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C. Alternative Minimum Benefits  

If you have at least 20 years of Contributory Benefit Credit, you may qualify for one of the Plan's Alternative Minimum Benefits. The amount of the Alternative Minimum Benefit is based on your age when you leave Covered Employment, your years of Contributory Benefit Credit (that is, the time for which Employer contributions are paid or are payable under the terms of the Collective Bargaining Agreement), and your last Daily Contribution Rate. You'll receive the greater of the Alternative Minimum Benefit or your benefit determined under the Plan's regular benefit formula (adjusted to reflect early benefit commencement, if applicable). Remember, these Alternative Minimum Benefits are based upon the contributions which have been paid into the Fund or are payable into to the Fund by a contributing Employer; Past Service, or other forms of non-contributory service (except for military service credit) are not counted in measuring the amount of the Alternative Minimum Benefit.

Note: Benefits under this formula cannot be deferred. This means that the amounts shown on the following charts will be applied as of the date you leave Covered Employment.

There are six different schedules of Alternative Minimum Benefits, with different eligibility requirements for each:

Schedule One

To qualify for the alternative minimum benefit under Schedule One, you must:

bullet retire from Covered Employment on or after January 1, 1992 with at least 20 years of Contributory Benefit Credit;
bullet have had a Daily Contribution Rate of at least $15.00 for at least five years; and
bullet have a final Daily Contribution Rate (for at least 45 days) of at least $19.40, but less than $21.80.

Under Schedule One, your Alternative Minimum Benefit is determined in accordance with the following table:

Years of Contributory Benefit Service Credit

Attained Age When Leaving Covered Employment   

  At Least20 Years, but less than 25   

  At Least25 Years, but less than 30   

  30 or More Years 

57   

  $ 630

  $ 840

  $1,400

58   

  665

  910

  1,400

59   

  700

  980

  1,400

60   

  735

  1,050

  1,400

61   

  770

  1,120

  1,470

62   

  840

  1,190

  1,540

63   

  910

  1,260

  1,610

64   

  980

  1,330

  1,680

65 or greater   

  1,050

  1,400

  1,750

Schedule Two

To qualify for the Alternative Minimum Benefit under Schedule Two you must:

bullet retire from Covered Employment on or after January 1, 1992 with at least 20 years of Contributory Benefit Credit;
bullet have had a Daily Contribution Rate of at least $15.00 for at least five years; and
bullet have a final Daily Contribution Rate (for at least 45 days) of $21.80 or more.

Under Schedule Two, your Alternative Minimum Benefit is determined in accordance with the following table:

Years of Contributory Benefit Service

Credit Attained Age When Leaving Covered Employment   

  At Least 20 Years, but less than 25   

  At Least 25 Years, but less than 30   

  30 or More Years 

57   

  $ 810

  $1,080

  $1,800

58   

  855

  1,170

  1,800

59   

  900

  1,260

  1,800

60   

  945

  1,350

  1,800

61   

  990

  1,440

  1,890

62   

  1,080

  1,530

  1,980

63   

  1,170

  1,620

  2,070

64   

  1,260

  1,710

  2,160

65 or greater   

  1,350

  1,800

  2,250

Schedule Three

To qualify for the Alternative Minimum Benefit under Schedule Three you must:

bullet retire from Covered Employment on or after January 1, 1995 with at least 30 years of Contributory Benefit Credit (25 years if you retire at or after age 55);
bullet have had a Daily Contribution Rate of at least $15.00 for at least seven years; and
bullet have a final Daily Contribution Rate (for at least 45 days) of at least $24.60 but less than $28.20.

Under Schedule Three, your Alternative Minimum Benefit is determined in accordance with the following table:

     

Age When Leaving Covered Employment Years of Contributory Benefit Service Credit 

   

25   

 26   

 27   

 28   

 29   

 30   

 31   

 32   

 33   

 34   

 35+ 

50(and under)   

   

   

   

   

   

 2,250

 2,340

 2,430

 2,520

 2,610

 2,700

51   

   

   

   

   

   

 2,250

 2,340

 2,430

 2,520

 2,610

 2,700

52   

   

   

   

   

   

 2,250

 2,340

 2,430

 2,520

 2,610

 2,700

53   

   

   

   

   

   

 2,250

 2,340

 2,430

 2,520

 2,610

 2,700

54   

   

   

   

   

   

 2,250

 2,340

 2,430

 2,520

 2,610

 2,700

55   

 1,350

 1,350

 1,350

 1,350

 1,350

 2,250

 2,340

 2,430

 2,520

 2,610

 2,700

56   

 1,350

 1,440

 1,440

 1,440

 1,440

 2,250

 2,340

 2,430

 2,520

 2,610

 2,700

57   

 1,350

 1,440

 1,530

 1,530

 1,530

 2,250

 2,340

 2,430

 2,520

 2,610

 2,700

58   

 1,350

 1,440

 1,530

 1,620

 1,620

 2,250

 2,340

 2,430

 2,520

 2,610

 2,700

59   

 1,350

 1,440

 1,530

 1,620

 1,710

 2,250

 2,340

 2,430

 2,520

 2,610

 2,700

60   

 1,350

 1,440

 1,530

 1,620

 1,710

 2,250

 2,340

 2,430

 2,520

 2,610

 2,700

61   

 1,440

 1,440

 1,530

 1,620

 1,710

 2,250

 2,340

 2,430

 2,520

 2,610

2,700

62   

 1,530

 1,530

 1,530

 1,620

 1,710

 2,250

 2,340

 2,430

 2,520

 2,610

 2,700

63   

 1,620

 1,620

 1,620

 1,620

 1,710

 2,250

 2,340

 2,430

 2,520

 2,610

 2,700

64   

 1,710

 1,710

 1,710

 1,710

 1,710

 2,250

 2,340

 2,430

 2,520

 2,610

 2,700

65   

 1,800

 1,800

 1,800

 1,800

 1,800

 2,250

 2,340

 2,430

 2,520

 2,610

 2,700

Schedule Four

To qualify for the Alternative Minimum Benefit under Schedule Four you must:

bullet retire from Covered Employment on or after January 1, 1995 with at least 30 years of Contributory Benefit Credit (25 years if you retire at or after age 55);
bullet have had a Daily Contribution Rate of at least $15.00 for at least seven years; and
bullet have a final Daily Contribution Rate (for at least 45 days) of at least $28.20 but less than $31.00.

Under Schedule Four, your Alternative Minimum Benefit is determined in accordance with the following table:

Age When Leaving Covered Employment Years of Contributory Benefit Service Credit   

25 

 26   

 27   

 28   

 29   

 30   

 31   

 32   

 33   

 34   

 35+ 

50(and Under)   

   

   

   

   

   

2,375

2,470

2,565

2,660

2,755

2,850

51   

   

   

   

   

   

2,375

2,470

2,565

2,660

2,755

2,850

52   

   

   

   

   

   

2,375

2,470

2,565

2,660

2,755

2,850

53   

   

   

   

   

   

2,375

2,470

2,565

2,660

2,755

2,850

54   

   

   

   

   

   

2,375

2,470

2,565

2,660

2,755

2,850

55   

1,425

 1,425

1,425

1,425

1,425

2,375

2,470

2,565

2,660

2,755

2,850

56   

1,425

 1,520

1,520

1,520

1,520

2,375

2,470

2,565

2,660

2,755

2,850

57   

1,425

 1,520

1,615

1,615

1,615

2,375

2,470

2,565

2,660

2,755

2,850

58   

1,425

 1,520

1,615

1,710

1,710

2,375

2,470

2,565

2,660

2,755

2,850

59   

1,425

 1,520

1,615

1,710

1,805

2,375

2,470

2,565

2,660

2,755

2,850

60   

1,425

 1,520

1,615

1,710

1,805

2,375

2,470

2,565

2,660

2,755

2,850

61   

1,520

 1,520

1,615

1,710

1,805

2,375

2,470

2,565

2,660

2,755

2,850

62   

1,615

 1,615

1,615

1,710

1,805

2,375

2,470

2,565

2,660

2,755

2,850

63   

1,710

 1,710

1,710

1,710

1,805

2,375

2,470

2,565

2,660

2,755

2,850

64   

1,805

 1,805

1,805

1,805

1,805

2,375

2,470

2,565

2,660

2,755

2,850

65   

1,900

 1,900

1,900

1,900

1,900

2,375

2,470

2,565

2,660

2,755

2,850

Schedule Five

To qualify for the Alternative Minimum Benefit under Schedule Five you must:

bulletretire from Covered Employment on or after January 1, 1995 with at least 30 years of Contributory Benefit Credit (25 years if you retire at or after age 55);
bullethave had a Daily Contribution Rate of at least $15.00 for at least seven years; and
bullethave a final Daily Contribution Rate (for at least 45 days) of $31.00 or more.

Under Schedule Five, your Alternative Minimum Benefit is determined in accordance with the following table:

 

Age When Leaving Covered Employment 

Years of Contributory Benefit Service Credit 

   

25

 26

 27

 28

 29

 30

 31

 32

 33

 34

  35 +

50 (and Under)

   

   

   

   

   

2,500

2,600

2,700

2,800

2,900

3,000

51   

   

   

   

   

   

2,500

2,600

2,700

2,800

2,900

3,000

52   

   

   

   

   

   

2,500

2,600

2,700

2,800

2,900

3,000

53   

   

   

   

   

   

2,500

2,600

2,700

2,800

2,900

3,000

54   

   

   

   

   

   

2,500

2,600

2,700

2,800

2,900

3,000

55   

1,500

1,500

1,500

1,500

1,500 

2,500

2,600

2,700

2,800

2,900

3,000

56   

1,500

1,600

1,600

1,600

1,600

2,500

2,600

2,700

2,800

2,900

3,000

57   

1,500

1,600

1,700

1,700

1,700

2,500

2,600

2,700

2,800

2,900

3,000

58   

1,500

1,600

1,700

1,800

1,800

2,500

2,600

2,700

2,800

2,900

3,000

59   

1,500

1,600

1,700

1,800

1,900

2,500

2,600

2,700

2,800

2,900

3,000

60   

1,500

1,600

1,700

1,800

1,900

2,500

2,600

2,700

2,800

2,900

3,000

61   

1,600

1,600

1,700

1,800

1,900

2,500

2,600

2,700

2,800

2,900

3,000

62   

1,700

1,700

1,700

1,800

1,900

2,500

2,600

2,700

2,800

2,900

3,000

63   

1,800

1,800

1,800

1,800

1,900

2,500

2,600

2,700

2,800

2,900

3,000

64   

1,900

 1,900

1,900

1,900

1,900

2,500

2,600

2,700

2,800

2,900

3,000 

65   

2,000

 2,000

 2,000

 2,000

 2,000

 2,500

2,600

2,700

2,800

2,900

3,000

Schedule Six

To qualify for the Alternative Minimum Benefit under Schedule Six you must:

bulletretire from Covered Employment on or after July 1, 1998 with at least 30 years of Contributory Benefit Credit;
bullethave had a Daily Contribution Rate of at least $15.00 for at least ten years; and
bullethave a final Daily Contribution Rate (for at least 45 days) of $34.60 or more.

Under Schedule Six, your Alternative Minimum Benefit is determined in accordance with the following table:

 

Age When Leaving Covered Employment

Years of Contributory Benefit Service Credit

   

 25   

 26   

  27   

  28   

  29   

  30   

  31   

  32   

  33   

  34   

  35 + 

Any Age   

   

   

   

   

   

2,760

2,852

2,944

3,036

3,128

3,220

 

 

Special Rule With Regard to Retirements After December 31, 2004

With respect to the Special Minimum Benefit and Contributory Service Minimum Benefit described above, for those employees who retire on and after January 1, 2005, the amount of an Employee’s benefit under these Plan provisions will be measured using the contribution rate of that Employee’ Employer as of December 31, 2004.

 

EXAMPLE: A member started work in covered employment in 1958 and continued to work through 1995 after reaching age 57. During that period of time, he earned 36.5 years of Vesting and Benefit Service, all of which was Contributory Service. His final Daily Contribution Rate was $26.60. Under the Plan's regular benefit formula, his monthly benefit would equal $1,713.42. However, because his final Daily Contribution Rate was greater than $24.60, but less than $28.20, under Schedule Three, his minimum monthly benefit would equal $2,700. He will receive $2,700 per month (before reduction for joint and survivor factors) - the greater of the two.

Another member leaves covered employment at age 55 with 25.25 years of contributory benefit service. His final Daily Contribution Rate was $24.60. His monthly benefit calculated under the regular benefit formula is $1,425.91 reduced to $1,354.61 due to early retirement factors. His Alternative Minimum Benefit is $1,350 per month under Schedule Three. In this case, his monthly benefit under the regular benefit formula is higher and he, therefore, would receive $1,354.61 per month.

 

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 Last Date Updated :  04/28/09