You may retire on or after reaching your normal retirement date provided you satisfy all of the following conditions:

• You are no longer working for an employer participating in this plan.
• You are 65 or older.
• You have been credited with 5 or more years of credited service.

The date you satisfy these conditions is called the normal retirement date. If you retire on or after January 1, 2003, your monthly normal retirement benefit is the sum of:

• $4.00 multiplied by your years of credited past service, plus.

• 8% of total contributions made on your behalf from June 1, 1957, to December 31, 1966, plus.

• 6% of total contributions made on your behalf from January 1, 1967, to December 31, 1967, plus.

• 4% of total contributions made on your behalf from January 1, 1968, to December 31, 1970, plus.

• 3.5% of total contributions made on your behalf from January 1, 1971, to December 31, 1996 plus.

• 4.5% of total contributions made on your behalf from January 1, 1997 to December 31, 1999 plus.

• 2.5% of total contributions made on your behalf from January 1, 2000, to December 31, 2002.

• 1.0% of total contributions made on your behalf from January 1, 2003, to date of retirement.

For those individuals who have a retirement date on or after Jaunary 1, 2004, the maximum annual pension benefit payable will be the benefit as calculated through December 31, 2003 or $40,000.00, whichever is larger.

AGE 70 1/2 REQUIREMENT - You must begin to receive pension benefits no later than April 1st following the calendar year in which you obtain age 70 1/2.