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Pension SPD Design Element

F. Minimum Benefits.

The Plan was amended, effective January 1, 2000, to provide a minimum benefit of $500 ($250 to surviving Spouses) per month to pensioners in pay status on December 31, 1999. Subsequent amendments were adopted to increase the minimum benefit to $600 ($300 to surviving Spouses) per month, effective January 1, 2001, to pensioners in pay status on December 31, 2000 and to $700 ($350 to surviving Spouses) per month, effective January 1, 2004, to pensioners in pay status on December 31, 2003. These minimum benefits, however, affected only pensioners in pay status as of the dates indicated, and do not apply to pensioners who retire after their adoption.