ARTICLE 3

RETIREMENT DATE

3.1 Normal Retirement. The Normal Retirement Date for a Participant shall be the first day of the month coincident with, or next following the later of:

1. The Participant’s 65th birthday, or
2. Effective July 1, 1988, the fifth anniversary of the Employee Contribution Date.

The Normal Pension Benefit payable to a Participant shall be determined under Article 4.

3.2 Early Retirement. Any Active Participant, Inactive Participant, or Inactive Vested Participant, who has completed 10 or more years of Total Credited Service (15,000 hours), at least two (2) years of which are Credited Future Service (3,000 hours), may elect to retire and receive an Early Pension Benefit at any time after the attainment of age 55. In this event, payment of Early Pension Benefits shall commence at said Participant's Early Retirement Date, which shall be the first day of the month coincident with, or next following, the date stipulated by the Participant as his retirement date, provided he has complied with the provisions of Article 9 and the Benefit payable to said Participant shall be as determined under Section 4.4 or 4.5. However, for an Active Participant retiring prior to July 1, 1979, age 45 shall be substituted for age 55 in this Section 3.2. In no event shall the date stipulated by the Participant as his Early Retirement date be more than twelve (12) months prior to the date of the application for Early Retirement benefits. A full monthly benefit for each month of a Retroactive Annuity Starting Date Early Retirement Pension shall only be payable for a month in which the eligible Participant’s entire monthly benefit is not subject to suspension pursuant to Section 9.7. For all other months an appropriate percentage of each month’s benefit, up to and including one hundred percent, shall be subject to suspension pursuant to Section 9.7. EXCEPTION: If an eligible Participant is registered for employment in violation of Section 9.7(b)(2)(iii) and/or 9.7(b)(2)(viii) in the month the application is received by the Fund or in any of the three months preceding said receipt and; the eligible Participant terminates all registration prohibited by Section 9.7(b)(2)(iii) and/or 9.7(b)(2)(viii) by the close of the month in which the application is received and; the eligible Participant would otherwise be entitled to receive full monthly benefits for one or more of those four months; then, in that event, the eligible Participant shall receive monthly benefits for those four months as if Section 9.7(b)(2)(iii) and/or 9.7(b)(2)(viii) did not apply to those four months but all other applicable provisions of Section 9.7 shall apply to those four months and all applicable provisions of Section 9.7 shall apply to all other periods of monthly pension payments.

1. Through June 30, 1996, a Participant shall be entitled to receive Early Pension Benefits prior to age 55, provided that the Participant has completed at least 25 years of Total Credited Service (37,500 hours). (1,500 hours equals one Year of Credited Future Service). If the Total Credited Service required under this Section 3.2(a) is accrued before July 1, 1996, the Participant remains eligible to receive benefits accrued through June 30, 1996 at any time prior to age 55. If the Total Credited Service requirement under this Section 3.2(a) is satisfied on or after July 1, 1996, the Participant is eligible to retire prior to age 55 upon completion of such Total Credited Service and receive benefits accrued through June 30, 1996. However, the benefit accrued on or after July 1, 1996 is deferred to age 55 (on an unreduced basis), unless the criteria of Section 3.2(b) are satisfied, in which case such benefit is payable immediately, on an unreduced basis. A Participant will only be permitted to receive an Early Pension Benefit under this Section 3.2(a) if the Participant has accrued Credited Service before June 30, 1996.
2. Beginning July 1, 1996, a Participant shall be entitled to receive an Early Pension Benefit prior to age 55 upon completion of Total Credited Service equal to 42,500 hours, provided that the Participant has earned at least 300 hours in each of 23 Plan Years. A Participant is entitled to receive his or her entire pension immediately upon satisfying both of these criteria and otherwise complying with the application procedures set forth in Article 9. For Participants who earned Credited Service under the Plan prior to June 30, 1996, the requirement of 300 hours in each of 23 plan years is eliminated and the participant will only be required to earn 300 hours per Plan Year in the number of Plan Years (after the Plan Year ended June 30, 1996) representing the difference between 23 and the years of Total Credited Service earned by the Participant as of June 30, 1996.
3. (1) For a Participant who otherwise satisfies the eligibility criteria for an Early Pension Benefit set forth in Section 3.2(a) above, accrued benefits earned after June 30, 1996 are deferred to age 55 (on an unreduced basis) for a Participant who does not satisfy the requirements of having accrued Total Credited Service equal to 42,500 hours and 300 hours per Plan Year in the number of Plan Years (after the Plan Year ended June 30, 1996) equal to the difference between 25 and the Years of Total Credited Service earned as of June 30, 1996.


(2) For a Participant retiring on or after July 1, 1998, who otherwise satisfies the eligibility criteria for an Early Retirement benefit set forth in Section 3.2(a) above, accrued benefits earned after June 30, 1996 are deferred to age 55 (on an unreduced basis) for a Participant who does not satisfy the requirements of having Total Credited Service equal to 42,500 hours and at least 300 hours per Plan Year in the number of Plan Years (after the Plan Year ended June 30, 1996) equal to the difference between 23 years and the years of Total Credited Service earned as of June 30, 1996 (but not less than zero years).
4. If a Participant applying for an Early Pension Benefit under this Section 3.2(d) has Credited Past Service, such Credited Past Service shall for purposes of eligibility be converted into hours. Such Credited Past Service shall be calculated as follows: one-quarter year of Credited Past Service shall be the equivalent of 375 hours. Total Credited Past Service considered under this Paragraph shall not exceed 22,500 hours.
5. Hours of Work performed in covered service by first year apprentices, both indentured and unindentured, shall be recognized for the purpose of meeting the 300-hour requirement for a Year of Service pursuant to the eligibility requirements for an Early Pension Benefit under Article 3, Section 3.2(c) of the Plan.
6. Except as otherwise required under the Plan, a Participant’s Early Pension Benefits under this Plan shall be suspended as set forth in Section 1.16 if he has worked in “Non-Covered Electrical Employment” as that term is defined in Section 1.16 since the last contributions were reported to the Trust Fund on his behalf by a contributing Employer.
7. If a Participant who was employed in Non-Covered Electrical Employment and returns to Covered Employment and earns five (5) years of Credited Service under the Plan following his return to Covered Employment, the Participant’s Early Pension Benefits shall no longer be suspendible pursuant to Section 1.16 of the Plan. However, except as otherwise required under the Plan, should the Participant earn five (5) years of Credited Service after returning to Covered Employment and subsequently work in Non-Covered Electrical Employment, the Participant shall again be subject to the suspension rules of Section 1.16 of the Plan.