Permanent and Total Disability Pension. An Employee who is eligible for a pension pursuant to Paragraph 3 of Article IV shall be entitled, upon his retirement on or after the Effective Date, to receive a monthly pension equal to (a) $60.00 (effective for retirements occurring after August 17, 2017) multiplied by the Employee's years of credited service reduced by (b) the immediate annuity equivalent of the Employee's Additional Employer Contributions Account under the Savings Plan as of the date his pension commences hereunder. For purposes of this calculation, the Employee's Additional Employer Contributions Account under the Savings Plan as of the date the Employee's pension commences hereunder shall mean the actual amount in such Account as of such date plus any amount withdrawn from such Account prior to such date for any reason (including hardship withdrawal pursuant to Section 6.7 of the Savings Plan, a withdrawal from such account pursuant to a qualified domestic relations order or a deemed withdrawal upon default of a loan from such Account to the Employee) with interest imputed on any withdrawn amount from the date of any such withdrawal through the date the Employee's pension commences hereunder at the rate of 7.75% per annum compounded monthly. The immediate annuity equivalent of the Employee's Additional Employer Contribution Account under the Savings Plan shall be the amount in such Account as of the date the Employee's pension commences hereunder (determined as described in preceding sentence) converted to an annuity payable as a single life and five year certain annuity to the Employee commencing as of the date the Employee's pension commences hereunder using an interest rate of 7.75% and the 1983 Group Annuity Mortality Table, Male. In no event will this reduction exceed $7 multiplied by the Employee's years of credited service. The Employee shall, at the time of his application for a Permanent and Total Disability Pension, also make application for a Disability Insurance Benefit under the Social Security law and take reasonable and necessary action, including a request for reconsideration of an initial denial, in order to assure proper consideration of such application. The Employer shall render assistance to an Employee in his request for a reconsideration of an initial denial of an award for a Disability Insurance Benefit under the Social Security law. If his application for a Disability Insurance Benefit under the Social Security law is denied, the Employee shall be entitled ...
