Defined Benefit Plan. 1. Each Nurse will accrue both Credited Service (used to determine the amount of benefit) and Service (used to determine eligibility for vesting and early retirement) under the KPNPP. The KPNPP shall provide a monthly income commencing at age 65 of 1.45% of final average monthly compensation over the sixty (60) highest consecutive months out of the last one-hundred and twenty (120) months of employment. For Participants as of November 1, 2003 who had either elected or received only a defined contribution plan as of that time, Credited Service will be modified based on the following:
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Defined Benefit Plan. 1. Each Nurse will accrue both Credited Service (used to determine the amount of benefit) and Service (used to determine eligibility for vesting and early retirement) under the KPNPP. The KPNPP shall provide a monthly income commencing at age 65 of 1.45% of final average monthly compensation over the sixty (60) highest consecutive months out of the last one-hundred and twenty (120) months 120 of employment. For Participants as of November 1, 2003 11/1/03 who had either elected or received only a defined contribution plan as of that time, Credited Service will be modified based on the following:
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