Common use of Early Retirement Benefit Clause in Contracts

Early Retirement Benefit. An Active Participant who has satisfied the age and service requirements for early retirement shall be entitled to receive as of his Normal Retirement Date a monthly Standard Form of Retirement income equal to one-twelfth (1/12th) of his Accrued Benefit. Alternatively, such Participant may elect that the Early Retirement Benefit commence on the Participant's Early Retirement Date or on the first day of any following month prior to his Normal Retirement Date. If the Participant so elects to have benefits commence prior to his Normal Retirement Date, his annual retirement benefit shall be an amount equal to his Accrued Benefit payable at Normal Retirement Date reduced by one-fifteenth (1/15th) for each of the first five (5) years, one-thirtieth (1/30th) for each of the next five (5) years, and actuarially reduced for each additional year by which the Participant's Annuity Starting Date precedes his Normal Retirement Date. If benefits commence to a Participant at a time other than Normal Retirement Age, the Participant's Accrued Benefit will be multiplied by a fraction, the numerator of which is the annual factor that corresponds to the age at which benefits commence to the Participant in the Standard Form of Retirement Income, and the denominator of which is the annual factor that corresponds to the Normal Retirement Age under the Plan in the Standard Form of Retirement Income. If benefits commence to the Participant in a form other than the Standard Form of Retirement Income, the product in the preceding paragraph will be actuarially adjusted in accordance with the provisions of section 1.2 of the Plan. If this Plan has had a Fresh-Start, the limitations in the preceding paragraphs will be applied only to the Participant's accruals for years for which the Plan provides for the disparity permitted under section 401(1) of the Code. All benefit accruals for years for which the Plan does not provide for the disparity permitted under section 401(1) of the Code will be actuarially adjusted in accordance with the provisions of section 1.2 of the Plan. The annual factor is the factor derived from the applicable in table(s) below based on the Normal Retirement Age under the Plan, as specified in the Adoption Agreement (determined without regard to any years of Participation requirement), and the Standard Form of Retirement Income, as specified in the Adoption Agreement. If the Employer elects as an integration level in the Adoption Agreement option 4 or 5, the following Table II shall apply. Otherwise, the following Table I shall apply. TABLE I Plan's Normal Retirement Age Participant's Social Security Retirement Age _______________ ____________________________________________ 65 .75 .70 .65 64 .70 .65 .60 63 .65 .60 .55 62 .60 .55 .50 61 .55 .50 .475 60 .50 .475 .45 59 .475 .45 .425 58 .45 .425 .40 57 .425 .40 .375 56 .40 .375 .344 55 .375 .344 .316 TABLE II Plan's Normal Retirement Age Participant's Social Security Retirement Age ______________ ____________________________________________ 65 .60 .56 .52 64 .56 .52 .48 63 .52 .48 .44 62 .48 .44 .40 61 .44 .40 .38 60 .40 .38 .36 59 .38 .36 .34 58 .36 .34 .32 57 .34 .32 .30 56 .32 .30 .2752 55 .30 .2752 .2528

Early Retirement Benefit. An Active Participant who has satisfied If the age Employee retires from service with the Employer prior to the Employee's Normal Retirement Age and service requirements for early retirement on or after attainment of the Employee's Early Retirement Age, the Employee shall be entitled to receive an annual retirement benefit commencing on or after such date of retirement (the "early retirement date") in an amount equal to (a) less (b) less (c), where: (a) is 3% of the Employee's Average Compensation multiplied by his years of Creditable Service up to, but not exceeding, 20 years, actuarially reduced for early retirement as described hereafter; and (b) is the Employee's Social Security Primary Insurance Amount, reduced to retirement at age 65; and (c) is the Employee's accrued pension benefit from the Pension Plan, calculated in the form of a single-life annuity, at the actual date of the Employee's retirement from the Employer actuarially reduced for early retirement as described hereafter. The Employee may choose to retire from the service of the Employer and receive an early retirement benefit at any time after reaching his Early Retirement Age, following at least 60 days written notice to the Employer and if approved by the Committee. The 20 year service requirement present in the Pension Plan shall not be considered for the purposes of this Plan. However, five Years of Service are required to vest in any benefit from this Plan. An Employee may elect in writing for payment of his Normal Retirement Date a monthly Standard Form of Retirement income equal to one-twelfth (1/12th) of his Accrued Benefit. Alternatively, such Participant may elect that the Early Retirement Benefit commence on the Participant's Early Retirement Date or on to begin as of the first day of any calendar month coinciding with or next following month prior to his Normal early retirement date. The Employee's Early Retirement DateBenefit will equal his Accrued Benefit determined as of his early retirement date. If the Participant so Employee elects payments to have benefits commence prior to begin before his Normal Retirement Date, his annual retirement benefit shall be an amount Early Retirement Benefit will equal to his Accrued Benefit payable at Normal Retirement Date as of his early retirement date, reduced by one-fifteenth (1/15th) 1/180th for each of the first five (5) years, one-thirtieth (1/30th) 60 months and 1/360th for each of the next five (5) years, and actuarially reduced for each additional year by which 60 months that the Participant's Annuity Starting Date precedes his Normal Retirement Date. If benefits commence to a Participant at a time other than Normal Retirement Age, the Participant's Accrued Benefit will be multiplied by a fraction, the numerator of which is the annual factor that corresponds to the age at which benefits commence to the Participant in the Standard Form of Retirement Income, and the denominator of which is the annual factor that corresponds to the Normal Retirement Age under the Plan in the Standard Form of Retirement Income. If benefits commence to the Participant in a form other than the Standard Form of Retirement Income, the product in the preceding paragraph will be actuarially adjusted in accordance with the provisions of section 1.2 starting date of the Plan. If this Plan has had a Fresh-Start, the limitations in the preceding paragraphs will be applied only to the Participant's accruals for years for which the Plan provides for the disparity permitted under section 401(1) of the Code. All benefit accruals for years for which the Plan does not provide for the disparity permitted under section 401(1) of the Code will be actuarially adjusted in accordance with the provisions of section 1.2 of the Plan. The annual factor is the factor derived from the applicable in table(s) below based on the Normal Early Retirement Age under the Plan, as specified in the Adoption Agreement (determined without regard to any years of Participation requirement), and the Standard Form of Retirement Income, as specified in the Adoption Agreement. If the Employer elects as an integration level in the Adoption Agreement option 4 or 5, the following Table II shall apply. Otherwise, the following Table I shall apply. TABLE I Plan's Normal Retirement Age Participant's Social Security Retirement Age _______________ ____________________________________________ 65 .75 .70 .65 64 .70 .65 .60 63 .65 .60 .55 62 .60 .55 .50 61 .55 .50 .475 60 .50 .475 .45 59 .475 .45 .425 58 .45 .425 .40 57 .425 .40 .375 56 .40 .375 .344 55 .375 .344 .316 TABLE II Plan's Normal Retirement Age Participant's Social Security Retirement Age ______________ ____________________________________________ 65 .60 .56 .52 64 .56 .52 .48 63 .52 .48 .44 62 .48 .44 .40 61 .44 .40 .38 60 .40 .38 .36 59 .38 .36 .34 58 .36 .34 .32 57 .34 .32 .30 56 .32 .30 .2752 55 .30 .2752 .2528Benefit precedes