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Eligibility for Benefits |
The following types of pensions are provided
for the benefit of Participants and/or their beneficiaries under the Plan:
Normal Retirement
Deferred Vested Retirement
Early Retirement
Rule of 90 Retirement
Disability Retirement
Late RetirementWhen am I eligible for a Normal Retirement Pension? You can receive a Normal Retirement Pension benefit if you retire on or after you attain your Normal Retirement Age (the later of age 65 or your fifth anniversary of joining the Plan). What will my Normal Retirement Pension be? For Participants or former Participants who are not in pay status on January 1, 2000, the monthly amount of your Normal Retirement Pension, payable in the form of a Single Life Annuity, is the sum of
4.5% of the aggregate Employer
contributions made on your behalf, plus
$4.50 per month for each year of your
Credited Past Service, if any.If you were in Covered Employment on January 1, 1996, the benefit you earned as of December 31, 1995 was increased by 25%. If you terminated Covered Employment prior to January 1, 1996, your benefit as of December 31, 1995 will be increased by 25% if you return to Covered Employment and complete an additional two years of Credited Future Service. For Participants or former Participants who are in pay status on or prior to January 1, 2000 see Appendix A for a description of your Normal Retirement Pension. The Plan provides a minimum monthly Normal Retirement benefit, paid in the form of a Single Life Annuity, of $100.00 if you have two years of Credited Future Service and work in Covered Employment after June 1, 1998* (This minimum benefit is not available to Participants who are vested solely as a result of a reciprocity agreement.) *If you are or were an employee of Columbia Footwear, you are not entitled to the $100.00 minimum monthly benefit unless you completed Credited Service on or after October 1, 1999. Effective January 1, 1997, per the Collective Bargaining Agreement, certain Contributing Employers are permitted to temporarily suspend their Employer Contributions (the “contribution holiday period"). If your Employer is so affected, you will continue to receive credit for the Employer contributions which were otherwise due to be made on your behalf. If your Contributing Employer continues to make contributions on your behalf during the contribution holiday period, your vested pension will reflect these additional contributions. The following is an example of how a monthly benefit, paid in the form of a Single Life Annuity, is computed: |
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Lee is retiring in 2002 at age 65 with a total of 26 years of Credited Service. His service and contribution history is summarized as follows: 1. Credited Past Service 6 years 2. Credited Future Service 20 years 3. Employer Contributions Prior to 1996 $8,000 After 1995 $5,000 4. Calculation of Mouthy Retirement Benefit Past Service benefit: $4.50 * 6 $ 27.00 Pre-1996 Future Service benefit: $8,000 * 4.5% * 125% 450.00 Post-1995 Future Service benefit: $5,000 * 4.5% 225.00 Lee's total monthly benefit payable at age 65 $ 702.00 |