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History of Improvements
- January 1, 1960 - Pension Plan becomes effective
- January 1, 1961 - Pension Payments begin.
- January 1, 1962 - The Break In Service rule is liberalized.
- July 1, 1972 - The Lump Sum Death Benefit is increased.
- January 1, 1974 - The 25 year maximum accumulation of Pension Credits is eliminated.
- January 1, 1976 - Vesting, Breaks in Service and Husband-and-Wife pensions are incorporated into the Plan in accordance with ERISA.
- May 1, 1984 - A post-retirement death benefit is payable which provides a lump sum equal to the remaining amount under the 75 month guarantee and a lifetime pension under the Husband-and-Wife Option.
- January 1, 1985 - The requirements of the Retirement Equity Act are incorporated in the Pension Plan.
- December 1, 1985 - A 13th check provision payable in December and equal to 10% of the annual benefit is added for all retirees and beneficiaries who retire prior to January 1, 1987.
- April 1, 1986 - A Level Income Option and 75 Month Guarantee is added. Electing this option provides a retiree with a higher pension payment prior to Social Security eligibility and reduced pension paymenet once Social Security begins.
- January 1, 1990 - Eligibility for the Regular Pension, Deferred Pension and Pre-Retirement Lump Sum Death Benefit is reduced to five years of vesting service.
- January 1, 1990 - The normal pension benefit formula is changed to : $24.25 X pension credits earned before 1974 (to max of $606.25), and 0.1450% of total annual earnings in covered employment since January 1, 1974.
- July 1, 1991 - Lump Sum Death and Accidental Death and Dismemberment benefits are added to the plan. These benefits were previously provided by the Welfare Plan.
- January 1, 1992 - A "pop up" provision is added for all husband-and-wife pensions. Under this provision, should the spouse predecease the pensioner, the pensioner's monthly benefit "pops-up" to the higher amount of pension that would have been received if the pensioner had never chosen the reduced husband-and-wife pension.
- June 1, 1996 - Made "14th check" permanent, guaranteed benefit for all current retirees and guaranteed for all retiring on or before April 1, 1999.
- May 1, 1998 - The normal pension benefit formula is changed to: $25.50 X pension credits earned before 1974 (to max of $637.50), and 0.1513% of total annual earnings in covered employment since January 1, 1974.
- May 1, 1998 - Made "14th check" permanent, guaranteed benefit for all current retirees and guaranteed for all who retire on or before April 1, 2004.
- August 1, 1999 - The normal pension benefit formula is changed to: $25.50 X pension credits earned before 1974 (to max of $637.50), and 0.168% of total annual earnings in covered employment since January 1, 1974.
- December 31, 2000 - The normal pension benefit formula is changed to: $25.50 X pension credits earned before 1974 (to max of $637.50), and 0.19% of total annual earnings in covered employment since January 1, 1974.
- December 31, 2000 - Made "14th check" permanent, guaranteed benefit for all current retirees and guaranteed for all who retire on or before April 1, 2009.
- January 1, 2002 - A 100% Joint and Survivor Pension is added to the Normal, Early, Special Early, and Disability Pension provisions. The 100% J & S option includes both a 75 month guarantee and pop-up provision.
- July 1, 2004 - The benefit starting date for the "14th check" is changed from April 1st of each applicable year to June 1st of each applicable year.
- July 1, 2005 - A Pre-Retirement Incentive is added to the plan that increases the pension formula from .19% to .25% for: wages earned from 1/1/2005 onward; and only for members who are ar least 55 years of age and who could retire on a Special Early Retirement. The Pre-Retirement incentive formula does not apply to any wages earned once the participant reaches age 65 (Normal Retirement).
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