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Rehabilitation Plan: Effective for Normal and Early Retirement Benefits first paid on and after April 1, 2017: Under the 2016 Rehabilitation Plan alternative schedules, neither the normal retirement dates nor the amount of normal retirement benefits has been altered but as described under the contributions section of the Rehabilitation Plan alternative schedules, off benefit monies continue to play no role in the accrual of benefits for either a normal or early retirement benefit. Under the 2016 Rehabilitation Plan, the eligibility requirements for an unsubsidized early retirement benefit are either (1) attainment of at least age 55 with at least 15,000 Covered Hours, or (2) any age with at least 37,500 Covered Hours.
(The 2016 Rehabilitation Plan notwithstanding the following, if a Plan Participant is in pay status as of April 1, 2017 based on an annuity starting date for a portion of their benefit effective prior to April 1, 2017, the entirety of their benefit accrued up to April 1, 2017 will be considered in pay status prior to April 1, 2017 for purposes of availability of subsidized Early Retirement Plan Provisions; as such Plan Provisions regarding early retirement subsidies in place prior to April 1, 2017 will apply for the remainder of the benefit accrued prior to April 1, 2017.)
Under the 2016 Rehabilitation Plan, all Default Schedule accruals are not eligible for a subsidized early retirement benefit. However, for benefits earned under the Plan's Alternative schedules, the eligibility requirements for a subsidized early retirement benefit include: Active Participant status upon attainment of at least age 56 and at least 44,500 Covered Hours. Furthermore Participants who have incurred a Grace Period must also meet the requirements of Section 4.4(c) to receive a subsidized early retirement benefit.
The amounts of unsubsidized early retirement benefits are a reduced actuarial equivalent to the Normal Retirement benefit otherwise payable to the Participant. All Default Schedule accruals and all other early retirement pensions are paid in the form of unsubsidized early actuarially equivalent retirement benefits when benefits are commenced prior to attainment of Normal Retirement Age. Accruals earned under the Default Schedule are payable as separate and distinct annuities from the remainder of accruals.
For the 1.9% benefit multiplier, for Covered Hours worked on and after April 1, 2017, the section 3.2(b) 42,500 hours requirement is removed and replaced with a 44,500 Covered Hours requirement. In other words, for this specific "Covered Hours only" based aspect of the 1.9% benefit multiplier requirement, the 1.9% benefit multiplier applies to Covered Hours worked on and after April 1, 2017, only to hours in excess of 44,500 Covered Hours.
Any conflicting provisions of this Article are maintained solely in order to identify eligibility for and amounts payable as monthly pension benefits for pensions awarded prior to April 1, 2017.
The Normal Pension Benefit payable to a Participant shall be determined under Article 4.
3.2 Early Retirement. Any Active Participant, Inactive Participant, or Inactive Vested Participant, who has completed 10 or more years of Total Credited Service (15,000 hours), at least two (2) years of which are Credited Future Service (3,000 hours), may elect to retire and receive an Early Pension Benefit at any time after the attainment of age 55. In this event, payment of Early Pension Benefits shall commence at said Participant's Early Retirement Date, which shall be the first day of the month coincident with, or next following, the date stipulated by the Participant as his retirement date, provided he has complied with the provisions of Article 9 and the Benefit payable to said Participant shall be as determined under Section 4.4 or 4.5. However, for an Active Participant retiring prior to July 1, 1979, age 45 shall be substituted for age 55 in this Section 3.2. In no event shall the date stipulated by the Participant as his Early Retirement date be more than twelve (12) months prior to the date of the application for Early Retirement benefits. A full monthly benefit for each month of a Retroactive Annuity Starting Date Early Retirement Pension shall only be payable for a month in which the eligible Participant's entire monthly benefit is not subject to suspension pursuant to Section 9.7. For all other months an appropriate percentage of each month's benefit, up to and including one hundred percent, shall be subject to suspension pursuant to Section 9.7. EXCEPTION: If an eligible Participant is registered for employment in violation of Section 9.7(b)(2)(iii) and/or 9.7(b)(2)(viii) in the month the application is received by the Fund or in any of the three months preceding said receipt and; the eligible Participant terminates all registration prohibited by Section 9.7(b)(2)(iii) and/or 9.7(b)(2)(viii) by the close of the month in which the application is received and; the eligible Participant would otherwise be entitled to receive full monthly benefits for one or more of those four months; then, in that event, the eligible Participant shall receive monthly benefits for those four months as if Section 9.7(b)(2)(iii) and/or 9.7(b)(2)(viii) did not apply to those four months but all other applicable provisions of Section 9.7 shall apply to those four months and all applicable provisions of Section 9.7 shall apply to all other periods of monthly pension payments.
3.3 Postponed Retirement. Any Active Participant, Inactive Participant or Inactive Vested Participant, may elect to postpone his retirement and to remain in the service of his Employer after his Normal Retirement Date. A Participant who reaches the Normal Retirement Date and continues working as provided in Section 9.7(c) shall be given notice, as stipulated in Section 9.7(d), of his eligibility to retire and suspension of pension benefits until retirement, in accordance with applicable regulations. Payment of Postponed Pension Benefits to said Participant shall commence at his Postponed Retirement Date, which shall be the first day of any month coincident with, or next following, the date stipulated by the Participant as his retirement date, provided he has complied with the provisions of Article 9 with respect to application for pension benefits. The Active Participant's Postponed Pension Benefit shall be as determined under Section 4.6. In no event shall the date stipulated by the Participant as his Normal Retirement date be more than twelve (12) months prior to the date of the application for Normal Retirement benefits. A retroactive effective date shall only be approved if the Participant satisfied all of the eligibility requirements of a Normal Retirement pension as of the effective date.
3.4 Pensioner. A Participant shall become a Pensioner on the effective date of his retirement pursuant to this Article 3. Each Pensioner on June 30, 1976, who was not receiving a Disability Pension, and each such Pensioner who was receiving a Disability Pension and who had attained his Normal Retirement Date, shall continue in this status and shall receive the monthly pension to which he was entitled prior to July 1, 1976. For disability benefits effective on or after July 1, 2009, a Disabled Participant shall become a Pensioner upon commencement of his Disability Benefit pursuant to Article 7.
3.5 All provisions of this Article are subject to the limitations and restrictions of Article 17 which govern benefits first commencing on and after October 28, 2009.