Summary Plan Description

30-And-Out Retirement

The Plan provides for the 30-And-Out (Accrued Benefit), $2,000 Monthly 30-And-Out, $2,500 Monthly 30-And-Out, $3,000 Monthly 30-And-Out, and $3,500 Monthly 30-And-Out Benefits, for retirement at any age (must attain age 55 for $3,500 Retirement Benefit), if you meet the eligibility requirements.

Eligibility

You will be eligible for the receipt of the 30-And-Out Retirement Benefit (Accrued Benefit), at any age, if you have completed at least 30 Years of Future Credited Service (contributory service) since your last Break-in-Service Date. It is important to remember that periods of Past Credited Service (service for which no contributions were received by the Plan) will not be utilized to calculate the 30 years of contributory service.

The 30-And-Out Retirement Benefit (Accrued Benefit) applies to partial (reciprocal) pensions if the Related Plan also provides the equivalent 30-And-Out Retirement Benefit (Accrued Benefit). See the Section entitled "Partial (Reciprocal) Pension" at page 47.

The 30-And-Out Retirement Benefit (Accrued Benefit) is effective for all Participants who are eligible, and retire, on or after September 1, 1992.

Computation Of Benefit

You can estimate the amount of the 30-And-Out Retirement Benefit (Accrued Benefit) you will receive each month after you retire by following these steps:

1. Estimate the number of Years of Credited Service you will have earned at the time of your 30-And-Out Retirement Benefit (Accrued Benefit) Date. You can find out the amount of Credited Service you have earned by making a written request to the Fund Office.

2. Follow the same procedure provided at pages 22-23 to calculate your Normal Retirement Benefit.

3. The application of the Qualified Joint and Survivor Benefit is explained in the Section entitled "Qualified Joint And Survivor Benefit" at page 43.

Example

Assume that you retire on June 1, 1999 at age 55, with 30 Years of Future Credited Service (contributory service), and your monthly Normal Retirement Benefit is $1,000. Under the 30-And-Out Retirement Benefit (Accrued Benefit), you can retire at age 55, receive the monthly benefit of $1,000 for life, and not incur an Early Retirement Discount for retiring prior to age 60. Without the 30-And-Out Retirement Benefit (Accrued Benefit), you would have incurred a 30% discount (60 months x 0.5%) and received a reduced monthly benefit of $700. This example assumes that you and, if married, your spouse, waived all Survivor Options.

Eligibility

You will be eligible for the receipt of the $2,000 Monthly 30-And-Out Retirement Benefit, at any age, if you earn at least 30 years of Future Credited Service (contributory service), and meet the following requirements:

1. Retire on or after November 1, 1993; and,

2. Contributions made on your behalf for at least 25 out of the 30 years of Future Credited Service (contributory service) at the Freight Level, and attain the weekly contribution rate of $106; and,

3. Contributions made on your behalf at the Freight Level for a total of at least 200 weeks in the 5 out of the 8 continuous years (without a one year break in contributions), immediately prior to attaining eligibility for the $2,000 Monthly 30-And-Out Retirement Benefit.

Periods of Past Credited Service (service for which no contributions were received by the Plan), will not be utilized to calculate the 30 continuous (without a Break-in-Service) years of contributory service necessary to be eligible for the $2,000 Monthly 30-And-Out Retirement Benefit.

Contributions at the Freight Level for casual service will not be utilized to determine the period of Future Credited Service (contributory service) at the Freight Level.

The $2,000 Monthly 30-And-Out Retirement Benefit applies to partial (reciprocal) pensions if the Related Plan also provides the equivalent $2,000 Monthly 30-And-Out Retirement Benefit. See the Section entitled "Partial (Reciprocal) Pension" at page 47.

If you are eligible for the $2,000 Monthly 30-And-Out Retirement Benefit, you will receive the monthly benefit of $2,000, or your accrued benefit (amount of Normal Retirement Benefit), whichever is greater, at your retirement date.

In addition, you will receive a further benefit for each year of additional Future Credited Service (contributory service) earned after earning 30 years of Future Credited Service (contributory service) and attaining age 60. The additional benefit for each such year will be at the Unit Multiplier resulting from the contributions made on your behalf for that year, and effective for only the Credited Service earned after November 1, 1993.

As the result of being eligible for the $2,000 Monthly 30-And-Out Retirement Benefit, you should refer to Tables 1 through 6 to determine the Unit Multiplier to compute the estimate of additional benefits available to you upon retirement based on Future Credited Service (contributory service) earned after age 60.

Additional Information

The $2,000 Monthly 30-And-Out Retirement Benefit becomes effective for any Contributing Employer who contributed at the same rate schedule as the Freight Level contribution rate schedule, and who reaches the contribution rate of $106 per week. However, if the Contributing Employer did not reach the weekly contribution rate of $106 by December 31, 1997, the Participants of the Contributing Employer will not be eligible in the future for the $2,000 Monthly 30-And-Out Retirement Benefit.

Remember that if a Contributing Employer, who contributed at the same rate schedule as the Freight Level contribution rate schedule and reached the weekly contribution rate of $106 by December 31, 1997, subsequently voluntarily withdraws and leaves the Plan, the Participants who were employed by that Contributing Employer, and who retire following the Contributing Employer's voluntary withdrawal from the Plan, will not be eligible for the $2,000 Monthly 30-And-Out Retirement Benefit.

Examples

Assume that you earned 30 years (without a Break-in-Service) of Future Credited Service (contributory service) as follows:

You will be eligible for the $2,000 Monthly 30-And-Out Retirement Benefit, effective January 1, 2000, because contributions were made at the Freight Level for at least 25 of the 30 years, and for 5 continuous years (without a one year break in contributions), immediately prior to attaining eligibility for the Benefit. This example assumes that you and, if married, your spouse, waived all Survivor Options.

Assume that you earned 30 years (without a Break-in-Service) of Future Credited Service (contributory service) as follows:

As explained in the above Example, you will be eligible for the $2,000 Monthly 30-And-Out Retirement Benefit effective April 1, 1999. However, assume further that you reached age 60 on April 1, 1999, worked for one additional year until March 31, 2000, and the unit multiplier for the Freight Level for that one year period was $171. You will be able to retire effective April 1, 2000 and your monthly benefit will be $2,171. This example assumes that you and, if married, your spouse, waived all Survivor Options.

Eligibility

You will be eligible for the receipt of the $2,500 Monthly 30-And-Out Retirement Benefit, at any age, if you earn at least 30 years of Future Credited Service (contributory service), and meet the following requirements:

 Amount Of Benefit

If you are eligible for the $2,500 Monthly 30-And-Out Retirement Benefit, and contributions are made on your behalf at the weekly contribution rate of $134, the monthly benefit is $2,500, or your accrued benefit (amount of Normal Retirement Benefit), whichever is greater, at the date of retirement. In addition, for each year of Future Credited Service (contributory service) earned at the Freight Level after the 30th year (effective for credited service earned after April 1, 1996, or the date contributions are made at the weekly rate of $134, whichever date is later), you will earn an additional monthly benefit for each such year at the Unit Multiplier resulting from the contributions made on your behalf for that year.

Examples

Assume that you earned 30 years (without a break-in-service) of Future Credited Service (contributory service) at the Freight Level as of June 30, 1999, and contributions were made on your behalf at the weekly contribution rate of $134 prior to that date. You will be eligible to retire on July 1, 1999 and receive the monthly benefit of $2,500. This example assumes that you and, if married, your spouse, waived all Survivor Options.

Assume that you earned 32 years (without a break-in-service) of Future Credited Service (contributory service) at the Freight Level as of April 1, 1999, and contributions were made on your behalf as of that date at the weekly contribution rate of $134 or greater. Assume further that you continue to be employed 1 more year through March 31, 2000, contributions are made on your behalf during that year at the Freight Level, and the resulting unit multiplier is $171. Effective April 1, 2000, you will be eligible to retire and receive the monthly benefit of $2,671. This example assumes that you and, if married, your spouse, waived all Survivor Options.

The $2,500 Monthly 30-And-Out Retirement Benefit applies to partial (reciprocal) pensions if the Related Plan also provides the equivalent $2,500 Monthly 30-And-Out Retirement Benefit. See the Section entitled "Partial (Reciprocal) Pension" at page 47.

In the event that a Contributing Employer voluntarily withdraws from the Plan, a Participant who retires following the voluntary withdrawal will not be eligible for the $2,500 Monthly 30-And-Out Retirement Benefit.

Eligibility

You will be eligible for the receipt of the $3,000 Monthly 30-And-Out Retirement Benefit, at any age, if you earn at least 30 years of Future Credited Service (contributory service), and meet the following requirements:

1.  Retire on or after April 1, 1997; and,

2.  Attain eligibility for the $2,000 Monthly 30-And-Out Retirement Benefit (see the Section entitled "Eligibility For $2,000 Monthly 30-And-Out Retirement Benefit" at page 32); and,

If you are eligible for the $3,000 Monthly 30-And-Out Retirement Benefit, and contributions are made on your behalf at the weekly contribution rate of $144 or greater, the monthly benefit is $3,000, or your accrued benefit (amount of Normal Retirement Benefit), whichever is greater, at the date of retirement. In addition, you will earn an additional monthly benefit of $100 for each year of Future Credited Service (contributory service) at a weekly contribution rate of $144 or greater after 30 years (effective only for the credited service earned after April 1, 1997, or the date contributions are made at the weekly rate of $144 or greater, whichever date is later).

Examples

Assume that you earned 30 years (without a break-in-service) of Future Credited Service (contributory service) at the Freight Level as of June 30, 1999, and contributions were made on your behalf at the weekly contribution rate of $144 or greater prior to that date. You will be eligible to retire on July 1, 1999 and receive the monthly benefit of $3,000. This example assumes that you and, if married, your spouse, waived all Survivor Options.

Assume that you earned 30 years (without a break-in-service) of Future Credited Service (contributory service) at the Freight Level as of August 1, 1999, and contributions were made on your behalf as of that date at the weekly contribution rate of $144 or greater. Assume further that you continue to be employed 2 more years through July 31, 2001, and contributions are made on your behalf during that 2 year period at a weekly contribution rate of $144 or greater. Effective August 1, 2001, you will be eligible to retire and receive the monthly benefit of $3,200 ($3,000 plus $200 for the 2 years of Future Credited Service (contributory service) from August 1, 1999 to July 31, 2001). This example assumes that you and, if married, your spouse, waived all Survivor Options.

The $3,000 Monthly 30-And-Out Retirement Benefit applies to partial (reciprocal) pensions if the Related Plan also provides the equivalent $3,000 Monthly 30-And-Out Retirement Benefit. See the Section entitled "Partial (Reciprocal) Pension" at page 47.

In the event a Contributing Employer voluntarily withdraws from the Plan, a Participant who retires following the voluntary withdrawal will not be eligible for the $3,000 Monthly 30-And-Out Retirement Benefit.

Eligibility

You will be eligible for the receipt of the $3,500 Monthly 30-And-Out Retirement Benefit if you earn at least 30 years of Future Credited Service (contributory service), and meet the following requirements:

1. Retire on or after April 1, 1997; and,

2. Attain eligibility for the $2,000 Monthly 30-And-Out Retirement Benefit (see the Section entitled "Eligibility For $2,000 Monthly 30-And-Out Retirement Benefit" at page 32); and,

3. Contributions made on your behalf at the weekly contribution rate of $166 or greater; and,

4. Attain age 55.

If you are eligible for the $3,500 Monthly 30-And-Out Retirement Benefit, and contributions are made on your behalf at the weekly contribution rate of $166 or greater, the monthly benefit is $3,500, or your accrued benefit (amount of Normal Retirement Benefit), whichever is greater, at the date of retirement. In addition, if you retire on or after April 1, 1998, you will earn $100 for each year of Future Credited Service (contributory service) at a weekly contribution rate of $166 or greater after 30 years and attaining age 55 (effective only for the credited service earned after April 1, 1997, or the date contributions are made at the weekly rate of $166 or greater, whichever date is later, and after attaining age 55).

 Examples

Assume that you earned 30 years (without a break-in-service) of Future Credited Service (contributory service) at the Freight Level as of December 31, 1999, and contributions were made on your behalf as of that date at a weekly contribution rate of $166 or greater, and you attained age 55 on December 31, 1999. You will be eligible to retire on January 1, 2000 and receive the monthly benefit of $3,500. This example assumes that you and, if married, your spouse, waived all Survivor Options.

Assume that you earned 32 years (without a break-in-service) of Future Credited Service (contributory service) at the Freight Level as of March 31, 2000, including 2 years of contributory service after attaining age 55 and earning 30 years of contributory service. Contributions were made on your behalf at a weekly contribution rate of $166 or greater as of April 1, 1998, and you attained age 57 on March 31, 2000. You will be eligible to retire on April 1, 2000 and receive the monthly benefit of $3,700. This example assumes that you and, if married, your spouse, waived all Survivor Options.

The $3,500 Monthly 30-And-Out Retirement Benefit applies to partial (reciprocal) pensions if the Related Plan also provides the equivalent $3,500 Monthly 30-And-Out Retirement Benefit. See the Section entitled "Partial (Reciprocal) Pension" at page 47.

In the event a Contributing Employer voluntarily withdraws from the Plan, a Participant who retires following the voluntary withdrawal will not be eligible for the $3,500 Monthly 30-And-Out Retirement Benefit.

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