Pension Protection Act (“PPA. This Agreement is to be subject to the 2018 Plan Year Rehabilitation Plan adopted by the Board of Trustees as revised December 5, 2019.
Pension Protection Act (“PPA. Compliance The parties agree to change the methodology for calculating lump sums by adopting the Pension Protection Act required corporate bond rates and mortality tables effective January 1, 2010. In addition, effective January 1, 2010, the parties agree to a new 100 percent joint and survivor (J & S) annuity with a 15-year certain period, and a pop-up feature wherein upon the death of the joint annuitant prior to the death of the retiree, the retiree’s monthly benefit will revert from the 100 percent J & S to the life-only benefit. In the event both the retiree and the joint annuitant die within the 15-year certain period and the retiree was receiving the pop-up benefit, the life-only benefit will revert to the prior 100 percent joint and survivor monthly benefit for the remainder of the certain period.
Pension Protection Act (“PPA. This Agreement is subject to the 2018 Plan Year Rehabilitation Plan of the Sound Retirement Trust adopted by the Board of Trustees, as revised December 5, 2019.
