Retirement Benefits

Normal Retirement Benefit - Lay Employees

Your monthly benefit is calculated as follows:

1.67% multiplied by Average Monthly Earnings 
multiplied by Years of Credited Service

For example:

Credited Service: 20 years
Average Monthly Earnings: $800.00
1.67% x $800 x 20 years = $267.20/month

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NOTE:

1. Average Monthly Earnings means 1/12 of the arithmetic average of annual earnings for the highest five (5) consecutive years preceding actual retirement or termination date.

2. The Plan benefit is in addition to Social Security.

The benefit is payable commencing on your Normal Retirement Date and continuing for life. Other forms of benefit distributions are available, see “Optional Forms or Retirement Benefit,” below.

NORMAL RETIREMENT BENEFIT - 
RELIGIOUS SISTERS AND BROTHERS

Your monthly benefit shall be calculated as follows:

$27.48

times

Years of Credited Service

For Example:

Credited Service: 10 years
$27.48 x 10 years = $274.80/month

The $27.48 will increase 3% each July 1st. 
For example:

On or after	Benefit Amount
7/1/00	$28.30
7/1/01	$29.15
7/1/02	$30.02
7/1/03	$30.92
7/1/04	$31.85

NOTE:

1. Once your benefit has commenced, your monthly benefit will increase 3% per year as a cost of living adjustment.

2. The Plan benefit is in addition to Social Security

The benefit is payable commencing on your Normal Retirement Date and continuing for life.

EARLY RETIREMENT BENEFIT - 
LAY EMPLOYEES

Your monthly benefit is calculated as follows:

1. A deferred monthly retirement benefit commencing on your Normal Retirement Date and continuing for life. The benefit shall be calculated as above except that Credited Service and Average Monthly Earnings shall be determined as of your Early Retirement date.

or

2. An immediate monthly retirement benefit commencing on your Early Retirement Date and continuing for life, your benefit shall be as determined in (A) above, then reduced for the number of years and months your Early Retirement Date precedes your Normal Retirement Date. Your Early Retirement Benefit is reduced because it will start sooner and be paid out over a longer period of time. This chart shows the percentage of your accrued benefit you would receive at various retirement dates:

*Once the benefit has been calculated and payment has commenced, the amount of benefit remains fixed. Thus, if your payments commence at age 58, your benefit is permanently reduced to 60%.

For example:

EARLY RETIREMENT BENEFIT - 
RELIGIOUS SISTERS AND BROTHERS

The Plan does not provide for an early retirement benefit for Religious Sisters and Brothers.

DELAYED RETIREMENT BENEFIT

Your monthly benefit is calculated in the same manner as your Normal Retirement Benefit, except that Credited Service and Average Monthly Earnings shall be determined as of your actual retirement date. Your monthly payments shall commence on the first day of the month on or after your Delayed Retirement Date.

AGE 70 ½ BENEFIT

A vested Member who remains actively employed on the April 1 following the calendar year in which he attains age 70 1/2, shall be treated as a retiree as of that date, while continuing to accrue additional retirement benefits. The benefit is your vested accrued benefit calculated in the same manner as the Normal Retirement Benefit above, using your years of service and earnings as of the year you attained age 70 ½. Upon actual retirement or death, and as otherwise required by law, the amount of the benefit shall be recalculated to include the additional accrual.

LIMITS ON BENEFITS

Under the Internal Revenue Code, annual benefits under the Plan generally may not exceed $90,000 or 100% of your average compensation for your highest 3 years of earnings, or such other limits as the law provides from time to time. The $90,000 limit in the preceding sentence may be adjusted from time to time. For 2000, this limit has been adjusted to $135,000.

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