Benefit Increase. (i) The Pension Plan shall be amended to provide that, effective as of February 2, 2024, (A) the Normal Retirement Date shall be the first of the month following a player’s sixty-second (62nd) birthday, and (B) the Early Retirement Date shall be any date on or after the first day of the month following the player’s forty-fifth (45th) birthday and prior to the player’s Normal Retirement Date. The Early Retirement Pension shall be the actuarial equivalent of the Normal Retirement Pension, as determined using modified actuarial equivalence factors to be specified in the Pension Plan amendment effective as of February 2, 2024.
(ii) Effective for the Plan Year commencing February 2, 2024, and for each subsequent Plan Year during the term of this Agreement, the Normal Retirement Pension shall be adjusted (the Monthly Benefit following any such adjustment, the “New Monthly Benefit”) such that, subject to Section 1(d) below, the New Monthly Benefit shall equal (A) the maximum annual dollar amount permitted under the Internal Revenue Code of 1986, as amended (the “Code”) (and the regulations issued thereunder), as the Code and regulations are in effect as of the effective date of this Agreement, as such maximum benefit amount may be adjusted for future increases in the cost-of-living in the manner prescribed by Section 415(d)(2) of the Code, divided by (B) one hundred twenty (120). The maximum annual dollar amount permitted under the Code (and the regulations issued thereunder) for a player’s Early Retirement Pension shall be determined using modified actuarial equivalence factors to be specified in the Pension Plan amendment effective as of February 2, 2024.
(iii) Any increase in the Normal Retirement Pension or Early Retirement Pension payable on or after the date of this Agreement: (A) shall apply only to those players and beneficiaries (x) who have not yet received or begun to receive a benefit under the Pension Plan as of the first day of the month following the beginning of the Plan Year to which the increase relates (the “New Benefit Increase Commencement Date”) or
Benefit Increase. Benefit payments may be increased as provided in Section 2.1.3.
Benefit Increase. (a) Effective August 1, 1999, a Participant (including a retired or former Participant) who was credited with a least one-quarter Pension Credit in 1999 shall have the monthly benefit amount for Pension Credits earned and credited from and after January 1, 1999 increased to $93.00 if Local Union No. 3 Pension Credits and to $98.00 if Local Union No. 772 Pension Credits, including for purposes of any survivor and death benefits. If such Participant retired, terminated or died in 1999 after being credited with a least one- quarter Pension Credit in 1999 and payment of the Participant’s Pension or the survivor or death benefit commenced before August 1, 1999, said increase in the monthly benefit amount shall be retroactively effective to its Annuity Starting Date or payment date, respectively.
(b) Effective May 1, 2000, a Participant (including a retired or former Participant) who was credited with a least one-quarter Pension Credit in 1998, 1999 or 2000 (and who is not credited with a full or partial Pension Credit from and after May 1, 2000 so as to be subject to the monthly benefit amounts effective as of that date) shall have (i) the monthly benefit amount for Pension Credits earned and credited from and after January 1, 1998 increased to $100.00 if Local Union No. 3 Pension Credits and to $105.00 if Local Union No. 772 Pension Credits, including for purposes of any survivor and death benefits, and (ii) the monthly benefit amounts for all Pension Credits earned and credited before January 1, 1998 each increased by one dollar ($1.00), including for purposes of any survivor and death benefits. If such Participant retired, terminated or died in 1998, 1999, or 2000 after being credited with a least one-quarter Pension Credit in 1998, 1999 or 2000 and payment of the Participant’s Pension or the survivor or death benefit commenced before May 1, 2000, said increases in the monthly benefit amounts shall be retroactively effective to its Annuity Starting Date or payment date, respectively.
(c) Effective May 1, 2000, and provided that the retired, former or deceased Participant was not credited with at least one-quarter Pension Credit in 1998, 1999 or 2000 (so as not to be subject to the increases provided for in paragraph (b) above), the monthly benefit for
(i) each (retired) Participant in receipt of any monthly pension benefit under the Plan on May 1, 2000, (ii) each (former) Participant eligible for (but not in receipt of) a monthly pension benefit under the Pl...
