Common use of Benefit Increase Clause in Contracts

Benefit Increase. (i) The Pension Plan shall be amended to provide that, effective as of February 2, 2024, (A) the Normal Retirement Date shall be the first of the month following a player’s sixty-second (62nd) birthday, and (B) the Early Retirement Date shall be any date on or after the first day of the month following the player’s forty-fifth (45th) birthday and prior to the player’s Normal Retirement Date. The Early Retirement Pension shall be the actuarial equivalent of the Normal Retirement Pension, as determined using modified actuarial equivalence factors to be specified in the Pension Plan amendment effective as of February 2, 2024. (ii) Effective for the Plan Year commencing February 2, 2024, and for each subsequent Plan Year during the term of this Agreement, the Normal Retirement Pension shall be adjusted (the Monthly Benefit following any such adjustment, the “New Monthly Benefit”) such that, subject to Section 1(d) below, the New Monthly Benefit shall equal (A) the maximum annual dollar amount permitted under the Internal Revenue Code of 1986, as amended (the “Code”) (and the regulations issued thereunder), as the Code and regulations are in effect as of the effective date of this Agreement, as such maximum benefit amount may be adjusted for future increases in the cost-of-living in the manner prescribed by Section 415(d)(2) of the Code, divided by (B) one hundred twenty (120). The maximum annual dollar amount permitted under the Code (and the regulations issued thereunder) for a player’s Early Retirement Pension shall be determined using modified actuarial equivalence factors to be specified in the Pension Plan amendment effective as of February 2, 2024. (iii) Any increase in the Normal Retirement Pension or Early Retirement Pension payable on or after the date of this Agreement: (A) shall apply only to those players and beneficiaries (x) who have not yet received or begun to receive a benefit under the Pension Plan as of the first day of the month following the beginning of the Plan Year to which the increase relates (the “New Benefit Increase Commencement Date”) or