Common use of Late Retirement Benefits Clause in Contracts

Late Retirement Benefits. The 1998 effective multiplier increased from 1.8% to 2.0% beginning July 1, 2010, for all eligible employees, except for those employees who are eligible for grandfathered (age 55 or 30 years of service as of July 1, 2007) late retirement provisions contained in section 3.04 (a through c) of the plan summary. For all other eligible employees, the effective multiplier of 2.0% (retroactive to 1998) applies as will the following late retirement percentages: Actual Age at Retirement Date Late Retirement Percentage 61 - 64 100% 65 150%

Late Retirement Benefits. The 1998 effective multiplier increased from will increase for 1.8% to 2.0% beginning July 1, 2010, 2010 for all eligible employees, except for those employees who are eligible for grandfathered (age 55 or 30 years of service as of July 1, 2007) late retirement provisions contained in section 3.04 (a through c) of the plan summary. For all other eligible employees, the effective multiplier of 2.0% (retroactive to 1998) applies will apply as will the following late retirement percentages: Actual Age at Retirement Date Late Retirement at retirement date Percentage 61 - – 64 100% 65 150%

Late Retirement Benefits. The 1998 effective multiplier increased from 1.8% to 2.0% beginning July 1, 2010, for all eligible employees, except for those employees who are eligible for grandfathered (age 55 or 30 years of service as of July 1, 2007) late retirement provisions contained in section 3.04 (a through c) of the plan summary. For all other eligible employees, the effective multiplier of 2.0% (retroactive to 1998) applies as will the following late retirement percentages: Actual Age at Retirement Date retirement date Late Retirement Percentage 61 - 61-64 100% 65 150%