To offer you flexibility in planning for retirement, the pension plan provides a choice of retirement dates.
You can retire with a full pension:

• at age 65 or later, regardless of Company Service
• at age 62 or later, with at least 10 years of Company Service
• when your age and years of Company Service total 85 or more.

You can retire with a reduced pension:

• at age 50, with at least 10 years of Company Service.

“Company Service” is defined in the Glossary.

If you choose to retire after age 65, you will continue to earn Company Service and pay for plan benefit purposes until you actually retire.  In any event, your plan benefits will begin no later than the first of the month after you reach age 70-1/2, unless you decide to defer commencement of your benefit until you actually retire.

Company Service for Prior Contractors Service with contractors prior to participation in this pension plan does not count for any purpose unless specifically credited under the terms of the pension plan document.

There is one important exception to these retirement dates.  If your employment is terminated by action of the Company (other than for cause), you will be considered to have met the age and service requirements for:

• a full pension benefit if you are age 60 or over and have at least eight years of service or if you are age 48 or over, and your years of service and age total 83 or more
• a reduced pension benefit if you are at least age 48 with at least eight years of service.