5. WHEN CAN I RETIRE?

1. You are eligible for Early Retirement at age 55 if you have accrued 10 years of Total Credited Service (15,000 Covered Hours), including at least 2 years of Future Credited Service (3,000 Hours).
   
2. You can retire prior to age 55 after you have accrued at least 42,500 Covered Hours and at least 23 combined years of credit, based on the number of years of Credited Service accrued through June 30, 1996 plus the number of years of at least 300 hours for plan years on and after July 1, 1996. The 42,500 hours requirement is reduced by 375 hours for each quarter of Past Service Credit you may have.
   
3. You can retire prior to age 55 after you have accrued at least 37,500 Covered Hours. However, if you do not meet the 42,500 hour requirement, as described in B above, the portion of the benefit accrued in the plan on or before June 30, 1996 would be payable immediately and the portion of the benefit accrued after June 30, 1996 would be deferred until age 55.

For those Participants entering the Plan after June 30, 1996, the plan provisions described in C. above will not be available.

Work in Non-Covered Electrical Employment after working in covered employment will cause a suspension of the portion of your Early Retirement benefit accrued on or after October 1, 1987. This portion of your benefit (or your entire benefit if all of your service was after October 1, 1987) will be suspended until you attain age 65. Please refer to Question 12 for a description of Non-Covered Electrical Employment and how it impacts your right to an Early Retirement Benefit

4. You are eligible for Normal Retirement after you have reached the later of age 65 or the 5th anniversary of the date you began covered employment provided you have terminated covered employment.

In order to begin benefits, you must complete an application. In some situations retroactive benefits will be paid for up to one year prior to the date of the application. Please refer to Article 3 of the Pension Plan document for further details on Retirement Dates.

In addition to completing an application you must truly elect to retire, also known as severing all employment with all contributing employers, in order to commence receipt of any pension benefits. The only exception to this rule is if you have attained your Mandatory Commencement Date (April 1 of the Calendar Year following the year in which you attained age 70 ½). Some examples of this rule for those who have not attained their Mandatory Commencement Date are as follows:

"No" Examples

1. Bill works for a contributing employer as an inside wireman. The employer offers Bill a non-bargaining unit job which he accepts. Bill has not severed employment with all contributing employers and cannot commence receipt of his retirement benefits.
   
2. Bill worked for contributing employer “A” and then accepts a job with contributing employer “B”. The job with employer “B” does not result in contributions to the Plan. Bill has not severed employment with all contributing employers and cannot commence receipt of his retirement benefits.
   
3. Bill terminates his employment with contributing employer “A” and files an application for benefits. Prior to receipt of his first pension check, Bill accepts a job with contributing employer “B”. Bill has not severed employment with all contributing employers and cannot commence receipt of his retirement benefits.
   
   "Yes" Examples
   
4. Bill terminates employment with a contributing employer and files a pension application. Bill receives his first pension check and then accepts a job offer and returns to work. Bill has properly severed his employment. His return to work may result in a suspension of all or a part of his future monthly benefit depending upon the job he takes upon his return to work.
   
5. Bill terminates employment with a contributing employer and takes a job as a Real Estate Agent. When he attains the age at which he can commence early retirement benefits, he files a pension application. Bill is viewed as having severed employment under the Plan and can elect to commence receipt of his early retirement benefit.