Benefits at retirement.
If you retire under this Plan at or after 65 with at least 5 years of participation in the Plan or a Prior Plan, you will receive a monthly pension equal to $150 for each Year of Benefit Service you earn (but not less than the Prior Plan Accrued Benefit you have already earned). For example, if you have 10 Years of Benefit Service, your monthly pension payment would be $1,500. Your benefit will be reduced if your Prior Plan had an “offset” arrangement described on pages 8-9 of the SPD. However, if you participated in a Prior Plan and terminated employment before July 1, 2007, your benefits will be the amount calculated under the terms of your Prior Plan.