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Register for New Participant PortalDefined Benefit Pension Plan Document
Important Note:
Notwithstanding any information in these Plan Document pages or embedded links, for retirements that are first in pay status on or after April 1, 2017, certain Defined Benefit Plan provisions are scheduled to change in accordance with the adoption of Alternative Schedules 1 or 2 under the Second Critical Status Rehabilitation Plan.
Notwithstanding any information in these Plan Document pages or embedded links, for retirements that are first in pay status on or after April 1, 2017, certain Defined Benefit Plan provisions are scheduled to change in accordance with the adoption of Alternative Schedules 1 or 2 under the Second Critical Status Rehabilitation Plan.
APPENDIX II - RULES AND REGULATIONS PERTAINING TO PENSION OPTIONS
Notwithstanding any other plan provisions to the contrary, any optional form subject to 417(e)(3) shall be calculated as the greater of (i) or (ii) as follows:
- the actuarially equivalent value as determined using the plan provisions in effect on June 30, 2008; or
- the actuarially equivalent value as determined under Section 417(e)(3) for plan years beginning after December 31, 2007 using the "Applicable Mortality Table" as defined in Plan Section 1.39 and the "Applicable Interest Rate" as defined in Plan Section 1.40."
- Effective July 1, 2005, if the Plan benefit is subject to Code section 417(e)(3), Actuarial Equivalent for this purpose means the greatest of the following benefit amounts: (1) the straight life annuity benefit computed using the interest rate and the mortality table or tabular factor specified in the Plan for actuarial equivalence; (2) the straight life annuity benefit computed using a 5.5 percent interest rate assumption and the Applicable Mortality Table; or (3) the Applicable Interest Rate under IRC 417(e)(3) and the Applicable Mortality table, divided by 1.05.
- Effective July 1, 2004, if the Plan benefit is subject to Code Section 417(e)(3), Actuarial Equivalent for this purpose means the equivalent annual benefit equal to the grater of: (1) the benefit computed using the Plan's interest rate and mortality table or other tabular factor used for actuarial equivalence for the particular form of benefit payable or (2) the benefit computed using 5.5 percent interest and the Applicable Mortality Table.
(Not included. See explanatory note in Table of Contents)