Originally Posted by ThreeSides

The Company and the Association agree that:

1.) If the Company determines in good faith that the normal retirement age under the Pension Plan, the PMPPP and the VAPPP must be increased to comply with Section 401(a) of the Internal Revenue Code, of 1986, as amended, and the regulations thereunder, the Company shall amend each such plan to change to age 62 for the plan’s current normal retirement age (age 60); provided however, that the total amount of benefits payable under the plan shall not be reduced as a result of such amendment.

2.) In the event a plan is amended to increase the normal retirement age from age 60 to age 62, total benefits under such plan shall continue to be provided in the same amount at each age as would have been provided under the plan without regard to the amendment to increase the normal retirement age from 60 to 62.
To the maximum extent legally permissible, the plan shall be amended to provide such benefits directly by the plan (and the Compensation Limit Plan and 415 Limit Plan); otherwise, such benefits shall be provided directly by the Company. This paragraph shall apply to benefits earned before and after the effective date of an amendment to increase the plan’s normal retirement age from age 60 to age 62.

3.) For example, in the event the Pension Plan is amended to increase the normal retirement age from 60 to 62:

a. The total amount of early retirement benefits payable at age 55 or older shall be no less than the amount of early retirement benefits that would have been payable if the normal retirement age had remained at age 60: and

b. The total amount of retirement benefits payable at age 60 or older shall be no less than the amount of retirement benefits that would have been payable if the normal retirement age had remained at age 60.