Laserfiche WebLink
<br /> equivalent of an Annual Benefit beginning at age 62, reduced for each month by which benefits <br /> commence before the month in which the Member attains age 62. To determine actuarial <br /> equivalence, the adjustment is the greater of (x) an adjustment based on 5% and the mortality <br /> table specified in Section 415(b)(2)(E) of the Code or (y) the early retirement factors specified in <br /> the Plan that are applicable to the Member's benefit. Any decrease in the dollar limit determined <br /> in accordance with this Section A-2(c) shall not reflect the mortality decrement to the extent that <br /> benefits will not be forfeited upon the death of the Member. The reduction provided in this <br /> Subsection A.2(c) shall not reduce the limitation of Subsection A.2(a) below (x) $75,000 if <br /> benefits begin after age 55, or (y) if the benefit begins before age 55, the equivalent of the <br /> $75,000 limit at age 55. Furthermore, the reduction in this Subsection A.2(c) shall not apply for <br /> a Member who is a "qualified participant," as defined in Code Section 415(b)(2)(H). <br /> (d) If the Annual Benefit of a Member commences after age 65, the dollar <br /> limitation in Section A.2(a) as reduced in Section A.2(b), if necessary, shall be increased so that <br /> it is the actuarial equivalent of an Annual Benefit of such dollar limitation beginning at age 65. <br /> To determine actuarial equivalence, the adjustment is the lesser of (x) an adjustment based on <br /> 5% and the mortality table specified in Section 415(b )(2)(E) of the Code or (y) the late <br /> retirement factors specified in the Plan that are applicable to the Member's benefit. Any increase <br /> in the dollar limit determined in accordance with this Section A-2(d) shall not reflect the <br /> mortality decrement to the extent that benefits will not be forfeited upon the death of the <br /> Member. <br /> (e) If the benefit the Member would otherwise accrue in a Limitation Year <br /> would produce an Annual Benefit in excess of the limitation under Section A.2(a), the rate of <br /> accrual will be reduced so that the Annual Benefit will equal the limitation under Section A.2(a). <br /> A-7 <br /> NB I :508358,9 <br />