Benefit Formula

The amount of your pension benefit is based on the accrual rate in effect when you last worked in the industry. The present formula, which became effective January 1, 2006, provides a benefit of $41 per Year of Service for each Year of Service through 1983 and $100 per Year of Service for each Year of Service after 1983.

In order to receive the $41 and/or $100 per Year of Service benefit, or any previous benefit level in effect at the time you first retire, you must have completed at least 1 Year of Service during the 3 calendar years immediately preceding the effective date of any benefit increase. However, for an otherwise eligible Participant who first applies for a pension after 1982, the benefit will be at least $15 for each of his Years of Service.

Keep in mind that the amount of your benefit will be reduced for certain early payments and for the joint and survivor payment options described in the following pages.