Summary Plan Description

Unit Multiplier Table 2

Effective June 1, 1990, the Unit Multiplier utilized to calculate the pension benefits of a Participant will be increased $1.50 for each $1.00 increase in the weekly contribution rate on or after that date.

The increase in the Unit Multiplier is applicable to a Participant in the Plan on the date after June 1, 1990 that a collective bargaining agreement requires an increase in the contribution rate, and for Credited Service earned after that date. This increase will not be granted for the $2.00 increase in the contribution rate (dollars 85 and 86) in excess of $84.00.

The increase will apply to the calculation of Normal Retirement, Early Retirement, 25-And-Out Retirement, 30-And-Out Retirement, and Vested Benefits, but will not apply to Disability Retirement Benefits. The Early Retirement Discount Factors will be applied, as required, to service earned after June 1, 1990.

Example

Assume that the collective bargaining agreement requires a $2.00 increase in the weekly contribution rate effective June 1, 1997, an additional $2.00 increase effective June 1, 1998, and a further $2.00 increase effective June 1, 1999. As the result of this Contribution Rate Schedule, you will receive an increase of $1.50 in your Unit Multiplier for each $1.00 increase in the contribution rate, as follows:

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