Common use of Benefit Increases Clause in Contracts

Benefit Increases. Effective for the Plan Year commencing February 2, 2018, and for each subsequent Plan Year during the term of this Agreement: (i) The Monthly Benefit shall be adjusted (the Monthly Benefit following any such adjustment, the “New Monthly Benefit”) such that, subject to Section 1(a)(4) below, the Normal Retirement Pension shall equal the maximum benefit amount permitted under the Internal Revenue Code of 1986, as amended (the “Code”) (and the regulations issued thereunder), as 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. Effective for the Plan Year commencing February 2, 2018, and for each subsequent Plan Year during the term of this Agreement, the amount of the New Monthly Benefit shall be determined using the modified actuarial reduction factors to be specified in the Pension Plan by amendment effective for the Plan Year beginning February 2, 2018. (ii) Any increase in the Normal 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 (y) who are receiving monthly benefits under the Pension Plan as of the New Benefit Increase Commencement Date; (B) shall be effective as of the New Benefit Increase Commencement Date; (C) shall apply only to any benefit payment(s) to be made on or after the applicable New Benefit Increase Commencement Date; and