B. Early Retirement Pension

1. Eligibility. To be entitled to an Early Retirement Pension, you must terminate your Covered Employment, refrain from engaging in “prohibited employment” and file a timely and complete pension application. The Plan's Early Retirement age is 55. You are eligible for an Early Retirement Pension if you have:
   1. Attained age 55; and have
   2. Ten or more years of Pension Credit earned since any Permanent Break in Service.
2. Amount of Your Early Retirement Pension. Your Early Retirement Pension is reduced from the amount of your Normal Retirement Benefit because you are younger when your pension begins -- which means you will be paid a pension for a longer period. If you are eligible for early retirement, your Pension will be determined as follows:
   1. determine the amount you would receive if you retired at age 65; then
   2. reduce the amount you would receive at Normal Retirement Age by one-half of one percent (.5%) for each month your retirement precedes age 65.
3. Unreduced Early Retirement Pension
   If the sum of your age and service under the IBEW Local 6 Inside Wiremen Agreement equals 85 or more, (also known as the Rule of 85), and you have accumulated at least 1,000 hours of Pension Credit under the Inside Wiremen Agreement during the thirty-six months immediately preceding your retirement date, you may be eligible for an unreduced Early Retirement Pension.
   
   Hours based on contributions made on your behalf pursuant to USERRA qualified service or to the Long Term Disability Program of the San Francisco Health and Welfare Plan will be counted when determining whether you are eligible for an unreduced Early Retirement Pension.
   1. Requirements for an Unreduced Early Retirement Pension
      You qualify for an unreduced Early Retirement Pension if you meet the following conditions that apply to your early retirement:
      1. For retirements occurring on or after January 1, 2000, if you have attained age 55 and accumulated at least 3,000 hours of Pension Credit under the Inside Wiremen Agreement since January 1, 2001.
      2. For retirements occurring on or after January 1, 1998, if you have attained age 56½ and accumulated at least 3,000 hours of Pension Credit under the Inside Wiremen Agreement since January 1, 1994.
      3. For retirements occurring on or after January 1, 1994, if you have attained age 57 and accumulated at least 3,000 hours of Pension Credit under the Inside Wiremen Agreement since January 1, 1990.
      4. For retirements occurring on or after January 1, 1993, if you have attained age 58 and accumulated at least 3,000 hours of Pension Credit under the Inside Wiremen Agreement since January 1, 1989.
      5. For retirements occurring on or after January 1, 1992, if you have attained age 59 and accumulated at least 3,000 hours of Pension Credit under the Inside Wiremen Agreement since January 1, 1988.
      6. For retirements occurring on or after January 1, 1987, if you have attained age 60 and accumulated at least 3,000 hours of Pension Credit under the Inside Wiremen Agreement since January 1, 1983.
      If you have at least 10 full years of Pension Credit as an Inside Wireman and your combined age and years of Pension Credit is less than 85, you will be eligible for an unreduced Early Retirement Pension as follows:
      1. Upon attainment of age 62, if you have accumulated at least 3,000 hours of Pension Credit under the Inside Wiremen Agreement since January 1, 1981, of which 1,000 hours is earned in the three year period immediately preceding retirement, or,
      2. Upon attainment of age 64, if you accumulated at least 300 hours of Pension Credit under the Inside Wiremen Agreement during the three years immediately preceding retirement.
   2. Example of How Rule of 85 Works
      The following example illustrates how the Rule of 85 impacts monthly benefits for a participant retiring at age 55 and how it compares to the benefit that would be payable without the Rule of 85.
      
      Accumulated Hours: 45,000
      Accumulated Pension Credits: 45,000 ÷ 1500 = 30
      Age + Credits: 55 + 30 = 85
      Benefit Level = $170 per credit
      
      Calculation with Rule of 85 (Retirement at age 55)
      
      (3,000 Pension Credit hrs. earned after 12/31/97)
      Retirement Age = 55
      Unreduced Retirement Age = 55
      Monthly Benefit with rule of 85: 30 Pension Credits @ $170 = $ 5,100
      
      Calculation without Rule of 85
      
      Retirement Age= 55
      Unreduced Retirement Age = 62
      Unreduced Monthly Benefit $ 5,100
      # Years Age precedes age 62= 7.0
      # Monthly to Apply reduction=12 x 7.0 84
      @ Reduction of ½ of 1% per month 42% (-2,142)
      Monthly Benefit without the Rule of 85 $ 2,958