Plan 2 Participants Clause Samples

Plan 2 Participants. A Normal Pension is payable in the form of a Basic Pension commencing as of the Plan 2 Participant’s Normal Retirement Date. The amount of a Normal Pension is calculated for different time periods as follows: (i) For years of Credited Service earned on or after January 1, 2013, the accrual rate for a Normal Pension is $75.00. (ii) For years of Credited Service earned prior to January 1, 2013, the accrual rate for a Normal Pension is determined as follows: (A) A Plan 2 Participant who meets the requirements of a Normal Pension commencing on or after January 1, 2008, shall receive a monthly amount equal to the product of $55.00 multiplied by the number of his years of Credited Service. The preceding sentence shall apply to a Plan 2 Participant who works in Covered Employment on or after July 1, 2007, and earns both Eligibility Service and Credited Service on or after January 1, 2007. (B) All other Participants shall receive a benefit in accordance with the provisions of the Plan in effect on the date the Plan 2 Participant last earned one year of both Eligibility Service and Credited Service pursuant to Appendix D. If benefits are payable pursuant to this Section in a form other than a Basic Pension or a QJSP with a Qualifying Spouse or if they commence after a Plan 2 Participant's Normal Retirement Age, then the benefits so payable shall be adjusted to an Actuarial Equivalent amount.