Benefit at Normal Retirement

The monthly amount of retirement benefit payable to a Member who retires on or after his Normal Retirement Date shall be the sum of three pension service periods below:

• $.0323 for each hour of Credited Service prior to August 31, 1990; plus
• $.085 for each hour of Credited Service after September 1, 1990 to May 31, 2001
• $.102 for each hour of Credited Service after June 1, 2001.

Benefit at Early Retirement

A Member who has reach all conditions to be eligible for early retirement would be entitled to the greater of the benefits options listed below:

• For a Member who as at December 31, 2008 had attained age fifty-five (55) and had 30,000 or more in Credited Service plus Disabled Credited Service hours may retire with the consent of the Board, and on the advice of the Actuary to an unreduced monthly Retirement Benefit commencing at their Early Retirement Date provided he does not continue to work in the Insulating Industry and was: (i) actively at work or receiving Long Term Disability Benefits in the twelve (12) month period immediately prior to their Early Retirement Date, or (ii) an active member in good standing of Insulators Local 95 who has not taken a withdrawal card and who is actively seeking employment.
• For a Member who has attained age sixty (60) and who has 45,000 or more in Credited Service hours plus Disabled Credited Service hours accrued before October 1, 2009 and who has 30 or more years of Continuous Service may retire with the consent of the Board and on the advice of the Actuary to an unreduced monthly Retirement Benefit commencing at their Early Retirement Date provided that they have met all 3 of the criteria prior to December 31, 2015.
• For a Member who has attained age sixty-three (63) and who has 45,000 or more Credited Service hours plus Disabled Credited Service hours accrued before October 1, 2009 may retire with the consent of the Board and on the advice of the Actuary to an unreduced monthly Retirement Benefit commencing at their Early Retirement Date.
• To an immediate pension that is reduced by ½% for each month their Early Retirement Date precedes their Normal Retirement Date. This immediate pension will not be less than the immediate pension that is actuarially equivalent in value to the pension payable at their Normal Retirement Date.