LETTER 8

Pension Plan

 

Mr. James M. Parent

Assistant Directing Business Representative

District Lodge No. 26

I.A.M.A.W., AFL-CIO

365 New Britain Road

Kensington, Connecticut 06037

 

Dear Mr. Parent:

This is to confirm the understanding and agreement between the Company and the Union concerning amendments to be made to the Pension Plan referred to in Article 21.

Effective January 1, 2005:

(a)       The monthly retirement benefits are increased as follows:

 

     

Monthly Pension

Final Average Earnings   

Per Year of Credited Service

 

 

Under $26,000

27.00

  $26,000 to $26,999

 27.50

  $27,000 to $27,999

 28.00

  $28,000 to $28,999

 28.50

  $29,000 to $29,999

 29.00

  $30,000 to $30,999

 30.00

  $31,000 to $31,999

 31.00

  $32,000 to $32,999

 32.00

  $33,000 to $33,999

 33.00

  $34,000 to $34,999

 34.00

  $35,000 to $35,999

 35.00

  $36,000 to $36,999

 36.00

  $37,000 to $37,999

 37.00

  $38,000 to $38,999

 38.00

  $39,000 to $39,999

 39.00

  $40,000 to $40,999

 40.00

  $41,000 to $41,999

 41.00

  $42,000 to $42,999

 42.00

  $43,000 to $43,999

 43.00

  $44,000 to $44,999

 44.00

  $45,000 to $45,999

 45.00

  $46,000 to $46,999

 46.00

  $47,000 to $47,999

 47.00

  $48,000 to $48,999

 48.00

  $49,000 to $49,999

 49.00

  $50,000 and over

 50.00

(b)       The eligibility requirements for a disability pension are continued with at least five (5) years of continuous service.  In addition, the other two requirements of becoming permanently and totally disabled and receiving social security disability benefits remain.  The method of calculation and payment of the benefit remain the same as in the current retirement plan.

(c)        If a vested employee retires or otherwise terminates employment after becoming age 50, but before age 55, and his/her age and service total 65, they are eligible to receive a pension as early as age 55 as though they had retired at age 55 which entitles them to the .2% per month reduction in pension benefit for every month of retirement prior to age 62 rather than the 5% per year reduction for every year of retirement prior to the normal retirement age of 65 which applies under the current pension plan.

Sincerely,

James R. Miller

Vice President, Industrial Relations

Accepted this 6th day of December 2004