 years of SERVICE, and a retirement date at or after normal retirement
age. A minimum monthly increase of $25 will be provided to surviving SPOUSES
of such retirees.
(b) The above adjustments shall apply to those Participants who are
receiving Long Term Disability Benefit payments.
(c) By Company resolutions dated June 17, 1964, February 25, 1969,
April 9, 1974, September 20, 1977, March 4, 1980, July 15, 1981, and December
21, 1983, the amounts of pensions received by certain pensioners were increased
in accordance with the provisions of said resolutions. The money required to
fund these additional payments is based on actuarial factors and the required
contributions are paid into the Plan. The Company intends to continue making
these additional payments out of Plan assets and on the same basis as it has
done in the past.
-59-
62
SPECIAL PROVISION H
MAXIMUM PENSION
Anything herein contained to the contrary notwithstanding, in no event
shall any PENSION payable under this PLAN exceed the lesser of (i) $90,000 per
year or (ii) 100 percent of the PARTICIPANT's average compensation (as defined
in Section 415 of the Internal Revenue Code) for PARTICIPANT's three highest
consecutive years. Items (i) and (ii) above are subject to adjustment for
increases in the cost of living in accordance with regulations issued by the
Secretary of the Treasury under Section 415 of the Internal Revenue Code. If a
PARTICIPANT in this PLAN also participates in the COMPANY's Savings Fund Plan,
Section 415 of the Code imposes a combined benefit limitation. If the combined
maximum benefit permitted would be exceeded, the PENSION will be reduced, so
that the limitation will be met.
In addition to other limitations set forth in the PLAN and
notwithstanding any other provisions of the PLAN, the accrued benefit,
including the right to any optional benefit provided in the PLAN (and all other
defined benefit plans required to be aggregated with this PLAN under the
provisions of section 415 of the Internal Revenue Code of 1954) shall not
increase to an amount in excess of the amount permitted under Section 415 of
the Internal Revenue Code of 1954 as amended by the Tax Equity and Fiscal
Responsibility Act of 1982.
In the event that this PLAN should become "top heavy" as that term is
defined in Section 416 of the Code, the provisions of Special Provision J shall
supersede any conflicting provisions of the PLAN.
SPECIAL PROVISION I
If SERVICE terminates with at least ten years of SERVICE, the PENSION
the PARTICIPANT would otherwise be entitled to receive shall be reduced
because of the withdrawal.
If the withdrawal occurs prior to age 55, the yearly PENSION payable at
the NORMAL RETIREMENT DATE, prior to reduction for EARLY RETIREMENT (if
any), shall be reduced by the product of the amount withdrawn and the
applicable factor selected from the following table:
Age Last Age Last
Birthday At Birthday At
Refund Date Factor Refund Date Factor
----------- ------ ----------- ------
25 .6705 40 .3225
26 .6385 41 .3072
27 .6081 42 .2925
28 .5792 43 .2786
29 .5516 44 .2653
30 .5253 45 .2527
31 .5003 46 .2407
32 .4765 47 .2292
33 .4538 48 .2183
34 .4321 49 .2079
35 .4116 50 .1980
36 .3920 51 .1886
37 .3733 52 .1796
38 .3556 53 .1710
39 .3386 54 .1629
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If the withdrawal occurs after age 55, the yearly PENSION payable at
the ACTUAL RETIREMENT DATE, after reduction for EARLY RETIREMENT (if any),
shall be reduced by the product of the amount withdrawn and the applicable
factor selected from the following table:
Age Last
Birthday At
Refund Date Factor
----------- ------
55 .0775
56 .0792
57 .0810
58 .0829
59 .0849
60 .0871
61 .0894
62 .0919
63 .0946
64 .0975
65 .1000
66 .1039
67 .1074
68 .1111
69 .1151
70 .1192
Notwithstanding the foregoing, in no event will the PENSION be reduced
by more than one-third.
The monthly reduction is computed by multiplying the appropriate factor
times the PARTICIPANT'S contributions including interest and dividing that
amount by twelve months.
EXAMPLE:
Assumptions: Age 60
Basic Pensions = $1,500.00/month
Contributions = $6,000.00
Interest = 3,000.00
---------
Total = $9,000.00 - 65.33*
---------
Pension with contributions = $1,434.67/month
plus interest withdrawn
_______________________
*Calculation: (Contributions + Interest x Age 60 Refund Factor)
divided by 12 Months
($9,000 x .0871 divided by 12 Months = $65.33)
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SPECIAL PROVISION J
TOP HEAVY PROVISIONS
(a) General Rule
For any PLAN YEAR for which this PLAN is a "top-heavy plan" as defined in
subsection (g) below, any other provisions of this PLAN to the contrary
notwithstanding, this PLAN shall be subject to the following provisions:
(1) The vesting provisions of subsection (b).
(2) The minimum benefit provisions of subsection (c).
(3) The limitation on compensation set by subsection (d).
(4) The limitation on benefits set by subsection (e).
(b) Vesting Provisions
Each PARTICIPANT who (i) has completed an hour of SERVICE during any PLAN
YEAR in which the PLAN is top heavy and (ii) has completed the number of years
of credited SERVICE specified in the following table shall have a
nonforfeitable right to the percentage of the benefit accrued under this PLAN
derived from EMPLOYER contributions correspondingly specified in the following
table:
Years of Percentage of
credited service: nonforfeitable
benefit:
2 20
3 40
4 60
5 80
6 or more 100
"Credited service" as used in this subsection (b) shall constitute
SERVICE as defined in Section 22 of this PLAN.
Each PARTICIPANT's nonforfeitable accrued benefit shall not be less than
his nonforfeitable accrued benefit determined as of the last day of the last
PLAN YEAR in which the PLAN was a top-heavy PLAN. If the PLAN ceases to be
top-heavy, each PARTICIPANT with five or more years of SERVICE, whether or not
consecutive, shall have his nonforfeitable accrued benefit determined in
accordance with this Section and Section 3. Each such PARTICIPANT shall have
the right to elect the applicable schedule within 60 days after the day the
PARTICIPANT is issued written notice by the EMPLOYEE BENEFIT ADMINISTRATIVE
COMMITTEE, or as otherwise provided in accordance with regulations issued under
the provision of the Internal Revenue Code of 1954, as amended, relating to
changes in the vesting schedule.
This provision shall apply without regard to contributions or benefits
under Social Security or any other Federal or State law.
(c) Minimum Benefit Provisions
Each PARTICIPANT who (i) is a non-key employee (as defined in subsection
(i) below) and (ii) has completed 1,000 hours of SERVICE during any PLAN YEAR
shall be entitled to an accrued benefit in the form of an annual retirement
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benefit (as defined in paragraph (1) below) that shall be not less than the
applicable percentage (as defined in paragraph (2) below) of the PARTICIPANT's
average annual compensation for years in the testing period (as defined in
paragraph (3) below).
(1) "Annual retirement benefit" means a benefit payable annually in the
form of a single life annuity (with no ancillary benefits) beginning
at NORMAL RETIREMENT DATE as defined in Section 22 of this PLAN or
its actuarial equivalent.
(2) "Applicable percentage" means the lesser of two percent multiplied
by the number of top-heavy plan years of service (as defined in
paragraph (4) below) of 20 percent.
(3) "Testing period" means, with respect to a PARTICIPANT, the period of
consecutive years (not exceeding five) of SERVICE during which the
PARTICIPANT had the greatest aggregate compensation from the
EMPLOYER. The testing period shall not include any year of SERVICE
not included as a year of SERVICE as defined in paragraph (4) below.
The testing period shall also not include any year of SERVICE that
ends in a PLAN YEAR beginning before January 1, 1984 or during which
the PLAN was not a top-heavy plan.
(4) "Years of service" means SERVICE as defined in Section 3 of this
PLAN.
Benefits taken into account under this Subsection shall not include any
benefits payable under the Social Security Act or any other Federal or State
law.
(d) Limitation on Compensation
Annual compensation taken into account under this Section and Section 22
for purposes of computing benefits under this PLAN shall not exceed the first
$200,000, provided that such limit shall be adjusted automatically for each
PLAN YEAR to the amount prescribed by the Secretary of the Treasury or his
delegate pursuant to regulations for the calendar year in which such PLAN YEAR
commences.
(e) Limitation on Benefits
In the event that the EMPLOYER also maintains a defined contribution PLAN
providing contributions on behalf of PARTICIPANTS in this PLAN, one of the two
following provisions shall apply:
(1) If for the PLAN YEAR this PLAN would not be a "top-heavy plan" as
defined in subsection (g) below if "90 percent" were substituted for
"60 percent," then subsection (c) shall apply for such PLAN YEAR as
if amended so that the "applicable percentage" means the lesser of
three percent multiplied by the number of years of SERVICE (as
defined in paragraph (4) of subsection (c)) during which the PLAN
would be top-heavy (as defined in subsection (g)) and the overall
applicable percentage does not exceed the lesser of 30% or 20% plus
1% for each year the PLAN is taken into account under this
subsection ((e)(1)).
(2) If for the PLAN YEAR this PLAN would continue to be a "top-heavy
plan" as defined in subsection (g) below if "90 percent" were
substituted for "60 percent," then the denominator of both the
defined contribution PLAN fraction and the defined benefit plan
fraction shall be calculated as set forth in Special Provision H for
the limitation year ending in such PLAN YEAR by substituting "1.0"
for "1.25," except with respect to any individual for whom
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there are no EMPLOYER contributions, forfeitures or voluntary
nondeductible contributions allocated or any accruals for such
individual under the defined benefit PLAN. Furthermore, the
transitional rule set forth in Code Section 415 shall be applied by
substituting "$41,500" for $51,875".
(f) Coordination with Other Plans
In the event that another defined contribution or defined benefit PLAN
maintained by the EMPLOYER provides contributions or benefits on behalf of
PARTICIPANTS in this PLAN, such other PLAN shall be treated as a part of this
PLAN pursuant to applicable principles (such as Rev. Rul. 81-202 or any
successor ruling) in determining whether this PLAN satisfies the requirements
of subsection (b), (c) and (d). Such determination shall be made upon the
advice of counsel by the EMPLOYEE BENEFIT ADMINISTRATIVE COMMITTEE.
(g) Top-heavy Plan Definition
This PLAN shall be a "top-heavy plan" for any PLAN YEAR if, as of the
determination date (as defined in subsection (g)(1) below), the present value
(as determined in subsection (g)(2) below) of the cumulative accrued benefits
under the PLAN for participants (including former participants) who are key
employees (as defined in subsection (h) below) exceeds 60 percent of the
present value of the cumulative accrued benefits under the PLAN for all
participants, excluding former key employees, or if this PLAN is required to be
in a aggregation group (as defined in subsection (g)(3) below) which for such
PLAN YEAR is a top-heavy group (as defined in subsection (g)(4) below).
(1) "Determination date" means for any PLAN YEAR the last day of the
immediately preceding PLAN YEAR.
(2) The present value shall be determined as of the most recent
valuation date that is within the twelve-month period ending on the
determination date and as described in the regulations under the
Internal Revenue Code as of 1954, as amended.
(3) "Aggregation group" means the group of plans, if any, that includes
both the group of plans that are required to be aggregated and the
group of plans that are permitted to be aggregated.
(A) The group of plans that are required to be aggregated (the
"required aggregation group") includes
(i) Each plan of the EMPLOYER (as defined in subsection (j)
below) in which a key employee is a PARTICIPANT,
including collectively-bargained plans, and
(ii) Each other plan, including collectively-bargained plans
of the EMPLOYER (as defined in subsection (j) below)
which enables a plan in which a key employee is a
PARTICIPANT to meet the requirements of the Internal
Revenue Code of 1954, as amended, prohibiting
discrimination as to contributions or benefits in favor
of employees who are officers, shareholders or the
highly-compensated or prescribing the minimum
participation standards.
(B) The group of plans that are permitted to be aggregated (the
"permissive aggregation group") includes the required aggregation
group plus one or more plans of the EMPLOYER (as defined in
subsection (j) below) that is not part of the required aggregation
group and that the EMPLOYEE BENEFIT ADMINISTRATIVE COMMITTEE
certifies as constituting a plan within the permissive aggregation
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group. Such plan or plans may be added to the permissive
aggregation group only if, after the addition, the aggregation group
as a whole continue not to discriminate as to contributions or
benefits in favor of officers, shareholders or the highly-compensated
and to meet the minimum participation standards under the Internal
Revenue Code of 1954, as amended.
(4) "Top-heavy group" means the aggregation group, if as of the
applicable determination date, the sum of the present value of
the cumulative accrued benefits for key employees under all defined
benefit plans included in the aggregation group plus the aggregate of
the accounts of key employees under all defined contribution plans
included in the aggregation group exceeds 60% of the sum of the
present value of the cumulative accrued benefits for all employees,
excluding former key employees, under all such defined benefit plans
plus the aggregate accounts for all employees, excluding former key
employees, under such defined contribution plans. If the aggregation
group that is a top-heavy group is a required aggregation group, each
Plan in the group will be top heavy. If the aggregation group that
is a top-heavy group is a permissive aggregation group, only those
plans that are part of the required aggregation group will be treated
as top-heavy. If the aggregation group is not a top-heavy group, no
plan within such group will be top-heavy.
(5) In determining whether this PLAN constitutes a "top-heavy plan", the
EMPLOYEE BENEFIT ADMINISTRATIVE COMMITTEE (or its agent) shall
make the following adjustments in connection therewith:
(A) When more than one plan is aggregated, the EMPLOYEE BENEFIT
ADMINISTRATIVE COMMITTEE shall determine separately for each
plan as of each plan's determination date the present value of
the accrued benefits or account balance. The results shall then
be aggregated by adding the results of each plan as of the
determination dates for such plans that fall within the same
calendar year.
(B) In determining the present value of the cumulative accrued
benefit or the amount of the account of any employee, such
present value or account shall include the amount in dollar
value of the aggregate distributions made to such employee under
the applicable plan during the five-year period ending on the
determination date, unless reflected in the value of the accrued
benefit or account balance as of the most recent valuation date.
Such amounts shall include distributions to employees which
represented the entire amount credited to their accounts under
the applicable plan.
(C) Further, in making such determination, in any case where an
individual is a "non-key employee" as defined in subsection (h)
below, with respect to an applicable plan, but was a key
employee with respect to such plan for any prior PLAN YEAR, any
accrued benefit and any account of such employee shall be
altogether disregarded. For this purpose, to the extent that a
key employee is deemed to be a key employee if he met the
definition of key employee within any of the four preceding PLAN
YEARS, this provision shall apply following the end of such
period of time.
(h) Key Employee
The term "key employee" means any employee or former employee under this
PLAN who, at any time during the PLAN YEAR containing the determination date or
during any of the four preceding PLAN YEARS, is or was one of the following:
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(1) An officer of the EMPLOYER (as defined in subsection (j)). Whether
an individual is an officer shall be determined by the EMPLOYEE
BENEFIT ADMINISTRATIVE COMMITTEE on the basis of all the facts and
circumstances, such as an individual's authority, duties and term of
office, not on the mere fact that the individual has the title of an
officer. For any such PLAN YEAR, there shall be treated as officers
no more than the lesser of:
(A) 50 employees, or
(B) the greater of three employees or 10 percent of the employees.
For this purpose, the highest-paid officers shall be selected.
Business organizations other than corporations shall be deemed to
have no officers.
(2) One of the ten employees owning (or considered as owning, within the
meaning of the constructive ownership rules of the Internal Revenue
Code of 1954, as amended) the largest interests in the EMPLOYER (as
defined in subsection (j)). An employee who has some ownership
interest is considered to be one of the top ten owners unless at
least ten other employees own a greater interest than that employee.
However, an employee will not be considered a top ten owner for a
PLAN YEAR if the employee earns less than the maximum dollar
limitation on contributions and other annual additions to a
PARTICIPANT's account in a defined contribution plan under the
Internal Revenue Code of 1954, as amended, as in effect for the
calendar year in which the determination date falls.
(3) Any person who owns (or is considered as owning within the meaning
of the constructive ownership rules of the Internal Revenue Code of
1954, as amended) more than five percent of the outstanding stock
of the EMPLOYER or stock possessing more than five percent of the
combined total voting power of all stock of the EMPLOYER.
(4) A one percent owner of the EMPLOYER having an annual compensation
from the EMPLOYER of more than $150,000, and possessing more than
five percent of the combined total voting power of all stock of the
EMPLOYER. For purposes of this subsection, compensation means all
items includable as compensation for purposes of applying the
limitations on contributions and other annual additions to a
PARTICIPANT's account in a defined contribution plan and the maximum
benefit payable under a defined plan under the Internal Revenue Code
of 1954, as amended.
For purposes of parts (1), (2), (3) and (4) of this definition, a
beneficiary of a key employee shall be treated as a key employee.
For purposes of parts (3) and (4), each EMPLOYER is treated
separately (without regard to the definition in subsection (j)) in
determining ownership percentages; but, in determining the amount of
compensation, the definition of EMPLOYER in subsection (j) is taken
into account.
(i) Non-Key Employee
The term "non-key employee" means any employee (and any beneficiary of an
employee) who is not a key employee.
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(j) Employer
The term "employer" means EMPLOYER as defined in Section 22 of this PLAN.
(k) Collective Bargaining Rules
The provisions of subsection (b), (c) and (d) above do not apply with
respect to any employee included in a unit of employees covered by a collective
bargaining agreement unless the application of such subsections has been agreed
upon with the collective bargaining agent.
(l) Distributions to Key Employees
Any other provisions of this PLAN to the contrary notwithstanding,
distribution of the entire interest in this PLAN of each PARTICIPANT who is or
any time has been a key employee shall commence no later than the end of the
taxable year of the PARTICIPANT in which the PARTICIPANT attains age 70-1/2.
SPECIAL PROVISION K
I. Introduction
This Special Provision K, an amendment to the COMPANY'S RETIREMENT
PLAN, adopted by the COMPANY'S Board of Directors on December 17, 1986,
is the controlling and definitive statement of the Voluntary Retirement
Incentive program ("VRI"). The purpose of the VRI is to reduce a surplus
of COMPANY employees in certain designated operations. The VRI is a part
of the RETIREMENT PLAN, and except as otherwise provided in this Special
Provision K, shall be administered in accordance with and subject to the
terms of the RETIREMENT PLAN. Terms in all capitals are defined in
Section 22 of the RETIREMENT PLAN. Terms underlined are defined in
Section VII of Special Provision K.
The decision of an Eligible Employee to elect to participate in the
VRI is wholly voluntary, and an election not to participate in the VRI
shall in no way affect benefits under the RETIREMENT PLAN to which an
Eligible Employee might otherwise be entitled.
II. Eligibility to Participate in the VRI
Eligible Employees shall be any full-time active employee of the
COMPANY or of a Participating Employer, born on or before January 1,
1937, who has at least 15 years of SERVICE on January 1, 1987. For
purposes of this VRI only, the term active employee shall not include an
employee of the COMPANY or a Participating Employer, (i) who, on January
1, 1987, is presently receiving benefits under Part B of the Group Life
Insurance and Long Term Disability Plan; (ii) who, as of January 1, 1987,
is on personal or medical leave, with or without pay; or (iii) who is a
former employee whose ACTUAL RETIREMENT DATE was November 1, 1986, or
earlier.
Anything herein to the contrary notwithstanding, an Eligible
Employee who (i) elects not to participate in the VRI and (ii) prior to
January 1, 1988, is severed under the Company's Corporate Severance
Program, shall be entitled to receive a Basic VRI Benefit under this
Special Provision K. Such Basic VRI Benefit shall be in lieu of any
benefits to which the Eligible Employee would otherwise be entitled to
receive under the Corporate Severance Program. For purposes of calcu-
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lating the Basic VRI Benefit under this provision, the VRI Retirement
Date shall be the first of the month following the month in which the
employee is severed.
III. Election to Participate
An Eligible Employee must elect to participate in the VRI by
submitting a completed and signed VRI enrollment form which is received
by a designated COMPANY representative no later than January 30, 1987,
except that Eligible Employees who are employed by Pacific Gas
Transmission Company will have until the close of business, September 30,
1987, to submit their completed and signed VRI enrollment form to a
designated employer representative. An Eligible Employee who fails to
submit a timely enrollment form shall be deemed to have elected not to
participate in the VRI. The election of an Eligible Employee not to
participate in the VRI, whether through failure to timely submit a VRI
election form or otherwise, shall be conclusive and binding on the
employee, employee's spouse, heirs, and assigns.
IV. VRI Benefit
A. Basic VRI Benefit. An Eligible Employee who elects in a timely
manner to participate in the VRI shall be entitled to receive a
Basic VRI Benefit under the RETIREMENT PLAN equal to the BASIC
PENSION benefit formula calculated under Subsection 6(a)(1), with
the following adjustments:
1. BASIC MONTHLY SALARY shall mean the PARTICIPANT'S BASIC
MONTHLY SALARY on January 1, 1986, increased by 5 percent;
2. SERVICE shall mean the PARTICIPANT'S SERVICE as of the VRI
Retirement Date selected by the PARTICIPANT, increased by five
years; and
3. The EARLY RETIREMENT PENSION reduction provisions of
Subsection 7(b) shall not apply to any Basic VRI Benefit
payable under this Special Provision K.
B. A Basic VRI Benefit shall be payable as of the VRI Retirement Date
selected by the Eligible Employee and shall be paid as soon as
practicable after the applicable VRI Retirement Date. Eligible
Employees who elect to participate in the VRI shall not be subject
to the age 55 requirement contained in Section 8.
C. Section 10 of the RETIREMENT PLAN shall control the conditions under
which other forms of pension may be substituted for the Basic VRI
Benefit. Thus, although a PARTICIPANT is entitled to receive a
Basic VRI Benefit, if the PARTICIPANT is married, Section 10(b) of
the RETIREMENT PLAN requires that the Basic VRI Benefit be converted
to a MARITAL PENSION, unless the PARTICIPANT'S spouse consents to an
alternative form of pension.
D. The Basic VRI Benefit payable under this Special Provision K shall
be in lieu of any benefit which might otherwise be payable under the
RETIREMENT PLAN.
E. A participant who elects to participate in VRI shall also be
entitled to make the elections provided in Sections 10 (Forms of
Pension), 12 (Withdrawal of Participant Contributions on Termination
of Employment), 13 (Death Benefits), and 14 (Facility of Payment).
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V. VRI Retirement Dates
At such time as an employee elects to participate in the VRI, he
shall select a VRI Retirement Date. For purposes of this Special
Provision K, a VRI Retirement Date shall mean one of the following:
A. For Eligible Employees other than Eligible Employees employed by
Pacific Gas Transmission Company:
1. February 1, 1987, provided, however, that eligible
participants have completed all necessary VRI enrollment
procedures prior to January 15, 1987;
2. March 1, 1987;
3. April 1, 1987; or
4. The first of any month during the period commencing with March
1, 1987, and ending with and including October 1, 1987. This
Subsection V.A.4. shall only apply in the event that the
COMPANY or the Participating Employer, as the case may be, has
a demonstrated business need which requires the retention of
the Eligible Employee. Should the business needs of the
COMPANY or of a Participating Employer require the retention
of an Eligible Employee beyond October 1, 1987, the VRI
Retirement Date shall be the first of any month during the
period subsequent to October 1, 1987, and ending with and
including July 1, 1988. The selection of any such VRI
Retirement Date subsequent to October 1, 1987, shall be made
by the COMPANY, or Participating Employer, through an
appropriate member of the COMPANY's Management Committee.
B. For Eligible Employees employed by Pacific Gas Transmission Company:
1. October 1, 1987, provided, however, that eligible participants
have completed all necessary VRI enrollment procedures prior
to September 15, 1987;
2. November 1, 1987; or
3. The first of any month during the period commencing with
December 1, 1987, and ending with and including June 1, 1988.
This Subsection V.B.3. shall only apply in the event that
Pacific Gas Transmission Company has a demonstrated need which
requires the retention of the Eligible Employee.
The VRI Retirement Date selected shall also be the date as of
which an Eligible Employee ceases to be an employee of the COMPANY
or a Participating Employer, as the case may be.
VI. Revocation of Election
An Eligible Employee who has elected to participate in the VRI may
revoke his election, provided, however, that any such revocation shall
only be effective if received by the COMPANY on or before January 30,
1987, for those Eligible Employees who elected a VRI Retirement Date of
February 1, 1987; February 15, 1987, for those Eligible Employees who
elected a VRI Retirement Date of March 1, 1987, or later; September 30,
1987, for those Eligible Employees of Pacific Gas Transmission Company
who elected a VRI Retirement Date of October 1, 1987; or October 15,
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1987, for those Eligible Employees of Pacific Gas Transmission Company
who elected a VRI Retirement Date of November 1, 1987, or later.
VII. Definitions
A. Basic VRI Benefit: The benefit calculated under Section IV of this
Special Provision K.
B. Eligible Employee: An employee of the COMPANY or of a Participating
Employer who has met the eligibility criteria as set forth in
Section II on January 1, 1987. For purposes of this Special
Provision K only, Eligible Employee shall not include any COMPANY
Officer at the vice presidential level, or above.
C. Participating Employer: Natural Gas Corporation, Pacific Gas
Transmission Company, and Pacific Service Employees Association.
D. VRI: The COMPANY's Voluntary Retirement Incentive program as set
forth in this Special Provision K.
E. VRI Retirement Date: The date selected by an Eligible Employee
under Section V of this Special Provision K.
SPECIAL PROVISION M
I. Introduction
This Special Provision M, an amendment to the COMPANY'S RETIREMENT
PLAN, adopted by the COMPANY'S Board of Directors on February 17, 1993,
is the controlling and definitive statement of the Voluntary Retirement
Incentive program ("VRI"). The purpose of the VRI is to reduce a surplus
of COMPANY employees in certain designated operations. The VRI is a part
of the RETIREMENT PLAN, and except as otherwise provided in this Special
Provision M, shall be administered in accordance with and subject to the
terms of the RETIREMENT PLAN. Terms in all capitals are defined in
Section 22 of the RETIREMENT PLAN. Terms underlined are defined in
Section VII of Special Provision M.
The decision of an Eligible Employee to elect to participate in the
VRI is wholly voluntary, and an election not to participate in the VRI
shall in no way affect benefits under the RETIREMENT PLAN to which an
Eligible Employee might otherwise be entitled.
II. Eligibility to Participate in the VRI
An Eligible Employee shall be any active employee of the COMPANY
whose base job classification on February 17, 1993, is in a Targeted
Organization and who was born on or before December 31, 1942, and has at
least 15 years of SERVICE on December 31, 1992. For purposes of this VRI
only, the term active employee shall not include an employee of the
COMPANY (i) who, on February 17, 1993, is presently receiving benefits
under Part B of the Group Life Insurance and Long Term Disability Plan;
(ii) who is on a leave of absence, with or without pay, which began on or
prior to August 17, 1992; or (iii) who is a former employee whose ACTUAL
RETIREMENT DATE was February 1, 1993, or earlier.
III. Election to Participate
An Eligible Employee must elect to participate in the VRI by
submitting a completed and signed VRI enrollment form which is received
by
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a designated COMPANY representative no later than April 23, 1993. An
Eligible Employee who fails to submit a timely enrollment form shall be
deemed to have elected not to participate in the VRI. The election of an
Eligible Employee not to participate in the VRI, whether through failure
to submit a timely VRI election form or otherwise, shall be conclusive
and binding on the employee, employee's spouse, heirs, and assigns.
IV. VRI Benefit
A. Basic VRI Benefit. An Eligible Employee who elects in a timely
manner to participate in the VRI shall be entitled to receive a
Basic VRI Benefit under the RETIREMENT PLAN equal to the BASIC
PENSION benefit formula calculated under Subsection 6(a)(1), with
the following adjustments:
1. SERVICE shall mean the PARTICIPANT'S SERVICE as of last VRI
Retirement Date for such Eligible Employee, increased by three
years; and
2. The EARLY RETIREMENT PENSION reduction provisions of
Subsection 7(b) shall not apply to any Basic VRI Benefit
payable under this Special Provision M.
B. A Basic VRI Benefit shall be payable as of the VRI Retirement Date
selected by the Eligible Employee and shall be paid as soon as
practicable after the applicable VRI Retirement Date. Eligible
Employees who elect to participate in the VRI shall not be subject
to the age 55 requirement contained in Section 8.
C. Section 10 of the RETIREMENT PLAN shall control the conditions under
which other forms of pension may be substituted for the Basic VRI
Benefit. Thus, although a PARTICIPANT is entitled to receive a
Basic VRI Benefit, if the PARTICIPANT is married, Section 10(b) of
the RETIREMENT PLAN requires that the Basic VRI Benefit be converted
to a MARITAL PENSION, unless the PARTICIPANT'S spouse consents to an
alternative form of pension.
D. The Basic VRI Benefit payable under this Special Provision M shall
be in lieu of any benefit which might otherwise be payable under the
RETIREMENT PLAN.
E. A participant who elects to participate in VRI shall also be
entitled to make the elections provided in Sections 10 (Forms of
Pension), 12 (Withdrawal of Participant Contributions on Termination
of Employment), 13 (Death Benefits), and 14 (Facility of Payment).
V. VRI Retirement Dates
At such time as an employee elects to participate in the VRI, he
shall select a VRI Retirement Date. For purposes of this Special
Provision M, a VRI Retirement Date shall mean one of the following:
A. May 1, 1993;
B. June 1, 1993; or
C. The first of any month during the period commencing with July 1,
1993, and ending with and including June 1, 1994. This Subsection C
shall only apply in the event that the COMPANY has a demonstrated
business need which requires the retention of the Eligible Employee.
The selection of any such VRI Retirement Date subse-
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quent to June 1, 1993, can be made only with the written approval of
both of the Company's Executive Vice Presidents.
The VRI Retirement Date selected shall also be the date as of which
an Eligible Employee ceases to be an employee of the COMPANY.
VI. Revocation of Election
An Eligible Employee who has elected to participate in the VRI may
revoke his election, provided, however, that any such revocation shall
only be effective if received by the COMPANY on or before April 23, 1993,
for those Eligible Employees who elected a VRI Retirement Date of May 1,
1993; or April 30, 1993, for those Eligible Employees who elected a VRI
Retirement Date of June 1, 1993, or later.
VII. Definitions
A. Basic VRI Benefit: The benefit calculated under Section IV of this
Special Provision M.
B. Eligible Employee: An employee of the COMPANY who has met the
eligibility criteria as set forth in Section II. For purposes of
this Special Provision M only, Eligible Employee shall not include
any COMPANY Officer.
C. Targeted Organization: Distribution Business Unit; Engineering and
Construction Business Unit; Gas Supply Business Unit except the Gas
Dispatch Department and except employees with job levels of 32 and
above; Nuclear Operations Support Department; Nuclear Safety and
Regulatory Affairs Department; Nuclear Engineering and Construction
Services Department; Nuclear Business and Financial Management
Department; Nuclear Documentation and Support Department; Quality
Assurance Department; human resources departments, including
business unit human resources organizations being consolidated with
corporate human resources; computer and telecommunication services
departments, including business unit and corporate services
organizations being consolidated with corporate computer and
telecommunication services departments; Corporate Communications
departments, including business unit media and employee
communications units being consolidated with Corporate
Communications departments; community and governmental relations
departments including regional public affairs units being
consolidated with corporate governmental relations departments; and
the Economics and Forecasting Department.
D. VRI: The COMPANY's Voluntary Retirement Incentive program as set
forth in this Special Provision M.
E. VRI Retirement Date: The date selected by an Eligible Employee
under Section V of this Special Provision M.
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