Defined Contribution Plan Document
PAYMENT OF INDIVIDUAL ACCOUNTS AT RETIREMENT
Section 3: Distribution of Benefits on Retirement.
For distributions prior to April 1,
2008, the following language shall be applicable: On attainment of his Normal or
Early Retirement Date, a Participant may elect to retire and receive a distribution of his
Individual Account. Such distribution will be equal to (a) his Individual Account
determined as of the Valuation Date coinciding with or immediately preceding his
retirement date, plus (b) any Contributions paid into the Participant's Individual
Account since the Valuation Date described in (a), less (c) any distribution made from
the Participant's Individual Account since the Valuation Date described in (a). Such
distribution will be paid in the form determined pursuant to Section 4. A Participant
may elect to receive a partial distribution of his Individual Account if the balance
remaining in his account exceeds $5,000.00.
Distributions under this Section shall be subject to the following options:
- Distribution of accrued contributions at the earliest possible date upon
receipt of application by the Pension Trust Fund Administrative Office
and satisfaction of the eligibility criteria therefore, with any subsequently
received contributions to be distributed thereafter;
- Distribution following the next quarterly valuation date; or
- Distribution following the next quarterly valuation date following receipt
of all contributions by the Pension Trust Fund.
If options (b) or (c) are elected, the Participant's distribution shall include the amounts
set forth above. The above provisions shall be effective for distributions made on or
after July 1, 1989 and prior to April 1, 2008.
For distributions on and after April 1, 2008, the Plan utilizes daily valuation. The
amount of the distribution shall be the value of the Individual Account valued as of the
date of the distribution.