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EXHIBIT 10.8
THE PACIFIC GAS AND ELECTRIC COMPANY
RETIREMENT PLAN
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PART I
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. . . . . 4
8. Pensions Where Employment Ends Before Age 55. . . 5
9. Deferred Retirement . . . . . . . . . . . . . . . 6
10. Forms of Pension. . . . . . . . . . . . . . . . . 6
11. Spouse's Pension. . . . . . . . . . . . . . . . . 8
12. Withdrawal of Participant Contributions on
Termination of Employment . . . . . . . . . . . . 9
13. Death Benefits. . . . . . . . . . . . . . . . . . 9
14. Facility of Payment . . . . . . . . . . . . . . . 9
15. Benefits Are Not Assignable . . . . . . . . . . . 10
16. Employer Contributions. . . . . . . . . . . . . . 10
17. Company's Powers and Duties . . . . . . . . . . . 11
18. Funding and Investment Provisions . . . . . . . . 11
19. Administration. . . . . . . . . . . . . . . . . . 12
20. Claims Procedure. . . . . . . . . . . . . . . . . 12
21. Qualified Domestic Relations Orders . . . . . . . 13
22. Amendment, Termination, and Merger. . . . . . . . 13
23. Definitions and Cross-References. . . . . . . . . 14
SPECIAL PROVISIONS A, B, C, D, E, F, G, H, I, J, K,
M and N . . . . . . . . . . . . . . . . . . . . . . 21-78
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RETIREMENT PLAN
1. Introduction
This is the controlling and definitive statement of the
Pacific Gas and Electric Company Retirement PLAN1/ which,
with certain exceptions, is effective on and after Janu-
ary 1, 1994, for EMPLOYEES 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 1994.
The purpose of this PLAN is to distribute the corpus
and income of accumulated PENSION trust funds in accordance
with the PLAN. Under no circumstances shall contributions
or benefits under this PLAN discriminate in favor of a
"highly compensated EMPLOYEE," as that term is defined using
the simplified method under CODE Section 414(q)(12) as
described in applicable Treasury regulations or other guid-
ance issued by the Internal Revenue Service. Forfeitures of
nonvested accrued benefits under the PLAN shall not be
applied to increase benefits any EMPLOYEE could otherwise
receive under the terms of the PLAN.
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 re-
quirements 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.
As provided for in Section 414(f) of the CODE, the PLAN
has elected to be treated as a single employer plan.
This PLAN consists of Part I and Part II. Part I
applies solely to EMPLOYEES not covered by a collective
bargaining agreement, and Part II applies solely to EMPLOY-
EES whose benefits are the subject of collective bargaining
with a union representing EMPLOYEES of the COMPANY.2/
________________________
1/ Words in all capitals are defined in Section 23.
2/ For PLAN YEARS prior to January 1, 1995, only management EMPLOYEES were
PARTICIPANTS in Part I of the PLAN; prior to January 1, 1995, weekly-
paid, non-union EMPLOYEES participated in Part II.
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PART I
2. Eligibility and Participation
An EMPLOYEE automatically becomes a PARTICIPANT in the
PLAN on the first day of work for an EMPLOYER, and partici-
pation continues until the PARTICIPANT's SERVICE is termi-
nated.
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 em-
ployment 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 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 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
for eligibility, vesting and/or benefit accrual 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 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
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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 RETIRE-
MENT DATE or beyond3/ is entitled to a BASIC PENSION pay-
able on ACTUAL RETIREMENT DATE and on the first day of each
month thereafter as long as the PARTICIPANT lives.4/
(a) The monthly amount of the BASIC PENSION for a
PARTICIPANT whose entire SERVICE is accrued as a PARTICIPANT
in Part I of this PLAN shall be a monthly amount equal to
1.6 percent of the PARTICIPANT's average BASIC MONTHLY
SALARY for the final 36 consecutive months of SERVICE,5/
multiplied by the number of whole and fractional years of
SERVICE. 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.
(b) The monthly amount of the BASIC PENSION for a
PARTICIPANT whose classification is changed and who has
accrued SERVICE under both Part I and Part II of this PLAN
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 clas-
sification, computed pursuant to the
formula applicable for
______________________
3/ See Section 9 for the conditions under which this may occur.
4/ See Section 10 for the conditions under which other forms of pension may
be substituted for the BASIC PENSION.
5/ 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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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 (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 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
PENSION6/ will be as follows:
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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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(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 but less than 25
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, 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 RE-
TIREMENT DATE, the amount shall be the
PARTICIPANT's BASIC PENSION computed to the
PARTICIPANT's EARLY RETIREMENT DATE.
(7) If a PARTICIPANT has at least 35 years of SERVICE
and is 55 years of age or older on EARLY RETIRE-
MENT DATE, and such PARTICIPANT was formerly a
PARTICIPANT on December 31, 1994, in Part II of
the PLAN, 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 SER-
VICE 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
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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 PARTICI-
PANT is also entitled to the elections provided in
Sections 10 (Forms of Pension), 12 (Withdrawal of Partici-
pant 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 enti-
tled to a pension until PARTICIPANT's ACTUAL RETIREMENT
DATE. Any provision of the PLAN notwithstanding, distribu-
tions from the PLAN shall comply with the requirements of
CODE Section 401(a)(9) and the regulations thereunder. The
amount of the PENSION payable shall be the PENSION benefit
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.
Pursuant to CODE Section 401(a)(9)(A)(ii), if an EM-
PLOYEE continues employment beyond the end of the year in
which the EMPLOYEE attains age 70 1/2, a PENSION shall be
distributed, commencing not later than April 1 of the calen-
dar year following the calendar year in which the EMPLOYEE
attains age 70 1/2, over the life of the EMPLOYEE or over
the joint lives of the EMPLOYEE and the EMPLOYEE'S SPOUSE or
other JOINT PENSIONER.
If an EMPLOYEE dies after the distribution of the
EMPLOYEE'S interest in the PLAN has begun, then, in accor-
dance with CODE Section 401(a)(9)(B)(i), the remaining
portion of the EMPLOYEE'S accrued PENSION benefit, if any,
will be distributed at least as rapidly as under the method
of distributions being used as of the date of his or her
death. If an EMPLOYEE dies before the ACTUAL RETIREMENT
DATE, then the EMPLOYEE'S SPOUSE may elect to postpone
receiving distributions under the SPOUSE'S PENSION, but
postponement of receipt of benefits shall not extend beyond
the date that the EMPLOYEE would have attained age 70 1/2.
Death benefits provided under the PLAN shall be no more than
incidental, within the meaning of the CODE, to the PLAN'S
primary purpose of providing retirement benefits to EMPLOY-
EES.
10. Forms of Pension
(a) Joint Pension With Non-Spouse
For a PARTICIPANT who is unmarried on the ACTUAL RE-
TIREMENT 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 EM-
PLOYER at least 30 days' advance written notice prior
to the PARTICIPANT'S ACTUAL RETIREMENT DATE.
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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 accor-
dance 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 RETIRE-
MENT DATE, the normal form of PENSION shall be a MARI-
TAL 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 contin-
ued to the SPOUSE for the remainder of the SPOUSE'S
life.
In lieu of the MARITAL PENSION, a married PARTICIPANT,
by making a QUALIFIED ELECTION prior to ACTUAL RETIRE-
MENT 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 elect-
ed.
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.
SPECIAL JOINT PENSIONS with SPOUSE shall also be deter-
mined in accordance with the actuarial formula which is
set forth in Special Provision D, but actuarially
adjusted further to reflect the value of the restora-
tion 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 CONSENT of the SPOUSE is required whenever a QUALI-
FIED ELECTION is made which would provide benefits to a
surviving SPOUSE less than those provided by a MARITAL
PENSION.
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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 PEN-
SION shall be reduced 1/20th of one percent for
each full month in excess of 120 months' differ-
ence 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.
(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 speci-
fied later date.
Unless a vested PARTICIPANT or vested former EMPLOYEE
and his or her SPOUSE have elected otherwise pursuant
to a QUALIFIED ELECTION, if a PARTICIPANT dies on or
before age 55, the PARTICIPANT'S or FORMER EMPLOYEE'S
surviving SPOUSE (if any) will receive the same benefit
that would have been payable if the PARTICIPANT or
former EMPLOYEE had:
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(1) separated from SERVICE on the date of death (or
date of separation from SERVICE, if earlier),
(2) survived to age 55,
(3) retired with a MARITAL PENSION at age 55,
(4) died on the day of retirement, and begun to re-
ceive benefit payments at the date as of which the
PARTICIPANT or former EMPLOYEE would have attained
age 55.
Unless a surviving SPOUSE elects otherwise, the surviv-
ing SPOUSE will begin to receive payments at the date
as of which the PARTICIPANT or former EMPLOYEE would
have attained age 55. Benefits commencing after this
date will be the ACTUARIAL EQUIVALENT of the benefit to
which the surviving SPOUSE would have been entitled if
benefits had commenced at this date.
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 termina-
tion of SERVICE. After a PARTICIPANT's SERVICE is terminat-
ed, the PARTICIPANT, by written notice to the PARTICIPANT's
EMPLOYER at least 30 days before the date the PENSION be-
gins, may elect to have such CONTRIBUTIONS PLUS INTEREST
returned.
If a PARTICIPANT elects to withdraw such CONTRIBUTIONS
PLUS INTEREST, 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
shall comply with CODE Sections 411(a)(7)(D) and
411(c)(2)(B) and are contained in the table set forth in
Special Provision I.
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 CONTRIBU-
TIONS 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 all PENSION benefits
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. For
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12
PARTICIPANTS terminating before age 55, present value means
the ACTUARIAL EQUIVALENT of the normal retirement benefit
commencing at NORMAL RETIREMENT DATE. For PARTICIPANTS
retiring at or after age 55, present value means the ACTUAR-
IAL EQUIVALENT of the early, normal or deferred retirement
benefit commencing at ACTUAL RETIREMENT DATE. In determin-
ing the present value, the PLAN ADMINISTRATOR shall use the
Unisex Mortality Table for 1984 (UP-84) and the interest
rates 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 individu-
al 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 fiducia-
ries of all further responsibility with respect to such
individual.
(c) If the distributee of any eligible rollover dis-
tribution (as defined below) elects to have the distribution
paid directly to an eligible retirement plan (as defined
below), and if the distributee specified, according to the
manner specified by the PLAN, the eligible retirement plan
to which such distribution is to be paid, then the distribu-
tion shall be made in the form of a direct trustee-to-trust-
ee transfer to the eligible retirement plan specified by the
distributee. The trustee-to-trustee transfer shall be made
available only if the distribution from the PLAN would be
subject to federal income taxation.
The term "eligible rollover distribution" shall mean
any distribution to a PARTICIPANT or former EMPLOYEE of all
or part of the balance to the credit of the PARTICIPANT or
former EMPLOYEE in the PLAN. The term shall not, however,
include any distribution which is one of a series of "sub-
stantially equal periodic payments" (as defined at CODE
Section 402(c)(4)(A), or any distribution that is required
under CODE Section 401(a)(9).
The term "eligible retirement plan" means an individual
retirement account described in CODE Section 408(a), an
individual retirement annuity described in CODE Section
408(b) (other than an endowment contract), an annuity plan
described in CODE Section 403(a), or a qualified defined
contribution plan, the terms of which permit the acceptance
of rollover distributions.
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 BENEFI-
CIARY 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.
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
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charge to each EMPLOYER its share of the EMPLOYER contribu-
tions 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.
(d) Except as provided in Section 20, the appropriate
committees established by the COMPANY shall serve as the
final review committees, under the PLAN, to determine con-
clusively for all parties any and all questions arising from
the administration of the PLAN and shall have sole and
complete discretionary authority and control to manage the
operation and administration of the PLAN, including, but not
limited to, the determination of all questions relating to
eligibility for participation and benefits, interpretation
of all PLAN provisions, determination of the amount and kind
of benefits payable to any PARTICIPANT, SPOUSE or beneficia-
ry, and construction of disputed or doubtful terms. Such
decisions shall be conclusive and binding on all parties and
not subject to further review.
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 COM-
MITTEE has the sole power and duty from time to time to
appoint and remove the Funding Agents, the Investment Manag-
er, actuaries, accountants, and such other advisors and
consultants as may be needed for the proper financial admin-
istration and investment of the assets of the PLAN. Supple-
menting 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.
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14
(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
insurance companies or corporate trustees, or to any combi-
nation 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.
All of the PLAN'S assets held by Funding Agents are avail-
able to pay benefits on behalf of all PARTICIPANTS covered
by this PLAN.
19. Administration
The EMPLOYEE BENEFIT ADMINISTRATIVE COMMITTEE, appoint-
ed by the COMPANY's Board of Directors to serve at its
pleasure, is the ADMINISTRATOR of the PLAN and is responsi-
ble for the overall administration of the PLAN. The ADMIN-
ISTRATOR 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 consid-
ers necessary, and it may adjust any PENSION or other pay-
ment 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 agree-
ment, 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 docu-
ments at a cost established by the ADMINISTRATOR from time
to time.
All expenses of administration may be paid out of the
PLAN's assets upon authorization by the appropriate commit-
tee, unless paid by the COMPANY. Such expenses shall in-
clude any expenses incident to the functioning of the ADMIN-
ISTRATOR, including, but not limited to, fees for accoun-
tants, actuaries, counsel, investment managers and other
specialists and their agents, and other costs of administer-
ing the PLAN.
20. Claims Procedure
If a claim is denied in whole or in part, the ADMINIS-
TRATOR shall furnish to the claimant a written notice set-
ting 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 neces-
sary, and
(d) Information concerning the steps to be taken if
claimant wishes to submit a claim for review.
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15
The above information shall be furnished to the claimant
within 90 days after the claim is received by the ADMINIS-
TRATOR.
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 ADMINIS-
TRATOR in writing within 90 days after receiving such no-
tice. If a review is requested the claimant shall also be
entitled, upon written request, to review pertinent docu-
ments 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.
21. Qualified Domestic Relations Orders
The EMPLOYEE BENEFIT ADMINISTRATIVE COMMITTEE shall apply
the provisions of this section with regard to a Domestic
Relations Order (as defined below) to the extent not incon-
sistent with Section 414(p) of the CODE.
The EMPLOYEE BENEFIT ADMINISTRATIVE COMMITTEE shall estab-
lish procedures, consistent with Section 414(p) of the CODE,
to determine the qualified status of any Domestic Relations
Order, to administer distributions under any Qualified
Domestic Relations Order (as defined below), and to provide
to the PARTICIPANT and the Alternate Payee(s) (as defined
below) all notices required under Section 414(p) of the CODE
with respect to any Domestic Relations Order.
Within a reasonable period of time after the receipt of a
Domestic Relations Order (or any modification thereof), the
EMPLOYEE BENEFIT ADMINISTRATIVE COMMITTEE shall determine
whether such order is a Qualified Domestic Relations Order.
For purposes of this section:
(a) Alternate Payee shall mean any SPOUSE, former SPOUSE,
child, or other dependent of a PARTICIPANT who is
recognized by a Domestic Relations Order as having a
right to receive all, or a portion of, the benefits
payable under the PLAN with respect to such PARTICI-
PANT.
(b) Domestic Relations Order shall mean any judgment,
decree, or order (including approval of a property
settlement) which:
(1) relates to the provision of child support, alimony
payments, or marital property rights to a SPOUSE,
former SPOUSE, child, or other dependent of a
PARTICIPANT; and
(2) is made pursuant to a state domestic relations law
(including a community property law).
(c) Qualified Domestic Relations Order shall mean a Domes-
tic Relations Order which meets the requirements of
Section 414(p)(1) of the CODE.
22. Amendment, Termination, and Merger
The COMPANY hopes and expects to continue this PLAN
indefinitely but, because future conditions cannot be fore-
seen, 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
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16
purpose except for the exclusive benefit of PARTICIPANTS,
Pensioners, and their SPOUSES, JOINT PENSIONERS, and BENEFI-
CIARIES.
In the event the PLAN is partially terminated, termi-
nated or suspended, all EMPLOYER contributions with respect
to the affected PARTICIPANTS shall cease and the accrued
benefits of the affected PARTICIPANTS shall become nonfor-
feitable. Subject to applicable requirements of notice to
the Pension Benefit Guaranty Corporation governing termina-
tion of PENSION benefit plans, the funds held under the PLAN
by the Funding Agents shall be applied to provide the PEN-
SIONS, benefits and refunds accrued to the date of termina-
tion 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, distri-
bution 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 re-
funds 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).
23. 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.
Actuarial Equivalent or For purposes of determining actuarially
Actuarial Equivalence: equivalent benefits under this PLAN, the
provisions of Special Provision D shall
apply.
Administrator: The EMPLOYEE BENEFIT ADMINISTRATIVE
COMMITTEE referred to in Section 20,
201 Mission Street, 19th Floor, Mail
Code P19A, P.O. Box 770000, San
Francisco, California 94177.
Basic Monthly Salary: The rate of pay used to calculate the
monthly earnings from an EMPLOYER,
adjusted to reflect nuclear premium
payments, if
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17
any, but excluding payments from the LONG
TERM DISABILITY PLAN and all other bonuses,
premiums, special allowances, overtime pay,
or any other payments. For a PARTICIPANT
who is paid weekly or bi-weekly, BASIC
MONTHLY SALARY shall be equal to the
PARTICIPANT'S weekly pay rate multiplied
by 4.33, rounded up to the nearest Five
Dollars.
For purposes of calculating a PARTICIPANT'S
accrued benefit under this PLAN, the
compensation limitations of 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 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 PLAN YEAR beginning
before January 1, 1994,
frozen in accordance with
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.
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18
A 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.
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 13.
Such designation must be made on forms pro-
vided 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.
Code: CODE shall mean the Internal Revenue CODE
of 1986, as amended from time to time.
Company: Pacific Gas and Electric Company.
Consent: The CONSENT by a SPOUSE that is required
for a QUALIFIED ELECTION. Any such CONSENT
shall be effective only with respect to
such SPOUSE. A CONSENT permitting desig-
nation by the PARTICIPANT without further
CONSENT from the SPOUSE must acknowledge
that the SPOUSE has the right to limit
CONSENT to a specific BENEFICIARY and also
to a specific benefit form, and that the
SPOUSE voluntarily elects to relinquish
either or both of such rights. A revocation
of a prior QUALIFIED ELECTION be made by a
PARTICIPANT without the CONSENT of the
SPOUSE at any time prior to
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the commencement of benefits. An unlimited
number of revocations shall be permitted.
No CONSENT obtained under this provision
shall be valid unless the PARTICIPANT has
received proper NOTICE.
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.
Credited Service: See Special Provision F.
Early Retirement Date: See Section 7.
Early Retirement Pension: See Section 7.
Employee: An EMPLOYEE of an EMPLOYER who is not
covered by a collective bargaining agree-
ment. A "leased employee," as defined
in Section 414(n) of the CODE, shall not
be considered an EMPLOYEE eligible to become
a PARTICIPANT in the PLAN. Notwithstanding
any other provisions in the PLAN, solely
for purposes of CODE Section 414(n)(3), the
term EMPLOYEE shall, to the extent required
by CODE Section 414, include leased
EMPLOYEES.
Employee Benefit
Administrative Committee: The EMPLOYEE BENEFIT ADMINISTRATIVE
COMMITTEE referred to in Section 19.
The Employee Benefit
Finance Committee: The EMPLOYEE BENEFIT FINANCE COMMITTEE
referred to in Section 18.
Employer: Pacific Gas and Electric Company, Pacific
Gas Transmission Company, Pacific Service
Employees Association, 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.
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.
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20
Marital Pension: See Section 10(b).
Maximum Pension: See Special Provision H.
Normal Retirement Date: The first of the month following the PARTI-
CIPANT's 65th birthday.
Notice: The NOTICE that is required by this PLAN
pursuant to CODE Section 417 in order to
waive the MARITAL PENSION.
In the case of MARITAL PENSION, the PLAN
shall provide to each PARTICIPANT, and to
each vested former EMPLOYEE, no less than
30 days and no more than 90 days prior to
the annuity starting date a written expla-
nation of: (i) the terms and conditions
of the MARITAL PENSION, (ii) the right to
make and the effect of an election to waive
the MARITAL PENSION, (iii) the rights of
the PARTICIPANT'S or the former EMPLOYEE'S
SPOUSE, (iv) the right to make an election
to waive the MARITAL PENSION and the effect
of revoking a previous election to waive
the MARITAL PENSION, and (v) the relative
values of the various optional forms of
benefit under the PLAN.
Participant: See Section 2.
Part-Time Employee: An EMPLOYEE whose regularly scheduled work
week is less than 40 hours.
Pension: Retirement income payable under the PLAN.
Plan: The Company's Retirement Plan as amended,
revised and set forth herein.
Plan Year: The PLAN YEAR shall be the calendar year
which shall also be the limitation year for
purposes of applying the annual benefit
limitations of CODE Section 415.
Qualified Election: An election qualifying under CODE Section
417(a) to waive either, or both, of the 50
percent spousal survivor annuities that are
based on the MARITAL PENSION and that are
described in Sections 10(b) or 11(b) of the
PLAN. Any such waiver shall not be consi-
dered a QUALIFIED ELECTION unless: (a) the
PARTICIPANT'S SPOUSE furnishes written
CONSENT to the election, (b) the election
designates a specific alternate BENEFICIARY,
including any class of BENEFICIARIES or any
contingent BENEFICIARIES, which may not be
changed without spousal CONSENT (or the
SPOUSE expressly permits designations by the
PARTICIPANT without any further spousal
CONSENT, (c) the SPOUSE'S CONSENT acknow-
ledges the effect of the election, and
(d) the SPOUSE'S CONSENT is witnessed by a
PLAN representative or a notary public. A
PARTICIPANT'S
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21
waiver of the survivor annuity will not
constitute a QUALIFIED ELECTION unless the
form of benefit payment may not be changed
without spousal CONSENT, or the SPOUSE
expressly permits designations by the
PARTICIPANT without any further spousal
CONSENT. If it is established to the satis-
faction of the PLAN representative that such
written CONSENT may not be obtained because
there is no SPOUSE or the SPOUSE cannot be
located, then a waiver will be deemed a
QUALIFIED ELECTION.
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 Partici-
pant'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.
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 enti-
tled 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.
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22
(c) Absence for military service or
service in the Merchant Marines so
long as reemployment rights are pro-
tected 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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23
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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24
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.
-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 63 64 65 66 67 68 69 70 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -------------
25 .844 .836 .827 .817 .807 .797 .786 .775 .763 .751 .738 .725 .711 .697 .682 .667 25
26 .847 .838 .829 .819 .809 .799 .788 .777 .765 .753 .740 .727 .713 .699 .684 .669 26
27 .849 .840 .831 .821 .811 .801 .790 .779 .767 .755 .742 .729 .715 .701 .686 .671 27
28 .851 .842 .833 .824 .814 .803 .793 .781 .769 .757 .745 .731 .718 .703 .689 .674 28
29 .853 .844 .835 .826 .816 .806 .795 .784 .772 .760 .747 .734 .720 .706 .691 .676 29
30 .855 .847 .838 .828 .818 .808 .797 .786 .774 .762 .750 .736 .723 .708 .694 .679 30
31 .858 .849 .840 .831 .821 .811 .800 .789 .777 .765 .752 .739 .725 .711 .696 .681 31
32 .860 .852 .843 .833 .824 .813 .803 .792 .780 .768 .755 .742 .728 .714 .699 .684 32
33 .863 .854 .846 .836 .826 .816 .806 .794 .783 .771 .758 .745 .731 .717 .702 .687 33
34 .866 .857 .848 .839 .829 .819 .809 .797 .786 .774 .761 .748 .734 .720 .705 .690 34
35 .868 .860 .851 .842 .832 .822 .812 .801 .789 .777 .764 .751 .737 .723 .708 .693 35
36 .871 .863 .854 .845 .835 .825 .815 .804 .792 .780 .768 .754 .741 .727 .712 .697 36
37 .874 .866 .857 .848 .839 .829 .818 .807 .796 .784 .771 .758 .744 .730 .715 .700 37
38 .877 .869 .860 .851 .842 .832 .821 .811 .799 .787 .775 .761 .748 .734 .719 .704 38
39 .880 .872 .864 .855 .845 .835 .825 .814 .803 .791 .778 .765 .752 .737 .723 .708 39
40 .884 .875 .867 .858 .849 .839 .829 .818 .806 .795 .782 .769 .756 .741 .727 .712 40
41 .887 .879 .870 .862 .852 .843 .832 .822 .810 .798 .786 .773 .760 .746 .731 .716 41
42 .890 .882 .874 .865 .856 .846 .836 .826 .814 .803 .790 .777 .764 .750 .735 .720 42
43 .893 .886 .877 .869 .860 .850 .840 .830 .818 .807 .794 .782 .768 .754 .740 .725 43
44 .897 .889 .881 .873 .864 .854 .844 .834 .823 .811 .799 .786 .773 .759 .744 .729 44
45 .900 .893 .885 .876 .868 .858 .848 .838 .827 .816 .803 .791 .777 .764 .749 .734 45
46 .904 .896 .889 .880 .872 .862 .853 .842 .832 .820 .808 .795 .782 .768 .754 .739 46
47 .907 .900 .892 .884 .876 .867 .857 .847 .836 .825 .813 .800 .787 .774 .759 .744 47
48 .911 .904 .896 .888 .880 .871 .861 .851 .841 .830 .818 .805 .792 .779 .764 .750 48
49 .914 .907 .900 .892 .884 .875 .866 .856 .846 .835 .823 .811 .798 .784 .770 .755 49
-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 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -------------
50 .918 .911 .904 .896 .888 .880 .870 .861 .850 .840 .828 .816 .803 .790 .775 .761 50
51 .921 .915 .908 .900 .892 .884 .875 .866 .855 .845 .833 .821 .808 .795 .781 .767 51
52 .925 .918 .912 .904 .897 .888 .880 .870 .860 .850 .839 .827 .814 .801 .787 .773 52
53 .928 .922 .916 .908 .901 .893 .884 .875 .865 .855 .844 .832 .820 .807 .793 .779 53
54 .932 .926 .919 .913 .905 .897 .889 .880 .870 .860 .849 .838 .826 .813 .799 .785 54
55 .935 .929 .923 .917 .909 .902 .894 .885 .876 .866 .855 .844 .832 .819 .806 .792 55
56 .938 .933 .927 .921 .914 .906 .898 .890 .881 .871 .861 .849 .838 .825 .812 .798 56
57 .942 .936 .931 .925 .918 .911 .903 .895 .886 .876 .866 .855 .844 .831 .819 .805 57
58 .945 .940 .934 .928 .922 .915 .908 .900 .891 .882 .872 .861 .850 .838 .825 .812 58
59 .948 .943 .938 .932 .926 .920 .912 .905 .896 .887 .878 .867 .856 .844 .832 .819 59
60 .951 .947 .942 .936 .930 .924 .917 .910 .902 .893 .883 .873 .863 .851 .839 .826 60
61 .954 .950 .945 .940 .934 .928 .922 .914 .907 .898 .889 .879 .869 .858 .846 .833 61
62 .957 .953 .948 .944 .938 .932 .926 .919 .912 .904 .895 .885 .875 .864 .853 .840 62
63 .960 .956 .952 .947 .942 .937 .931 .924 .917 .909 .901 .891 .882 .871 .860 .848 63
64 .963 .959 .955 .951 .946 .941 .935 .929 .922 .914 .906 .897 .888 .878 .867 .855 64
65 .965 .962 .958 .954 .949 .944 .939 .933 .927 .920 .912 .903 .894 .884 .874 .862 65
66 .968 .965 .961 .957 .953 .948 .943 .938 .931 .925 .917 .909 .900 .891 .881 .870 66
67 .970 .967 .964 .960 .956 .952 .947 .942 .936 .930 .923 .915 .907 .897 .888 .877 67
68 .972 .970 .967 .963 .960 .955 .951 .946 .940 .934 .928 .920 .913 .904 .894 .884 68
69 .975 .972 .969 .966 .963 .959 .955 .950 .945 .939 .933 .926 .918 .910 .901 .891 69
70 .977 .974 .972 .969 .966 .962 .958 .954 .949 .944 .938 .931 .924 .916 .908 .898 70
71 .979 .976 .974 .971 .968 .965 .961 .957 .953 .948 .942 .936 .930 .922 .914 .905 71
72 .980 .978 .976 .974 .971 .968 .965 .961 .957 .952 .947 .941 .935 .928 .920 .912 72
73 .982 .980 .978 .976 .973 .971 .968 .964 .960 .956 .951 .946 .940 .933 .926 .918 73
74 .984 .982 .980 .978 .976 .973 .970 .967 .964 .960 .955 .950 .945 .939 .932 .925 74
-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 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -------------
75 .985 .984 .982 .980 .978 .976 .973 .970 .967 .963 .959 .954 .949 .944 .937 .931 75
76 .987 .985 .984 .982 .980 .978 .976 .973 .970 .966 .963 .958 .954 .948 .943 .936 76
77 .988 .987 .985 .984 .982 .980 .978 .975 .973 .970 .966 .962 .958 .953 .948 .942 77
78 .989 .988 .987 .985 .984 .982 .980 .978 .975 .972 .969 .966 .962 .957 .952 .947 78
79 .990 .989 .988 .987 .985 .984 .982 .980 .978 .975 .972 .969 .965 .961 .957 .952 79
80 .991 .990 .989 .988 .987 .985 .984 .982 .980 .978 .975 .972 .969 .965 .961 .956 80
81 .992 .991 .990 .989 .988 .987 .986 .984 .982 .980 .978 .975 .972 .969 .965 .961 81
82 .993 .992 .991 .991 .990 .988 .987 .986 .984 .982 .980 .978 .975 .972 .968 .964 82
83 .994 .993 .992 .992 .991 .990 .989 .987 .986 .984 .982 .980 .978 .975 .972 .968 83
84 .995 .994 .993 .993 .992 .991 .990 .989 .987 .986 .984 .982 .980 .978 .975 .972 84
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 78 79 80 81 82 83 84 85 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -------------
25 .667 .652 .636 .620 .603 .586 .569 .551 .533 .515 .497 .479 .461 .442 .424 .406 25
26 .669 .654 .638 .622 .605 .588 .571 .553 .535 .517 .499 .481 .462 .444 .426 .407 26
27 .671 .656 .640 .624 .607 .590 .573 .555 .537 .519 .501 .483 .464 .446 .427 .409 27
28 .674 .658 .642 .626 .609 .592 .575 .557 .539 .521 .503 .485 .466 .448 .429 .411 28
29 .676 .661 .645 .628 .612 .595 .577 .560 .542 .524 .505 .487 .468 .450 .431 .413 29
30 .679 .663 .647 .631 .614 .597 .580 .562 .544 .526 .507 .489 .470 .452 .433 .414 30
31 .681 .666 .650 .633 .617 .600 .582 .564 .546 .528 .510 .491 .473 .454 .435 .417 31
32 .684 .669 .653 .636 .619 .602 .585 .567 .549 .531 .512 .494 .475 .456 .437 .419 32
33 .687 .671 .655 .639 .622 .605 .588 .570 .552 .533 .515 .496 .477 .459 .440 .421 33
34 .690 .675 .659 .642 .625 .608 .591 .573 .555 .536 .518 .499 .480 .461 .442 .423 34
35 .693 .678 .662 .645 .628 .611 .594 .576 .558 .539 .520 .502 .483 .464 .445 .426 35
36 .697 .681 .665 .649 .632 .614 .597 .579 .561 .542 .524 .505 .486 .467 .448 .429 36
37 .700 .685 .669 .652 .635 .618 .600 .582 .564 .545 .527 .508 .489 .470 .451 .431 37
38 .704 .688 .672 .656 .639 .621 .604 .586 .567 .549 .530 .511 .492 .473 .454 .434 38
39 .708 .692 .676 .659 .643 .625 .607 .589 .571 .552 .534 .515 .495 .476 .457 .438 39
40 .712 .696 .680 .663 .647 .629 .611 .593 .575 .556 .537 .518 .499 .480 .460 .441 40
41 .716 .700 .684 .668 .651 .633 .616 .597 .579 .560 .541 .522 .503 .483 .464 .444 41
42 .720 .705 .689 .672 .655 .638 .620 .602 .583 .564 .545 .526 .507 .487 .468 .448 42
43 .725 .709 .693 .677 .660 .642 .624 .606 .588 .569 .550 .530 .511 .491 .472 .452 43
44 .729 .714 .698 .681 .664 .647 .629 .611 .592 .573 .554 .535 .515 .495 .476 .456 44
45 .734 .719 .703 .686 .669 .652 .634 .616 .597 .578 .559 .539 .520 .500 .480 .460 45
46 .739 .724 .708 .691 .674 .657 .639 .621 .602 .583 .564 .544 .524 .505 .485 .465 46
47 .744 .729 .713 .697 .680 .662 .644 .626 .607 .588 .569 .549 .529 .509 .489 .469 47
48 .750 .734 .718 .702 .685 .668 .650 .631 .613 .594 .574 .554 .535 .515 .494 .474 48
49 .755 .740 .724 .708 .691 .673 .655 .637 .618 .599 .580 .560 .540 .520 .500 .479 49
-26-
29
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 78 79 80 81 82 83 84 85 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -------------
50 .761 .746 .730 .713 .697 .679 .661 .643 .624 .605 .585 .566 .546 .525 .505 .485 50
51 .767 .752 .736 .720 .703 .685 .667 .649 .630 .611 .591 .572 .551 .531 .511 .490 51
52 .773 .758 .742 .726 .709 .692 .674 .655 .637 .617 .598 .578 .558 .537 .517 .496 52
53 .779 .764 .748 .732 .715 .698 .680 .662 .643 .624 .604 .584 .564 .543 .523 .502 53
54 .785 .770 .755 .739 .722 .705 .687 .669 .650 .631 .611 .591 .571 .550 .529 .508 54
55 .792 .777 .762 .746 .729 .712 .694 .676 .657 .638 .618 .598 .578 .557 .536 .515 55
56 .798 .784 .768 .753 .736 .719 .701 .683 .664 .645 .625 .605 .585 .564 .543 .522 56
57 .805 .790 .775 .760 .743 .726 .709 .691 .672 .653 .633 .613 .592 .571 .550 .529 57
58 .812 .798 .783 .767 .751 .734 .717 .699 .680 .661 .641 .621 .600 .579 .558 .537 58
59 .819 .805 .790 .775 .759 .742 .725 .707 .688 .669 .649 .629 .608 .587 .566 .545 59
60 .826 .812 .798 .783 .767 .750 .733 .715 .696 .677 .658 .638 .617 .596 .575 .553 60
61 .833 .820 .805 .790 .775 .758 .741 .724 .705 .686 .667 .646 .626 .605 .584 .562 61
62 .840 .827 .813 .799 .783 .767 .750 .733 .714 .695 .676 .656 .635 .614 .593 .571 62
63 .848 .835 .821 .807 .792 .776 .759 .742 .724 .705 .685 .665 .645 .624 .602 .581 63
64 .855 .843 .829 .815 .800 .785 .768 .751 .733 .715 .695 .675 .655 .634 .612 .591 64
65 .862 .850 .837 .824 .809 .794 .778 .761 .743 .725 .705 .686 .665 .644 .623 .601 65
66 .870 .858 .845 .832 .818 .803 .787 .770 .753 .735 .716 .696 .676 .655 .634 .612 66
67 .877 .866 .854 .841 .827 .812 .797 .780 .763 .745 .727 .707 .687 .666 .645 .623 67
68 .884 .873 .862 .849 .836 .821 .806 .790 .774 .756 .738 .718 .698 .678 .657 .635 68
69 .891 .881 .870 .858 .845 .831 .816 .801 .784 .767 .749 .730 .710 .690 .668 .647 69
70 .898 .888 .878 .866 .853 .840 .826 .811 .795 .778 .760 .741 .722 .702 .681 .659 70
71 .905 .896 .885 .874 .862 .849 .836 .821 .805 .789 .771 .753 .734 .714 .693 .672 71
72 .912 .903 .893 .882 .871 .859 .845 .831 .816 .800 .783 .765 .746 .727 .706 .685 72
73 .918 .910 .900 .890 .879 .868 .855 .841 .826 .811 .794 .777 .759 .739 .719 .698 73
74 .925 .917 .908 .898 .888 .876 .864 .851 .837 .822 .806 .789 .771 .752 .732 .712 74
-27-
30
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 78 79 80 81 82 83 84 85 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -------------
75 .931 .923 .915 .906 .896 .885 .873 .861 .847 .833 .817 .801 .784 .765 .746 .726 75
76 .936 .929 .921 .913 .904 .893 .882 .870 .858 .844 .829 .813 .796 .778 .759 .740 76
77 .942 .935 .928 .920 .911 .902 .891 .880 .868 .854 .840 .825 .808 .791 .773 .754 77
78 .947 .941 .934 .927 .918 .909 .900 .889 .877 .865 .851 .836 .821 .804 .786 .768 78
79 .952 .946 .940 .933 .925 .917 .908 .898 .887 .875 .862 .848 .833 .817 .800 .782 79
80 .956 .951 .945 .939 .932 .924 .916 .906 .896 .885 .872 .859 .845 .829 .813 .795 80
81 .961 .956 .951 .945 .938 .931 .923 .914 .905 .894 .883 .870 .856 .842 .826 .809 81
82 .964 .960 .955 .950 .944 .937 .930 .922 .913 .903 .892 .881 .868 .854 .839 .823 82
83 .968 .964 .960 .955 .950 .943 .937 .929 .921 .912 .902 .891 .879 .866 .851 .836 83
84 .972 .968 .964 .960 .955 .949 .943 .936 .928 .920 .911 .900 .889 .877 .863 .849 84
-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 63 64 65 66 67 68 69 70 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -------------
25 .731 .718 .704 .691 .676 .662 .647 .632 .617 .601 .585 .568 .551 .535 .518 .500 25
26 .734 .721 .707 .694 .679 .665 .650 .635 .619 .603 .587 .571 .554 .537 .520 .503 26
27 .737 .724 .710 .697 .683 .668 .653 .638 .622 .606 .590 .574 .557 .540 .523 .505 27
28 .740 .727 .714 .700 .686 .671 .656 .641 .625 .609 .593 .576 .560 .543 .525 .508 28
29 .744 .731 .717 .703 .689 .675 .660 .644 .629 .613 .596 .580 .563 .545 .528 .511 29
30 .747 .734 .721 .707 .693 .678 .663 .648 .632 .616 .599 .583 .566 .549 .531 .514 30
31 .751 .738 .725 .711 .696 .682 .667 .651 .636 .619 .603 .586 .569 .552 .534 .517 31
32 .755 .742 .728 .715 .700 .686 .671 .655 .639 .623 .607 .590 .573 .555 .538 .520 32
33 .759 .746 .732 .719 .704 .690 .675 .659 .643 .627 .610 .593 .576 .559 .541 .523 33
34 .763 .750 .737 .723 .708 .694 .679 .663 .647 .631 .614 .597 .580 .562 .545 .527 34
35 .768 .754 .741 .727 .713 .698 .683 .667 .651 .635 .618 .601 .584 .566 .549 .531 35
36 .772 .759 .746 .732 .717 .703 .687 .672 .656 .639 .623 .606 .588 .570 .553 .535 36
37 .777 .764 .750 .736 .722 .707 .692 .677 .661 .644 .627 .610 .593 .575 .557 .539 37
38 .781 .768 .755 .741 .727 .712 .697 .681 .665 .649 .632 .615 .597 .579 .561 .543 38
39 .786 .773 .760 .746 .732 .717 .702 .687 .670 .654 .637 .620 .602 .584 .566 .548 39
40 .791 .779 .765 .751 .737 .723 .707 .692 .676 .659 .642 .625 .607 .589 .571 .552 40
41 .797 .784 .771 .757 .743 .728 .713 .697 .681 .665 .648 .630 .612 .594 .576 .557 41
42 .802 .789 .776 .762 .748 .734 .719 .703 .687 .670 .653 .636 .618 .600 .581 .563 42
43 .807 .795 .782 .768 .754 .740 .724 .709 .693 .676 .659 .642 .624 .605 .587 .568 43
44 .813 .800 .788 .774 .760 .746 .731 .715 .699 .682 .665 .648 .630 .611 .593 .574 44
45 .819 .806 .793 .780 .766 .752 .737 .721 .705 .689 .671 .654 .636 .618 .599 .580 45
46 .824 .812 .799 .786 .773 .758 .743 .728 .712 .695 .678 .660 .642 .624 .605 .586 46
47 .830 .818 .806 .793 .779 .765 .750 .734 .718 .702 .685 .667 .649 .631 .612 .593 47
48 .836 .824 .812 .799 .785 .771 .757 .741 .725 .709 .692 .674 .656 .638 .619 .600 48
49 .842 .830 .818 .805 .792 .778 .764 .748 .732 .716 .699 .681 .663 .645 .626 .607 49
-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 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -------------
50 .848 .837 .825 .812 .799 .785 .771 .756 .740 .723 .706 .689 .671 .652 .633 .614 50
51 .854 .843 .831 .819 .806 .792 .778 .763 .747 .731 .714 .697 .679 .660 .641 .622 51
52 .860 .849 .838 .826 .813 .799 .785 .770 .755 .739 .722 .705 .687 .668 .649 .630 52
53 .866 .855 .844 .832 .820 .807 .793 .778 .763 .747 .730 .713 .695 .676 .657 .638 53
54 .872 .862 .851 .839 .827 .814 .800 .786 .771 .755 .738 .721 .703 .685 .666 .646 54
55 .878 .868 .857 .846 .834 .821 .808 .794 .779 .763 .747 .730 .712 .693 .674 .655 55
56 .884 .874 .864 .853 .841 .829 .816 .802 .787 .771 .755 .738 .721 .702 .683 .664 56
57 .890 .880 .870 .860 .848 .836 .823 .810 .795 .780 .764 .747 .730 .712 .693 .673 57
58 .895 .886 .877 .866 .855 .844 .831 .818 .804 .789 .773 .756 .739 .721 .702 .683 58
59 .901 .893 .883 .873 .863 .851 .839 .826 .812 .798 .782 .766 .749 .731 .712 .693 59
60 .907 .898 .890 .880 .870 .859 .847 .834 .821 .806 .791 .775 .758 .741 .722 .703 60
61 .912 .904 .896 .887 .877 .866 .855 .842 .829 .815 .800 .785 .768 .751 .733 .714 61
62 .918 .910 .902 .893 .884 .873 .862 .851 .838 .824 .810 .794 .778 .761 .743 .725 62
63 .923 .916 .908 .900 .890 .881 .870 .859 .846 .833 .819 .804 .788 .772 .754 .736 63
64 .928 .921 .914 .906 .897 .888 .878 .867 .855 .842 .829 .814 .799 .782 .765 .747 64
65 .933 .926 .919 .912 .904 .895 .885 .875 .863 .851 .838 .824 .809 .793 .776 .758 65
66 .937 .931 .925 .918 .910 .902 .892 .882 .872 .860 .847 .833 .819 .803 .787 .770 66
67 .942 .936 .930 .924 .916 .908 .900 .890 .880 .868 .856 .843 .829 .814 .798 .781 67
68 .946 .941 .935 .929 .922 .915 .906 .897 .888 .877 .865 .853 .839 .825 .809 .793 68
69 .950 .946 .940 .934 .928 .921 .913 .905 .895 .885 .874 .862 .849 .835 .820 .804 69
70 .954 .950 .945 .939 .933 .927 .920 .912 .903 .893 .883 .871 .859 .845 .831 .816 70
71 .958 .954 .949 .944 .939 .932 .926 .918 .910 .901 .891 .880 .868 .855 .842 .827 71
72 .962 .958 .953 .949 .944 .938 .932 .925 .917 .908 .899 .889 .878 .865 .852 .838 72
73 .965 .961 .957 .953 .948 .943 .937 .931 .923 .916 .907 .897 .887 .875 .863 .849 73
74 .968 .965 .961 .957 .953 .948 .942 .936 .930 .922 .914 .905 .895 .884 .873 .860 74
-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 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -------------
75 .971 .968 .965 .961 .957 .952 .948 .942 .936 .929 .921 .913 .904 .893 .882 .870 75
76 .974 .971 .968 .965 .961 .957 .952 .947 .941 .935 .928 .920 .912 .902 .892 .880 76
77 .976 .974 .971 .968 .965 .961 .957 .952 .947 .941 .934 .927 .919 .910 .900 .890 77
78 .979 .976 .974 .971 .968 .965 .961 .957 .952 .946 .940 .934 .926 .918 .909 .899 78
79 .981 .979 .976 .974 .971 .968 .965 .961 .956 .952 .946 .940 .933 .926 .917 .908 79
80 .983 .981 .979 .977 .974 .971 .968 .965 .961 .956 .951 .946 .939 .932 .925 .916 80
81 .985 .983 .981 .979 .977 .974 .971 .968 .965 .961 .956 .951 .945 .939 .932 .924 81
82 .986 .985 .983 .981 .979 .977 .975 .972 .968 .965 .961 .956 .951 .945 .939 .931 82
83 .988 .986 .985 .983 .982 .980 .977 .975 .972 .969 .965 .961 .956 .951 .945 .938 83
84 .989 .988 .987 .985 .984 .982 .980 .978 .975 .972 .969 .965 .961 .958 .951 .945 84
-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 78 79 80 81 82 83 84 85 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -------------
25 .500 .483 .466 .449 .432 .414 .397 .380 .364 .347 .331 .315 .299 .284 .269 .254 25
26 .503 .486 .468 .451 .434 .416 .399 .382 .365 .349 .333 .316 .301 .285 .270 .256 26
27 .505 .488 .471 .453 .436 .419 .401 .384 .367 .351 .334 .318 .302 .287 .272 .257 27
28 .508 .491 .473 .456 .438 .421 .403 .386 .369 .353 .336 .320 .304 .288 .273 .258 28
29 .511 .493 .476 .458 .441 .423 .406 .388 .371 .355 .338 .322 .306 .290 .275 .260 29
30 .514 .496 .478 .461 .443 .426 .408 .391 .374 .357 .340 .324 .307 .292 .276 .261 30
31 .517 .499 .481 .464 .446 .428 .411 .393 .376 .359 .342 .326 .309 .294 .278 .263 31
32 .520 .502 .484 .466 .449 .431 .413 .396 .378 .361 .344 .328 .311 .295 .280 .265 32
33 .523 .505 .488 .470 .452 .434 .416 .398 .381 .364 .347 .330 .314 .298 .282 .267 33
34 .527 .509 .491 .473 .455 .437 .419 .401 .384 .366 .349 .332 .316 .300 .284 .269 34
35 .531 .513 .494 .476 .458 .440 .422 .404 .387 .369 .352 .335 .318 .302 .286 .271 35
36 .535 .516 .498 .480 .462 .443 .425 .407 .390 .372 .355 .337 .321 .304 .288 .273 36
37 .539 .520 .502 .484 .465 .447 .429 .411 .393 .375 .357 .340 .323 .307 .291 .275 37
38 .543 .525 .506 .488 .469 .451 .432 .414 .396 .378 .361 .343 .326 .310 .293 .277 38
39 .548 .529 .511 .492 .473 .455 .436 .418 .400 .382 .364 .346 .329 .312 .296 .280 39
40 .552 .534 .515 .496 .478 .459 .440 .422 .403 .385 .367 .350 .332 .315 .299 .283 40
41 .557 .539 .520 .501 .482 .463 .445 .426 .407 .389 .371 .353 .336 .319 .302 .286 41
42 .563 .544 .525 .506 .487 .468 .449 .430 .412 .393 .375 .357 .339 .322 .305 .289 42
43 .568 .549 .530 .511 .492 .473 .454 .435 .416 .397 .379 .361 .343 .326 .309 .292 43
44 .574 .555 .536 .517 .497 .478 .459 .440 .421 .402 .383 .365 .347 .329 .312 .295 44
45 .580 .561 .542 .522 .503 .483 .464 .445 .425 .406 .388 .369 .351 .333 .316 .299 45
46 .586 .567 .548 .528 .509 .489 .469 .450 .431 .411 .392 .374 .355 .337 .320 .303 46
47 .593 .573 .554 .534 .515 .495 .475 .455 .436 .417 .397 .379 .360 .342 .324 .307 47
48 .600 .580 .561 .541 .521 .501 .481 .461 .442 .422 .403 .384 .365 .346 .328 .311 48
49 .607 .587 .567 .548 .528 .507 .487 .467 .447 .428 .408 .389 .370 .351 .333 .315 49
-32-
35
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 78 79 80 81 82 83 84 85 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -------------
50 .614 .594 .575 .555 .534 .514 .494 .474 .454 .434 .414 .394 .375 .356 .338 .320 50
51 .622 .602 .582 .562 .542 .521 .501 .480 .460 .440 .420 .400 .381 .362 .343 .325 51
52 .630 .610 .590 .570 .549 .529 .508 .487 .467 .446 .426 .406 .387 .367 .348 .330 52
53 .638 .618 .598 .577 .557 .536 .515 .495 .474 .453 .433 .413 .393 .373 .354 .335 53
54 .646 .626 .606 .586 .565 .544 .523 .502 .481 .461 .440 .419 .399 .379 .360 .341 54
55 .655 .635 .615 .594 .574 .553 .532 .510 .489 .468 .447 .426 .406 .386 .366 .347 55
56 .664 .644 .624 .603 .582 .561 .540 .519 .497 .476 .455 .434 .413 .393 .373 .353 56
57 .673 .654 .633 .613 .592 .570 .549 .528 .506 .484 .463 .442 .421 .400 .380 .360 57
58 .683 .663 .643 .622 .601 .580 .558 .537 .515 .493 .472 .450 .429 .408 .387 .367 58
59 .693 .673 .653 .632 .611 .590 .568 .546 .524 .502 .481 .459 .437 .416 .395 .374 59
60 .703 .684 .663 .643 .622 .600 .578 .556 .534 .512 .490 .468 .446 .424 .403 .382 60
61 .714 .694 .674 .654 .632 .611 .589 .567 .545 .522 .500 .478 .455 .434 .412 .391 61
62 .725 .705 .685 .665 .644 .622 .600 .578 .556 .533 .510 .488 .465 .443 .421 .400 62
63 .736 .716 .697 .676 .655 .634 .612 .589 .567 .644 .521 .499 .476 .453 .431 .409 63
64 .747 .728 .708 .688 .667 .646 .624 .601 .579 .556 .533 .510 .487 .464 .441 .419 64
65 .758 .740 .720 .700 .679 .658 .636 .614 .591 .568 .545 .522 .498 .475 .452 .430 65
66 .770 .751 .732 .712 .692 .671 .649 .627 .604 .581 .557 .534 .511 .487 .464 .441 66
67 .781 .763 .745 .725 .705 .684 .662 .640 .617 .594 .571 .547 .523 .500 .476 .453 67
68 .793 .775 .757 .738 .718 .697 .676 .653 .631 .608 .584 .560 .537 .513 .489 .465 68
69 .804 .787 .769 .751 .731 .711 .689 .667 .645 .622 .598 .574 .550 .526 .502 .478 69
70 .816 .799 .782 .764 .744 .724 .703 .682 .659 .636 .613 .589 .565 .540 .516 .492 70
71 .827 .811 .794 .777 .758 .738 .718 .696 .674 .651 .628 .604 .580 .555 .531 .506 71
72 .838 .823 .807 .790 .771 .752 .732 .711 .689 .666 .643 .619 .595 .571 .546 .521 72
73 .849 .835 .819 .802 .785 .766 .746 .726 .704 .682 .659 .635 .611 .586 .562 .536 73
74 .860 .846 .831 .815 .798 .780 .761 .741 .720 .698 .675 .651 .627 .603 .578 .553 74
-33-
36
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 78 79 80 81 82 83 84 85 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -------------
75 .870 .857 .843 .828 .811 .794 .775 .756 .735 .714 .691 .668 .644 .620 .595 .569 75
76 .880 .868 .854 .840 .824 .807 .790 .771 .751 .730 .708 .685 .661 .637 .612 .587 76
77 .890 .878 .865 .852 .837 .821 .804 .785 .766 .746 .724 .702 .679 .654 .630 .605 77
78 .899 .888 .876 .863 .849 .834 .818 .800 .781 .762 .741 .719 .696 .672 .648 .623 78
79 .908 .898 .886 .874 .861 .847 .831 .814 .797 .778 .757 .736 .714 .690 .666 .641 79
80 .916 .907 .896 .885 .873 .859 .844 .828 .811 .793 .774 .753 .731 .709 .685 .660 80
81 .924 .915 .906 .895 .884 .871 .857 .842 .826 .808 .790 .770 .749 .727 .704 .680 81
82 .931 .923 .915 .905 .894 .882 .869 .855 .840 .823 .806 .787 .766 .745 .723 .699 82
83 .938 .931 .923 .914 .904 .893 .881 .868 .853 .838 .821 .803 .784 .763 .741 .718 83
84 .945 .938 .931 .922 .913 .903 .892 .880 .866 .852 .836 .819 .800 .781 .760 .738 84
-34-
37
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 lower.
(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.
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.
-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
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 63 64 65 66 67 68 69 70 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -----------
40 .969 .967 .964 .962 .959 .956 .953 .950 .946 .943 .939 .935 .930 .926 .921 .916 40
41 .970 .968 .965 .963 .960 .957 .954 .951 .948 .944 .940 .936 .932 .927 .922 .917 41
42 .971 .969 .966 .964 .961 .958 .955 .952 .949 .945 .941 .937 .933 .929 .924 .919 42
43 .972 .970 .967 .965 .962 .960 .957 .953 .950 .947 .943 .939 .934 .930 .925 .920 43
44 .973 .971 .968 .966 .963 .961 .958 .955 .951 .948 .944 .940 .936 .931 .927 .922 44
45 .974 .972 .969 .967 .965 .962 .959 .956 .953 .949 .946 .942 .937 .933 .928 .923 45
46 .975 .973 .970 .968 .966 .963 .960 .957 .954 .951 .947 .943 .939 .935 .930 .925 46
47 .976 .974 .972 .969 .967 .964 .962 .959 .955 .952 .948 .945 .940 .936 .932 .927 47
48 .977 .975 .973 .970 .968 .966 .963 .960 .957 .953 .950 .946 .942 .938 .933 .928 48
49 .978 .976 .974 .972 .969 .967 .964 .961 .958 .955 .951 .948 .944 .939 .935 .930 49
50 .979 .977 .975 .973 .970 .968 .965 .963 .960 .956 .953 .949 .945 .941 .937 .932 50
51 .980 .978 .976 .974 .972 .969 .967 .964 .961 .958 .955 .951 .947 .943 .939 .934 51
52 .980 .979 .977 .975 .973 .970 .968 .965 .962 .959 .956 .953 .949 .945 .940 .936 52
53 .981 .980 .978 .976 .974 .972 .969 .967 .964 .961 .958 .954 .951 .947 .942 .938 53
54 .982 .981 .979 .977 .975 .973 .971 .968 .965 .962 .959 .956 .952 .948 .944 .940 54
55 .983 .982 .980 .978 .976 .974 .972 .969 .967 .964 .961 .958 .954 .950 .946 .942 55
56 .984 .983 .981 .979 .977 .975 .973 .971 .968 .966 .963 .959 .956 .952 .948 .944 56
57 .985 .984 .982 .980 .979 .977 .975 .972 .970 .967 .964 .961 .958 .954 .950 .946 57
58 .986 .984 .983 .981 .980 .978 .976 .974 .971 .969 .966 .963 .959 .956 .952 .948 58
59 .987 .985 .984 .982 .981 .979 .977 .975 .973 .970 .967 .964 .961 .958 .954 .950 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
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 63 64 65 66 67 68 69 70 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -----------
60 .987 .986 .985 .984 .982 .980 .978 .976 .974 .972 .969 .966 .963 .960 .956 .952 60
61 .988 .987 .986 .985 .983 .981 .980 .978 .976 .973 .971 .968 .965 .962 .958 .954 61
62 .989 .988 .987 .985 .984 .983 .981 .979 .977 .975 .972 .970 .967 .964 .960 .957 62
63 .990 .989 .988 .986 .985 .984 .982 .980 .978 .976 .974 .971 .969 .966 .962 .959 63
64 .990 .990 .988 .987 .986 .985 .983 .981 .980 .978 .975 .973 .970 .967 .964 .961 64
65 .991 .990 .989 .988 .987 .986 .984 .983 .981 .979 .977 .975 .972 .969 .966 .963 65
66 .992 .991 .990 .989 .988 .987 .985 .984 .982 .980 .978 .976 .974 .971 .968 .965 66
67 .992 .992 .991 .990 .989 .988 .986 .985 .983 .982 .980 .978 .975 .973 .970 .967 67
68 .993 .992 .992 .991 .990 .989 .987 .986 .985 .983 .981 .979 .977 .975 .972 .969 68
69 .994 .993 .992 .991 .990 .989 .988 .987 .986 .984 .983 .981 .979 .976 .974 .971 69
70 .994 .993 .993 .992 .991 .990 .989 .988 .987 .985 .984 .982 .980 .978 .976 .973 70
71 .995 .994 .993 .993 .992 .991 .990 .989 .988 .987 .985 .984 .982 .980 .978 .975 71
72 .995 .995 .994 .993 .993 .992 .991 .990 .989 .988 .986 .985 .983 .981 .979 .977 72
73 .995 .995 .995 .994 .993 .993 .992 .991 .990 .989 .987 .986 .985 .983 .981 .979 73
74 .996 .995 .995 .994 .994 .993 .992 .992 .991 .990 .989 .987 .986 .984 .982 .980 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
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 63 64 65 66 67 68 69 70 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -----------
40 .942 .938 .934 .929 .924 .919 .914 .909 .903 .897 .891 .885 .878 .871 .863 .856 40
41 .943 .939 .935 .931 .926 .921 .916 .911 .905 .899 .893 .887 .880 .873 .865 .858 41
42 .945 .941 .937 .933 .928 .923 .918 .913 .907 .901 .895 .889 .882 .875 .868 .860 42
43 .947 .943 .939 .934 .930 .925 .920 .915 .909 .903 .897 .891 .884 .877 .870 .862 43
44 .948 .945 .941 .936 .932 .927 .922 .917 .911 .906 .899 .893 .886 .879 .872 .865 44
45 .950 .946 .942 .938 .934 .929 .924 .919 .914 .908 .902 .895 .889 .882 .875 .867 45
46 .952 .948 .944 .940 .936 .931 .926 .921 .916 .910 .904 .898 .891 .884 .877 .870 46
47 .954 .950 .946 .942 .938 .933 .929 .923 .918 .912 .906 .900 .894 .887 .880 .872 47
48 .955 .952 .948 .944 .940 .935 .931 .926 .920 .915 .909 .903 .896 .889 .882 .875 48
49 .957 .954 .950 .946 .942 .938 .933 .928 .923 .917 .911 .905 .899 .892 .885 .878 49
50 .959 .956 .952 .948 .944 .940 .935 .930 .925 .920 .914 .908 .901 .895 .888 .880 50
51 .961 .957 .954 .950 .946 .942 .938 .933 .928 .922 .917 .911 .904 .898 .891 .883 51
52 .962 .959 .956 .952 .948 .944 .940 .935 .930 .925 .919 .913 .907 .900 .894 .886 52
53 .964 .961 .958 .954 .950 .946 .942 .938 .933 .927 .922 .916 .910 .903 .897 .889 53
54 .966 .963 .960 .956 .953 .949 .945 .940 .935 .930 .925 .919 .913 .906 .900 .893 54
55 .968 .965 .962 .958 .955 .951 .947 .942 .938 .933 .927 .922 .916 .909 .903 .896 55
56 .969 .966 .963 .960 .957 .953 .949 .945 .940 .936 .930 .925 .919 .913 .906 .899 56
57 .971 .968 .965 .962 .959 .955 .952 .947 .943 .938 .933 .928 .922 .916 .909 .902 57
58 .972 .970 .967 .964 .961 .958 .954 .950 .946 .941 .936 .931 .925 .919 .913 .906 58
59 .974 .972 .969 .966 .963 .960 .956 .952 .948 .944 .939 .934 .928 .922 .916 .909 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
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 63 64 65 66 67 68 69 70 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -----------
60 .976 .973 .971 .968 .965 .962 .959 .955 .951 .946 .942 .937 .931 .926 .919 .913 60
61 .977 .975 .973 .970 .967 .964 .961 .957 .953 .949 .945 .940 .934 .929 .923 .916 61
62 .979 .976 .974 .972 .969 .966 .963 .960 .956 .952 .947 .943 .938 .932 .926 .920 62
63 .980 .978 .976 .974 .971 .968 .965 .962 .958 .955 .950 .946 .941 .936 .930 .924 63
64 .981 .979 .977 .975 .973 .970 .967 .964 .961 .957 .953 .949 .944 .939 .933 .928 64
65 .983 .981 .979 .977 .975 .972 .970 .967 .963 .960 .956 .952 .947 .942 .937 .931 65
66 .984 .982 .980 .979 .976 .974 .972 .969 .966 .962 .959 .955 .950 .945 .940 .935 66
67 .985 .984 .982 .980 .978 .976 .974 .971 .968 .965 .961 .957 .953 .949 .944 .939 67
68 .986 .985 .983 .982 .980 .978 .975 .973 .970 .967 .964 .960 .956 .952 .947 .942 68
69 .987 .986 .985 .983 .981 .979 .977 .975 .972 .970 .966 .963 .959 .955 .951 .946 69
70 .988 .987 .986 .984 .983 .981 .979 .977 .974 .972 .969 .966 .962 .958 .954 .949 70
71 .989 .988 .987 .986 .984 .983 .981 .979 .976 .974 .971 .968 .965 .961 .957 .953 71
72 .990 .989 .988 .987 .985 .984 .982 .980 .978 .976 .973 .971 .967 .964 .960 .956 72
73 .991 .990 .989 .988 .987 .985 .984 .982 .980 .978 .976 .973 .970 .967 .963 .959 73
74 .992 .991 .990 .989 .988 .987 .985 .984 .982 .980 .978 .975 .972 .969 .966 .962 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
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 63 64 65 66 67 68 69 70 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -----------
40 .890 .883 .875 .868 .859 .851 .842 .833 .824 .814 .803 .793 .782 .771 .760 .748 40
41 .893 .886 .878 .871 .863 .854 .845 .836 .827 .817 .807 .796 .785 .774 .763 .751 41
42 .896 .889 .881 .874 .866 .857 .849 .840 .830 .820 .810 .800 .789 .778 .766 .754 42
43 .899 .892 .885 .877 .869 .861 .852 .843 .834 .824 .814 .803 .792 .781 .770 .758 43
44 .902 .895 .888 .880 .872 .864 .856 .847 .837 .827 .817 .807 .796 .785 .773 .762 44
45 .905 .898 .891 .884 .876 .868 .859 .850 .841 .831 .821 .811 .800 .789 .777 .765 45
46 .908 .901 .894 .887 .879 .871 .863 .854 .845 .835 .825 .814 .804 .792 .781 .769 46
47 .911 .905 .898 .891 .883 .875 .867 .858 .849 .839 .829 .819 .808 .797 .785 .773 47
48 .915 .908 .901 .894 .887 .879 .870 .862 .853 .843 .833 .823 .812 .801 .789 .778 48
49 .918 .911 .905 .898 .890 .883 .874 .866 .857 .847 .837 .827 .816 .805 .794 .782 49
50 .921 .915 .908 .901 .894 .886 .878 .870 .861 .851 .842 .831 .821 .810 .798 .786 50
51 .924 .918 .912 .905 .898 .890 .882 .874 .865 .856 .846 .836 .825 .814 .803 .791 51
52 .927 .922 .915 .909 .902 .894 .887 .878 .869 .860 .851 .840 .830 .819 .808 .796 52
53 .931 .925 .919 .912 .906 .898 .891 .883 .874 .865 .855 .845 .835 .824 .813 .801 53
54 .934 .928 .922 .916 .910 .902 .895 .887 .878 .869 .860 .850 .840 .829 .818 .806 54
55 .937 .932 .926 .920 .913 .906 .899 .891 .883 .874 .865 .855 .845 .834 .823 .811 55
56 .940 .935 .930 .924 .917 .911 .903 .896 .887 .879 .870 .860 .850 .839 .828 .817 56
57 .943 .938 .933 .927 .921 .915 .908 .900 .892 .884 .875 .865 .855 .845 .834 .822 57
58 .946 .942 .936 .931 .925 .919 .912 .905 .897 .888 .880 .870 .860 .850 .839 .828 58
59 .949 .945 .940 .935 .929 .923 .916 .909 .901 .893 .885 .876 .866 .856 .845 .834 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
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 63 64 65 66 67 68 69 70 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -----------
60 .952 .948 .943 .938 .933 .927 .920 .914 .906 .898 .890 .881 .871 .861 .851 .840 60
61 .955 .951 .946 .942 .936 .931 .925 .918 .911 .903 .895 .886 .877 .867 .857 .846 61
62 .958 .954 .950 .945 .940 .935 .929 .922 .915 .908 .900 .892 .883 .873 .863 .852 62
63 .961 .957 .953 .948 .944 .939 .933 .927 .920 .913 .905 .897 .888 .879 .869 .858 63
64 .963 .960 .956 .952 .947 .942 .937 .931 .925 .918 .910 .902 .894 .885 .875 .865 64
65 .966 .962 .959 .955 .951 .946 .941 .935 .929 .923 .916 .908 .900 .891 .881 .871 65
66 .968 .965 .962 .958 .954 .950 .945 .939 .934 .927 .921 .913 .905 .897 .887 .878 66
67 .971 .968 .964 .961 .957 .953 .948 .943 .938 .932 .925 .918 .911 .902 .894 .884 67
68 .973 .970 .967 .964 .960 .956 .952 .947 .942 .936 .930 .924 .916 .908 .900 .891 68
69 .975 .972 .970 .967 .963 .960 .956 .951 .946 .941 .935 .929 .922 .914 .906 .897 69
70 .977 .975 .972 .969 .966 .963 .959 .955 .950 .945 .940 .933 .927 .920 .912 .903 70
71 .979 .977 .974 .972 .969 .966 .962 .958 .954 .949 .944 .938 .932 .925 .918 .910 71
72 .981 .979 .976 .974 .971 .968 .965 .962 .958 .953 .948 .943 .937 .930 .923 .916 72
73 .982 .980 .978 .976 .974 .971 .968 .965 .961 .957 .952 .947 .942 .936 .929 .922 73
74 .984 .982 .980 .978 .976 .974 .971 .968 .964 .960 .956 .951 .946 .940 .934 .927 74
NOTE: Factors for additional age combinations are available from the
Administrator.
-41-
44
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 63 64 65 66 67 68 69 70 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -----------
40 .844 .834 .824 .814 .803 .792 .781 .769 .757 .744 .732 .719 .705 .692 .678 .664 40
41 .847 .838 .828 .818 .807 .796 .785 .773 .761 .748 .736 .723 .709 .696 .682 .668 41
42 .851 .842 .832 .822 .811 .800 .789 .777 .765 .753 .740 .727 .713 .700 .686 .672 42
43 .855 .846 .836 .826 .816 .805 .793 .782 .770 .757 .744 .731 .718 .704 .690 .676 43
44 .860 .850 .841 .831 .820 .809 .798 .786 .774 .762 .749 .736 .722 .709 .695 .680 44
45 .864 .855 .845 .835 .825 .814 .803 .791 .779 .766 .754 .740 .727 .713 .699 .685 45
46 .868 .859 .850 .840 .829 .819 .807 .796 .784 .771 .759 .745 .732 .718 .704 .690 46
47 .873 .864 .854 .844 .834 .824 .812 .801 .789 .776 .764 .750 .737 .723 .709 .695 47
48 .877 .868 .859 .849 .839 .829 .817 .806 .794 .782 .769 .756 .742 .728 .714 .700 48
49 .881 .873 .864 .854 .844 .834 .823 .811 .799 .787 .774 .761 .748 .734 .719 .705 49
50 .886 .877 .868 .859 .849 .839 .828 .817 .805 .793 .780 .767 .753 .739 .725 .711 50
51 .890 .882 .873 .864 .854 .844 .833 .822 .810 .798 .786 .772 .759 .745 .731 .716 51
52 .895 .887 .878 .869 .860 .850 .839 .828 .816 .804 .791 .778 .765 .751 .737 .722 52
53 .899 .892 .883 .874 .865 .855 .845 .834 .822 .810 .797 .784 .771 .757 .743 .728 53
54 .904 .896 .888 .879 .870 .860 .850 .839 .828 .816 .804 .791 .777 .763 .749 .735 54
55 .908 .901 .893 .884 .876 .866 .856 .845 .834 .822 .810 .797 .784 .770 .756 .741 55
56 .913 .906 .898 .890 .881 .872 .862 .851 .840 .829 .816 .804 .791 .777 .763 .748 56
57 .917 .910 .903 .895 .886 .877 .868 .857 .846 .835 .823 .810 .797 .784 .770 .755 57
58 .922 .915 .908 .900 .892 .883 .873 .863 .853 .842 .830 .817 .804 .791 .777 .762 58
59 .926 .919 .912 .905 .897 .888 .879 .870 .859 .848 .837 .824 .811 .798 .784 .770 59
NOTE: Factors for additional age combinations are available from the
Administrator.
-42-
45
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 63 64 65 66 67 68 69 70 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -----------
60 .930 .924 .917 .910 .902 .894 .885 .876 .866 .855 .843 .831 .819 .805 .792 .777 60
61 .934 .928 .922 .915 .908 .900 .891 .882 .872 .861 .850 .839 .826 .813 .799 .785 61
62 .938 .933 .926 .920 .913 .905 .897 .888 .878 .868 .857 .846 .834 .821 .807 .793 62
63 .942 .937 .931 .925 .918 .911 .903 .894 .885 .875 .864 .853 .841 .829 .815 .802 63
64 .946 .941 .935 .929 .923 .916 .908 .900 .891 .882 .871 .860 .849 .837 .824 .810 64
65 .950 .945 .940 .934 .928 .921 .914 .906 .897 .888 .878 .868 .857 .845 .832 .819 65
66 .953 .949 .944 .938 .933 .926 .919 .912 .904 .895 .885 .875 .864 .853 .840 .827 66
67 .957 .952 .948 .943 .937 .931 .925 .918 .910 .901 .892 .882 .872 .860 .848 .836 67
68 .960 .956 .951 .947 .942 .936 .930 .923 .916 .908 .899 .890 .879 .868 .857 .844 68
69 .963 .959 .955 .951 .946 .941 .935 .928 .921 .914 .906 .897 .887 .876 .865 .853 69
70 .966 .962 .959 .955 .950 .945 .940 .934 .927 .920 .912 .903 .894 .884 .873 .862 70
71 .969 .965 .962 .958 .954 .949 .944 .939 .932 .926 .918 .910 .901 .892 .881 .870 71
72 .971 .968 .965 .962 .958 .953 .949 .943 .938 .931 .924 .917 .908 .899 .889 .879 72
73 .974 .971 .968 .965 .961 .957 .953 .948 .943 .937 .930 .923 .915 .906 .897 .887 73
74 .976 .974 .971 .968 .965 .961 .957 .952 .947 .952 .936 .929 .921 .913 .904 .895 74
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
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 48 49 50 51 52 53 54 55 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -----------
20 .966 .964 .961 .959 .956 .953 .950 .947 .944 .940 .937 .933 .929 .926 .921 .917 20
21 .967 .964 .962 .959 .957 .954 .951 .948 .945 .941 .938 .934 .930 .926 .922 .918 21
22 .967 .965 .963 .960 .957 .955 .952 .949 .945 .942 .938 .935 .931 .927 .923 .919 22
23 .968 .966 .963 .961 .958 .955 .952 .949 .946 .943 .939 .936 .932 .928 .924 .920 23
24 .969 .966 .964 .961 .959 .956 .953 .950 .947 .944 .940 .937 .933 .929 .925 .921 24
25 .969 .967 .965 .962 .960 .957 .954 .951 .948 .944 .941 .937 .934 .930 .926 .921 25
26 .970 .968 .965 .963 .960 .958 .955 .952 .949 .945 .942 .938 .935 .931 .927 .922 26
27 .971 .969 .966 .964 .961 .959 .956 .953 .950 .946 .943 .939 .936 .932 .928 .923 27
28 .971 .969 .967 .965 .962 .959 .957 .954 .950 .947 .944 .940 .936 .933 .929 .924 28
29 .972 .970 .968 .965 .963 .960 .957 .954 .951 .948 .945 .941 .937 .934 .930 .925 29
30 .973 .971 .969 .966 .964 .961 .958 .955 .952 .949 .946 .942 .939 .935 .931 .927 30
31 .974 .972 .969 .967 .965 .962 .959 .956 .953 .950 .947 .943 .940 .936 .932 .928 31
32 .974 .972 .970 .968 .965 .963 .960 .957 .954 .951 .948 .944 .941 .937 .933 .929 32
33 .975 .973 .971 .969 .966 .964 .961 .958 .955 .952 .949 .945 .942 .938 .934 .930 33
34 .976 .974 .972 .970 .967 .965 .962 .959 .956 .953 .950 .947 .943 .939 .935 .931 34
35 .977 .975 .973 .970 .968 .966 .963 .960 .957 .954 .951 .948 .944 .940 .937 .933 35
36 .977 .975 .973 .971 .969 .967 .964 .961 .958 .955 .952 .949 .945 .942 .938 .934 36
37 .978 .976 .974 .972 .970 .968 .965 .962 .960 .957 .953 .950 .947 .943 .939 .935 37
38 .979 .977 .975 .973 .971 .969 .966 .963 .961 .958 .955 .951 .948 .944 .940 .937 38
39 .980 .978 .976 .974 .972 .970 .967 .964 .962 .959 .956 .952 .949 .946 .942 .938 39
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 48 49 50 51 52 53 54 55 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -----------
40 .980 .979 .977 .975 .973 .970 .968 .966 .963 .960 .957 .954 .950 .947 .943 .939 40
41 .981 .979 .978 .976 .974 .971 .969 .967 .964 .961 .958 .955 .952 .948 .945 .941 41
42 .982 .980 .978 .977 .975 .972 .970 .968 .965 .962 .959 .956 .953 .950 .946 .942 42
43 .983 .981 .979 .977 .975 .973 .971 .969 .966 .963 .961 .958 .954 .951 .947 .944 43
44 .983 .982 .980 .978 .976 .974 .972 .970 .967 .965 .962 .959 .956 .952 .949 .945 44
45 .984 .982 .981 .979 .977 .975 .973 .971 .968 .966 .963 .960 .957 .954 .950 .947 45
46 .985 .983 .982 .980 .978 .976 .974 .972 .969 .967 .964 .961 .958 .955 .952 .948 46
47 .985 .984 .982 .981 .979 .977 .975 .973 .971 .968 .965 .963 .960 .957 .953 .950 47
48 .986 .984 .983 .981 .980 .978 .976 .974 .972 .969 .967 .964 .961 .958 .955 .951 48
49 .986 .985 .984 .982 .981 .979 .977 .975 .973 .970 .968 .965 .962 .959 .956 .953 49
50 .987 .986 .984 .983 .981 .980 .978 .976 .974 .971 .969 .966 .964 .961 .958 .954 50
51 .988 .986 .985 .984 .982 .981 .979 .977 .975 .973 .970 .968 .965 .962 .959 .956 51
52 .988 .987 .986 .984 .983 .981 .980 .978 .976 .974 .971 .969 .966 .963 .961 .957 52
53 .989 .988 .986 .985 .984 .982 .980 .979 .977 .975 .972 .970 .968 .965 .962 .959 53
54 .989 .988 .987 .986 .984 .983 .981 .980 .978 .976 .974 .971 .969 .966 .963 .960 54
55 .990 .989 .988 .986 .985 .984 .982 .980 .979 .977 .975 .972 .970 .968 .965 .962 55
56 .990 .989 .988 .987 .986 .984 .983 .981 .980 .978 .976 .974 .971 .969 .966 .963 56
57 .991 .990 .989 .988 .987 .985 .984 .982 .981 .979 .977 .975 .973 .970 .968 .965 57
58 .991 .990 .989 .988 .987 .986 .985 .983 .981 .980 .978 .976 .974 .971 .969 .966 58
59 .992 .991 .990 .989 .988 .987 .985 .984 .982 .981 .979 .977 .975 .973 .970 .968 59
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
(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 48 49 50 51 52 53 54 55 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -----------
60 .992 .991 .990 .989 .988 .987 .986 .985 .983 .981 .980 .978 .976 .974 .972 .969 60
61 .993 .992 .991 .990 .989 .988 .987 .985 .984 .982 .981 .979 .977 .975 .973 .971 61
62 .993 .992 .991 .991 .990 .988 .987 .986 .985 .983 .982 .980 .978 .976 .974 .972 62
63 .993 .993 .992 .991 .990 .989 .988 .987 .985 .984 .983 .981 .979 .977 .975 .973 63
64 .994 .993 .992 .991 .991 .990 .989 .987 .986 .985 .983 .982 .980 .978 .976 .974 64
65 .994 .993 .993 .992 .991 .990 .989 .988 .987 .986 .984 .983 .981 .979 .978 .976 65
66 .994 .994 .993 .992 .992 .991 .990 .989 .988 .986 .985 .984 .982 .980 .979 .977 66
67 .995 .994 .994 .993 .992 .991 .990 .989 .988 .987 .986 .984 .983 .981 .980 .978 67
68 .995 .994 .994 .993 .993 .992 .991 .990 .989 .988 .987 .985 .984 .982 .981 .979 68
69 .995 .995 .994 .994 .993 .992 .991 .990 .989 .988 .987 .986 .985 .983 .982 .980 69
70 .996 .995 .995 .994 .993 .993 .992 .991 .990 .989 .988 .987 .986 .984 .983 .981 70
71 .996 .995 .995 .994 .994 .993 .992 .991 .991 .990 .989 .987 .986 .985 .984 .982 71
72 .996 .996 .995 .995 .994 .993 .993 .992 .991 .990 .989 .988 .987 .986 .985 .983 72
73 .996 .996 .996 .995 .994 .994 .993 .992 .992 .991 .990 .989 .988 .987 .985 .984 73
74 .997 .996 .996 .995 .995 .994 .994 .993 .992 .991 .990 .989 .988 .987 .986 .985 74
75 .997 .996 .996 .996 .995 .995 .994 .993 .993 .992 .991 .990 .989 .988 .987 .986 75
76 .997 .997 .996 .996 .995 .995 .994 .994 .993 .992 .992 .991 .990 .989 .988 .987 76
77 .997 .997 .997 .996 .996 .995 .995 .994 .993 .993 .992 .991 .990 .989 .988 .987 77
78 .997 .997 .997 .996 .996 .996 .995 .994 .994 .993 .992 .992 .991 .990 .989 .988 78
79 .998 .997 .997 .997 .996 .996 .995 .995 .994 .994 .993 .992 .991 .991 .990 .989 79
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 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -----------
80 .998 .997 .997 .997 .997 .996 .996 .995 .995 .994 .993 .993 .992 .991 .990 .990 80
81 .998 .998 .997 .997 .997 .996 .996 .995 .995 .994 .994 .993 .993 .992 .991 .990 81
82 .998 .998 .998 .997 .997 .997 .996 .996 .995 .995 .994 .994 .993 .992 .992 .991 82
83 .998 .998 .998 .997 .997 .997 .996 .996 .996 .995 .995 .994 .993 .993 .992 .991 83
84 .998 .998 .998 .998 .997 .997 .997 .996 .996 .995 .995 .994 .994 .993 .993 .992 84
85 .998 .998 .998 .998 .998 .997 .997 .997 .996 .996 .995 .995 .994 .994 .993 .992 85
86 .999 .998 .998 .998 .998 .997 .997 .997 .996 .996 .996 .995 .995 .994 .994 .993 86
87 .999 .998 .998 .998 .998 .998 .997 .997 .997 .996 .996 .995 .995 .995 .994 .993 87
88 .999 .999 .998 .998 .998 .998 .998 .997 .997 .997 .996 .996 .995 .995 .994 .994 88
89 .999 .999 .999 .998 .998 .998 .998 .997 .997 .997 .996 .996 .996 .995 .995 .994 89
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
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 63 64 65 66 67 68 69 70 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -----------
< C>
20 .917 .913 .908 .903 .898 .893 .888 .882 .876 .870 .864 .857 .850 .843 .836 .828 20
21 .918 .913 .909 .904 .899 .894 .888 .883 .877 .871 .865 .858 .851 .844 .837 .829 21
22 .919 .914 .910 .905 .900 .895 .889 .884 .878 .872 .865 .859 .852 .845 .838 .830 22
23 .920 .915 .911 .906 .901 .896 .890 .885 .879 .873 .866 .860 .853 .846 .838 .831 23
24 .921 .916 .912 .907 .902 .897 .891 .886 .880 .874 .867 .861 .854 .847 .839 .832 24
25 .921 .917 .912 .908 .903 .898 .892 .887 .881 .875 .868 .862 .855 .848 .840 .833 25
26 .922 .918 .913 .909 .904 .899 .893 .888 .882 .876 .869 .863 .856 .849 .841 .834 26
27 .923 .919 .914 .910 .905 .900 .894 .889 .883 .877 .870 .864 .857 .850 .842 .835 27
28 .924 .920 .916 .911 .906 .901 .895 .890 .884 .878 .871 .865 .858 .851 .844 .836 28
29 .925 .921 .917 .912 .907 .902 .896 .891 .885 .879 .873 .866 .859 .852 .845 .837 29
30 .927 .922 .918 .913 .908 .903 .898 .892 .886 .880 .874 .867 .860 .853 .846 .838 30
31 .928 .923 .919 .914 .909 .904 .899 .893 .887 .881 .875 .868 .862 .855 .847 .840 31
32 .929 .925 .920 .915 .911 .905 .900 .895 .889 .883 .876 .870 .863 .856 .849 .841 32
33 .930 .926 .921 .917 .912 .907 .901 .896 .890 .884 .878 .871 .864 .857 .850 .842 33
34 .931 .927 .923 .918 .913 .908 .903 .897 .891 .885 .879 .873 .866 .859 .851 .844 34
35 .933 .928 .924 .919 .915 .909 .904 .899 .893 .887 .881 .874 .867 .860 .853 .845 35
36 .934 .930 .925 .921 .916 .911 .906 .900 .894 .888 .882 .876 .869 .862 .854 .847 36
37 .935 .931 .927 .922 .917 .912 .907 .902 .896 .890 .884 .877 .870 .863 .856 .849 37
38 .937 .932 .928 .924 .919 .914 .909 .903 .897 .892 .885 .879 .872 .865 .858 .850 38
39 .938 .934 .930 .925 .920 .915 .910 .905 .899 .893 .887 .880 .874 .867 .859 .852 39
NOTE: Factors for additional age combinations are availavble 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 63 64 65 66 67 68 69 70 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -----------
40 .939 .935 .931 .927 .922 .917 .912 .906 .901 .895 .889 .882 .875 .868 .861 .854 40
41 .941 .937 .933 .928 .924 .919 .914 .908 .903 .897 .890 .884 .877 .870 .863 .856 41
42 .942 .938 .934 .930 .925 .920 .915 .910 .904 .898 .892 .886 .879 .872 .865 .858 42
43 .944 .940 .936 .931 .927 .922 .917 .912 .906 .900 .894 .888 .881 .874 .867 .860 43
44 .945 .941 .937 .933 .929 .924 .919 .914 .908 .902 .896 .890 .883 .876 .869 .862 44
45 .947 .943 .939 .935 .930 .926 .921 .915 .910 .904 .898 .892 .885 .878 .871 .864 45
46 .948 .944 .941 .936 .932 .927 .922 .917 .912 .906 .900 .894 .887 .880 .873 .866 46
47 .950 .946 .942 .938 .934 .929 .924 .919 .914 .908 .902 .896 .889 .883 .876 .868 47
48 .951 .948 .944 .940 .936 .931 .926 .921 .916 .910 .904 .898 .892 .885 .878 .871 48
49 .953 .949 .946 .942 .937 .933 .928 .923 .918 .912 .907 .900 .894 .887 .880 .873 49
50 .954 .951 .947 .943 .939 .935 .930 .925 .920 .915 .909 .903 .896 .890 .883 .875 50
51 .956 .953 .949 .945 .941 .937 .932 .927 .922 .917 .911 .905 .899 .892 .885 .878 51
52 .957 .954 .951 .947 .943 .939 .934 .929 .924 .919 .913 .907 .901 .895 .888 .880 52
53 .959 .956 .952 .949 .945 .941 .936 .932 .927 .921 .916 .910 .904 .897 .890 .883 53
54 .960 .957 .954 .950 .947 .943 .938 .934 .929 .924 .918 .912 .906 .900 .893 .886 54
55 .962 .959 .956 .952 .948 .945 .940 .936 .931 .926 .920 .915 .909 .902 .896 .889 55
56 .963 .960 .957 .954 .950 .946 .942 .938 .933 .928 .923 .917 .911 .905 .898 .891 56
57 .965 .962 .959 .956 .952 .948 .944 .940 .935 .931 .925 .920 .914 .908 .901 .894 57
58 .966 .964 .961 .957 .954 .950 .946 .942 .938 .933 .928 .922 .917 .910 .904 .897 58
59 .968 .965 .962 .959 .956 .952 .948 .944 .940 .935 .930 .925 .919 .913 .907 .900 59
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
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 63 64 65 66 67 68 69 70 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -----------
60 .969 .967 .964 .961 .958 .954 .950 .946 .942 .938 .933 .927 .922 .916 .910 .903 60
61 .971 .968 .965 .962 .959 .956 .952 .949 .944 .940 .935 .930 .925 .919 .913 .906 61
62 .972 .969 .967 .964 .961 .958 .954 .951 .947 .942 .938 .933 .927 .922 .916 .909 62
63 .973 .971 .968 .966 .963 .960 .956 .953 .949 .945 .940 .935 .930 .924 .919 .912 63
64 .974 .972 .970 .967 .965 .962 .958 .955 .951 .947 .942 .938 .933 .927 .922 .916 64
65 .976 .974 .971 .969 .966 .963 .960 .957 .953 .949 .945 .940 .935 .930 .925 .919 65
66 .977 .975 .973 .970 .968 .965 .962 .959 .955 .951 .947 .943 .938 .933 .928 .922 66
67 .978 .976 .974 .972 .969 .967 .964 .961 .957 .954 .950 .945 .941 .936 .930 .925 67
68 .979 .977 .975 .973 .971 .968 .966 .963 .959 .956 .952 .948 .943 .939 .933 .928 68
69 .980 .978 .977 .975 .972 .970 .967 .964 .961 .958 .954 .950 .946 .941 .936 .931 69
70 .981 .980 .978 .976 .974 .971 .969 .966 .963 .960 .956 .953 .948 .944 .939 .934 70
71 .982 .981 .979 .977 .975 .973 .971 .968 .965 .962 .959 .955 .951 .947 .942 .937 71
72 .983 .982 .980 .978 .976 .974 .972 .970 .967 .964 .961 .957 .953 .949 .945 .940 72
73 .984 .983 .981 .979 .978 .976 .974 .971 .969 .966 .963 .959 .956 .952 .947 .943 73
74 .985 .984 .982 .981 .979 .977 .975 .973 .970 .968 .965 .961 .958 .954 .950 .946 74
75 .986 .985 .983 .982 .980 .978 .976 .974 .972 .969 .967 .963 .960 .956 .953 .948 75
76 .987 .985 .984 .983 .981 .980 .978 .976 .973 .971 .968 .965 .962 .959 .955 .951 76
77 .987 .986 .985 .984 .982 .981 .979 .977 .975 .973 .970 .967 .964 .961 .957 .954 77
78 .988 .987 .986 .985 .983 .982 .980 .978 .976 .974 .972 .969 .966 .963 .960 .956 78
79 .989 .988 .987 .986 .984 .983 .981 .980 .978 .976 .974 .971 .968 .965 .962 .959 79
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
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 63 64 65 66 67 68 69 70 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -----------
80 .990 .989 .988 .986 .985 .984 .983 .981 .979 .977 .975 .973 .970 .967 .964 .961 80
81 .990 .989 .988 .987 .986 .985 .984 .982 .980 .979 .977 .974 .972 .969 .966 .963 81
82 .991 .990 .989 .988 .987 .986 .985 .983 .982 .980 .978 .976 .974 .971 .968 .965 82
83 .991 .991 .990 .989 .988 .987 .986 .984 .983 .981 .979 .978 .975 .973 .970 .968 83
84 .992 .991 .990 .990 .989 .988 .987 .985 .984 .982 .981 .979 .977 .975 .972 .970 84
85 .992 .992 .991 .990 .989 .988 .987 .986 .985 .984 .982 .980 .978 .976 .974 .972 85
86 .993 .992 .992 .991 .990 .989 .988 .987 .986 .985 .983 .982 .980 .978 .976 .973 86
87 .993 .993 .992 .992 .991 .990 .989 .988 .987 .986 .984 .983 .981 .979 .977 .975 87
88 .994 .993 .993 .992 .991 .991 .990 .989 .988 .987 .985 .984 .983 .981 .979 .977 88
89 .994 .994 .993 .993 .992 .991 .991 .990 .989 .988 .987 .985 .984 .982 .980 .978 89
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
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 48 49 50 51 52 53 54 55 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -----------
20 .904 .898 .892 .885 .879 .872 .864 .856 .849 .840 .832 .823 .815 .805 .796 .787 20
21 .906 .900 .894 .887 .880 .873 .866 .858 .850 .842 .834 .825 .816 .807 .798 .788 21
22 .908 .902 .896 .889 .882 .875 .868 .860 .852 .844 .836 .827 .818 .809 .800 .790 22
23 .909 .904 .897 .891 .884 .877 .870 .862 .854 .846 .838 .829 .820 .811 .802 .792 23
24 .911 .905 .899 .893 .886 .879 .872 .864 .856 .848 .840 .831 .822 .813 .804 .794 24
25 .913 .907 .901 .895 .888 .881 .874 .866 .858 .850 .842 .833 .824 .815 .806 .796 25
26 .915 .909 .903 .897 .890 .883 .876 .868 .860 .852 .844 .835 .826 .817 .808 .798 26
27 .917 .911 .905 .899 .892 .885 .878 .870 .862 .854 .846 .837 .829 .820 .810 .801 27
28 .919 .913 .907 .901 .894 .887 .880 .872 .865 .857 .848 .840 .831 .822 .813 .803 28
29 .921 .915 .909 .903 .896 .889 .882 .875 .867 .859 .851 .842 .833 .824 .815 .805 29
30 .923 .917 .911 .905 .899 .892 .885 .877 .869 .861 .853 .845 .836 .827 .817 .808 30
31 .925 .919 .913 .907 .901 .894 .887 .880 .872 .864 .856 .847 .838 .829 .820 .811 31
32 .927 .921 .916 .909 .903 .896 .889 .882 .874 .866 .858 .850 .841 .832 .823 .813 32
33 .929 .923 .918 .912 .905 .899 .892 .884 .877 .869 .861 .852 .844 .835 .825 .816 33
34 .931 .926 .920 .914 .908 .901 .894 .887 .879 .872 .864 .855 .846 .838 .828 .819 34
35 .933 .928 .922 .916 .910 .904 .897 .890 .882 .874 .866 .858 .849 .840 .831 .822 35
36 .935 .930 .924 .919 .913 .906 .899 .892 .885 .877 .869 .861 .852 .843 .834 .825 36
37 .937 .932 .927 .921 .915 .909 .902 .895 .888 .880 .872 .864 .855 .846 .837 .828 37
38 .939 .934 .929 .923 .917 .911 .905 .898 .890 .883 .875 .867 .858 .850 .840 .831 38
39 .941 .936 .931 .926 .920 .914 .907 .900 .893 .886 .878 .870 .861 .853 .844 .834 39
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 48 49 50 51 52 53 54 55 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -----------
40 .943 .939 .934 .928 .922 .916 .910 .903 .896 .889 .881 .873 .865 .856 .847 .838 40
41 .945 .941 .936 .930 .925 .919 .913 .906 .899 .892 .884 .876 .868 .859 .850 .841 41
42 .947 .943 .938 .933 .927 .921 .915 .909 .902 .895 .887 .879 .871 .863 .854 .845 42
43 .949 .945 .940 .935 .930 .924 .918 .912 .905 .898 .890 .883 .874 .866 .857 .848 43
44 .951 .947 .942 .937 .932 .927 .921 .914 .908 .901 .893 .886 .878 .869 .861 .852 44
45 .953 .949 .945 .940 .935 .929 .923 .917 .911 .904 .897 .889 .881 .873 .864 .856 45
46 .955 .951 .947 .942 .937 .932 .926 .920 .914 .907 .900 .892 .885 .876 .868 .859 46
47 .957 .953 .949 .944 .939 .934 .929 .923 .916 .910 .903 .896 .888 .880 .872 .863 47
48 .959 .955 .951 .946 .942 .937 .931 .925 .919 .913 .906 .899 .891 .884 .875 .867 48
49 .960 .957 .953 .949 .944 .939 .934 .928 .922 .916 .909 .902 .895 .887 .879 .871 49
50 .962 .959 .955 .951 .946 .941 .936 .931 .925 .919 .912 .906 .898 .891 .883 .875 50
51 .964 .960 .957 .953 .948 .944 .939 .934 .928 .922 .916 .909 .902 .894 .887 .878 51
52 .965 .962 .959 .955 .951 .946 .941 .936 .931 .925 .919 .912 .905 .898 .890 .882 52
53 .967 .964 .960 .957 .953 .948 .944 .939 .933 .928 .922 .915 .909 .902 .894 .886 53
54 .969 .966 .962 .959 .955 .951 .946 .941 .936 .931 .925 .918 .912 .905 .898 .890 54
55 .970 .967 .964 .960 .957 .953 .948 .944 .939 .933 .928 .922 .915 .909 .901 .894 55
56 .971 .969 .966 .962 .959 .955 .951 .946 .941 .936 .931 .925 .919 .912 .905 .898 56
57 .973 .970 .967 .964 .961 .957 .953 .948 .944 .939 .933 .928 .922 .915 .909 .902 57
58 .974 .972 .969 .966 .962 .959 .955 .951 .946 .941 .936 .931 .925 .919 .912 .905 58
59 .975 .973 .970 .967 .964 .961 .957 .953 .949 .944 .939 .934 .928 .922 .916 .909 59
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
(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 48 49 50 51 52 53 54 55 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -----------
60 .977 .974 .972 .969 .966 .963 .959 .955 .951 .946 .942 .937 .931 .925 .919 .913 60
61 .978 .976 .973 .971 .968 .964 .961 .957 .953 .949 .944 .939 .934 .929 .923 .917 61
62 .979 .977 .975 .972 .969 .966 .963 .959 .955 .951 .947 .942 .937 .932 .926 .920 62
63 .980 .978 .976 .974 .971 .968 .965 .961 .958 .954 .949 .945 .940 .935 .929 .924 63
64 .981 .979 .977 .975 .972 .970 .967 .963 .960 .956 .952 .947 .943 .938 .933 .927 64
65 .982 .981 .978 .976 .974 .971 .968 .965 .962 .958 .954 .950 .945 .941 .936 .930 65
66 .983 .982 .980 .978 .975 .973 .970 .967 .964 .960 .956 .952 .948 .944 .939 .934 66
67 .984 .983 .981 .979 .977 .974 .971 .969 .965 .962 .959 .955 .951 .946 .942 .937 67
68 .985 .984 .982 .980 .978 .976 .973 .970 .967 .964 .961 .957 .953 .949 .945 .940 68
69 .986 .985 .983 .981 .979 .977 .974 .972 .969 .966 .963 .959 .955 .952 .947 .943 69
70 .987 .985 .984 .982 .980 .978 .976 .973 .971 .968 .965 .961 .958 .954 .950 .946 70
71 .988 .986 .985 .983 .981 .979 .977 .975 .972 .970 .967 .963 .960 .956 .953 .948 71
72 .988 .987 .986 .984 .983 .981 .979 .976 .974 .971 .968 .965 .962 .959 .955 .951 72
73 .989 .988 .987 .985 .984 .982 .980 .978 .975 .973 .970 .967 .964 .961 .957 .954 73
74 .990 .989 .987 .986 .985 .983 .981 .979 .977 .974 .972 .969 .966 .963 .960 .956 74
75 .990 .989 .988 .987 .986 .984 .982 .980 .978 .976 .973 .971 .968 .965 .962 .959 75
76 .991 .990 .989 .988 .986 .985 .983 .981 .979 .977 .975 .972 .970 .967 .964 .961 76
77 .992 .991 .990 .989 .987 .986 .984 .983 .981 .979 .976 .974 .972 .969 .966 .963 77
78 .992 .991 .990 .989 .988 .987 .985 .984 .982 .980 .978 .976 .973 .971 .968 .965 78
79 .993 .992 .991 .990 .989 .988 .986 .985 .983 .981 .979 .977 .975 .972 .970 .967 79
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 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -----------
80 .993 .992 .992 .991 .990 .988 .987 .986 .984 .982 .980 .978 .976 .974 .972 .969 80
81 .994 .993 .992 .991 .990 .989 .988 .987 .985 .983 .982 .980 .978 .976 .973 .971 81
82 .994 .993 .993 .992 .991 .990 .989 .987 .986 .985 .983 .981 .979 .977 .975 .973 82
83 .995 .994 .993 .992 .992 .991 .990 .988 .987 .986 .984 .982 .981 .979 .977 .975 83
84 .995 .994 .994 .993 .992 .991 .990 .989 .988 .986 .985 .983 .982 .980 .978 .976 84
85 .995 .995 .994 .994 .993 .992 .991 .990 .989 .987 .986 .985 .983 .981 .980 .978 85
86 .996 .995 .995 .994 .993 .992 .992 .991 .989 .988 .987 .986 .984 .983 .981 .979 86
87 .996 .995 .995 .994 .994 .993 .992 .991 .990 .989 .988 .987 .985 .984 .982 .981 87
88 .996 .996 .995 .995 .994 .994 .993 .992 .991 .990 .989 .988 .986 .985 .983 .982 88
89 .996 .996 .996 .995 .995 .994 .993 .993 .992 .991 .990 .988 .987 .986 .985 .983 89
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
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 63 64 65 66 67 68 69 70 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -----------
20 .787 .777 .767 .757 .746 .736 .725 .714 .702 .691 .679 .667 .654 .642 .629 .617 20
21 .788 .779 .769 .759 .748 .737 .726 .715 .704 .692 .680 .668 .656 .643 .631 .618 21
22 .790 .781 .771 .760 .750 .739 .728 .717 .705 .694 .682 .670 .657 .645 .632 .620 22
23 .792 .782 .772 .762 .752 .741 .730 .719 .707 .695 .683 .671 .659 .646 .634 .621 23
24 .794 .784 .774 .764 .754 .743 .732 .721 .709 .697 .685 .673 .661 .648 .635 .623 24
25 .796 .787 .776 .766 .756 .745 .734 .723 .711 .699 .687 .675 .662 .650 .637 .624 25
26 .798 .789 .779 .768 .758 .747 .736 .725 .713 .701 .689 .677 .664 .652 .639 .626 26
27 .801 .791 .781 .771 .760 .749 .738 .727 .715 .703 .691 .679 .666 .653 .641 .628 27
28 .803 .793 .783 .773 .762 .751 .740 .729 .717 .705 .693 .681 .668 .655 .643 .630 28
29 .805 .796 .786 .775 .765 .754 .743 .731 .719 .708 .695 .683 .670 .658 .645 .632 29
30 .808 .798 .788 .778 .767 .756 .745 .734 .722 .710 .698 .685 .673 .660 .647 .634 30
31 .811 .801 .791 .780 .770 .759 .748 .736 .724 .712 .700 .688 .675 .662 .649 .636 31
32 .813 .803 .793 .783 .772 .761 .750 .739 .727 .715 .703 .690 .677 .664 .651 .638 32
33 .816 .806 .796 .786 .775 .764 .753 .741 .730 .718 .705 .693 .680 .667 .654 .641 33
34 .819 .809 .799 .789 .778 .767 .756 .744 .732 .720 .708 .695 .682 .669 .656 .643 34
35 .822 .812 .802 .792 .781 .770 .759 .747 .735 .723 .711 .698 .685 .672 .659 .646 35
36 .825 .815 .805 .795 .784 .773 .762 .750 .738 .726 .714 .701 .688 .675 .662 .648 36
37 .828 .818 .808 .798 .787 .776 .765 .753 .742 .729 .717 .704 .691 .678 .665 .651 37
38 .831 .821 .811 .801 .791 .780 .768 .757 .745 .733 .720 .707 .694 .681 .668 .654 38
39 .834 .825 .815 .805 .794 .783 .772 .760 .748 .736 .723 .711 .698 .684 .671 .657 39
NOTE: Factors for additional age combinations are available from the
Administrator.
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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 63 64 65 66 67 68 69 70 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -----------
40 .838 .828 .818 .808 .797 .787 .775 .764 .752 .739 .727 .714 .701 .688 .674 .661 40
41 .841 .832 .822 .812 .801 .790 .779 .767 .755 .743 .730 .718 .704 .691 .678 .664 41
42 .845 .835 .825 .815 .805 .794 .783 .771 .759 .747 .734 .721 .708 .695 .681 .667 42
43 .848 .839 .829 .819 .808 .798 .786 .775 .763 .751 .738 .725 .712 .698 .685 .671 43
44 .852 .843 .833 .823 .812 .802 .790 .779 .767 .755 .742 .729 .716 .702 .689 .675 44
45 .856 .846 .837 .827 .816 .806 .794 .783 .771 .759 .746 .733 .720 .706 .693 .679 45
46 .859 .850 .841 .831 .820 .810 .799 .787 .775 .763 .750 .737 .724 .711 .697 .683 46
47 .863 .854 .845 .835 .825 .814 .803 .791 .780 .767 .755 .742 .728 .715 .701 .687 47
48 .867 .858 .849 .839 .829 .818 .807 .796 .784 .772 .759 .746 .733 .719 .705 .691 48
49 .871 .862 .853 .843 .833 .823 .812 .800 .789 .776 .764 .751 .738 .724 .710 .696 49
50 .875 .866 .857 .847 .837 .827 .816 .805 .793 .781 .769 .756 .742 .729 .715 .701 50
51 .878 .870 .861 .852 .842 .832 .821 .810 .798 .786 .773 .761 .747 .734 .720 .706 51
52 .882 .874 .865 .856 .846 .836 .825 .814 .803 .791 .778 .766 .752 .739 .725 .711 52
53 .886 .878 .869 .860 .851 .841 .830 .819 .808 .796 .784 .771 .757 .744 .730 .716 53
54 .890 .882 .874 .865 .855 .845 .835 .824 .813 .801 .789 .776 .763 .749 .735 .721 54
55 .894 .886 .878 .869 .860 .850 .840 .829 .818 .806 .794 .781 .768 .755 .741 .727 55
56 .898 .890 .882 .873 .864 .855 .845 .834 .823 .812 .799 .787 .774 .760 .747 .732 56
57 .902 .894 .886 .878 .869 .860 .850 .839 .828 .817 .805 .793 .780 .766 .752 .738 57
58 .905 .898 .890 .882 .874 .864 .855 .845 .834 .822 .811 .798 .785 .772 .758 .744 58
59 .909 .902 .895 .887 .878 .869 .860 .850 .839 .828 .816 .804 .791 .778 .764 .750 59
NOTE: Factors for additional age combinations are available from the
Administrator.
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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 63 64 65 66 67 68 69 70 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -----------
60 .913 .906 .899 .891 .883 .874 .865 .855 .844 .834 .822 .810 .797 .784 .771 .757 60
61 .917 .910 .903 .895 .887 .879 .870 .860 .850 .839 .828 .816 .803 .790 .777 .763 61
62 .920 .914 .907 .900 .892 .884 .875 .865 .855 .845 .834 .822 .810 .797 .784 .770 62
63 .924 .917 .911 .904 .896 .888 .880 .870 .861 .850 .839 .828 .816 .803 .790 .776 63
64 .927 .921 .915 .908 .901 .893 .884 .876 .866 .856 .845 .834 .822 .810 .797 .783 64
65 .930 .925 .918 .912 .905 .897 .889 .881 .871 .862 .851 .840 .828 .816 .803 .790 65
66 .934 .928 .922 .916 .909 .902 .894 .886 .877 .867 .857 .846 .835 .823 .810 .797 66
67 .937 .931 .926 .920 .913 .906 .899 .891 .882 .873 .863 .852 .841 .829 .817 .804 67
68 .940 .935 .929 .924 .917 .911 .903 .895 .887 .878 .868 .858 .847 .836 .824 .811 68
69 .943 .938 .933 .927 .921 .915 .908 .900 .892 .883 .874 .864 .854 .842 .830 .818 69
70 .946 .941 .936 .931 .925 .919 .912 .905 .897 .889 .880 .870 .860 .849 .837 .825 70
71 .948 .944 .939 .934 .929 .923 .916 .909 .902 .894 .885 .876 .866 .855 .844 .832 71
72 .951 .947 .942 .938 .932 .927 .921 .914 .907 .899 .890 .881 .872 .861 .851 .839 72
73 .954 .950 .945 .941 .936 .931 .925 .918 .911 .904 .896 .887 .878 .868 .857 .846 73
74 .956 .952 .948 .944 .939 .934 .929 .922 .916 .909 .901 .893 .884 .874 .864 .853 74
75 .959 .955 .951 .947 .943 .938 .932 .927 .920 .913 .906 .898 .889 .880 .870 .859 75
76 .961 .958 .954 .950 .946 .941 .936 .931 .924 .918 .911 .903 .895 .886 .876 .866 76
77 .963 .960 .957 .953 .949 .944 .940 .934 .929 .922 .916 .908 .900 .892 .882 .873 77
78 .965 .962 .959 .955 .952 .948 .943 .938 .933 .927 .920 .913 .906 .897 .888 .879 78
79 .967 .964 .961 .958 .954 .951 .946 .942 .936 .931 .925 .918 .911 .903 .894 .885 79
NOTE: Factors for additional age combinations are available from the
Administrator.
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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 63 64 65 66 67 68 69 70 RETIREMENT
- ------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -----------
80 .969 .967 .964 .961 .957 .953 .949 .945 .940 .935 .929 .923 .916 .908 .900 .891 80
81 .971 .969 .966 .963 .960 .956 .952 .948 .944 .939 .933 .927 .920 .913 .906 .897 81
82 .973 .970 .968 .965 .962 .959 .955 .951 .947 .942 .937 .931 .925 .918 .911 .903 82
83 .975 .972 .970 .967 .965 .961 .958 .954 .950 .946 .941 .936 .930 .923 .916 .909 83
84 .976 .974 .972 .969 .967 .964 .961 .957 .953 .949 .945 .939 .934 .928 .921 .914 84
85 .978 .976 .974 .971 .969 .966 .963 .960 .956 .952 .948 .943 .938 .932 .926 .919 85
86 .979 .977 .975 .973 .971 .968 .966 .963 .959 .956 .951 .947 .942 .937 .931 .924 86
87 .981 .979 .977 .975 .973 .971 .968 .965 .962 .958 .955 .950 .946 .941 .935 .929 87
88 .982 .980 .979 .977 .975 .973 .970 .967 .965 .961 .958 .954 .949 .945 .939 .934 88
89 .983 .982 .980 .978 .976 .974 .972 .970 .967 .964 .961 .957 .953 .948 .943 .938 89
NOTE: Factors for additional age combinations are available from the
Administrator.
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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:
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(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.
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SPECIAL PROVISION H
MAXIMUM PENSION
This PLAN incorporates by reference the benefit limitations imposed by
CODE Section 415.
The annual benefit amount otherwise payable to a former EMPLOYEE at any
time will not exceed the maximum permissible amount under CODE Section 415.
For purposes of determining compliance with the Section 415 benefit
limitations, the limitation year shall be the PLAN YEAR. If the benefit the
PARTICIPANT would otherwise accrue in a limitation year would produce an annual
benefit in excess of the maximum permissible amount under CODE Section 415,
then the rate of accrual will be reduced so that the annual benefit will equal
the maximum permissible amount.
If a PARTICIPANT in this PLAN also participates in any defined
contribution plan maintained by an EMPLOYER, the sum of the PARTICIPANT'S
"Defined Benefit Fraction" and the PARTICIPANT'S "Defined Contribution
Fraction" shall not exceed 1.0. In the event that in any PLAN YEAR the sum of
the PARTICIPANT'S Defined Benefit Fraction and the PARTICIPANT'S Defined
Contribution Fraction exceed 1.0, then the PENSION payable under this PLAN
shall be reduced so that the sum of such fractions in respect of that
PARTICIPANT will not exceed 1.0."
For purposes of determining the PLAN'S compliance with CODE Section 415,
the annual benefit is a retirement benefit payable under the PLAN in the form
of a straight life annuity. Except as provided below, a benefit payable in a
form other than a straight life annuity must be adjusted to an actuarially
equivalent straight life annuity before applying the limitations of Section
415. The interest rate assumption used to determine actuarial equivalence will
be the greater of rate used in Special Provision D or 5 percent. No actuarial
adjustment to the benefit is required for the value of a qualified joint and
survivor annuity, the value of benefits that are not directly related to
retirement benefits (such as the qualified disability benefit, pre-retirement
death benefits, and post-retirement medical benefits), and the value of
post-retirement cost-of-living increases made in accordance with 415(d) of the
CODE. The annual benefit does not include any benefits attributable to
EMPLOYEE contributions or rollover contributions or the assets transferred from
a qualified plan not maintained by the COMPANY.
Compensation, for purposes of determining the PLAN'S compliance with
Section 415 of the CODE, shall mean all of each PARTICIPANT'S wages, tips, and
other Box 10 compensation on the PARTICIPANT'S Form W-2.
SPECIAL PROVISION I
If prior to 1989 SERVICE terminates with at least ten years of SERVICE, or
with at least five years of SERVICE after 1988, 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:
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65
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
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.
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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) : 12 Months
($9,000 x .0871 : 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).
If any individual has not performed SERVICE for an EMPLOYER at any time
during the five-year period ending on the last day of the preceding PLAN YEAR,
any accrued benefit for such individual shall not be taken into account for
purposes of determining whether the PLAN is a "top-heavy plan." For purposes
of determining whether the PLAN is top-heavy, a non-key EMPLOYEE'S accrued
benefit must be determined as if it is accrued not more rapidly than the
slowest accrual rate permitted under CODE Section 411(b)(1)(C) (i.e., the
"fractional rule").
(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.
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68
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
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 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 there are
no EMPLOYER contributions, forfeitures or voluntary
-66-
69
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".
(e) 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.
(f) 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 group. Such plan or plans may be
added to the permissive aggrega-
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tion 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.
(B) 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.
(g) 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:
(1) An officer of the EMPLOYER (as defined in subsection (j)). Whether
an individual is an officer shall be determined by the
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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 CODE 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.
(h) Non-Key Employee
The term "non-key employee" means any employee (and any beneficiary of an
employee) who is not a key employee.
(i) Employer
The term "employer" means EMPLOYER as defined in Section 22 of this PLAN.
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(j) 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.
(k) 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 calculating 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.
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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.
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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 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
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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 subsequent 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 Communi-
cations 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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SPECIAL PROVISION N
I. Introduction
This Special Provision N, an amendment to the COMPANY'S RETIREMENT
PLAN, authorized by the COMPANY'S Board of Directors on September 21,
1994, 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. The VRI is a part of the RETIREMENT PLAN,
and except as otherwise provided in this Special Provision N, 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 N.
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 who
was born on or before September 30, 1944, and has at least 15 years of
SERVICE on September 30, 1994. For purposes of this VRI only, the term
active EMPLOYEE shall not include an EMPLOYEE of the COMPANY (i) who, on
September 30, 1994, 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 March 30,
1994; (iii) who elected to retire under Special Provision M of Part I of
the RETIREMENT PLAN or Special Provision N of Part II of the RETIREMENT
PLAN; (iv) who has received or is scheduled to receive severance benefits
under the COMPANY'S Workforce Management Program, Letter Agreement No.
93-42-PGE and Letter Agreement No. 93-23esc, or under any other written
agreement between the COMPANY and the EMPLOYEE in which the EMPLOYEE has
received benefits in connection with the termination of such EMPLOYEE'S
employment; (v) who is a former EMPLOYEE who was terminated for cause; or
(vi) who is a former EMPLOYEE whose ACTUAL RETIREMENT DATE was July 1,
1994, or earlier.
III. Election to Participate
An Eligible Employee must elect to participate in the VRI by
completing and signing the VRI enrollment and waiver and release forms
provided by the COMPANY and returning the completed forms to a designated
COMPANY representative no later than November 21, 1994. An Eligible
Employee who fails to submit timely both enrollment and waiver and release
forms 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 VRI election and waiver and release forms
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:
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1. SERVICE shall mean the PARTICIPANT'S SERVICE as of the 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 N.
B. A Basic VRI Benefit shall be payable as of the VRI Retirement Date
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, Subsection 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 N 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 N, a VRI Retirement Date shall mean one of the following:
A. January 1, 1995; or
B. The first of any month during the period commencing with February 1,
1995, and ending with and including January 1, 1996. This Subsection
B 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 subsequent to January
1, 1995, can be made only with the written approval of the COMPANY'S
Chief Executive Officer.
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 November 28,
1994.
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VII. Definitions
A. Basic VRI Benefit: The benefit calculated under Section IV of this
Special Provision N.
B. Eligible Employee: An EMPLOYEE of the COMPANY who has met the
eligibility criteria as set forth in Section II. EMPLOYEES of
Pacific Gas Transmission Company, PG&E Enterprises, Pacific Service
Employees Association, and any other subsidiary or affiliate of the
COMPANY are not Eligible Employees for purposes of this VRI.
C. VRI: The COMPANY's Voluntary Retirement Incentive program as set
forth in this Special Provision N.
D. VRI Retirement Date: The date selected by an Eligible Employee under
Section V of this Special Provision N.
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