Document:

Filed by Bowne Pure Compliance

 

Exhibit 10.05

PENTEGRA DEFINED BENEFIT PLAN

FOR FINANCIAL INSTITUTIONS

REGULATIONS

governing

THE COMPREHENSIVE RETIREMENT PROGRAM

26th Revision, Effective June 1, 2007

(Subject to IRS Approval)

108 Corporate Park Drive • White Plains, NY 10604

 

 

 

PENTEGRA DEFINED BENEFIT PLAN FOR FINANCIAL INSTITUTIONS

Established December 1, 1943

A non-profit, IRS qualified, tax-exempt, pension plan and trust through which Federal Home Loan
Banks, Savings and Loan Associations and similar institutions, or any other federally insured
financial institutions (including those organizations serving them) may cooperate in providing for
the retirement of their employees. These Regulations, including the Appendices attached hereto,
contain the governing provisions of the Pentegra DB Plan’s Comprehensive Retirement Program, a plan
which provides retirement and death benefits. All contributions to the Pentegra DB Plan are
commingled, and all assets of the Pentegra DB Plan are invested on a pooled basis, without
allocation to individual employers or employees. All amounts payable by the Pentegra DB Plan are a
general charge upon all its assets.

Effective June 1, 2007 except as otherwise provided, the Pentegra Defined Benefit Plan for
Financial Institutions’ Comprehensive Retirement Program is hereby amended and restated in its
entirety to provide as follows:

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLE I DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II PARTICIPATION AND MEMBERSHIP
	 	 	13	 
	Section 1. Employer Participation
	 	 	13	 
	Section 2. Employee Membership
	 	 	14	 
	 
	 	 	 	 
	ARTICLE III SERVICE
	 	 	17	 
	Section 1. Benefit Service
	 	 	17	 
	Section 2. Vesting Service
	 	 	18	 
	 
	 	 	 	 
	ARTICLE IV BASIC BENEFITS
	 	 	19	 
	Section 1. Normal Retirement
	 	 	19	 
	Section 2. Early Retirement
	 	 	19	 
	Section 3. Death Benefits
	 	 	24	 
	Section 4. Post-Age 65 Accruals
	 	 	28	 
	Section 5. Effect of Social Security Act
	 	 	29	 
	Section 6. Benefit Accrual Freeze
	 	 	29	 
	 
	 	 	 	 
	ARTICLE V BENEFIT FORMULAS AND ADDITIONAL BENEFITS
	 	 	30	 
	Section 1. Normal Retirement Benefit Formulas
	 	 	30	 
	Section 2. Early Retirement Factors
	 	 	51	 
	Section 3. Disability Retirement Benefit
	 	 	52	 
	Section 4. Additional Death Benefits
	 	 	54	 
	Section 5. Retirement Adjustment Payment
	 	 	55	 
	Section 6. Post-Retirement Supplements
	 	 	56	 
	Section 7. Supplemental Early Retirement Window Benefit
	 	 	58	 
	Section 8. Reduction in Accrual Rate for Certain Employees
	 	 	61	 
	 
	 	 	 	 
	ARTICLE VI OPTIONAL FORMS OF PAYMENT
	 	 	62	 
	Section 1. Options
	 	 	62	 
	Section 2. Conditions of Election
	 	 	63	 
	 
	 	 	 	 
	ARTICLE VII METHOD OF PAYMENT
	 	 	64	 

 

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	ARTICLE VIII RESTORATION OF A RETIREE TO SERVICE
	 	 	76	 
	 
	 	 	 	 
	ARTICLE IX CONTRIBUTIONS
	 	 	77	 
	Section 1. Engagement of Actuary
	 	 	77	 
	Section 2. Single Plan
	 	 	77	 
	Section 3. Contributions by Employers
	 	 	77	 
	Section 4. Administrative Expenses
	 	 	78	 
	Section 5. Contributions by Members
	 	 	78	 
	Section 6. Contribution Requirements for Benefit Improvements
	 	 	80	 
	Section 7. Return of Contributions to Employer
	 	 	80	 
	 
	 	 	 	 
	ARTICLE X EFFECTS OF VARIOUS EVENTS ON MEMBERSHIP AND SERVICE
	 	 	82	 
	Section 1. Termination of Membership
	 	 	82	 
	Section 2. Reinstatement of Membership and Service
	 	 	82	 
	Section 3. Inactive Membership
	 	 	84	 
	Section 4. Leaves of Absence
	 	 	84	 
	Section 5. Service With a Controlled Corporation
	 	 	86	 
	Section 6. Uniform Applicability of Rules
	 	 	86	 
	 
	 	 	 	 
	ARTICLE XI MISCELLANEOUS PROVISIONS
	 	 	87	 
	Section 1. Limitations on Benefits Required by the IRC
	 	 	87	 
	Section 2. Small Benefits
	 	 	93	 
	Section 3. Amounts Payable to Incompetents, Minors or Estates
	 	 	94	 
	Section 4. Non-alienation of Amounts Payable
	 	 	94	 
	Section 5. Unclaimed Benefits
	 	 	94	 
	Section 6. Top Heavy Provisions
	 	 	95	 
	Section 7. Transfer of Assets and Liabilities from Prior Plan
	 	 	98	 
	Section 8. Supplemental Retirement Allowance
	 	 	99	 
	 
	 	 	 	 
	ARTICLE XII WITHDRAWAL OF PARTICIPATING EMPLOYER
	 	 	100	 
	Section 1. General
	 	 	100	 
	Section 2. Notice and Effect
	 	 	100	 
	Section 3. Determination of Notional Plan Assets
	 	 	101	 
	Section 4. Determination of Plan Withdrawal Liabilities
	 	 	104	 

 

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	Section 5. Determination of Final Contribution Due by Withdrawing Employer
	 	 	105	 
	Section 6. Transfer of Assets and Liabilities Out of the Pentegra DB Plan
	 	 	105	 
	Section 7. Transfer of Excess Assets to a Qualified Successor Plan
	 	 	106	 
	Section 8. Restrictions on Qualified Successor Plan
	 	 	106	 
	Section 9. Partial Termination
	 	 	107	 
	Section 10. Special Procedures Upon Conservatorship or Receivership
	 	 	107	 
	Section 11. Miscellaneous Provisions
	 	 	109	 
	 
	 	 	 	 
	ARTICLE XIII TERMINATION OF THE TRUST
	 	 	111	 
	 
	 	 	 	 
	ARTICLE XIV ADMINISTRATION AND MANAGEMENT OF FUND
	 	 	115	 
	Section 1. Administration
	 	 	115	 
	Section 2. Dispute Resolution
	 	 	117	 
	Section 3. Management
	 	 	118	 
	Section 4. Information and Communications
	 	 	121	 
	 
	 	 	 	 
	ARTICLE XV AMENDMENTS
	 	 	124	 
	 
	 	 	 	 
	ARTICLE XVI INTERPRETATION
	 	 	125	 

 

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REGULATIONS

As amended to June 1, 2007

ARTICLE I DEFINITIONS

The following words and phrases as used in these Regulations shall have the following meanings:

	(1)	 	Abbreviations used in the following text shall mean:

	 	 	 	 	 
	 

	 	IRS U.S.
	 	Internal Revenue Service
	 

	 	IRS Regulations
	 	Regulations under the U.S. Internal Revenue Code
	 

	 	IRC U.S.
	 	Internal Revenue Code of 1986, as amended
	 

	 	ERISA
	 	Employee Retirement Income Security Act of 1974, as amended
	 

	 	PBGC
	 	Pension Benefit Guaranty Corporation
	 

	 	DOL
	 	U.S. Department of Labor

	(2)	 	“Accumulated Contributions” - The amount of benefit standing to the credit of a Member
representing the contributions made by the Member together with Regular Interest thereon as
determined in accordance with ERISA.
	 
	(3)	 	“Actuarial Increase Adjustment Factor” - The monthly increase to the Member’s Retirement
Allowance beginning as of the Member’s Normal Retirement Date. Such monthly increase shall be
determined as follows:

	 	 	 	 	 
	Age	 	Adjustment	 
	65-70
	 	.8% per month
	70-75
	 	1.0% per month
	75-80
	 	1.2% per month
	80-85
	 	1.5% per month
	85-90
	 	1.9% per month
	90-95
	 	2.5% per month
	95 and older
	 	3.4% per month

 

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	(4)	 	“Beneficiary” - In accordance with Article IV, Section 3 and applicable law, the person or
persons, other than a Contingent Annuitant, designated to receive any amount payable upon the death
of a Member or Retiree. Such designation may be made or
changed only by the Member or Retiree on a form provided by, and filed with, the Pentegra DB
Plan prior to the Member’s death. If no Beneficiary is designated, or if the designated
Beneficiary predeceases the Member or Retiree, then (except as provided in Article IV,
Section 3(C) or Article VI, Section 1, Option 2) any such amount payable shall be paid to
the estate of such Member or Retiree upon the Member’s or Retiree’s death.
	 
	(5)	 	“Benefit Service” - The period of Service counted in determining a Member’s benefits as
described in Article III.
	 
	(6)	 	“Board” - The Board of Directors provided for in Article XIV to direct the operations of the
Pentegra DB Plan.
	 
	(7)	 	“Break in Service” - A Period of Severance of at least 12 consecutive months.
	 
	(8)	 	“CCL” - For purposes of Subsections (E), (F), (G), (H), (I), (J), (K), (L), (M), (N), (O), (P),
(Q) and (S) of Article V, Section 1 (except as otherwise provided in the following paragraph), the
average of the taxable wage bases in effect under Section 230 of the Social Security Act as of the
beginning of each Plan Year included in the 35-year period ending with the last day of the calendar
year preceding the calendar year in which the Member attains (or will attain) his social security
retirement age, as defined in Section 415(b)(8) of the IRC. However, commencing with the Plan Year
beginning on July 1,
1995, CCL shall mean the average of the taxable wage bases in effect under Section 230 of
the Social Security Act as of the beginning of each Plan Year included in the 35-year period
ending with the last day of the calendar year in which the Member attains (or will attain)
his social security retirement age, as defined in Section 415(b)(8) of the IRC.
	 
	 	 	The taxable wage base for the current Plan Year and any subsequent Plan Year shall be
assumed to be the same as the taxable wage base in effect as of the beginning of the Plan
Year for which the determination is being made. In addition, a Member’s CCL for a Plan Year
beginning before the 35-year period referred to in this paragraph shall be the taxable wage
base in effect as of the beginning of such Plan Year.
	 
	 	 	For purposes of Subsections (G), (H), (I), (J), (K), (L), (M), (N), (O), (P), (Q) and (S) of
Article V, Section 1, in lieu of the foregoing definition of CCL, an Employer may elect, on
a uniform basis for its Members, to define CCL as the greater of $10,000 or one-half of the
“covered compensation” (as defined in Section 1.401(l)-1(c)(7) of the IRS
Regulations) of an individual who attains his social security retirement age in the
calendar year in which the Plan Year begins.

 

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	(9)	 	“Career Average Salary” - The average annual Salary during the period of Benefit Service.
	 
	(10)	 	“Cash Balance Account” - The Cash Balance Account as defined in Article V, Section 1(R).
	 
	(11)	 	“Change of Control” - A Buyout, Merger, or Substantial Change of Ownership. For this purpose,
these terms shall have the following meaning:

“Buyout” - A transaction or series of related transactions by which the Employer is sold,
either through the sale of a Controlling Interest in the Employer’s voting stock or through the
sale of all or substantially all of the Employer’s assets, to a party not having a Controlling
Interest in the Employer’s voting stock.

“Merger” - A transaction or series of transactions wherein the Employer is combined with
another business entity, and after which the persons or entities who had owned, either directly or
indirectly, a Controlling Interest in the Employer’s voting stock own less than a Controlling
Interest in the voting stock of the combined entity.

“Controlling Interest” - The ownership, either directly or indirectly, of more than 20%
of the Employer’s voting stock.

“Substantial Change of Ownership” - A transaction or series of transactions in which a
Controlling Interest in the Employer is acquired by or for a person or persons or
business entity, which person(s) or entity did not own, either directly or indirectly, a
Controlling Interest in the Employer.

	(12)	 	“Commencement Date” - The date on which an Employer begins to participate in the Pentegra DB
Plan’s Comprehensive Retirement Program.
	 
	(13)	 	“Commuted Value” - The present value of a series of future installment payments discounted at
the rate of 7% per annum.

 

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	(14)	 	“Contingent Annuitant” - A person designated to receive a continuing allowance under one of
the options of, and in accordance with, Article VI upon the death of a Retiree.
	 
	(15)	 	“Disability Retirement Date” - The first day of the month coincident with or next following
the date on which the Member separates from active employment by reason of disability.
	 
	(16)	 	“Early Retirement Date” - The first day of the month coincident with or next following the
Member’s termination of employment and the Member’s attainment of (i) age 45, (ii) age 55, or (iii)
age 55 plus the completion of ten (10) years of Vesting Service, as designated by the Employer.
	 
	(17)	 	“Effective Date” - Except as otherwise noted herein, the effective date of the
Regulations, as amended and restated, is June 1, 2007.
	 
	(18)	 	“Employee” - Unless an Employer elects otherwise or as necessary to satisfy the requirements
of IRC Sections 410(b) and 401(a)(26) and the IRS Regulations thereunder, any
person in the Service of an Employer who receives a Salary, and any Leased Employees. If an
individual receives no income from an Employer other than commissions and such Employer does not
elect to include commissions as Salary under Section (43) of this Article, then such individual
shall not be treated as an Employee for purposes of the Regulations.
	 
	 	 	Employees classified by the Employer as independent contractors who are subsequently
determined by the Internal Revenue Service to be Employees shall not be Members of the
Pentegra DB Plan.
	 
	(19)	 	“Employer” - Any institution which has adopted the Regulations and participates in the
Pentegra DB Plan, having applied, qualified and been approved in accordance with Article II,
Section 1.
	 
	(20)	 	“Enrollment Date” - The date on which an Employee becomes a Member.
	 
	(21)	 	“Equivalent Value” - A benefit of equivalent value when computed on the basis of tables,
developed taking into account actuarial assumptions and interest rates, which tables were last
adopted for this purpose by the Board and specified in Appendix A attached hereto or based upon an
interest rate and mortality table designated by the
Employer; provided, however, that the interest rate used to determine the Equivalent Value
of a benefit for purposes of Article VII, Section 2(B) and Article XI, Section 2, shall not
be greater than the rate prescribed under Article VII, Section 2(B).

 

4

 

	(22)	 	“High-5 Salary” - The average annual Salary over the 5 consecutive years of highest Salary
during Benefit Service (or during all the years of Benefit Service if less than 5).
	 
	(23)	 	“High-3 Salary” - The average annual Salary over the 3 consecutive years of highest Salary
during Benefit Service (or during all the years of Benefit Service if less than 3).
	 
	(24)	 	“Highly Compensated Employee” - For Plan Years beginning after December 31, 1996, an Employee
or a Member (i) who is a five percent owner at any time during the look-back year or determination
year, or (ii) (a) who is employed during the determination year and who during the look-back year
received 415 Compensation (as defined in Article XI, Section 1(B)) from the Employer in excess of
$80,000 (as adjusted pursuant to the IRC and IRS Regulations thereunder for changes in the cost of
living), and (b) if elected by the Employer (by formal adoption) was in the top-paid group of
Employees for such look-back year.
	 
	 	 	For this purpose, the determination year shall be the Plan Year. The look-back year shall be
the calendar year ending within the determination year.
	 
	 	 	The top-paid group shall consist of the top twenty percent of the Employees when ranked on
the basis of compensation paid by the Employer.
	 
	 	 	The determination of who is a Highly Compensated Employee will be made in accordance with
Section 414(q) of the IRC and the IRS Regulations thereunder.
	 
	 	 	For Plan Years beginning after December 31, 1996, the family member aggregation rules of
Section 414(q)(6) of the IRC (as in effect prior to the Small Business Job Protection Act of
1996) are eliminated.

	(25)	 	“Hour of Service” -

	 	(A)	 	Each hour for which an Employee is paid, or entitled to payment, for the performance of
duties for an Employer. These hours will be credited to the
Employee for the computation period in which the duties are performed; and

 

5

 

	 	(B)	 	Each hour for which an Employee is paid, or entitled to payment, by an Employer on account of a
period of time during which no duties are performed (irrespective of whether the employment
relationship has terminated) due to vacation, holiday, illness, incapacity (including disability),
layoff, jury duty, military duty or leave of absence. No more than 501 Hours of Service will be
credited under this
Subsection (B) for any single continuous period (whether or not such period occurs in a single
computation period). Hours under this Subsection (B) will be calculated and credited pursuant to
Section 2530.200b-2 of the DOL Regulations which is incorporated herein by this reference; and
	 
	 	(C)	 	Each hour for which back pay, irrespective of mitigation of damages, is either awarded or
agreed to by an Employer. The same Hours of Service will not be credited both under Subsection (A)
or (B), as the case may be, and under this Subsection (C). These hours will be credited to the
Employee for the computation period or periods to which the award or agreement pertains rather than
the computation period in which the award, agreement or payment is made.
	 
	 	 	 	Hours of Service will be credited for employment with other members of an affiliated service group
(under IRC Section 414(m)), a controlled group of corporations (under IRC Section 414(b)), or a
group of trades or businesses under common control (under IRC Section 414(c)), of which the
Employer is a member, and any other entity required to be aggregated with such Employer pursuant to
IRC Section 414(o).
	 
	 	 	 	Hours of Service will also be credited for any individual considered an Employee for purposes of
the Regulations under IRC Section 414(n) or Section 414(o).

	(26)	 	“Leased Employee” - Effective July 1, 1997, any person (other than an employee of the
recipient) who pursuant to an agreement between the recipient and any other person (“leasing
organization”) has performed services for the recipient (or for the recipient and related persons
determined in accordance with Section 414(n)(6) of the IRC) on a substantially full-time basis for
a period of at least one year, and such services are performed under the primary direction or
control by the recipient. Benefits provided a
Leased Employee by the leasing organization which are attributable to services performed for the
recipient employer shall be treated as provided by the recipient employer.

 

6

 

	(27)	 	“Limitation Year” - For purposes of applying the limitations of Section 415 of the IRC, the
“Limitation Year” shall be the twelve consecutive month period beginning January 1 and ending
December 31.
	 
	(28)	 	“Member” - An Employee enrolled in the membership of the Pentegra DB Plan’s Comprehensive
Retirement Program as provided in Article II, Section 2.
	 
	(29)	 	“Non-highly Compensated Employee” - An Employee who is not a Highly Compensated Employee.
	 
	(30)	 	“Normal Retirement Date” - The first day of the month coincident with or next following the
Member’s 65th birthday or, if later, the date of his termination of employment; except
that if the Member shall have attained age 65 before his Employer’s Commencement Date, than his
Normal Retirement Date shall be such Member’s termination of employment.
	 
	(31)	 	“PBGC Interest Rate” - The interest rate used by the PBGC, as of the date of distribution, for
purposes of determining the present value of a lump sum distribution on plan termination.
	 
	(32)	 	“Pension Equity Benefit” - The Pension Equity Benefit as defined in Article V, Section 1(S).
	 
	(33)	 	“Pentegra DB Plan” - The Pentegra Defined Benefit Plan for Financial Institutions (formerly
known as the Financial Institutions Retirement Fund) consisting of and governed by the Regulations
and Trust which together constitute a tax-qualified employee retirement benefit plan.
	 
	(34)	 	“Period of Severance” - A continuous period of time during which the Employee is not employed
by an Employer and commences on an Employee’s severance from service date. An Employee’s severance
from service date is the date the Employee retires, quits or is discharged or, if earlier, the 12
month anniversary of the date on which the Employee was otherwise first absent from service.
	 
	(35)	 	“Plan Year” - A 12-month period ending June 30.

 

7

 

	(36)	 	“Qualified Domestic Relations Order” - Any judgment, decree or order (including approval of a
property settlement agreement) which has been determined by the Board to constitute a qualified
domestic relations order within the meaning of Section 414(p)(1) of the IRC.
	 
	(37)	 	“Regular Interest” - Interest at the rate or rates adopted from time to time by the Board for
the purpose of computing interest on the contributions made by a Member; provided, however, for
Plan Years beginning on or after July 1, 1988 interest compounded annually at the rate of 120
percent of the applicable Federal mid-term rate as in effect under IRC Section 1274 for the first
month of the Plan Year.
	 
	(38)	 	“Regulations” - The Regulations of the Pentegra DB Plan, as the same may be amended from time
to time.
	 
	(39)	 	“Required Beginning Date” - Effective for distributions made on or after January 1, 1997, the
Required Beginning Date shall be the later of the April 1 of the calendar year following (i) the
calendar year in which the Member attains age 701/2 or (ii) the calendar year in which the Member
retires, except that the Required Beginning Date for a 5-percent owner shall be the April 1 of the
calendar year following the calendar year in which such Member attains age 701/2.
	 
	 	 	Any Member, other than a 5-percent owner, attaining age 701/2 in years after 1995 who continues in
service may elect by April 1 of the calendar year following the calendar year in which the Member
attained age 701/2 (or by December 31, 1997 in the case of a Member attaining age 701/2 in 1996) to
defer distributions until the April 1 of the calendar year following the calendar year in which the
Member retires. If no such election is made, the Member will begin receiving distributions by the
April 1 of the calendar year following the calendar year in which the Member attained age 701/2 (or
by December 31, 1997 in the case of a Member attaining age 701/2 in 1996).
	 
	 	 	Any Member attaining age 701/2 in years prior to 1997 may elect to stop distributions and recommence
distributions by the April 1 of the calendar year following the calendar year in which the Member
retires. If such election is made, there is a new annuity starting date upon recommencement.

 

8

 

	 	 	A Member is treated as a 5-percent owner for purposes of this section if such Member is a 5-percent
owner as defined in Section 416 of the IRC at any time during the Plan Year ending with or within
the calendar year in which such 5-percent owner attains age 701/2.
	 
	 	 	Once distributions have begun to a 5-percent owner under this section, the distributions must
continue, even if the Member ceases to be a 5-percent owner in a subsequent year.
	 
	(40)	 	“Retiree” - A former Member who has been retired under Article IV or XII (including one who
terminated with a vested benefit and deferred commencement of his Retirement Allowance).
	 
	(41)	 	“Retirement Allowance” - The annual lifetime allowance payable to a Retiree under Articles IV
and V.
	 
	(42)	 	“Retirement Date” - The date as of which a Member becomes a Retiree under Article IV or XII.
	 
	(43)	 	“Salary” - An Employer shall adopt, on a uniform basis for its Members and in accordance with
the applicable provisions of the IRC and IRS Regulations, one of the following definitions of
Salary:

	 	(A)(1)	 	Regular, basic salary or wage rate as of January 1 of the calendar year or the Member’s
date of employment, if later.
	 
	 	     (2)	 	Regular, basic salary or wage rate as of January 1 of the calendar year or the Member’s date of
employment, if later, plus overtime payments earned in the immediately preceding calendar year.
	 
	 	     (3)	 	Regular, basic salary or wage rate as of January 1 of the calendar year, or the Member’s date
of employment, if later, plus overtime payments and bonuses earned in the immediately preceding
calendar year.
	 
	 	     (4)	 	Salary, as defined in Paragraph (1), (2) or (3) of this Subsection (A), plus commissions earned
in the immediately preceding calendar year, but not to exceed such amount of commissions as the
Employer shall designate.

 

9

 

	 	     (5)	 	Salary, as defined in Paragraph (3) of this Subsection (A), but excluding one or more types of
bonus earned in the immediately preceding calendar as is designated by the Employer.
	 
	 	(B)(1)	 	Regular, basic salary or wage rate as in effect for each month of the calendar year.
	 
	 	     (2)	 	Regular, basic salary or wage rate as in effect for each month of the calendar year, plus
overtime payments earned in each such month.
	 
	 	     (3)	 	Regular, basic salary or wage rate as in effect for each month of the calendar year, plus
overtime payments and bonuses earned in each such month.
	 
	 	     (4)	 	Salary, as defined in Paragraph (1), (2) or (3) of this Subsection (B), plus commissions earned
in the current calendar year, but not to exceed such amount of commissions as the Employer shall
designate.
	 
	 	     (5)	 	Salary, as defined in Paragraph (3) of this Subsection (B), but excluding one or more types of
bonus earned in each month of the calendar year as is designated by the Employer.
	 
	 	(C)	 	Total taxable compensation as reported on a Member’s IRS Form W-2 (exclusive of any
compensation deferred from a prior year) for the calendar year.

	 	 	For purposes of the definition of “Salary” under Subsection (B) or Subsection (C) of this Article I
(43), Salary shall be deemed to be earned uniformly over each month of Benefit Service during the
calendar year.
	 
	 	 	For purposes of the definition of “Salary,” Special Payments and contributions by the Employer
under this or any other plan (other than before-tax contributions made on behalf of a Member to a
cafeteria plan under Section 125 of the IRC or, effective for Plan Years beginning on or after
January 1, 1998, qualified transportation fringe benefits under Section 132(f) of the IRC unless
the Employer specifically elects to exclude such contributions or benefits) shall be excluded.
Amounts voluntarily deferred by a Member under Section 401(k) of the IRC shall be included as
Salary. If an Employer elects to include commissions in the definition of Salary adopted under this
Article I (43), the
amount of commissions to be included shall, at the Employer’s option which shall be uniformly
applied, be reduced, but not below zero, to an amount by which a fixed dollar amount specified by
the Employer exceeds the Member’s Salary excluding commissions. Accordingly, if a Member’s Salary,
excluding commissions, equals or exceeds the applicable fixed dollar amount, then no commissions
will be included as Salary.

 

10

 

	 	 	For all purposes of this Article I (43), only a Member’s first $200,000 (adjusted for cost of
living in accordance with Section 401(a)(17) of the IRC) of Salary shall be taken into account.
Effective July 1, 1994, “Salary,” as otherwise defined above, shall be limited to a Member’s first
$150,000 (as adjusted for cost-of-living and otherwise limited or modified in accordance with
Section 401(a)(17) of the IRC and applicable IRS rulings and IRS Regulations); provided, however
that a Member’s accrued benefit determined in accordance with the Regulations shall not be less
than the accrued benefit of such Member determined as of June 30, 1994.
	 
	 	 	Subject to the IRC, any definition of “Salary” adopted by an Employer under Section (43) of this
Article I shall be applied to all years of a Member’s Benefit Service; provided, however, if an
Employer so elects, the definition of Salary adopted under this Section (43) shall be applied only
to a Member’s years of Benefit Service completed subsequent to the effective date of the Employer’s
adoption of such definition of Salary.
	 
	(44)	 	“Service” - Employment with an Employer. A period of employment shall commence or recommence
as of the first day the Employee is credited with an Hour of Service. In accordance with DOL
Regulations Section 2530.200b-2(b) and (c), Service includes (i) periods of vacation, (ii) periods
of layoff, (iii) periods of absence authorized by an employer for sickness, temporary disability or
personal reasons, and (iv) if and to the extent required by federal law, service in the Armed
Forces of the United States.
	 
	 	 	In addition to the foregoing in this Section (44), Service shall include employment with other
entities required to be aggregated with an Employer under IRC Section 414(b), (c), (m) or (o) and
shall include an individual’s employment with an Employer during the period for which such
individual is not eligible for membership in the Pentegra DB Plan’s Comprehensive Retirement
Program pursuant to Article II, Section 2(B).
	 
	(45)	 	“Special Payments” - Deferred compensation in the year deferred and in the year paid, vacation
pay, severance pay, moving expenses, and fringe benefits.

 

11

 

	(46)	 	“Spouse” - Except as otherwise provided by a Qualified Domestic Relations Order, the
individual to whom a Member or Retiree was married on the earlier of (i) the date of his death or
(ii) the first date of the period for which his Retirement Allowance commences.
	 
	(47)	 	“Straight Life Annuity” - The normal Retirement Allowance elected by the Employer where all
payments shall cease and no further amounts shall be due and payable upon the Retiree’s death.
	 
	(48)	 	“Trust” - The Trust established in respect of the Regulations under the Declaration of Trust
made as of July 15, 1943, as amended, in which the Regulations are incorporated by reference.
	 
	(49)	 	“Trustee” - The Trustee of the Trust.
	 
	(50)	 	“Vesting Service” - The period of Service counted in determining a Member’s eligibility for
early retirement as described in Article III.
	 
	(51)	 	The masculine pronoun wherever used shall include the feminine pronoun.

 

12

 

ARTICLE II PARTICIPATION AND MEMBERSHIP

SECTION 1. EMPLOYER PARTICIPATION

Any federally insured financial institution or other organization serving it may apply to the Board
for participation in the Pentegra DB Plan’s Comprehensive Retirement Program if (A) as of its
Commencement Date and in accordance with Section 410(b) of the IRC and the IRS
Regulations (i) the percentage of Non-highly Compensated Employees who will benefit under the
Regulations is at least 70% of the percentage of Highly Compensated Employees who will benefit
under the Regulations (excluding such employees as are permitted to be excluded under IRS
Regulations), or (ii) the average benefit percentage test (as defined in Section 410(b)(2) of the
IRC and the IRS Regulations) will be satisfied with respect to the Employer, and (B) as of its
Commencement Date and in accordance with Section 401(a)(26) of the IRC and the IRS Regulations, at
least 50 (or, if a lesser number results, 40%) of the Employer’s Employees will benefit under the
Pentegra DB Plan. An Employer may, at its option, subject to the provisions of the Regulations and
applicable law, adopt different features and provisions (a different basis of participation) for
different definable groups of employees, including for employees acquired pursuant to a merger or
acquisition. The Employer will be required to demonstrate that this Section 1 and all other
applicable IRC and IRS Regulations continue to be satisfied following the adoption of a different
basis of participation for separate and definable groups of employees. The applicant shall submit
the formal application and all required information, and the Board, in its discretion, shall decide
upon admittance and determine the Commencement Date. The Board may, in its discretion and at such
times as it may determine, require an affirmative showing by an Employer of its continued
compliance with the requirements of Sections 410(b), 401(a)(4), and Section 401(a)(26) of the IRC
and IRS Regulations.
Should an Employer determine that its basis of participation does not comply with the requirements
of Section 410(b), 401(a)(4) or 401(a)(26) of the IRC and IRS Regulations, the Employer shall be
permitted to expand membership in the Pentegra DB Plan to satisfy such requirements as long as such
amendment complies with applicable law. Initial and continued participation shall be subject to
continued compliance with the IRC and IRS Regulations in order that the Pentegra DB Plan be
maintained as a trust qualified under Section 401(a) of the IRC. Notwithstanding anything in this
Section 1 to the contrary, any Member of the Pentegra DB Plan’s Comprehensive Retirement Program
who is transferred to a governmental or quasi-governmental agency serving the financial industry
shall continue as a Member of the Pentegra DB Plan’s Comprehensive Retirement Program provided that
such Member’s employing agency has adopted the Regulations.

 

13

 

SECTION 2. EMPLOYEE MEMBERSHIP

	(A)	 	Every Employee, except as provided in Subsection (B) of this Section 2, shall be enrolled as a
Member of the Pentegra DB Plan’s Comprehensive Retirement Program on the latest of:

	 	(1)	 	His Employer’s Commencement Date; or
	 
	 	(2)	 	The first day of the month coincident with or next following the date he is hired by his
Employer; or
	 
	 	(3)	 	The first day of the month coincident with or next following the expiration of any waiting
period established with the Pentegra DB Plan by his Employer and made uniformly applicable to its
Employees, which period may not extend beyond the later of his completion of one year of Service or
attainment of age 21. Such waiting period shall be inapplicable, however, in the cases of
restoration and reinstatement of Service described in Article VIII and Article X, Section 2,
respectively, except for those Employees who have received a complete distribution of their
benefits on account of the withdrawal of their Employer from participation in the Pentegra DB Plan
under Article XII or who have elected to transfer their accrued benefits to a qualified successor
plan on account of such withdrawal from participation in the Pentegra DB Plan under Article XII; or
	 
	 	(4)	 	The first day of the month coincident with or next following the date he is no longer
ineligible under Subsection (B) of this Section; or
	 
	 	(5)	 	In the case of an Employer with respect to whom Employees were excluded from eligibility for
membership pursuant to Paragraph (1) of Subsection (B) of this Section 2, as in effect on June 30,
1988 (Employees hired on or after attainment of age 60 were ineligible), at such Employer’s option,
with respect to any Employee who had attained age 60 prior to being hired and who has an Hour of
Service on or after July 1, 1988 the applicable enrollment date otherwise provided under this
Subsection (A) and determined without regard to Paragraph (1) of Subsection (B) of this Section 2
as in effect on June 30, 1988.

 

14

 

	(B)	 	An Employee shall not be eligible for membership if he is in one of the following classes for
which his Employer has requested, and the Pentegra DB Plan has granted, subject to continuing
compliance with applicable provisions of the IRC and ERISA, exclusion:

	 	(1)	 	Those who are covered by another designated pension plan of their Employer.
	 
	 	(2)	 	Those who are compensated on an hourly basis — whereby compensation for each pay period
(without regard to paid absences) is determined by multiplying the hourly wage rate by the actual
number of Hours of Service completed.
	 
	 	(3)	 	Those who are hired under a written agreement which (i) precludes membership in the Pentegra DB
Plan and (ii) provides for a specific period of employment not in excess of one year.
	 
	 	(4)	 	Those Employees of an entity, designated by the Employer, who were employed by the designated
entity immediately prior to the Employer’s acquisition of such entity.
	 
	 	(5)	 	Those who are hired on or after a date specified by the Employer. (6) Those who are Leased
Employees. (7) Those who are employed at a bona-fide geographical location.
	 
	 	(8)	 	Those who are flex staff employees, which are defined for these purposes as Employees who are
not regular full-time or part-time Employees.

	(C)	 	Every Employee, except as provided in Subsection (D) of this Section 2, shall, as a condition
of his employment, agree to become a Member when eligible and shall be enrolled as a Member by his
Employer as of the date he becomes eligible. However, no person shall under any circumstances
become a Member unless and until his enrollment application is filed with, and accepted by, the
Pentegra DB Plan.

 

15

 

	(D)	 	An Employee who is in Service on his Employer’s Commencement Date may elect not to become a
Member by filing with the Pentegra DB Plan, within 60 days after he becomes eligible, written
notice of such election wherein he waives all present and prospective benefits which he would
otherwise have as a Member. An Employee who files such notice shall be excluded from membership
upon receipt by the Pentegra DB Plan of such notice. Thereafter, he may become a Member only if he
files an enrollment application within five years of the later of such Commencement Date or the
date he becomes eligible for membership, and furnishes evidence of good health satisfactory to the
Pentegra DB Plan.
	 
	(E)	 	If, on the date a Member is enrolled, his Employer does not expect him to complete at least
1,000 Hours of Service in the next 12 consecutive month period, the Member shall be placed
forthwith on inactive membership under Article X, Section 3.
	 
	(F)	 	Membership shall not confer any legal rights upon any Employee or other person against any
Employer, nor shall it interfere with the right of any Employer to discharge any Employee.

 

16

 

ARTICLE III SERVICE

SECTION 1. BENEFIT SERVICE

	(A)	 	Benefit Service is the period of Service counted in determining a Member’s benefits (subject to
Articles IV and V). It is the sum of Membership Service and Prior Service.
	 
	(B)	 	Membership Service is the years and months of Service rendered by a Member from his Enrollment
Date to the date of termination of his membership, which date shall be the date immediately
preceding his applicable Retirement Date. Subject to Article X, a
Member shall be credited with one month of Membership Service for each calendar month of enrolled
membership during which an Hour of Service is credited.
	 
	(C)	 	Prior Service is the years and months of Service rendered by a Member through the day preceding
his Employer’s Commencement Date, for which his Employer will allow credit on a uniform basis. At
the Employer’s option (by formal adoption) and in a uniform and nondiscriminatory manner, an
Employer shall have the right to count, as Prior Service under this Subsection (C), any period of
Service not otherwise taken into account pursuant to this Article III.
	 
	 	 	Notwithstanding the foregoing, an Employer may, with the consent of the Pentegra DB Plan, determine
as Prior Service of any Employee a period of his continuous employment with (i) an organization
which has been merged or consolidated with, or substantially all the assets of which have been
acquired by, the Employer and (ii) the Federal Home Loan Bank Board which preceded employment with
such Employer, provided that such determination be uniformly applicable to all continuing Employees
who have been employed by such organization and enrolled in the membership of the Pentegra DB Plan.
	 
	 	 	An Employer may, upon such terms and conditions as the Pentegra DB Plan and the IRS shall approve,
provide benefits in respect of any person covered by a prior retirement plan of the Employer which
was qualified under Section 401(a) of the IRC and in connection therewith transfer funds from such
plan to the Pentegra DB Plan so long as such transferred funds are applied so that each Member
affected thereby would receive a benefit immediately after the transfer, if the Pentegra DB Plan
then terminated, at least equal to the benefit he would have received upon the termination of the
prior plan immediately before such transfer.

 

17

 

SECTION 2. VESTING SERVICE

For purposes of determining an Employee’s eligibility for early retirement under Article IV,
Section 2, and subject to any adjustment required by Article X, an Employee will receive credit for
the aggregate of all time period(s) commencing with the Employee’s first day of employment or
reemployment with an Employer and ending on the date a Break in Service begins, except as otherwise
provided in this Section 2. The first day of employment or reemployment is the first day the
Employee performs an Hour of Service. An Employee will also receive credit for any Period of
Severance of less than 12 consecutive months. Fractional periods of a year will be expressed in
terms of days.

If an Employer is a member of an affiliated service group (under IRC Section 414(m)), a controlled
group of corporations (under IRC Section 414(b)), or a group of trades or businesses under common
control (under IRC Section 414(c)), or any other entity required to be aggregated with the employer
pursuant to IRS Section 414(o), Vesting Service will be credited for any employment for any period
of time for any other member of such group. Vesting Service will also be credited for any
individual required under IRC Section 414(n) or Section 414(o) to be considered an Employee of an
employer aggregated under IRC Section 414(b), (c), or (m).

Should an Employer that has never maintained a defined benefit pension plan commence participation
in the Pentegra DB Plan, such Employer may elect (by formal adoption) not to grant to its Employees
Vesting Service credit for any service preceding the Employer’s Commencement Date, except as
required under Article X, Section 2. An Employer’s election not to provide prior Vesting Service
credit shall not affect the Employer’s option to provide prior Benefit Service credit under Section
1 of this Article III for such Employees.

 

18

 

ARTICLE IV BASIC BENEFITS

All the benefits described in Articles IV and V are provided on a uniform basis for the Members of
an Employer, except as otherwise provided under Article II, Section 1 or under Article V, Section
8.

SECTION 1. NORMAL RETIREMENT

	(A)	 	Any Member who attains age 65 while in Service shall be fully vested and retired on his Normal
Retirement Date.
	 
	(B)	 	The annual normal Retirement Allowance payable as of a Member’s Normal Retirement Date shall be
determined under the benefit formula elected by the Employer under Article V, Section 1. In the
case of a Member who retires after attaining age 65, such
Member’s Retirement Allowance shall be the greater of (i) the Member’s Retirement Allowance based
on his years of Benefit Service as of his Retirement Date, or (ii) the Member’s Retirement
Allowance as of the first day of the month coincident with or next following the later of (x) the
Member’s attainment of age 65 or (y) the Member’s Employer’s Commencement Date, increased by the
Actuarial Increase Adjustment Factor for benefit formulas defined in Article V, Sections 1(A)
through 1(Q).
	 
	(C)	 	In lieu of having his normal Retirement Allowance commence as of his Normal Retirement Date, a
Member may elect to have such allowance commence in an increased amount as of the first day of any
month subsequent to his Normal Retirement Date but not later than his Required Beginning Date. For
benefit formulas defined in
Article V, Sections 1(A) through 1(Q), the regular Retirement Allowance of such a Member shall be
increased by the Actuarial Increase Adjustment Factor.

SECTION 2. EARLY RETIREMENT

	(A)	 	Any Member whose Service is terminated before attainment of age 65 and who has a nonforfeitable
right to all or a portion of the Retirement Allowance provided by his Employer’s contributions may,
upon written application filed with the Pentegra DB Plan, be retired as of his Early Retirement
Date.

 

19

 

	(B)	(i)	 	With respect to the benefit formulas described in Article V, Sections 1(A), 1(B), 1(C),
1(F), 1(J), 1(K), 1(L), 1(M), and 1(N), the annual early Retirement Allowance payable before age 65
shall be equal to a percentage of the annual
Retirement Allowance otherwise payable as of the Member’s Normal Retirement Date, calculated on the
basis of his Salary (Career Average, High-5 or High-3, whichever is applicable) and the Benefit
Service as of his Early Retirement Date.
	 
	 	(ii)	 	With respect to the benefit formulas described in Article V, Sections 1(D), 1(E), 1(G), 1(H),
1(I), 1(O), 1(P), and 1(Q) the annual early Retirement Allowance payable before age 65 shall be
equal to, as adjusted
pursuant to the following sentence, a percentage of the annual Retirement Allowance otherwise
payable as of the Member’s Normal Retirement Date calculated on the basis of his Salary (Career
Average, High-5 or High-3, whichever is applicable) as of his Early Retirement Date and the Benefit
Service he would have completed as of his Normal Retirement Date. The amount determined under the
preceding sentence shall be multiplied by a fraction, the numerator of which is the actual years
and months of Benefit Service the Member has completed as of his Early Retirement Date and the
denominator of which is the number of years and months of Benefit Service which the Member would
have completed as of his Normal Retirement Date.
	 
	 	(iii)	 	With respect to the Cash Balance Account formulas described in Article V, Section 1(R), the
annual early Retirement Allowance payable before age 65 shall be equal to a percentage of the
normal Retirement Allowance amount determined at the Member’s Retirement Date under Article V,
Section 2(A).
	 
	 	(iv)	 	With respect to the Pension Equity Benefit formulas described in Article V, Section 1(S), the
annual early Retirement Allowance payable before age 65 shall be equal to a percentage of the
normal Retirement Allowance amount determined at the Member’s Retirement Date under Article V,
Section 2(A).

 

20

 

	 	(v)	 	The percentage applied in Subsection (B)(i) through (B)(iv) of this Section 2 shall be further
adjusted by the Member’s vesting percentage at early retirement from the following tables, as
adopted by his Employer:

TABLE I

	 	 	 	 	 
	 	 	Vesting	 
	Completed Years of Vesting Service	 	Percentage	 
	 
	Less than 5
	 	 	0	%
	5 or more
	 	 	100	%

TABLE II

	 	 	 	 	 
	 	 	Vesting	 
	Completed Years of Vesting Service	 	Percentage	 
	 
	Less than 2
	 	 	0	%
	2
	 	 	20	%
	3
	 	 	40	%
	4
	 	 	60	%
	5
	 	 	80	%
	6 or more
	 	 	100	%

TABLE III

	 	 	 	 	 
	 	 	Vesting	 
	Completed Years of Vesting Service	 	Percentage	 
	 
	Less than 2
	 	 	0	%
	2
	 	 	20	%
	3
	 	 	40	%
	4
	 	 	60	%
	5 or more
	 	 	100	%

TABLE IV

	 	 	 	 	 
	 	 	Vesting	 
	Completed Years of Vesting Service	 	Percentage	 
	 
	Less than 3
	 	 	0	%
	3 or more
	 	 	100	%

 

21

 

TABLE V

	 	 	 	 	 
	 	 	Vesting	 
	Completed Years of Vesting Service	 	Percentage	 
	 
	Less than 3
	 	 	0	%
	3
	 	 	20	%
	4
	 	 	40	%
	5
	 	 	60	%
	6
	 	 	80	%
	7 or more
	 	 	100	%

	(C)	 	In lieu of having his early Retirement Allowance commence at age 65 under Subsection (B) of
this Section 2, a Member may elect to have such allowance commence in an increased amount as of the
first day of any month subsequent to his attainment of age 65 but not later than his Required
Beginning Date. The regular Retirement Allowance of such a Member shall be increased by the
Actuarial Increase Adjustment Factor.
	 
	(D)	 	In lieu of the Retirement Allowance payable at age 65 under Section 1, a Member may elect to
have his early Retirement Allowance commence in a reduced amount as of the first day of any month
coincident with or subsequent to his Early Retirement Date.
Notwithstanding the above, if a Member elects to terminate employment pursuant to Article V,
Section 7, such Member may elect to have his early Retirement Allowance commence in a reduced
amount as of the
first day of any month subsequent to his termination of employment. If a Member so elects, his
annual early Retirement Allowance shall be equal to a percentage of his annual early Retirement
Allowance otherwise payable under Subsection (B) of this Section 2. Such percentage shall be
determined by the Member’s age at commencement of his Retirement Allowance using the factors
adopted by his Employer pursuant to Article V, Section 2.
	 
	 	 	Notwithstanding anything in this Section 2 to the contrary, an Employer may elect to provide that
any early Retirement Allowance which commences after a Member’s attainment of age 60 or 62, as
designated by the Employer in its election, shall not be reduced because of the commencement of
such allowance before the Member’s Normal Retirement Date; provided, however, an Employer may not
elect to provide such an unreduced early Retirement Allowance if the Employer has elected to
provide any of the normal retirement benefit formulas described in Article V, Section 1(E), (F),
(G), (H), (I), (J), (K), (L), (M), (N),(O), (P), (Q), (R), or (S). In the case of an Employer’s
election pursuant to this Subsection (D) to provide an unreduced early Retirement Allowance upon a
Member’s attainment of age 60 or 62, as designated by the Employer, the early retirement factors
adopted by the Employer shall apply to the commencement of the Member’s Retirement Allowance prior
to the Member’s attainment of age 60 or 62, as applicable.

 

22

 

	(E)	 	Notwithstanding anything in this Article IV to the contrary, in the case of a Member who has
terminated Service with the Employer with a nonforfeitable interest in his Retirement Allowance (as
determined in accordance with Article IV, Section 2(B)(iii)) and who is eligible for disability
benefits under the Federal Social Security Act, such Member may elect to commence to receive his
disability retirement benefits under this Section 2 regardless of the Member’s age at such time. In
the event of the payment of such disability retirement benefits as provided in this Subsection (E),
such benefits shall be the Equivalent Value of the disabled Member’s early Retirement Allowance as
determined by the Pentegra DB Plan in accordance with the IRC, ERISA and applicable governmental
regulations to reflect the early commencement of the payment thereof.
	 
	(F)	 	Notwithstanding anything in this Article IV to the contrary, an Employer may, at its option,
elect to fully vest the Retirement Allowances of Employees whose employment is terminated pursuant
to a corporate transaction as long as such election does not discriminate in favor of Highly
Compensated Employees.
	 
	(G)	 	No amendment to an Employer’s vesting schedule shall directly or indirectly deprive a Member of
his nonforfeitable rights to benefits accrued to the date of such amendment. In the event that the Employer amends the vesting schedule adopted under this Article IV, or if the
Employer’s basis of participation in the Pentegra DB Plan is amended in any way that directly or
indirectly affects the computation of a Member’s nonforfeitable benefit (including a change to or
from a Top-Heavy vesting schedule), any Member who has completed at least 3 Years of Employment may
elect to have his nonforfeitable benefit computed without regard to such amendment under the
Pentegra DB Plan (a “Vesting Election”). Any Vesting Election shall be made by notifying the Board
in writing within a reasonable period after the adoption of the amendment or change. The election
period shall begin on the date such amendment is adopted or deemed to be made, as the case may be,
and shall end no earlier than the latest of the following dates: (i) the date which is 60 days
after the day such amendment is adopted; (ii) the date which is 60 days after the day such
amendment or change becomes effective; or (iii) the date which is 60 days after the day the Member
is given written notice of such
amendment or change by the Pentegra DB Plan Office. Any such election, once made, shall be
irrevocable.

 

23

 

	 	 	To the extent permitted under the IRC and IRS Regulations, the Employer may, at its option, elect
to treat all Members who are eligible to make a Vesting Election as having made such Vesting
Election if the vesting schedule resulting from such an election is more favorable than the Vesting
Schedule that would apply pursuant to the Plan amendment. Furthermore, subject to the requirements
of the applicable Regulations, the Employer may elect to treat all Members, who were employed by
the Employer on or before the effective date of the change or amendment, as subject to the prior
vesting schedule, provided such prior schedule is more favorable.

SECTION 3. DEATH BENEFITS

	(A)	 	Subject to the provisions of Subsections (B), (G) and (H) of this Section 3, upon the death of
a Member who was survived by a Spouse and whose Employer has not elected a Straight Life Annuity as
the payment form for the Member’s normal Retirement Allowance, the Equivalent Value of 120 monthly
installments of his Retirement Allowance, determined as if he had retired as of the first day of
the month during which he died, but not less than his Accumulated Contributions, if any, shall be
paid in the form of a life annuity to such Spouse, as Beneficiary, unless such Spouse elects a lump
sum or an installment form of payment under Subsection (D) of this Section 3; provided, however,
that if such Member’s Spouse had consented in writing to the Member’s designation of a different
Beneficiary, such death benefit will be paid to such designated Beneficiary. Any such non-spousal
designation may be revoked by the Member without spousal consent at any time prior to the Member’s
death. If a Member is not survived by a Spouse, such death benefit will be paid to his designated Beneficiary
or, if there is no designated Beneficiary, to the Member’s estate. If the Member was not vested in
all or a portion of his Retirement Allowance, no death benefit other than the refund of his
Accumulated Contributions, if any, shall be payable.
	 
	(B)	 	Upon the death of a Member who has a nonforfeitable right to all or a portion of his Retirement
Allowance and who was survived by a Spouse entitled to receive the death benefit determined under
Subsection (A) of this Section 3 or under Article V, Section 4, whichever is applicable, such death
benefit shall not be less than the Equivalent Value of one-half of the Option 3 allowance under
Article VI, Section 1, as if such Spouse had been designated Contingent Annuitant.

 

24

 

	 	 	Upon the death of a Member who has a nonforfeitable right to all or a portion of his Retirement
Allowance and who was survived by a Spouse not entitled to a death benefit under Subsection (A) of
this Section 3 or under Article V, Section 4, due to the Employer’s adoption of a Straight Life
Annuity as the payment form for the Member’s normal Retirement Allowance, such spousal death
benefit shall be equal to the Equivalent Value of one-half of the Option 3 allowance under Article
VI, Section 1, as if such Spouse had been designated Contingent Annuitant.
	 
	(C)	 	Upon the death of a Retiree who died before 120 monthly installments of his Retirement
Allowance had been paid and was survived by a Spouse and at the time of his death no optional form
of payment under Article VI was in effect, the Commuted Value of such unpaid installments shall be
paid in a lump sum to his Spouse as Beneficiary; provided, however, that if such Retiree’s Spouse
had consented in writing to the designation of a different Beneficiary, the death benefit will be
paid to such designated Beneficiary. Any such non-spousal designation may be revoked by the Retiree
without spousal consent at any time prior to
the Retiree’s death. If a Retiree is not survived by a Spouse at the time of his death, the death
benefit will be paid to his designated Beneficiary or, if there is no designated Beneficiary, to
the Retiree’s estate.
	 
	 	 	Notwithstanding the preceding paragraph, if an Employer elects a Straight Life Annuity as the
payment form for the Member’s normal Retirement Allowance, upon the death of a Retiree who was not
survived by a Spouse, no death benefit other than a refund of Accumulated Contributions, if any,
shall be payable, unless the Employer elects to provide a death benefit prior to commencement of
benefit payments equal to the present value of the Member’s Accrued Benefit, or unless an optional
form of payment under Article VI was in effect at the time of the Retiree’s death.

	(D)	(1)	 	Upon written request filed with the Pentegra DB Plan by the Member or Retiree, or if no
such request had been made prior to the time of death, then upon written application filed by the
Beneficiary prior to payment of any amount on account of the death of the Member or Retiree, the
lump sum payment provided for in Subsection (A), (B) or (C) of this Section 3 may be converted into
installments over a period of up to 10 years for a spousal Beneficiary, or over a period of up to 5
years for a non-spousal Beneficiary, computed with interest as specified by the Pentegra DB Plan,
and should the Beneficiary die before having received all such installments, the Equivalent Value
of the unpaid installments using such interest rate shall be paid in a lump sum to the
Beneficiary’s estate.

 

25

 

	 	(2)	 	If a Member or Retiree dies before distribution of his Retirement Allowance commences,
distribution of the Member’s or Retiree’s entire interest shall be completed by December 31 of the
calendar year containing the fifth anniversary of the Member’s death except to the extent that an
election is made to receive distributions in accordance with (a) or (b) below:

	 	(a)	 	if any portion of the Member’s interest is payable to a designated Beneficiary, distributions
may be made over the life or over a period certain not greater than the life expectancy of the
designated Beneficiary commencing on or before December 31 of the calendar year immediately
following the calendar year in which the Member died;
	 
	 	(b)	 	if the designated beneficiary is the Member’s surviving Spouse, the date distributions are
required to begin in accordance with (a) above shall not be earlier than the later of (1) December
31 of the calendar year immediately following the calendar year in which the Member died and (2)
December 31 of the calendar year in which the Member would have attained age 701/2.

	 	If the Member has not made an election pursuant to this Subsection (D) by the time of his or her
death, the Member’s designated Beneficiary must elect the method of distribution no later than the
earlier of (1) December 31 of the calendar year in which distributions would be required to begin
under this section, or (2) December 31 of the calendar year which contains the fifth anniversary of
the date of death of the Member. If the Member has no designated Beneficiary, or if the designated
Beneficiary does not elect a method of distribution, distribution of the Member’s entire interest
must be completed by December 31 of the calendar year containing the fifth anniversary of the
Member’s death. For purposes of this paragraph (2), if the Member’s or Retiree’s surviving Spouse
dies after the Member or Retiree, but before payments to such Spouse begin, the provisions of this
paragraph (2), with the exception of subparagraph (b) thereof, shall be applied as if the surviving
Spouse was the Member or Retiree. Notwithstanding the foregoing, to the extent any Retirement
Allowance provides for payments after a Retiree’s death, such payments shall be made in accordance
with Section 401(a)(9) of the IRC, including the minimum distribution incidental benefit
requirements of Section 1.401(a)(9)-2 of the proposed IRS Regulations.

 

26

 

	(E)	 	Special provisions:

	 	(i)	 	If a Member who has a nonforfeitable right to all or a portion of his Retirement Allowance dies
after termination of Service and prior to his Retirement Date, his death benefit shall be
determined under Subsection (A) of this Section 3, or Article V, Section 4(A), whichever is
applicable. If such a Member dies on or after his Retirement Date, the death benefit shall be
determined under Subsection (B) of this Section 3 or Article V, Section 4(B), whichever is
applicable.
	 
	 	(ii)	 	If a disability Retiree dies within 90 days after his separation from active employment, his
death benefit, if any, shall be determined under Subsection (A) of this Section 3, or Article V,
Section 4(A), whichever is applicable, and shall be reduced (but not below zero) by the sum of any
retirement payments made.

	(F)	 	Upon the death of a Retiree whose Retirement Allowance has commenced, any death benefit (if
paid in installments) shall be distributed to his Beneficiary at least as rapidly as under the
method being used as of the date of the Retiree’s death.
	 
	(G)	 	In lieu of any death benefit otherwise payable under this Section 3, the Beneficiary of a
Member who has a vested Cash Balance Account shall be entitled to a death benefit under this
paragraph if the Member dies prior to the Member’s Retirement Date. If the
Member’s Beneficiary is not his surviving Spouse, payment of the death benefit shall be made in a
single lump sum payment equal to the vested Cash Balance Account as soon as practicable after the
death of the Member. If the Member’s Beneficiary is his surviving Spouse, payment shall be made as
an annuity for the life of the surviving Spouse unless the surviving Spouse elects to receive the
vested Cash Balance Account as a lump sum payment. If the death benefit is paid as an annuity, it
shall be the actuarial equivalent of the Cash Balance Account using the actuarial equivalent basis,
as provided under Article V, Section 1(R)(1). Any other provision of the Pentegra DB Plan’s
Regulations notwithstanding, if the value of the Member’s vested Cash Balance Account is not more
than $1,000 ($3,500 prior to March 28, 2005) at his date of death, payment of the death benefit,
attributable to such vested Cash Balance Account, shall be made to the Beneficiary in a single lump
sum payment as soon as practicable.

 

27

 

	(H)	 	In lieu of any death benefit otherwise payable under this Section 3, the Beneficiary of a
Member who has a vested Pension Equity Benefit shall be entitled to a death benefit under this
paragraph if the Member dies prior to the Member’s Retirement Date. If the
Member’s Beneficiary is not his surviving Spouse, payment of the death benefit shall be made in a
single lump sum payment equal to the vested Pension Equity Benefit as soon as practicable after the
death of the Member. If the Member’s Beneficiary is his surviving Spouse, payment shall be made as
an annuity for the life of the surviving Spouse unless the surviving Spouse elects to receive the
vested Pension Equity Benefit as a lump sum payment. If the death benefit is paid as an annuity, it
shall be the actuarial equivalent of the Pension Equity Benefit using the actuarial equivalent
basis, as provided under Article V, Section 1(R)(1). Any other provision of the Pentegra DB Plan’s
Regulations notwithstanding, if the value of the Member’s vested Pension Equity Benefit is not more
than $1,000 ($3,500 prior to March 28, 2005) at his date of death, payment of the death benefit,
attributable to such vested Pension Equity Benefit, shall be made to the Beneficiary in a single
lump sum payment as soon as practicable.
	 
	(I)	 	An Employer may at its option elect to provide a death benefit under this Section 3 (subject to
the provisions of Subsection (B) of this Section 3) that is equal to either (i) or (ii), whichever
is of greater value at time of the Member’s death, (i) the death benefit payable under either
Article IV, Section 3(A) or Article V, Section 4(B), if either death benefit is applicable, or (ii)
the lump sum value of the Member’s vested Retirement Allowance calculated in accordance with
Article VII, Section 2(B). In the case of an
Employer that has not requested, or the Pentegra DB Plan has not approved, that a lump sum
settlement option be made available, the determination of the lump sum value of the Member’s vested
Retirement Allowance (as provided in clause (ii) of the preceding sentence) shall be made as if a
lump sum settlement option was made available with respect to such benefit under Article VII,
Section 2(B).

SECTION 4. POST-AGE 65 ACCRUALS

Effective July 1, 1988, an Employee who had attained age 65 prior to July 1, 1988 will continue to
accrue benefits in accordance with the Regulations. No benefits shall accrue with respect to such
Employee’s Service which occurred after the Employee’s attainment of age 65 but prior to July 1,
1988; provided, however, an Employer may elect to provide benefit accruals with respect to such
pre-July 1, 1988 Service.

 

28

 

SECTION 5. EFFECT OF SOCIAL SECURITY ACT

Benefits being paid to a Retiree or a Beneficiary may not be decreased by reason of any
post-separation Social Security benefit increase or by the increase of the Social Security Wage
Base under Title II of the Federal Social Security Act. Benefits in which a former Member has a
vested interest may not be decreased by reason of an increase in a benefit level or wage base under
Title II of the Federal Social Security Act.

SECTION 6. BENEFIT ACCRUAL FREEZE

Notwithstanding anything in the Pentegra DB Plan’s Regulations to the contrary, if an Employer so
elects, no benefits shall accrue on behalf of any Member with respect to such Employer on and after
the effective date of such election. No employees of the Employer shall first become eligible to
participate in the Pentegra DB Plan on or after the effective date of the election to freeze
benefit accruals. In order to implement a freeze of benefit accruals under the Pentegra DB Plan, an
Employer must comply with all of the rules and procedures prescribed by the Board and with
applicable law.

 

29

 

ARTICLE V BENEFIT FORMULAS AND ADDITIONAL BENEFITS

SECTION 1. NORMAL RETIREMENT BENEFIT FORMULAS

An Employer may provide, on a uniform basis for its Members, one of the following normal retirement
benefit formulas:

	(A)	 	Nonintegrated Benefit Formulas
	 
	 	 	The product of:

	 	(1)	 	An annual accrual rate equal to any rate not less than .25% and not greater than 3% (determined
in .25% (.05% effective on and after June 5, 2004) increments), as designated by the Employer,
multiplied by
	 
	 	(2)	 	The Member’s (a) Career Average Salary, (b) High-5 Salary or (c) High-3 Salary, as designated
by the Employer, multiplied by
	 
	 	(3)	 	The number of years and months of Benefit Service.

	(B)	 	Nonintegrated Benefit Formulas with a Benefit Service Cap
	 
	 	 	The product of:

	 	(1)	 	An annual accrual rate equal to any rate not less than .25% and not greater than 3% (determined
in .25% (.05% effective on and after June 5, 2004) increments), as designated by the Employer,
multiplied by
	 
	 	(2)	 	The Member’s (a) High-5 Salary or (b) High-3 Salary, as designated by the Employer, multiplied
by
	 
	 	(3)	 	The number of years and months of Benefit Service up to a maximum of 20, 25, 30, 35, 40, 45 or
50 years, as designated by the Employer.

 

30

 

	(C)	 	Partial High-5 or High-3 Salary Benefit Formulas
	 
	 	 	The greater of (1) or (2):

	 	(1)	 	The product of:

	 	(i)	 	An annual accrual rate equal to any rate not less than .25% and not greater than 3% (determined
in .25% (.05% effective on and after June 5, 2004) increments), as designated by the Employer,
multiplied by
	 
	 	(ii)	 	The Member’s (a) High-5 Salary or (b) High-3 Salary, as designated by the Employer, multiplied
by
	 
	 	(iii)	 	The number of years and months of Benefit Service, multiplied by
	 
	 	(iv)	 	Any percentage less than 100% but equal to or greater than 50%, as designated by the Employer.

	 	(2)	 	The product of:

	 	(i)	 	An annual accrual rate equal to any rate not less than .25% and not greater than 3% (determined
in .25% (.05% effective on and after June 5, 2004) increments), as designated by the Employer under
Subsection (C)(1)(i) of this Section 1, multiplied by
	 
	 	(ii)	 	The Member’s Career Average Salary, multiplied by
	 
	 	(iii)	 	The number of years and
months of Benefit Service.

	(D)	 	Nonintegrated Fixed Percentage Formulas
	 
	 	 	The product of:

	 	(1)	 	Any percentage not less than 10% and not greater than 80%, as designated by the Employer,
multiplied by
	 
	 	(2)	 	The Member’s (a) High-5 Salary or (b) High-3 Salary, as designated by the Employer, for each
Member who completes a minimum number of years of Benefit Service equal to 25 or 30 years of
Benefit Service as of his Normal Retirement Date, as designated by the Employer.

	 	 	If a Member does not complete the required minimum number of years of Benefit Service as of his
Normal Retirement Date, his Retirement Allowance under this Subsection (D) shall be multiplied by a
fraction, the numerator of which is the number
of years and months of Benefit Service completed as of his Normal Retirement Date and the
denominator of which is the required minimum number of years of Benefit Service.

 

31

 

	(E)	 	1.5% Integrated Benefit Formula With Career Average Minimum
	 
	 	 	The product of:

	 	(1)	 	1.0% of the Member’s High-5 (or High-3, as designated by the Employer) Salary up to the CCL,
plus 1.5% of the Member’s High-5 (or High-3) Salary above the CCL, multiplied by
	 
	 	(2)	 	The number of years and months of Benefit Service.

	 	(a)	 	In the event a Member has completed more than 35 years of Benefit Service as of his Normal
Retirement Date, the Member’s Retirement Allowance, with respect to such years of Benefit Service
in excess of 35, will be equal to 1.5% of the Member’s High-5 (or High-3) Salary, both above and
below the CCL. At the Employer’s election, with respect to
Benefit Service completed prior to the Employer’s adoption of the integrated benefit formula in
this Section 1(E), the Retirement Allowance computed with respect to such Benefit Service shall be
determined by applying an annual accrual rate of 1.5% of the Member’s High-5 (or High-3) Salary,
both above and below the CCL. In no event will the Member’s normal Retirement Allowance computed
under this Section 1(E) be less than the product of:
	 
	 	(b)	 	1.5%, multiplied by
	 
	 	(c)	 	The Member’s Career Average Salary, multiplied by
	 
	 	(d)	 	The number of years and months
of Benefit Service.

	(F)	 	2% Integrated Benefit Formula With Career Average Minimum
	 
	 	 	The product of:

	 	(1)	 	1.5% of the Member’s High-5 (or High-3, as designated by the Employer) Salary up to the CCL,
plus 2.0% of the Member’s High-5 (or High-3) Salary above the CCL, multiplied by

 

32

 

	 	(2)	 	The number of years and months of Benefit Service.
	 
	 	 	 	In the event a Member has completed more than 35 years of Benefit Service as of the date of his
termination of employment, the Member’s Retirement Allowance, with respect to such years of Benefit
Service in excess of 35, will be equal to 2.0% of the Member’s High-5 (or High-3) Salary, both
above and below the CCL. At the Employer’s election, with respect to Benefit Service completed
prior to the Employer’s adoption of the integrated benefit formula in this Section 1(F), the
Retirement Allowance computed with respect to such Benefit Service shall be determined by applying
an annual accrual rate of 2.0% of the Member’s High-5 (or High-3) Salary, both above and below the
CCL.
	 
	 	 	 	In no event will the Member’s normal Retirement Allowance computed under this Section 1(F) be less
than the product of:

	 	(a)	 	2.0%, multiplied by
	 
	 	(b)	 	The Member’s Career Average Salary, multiplied by
	 
	 	(c)	 	The number of years and months
of Benefit Service.

	(G)	 	1.5% Integrated Benefit Formula Without Career Average Minimum
	 
	 	 	The product of:

	 	(1)	 	1.0% of the Member’s High-5 (or High-3, or, effective on and after March 27, 2006, Career
Average, as designated by the Employer) Salary up to the CCL, plus 1.5% of the Member’s High-5 (or
High-3 or Career Average, as applicable) Salary above the CCL, multiplied by
	 
	 	(2)	 	The number of years and months of Benefit Service, up to a maximum, if any, specified by the
Employer, of 20, 25, 30 or 35 years; provided that no maximum number of years and months of Benefit
Service will apply if the Benefit Formula is based on Career Average Salary. In the event a Member
has completed more than 35 years of Benefit Service as of his Normal Retirement Date and the
Employer has not specified a maximum number of years of Benefit Service, or a maximum number of
years of Benefit Service does not apply, the Member’s Retirement Allowance, with respect to Benefit
Service in excess of 35 years, will be equal to 1.5% of the Member’s High-5 (or High-3 or, if
Career Average Salary
is used in the formula above, Career Average) Salary, both above and below the CCL. At the
Employer’s election, with respect to Benefit Service completed prior to the Employer’s adoption of
the integrated benefit formula in this Section 1(G), the Retirement Allowance computed with respect
to such Benefit Service shall be determined by applying an annual accrual rate of 1.5% of the
Member’s High-5 Salary (or High-3) Salary or, if Career Average Salary is used in the formula
above, Career Average Salary)), both above and below the CCL.

 

33

 

	(H)	 	1.75% Integrated Benefit Formula Without Career Average Minimum
	 
	 	 	The product of:

	 	(1)	 	1.25% of the Member’s High-5 (or High-3, or, effective on and after March 27, 2006, Career
Average, as designated by the Employer) Salary up to the CCL, plus 1.75% of the Member’s High-5 (or
High-3 or Career Average, as applicable) Salary above the CCL, multiplied by
	 
	 	(2)	 	The number of years and months of Benefit Service, up to a maximum, if any, specified by the
Employer, of 20, 25, 30 or 35 years; provided that no maximum number of years and months of Benefit
Service will apply if the Benefit Formula is based on Career Average Salary. In the event a Member
has completed more than 35 years of Benefit Service as of his Normal Retirement Date and the
Employer has not specified a maximum number of years of Benefit Service, or a maximum number of
years of Benefit Service does not apply, the Member’s Retirement Allowance, with respect to Benefit
Service in excess of 35 years, will be equal to 1.75% of the Member’s High-5 (or High-3 or, if
Career Average Salary is used in the formula above, Career Average) Salary, both above and below
the CCL. At the Employer’s election, with respect to Benefit Service completed prior to the
Employer’s adoption of the integrated benefit formula provided in this Section 1(H), the Retirement
Allowance computed with respect to such Benefit Service shall be determined by applying an annual
accrual rate of 1.75% of the Member’s High-5 Salary (or High-3 Salary or, if Career Average Salary
is used in the formula above, Career Average Salary), both above and below the CCL.

 

34

 

	(I)	 	1.85% Integrated Benefit Formula Without Career Average Minimum
	 
	 	 	The product of:

	 	(1)	 	1.25% of the Member’s High-5 (or High-3, or, effective on and after March 27, 2006, Career
Average, as designated by the Employer) Salary up to the CCL, plus 1.85% of the Member’s High-5 (or
High-3 or Career Average, as applicable) Salary above the CCL, multiplied by
	 
	 	(2)	 	The number of years and months of Benefit Service, up to a maximum, if any, specified by the
Employer, of 20, 25, 30 or 35 years; provided that no maximum number of years and months of Benefit
Service will apply if the Benefit Formula is based on Career Average Salary. In the event a Member
has completed more than 35 years of Benefit Service as of his Normal Retirement Date and the
Employer has not specified a maximum number of years of Benefit Service, or a maximum number of
years of Benefit Service does not apply, the Member’s Retirement Allowance, with respect to Benefit
Service in excess of 35 years, will be equal to 1.85% of the Member’s High-5 (or High-3 or, if
Career Average Salary is used in the formula above, Career Average) Salary, both above and below
the CCL. At the Employer’s election, with respect to Benefit Service completed prior to the
Employer’s adoption of the integrated benefit formula provided in this Section 1(I), the Retirement
Allowance computed with respect to such Benefit Service shall be determined by applying an annual
accrual rate of 1.85% of the Member’s High-5 Salary (or High-3 Salary or, if Career Average Salary
is used in the formula above, Career Average Salary), both above and below the CCL.

	(J)	 	2% Integrated Benefit Formula Without Career Average Minimum
	 
	 	 	The product of:

	 	(1)	 	1.5% of the Member’s High-5 (or High-3, or, effective on and after March 27, 2006, Career
Average, as designated by the Employer) Salary up to the CCL, plus 2.0% of the Member’s High-5 (or
High-3 or Career Average, as applicable) Salary above the CCL, multiplied by

 

35

 

	 	(2)	 	The number of years and months of Benefit Service, up to a maximum, if any, specified by the
Employer, of 20, 25, 30 or 35 years; provided that no maximum number of years and months of Benefit
Service will apply if the Benefit Formula is based on Career Average Salary. In the event a Member
has completed more than 35 years of Benefit Service as of the date of his termination of employment
and the Employer has not specified a maximum number of years of Benefit
Service, or a maximum number of years of Benefit Service does not apply, the Member’s Retirement
Allowance, with respect to Benefit Service in excess of 35 years, will be equal to 2.0% of the
Member’s High-5 (or High-3 or, if Career Average Salary is used in the formula above, Career
Average) Salary, both above and below the CCL. At the Employer’s election, with respect to Benefit
Service completed prior to the Employer’s adoption of the integrated benefit formula in this
Section 1(J), the Retirement Allowance computed with respect to such Benefit Service shall be
determined by applying an annual accrual rate of 2.0% of the Member’s High-5 Salary (or High-3
Salary or, if Career Average Salary is used in the formula above, Career Average Salary), both
above and below the CCL.

	(K)	 	2.25% Integrated Benefit Formula Without Career Average Minimum
	 
	 	 	The product of:

	 	(1)	 	1.75% of the Member’s High-5 (or High-3, or, effective on and after March 27, 2006, Career
Average, as designated by the Employer) Salary up to the CCL, plus 2.25% of the Member’s High-5 (or
High-3 or Career Average, as applicable) Salary above the CCL, multiplied by
	 
	 	(2)	 	The number of years and months of Benefit Service, up to a maximum, if any, specified by the
Employer, of 20, 25, 30 or 35 years; provided that no maximum number of years and months of Benefit
Service will apply if the Benefit Formula is based on Career Average Salary. In the event a Member
has completed more than 35 years of Benefit Service as of his Normal Retirement Date and the
Employer has not specified a maximum number of years of Benefit Service, or a maximum number of
years of Benefit Service does not apply, the Member’s Retirement Allowance, with respect to Benefit
Service in excess of 35 years, will be equal to 2.25% of the Member’s High-5 (or High-3 or,
if Career Average Salary is used in the formula above, Career Average) Salary, both above and below
the CCL. At the Employer’s election, with respect to Benefit Service completed prior to the
Employer’s adoption of the integrated benefit formula provided in this Section 1(K), the Retirement
Allowance computed with respect to such Benefit Service shall be determined by applying an annual
accrual rate of 2.25% of the Member’s High-5 Salary (or High-3 Salary or, if Career Average Salary
is used in the formula above, Career Average Salary), both above and below the CCL.

 

36

 

	(L)	 	2.5% Integrated Benefit Formula Without Career Average Minimum
	 
	 	 	The product of:

	 	(1)	 	2.0% of the Member’s High-5 (or High-3, or, effective on and after March 27, 2006, Career
Average, as designated by the Employer) Salary up to the CCL, plus 2.5% of the Member’s High-5 (or
High-3 or Career Average, as applicable) Salary above the CCL, multiplied by
	 
	 	(2)	 	The number of years and months of Benefit Service, up to a maximum, if any, specified by the
Employer, of 20, 25, 30 or 35 years; provided that no maximum number of years and months of Benefit
Service will apply if the Benefit Formula is based on Career Average Salary. In the event a Member
has completed more than 35 years of Benefit Service as of his Normal Retirement Date and the
Employer has not specified a maximum number of years of Benefit Service, or a maximum number of
years of Benefit Service does not apply, the Member’s Retirement Allowance, with respect to Benefit
Service in excess of 35 years, will be equal to 2.5% of the Member’s High-5 (or High-3 or, if
Career Average Salary is used in the formula above, Career Average) Salary, both above and below
the CCL. At the Employer’s election, with respect to Benefit Service completed prior to the
Employer’s adoption of the integrated benefit formula provided in this Section 1(L), the Retirement
Allowance computed with respect to such Benefit Service shall be determined by applying an annual
accrual rate of 2.5% of the Member’s High-5 Salary (or High-3 Salary or, if Career Average Salary
is used in the formula above, Career Average Salary), both above and below the CCL.

	(M)	 	2.75% Integrated Benefit Formula Without Career Average Minimum
	 
	 	 	The product of:

	 	(1)	 	2.25% of the Member’s High-5 (or High-3, or, effective on and after March 27, 2006, Career
Average, as designated by the Employer) Salary up to the CCL, plus 2.75% of the Member’s High-5 (or
High-3 or Career Average, as applicable) Salary above the CCL, multiplied by

 

37

 

	 	(2)	 	The number of years and months of Benefit Service, up to a maximum, if any, specified by the
Employer, of 20, 25, 30 or 35 years; provided that no maximum number of years and months of Benefit
Service will apply if the Benefit Formula is based on Career Average Salary. In the event a Member
has completed more
than 35 years of Benefit Service as of his Normal Retirement Date and the Employer has not
specified a maximum number of years of Benefit Service, or a maximum number of years of Benefit
Service does not apply, the Member’s Retirement Allowance, with respect to Benefit Service in
excess of 35 years, will be equal to 2.75% of the Member’s High-5 (or High-3 or, if Career Average
Salary is used in the formula above, Career Average) Salary, both above and below the CCL. At the
Employer’s election, with respect to Benefit Service completed prior to the Employer’s adoption of
the integrated benefit formula provided in this Section 1(M), the Retirement Allowance computed
with respect to such Benefit Service shall be determined by applying an annual accrual rate of
2.75% of the Member’s High-5 Salary (or High-3 Salary or, if Career Average Salary is used in the
formula above, Career Average Salary), both above and below the CCL.

	(N)	 	3% Integrated Benefit Formula Without Career Average Minimum
	 
	 	 	The product of:

	 	(1)	 	2.5% of the Member’s High-5 (or High-3, or, effective on and after March 27, 2006, Career
Average, as designated by the Employer) Salary up to the CCL, plus 3.0% of the Member’s High-5 (or
High-3 or Career Average, as applicable) Salary above the CCL, multiplied by
	 
	 	(2)	 	The number of years and months of Benefit Service, up to a maximum, if any, specified by the
Employer, of 20, 25, 30 or 35 years; provided that no maximum number of years and months of Benefit
Service will apply if the Benefit Formula is based on Career Average Salary. In the event a Member
has completed more than 35 years of Benefit Service as of his Normal Retirement Date and the
Employer has not specified a maximum number of years of Benefit Service, or a maximum number of
years of Benefit Service does not apply, the Member’s Retirement Allowance, with respect to Benefit
Service in excess of 35 years, will be equal to 3% of the Member’s High-5 (or High-3 or, if Career
Average Salary is used in the formula above, Career Average) Salary, both above and below the CCL.
At the Employer’s election, with respect to Benefit Service completed prior to the Employer’s
adoption of the integrated benefit formula provided in this Section 1(N), the Retirement Allowance
computed with respect to such Benefit Service shall be determined by applying an annual accrual
rate of 3.0% of the
Member’s High-5 Salary (or High-3 Salary or, if Career Average Salary is used in the formula above,
Career Average Salary), both above and below the CCL.

 

38

 

	(O)	 	Integrated Fixed Percentage Formulas with 25 Years of Benefit Service Requirement
	 
	 	 	The product of:

	 	(1)	 	Any percentage commencing with 25% and not exceeding 62.5% (in increments of 6.25%), as
designated by the Employer, of the Member’s High-5 (or High-3, as designated by the Employer)
Salary up to the CCL, plus
	 
	 	(2)	 	The sum of (i) the percentage designated in paragraph (1) of this Subsection (O) and (ii) 12.5%
multiplied by the Member’s High-5 (or High-3) Salary above the CCL, for each Member who completes
25 years of Benefit Service as of his Normal Retirement Date.

	 	 	If a Member does not complete 25 years of Benefit Service as of his Normal
Retirement Date, his Retirement Allowance under this Section 1(O) shall be multiplied by a
fraction, the numerator of which is the number of years and months of Benefit Service completed as
of his Normal Retirement Date and the denominator of which is 25.
	 
	(P)	 	Integrated Fixed Percentage Formulas with 30 Years of Benefit Service Requirement
	 
	 	 	The product of:

	 	(1)	 	Any percentage commencing with 30% and not exceeding 75% (in increments of 7.5%), as designated
by the Employer, of the Member’s High-5 (or High-3, as designated by the Employer) Salary up to the
CCL, plus
	 
	 	(2)	 	The sum of (i) the percentage designated in paragraph (1) of this Subsection (P) and (ii) 15%
multiplied by the Member’s High-5 (or High-3) Salary above the CCL, for each Member who completes
30 years of Benefit Service as of his Normal Retirement Date.

	 	 	If a Member does not complete 30 years of Benefit Service as of his Normal
Retirement Date his Retirement Allowance under this Section 1(P) shall be multiplied by a fraction,
the numerator of which is the number of years and months of Benefit
Service completed as of his Normal Retirement Date and the denominator of which is 30.

 

39

 

	(Q)	 	Integrated Fixed Percentage Formulas with 35 Years of Benefit Service Requirement
	 
	 	 	The product of:

	 	(1)	 	Any percentage commencing with 35% and not exceeding 82.5% as designated by the Employer of the
Member’s High-5 (or High-3, as designated by the Employer) Salary up to the CCL,
	 
	 	(2)	 	The sum of (i) the percentage designated in paragraph (1) of this Subsection (Q) and (ii) 17.5%
multiplied by the Member’s High-5 (or High-3) Salary above the CCL for each Member who completes 35
years of Benefit Service as of his Normal Retirement Date.
	 
	 	 	 	If a Member does not complete 35 years of Benefit Service as of his Normal Retirement Date, his
Retirement Allowance under this Section 1(Q) shall be multiplied by a fraction, the numerator of
which is
the number of years and months of Benefit Service completed as of his Normal Retirement Date and
the denominator of which is 35.

	(R)	 	Cash Balance Accounts

	 	(1)	 	In lieu of the benefits provided under any other Section of this Subsection 1, an Employer may
elect to provide, for its eligible Members, benefits under this Section 1(R). A Member’s accrued
benefit under this Section 1(R) shall be his
Cash Balance Account calculated hereunder with hypothetical interest allocations to normal
retirement age and then converted to the normal Retirement Allowance, but subject to the additional
and minimum benefit provisions of (3) below. The Cash Balance Account is not an actual account to
which Pentegra DB Plan assets and investment income are allocated. A Member’s Cash Balance Account
balance shall be credited with interest at the rate specified in Subsection (2)(iv) to the Member’s
Retirement Date. The normal Retirement Allowance at the Member’s normal retirement age shall be
computed using the following actuarial basis:

	 	(i)	 	For Employers that offer a lump sum payment option under the Pentegra DB Plan, the
“applicable mortality table” under Section 417(e)(3)(A)(ii)(I) of the IRC and the interest
rate which shall be the yield on 30-year Treasury Constant Maturities (or such other
analogous rate prescribed by the IRS); or

 

40

 

	 	(ii)	 	for Employers that do not offer a lump sum payment option under the Pentegra DB Plan,
the George B. Buck 1989 unisex mortality table and eight (8%) percent interest.

	 	 	 	No employee contributions shall be required or allowed to a Cash Balance Account.
	 
	 	(2)	 	A Member’s Cash Balance Account consists of the sum of the following hypothetical credits: a
“Basic Employer Allocation,” a “Supplemental Employer Allocation” (if any), an “Initial Employer
Allocation” (if any) and an “Interest Allocation” credited on the Cash Balance Account balance.
These hypothetical allocations are determined as follows:

	 	(i)	 	Basic Employer Allocation. For each calendar year in which the
Member has Salary, his Cash Balance Account shall receive, as of the last
day of the calendar year, an allocation equal to the product of Salary and
a percentage determined under one of the schedules enumerated below, as
designated by the Employer,

	 	(a)	 	Uniform Allocation Percentage. Any percentage between 4% and 15% (determined in
0.5% increments), as designated by the Employer.
	 
	 	(b)	 	Graded Allocation Percentage Depending on Attained Age with Increases of 1%. An
initial percentage of 3% or more (in increments of 1%), as designated by the Employer, for
ages 0 to 29, increasing by 1% for each “n” year age group thereafter but with no further
increase after age 60. “n” may be 5 or 10 years as designated by the Employer. The attained
age for this purpose will be determined as the Member’s age on his birthday in the year.

 

41

 

	 	(c)	 	Graded Allocation Percentage Depending on Attained Age with Increases of 2%. An
initial percentage of 6% or more (in increments of 1%), as designated by the Employer, for
ages 0 to 29, increasing by 2% for each 10 year age group thereafter but with no further
increase after age 60. The attained age for this purpose will be determined as the Member’s
age on his birthday in the year.
	 
	 	(d)	 	Graded Allocation Percentage Depending on Attained Age with Increases of 1%/2%.
An initial percentage of 4% or more (in increments of 1%), as designated by the Employer,
for ages 0 to 29, increasing by 1% for each of the next four 5-year age groups and by 2%
for each 10-year age group thereafter but with no further increase after age 60. The
attained age for this purpose will be determined as the Member’s age on his birthday in the
year.
	 
	 	(e)	 	Graded Allocation Percentage Depending on Years of Benefit Service, with Increases
of 1%. An initial percentage of 3% or more (in increments of 1%), as designated by the
Employer, for the first “n” years of Benefit Service, increasing by 1% for each “n” years
thereafter but with no further allocation after the “m”th year of Benefit Service. “n” may
be 5 or 10 years, and “m” may be 20, 25, 30, 35, 40 or unlimited years of Benefit Service,
both “n” and “m” as designated by the Employer.
	 
	 	(f)	 	Graded Allocation Percentage Depending on Years of Benefit Service, with Increases
of 2%. An initial percentage of 6% or more (in increments of 1%), as designated by the
Employer, for the first 10 Years of Benefit Service, increasing by 2% for each “n” years
thereafter but with no further allocation after the “m”th year of Benefit Service. “n” may
be 5 or 10 years and “m” may be 20, 25, 30, 35, 40 or unlimited years of Benefit Service,
as designated by the Employer.

 

42

 

	 	(g)	 	Graded Allocation Percentage Depending on Years of Benefit Service with Increases
of 1%/2%. An initial percentage of 4% or more (in increments of 1%), as designated by
the Employer, for the first 5 Years of Benefit Service, increasing by 1% for each 5
years thereafter up to 20 years of Benefit Service, and increasing
by 2% for each 10 years thereafter, but with no further allocation
after the “m”th year of Benefit Service. “m” may be 20, 25, 30,
35, or 40 or unlimited years of Benefit Service, as designated by
the Employer.
	 
	 	(h)	 	Graded Allocation Percentage Depending on Age-Service Points, with Increases of
1%. An initial percentage of 3% or more (in increments of 1%), as designated by the
Employer, for any year in which the Member’s points total 29 or less, plus 1% for each
additional 10 points, up to a maximum of “m” points. A Member’s points in a Plan Year
shall be the sum of his age on his birthday in the year plus his whole years of Benefit
Service as of the end of the year. “m” may be 60, 70, 80, 90 or 100, as designated by the
Employer.
	 
	 	(i)	 	Graded Allocation Percentage Depending on Age-Service Points, with Increases of
2%. An initial percentage of 6% or more (in increments of 1%), as designated by the
Employer, for any year in which the Member’s points total 29 or less, plus 2% for each
additional 10 points up to a maximum of “m” points. A Member’s points in a Plan Year shall
be the sum of his age on his birthday in the year plus his whole years of Benefit Service
as of the end of the year. “m” may be 60, 70, 80, 90 or 100, as designated by the Employer.
	 
	 	(j)	 	Graded Allocation Percentage Depending on Age-Service Points, with Increases of
1%/2%. An initial percentage of 4% or more (in increments of 1%), as designated by the
Employer, for any year in which the Member’s points total 29 or less, plus 1% for each
additional 10 points up to a total of 69 points, plus 2% for each additional 10 points up
to a maximum of “m” points. A Member’s points in a Plan Year shall be the sum of his age
on his birthday in the year plus his whole years of Benefit Service as of the end of the
year. “m” may be 60, 70, 80, 90 or 100, as designated by the Employer.

 

43

 

	 	(ii)	 	Supplemental Employer Allocation. For each Plan Year in which the Member has Salary
in excess of the taxable wage base (as defined for purposes of the Old Age Survivor Disability
Insurance portion of the Federal Insurance Contribution Act tax) for such year, his Cash Balance
Account shall receive, as of the last day of the Plan Year, an additional 0% to 3% (in increments
of 0.5%), as designated by the Employer, of the Member’s Salary in excess of the taxable wage base
in the year, (provided the percentage chosen does not cause the Pentegra DB Plan to violate the
backloading rules in Section 411(b) of the IRC for any actual or potential Member).
	 
	 	(iii)	 	Initial Employer Allocation. If the Employer so elects, each Member who accrued a
retirement benefit under the Pentegra DB Plan at the date on which the Cash Balance Account
becomes effective shall have his Cash Balance Account credited with an initial employer
allocation equal to the actuarial equivalent lump sum present value of his accrued benefit under
the Pentegra DB Plan, reduced by the value of any Employee contributions, with such accrued
benefit measured by the Member’s normal Retirement Allowance commencing at his Normal Retirement
Date under the Pentegra DB Plan. The initial employer allocation shall be credited to the
Member’s Cash Balance Account on the first day of the first month in which his Employer elects to
participate in this Cash Balance Account. For the purpose of this subparagraph, actuarial
equivalent shall be based upon the actuarial equivalent basis as designated by the Employer.
	 
	 	(iv)	 	Interest Allocation. Each plan month beginning after the Employer elects to
participate in the Cash Balance Account and prior to the date the Member commences distribution
under the Pentegra DB Plan, a Member’s Cash Balance Account shall receive an Interest
Allocation calculated as set forth below.

	 	(a)	 	The annual interest rate used for a calendar year shall be determined as of the end of the
prior calendar year and shall be one of the following, as designated by the Employer, or 4% if
greater.

 

44

 

	 	(1)	 	The discount rate on 3-month Treasury Bills with a margin of an additional amount of 0
to 175 basis points (in 25 basis point increments), as designated by the Employer.
	 
	 	(2)	 	The discount rate on 6-month or 12-month Treasury Bills with a margin of an additional
amount of 0 to 150 basis points (in 25 basis point increments), both as designated by the
Employer.
	 
	 	(3)	 	The yield on 1-year Treasury Constant Maturities with a margin of an additional amount
of 0 to 100 basis points (in 25 basis point increments), as designated by the Employer.
	 
	 	(4)	 	The yield on 2-year or 3-year Treasury Constant Maturities with a margin of an
additional amount of 0 to 50 basis points (in 25 basis point increments), both as
designated by the Employer.
	 
	 	(5)	 	The yield on 5-year or 7-year Treasury Constant Maturities with a margin of an
additional amount of 0 or 25 basis points, both as designated by the Employer.
	 
	 	(6)	 	The yield on 10-year or longer Treasury Constant Maturities as designated by the
Employer.
	 
	 	(7)	 	The change in the annual rate of the Consumer Price Index from the preceding year
with a margin of an additional amount of 0 to 3% (in 0.5% increments), as designated by
the Employer.

	 	(b)	 	Interest will be credited monthly as of the last business day of each month. Each
Member’s Cash Balance Account will be increased by the monthly interest equivalent of the
annual interest rate selected above.

 

45

 

	 	(3)	 	Additional and Minimum Benefits. A Member whose Employer does not elect to make an
Initial Employer Allocation under (2)(iii) above shall have his accrued
benefit increased by his accrued benefit immediately prior to the date on which the
Cash Balance Account becomes effective, such additional accrued benefit being
payable pursuant to the terms of his Employer’s agreement under the Pentegra DB
Plan in effect on said date. A Member whose Employer makes an Initial Employer
Allocation under (2)(iii) shall be entitled to an accrued benefit at least equal to
his accrued benefit immediately prior to the date on which the Cash Balance Account
becomes effective, such benefit being paid pursuant to the terms of his Employer’s
agreement under the Pentegra DB Plan in effect on said date.
	 
	 	(4)	 	Special Transition Benefit. Provided that the Special Transition Benefit does not cause
the plan to discriminate in favor of Highly Compensated Employees, the Employer may designate some
or all of its Employees on the date the Cash Balance Account becomes effective to (i) continue to
accrue benefits under the prior plan arrangement of the Employer for a designated period of time,
(ii) provide an enhanced basis for determining the Initial Employer Allocation, or (iii) provide
additional pay credits based upon a percentage of pay or based upon a percentage of pay for each
year of Benefit Service.

	(S)	 	Pension Equity Benefit

	 	(1)	 	In lieu of the benefits provided under any other Section of this Section 1, an Employer
may elect to provide, on a uniform basis for its Members, benefits under this Section 1(S).
A Member’s accrued benefit under this Section 1(S) shall be his Pension Equity Benefit
calculated hereunder, and then converted to the Member’s normal Retirement Allowance, but
subject to the additional and minimum benefit provisions of (3) below. The normal
Retirement Allowance at normal retirement age shall be computed on the basis in Article V,
Section 1(R)(1). No employee contributions shall be required or allowed in determining the
amount of a Pension Equity Benefit.
	 
	 	(2)	 	A Member’s Pension Equity Benefit consists of the sum of a “Basic Employer Benefit,” a
“Supplemental Employer Benefit” (if any) and an “Initial Employer Benefit” (if any). These
benefits are determined as follows:

	 	(i)	 	Basic Employer Benefit. The Member’s High-5 Salary or High-3 Salary, as
designated by the Employer, multiplied by the aggregate of the Member’s core percentages
determined, for each year of Benefit
Service of the Member, under one of the schedules below, as
designated by the Employer.

 

46

 

	 	(a)	 	Uniform Core Percentage. Any percentage between 5% and 20% (determined in 0.25%
increments), as designated by the Employer.
	 
	 	(b)	 	Graded Core Percentage Depending on Attained Age with Increases of 1%. An initial
percentage of 3% or more (in increments of 1%), as designated by the Employer, for ages 0 to 29,
increasing by 1% for each “n” year age group thereafter but with no further increase after age
60. “n” may be 5 or 10 years as designated by the Employer. The attained age for this purpose
will be determined as the Member’s age on his birthday in the year.
	 
	 	(c)	 	Graded Core Percentage Depending on Attained Age with Increases of 2%. An initial
percentage of 6% or more (in increments of 1%), as designated by the Employer, for ages 0 to 29,
increasing by 2% for each 10 year age group thereafter but with no further increase after age 60.
The attained age for this purpose will be determined as the Member’s age on his birthday in the
year.
	 
	 	(d)	 	Graded Core Percentage Depending on Attained Age with Increases of 1%/2%. An initial
percentage of 4% or more (in increments of 1%), as designated by the Employer, for ages 0 to 29,
increasing by 1% for each of the next four 5-year age groups and by 2% for each 10-year age group
thereafter but with no further increase after age 60. The attained age for this purpose will be
determined as the Member’s age on his birthday in the year.
	 
	 	(e)	 	Graded Core Percentage Depending on Years of Service with Increases of 1%. An
initial percentage of 3% or more (in increments of 1%), as designated by the Employer, for the
first “n” years of Benefit Service, increasing by 1% for each “n” years thereafter but with no
further allocation after the “m”th year of
Benefit Service. “n” may be 5 or 10 years, and “m” shall be 20, 25, 30,
35, 40 or unlimited years of Benefit Service, both “n” and “m” as
designated by the Employer.

 

47

 

	 	(f)	 	Graded Core Percentage Depending on Years of Service, with Increases of 2%. An
initial percentage of 6% or more (in increments of 1%), as designated by the Employer, for the
first 10 years of Benefit Service, increasing by 2% for each 10 years thereafter but with no
further allocation after the “m“th year of Benefit Service. “m” shall be 20, 25, 30, 35, 40 or
unlimited years of Benefit Service, as designated by the Employer.
	 
	 	(g)	 	Graded Core Percentage Depending on Years of Service, with Increases of 1%/2%. An
initial percentage of 4% or more (in increments of 1%), as designated by the Employer, for the
first 5 years of Benefit Service, increasing by 1% for each 5 years thereafter up to 20 years of
Benefit Service, and increasing by 2% for each 10 years thereafter, but with no further
allocation after the “m“th year of Benefit Service. “m” shall be 20, 25, 30, 35, 40 or unlimited
years of Benefit Service, as designated by the Employer.
	 
	 	(h)	 	Graded Core Percentage Depending on Age-Service Points, with Increases of 1%. An
initial percentage of 3% or more (in increments of 1%), as designated by the Employer, for any
year in which the Member’s points total 29 or less, plus 1% for each additional 10 points, up to a
maximum of “m” points. A Member’s points in a Plan Year shall be the sum of his age on his
birthday in the year plus his whole years of Benefit Service as of the end of the year. “m” shall
be 60, 70, 80, 90 or 100, as designated by the Employer.
	 
	 	(i)	 	Graded Core Percentage Depending on Age-Service Points, with Increases of 2%. An
initial percentage of 6% or more (in increments of 1%), as designated by the Employer, for any
year in which the Member’s points total 29 or less, plus 2% for each additional 10 points. A
Member’s points in a Plan Year shall be the sum of his age on his birthday in the year plus his
whole
years of Benefit Service as of the end of the year. “m” shall be
60, 70, 80, 90 or 100, as designated by the Employer.

 

48

 

	 	(j)	 	Graded Core Percentage Depending on Age-Service Points, with Increases of
1%/2%. An initial percentage of 4% or more (in increments of 1.0%), as designated by
the Employer, for any year in which the Member’s points total 29 or less, plus 1% for each
additional 10 points up to a total of 69 points, plus 2% for each additional 10 points. A
Member’s points in a Plan Year shall be the sum of his age on his birthday in the year plus
his whole years of Benefit Service as of the end of the year. “m” shall be 60, 70, 80, 90
or 100, as designated by the Employer.

	 	(ii)	 	Supplemental Employer Benefit. The excess of the Member’s High-5 Salary or
High-3 Salary, as designated by the Employer under (2)(i) above, over the Member’s CCL
multiplied by the Member’s Excess Percentage. The Member’s Excess Percentage shall be
calculated as 0% to 3% (in increments of 0.5%), as designated by the Employer (provided the
percentage chosen does not cause the Pentegra DB Plan to violate the backloading rules of
IRC Section 411(b) for any actual or potential Member), for each year of Benefit Service of
the Member.
	 
	 	(iii)	 	Initial Employer Benefit. If the Employer so elects, each Member who accrued
a retirement benefit under the Pentegra DB Plan at the date on which the Pension Equity
Benefit becomes effective shall have the aggregate of his Core Percentages and the
aggregate of his Supplemental Percentages increased to reflect what the percentages would
have been had the Pension Equity Benefit been in effect during all the Member’s years of
Benefit Service.

	 	(3)	 	Additional and Minimum Benefits. A Member whose Employer does not elect to make
an initial employer benefit allocation under (2)(iii) above shall have his accrued benefit
increased by his accrued benefit immediately prior to the date on which the Pension Equity
Benefit becomes effective, such additional accrued benefit being payable pursuant to the
terms of his Employer’s agreement under the plan on said date. A Member whose Employer
makes an initial employer benefit allocation under (2)(iii) shall be entitled to an accrued
benefit at least equal to his accrued benefit immediately prior to the date on
which the Pension Equity Benefit becomes effective, such benefit being paid
pursuant to the terms of his Employer’s agreement under the Pentegra DB Plan in
effect on said date.

 

49

 

	 	(4)	 	Special Transition Benefit. Provided that the Special Transition Benefit does
not cause the Pentegra DB Plan to discriminate in favor of Highly Compensated Employees,
the Employer may designate some or all of its Employees on the date the Pension Equity
Benefit becomes effective to continue to accrue benefits under the prior plan arrangement
of the Employer under the Pentegra DB Plan for a designated period of time.

For an Employer which had elected an integrated benefit formula prior to July 1, 1989, and which
elects any of the integrated benefit formulas described in Subsection (E), (F), (G), (H), (I), (J),
(K), (L), (M), (N), (O), (P), or (Q) of this Section 1, if a Member’s Retirement Allowance
determined under the prior integration formula as of June 30, 1989 exceeds the Member’s Retirement
Allowance determined under the applicable integration formula described in Subsection (E), (F),
(G), (H), (I), (J), (K), (L), (M), (N), (O), (P), or (Q), then the higher Retirement Allowance will
be payable.

Notwithstanding anything in this Section 1 to the contrary, in no event may an Employer’s election
to provide any of the benefit formulas described in this Section 1 reduce a Member’s accrued
benefit below the amount of such accrued benefit determined as of the day immediately preceding the
effective date for the Employer’s election of such a benefit formula under this Section 1. In
addition, a Member’s Retirement Allowance determined under the applicable integration formula
described in Subsection (E), (F), (G), (H), (I), (J), (K), (L), (M), (N), (O), (P), (Q), and (S)
shall conform to the cumulative permitted disparity limit and the annual overall permitted
disparity limit as provided under the IRS Regulations.

Should an Employer elect a benefit formula under this Section 1 which provides that its Member’s
Retirement Allowance will be calculated based upon Career Average Salary, the Employer may, at its
option, elect to recalculate the Member’s Salary under the Pentegra DB Plan based upon the Member’s
High-5 Salary or High-3 Salary, as designated by the Employer, for Benefit Service accrued to the
effective date of such amendment, provided that in no event shall the Member’s recalculated benefit
be less than the benefit calculated based upon the Member’s Career Average Salary for the benefit
accrued to the date of such amendment.

 

50

 

SECTION 2. EARLY RETIREMENT FACTORS

	(A)	 	An Employer shall designate early retirement factors to determine a Member’s early retirement
benefits or the Employer shall adopt one of the early retirement factor tables (with interpolation
made to the nearest month) provided in Appendix E and attached hereto, except that if the Employer
has adopted either the Cash Balance Account or the Pension Equity Benefit, the early retirement
benefits shall be determined in accordance with the following paragraph.
	 
	 	 	A Retiree’s Cash Balance Account or Pension Equity Benefit shall be paid in accordance with
the normal Retirement Allowance designated by the Employer based upon the actuarial
equivalent basis provided in Article V, Section 1(R)(1).
	 
	 	 	If a Retiree is married at the time his Retirement Allowance commences under this Section,
the Equivalent Value of his Retirement Allowance shall be paid as a qualified joint and
survivor annuity with his spouse as Contingent Annuitant under Option 2 or 3 of Section 1
of Article VI as designated by the Retiree, unless such Spouse consents in writing to
permit the Retiree to elect a different form of allowance. If a Retiree is not married at
the time his Retirement Allowance commences, his Retirement Allowance shall be paid under
the plan’s normal form of payment unless an optional form of allowance as described in
Section 1 of Article VI is elected by the Retiree. Where an Employer has adopted a lump sum
payment option and a Member elects to receive his Retirement Allowance attributable to his
Cash Balance Account in the form of a lump sum payment, such payment shall be equal to the
Retiree’s Cash Balance Account balance. Notwithstanding, in the event that the annual
interest rate elected by the Employer under Article V, Section (1)(R)(2)(iv) falls below 4%
in the year of the distribution, a Member shall be entitled to the greater of (1) his Cash
Balance Account balance and, (2) the lump sum calculated by projecting his Cash Balance
Account balance with a 4% interest to the Member’s Normal Retirement Date and discounted
back to the date of distribution with such annual interest rate without regard to the 4%
minimum.
	 
	 	 	Where an Employer has adopted a lump sum payment option and a Member elects to receive his
Retirement Allowance attributable to his Pension Equity Benefit in the form of a lump sum
payment, such payment shall be equal to the Retiree’s Pension Equity Benefit.

 

51

 

	(B)	 	If an Employer provides an integrated benefit formula, as described in Subsection (E), (F),
(G), (H), (I), (J), (K), (L), (M), (N), (O), (P), or (Q) of Section 1 of this Article V, and
adopts the early retirement factor table described in Table I(B) or (C), II(B) or (C) or
III(B) or (C) of Appendix E, then the early retirement factor with respect to a Member’s
Retirement Allowance attributable to Salary up to the CCL and computed in accordance with the
accrual rate described in Subsection (E)(1), (F)(1), (G)(1), (H)(1), (I)(1), (J)(1), (K)(1),
(L)(1), (M)(1), (N)(1), (O)(1), (P)(1), or Q(1) of Section 1 of this Article V (whichever
shall apply), but only with respect to such Salary, shall be the applicable early retirement
factor described in Appendix A.
	 
	(C)	 	Any Employer may, at its option, elect to provide enhanced early retirement factors effective
upon a Change of Control of the Employer.

SECTION 3. DISABILITY RETIREMENT BENEFIT

	(A)	 	If an Employer has provided this benefit since its Commencement Date, then each of its Members —

	 	(i)	 	who is not an inactive Member or is not on a leave of absence, and for whom contributions have
not been discontinued,
	 
	 	(ii)	 	who is separated from active employment by reason of disability after the earlier of one year
of Membership Service or five years of Benefit Service but before attainment of age 65, and
	 
	 	(iii)	 	who is certified by physicians designated by the Pentegra DB Plan to have a physical or
mental impairment which (a) prevents him from doing any substantial gainful activity for which he
is fitted by education, training or experience, and (b) is expected to last at least 12 months from
the date of such separation or to result in death, shall, upon notice to the Pentegra DB Plan
within 13 months of such separation date, be retired as of his Disability Retirement Date. (Receipt
of proof satisfactory to the Pentegra DB Plan within 13 months after the date of such separation
that the Member is eligible for, or is receiving, disability insurance benefits under Title II of
the Federal Social Security Act will be deemed presumptive evidence of entitlement to a disability
Retirement Allowance under this Subsection (A).)

 

52

 

	 	 	If an Employer adopts this benefit subsequent to its Commencement Date, then it shall be
effective for each of its Members, subject to the above conditions, no earlier than one
year after notification to the Pentegra DB Plan of its adoption. Effective as of December
5, 2003, notwithstanding anything to the contrary in this Article V, Section 3(A), a Member
who would otherwise be eligible for a disability Retirement Allowance pursuant to this
Section 3 if the Member had not been on a leave of absence immediately before his
separation from active employment will be eligible for a disability Retirement Allowance
pursuant to this Section 3, if immediately before the Member’s separation from active
employment by reason of disability, the Member was on a medical leave of absence related to
the physical or mental impairment that would otherwise cause the Member to be eligible for
such disability Retirement Allowance.
	 
	(B)	 	The annual disability Retirement Allowance shall be the normal Retirement Allowance (determined
under Article V, Section 1) on the basis of the Member’s Salary and Benefit Service to his
Disability Retirement Date, but shall not be less than 30% of his High-5 Salary.
	 
	 	 	In no event shall the disability Retirement Allowance exceed the Retirement Allowance that
the disabled Member would have received if he had continued in Service to his Normal
Retirement Date and his Salary at disability had continued to such date.
	 
	(C)	 	The Board may require any disability Retiree who has not attained age 65 to demonstrate
continuing eligibility for disability retirement benefits as often as once a year. If such a
Retiree refuses or cannot demonstrate to the satisfaction of the Board that he continues to be
disabled within the definition of Subsection (A) of this Section 3, then his disability allowance
shall be discontinued. The disability Retiree’s disability
Retirement Allowance will also cease if and when he returns to substantial gainful activity
for which he is fitted by education, training or experience. In either case, it may be
resumed if it is subsequently determined by the Board that the conditions of Subsection (A)
of this Section 3 are again satisfied.
	 
	(D)	 	If the Employer has adopted either the Cash Balance Account or the Pension Equity Benefit, then
a Member who would otherwise qualify as disabled under (A) above shall not have his disability
benefit calculated under subsection (B), but shall instead be treated as eligible for an early
retirement benefit under Article V, Section 2. In lieu of the benefit described in the preceding
sentence, an eligible Member may elect to receive the disability benefit to which he would have
been entitled had he become
disabled on the date his Employer adopted either the Cash Balance Account or the Pension
Equity Benefit but without regard to the 30% of Salary minimum described in subsection (B)
above. If the alternative benefit described in the preceding sentence is elected, the Cash
Balance Account or the Pension Equity Benefit will continue to grow as if the Member had
terminated with a vested benefit which he chose to defer.

 

53

 

SECTION 4. ADDITIONAL DEATH BENEFITS

	(A)	 	In lieu of the basic death benefit, if any, provided under Article IV, Section 3(A), an
Employer may adopt an active service death benefit which is payable upon the death of a Member in
Service, for whom contributions have not been discontinued, to his Beneficiary in a lump sum equal
to (i) plus (ii):

	 	(i)	 	100% of the Member’s last 12 months’ Salary, plus an additional 10% of such Salary for each
year of Benefit Service until a maximum of 300% is attained for 20 or more years of Benefit
Service. If death occurs prior to the completion of one year of Benefit Service, this part of the
benefit shall be 100% of the Member’s annual Salary as of his Enrollment Date if his Salary is
determined under Section (43)(A) of Article I, or his annualized Salary based on all completed
months of Benefit Service prior to death if Salary is determined under Section (43)(B) or Section
(43)(C) of Article I.
	 
	 	(ii)	 	The Member’s Accumulated Contributions, if any.

	 	 	In no event shall such lump sum be less than
the lump sum which would have been payable under either Article IV, Section 3(A) or Article V,
Section 4(B), whichever is applicable.
	 
	(B)	 	In lieu of the basic death benefit, if any, provided under Article IV, Section 3(A), an
Employer (or a successor to such Employer) which was participating in the Pentegra DB Plan as of
June 30, 1983 may adopt the “12 Times” retirement benefit which is payable upon the death of a
Retiree, who had not elected an optional form of payment under Article VI, in a lump sum equal to
the excess, if any, of (i) over (ii):

	 	(i)	 	An amount equal to 12 times the Retiree’s annual allowance immediately prior to the
commencement of his Retirement Allowance, or as of the first day of the month in which his death
occurred if he died before having received any payment of such allowance.

 

54

 

	 	(ii)	 	The sum of the Retirement Allowance payments he had received, if any.

	 	 	This benefit shall also
be payable upon the death of a Member who was eligible for early retirement at the time of death in
lieu of the benefit which would have been payable under Article IV, Section 3(A).
	 
	(C)	 	In lieu of the basic death benefit, if any, provided under Article IV, Section 3(A), an
Employer may adopt an active service death benefit which is payable upon the death of a Member in
Service, for whom contributions have not been discontinued, to his Beneficiary in a lump sum equal
to (i) a multiple of the Member’s projected monthly Retirement Allowance which shall be not less
than 50 times and not greater than 100 times the projected monthly Retirement Allowance plus (ii)
the Member’s Accumulated Contributions, if any.
	 
	 	 	In no event shall such lump sum be less than the lump sum which would have been payable
under either Article IV, Section 3(A) or Article V, Section 4(B), whichever is applicable.
	 
	 	 	Should an Employer elect to provide the active service death benefit under this subsection
(C) of Section 4, such provision shall not be effective until one (1) year following the
adoption by the Employer unless the Employer provided such death benefit prior to the
Employer’s Commencement Date.

SECTION 5. RETIREMENT ADJUSTMENT PAYMENT

	(A)	 	An Employer which was participating as of June 30, 1983 may provide this benefit to those of
its Members who (i) were enrolled prior to July 1, 1983 and (ii) retire after attainment of age 55.
	 
	(B)	 	The Retirement Adjustment Payment shall be a single lump sum equal to three monthly
installments of his Retirement Allowance (before any optional modification) determined and payable
as of the date his Retirement Allowance payments commence. If a Retiree, who would otherwise be
eligible to receive such a payment, dies prior to such date, his Retirement Adjustment Payment
shall be determined as though his Retirement Allowance payments had commenced as of the first day
of the month in which his death occurred, and shall be payable to his Beneficiary.

 

55

 

SECTION 6. POST-RETIREMENT SUPPLEMENTS

	(A)	(1)	 	Annual 1%, 2% or 3% Increment:
	 
	 	 	 	Subject to Section 11.1, an Employer may provide an annual increment which shall be paid to
each of its Retirees who has attained age 66 and is receiving his annual Retirement
Allowance. Each annual increment shall be an amount equal to 1%, 2% or 3%, as the Employer
may elect, of the Retiree’s annual Retirement Allowance multiplied by the number of years
from the calendar year in which he attained age 65 to the current year at the end of which
such increment is payable. Upon the Retiree’s death, no further amount shall be payable in
respect of this benefit, except that if he had elected a Contingent Annuitant under Article
VI who is alive on the later of (a) the date of the Retiree’s death or (b) the date the
Retiree would have attained age 66, such Contingent Annuitant shall thereafter be entitled
to an annual increment equal to 1%, 2% or 3%, as the case may be, of the Contingent
Annuitant’s annual allowance multiplied by the number of years from the calendar year in
which the Retiree had attained age 65 (or would have attained age 65 if he died prior
thereto) to the current year at the end of which such increment is payable.
Upon the Contingent Annuitant’s death, no further amount shall be payable in
respect of this benefit.
	 
	 	(2)	 	Subject to Section 11.1, an Employer may alternatively provide an annual increment which shall
be paid to each of its Retirees who has retired on an Early Retirement Date (or retired and
subsequently attained the age in the Early Retirement Date) as specified by the Employer and is
receiving his annual Retirement Allowance. Each annual increment shall be an amount equal to 1%, 2%
or 3%, as the Employer may elect, of the Retiree’s annual Retirement Allowance multiplied by the
number of years from the calendar year in which he commences benefits to the current year at the
end of which such increment is payable. Alternatively, the annual increment shall be an amount
equal to 1%, 2% or 3%, as the Employer may elect, of the Employee’s annual Retirement Allowance
each year prior to the attainment of age 66 and thereafter multiplied by the number of years from
the calendar year in which he attained age 65 to the current year at the end of which the increment
is payable. Further, if an Employer has elected that this subsection apply, notwithstanding the
foregoing, the Employer shall provide an annual increment that shall be paid to each
of its Retirees who commence benefits after the attainment of age 65 and is receiving his
annual Retirement Allowance.

 

56

 

	 	 	 	That annual increment shall be an amount equal to 1%,
2% or 3%, as the Employer elects, of the Retiree’s annual Retirement Allowance
multiplied by the number of years from the calendar year in which the Retiree
attained age 65 to the current year at the end of which such increment is payable.
Upon the Retiree’s death, no further amount shall be payable in respect of this
benefit, except that if he had elected a Contingent Annuitant under Article VI who
is alive on the later of (a) the date of the Retiree’s death or (b) the date the
Retiree’s annual increment would have been payable had the retiree who had retired
eligible for such increment lived, such Contingent Annuitant shall thereafter be
entitled to an annual increment equal to 1%, 2% or 3%, as the case may be, of the
Contingent Annuitant’s annual allowance multiplied by the number of years from the
calendar year in which the Retiree commenced benefits (or had attained age 65 if
the Retiree commences benefits after age 65, or would have attained age 65 if he
died without having commenced benefits prior thereto) to the current year at the
end of which such increment is payable (or, alternatively, equal to 1%, 2% or 3%,
as the case may be, of the Contingent Annuitant’s annual allowance each year perior
to when the Retiree would have attained age 66 and thereafter multiplied by the
number of years from the calendar year in which the Retiree attained age 65 or
would have attained age 65 to the current year at the end of which the increment is
payable). Upon the Contingent Annuitant’s death, no further amount shall be payable
in respect of this benefit.

	(B)	 	Single Fixed Percentage Adjustment:
	 
	 	 	Subject to Section 11.1, an Employer may provide, as of any January 1, a fixed percentage
supplement for each of its then eligible Retirees, determined under one of the following
formulas:

	 	(a)	 	1% or more of the annual Retirement Allowance for each completed year of retirement after
attainment of the minimum under one of the following formulas.
	 
	 	(b)	 	A single percentage uniformly applicable to all those eligible.

 

57

 

	 	 	For purposes of this Subsection (B), an eligible Retiree is one who (i) has retired prior
to the effective date of the supplemental benefit described in this Subsection (B) and (ii)
has attained the minimum age specified by his Employer. Such minimum age may
be any age not less than 45 and not greater than 66, and shall apply uniformly to all
Retirees of the Employer. The supplement shall be paid each January beginning with the
effective date (providing the Retiree has begun receiving his annual allowance) and ending
in the year in which the Retiree dies, except that if he had elected a Contingent Annuitant
under Article VI who is alive on the date of the Retiree’s death, such Contingent Annuitant
shall thereafter be entitled to an annual supplement determined by multiplying the fixed
percentage by the Contingent Annuitant’s annual allowance and ending in the year in which
the Contingent Annuitant dies. If the fixed percentage supplement provided for a Retiree is
not paid due to the Retiree’s deferral of commencement of allowance payments, it shall be
paid beginning with the January 1 coincident with or following the date his Retirement
Allowance payments commence and shall be determined by multiplying the fixed percentage
provided by the Employer by the annual Retirement Allowance determined at the time payments
commence.

SECTION 7. SUPPLEMENTAL EARLY RETIREMENT WINDOW BENEFIT

	(A)	 	Subject to the provisions of this Section 7 and Section 11.1, an Employer may provide for each
Member who has satisfied the eligibility requirements specified in Subsection (D) of this Section
7, a supplemental early retirement window benefit determined pursuant to the formula elected in
Subsection (E) of this Section 7 and payable in accordance with Articles IV and V. Any such
supplemental early retirement window benefit shall not be deemed to be in lieu of any of the other
additional benefits described in this Article V. A Member who does not meet the eligibility
requirements of Subsection (D) of this Section 7 or who does not terminate employment within the
time period described in Subsection (B) of this Section 7 will not be entitled to any additional
benefits pursuant to this Section 7.
	 
	(B)	 	The Employer shall select a time period of not less than 45 days nor more than 90 days from the
effective date of its adoption of the supplemental early retirement window benefit during which an
eligible Member may elect such benefit. A Member must agree to retire during the period described
in the preceding sentence in order to be eligible for the benefit, except that an Employer may, at
its option, permit Employees who elect an early retirement window benefit to terminate employment
at any time (or at any time during a period of time designated by the Employer) no later than six
(6) months after the close of the window period described in the preceding sentence or,
alternatively, to irrevocably designate a uniform termination date no later than six (6) months
after the close of such window period.

 

58

 

	(C)	 	In order for an Employer to provide a supplemental early retirement window benefit pursuant to
this Section 7, the following conditions must be satisfied:

	 	(1)	 	At least five (5) Members must be eligible for the supplemental early retirement window benefit
during the election period described in Subsection (B) of this Section 7;
	 
	 	(2)	 	The Employer must comply with all procedural rules established by the Pentegra DB Plan with
regard to the implementation and operation of such supplemental early retirement window benefit;
	 
	 	(3)	 	The Employer must indemnify the Pentegra DB Plan in a manner satisfactory to the Pentegra DB
Plan against any and all losses and expenses incurred by the Pentegra DB Plan (including reasonable
legal fees) arising out of the Employer’s adoption of the early retirement window benefit; and
	 
	 	(4)	 	Any other conditions which the Pentegra DB Plan, the IRS or any other governmental authority
might require.

	(D)	 	An Employer must establish an eligibility requirement, uniformly applicable to all of its
Employees, which must be satisfied by a Member as of the effective date of the adoption of the
supplemental early retirement window benefit in order for the Member to be eligible for such
benefit. The eligibility requirement referred to in the preceding sentence can be:

	 	(1)	 	A minimum age of not less than 45;
	 
	 	(2)	 	A minimum total of age and Vesting Service of not less than 70; or
	 
	 	(3)	 	A minimum age of not less than 45 and a minimum number of years of Vesting Service where the
specified years of Vesting Service of not less than five (5).

	 	 	Notwithstanding anything in this Subsection (D) of this Section 7 to the contrary, an
Employer may elect to restrict the eligibility for the supplemental early retirement window
benefit under this Section 7 to (i) those Members who are Non-highly Compensated Employees,
(ii) those Members who are not inactive Members, as described in Article X, Section 3,
(iii) those Members employed at a bona-fide geographical location or in a certain job
function or job classification designated by the Employer, (iv) those Highly Compensated
Employees who are excluded by their title at
the election of the Employer, or (v) those Members who provide the Employer with a valid
waiver of certain legal rights of the Member, provided that in such case the Employer shall
have the sole responsibility to determine whether any such waiver is valid and enforceable
under applicable law.

 

59

 

	(E)	 	Upon the termination of employment of an eligible Member who meets the eligibility requirements
of Subsection (D) of this Section 7 within the period of time specified in Subsection (B) of this
Section 7, the annual Retirement Allowance otherwise determined under Article IV and this Article V
for such Member will be increased by the difference, if any, that results from determining such
benefit based on one or more of the following:

	 	(1)	 	the Benefit Service and Vesting Service credited to the Member as of his termination date, plus
1 to 10 years, as may be designated by the Employer in its election of this feature;
	 
	 	(2)	 	the early retirement reduction percentage (if any) based upon the Member’s actual age at
commencement of his Retirement Allowance plus 1 to 10 years, as may be designated by the Employer
in its election of this feature;
	 
	 	(3)	 	no early retirement reduction, or a 1.5% or 3% early retirement reduction percentage for each
year the Retirement Allowance commences before the Member’s Normal Retirement Date, as may be
designated by the Employer in its election of this feature; and/or
	 
	 	(4)	 	the addition of a fixed dollar amount, as may be designated by the Employer, to the Member’s
normal Retirement Allowance payable at the Member’s age 65.

	 	 	The adoption by an Employer of any of the features described in this Subsection (E) of this
Section 7 shall apply uniformly to all Members employed by such Employer who meet the
eligibility requirements of Subsection (D) of this Section 7. In no event shall an increase
in a Member’s Retirement Allowance under the provisions of this Section 7 be deemed to
increase such Member’s Vesting Service or Benefit Service for any other purposes under the
Comprehensive Retirement Program.

 

60

 

	 	 	Notwithstanding the foregoing in this Subsection (E) of
this Section 7, if an Employer has elected to provide normal retirement benefits on the
basis of one of the integrated benefit formulas described in Subsection (E), (F), (G), (H),
(I), (J), (K), (L), (M), (N), (O), (P), or (Q) of Section 1 of this Article V, the special early retirement reduction provided in Paragraph
(2) of this Subsection (E) and the elimination of an early retirement reduction factor
provided in Paragraph (3) of this Subsection (E) shall not apply; provided, however, such
Employer may elect to provide any of such early retirement reductions but only with regard
to a Member’s benefit which accrues with respect to the Member’s Salary up to the CCL.
	 
	(F)	 	The Pentegra DB Plan reserves the right to deny an Employer the right to adopt the supplemental
early retirement window benefit described in this Section 7 if it determines, in its sole
discretion, that the adoption by such Employer would result in the provision of benefits that would
not satisfy the requirements of IRC Section 401(a)(4) (or any applicable IRS Regulations
thereunder) or which would in any other way adversely affect the tax-qualified status of the
Regulations and the tax-exempt status of the Trust under IRC Sections 401(a) and 501(a),
respectively.

SECTION 8. REDUCTION IN ACCRUAL RATE FOR CERTAIN EMPLOYEES

An Employer may elect, on a prospective basis only, to reduce the benefit accrual rate which shall
apply to the calculation of the normal retirement benefit with respect to certain Members,
designated by the Employer, who constitute Highly Compensated Employees, provided that (i) the
Employer certifies to the Pentegra DB Plan in writing that such a reduction in the benefit accrual
rate is required by the Office of Thrift Supervision or such other regulatory authority and (ii)
the IRS approves such a reduction in the benefit accrual rate. If an Employer elects, in accordance
with this Section 8, to reduce the accrual rate of certain Members, the Employer shall, to the
extent a cessation of future benefit accruals is not required, select one of the benefit formulas
provided in Article V, Section 1 to apply with respect to the future accrual of benefits for such
Members.

 

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ARTICLE VI OPTIONAL FORMS OF PAYMENT

SECTION 1. OPTIONS

Any Member or Retiree may elect, subject to Section 2 of this
Article VI, to convert his Retirement Allowance and the death benefit, if applicable, described in Article IV, Section 3(A),
Article IV, Section 3(B) or in Article V, Section 4(B), whichever is applicable, to a retirement
benefit of Equivalent Value under one of the following options:

	 	 	 
	Option 1.

	 	A larger Retirement Allowance during the Retiree’s life, but at his death all
payments shall cease and no further amounts shall be due or payable. This
option shall not apply to Members whose Employer adopted the Straight Life
Annuity as the payment form for the Member’s normal Retirement Allowance.
	 
	 	 
	Option 2.

	 	A modified Retirement Allowance to be paid to the Retiree for his life and, after
his death, an allowance at the same rate to be paid to his Contingent Annuitant
(should the latter survive the Retiree) for life commencing on the first day of the
month in which the Retiree’s death occurs. If both the Retiree and his
Contingent Annuitant die before 120 monthly installments have been paid, the
Commuted Value of such unpaid installments shall be paid in a lump sum to a
Beneficiary designated by the Retiree, or, if there is no designated Beneficiary,
to the estate of the survivor of the Retiree and his Contingent Annuitant
(presuming the Retiree to be the survivor if they die within 24 hours of each
other). Upon the death of the survivor of the Retiree and his Contingent
Annuitant after 120 monthly installments have been paid, all payments shall
cease and no further amounts shall be due or payable.
	 
	 	 
	Option 3.

	 	A modified Retirement Allowance to be paid to the Retiree for his life and, after
his death, an allowance at one-half the rate to be paid to his Contingent
Annuitant (should the latter survive the Retiree) for life commencing on the first
day of the month in which the Retiree’s death occurs. Upon the death of the
survivor of the Retiree and his Contingent Annuitant, all payments shall cease
and no further amounts shall be due or payable.
	 
	 	 
	Option 4.

	 	A revised Retirement Allowance during the Retiree’s life with some other benefit
payable upon his death, provided that such benefit be approved by the
Pentegra DB Plan and be in compliance with the applicable provisions of the IRC,
including Section 401(a)(9) thereof.

 

62

 

SECTION 2. CONDITIONS OF ELECTION

	(A)	 	The procedure for making an election or revocation with respect to any of the options described
in Section 1 of this Article VI shall be in compliance with ERISA, the IRC and, as applicable,
Section 14.4 and shall be communicated by the Pentegra DB Plan to the retiring Member. Thereafter
the retiring Member shall have 90 days (or such longer period as may be required by ERISA) within
which to make his election or revocation so long as it is filed with the Pentegra DB Plan prior to
the date on which his Retirement Allowance commences.
	 
	(B)	 	If a retiring Member or his Contingent Annuitant dies before the date his Retirement Allowance
commences or before the date he receives a lump sum settlement pursuant to Article VII, the benefit
payable shall be the death benefit under Article IV or Article V, whichever is applicable, provided
that such benefit shall not be less than the death benefit attributable to the form of payment,
including a lump sum, elected or the regular form of payment, whichever is greater. If a disability
Retiree whose allowance has already commenced dies during the 90 day period following the date of
his separation from active employment, the election of any option shall be inoperative.
	 
	(C)	 	No election under Option 2, 3 or 4 of Section 1 of this Article VI may be made which would
result in an allowance to the Retiree of less than 50% of the Retirement Allowance he would have
received under Article VI, Section 1, Option 1.

 

63

 

ARTICLE VII METHOD OF PAYMENT

SECTION 1.

If a Retiree is married at the time his Retirement Allowance commences, his Retirement Allowance
shall be paid as a qualified joint and survivor annuity with his Spouse as Contingent Annuitant, as
described in Article VI, Section 1, Option 2 or 3, as designated by the Retiree, unless such Spouse
consents in writing to permit the Retiree to elect a different form of allowance. If a Retiree is
not married at the time his Retirement Allowance commences, his Retirement Allowance shall be paid
as a life annuity unless an optional form of allowance as described in Article VI is elected by the
Retiree. If an optional form of allowance as described in Article VI is not in effect with respect
to a Retiree, his Retirement Allowance shall be paid to him during his life. Upon his death, a
death benefit shall be payable if a death benefit is provided in accordance with Article IV,
Section 3(C) or, if adopted by such Retiree’s Employer, Article V, Section 4(B). For purposes of
this Article VII, a Retiree is not married at the time that his Retirement Allowance commences if
the Member or the Member’s Spouse has obtained a court order of legal separation which has been
entered by a court of competent jurisdiction prior to commencing payment of his Retirement
Allowance.

SECTION 2.

	(A)	 	Unless a proper election is received by the Pentegra DB Plan, all Retirement Allowances
shall be payable in substantially equivalent monthly installments commencing as of his
Required Beginning Date, except that:

	 	(1)	 	A normal or early Retirement Allowance may be payable to a Retiree, by written election filed
with the Pentegra DB Plan, as of the first day of any month next following his Retirement Date, and
	 
	 	(2)	 	An early Retirement Allowance may not be commenced until the Retiree’s Early Retirement Date,
except as may otherwise be provided under Section 2(D) or 2 (E) of Article IV.

	 	 	Such installments shall continue during the life of the Retiree (except as provided otherwise under
Article V, Section 3(C)), and the last installment shall be due the first day of the month in which
his death occurs; except that if optional modification under Article VI has become effective the
provisions thereof shall apply, and the last
installment payable to a surviving Contingent Annuitant designated under such Article shall
be due the first day of the month in which such Contingent Annuitant’s death occurs.

 

64

 

	(B)	 	Notwithstanding the preceding Subsection (A) of this Section 2, a Retirement
Allowance may be converted to a single lump sum payment of the Equivalent Value of such
allowance, if an eligible Retiree as described below so elects prior to receiving his first
monthly retirement payment, in the following cases:

	 	(a)	 	Where that portion of the regular Retirement Allowance which is attributable to the Employer’s
contributions amounts to less than $600 per year on the date such Allowance would otherwise
commence; or
	 
	 	(b)	 	Where the Employer has requested, and the Pentegra DB Plan has approved, that a lump sum
settlement be available and uniformly applicable upon attainment of any age between (and including)
45 and 65 as specified by the Employer (but not earlier than the minimum age specified in Article
IV, Section 2(D) for the commencement of an early Retirement Allowance) to those of its Retirees
who meet the following condition:

	 	(i)	 	Receipt by the Pentegra DB Plan of a consent (in the form prescribed by the Pentegra DB Plan)
of the Member’s Spouse, if any, that such lump sum settlement be paid to the Retiree. (In any case
where an Employer adopts this option and subsequently ceases to exist as an independent entity, the
Retirement Committee of the Board may, in its discretion, substitute itself for such Employer for
the purposes of this Article VII.)

	 	(c)	 	Where the Employer has requested, and the Pentegra DB Plan has approved, that a lump sum
settlement be available as described in the preceding paragraph, the Member may elect to have a
portion of his Retirement Allowance commence in the form of an annuity with the remaining portion
of his Retirement Allowance paid in the form of a partial lump sum with the lump sum portion
determined at the election of the Member to be the Equivalent Value of 25%, 50%, or 75% of the
Member’s total Retirement Allowance.

 

65

 

	 	 	 	Effective October 1, 1995, the interest rate and mortality table used to calculate lump sum
settlements shall be the applicable interest rate and mortality table as determined under Section
417(e) of the IRC and in accordance with the stability period and look-back month provisions
described below, except that an Employer may elect to continue to apply the interest rate
described in Subparagraphs (1) and (2) of the subsequent paragraph and the mortality assumptions
which were in effect under the Regulations prior to October 1,1995, in which case such
pre-October interest rate and mortality assumptions shall apply until June 30, 2000.
	 
	 	 	 	For those Employers who elected not to apply the interest and mortality table prescribed
under Section 417(e) of the IRC until July 1, 2000, in no event shall the interest rate used
to calculate lump sum settlements prior to July 1, 2000 exceed:

	 	(1)	 	The PBGC Interest Rate if the present value of the lump sum settlement using the PBGC
Interest Rate is less than $25,000, or
	 
	 	(2)	 	120% of the PBGC Interest Rate if the present value of the lump sum settlement using the
PBGC Interest Rate is $25,000 or greater; except that in no event shall such lump sum
settlement computed pursuant to this Subparagraph (2) be reduced below $25,000.

	 	 	 	Effective July 1, 2000, the interest rate for all lump sum settlements shall be the applicable
interest rate described in Section 417(e) of the IRC. The applicable interest rate is the rate of
interest on 30-year Treasury Securities (or such other rate as may be prescribed by the
Commissioner) for the third calendar month preceding the first day of the stability period. The
stability period shall be the calendar month period that contains the annuity starting date for
the distribution and for which the applicable interest rate remains constant. The applicable
mortality table shall be the mortality table as set forth in IRS Revenue Ruling 95-6, 1995-1
C.B.80; provided, however, for distributions with annuity starting dates on or after December 31,
2002, the applicable mortality table shall be the mortality table as set forth in IRS Revenue
Ruling 2001-62.

 

66

 

	 	 	Following the effective date of the amendment of the Regulations to replace the interest rate assumption that
is based on the PBGC Interest Rate, and with respect to the calculation of lump sum settlements for which the annuity
starting date occurs in the one-year period commencing at the time the plan amendment is effective, such
lump sum value shall be determined using, whichever results in the larger distribution, the
applicable interest rate (within the meaning of Section 417(e) of the IRC) determined for
the second month preceding the month that contains the annuity starting date or the
applicable interest rate for the third calendar month preceding the calendar month that
contains the annuity starting date.
	 
	(C)	 	In no event shall the lump sum settlement payable to a Member under Subsection (B) be less
than the lump sum settlement value of the Member’s accrued benefit as of September 30, 1995, if
any, calculated using an interest rate, determined by the Pentegra DB Plan by reference to the last
month of a calendar quarter, which shall be the average of the 10 and 20-year U.S. Treasury Bond
annual yields for such month, as reported in the Federal Reserve Statistical Release (H.15),
rounded to the nearest .5%; provided, however, if the annual yield of 20-year U.S. Treasury Bonds
is not published, such rate shall be the annual yield of 10-year U.S. Treasury Bonds. In the
absence of the Federal Reserve Statistical Release, the Pentegra DB Plan may obtain such annual
yields from any other source it deems appropriate. The rate so determined shall be applicable to
settlements to be paid in the calendar quarter beginning three months later.
	 
	(D)	 	A lump sum settlement under Subsection (B) or (C) will be the present value, calculated on the
basis of the specified interest rate, of the regular form of allowance which would otherwise be
payable to the Retiree under the Regulations. It will be calculated and payable as of the date on
which payment of the corresponding Retirement Allowance would otherwise commence, except that no
settlement under Paragraph (b) of Subsection (B) is payable prior to the age specified therein.
	 
	(E)	 	No Retirement Allowance or lump sum settlement shall be increased on account of any delay in
payment beyond the date specified in this Article VII due to the Retiree’s failure to properly file
the application form furnished by the Pentegra DB Plan or to otherwise accept such payment.

SECTION 3.

Notwithstanding anything herein to the contrary, if the Equivalent Value of a Member’s vested
benefit is zero, the Member shall be deemed to have received a distribution of such benefit upon
termination of employment with his Employer and shall immediately forfeit the nonvested portion of
his benefit.

 

67

 

SECTION 4.

This Section 4 applies to distributions made on or after January 1, 1993. Solely to the extent
required under applicable law and IRS Regulations, and notwithstanding any provision of the
Regulations to the contrary that would otherwise limit a Distributee’s election under this Section
4, a Distributee may elect, at the time and in the manner prescribed by the Board, to have any
portion of an Eligible Rollover Distribution paid directly to an Eligible Retirement Plan specified
by the Distributee in a Direct Rollover.

For purpose of this Section 4, the following terms shall have the following meanings:

	(A)	 	Eligible Rollover Distribution: Solely to the extent required under applicable law and IRS
Regulations, an Eligible Rollover Distribution is any distribution of all or any portion of the
balance to the credit of the Distributee, except that an Eligible Rollover Distribution does not
include: any distribution that is one of a series of substantially equal periodic payments (not
less frequently than annually) made for the life (or life expectancy) of the Distributee or the
joint lives (or joint life expectancies) of the Distributee and the Distributee’s designated
Beneficiary, or for a specified period of ten years or more; any distribution to the extent such
distribution is required under Section 401(a)(9) of the IRC; and the portion of any distribution
that is not includible in gross income (determined without regard to the exclusion for net
unrealized appreciation with respect to employer securities).
	 
	(B)	 	Eligible Retirement Plan: An Eligible Retirement Plan is an individual retirement account
described in Section 408(a) of the IRC, an individual retirement annuity described in Section
408(b) of the IRC, an annuity plan described in Section 403(a) of the IRC, or a qualified trust
described in Section 401(a) of the IRC that accepts the Distributee’s Eligible Rollover
Distribution. However, in the case of an Eligible Rollover Distribution to a surviving Spouse, an Eligible Retirement Plan is an individual retirement
account or individual retirement annuity. Notwithstanding anything herein to the contrary,
with respect to a Distributee that is a non-spouse beneficiary of the Member, an Eligible
Retirement Plan shall mean solely an individual retirement account (described in Section
408(a) of the IRC) or an individual retirement annuity (described in Section 408(b) of the
IRC) and any rollover by such a Distributee shall only be in the form of a direct trustee
to trustee transfer.

 

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	 	 	Notwithstanding anything herein to the contrary, with respect to a Distributee that is a
non-spouse beneficiary of the Member, an Eligible Retirement Plan shall mean solely an
individual retirement account (described in Section 408(a) of the IRC) or an individual
retirement annuity (described in Section 408(b) of the IRC) and any rollover by such a
Distributee shall only be in the form of a direct trustee to trustee transfer.
	 
	(C)	 	Distributee: A Distributee includes an Employee or former Employee. In addition, the
Employee’s or former Employee’s surviving Spouse and the Employee’s or former Employee’s
Spouse or former Spouse who is an alternate payee under a Qualified Domestic Relations
Order are Distributees with regard to the interest of the Employee or former Employee.
Effective April 1, 2007, a Distributee shall include any non-spouse beneficiary designated
by a Member under the Pentegra DB Plan.
	 
	 	 	Effective April 1, 2007, a Distributee shall also include any non-spouse beneficiary
designated by a Member under the Pentegra DB Plan.
	 
	(D)	 	Direct Rollover: A Direct Rollover is a payment by the Pentegra DB Plan to the Eligible
Retirement Plan specified by the Distributee.

SECTION 5.

Unless the Member elects otherwise, distribution of his Retirement Allowance will begin no later
than the 60th day after the latest of the close of the Plan Year in which:

	 	(i)	 	the Member attains age 65;
	 
	 	(ii)	 	occurs the 10th anniversary of the year in which the Member commenced participation in
the Pentegra DB Plan; or,
	 
	 	(iii)	 	the Member terminates Service with his Employer.

Notwithstanding the foregoing, the failure of a Member and Spouse to consent to a distribution
before the Member attains age 65 shall be deemed to be an election to defer commencement of payment
of any benefit sufficient to satisfy this Section 5.

 

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SECTION 6.

Notwithstanding anything in this Article VII to the contrary, the provisions of this Section 6 will
apply for purposes of determining required minimum distributions for calendar years beginning with
the 2006 calendar year. All distributions required under this Section 6 will be determined and made
in accordance with the Treasury regulations under Section 401(a)(9) of the IRC. Notwithstanding the
other provisions of this Section 6, other than the preceding sentence, distributions may be made
under a designation made before January 1, 1984, in accordance with section 242(b)(2) of the Tax
Equity and Fiscal Responsibility Act (TEFRA) and the provisions of the Pentegra DB Plan that relate
to section 242(b)(2) of TEFRA.

	(A)	 	Time and Manner of Distribution.

	 	(1)	 	Required Beginning Date. The Member’s entire interest will be distributed, or begin to
be distributed, to the Member no later than the Member’s Required Beginning Date.
	 
	 	(2)	 	Death of Member Before Distributions Begin. If the Member dies before distributions
begin, the Member’s entire interest will be distributed, or begin to be distributed, not
later than as follows:

	 	(a)	 	If the Member’s surviving spouse (whose marriage to the Member was recognized
for purposes of Federal law) is the Member’s sole Designated Beneficiary, then
distributions to the surviving spouse will begin by December 31 of the calendar
year immediately following the calendar year in which the Member died, or by
December 31 of the calendar year in which the Member would have attained age 701/2,
if later.
	 
	 	(b)	 	If the Member’s surviving spouse (whose marriage to the Member was recognized
for purposes of Federal law) is not the Member’s sole designated beneficiary, then
distributions to the designated beneficiary will begin by December 31 of the
calendar year immediately following the calendar year in which the Member died.
	 
	 	(c)	 	If there is no designated beneficiary as of September 30 of the year following
the year of the Member’s death, the Member’s entire interest will be distributed by
December 31 of the calendar year containing the fifth anniversary of the Member’s
death.

 

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	 	(d)	 	If the Member’s surviving spouse (whose marriage to the Member was recognized
for purposes of Federal law) is the Member’s sole designated beneficiary and the
surviving spouse dies after the Member but before distributions to the surviving
spouse begin, this Subsection (A)(2), other than Subsection (2)(a), will apply as
if the surviving spouse were the Member.

	 	 	 	For purposes of this Subsection (A)(2) and Subsection (D), distributions are
considered to begin on the Member’s Required Beginning Date (or, if Subsection
(A)(2)(d) applies, the date distributions are required to begin to the surviving
spouse (whose marriage to the Member was recognized for purposes of Federal law)
under Subsection (A)(2)(a)). If annuity payments irrevocably commence to the Member
before the Member’s Required Beginning Date (or to the Member’s surviving spouse
(whose marriage to the Member was recognized for purposes of Federal law) before
the date distributions are required to begin to the surviving spouse under
Subsection (A)(2)(a)), the date distributions are considered to begin is the date
distributions actually commence.
	 
	 	(3)	 	Form of Distribution. Unless the Member’s interest is distributed in the form of an
annuity purchased from an insurance company or in a single sum on or before the Required
Beginning Date, as of the first Distribution Calendar Year distributions will be made in
accordance with Subsections (B), (C) and (D) of this Section 6. If the Member’s interest is
distributed in the form of an annuity purchased from an insurance company, distributions
thereunder will be made in accordance with the requirements of Section 401(a)(9) of the IRC and
the Treasury regulations. Any part of the Member’s interest which is in the form of an
individual account described in Section 414(k) of the IRC will be distributed in a manner
satisfying the requirements of Section 401(a)(9) of the IRC and the Treasury regulations that
apply to individual accounts.

	(B)	 	Determination of Amount to be Distributed Each Year.

	 	(1)	 	General Annuity Requirements. If the Member’s interest is paid in the form of annuity
distributions under the Regulations, payments under the annuity will satisfy the following
requirements:

	 	(a)	 	The annuity distributions will be paid in periodic payments made at intervals
not longer than one year;
	 
	 	(b)	 	The distribution period will be over a life (or lives) or over a period certain
not longer than the period described in Subsections (C) or (D);

 

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	 	(c)	 	Once payments have begun over a period certain, the period certain will not be
changed even if the period certain is shorter than the maximum permitted;
	 
	 	(d)	 	Payments will either be nonincreasing or increase only as follows:

	 	(i)	 	By an annual percentage increase that does not exceed the annual
percentage increase in a cost-of-living index that is based on prices of
all items and issued by the Bureau of Labor Statistics;
	 
	 	(ii)	 	To the extent of the reduction in the amount of the Member’s payments
to provide for a survivor benefit upon death, but only if the beneficiary
whose life was being used to determine the distribution period described
in Subsection (C) dies or is no longer the Member’s beneficiary pursuant
to a qualified domestic relations order within the meaning of IRC Section
414(p);
	 
	 	(iii)	 	To provide cash refunds of employee contributions upon the Member’s
death; or
	 
	 	(iv)	 	To pay increased benefits that result from an amendment to the
Regulations.

	 	(2)	 	Amount Required to be Distributed by Required Beginning Date. The amount that must be
distributed on or before the Member’s Required Beginning Date (or, if the Member dies
before distributions begin, the date distributions are required to begin under Subsection
(A)(2)(a) or (b)) is the payment that is required for one payment interval. The second
payment need not be made until the end of the next payment interval even if that payment
interval ends in the next calendar year. Payment intervals are the periods for which
payments are received, e.g., bi-monthly, monthly, semi-annually, or annually. All of the
Member’s benefit accruals as of the last date of the first Distribution Calendar Year will
be included in the calculation of the amount of the annuity payments for payment intervals
ending on or after the Member’s Required Beginning Date.

 

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	 	(3)	 	Additional Accruals After First Distribution Calendar Year. Any additional benefits
accruing to the Member in a calendar year after the first Distribution Calendar Year will be distributed
beginning with the first payment interval ending
in the calendar year immediately following the calendar year in which such amount
accrues.

	(C)	 	Requirements For Annuity Distributions That Commence During Member’s Lifetime.

	 	(1)	 	Joint Life Annuities Where the Beneficiary Is Not the Member’s Spouse. If the
Member’s interest is being distributed in the form of a joint and survivor annuity
for the joint lives of the Member and a nonspouse beneficiary (or for the joint
lives of the Member and a spouse whose marriage to the Member is not recognized for
purposes of Federal law), annuity payments to be made on or after the Member’s
Required Beginning Date to the designated beneficiary after the Member’s death must
not at any time exceed the applicable percentage of the annuity payment for such
period that would have been payable to the Member using the table set forth in
Q&A-2 of Section 1.401(a)(9)-6T of the Treasury regulations. If the form of
distribution combines a joint and survivor annuity for the joint lives of the
Member and a nonspouse beneficiary (or for the joint lives of the Member and a
spouse whose marriage to the Member is not recognized for purposes of Federal law),
and a period certain annuity, the requirement in the preceding sentence will apply
to annuity payments to be made to the designated beneficiary after the expiration
of the period certain.
	 
	 	(2)	 	Period Certain Annuities. Unless the Member’s spouse (whose marriage to the
Member is recognized for purposes of Federal law) is the sole designated
beneficiary and the form of distribution is a period certain and no life annuity,
the period certain for an annuity distribution commencing during the Member’s
lifetime may not exceed the applicable distribution period for the Member under the
Uniform Lifetime Table set forth in Section 1.401(a)(9)-9 of the Treasury
regulations for the calendar year that contains the annuity starting date. If the
annuity starting date precedes the year in which the Member reaches age 70, the
applicable distribution period for the Member is the distribution period for age 70
under the Uniform Lifetime Table set forth in Section 1.401(a)(9)-9 of the Treasury
regulations plus the excess of 70 over the age of the Member as of the Member’s
birthday in the year that contains the annuity starting date. If the Member’s
spouse (whose marriage to the Member is recognized for purposes of Federal law) is
the Member’s sole designated beneficiary and the form of distribution is a period
certain and no life annuity, the period certain may not exceed the longer of the
Member’s applicable distribution period, as determined under this Subsection (C)(2), or the joint life and last survivor expectancy of the
Member and the Member’s spouse as determined under the Joint and Last Survivor
Table set forth in Section 1.401(a)(9)-9 of the Treasury regulations, using the
Member’s and spouse’s attained ages as of the Member’s and spouse’s birthdays in
the calendar year that contains the annuity starting date.

 

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	(D)	 	Requirements For Minimum Distributions Where Member Dies Before Date Distributions Begin.

	 	(1)	 	Member Survived by Designated Beneficiary. If the Member dies before the date
distribution of his or her interest begins and there is a Designated Beneficiary, the
Member’s entire interest will be distributed, beginning no later than the time described in
Subsection (A)(2)(a) or (b), over the life of the Designated Beneficiary or over a period
certain not exceeding:

	 	(a)	 	Unless the annuity starting date is before the first Distribution Calendar
Year, the Life Expectancy of the Designated Beneficiary determined using the
beneficiary’s age as of the beneficiary’s birthday in the calendar year immediately
following the calendar year of the Member’s death; or
	 
	 	(b)	 	If the annuity starting date is before the first Distribution Calendar Year,
the Life Expectancy of the Designated Beneficiary determined using the
beneficiary’s age as of the beneficiary’s birthday in the calendar year that
contains the annuity starting date.

	 	(2)	 	No Designated Beneficiary. If the Member dies before the date distributions begin and
there is no Designated Beneficiary as of September 30 of the year following the year of the
Member’s death, distribution of the Member’s entire interest will be completed by December
31 of the calendar year containing the fifth anniversary of the Member’s death.
	 
	 	(3)	 	Death of Surviving Spouse Before Distributions to Surviving Spouse Begin. If the
Member dies before the date distribution of his or her interest begins, the
Member’s surviving spouse (whose marriage to the Member is recognized for purposes
of Federal law) is the Member’s sole designated beneficiary, and the surviving
spouse dies before the distributions to the surviving spouse begin, this Subsection
(D) will apply as if the surviving spouse were the Member, except that the time by
which distributions must begin will be determined without regard to Subsection
(A)(2)(a).

 

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	(E)	 	Definitions.

	 	(1)	 	Designated Beneficiary. The individual who is designated as the “Beneficiary” under
Subsection (4) of Article I of the Regulations and is the designated beneficiary under
Section 401(a)(9) of the IRC and Section 1.401(a)(9)-1, Q&A-4, of the Treasury regulations.
	 
	 	(2)	 	Distribution Calendar Year. A calendar year for which a minimum distribution is
required. For distributions beginning before the Member’s death, the first
Distribution Calendar Year is the calendar year immediately preceding the calendar
year which contains the Member’s Required Beginning Date. For distributions
beginning after the Member’s death, the first Distribution Calendar Year is the
calendar year in which distributions are required to begin pursuant to Subsection
(A)(2).
	 
	 	(3)	 	Life Expectancy. Life expectancy as computed by use of the Single Life Table in
Section 1.401(a)(9)-9 of the Treasury regulations.
	 
	 	(4)	 	Required Beginning Date. The date specified in Subsection (39) of Article I of the
Regulations.

 

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ARTICLE VIII RESTORATION OF A RETIREE TO SERVICE

If a Retiree (or a terminated Member who is eligible for early retirement) is restored to Service
at the rate of 1,000 or more Hours of Service a year, he shall be re-enrolled as an active Member
as of his new employment date. If a Retiree returns to active membership he may, within six months
following (i) his date of reemployment, or (ii) if such Retiree is first enrolled as an inactive
Member pursuant to Article X, Section 3, his change in status to an active Member, make an
irrevocable election to continue to receive the payment of his Retirement Allowance or to suspend
the payment of his Retirement Allowance until his subsequent termination of Service or retirement
in accordance with Section 2530.203-3 of the DOL Regulations; provided, however, if no such
election is made, payment of such Member’s Retirement Allowance shall continue in the form of
payment previously chosen. Upon subsequent retirement, (i) his benefit shall be based on his
Benefit Service before and after his previous retirement and his Salary during such service, but
shall be reduced by the Equivalent Value of the benefits provided by the Pentegra DB Plan, and (ii)
any Retirement Adjustment Payment for which he is then eligible shall be reduced by the amount of
any such payment made in respect of his previous retirement.

If a Retiree (or terminated Member who is eligible for early retirement) is restored to Service at
the rate of less than 1,000 Hours of Service a year, he shall be re-enrolled as an inactive Member
as of his new employment date. If it is determined that a Retiree, who was restored to Service at a
rate of less than 1,000 Hours of Service per year, has completed at least 1,000 Hours of Service in
any 12 consecutive month period, measured from the first day of such restoration to Service and
then from each January 1 thereafter, Benefit Service shall be credited retroactively to the
beginning of such period.

 

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ARTICLE IX CONTRIBUTIONS

SECTION 1. ENGAGEMENT OF ACTUARY

The Board shall engage an enrolled actuary to (i) recommend the actuarial funding method and the
actuarial assumptions, tables, interest rates and other factors to be used in determining the cost
of participating in the Pentegra DB Plan, (ii) perform an annual actuarial valuation of the
liabilities to determine the minimum contributions required to be made in accordance with such
valuation to avoid an accumulated funding deficiency and the maximum contributions permitted to be
made without exceeding the full funding limitation under the IRC, and (iii) determine each
Employer’s allocable share of the aggregate annual contribution to the Pentegra DB Plan which is
approved by the Board. The Board may adopt and modify from time to time any actuarially sound
funding method which conforms with IRC and IRS
Regulations as the funding method for the Pentegra DB Plan.

SECTION 2. SINGLE PLAN

The Pentegra DB Plan is a single plan which provides benefits to Members of all Employers
participating in the Pentegra DB Plan and their Beneficiaries. It is intended to satisfy the
requirements of IRC Section 413(c) and IRS Regulation Section 1.414(1)-1(b)(1). Accordingly, all
Pentegra DB Plan assets are available to pay benefits to all Members of the Pentegra DB Plan and
their Beneficiaries.

SECTION 3. CONTRIBUTIONS BY EMPLOYERS

	(A)	 	Each Employer shall contribute to the Pentegra DB Plan the amount determined in accordance with
the annual actuarial valuation of the Pentegra DB Plan for such year, reflecting the benefits
provided to its Employees under the Regulations. The contribution so determined may be
proportionally increased as directed by the Board so that the total of all contributions remitted
during the Plan Year from all participating Employers will not result in a funding deficiency under
IRC Section 412.
	 
	(B)	 	In determining each Employer’s required contribution to the Pentegra DB Plan, the actuary shall
take into account each Employer’s normal cost for the benefits provided to such Employer’s Members
under the Regulations, an annual amortization of any unfunded accrued actuarial liabilities and an
annual amortization of actuarial experience gains and losses. In addition, the actuary may take
into account such other factors which it deems relevant to determine the cost of an Employer’s participation in the
Pentegra DB Plan and which are otherwise in accordance with IRC Sections 412 and 413(c).

 

77

 

	(C)	 	Effective for Plan Years commencing before July 1, 1989, during any period when the Pentegra DB
Plan is in full funding, the Board shall advise each Employer which is precluded from making
contributions that would otherwise be required but for full funding, based on the advice of the
actuary, of the amount of the contributions which would otherwise have been required. The future
contribution requirements of each such Employer shall take into account an amortization of such
unpaid contributions over such period of time and at such rate of interest as is determined by the
Board.
	 
	(D)	 	Notwithstanding any provision of the Regulations to the contrary, an Employer that is exempt
from taxation under the IRC may elect to make contributions to the Pentegra DB Plan in excess of
the deduction limits under Section 404 of the IRC.

SECTION 4. ADMINISTRATIVE EXPENSES

Each Employer’s share of all proper charges and expenses of administering the Regulations, as
determined by the Board in accordance with Section 1(I) of Article XIV shall be (i) charged against
the assets of the Trust or (ii) remitted to the Pentegra DB Plan based upon a schedule determined
by the Board, but not less frequently than annually.

SECTION 5. CONTRIBUTIONS BY MEMBERS

	(A)	 	No Member shall contribute to the Pentegra DB Plan unless his Employer elects to participate on
a contributory basis thereby reducing its contributions under Section 3(A) of this Article IX. Each
Member whose Employer does participate on such contributory basis shall contribute a level
percentage of his Salary, as determined by the Board, provided that effective July 1, 2006, no
Member contributions shall be required with respect to any Member who has attained his
65th birthday. With respect to Members who have attained their 65th
birthdays, benefit accruals under the Pentegra DB Plan after such 65th birthday shall
not be reduced because of the cessation of Member contributions, but shall be funded through
otherwise accumulated Pentegra DB Plan assets attributable to the Employer and Employer
contributions.

 

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	(B)	 	The Pentegra DB Plan shall certify to the Employer the contribution rate applicable to each of
its enrolling Members, and the Employer shall deduct from the Member’s Salary his contribution
based on such rate. All contributions of Members thus deducted shall be transmitted monthly by the
Employer to the Pentegra DB Plan and, upon receipt by the Pentegra DB Plan, shall be credited to
the individual accounts of the Members. Every Member shall be deemed to agree to the deductions
provided for herein.
	 
	(C)	 	A Member’s Accumulated Contributions shall be fully vested but payable only in the form
provided in the Regulations and in accordance with the spousal consent requirements of Article VII,
Section 2 and IRC Sections 401(a)(11) and 417 and the IRS Regulations thereunder. For purposes of
this provision, Accumulated Contributions as of any date may be commuted to a life annuity commencing on the Member’s
Normal Retirement Date by multiplying such Accumulated Contributions by an appropriate
conversion factor as determined by the Pentegra DB Plan in accordance with ERISA and
Section 411 (c)(2) of the IRC.
	 
	(D)	 	A person whose membership is terminated for any reason other than by death or disability
retirement shall, upon filing with the Pentegra DB Plan the designated form for giving notice
thereof, be entitled to a refund of his Accumulated Contributions, if any, provided the spousal
consent requirements are met as provided below:

	 	(1)	 	In the case of a person whose membership is terminated by a Break in Service (prior to
vesting under Article IV), such refund shall be in lieu of all other benefits otherwise payable on
his account. If the Member’s Accumulated Contributions amount to $1,000 ($3,500 prior to March 28, 2005) or less, such
amounts will be paid in a lump sum upon such termination of Service.
However, if the Member’s Accumulated Contributions amount to more than $1,000
($3,500 prior to March 28, 2005), then if the Member does not elect to receive a
refund of his Accumulated Contributions, such contributions shall be paid upon his
attainment of age 65 in a lump sum, provided the Pentegra DB Plan receives the
appropriate spousal consent therefor or, otherwise, in the form of a qualified
joint and survivor annuity. If such a terminated Member dies before withdrawing his
Accumulated Contributions, or receiving the first payment of such annuity, the
amount of such Accumulated Contributions shall be paid to his Beneficiary.

 

79

 

	 	(2)	 	In the case of a person whose membership is terminated upon early or normal retirement,
such refund shall be payable only prior to the commencement of his Retirement Allowance and
shall be in lieu of the actuarial equivalent of that portion of his retirement benefit
which is attributable to such Accumulated Contributions. The remaining portion of such
retirement benefit, if any, shall be calculated in accordance with ERISA and paid to him as
provided in Article VII.

SECTION 6. CONTRIBUTION REQUIREMENTS FOR BENEFIT IMPROVEMENTS

Notwithstanding anything in the Regulations to the contrary, in the event an Employer elects a
benefit improvement under the Regulations for which contributions may not be made by an Employer
(subject to Section 404 of the IRC) on a tax-deductible basis, such election shall be effective
only to the extent the Pentegra DB Plan determines that such benefit improvement may be adequately
funded by such Employer, and to the extent the Pentegra DB Plan actuary determines it necessary
(such determination being performed in a uniform and nondiscriminatory manner), the Employer
satisfies a creditworthiness test (as prescribed by the Pentegra DB Plan) and executes a cash
collateral agreement granting the Pentegra DB Plan a security interest in such assets as the
Pentegra DB Plan may reasonably require.

SECTION 7. RETURN OF CONTRIBUTIONS TO EMPLOYER

	(A)	 	The Pentegra DB Plan is created for the exclusive benefit of Members, their
Beneficiaries and Contingent Annuitants. Except as provided in Subsections (B) and (C) of
this Section 7, at no time prior to the satisfaction of all liabilities under the Pentegra
DB Plan with respect to all Members and Retirees, their Beneficiaries and Contingent
Annuitants shall any contributions to the Pentegra DB Plan by an Employer be returned by
the Pentegra DB Plan to the Employer, subject to Article XIII(D)(2).

 

80

 

	(B)	 	In the case of a contribution that is made by an Employer by reason of a mistake of fact as
determined by the Board, such Employer may request the return to it of such contribution, provided
such refund is made within one year after the payment of the contribution. In accordance with
applicable law, earnings attributable to such contribution may not be returned to the Employer, but
losses attributable thereto must reduce the amount to be returned to the Employer.
	 
	(C)	 	In the case of a contribution made by an Employer (other than an Employer that is exempt from
taxation under the IRC), such contribution shall be conditioned upon the deductibility of the contribution by the Employer under Section 404 of the IRC. To the
extent the deduction for such contribution is disallowed, in accordance with IRS
Regulations, the Employer may request the return to it of such contribution, provided such
refund is made within one year after the disallowance of the deduction. In accordance with
applicable law, earnings attributable to such contribution may not be returned to the
Employer, but losses attributable thereto must reduce the amount to be returned to the
Employer.

 

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ARTICLE X EFFECTS OF VARIOUS EVENTS ON MEMBERSHIP AND SERVICE

SECTION 1. TERMINATION OF MEMBERSHIP

Membership shall cease upon date of retirement, death, Break in Service, or withdrawal of the
Employer’s participation. For purposes of this Article X, a Break in Service commences when a
non-vested Member’s Service is terminated.

SECTION 2. REINSTATEMENT OF MEMBERSHIP AND SERVICE

If a Member had a vested interest in his Retirement Allowance at the time of his termination, his
Vesting Service shall be reinstated upon his reemployment. If a person whose membership is
terminated by a Break in Service is again employed by an Employer, he shall be re-enrolled as a
Member as of his new employment date, subject to the provisions of this Section 2.

Further, (i) if a non-vested Member’s Service is terminated and his Break in Service did not exceed
60 consecutive months, then his previous Vesting Service (and pervious Service for determining
eligibility to participate) shall be reinstated upon his reemployment, and if such Break in Service
did not exceed 12 consecutive months, he shall also be credited with Vesting Service (and pervious
Service for determining eligibility to participate) for the period of such break upon his
reemployment; (ii) if a non-vested Member’s Service is terminated and his Break in Service did
exceed 60 consecutive months but did not exceed his previous Vesting Service, then his previous
Vesting Service (and pervious Service for determining eligibility to participate) shall be
reinstated upon his reemployment; and (iii) if a non-vested Member’s Service is terminated and such
Member’s Break in Service did equal or exceed the greater of (x) 60 consecutive months or (y) his
previous Vesting Service, then upon his reemployment he shall be treated as a new Employee for all
purposes under the Regulations.

If an Employee receives a distribution or is deemed to receive a distribution pursuant to Article
VII, Section 3 and the Employee is rehired by an Employer, he shall have the right to reinstate his
Benefit Service and restore his retirement benefits (including all optional forms of benefits and
subsidies relating to such benefits) to the extent forfeited upon the repayment to the Pentegra DB
Plan of the full amount of the distribution plus interest, compounded annually from the date of
distribution at the rate determined under Section 411(c)(2)(C) of the IRC. Such repayment must be
made before the earlier of five (5) years after the first date on which the Member is reemployed by
an Employer, or the date the Member incurs a Break in Service of at least 60 consecutive months.

 

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Solely for purposes of determining whether a Break in Service has occurred, an individual who has a
maternity or paternity absence, as determined by the Pentegra DB Plan in accordance with the IRC
and ERISA, that continues beyond the first anniversary of the first day of absence by reason of a
maternity or paternity absence shall incur a Break in Service on the date of the second anniversary
of the first day of such maternity or paternity absence; provided, that the individual timely
provides the Pentegra DB Plan with such information as it shall require. For purposes of the
Regulations, maternity or paternity absence shall mean an absence from work by reason of the
individual’s pregnancy, the birth of the individual’s child or the placement of a child with the
individual in connection with adoption of the child by such individual, or for purposes of caring
for a child for the period immediately following such birth or placement.

In the event a Member is no longer part of an eligible class of Employees and becomes ineligible to
participate but has not incurred a Break in Service, such Employee will participate immediately
upon returning to an eligible class of Employees. If such Member incurs a Break in Service,
eligibility will be determined under the Break in Service rules of the Regulations.

In the event an Employee who is not part of an eligible class of Employee becomes a part of an
eligible class, such Employee will participate immediately if such Employee has satisfied the
minimum age and service requirements provided in Section 2.2 and would have otherwise previously
become a Member.

In the event a Member terminates employment when his Employer participates under the Pentegra DB
Plan with a different basis of participation for employees hired on or after a specified date, such
Member, upon reemployment, will participate under the Employer’s latest adopted basis of
participation unless the Member’s Break in Service did not exceed 12 consecutive months. If the
Member’s Break in Service did not exceed 12 consecutive months, such Member’s basis of
participation shall be the basis under which he was covered prior to his termination of employment.

 

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SECTION 3. INACTIVE MEMBERSHIP

If an Employer certifies to the Pentegra DB Plan that it expects a Member to complete less than
1,000 Hours of Service in the 12 consecutive month period commencing on his Enrollment Date (or any
January 1 thereafter), he shall be deemed an “inactive Member.” This does not constitute a Break in
Service. During a period of inactive membership (a) Vesting Service shall accrue, (b) Benefit
Service shall not accrue, and (c) no contributions may be made by such inactive Member. If it is
later determined that such Member has completed, or
is expected to complete, at least 1,000 Hours of Service in any such period, then his regular
membership shall be restored, and his Benefit Service shall be credited retroactively for such
period. Inactive membership shall also be deemed to occur whenever a Member (a) is transferred from
regular membership to a class of employees for which the Employer has requested, and the Pentegra
DB Plan has granted, exclusion pursuant to Article II, or to a non-participating corporation which
is a member of a controlled group of corporations of the Employer (within the meaning of Section
1563(a) of the IRC) or (b) receives no income from an Employer other than commissions and such
Employer, which previously included commissions as Salary, elects not to include commissions as
Salary under Article I, Section 42 of the Regulations.

No benefit other than the refund of the Member’s Accumulated Contributions, if any, is payable on
account of disability or death incurred during inactive membership, except that if the Member is
eligible for early retirement and dies during such period, his Beneficiary shall be entitled to the
death benefit which would have been payable under Article IV, Section 3(B) or Article V, Section
4(B), whichever is applicable. Notwithstanding anything to the contrary under the Regulations, if a
Member becomes an “inactive Member,” he shall be permitted to elect to commence the payment of his
Retirement Allowance at any time after his attainment of age 65 while an inactive Member. If an
inactive Member has elected to commence the payment of his Retirement Allowance and, subsequent to
the commencement of such allowance, the Member returns to active membership status and thus is no
longer an inactive Member, such Member may elect to continue to receive his Retirement Allowance or
to suspend the payment of his Retirement Allowance. Any benefits which accrue subsequent to the
Member’s return to active Member status shall be deemed to be provided to the extent of the
Equivalent Value of any benefits paid (taking into account only those payments made in accordance
with the applicable normal form of Retirement Allowance payable under the Regulations) to the
Member; provided, however, in no event shall the Member’s accrued benefit be reduced below such
Member’s accrued benefit as of the close of the Plan Year immediately preceding the Plan Year in
which such additional benefits accrue.

SECTION 4. LEAVES OF ABSENCE

	(A)	 	Service crediting and membership shall continue during any approved leave of absence, provided
that the Employer notifies the Pentegra DB Plan of its intention to grant to a specific Employee or
Member, pursuant to the Employer’s policy which is uniformly applicable to all its Employees under
similar circumstances, one of the leaves of absence described in Subsection (B) of this Section 4, and agrees to notify the Pentegra
DB Plan at the conclusion thereof.

 

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	(B)	 	For purposes of the Regulations, the following are the only types of approved leaves of
absence:
	 
	 	 	TYPE 1
	 
	 	 	Non-military leave granted to a Member for a period not in excess of one year during which
contributions continue. Under this leave, Benefit Service continues to accrue and any
benefit, except disability retirement, for which the Member is otherwise eligible may
become payable during the period of the leave. Further, an Employer may elect that this
leave be extended beyond the one-year period to cover a Member who is receiving payments
under (i) a disability program of the Employer, or (ii) Title II of the Federal Social
Security Act, but not beyond his Normal Retirement Date.
	 
	 	 	TYPE 1A
	 
	 	 	Special military leave granted to a Member who is required to report for military service
pursuant to an involuntary call-up in the reserves. Under this leave, Benefit Service
continues to accrue for the period of such military service and any benefit, except
disability retirement, for which the Member is otherwise eligible may become payable during
the period of the leave. This special military leave shall terminate upon the earlier to
occur of (i) the Member’s reemployment or (ii) 90 days after the Member completes such
military service.
	 
	 	 	TYPE 2
	 
	 	 	Non-military leave or layoff granted to a Member for a period not in excess of one year
during which no contributions are made. Under this leave, Vesting Service continues to
accrue, but Benefit Service ceases to accrue. Benefit Service shall recommence upon
termination of the leave and resumption of contributions.
	 
	 	 	TYPE 3
	 
	 	 	Military or other governmental service leave granted to a Member from which he returns
directly to the Service of an Employer. Under this leave, Vesting Service continues to
accrue, but Benefit Service ceases to accrue. Benefit Service shall
recommence upon termination of the leave. However, such Benefit Service as did not accrue
by reason of the absence may be credited retroactively to the Member at the election of the
Employer on a uniform basis or as otherwise required by applicable law.

 

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	 	 	No benefit, other than a refund of the Member’s Accumulated Contributions, if any, is
payable on account of disability or death incurred during a Type 2 or Type 3 leave under
this Subsection (B), except that if the Member is eligible for early retirement and dies
during any leave, his Beneficiary shall be entitled to the death benefit which would have
been payable under Article IV, Section 3(B) or Article V, Section 4(B), whichever is
applicable. At the termination of any leave, a Break in Service shall occur unless the
Member is then vested or hired by an Employer.
	 
	(C)	 	Notwithstanding any provision of the Regulations to the contrary, effective
December 12, 1994, contributions, benefits and service credits with respect to qualified
military service will be provided in accordance with Section 414 (u) of the IRC.

SECTION 5. SERVICE WITH A CONTROLLED CORPORATION

In determining an Employee’s Service for purposes of eligibility for membership under Article II
and for vesting under Article IV, all Service with a corporation which is a member of a controlled
group of corporations of the Employer (within the meaning of Section 1563(a) of the IRC) shall be
taken into account.

SECTION 6. UNIFORM APPLICABILITY OF RULES

Notwithstanding anything in the Regulations to the
contrary, Service credited to each Employee and Member with respect to membership, vesting and benefits
shall be determined by the
Pentegra DB Plan on a basis uniformly applicable to each Employee or Member similarly situated, in
accordance with ERISA.

 

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ARTICLE XI MISCELLANEOUS PROVISIONS

SECTION 1. LIMITATIONS ON BENEFITS REQUIRED BY THE IRC

	(A)	 	In order that the Pentegra DB Plan be maintained as a qualified trust under the IRC, the
benefits payable under the Regulations to or in respect of a Member shall be subject to the
limitations set forth in this Section 1, notwithstanding any other provision of the Regulations. A
Member’s benefits to which this Section 1 is applicable are those attributable to his Employer’s
contributions (and contributions by Affiliates as defined in Article XI, Section 6(A)), but
excluding to the maximum extent permissible under the IRC (i) any allowance payable under Article
VI to his Spouse as Contingent Annuitant, and (ii) any benefit which is not directly related to his
Retirement Allowance. All defined benefit plans (whether or not terminated) of an Employer and its
Affiliates (as defined in Article XI, Section 6(A)) are to be treated as one defined benefit plan
for purposes of applying the limitations on benefits described in this Section 1.
	 
	(B)	 	The benefits to which this Section 1 is applicable may not for any Limitation Year exceed the
actuarial equivalent (calculated as of the date of commencement of the Member’s Retirement
Allowance or his death, if earlier) of an annual single life annuity payable to the Member in an
amount equal to the lesser of:

	 	(i)	 	$90,000 (the “Dollar Limitation”), or
	 
	 	(ii)	 	100 percent of the Member’s High-3 Year Average Compensation (the
“Compensation Limitation”), subject, however, to the following provisions of this
Article XI. For purposes of this Article XI, “High-3 Year Average Compensation”
means a Member’s average annual salary for the three consecutive years of Benefit
Service during which his salary was highest (or for all the years of Benefit
Service if less than 3). For purposes of determining a Member’s “High-3 Year
Average Compensation” under this Subsection (B), a Member’s salary shall be his/her
415 Compensation.

 

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	 	 	 	For all purposes under the Regulations, “415 Compensation” shall mean the
compensation as required to be reported under Sections 6041, 6051, and 6052 of the
IRC (Wages, tips and other compensation as reported on Form W-2). Compensation is
defined as wages within the meaning of Section 3401(a) and all other payments of
compensation to an employee by the employer (in the
course of the employer’s trade or business) for which the employer is required to
furnish the employee a written statement under Sections 6041(d), 6051(a)(3), and
6052. Compensation must be determined without regard to any rules under Section
3401(a) that limit the remuneration included in wages based on the nature or
location of the employment or the services performed (such as the exception for
agricultural labor in Section 3401(a)(2)). Effective January 1, 1998, for purposes
of determining 415 Compensation, such compensation shall include any elective
deferral (as defined in Section 402(g) (3) of the IRC), and any amount which is
contributed or deferred by the Member’s Employer at the election of the Employee
and which is not includible in the gross income of the Employees by reason of
Sections 125, 457, and effective January 1, 1999, Section 132(f) (4) of the IRC.

	(C)	 	The limitations on the maximum amount of benefits contained in Subsection (B) of this Section 1
shall be adjusted as follows:

	 	(1)	 	The Dollar Limitation shall be adjusted annually, for limitation years beginning after
December 31, 1987, for increases in the cost-of-living on or after October 1, 1986 in accordance
with the IRS Regulations.
	 
	 	(2)	 	In the case of a benefit beginning prior to a Member’s social security retirement age, as
defined in Section 415(b)(8) of the IRC, the Dollar Limitation applicable to such benefit shall be
reduced in accordance with the IRS Regulations to an amount which is equal to a single life annuity
commencing at the same time which is the actuarial Equivalent Value of a straight life annuity
equal to the Dollar Limitation commencing at the Member’s social security retirement age.
The adjustment referred to in the preceding sentence shall be determined as
follows:

	 	(i)	 	If the annual benefit commences before the Member’s social security retirement age, but on
or after age 62, and the Member’s social security retirement age is 65, the dollar limitation for
benefits commencing on or after age 62 is determined by reducing the defined benefit dollar
limitation by 5/9 of one percent for each month by which benefits commence before the month in
which the Member attains age 65.

 

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	 	(ii)	 	If the annual benefit commences before the Member’s social security retirement
age, but on or after age 62, and the Member’s social security retirement age is
greater than 65, the dollar limitation for benefits commencing on or after age 62
is determined by reducing the defined benefit dollar limitation by 5/9 of one
percent for each of the first 36 months and 5/12 of one percent for each of the
additional months (up to 24 months) by which benefits commence before the month of
the Member’s social security retirement age.
	 
	 	(iii)	 	If the annual benefit of a Member commences prior to age 62, the defined
benefit dollar limitation shall be the actuarial equivalent, determined in
accordance with IRC Section 415 and IRS Regulations, of an annual benefit beginning
at age 62, as determined in (i) or (ii) above, reduced for each month by which
benefits commence before the month in which the Member attains age 62. For
Limitation Years beginning on or after January 1, 1995, such benefit may not exceed
the lesser of the equivalent amount computed using the interest rate and mortality
table (or tabular factor) used in the plan for actuarial equivalence for early
retirement benefits, and the amount computed using 5 percent interest and the
applicable mortality table (to the extent that the mortality decrement is used
prior to age 62), regardless of whether the benefit is or is not subject to Section
417(e)(3) of the IRC.

	 	(3)	 	In the case of a benefit beginning after the Member’s social security retirement age, the
Dollar Limitation shall be increased in accordance with the IRS
Regulations to an amount which is equal to a single life annuity commencing at the
same time which is the Equivalent Value of a single life annuity equal to the
Dollar Limitation commencing at the social security retirement age. The maximum
dollar limitation on benefits is the lesser of the equivalent amount computed using
the interest rate and mortality table (or tabular factor) used in the Pentegra DB
Plan’s Regulations for actuarial equivalence for late retirement benefits, and the
amount computed using 5 percent interest and the applicable mortality table,
regardless of whether the benefit is or is not subject to Section 417(e)(3) of the
IRC.

 

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	 	(4)	 	Notwithstanding the provisions of Subsection (B) and Paragraphs (1), (2) and (3) of this
Subsection (C), the benefits payable to a Member from the Pentegra
DB Plan shall not be deemed to exceed the limitations of such provisions if (i) the
retirement benefits payable with respect to such Member under the Pentegra DB Plan
and all other defined benefit plans of his Employer do not exceed $10,000 for the
Plan Year, or for any prior Plan Year, and (ii) the Employer has not at any time
maintained a defined contribution plan in which the Member participated. If the
Member has fewer than 10 years of Service, the $10,000 benefit shall be multiplied
by a fraction, the numerator of which is the Member’s years of Service (computed to
fractional parts of a year) and the denominator of which is 10.
	 
	 	(5)	 	In accordance with the IRC and the Regulations, if the Member has fewer than 10 years of
membership in the Pentegra DB Plan, the Dollar Limitation shall be multiplied by a fraction, the
numerator of which is the number of years (computed to fractional parts of a year) of membership in
the Pentegra DB Plan, and the denominator of which is 10. In the event a Member terminated
employment with an Employer prior to August 3, 1992, the Dollar Limitation
applicable to any amendment of the Regulations or election by the Employer under
the Regulations, made on or after May 17, 1989 but before August 3, 1992, which
improves benefits thereunder shall be subject to a separate 10 years of Pentegra DB
Plan membership requirement based only on years of Pentegra DB Plan membership
credited on or after the date of such amendment to, or election under, the
Regulations; provided, however, an Employer may elect, no later than June 30, 1993,
not to have a separate 10 years of Pentegra DB Plan membership requirement apply to
such benefit improvement; and provided, further, such election may not apply to any
such benefit improvement provided pursuant to an early retirement window benefit
under Article V, Section 7 unless (i) the amount of the benefit improvement would
be provided under a nonqualified plan providing benefits which otherwise would be
payable under the Pentegra DB Plan but for certain legal restrictions, (ii) all
such Members eligible for an early retirement window benefit under Article V,
Section 7 are given notice that the portion of any such benefit which was
restricted under the Pentegra DB Plan would be provided through a nonqualified
plan, and (iii) the Employer indemnifies the Board, the Pentegra DB Plan, the
employees of the Pentegra DB Plan and such other person or persons as may be
designated by the Board in such manner as shall be acceptable to the Board in its
sole discretion. In accordance with the IRC and
the IRS Regulations, if the Member has fewer than 10 years of Service, the
Compensation Limitation shall be multiplied by a fraction, the numerator of which
is the Member’s years of Service (computed to fractional parts of a year) and the
denominator of which is 10.

 

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	 	(6)	 	In no event shall Paragraph (5) of this Subsection (C) reduce the Dollar
Limitation and the Compensation Limitation to an amount less than one-tenth of the
applicable limitation (determined without regard to such Paragraph (5)).
	 
	 	(7)	 	For Limitation Years beginning on or after January 1, 1995, the actuarial equivalent
straight life annuity for purposes of applying the limitations under Section 415(b) of the IRC to
benefits that are not subject to Section 417(e)(3) of the IRC is equal to the greater of the
equivalent annual benefit computed using the interest rate and mortality table (or tabular factor)
specified in the Pentegra DB Plan’s Regulations for actuarial equivalence for the particular form
of benefit payable, and the equivalent annual benefit computed using a 5 percent interest rate
assumption and the applicable mortality table. For benefits subject to Section 417(e)(3), the
equivalent annual benefit shall be computed using the interest and mortality table (or tabular
factor) specified in the Pentegra DB Plan’s Regulations for actuarial equivalence for the particular form of benefit
payable, or the equivalent annual benefit shall be computed using the applicable
interest rate and the applicable mortality table, with such applicable interest
rate and applicable mortality table equal to the interest rate and mortality table
specified in Article VII, Section 2(B); provided that for Limitation Years
beginning on or after July 1, 2004 and prior to July 1, 2006, when applying the
rule otherwise set forth in this sentence, “5.5 percent” shall be used in lieu of
the applicable interest rate. Notwithstanding the foregoing, with respect to
distributions commencing July 1, 2004 and before December 31, 2004, the amount
payable in a form subject to Section 417(e)(3) of the IRC shall not be less than
the amount permitted under this Section 1(BC)(7) using, when applying the rules of
this paragraph to the adjustment of that benefit to a straight life annuity, the
“applicable interest rate” under Section 417(e)(3) of the IRC in effect on June 30,
2004.

 

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	 	 	 	Notwithstanding the foregoing, effective on and after July 1, 2006, if the benefit is subject
to Section 417(e)(3) of the IRC, for purposes of applying the limitations of Section 415(b) of the IRC, the annual benefit shall be adjusted to
an equivalent annual benefit in the form of a straight life annuity, which
equivalent annual benefit shall be the greatest of (i) the equivalent annual
benefit computed using the interest rate and mortality table (or tabular factor)
specified in the Pentegra DB Plan’s Regulations for actuarial equivalence for the
particular form of benefit payable; (ii) 105 percent of the equivalent annual
benefit using the applicable interest rate and applicable mortality table; and
(iii) the equivalent annual benefit using 5.5 percent interest rate and
applicable mortality table, with such applicable interest rate and applicable
mortality table equal to the interest rate and mortality table specified in
Article VII, Section 2(B).

	(D)	 	Notwithstanding the foregoing provisions of this Article XI, if a Member also participates in
any defined contribution plan (as defined in Sections 414(i) and 415(k) of the IRC) maintained by
the Employer (or any organization which is required to be aggregated with such Employer under
Section 414(b), (c), (m) or (o) of the IRC), the sum of the Member’s “Defined Benefit Fraction”
(as defined in IRC Section 415(e)(2)) and the Member’s “Defined Contribution Fraction” (as
defined in IRC Section 415(e)(3)) shall not exceed 1.0. If a Member makes contributions to the
Pentegra DB Plan, the amount of such contributions shall be treated as an annual addition to a
qualified defined contribution plan for purposes of Section 415 of the IRC.
	 
	 	 	Notwithstanding the above, effective for Limitation Years beginning on or after January
1, 2000, Section 415(e) of the IRC shall not apply.
	 
	(E)	 	Notwithstanding the foregoing provisions of this Article XI, if the maximum limitation on
Retirement Allowances with respect to any individual who was a Member prior to July 1, 1987 and
whose Retirement Allowance (determined without regard to any changes in the Regulations after May
5, 1986 and without regard to cost of living adjustments occurring after May 5, 1986) exceeds the
limitations set forth in Subsection (B) of this Section 1, then, for purposes of such Subsection
(B) and Sections 415(b) and (e) of the IRC, the Dollar Limitation with respect to such Member shall
be equal to such Member’s Retirement Allowance as of June 30, 1987; provided that, such Member’s
Retirement Allowance did not exceed the maximum limitation as in effect for all Plan Years
commencing prior to July 1, 1987.

 

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	(F)	 	The Pentegra DB Plan may from time to time adjust or modify the maximum limitations applicable
to a Member’s benefits under this Section 1 as may be required or permitted by the IRC or ERISA
prior to the date that payment of any of such benefits commences.

SECTION 2. SMALL BENEFITS

Following a Retiree’s termination of employment, the Pentegra DB Plan shall pay a Retiree, who has
not begun to receive his Retirement Allowance, a lump sum equal to the Equivalent Value of his
regular Retirement Allowance if such lump sum does not exceed $1,000 ($3,500 prior to March 28,
2005). Such lump sum shall be in lieu of the Retirement Allowance which otherwise would be payable.
If the Equivalent Value of a Member’s vested accrued benefit derived from Employer and Employee
contributions exceeds (or at the time of any prior distribution exceeded) $1,000 ($3,500 prior to
March 28, 2005), and the accrued benefit is immediately distributable, the Member and the Member’s
Spouse (or where either the Member or the Spouse has died, the survivor) must consent to any
distribution of such accrued benefit. The consent of the Member and the Member’s Spouse shall be
obtained in writing within the 90-day period ending on the annuity starting date. The annuity
starting date is the first day of the first period for which an amount is paid as an annuity or any
other form. The Pentegra DB Plan shall notify the Member and the Member’s Spouse of the right to
defer any distribution until the Member’s accrued benefit is no longer immediately distributable.
Such notification shall include a general description of the material features, and an explanation
of the relative values of, the optional forms of benefit available under the Pentegra DB Plan in a
manner that would satisfy the notice requirements of IRC Section 417 (a) (3), and shall be provided
no less than 30 days and no more than 90 days prior to the annuity starting date. However,
distribution may commence less than 30 days after the notice described in the preceding sentence is
given, provided the distribution is one to which Sections 401 (a) (11) and 417 of the IRC do not
apply, the Pentegra DB Plan clearly informs the Member that the Member has a right to a period of
at least 30 days after receiving the notice to consider the decision of whether or not to elect a
distribution (and, if applicable, a particular distribution option), and the Member, after
receiving the notice, affirmatively elects a distribution.

Notwithstanding the foregoing, only the Member need consent to the commencement of a distribution
in the form of a qualified joint and survivor annuity while the accrued benefit is immediately
distributable. Neither the consent of the Member nor the Member’s Spouse shall be required to the
extent that a distribution is required to satisfy Section 401(a)(9) or Section 415 of the IRC.

 

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SECTION 3. AMOUNTS PAYABLE TO INCOMPETENTS, MINORS OR ESTATES

If the Pentegra DB Plan shall find that any person to whom any amount is payable under the
Regulations is unable to care for his affairs because of illness or accident, or is a minor, or has
died, then any payment due him or his estate (unless a prior claim therefor has been made by a duly
appointed legal representative) may be paid to his Spouse, relative or any other person deemed by
the Board to be a proper recipient on behalf of such person otherwise entitled to payment. Any such
payment shall be a complete discharge of the liability of the Pentegra DB Plan therefor.

SECTION 4. NON-ALIENATION OF AMOUNTS PAYABLE

Except insofar as applicable law may otherwise require, or pursuant to the terms of a Qualified
Domestic Relations Order, no amount payable under the Regulations shall be subject in any manner to
alienation by anticipation, sale, transfer, assignment, bankruptcy, pledge, attachment, charge or
encumbrance of any kind, and any attempt to so alienate shall be void; nor shall the Pentegra DB
Plan in any manner be liable for or subject to the debts or liabilities of any persons entitled to
any such amount payable; and further if for any reason any amount payable under the Regulations
would not devolve upon such person entitled thereto, then the Board, in its discretion, may
terminate his interest and hold or apply such amount for the benefit of such person or his
dependents as it may deem proper.

SECTION 5. UNCLAIMED BENEFITS

If the Pentegra DB Plan cannot ascertain the whereabouts of any person to whom an amount is payable
under the Regulations, and, if after 5 years from the date such payment is due, a notice of such
payment is mailed to the address of such person, as last shown on the records of the Pentegra DB
Plan, and within 3 months after such mailing such person has not filed with the Pentegra DB Plan
written claim therefor, the Board may direct that such payment and all remaining payments and other
benefits, if any, otherwise payable on his account be cancelled and, to the extent permitted by
ERISA, be applied to reduce contributions. Upon cancellation, the Pentegra DB Plan shall have no
further liability therefor, provided that any such amount payable shall be reinstated if such
person subsequently makes a valid claim therefor.

 

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	SECTION 6.	 	TOP HEAVY PROVISIONS

The provisions of this Section 6 shall apply and supersede all other provisions in the
Regulations inconsistent therewith during each Plan Year with respect to which an Employer’s plan
constitutes a top heavy plan for purposes of the IRC.

	(A)	 	For purposes of this Section 6, the following terms shall have the meanings set forth below:

	 	(1)	 	“Affiliate” - Any entity affiliated with any Employer within the meaning of Section
414(b), 414(c) or 414(m) of the IRC, except that for purposes of applying the provisions hereof
with respect to the limitation on contributions, Section 415(h) of the IRC shall apply.
	 
	 	(2)	 	“Aggregation Group” - The group composed of each qualified retirement plan of the Employer
or an affiliate in which a key employee is a participant and each other qualified retirement plan
of the Employer or an affiliate which enables a plan of the Employer or an affiliate in which a key
employee is a participant to satisfy Section 401(a)(4) or 410 of the IRC. In addition, the Board
may choose to treat any other qualified retirement plan as a member of the aggregation group if
such aggregation group will continue to satisfy Sections 401(a)(4) and 410 of the IRC with such
plan being taken into account.
	 
	 	(3)	 	“Determination Date” - the last day of the preceding Plan Year or, in the case of the
first Plan Year, the last day of such Plan Year.
	 
	 	(4)	 	“Key Employee” - A “key employee” as defined in Sections 416(i)(1) and (5) of the IRC and
IRS Regulations. For purposes of Section 416 of the IRC and for determining who is a Key Employee,
an Employer which is not a corporation shall be deemed to have “officers” only for Plan Years
beginning after June 30, 1985. For purposes of determining who is a key employee, compensation
shall mean 415 Compensation (as defined in Section 1(B) of this Article XI).

 

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	 	(5)	 	“Top Heavy Ratio” - is a fraction, the numerator of which is the sum of the present value
of accrued benefits of all Key Employees as of the applicable Determination Date (including any
part of any accrued benefit distributed in the five year period ending on the Determination Date),
and the denominator of which is the sum of the present value of accrued benefits (including any
part of
any accrued benefits distributed in the five year period ending on the
Determination Date). The accrued benefits of a Member who (i) is not a Key Employee
but who was a Key Employee in the prior year, or (ii) has not been credited with at
least one hour of Service with his Employer at any time during the five year period
ending on the determination date will be disregarded. The calculation of the Top
Heavy Ratio, and the extent to which distributions, rollovers, and transfers are
taken into account will be made in accordance with Section 416 of the IRC and the
IRS Regulations.

	(B)	 	The Employer’s plan under the Pentegra DB Plan will be considered a top heavy plan for any Plan
Year if the Employer’s plan is determined to be a top heavy plan as of the last day of the
immediately preceding Plan Year. For purposes of determining whether an Employer is maintaining a
plan under the Pentegra DB Plan which constitutes a top heavy plan, the present value of a Member’s
Retirement Allowance shall be determined using 8% interest and the 1989 George B. Buck mortality
table with a 50%/50% blend of the male and female mortality rates.
	 
	 	 	The accrued benefit of a Member other than a Key Employee shall be determined under (i) the
method, if any, that uniformly applies for accrual purposes under all defined benefit plans
maintained by the Employer, or (ii) if there is no such method, as if such benefit accrued
not more rapidly than the slowest accrual rate permitted under the fractional rule of
Section 411(b)(1)(C) of the IRC.
	 
	 	 	For purposes of Subsection (E)(1) of this Section 6, the present value of a Member’s
Retirement Allowance shall be determined as of the last day of the immediately preceding
Plan Year and shall include amounts distributed to or on behalf of the Member within the
four immediately preceding Plan Years.
	 
	(C)	 	For any Plan Year that an Employer’s plan is determined to be a top heavy plan, only the first
$200,000 (adjusted annually for years beginning on or after January 1, 1998, in accordance with IRS
Regulations) (or, for Plan Years beginning on or after July 1, 1994, $150,000 (as adjusted for
cost-of-living and otherwise limited or modified in accordance with Section 401(a)(17) of the IRC
and applicable IRS rulings and IRS
Regulations)) of compensation (as defined in Section 1.415-2(d) of the IRS
Regulations) shall be credited to a Member for purposes of the Regulations.

 

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	(D)	 	If an Employer’s plan is a top heavy plan with respect to any Plan Year, the nonforfeitable
percentage of the Retirement Allowance which is derived from Employer contributions on behalf of
each Member who is credited with at least one Hour of Service on or after the date an Employer’s
plan becomes top heavy shall not be less than the amount determined in accordance with Table II set
forth in Article IV, Section 2(B)(v).

	(E)	(1)	 	Subject to the provisions of Subsection (F) of this Section 6, if an Employer’s plan
constitutes a top heavy plan, the Retirement Allowance derived from Employer contributions for each
Member of the Employer who has completed a year of Membership Service and who is not a Key Employee
shall not, at such point, be less than the product of (a) such Member’s average 415 Compensation
(as defined in Section 1(B) of this Article XI), multiplied by the (b) lesser of (i) 2% multiplied
by the number of years (computed to fractional parts of a year) of Membership Service with the
Employer or (ii) 20%. For purposes of the preceding sentence, years of Membership Service shall not
include any year of Membership Service credited with respect to Plan Years which began prior to
January 1, 1984, or any other year of Membership Service credited with respect to a Plan Year
during which the an Employer’s plan did not constitute a top heavy plan.

	 	(2)	 	For purposes of this Subsection (E), average 415 Compensation shall mean the average of a
Member’s 415 Compensation for the period of five consecutive years of Service (or, if the Member
does not have five consecutive years of Service, his actual number of consecutive years of Service)
during which the Member had the greatest aggregate 415 Compensation.

	(F)	(1)	 	For each Plan Year that an Employer’s plan is a top heavy plan, 1.0 shall be substituted
for 1.25 as the multiplicand of the Dollar Limitation in determining the denominator of the Defined
Benefit Fraction and of the Defined Contribution Fraction for purposes of Section 415(e) of the
IRC, except that this paragraph shall not apply effective for Limitation Years beginning on or
after January 1, 2000 due to the repeal of Section 415(e) of the IRC.

 

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	 	(2)	 	If, after substituting 90% for 60% wherever the latter appears in Section 416(g) of the
IRC, an Employer’s plan is not determined to be a top heavy plan, the
provisions of Paragraph (1) of this Subsection (F) shall not be applicable if the
Retirement Allowance for each Member who is not a Key Employee is determined in
accordance with Subsection (E)(1) of this Section 6, substituting 3% for 2% and 30%
for 20% in this Subsection.

	(G)	 	The Board shall, to the maximum extent permitted by the IRC and in accordance with the
governmental regulations, apply the provisions of this Section 6 by taking into account the
benefits payable and the contributions made under the Pentegra Defined Contribution Plan for
Financial Institutions (formerly known as the Financial Institutions Thrift Plan) or any other
qualified plan maintained by an Employer, to prevent inappropriate omissions or required
duplication of minimum contributions.

			
	SECTION 7.	 	TRANSFER OF ASSETS AND LIABILITIES FROM PRIOR PLAN

Provided that all benefits (including all optional forms of benefit) are protected in accordance
with Section 411(d)(6) of the IRC (or any successor thereto) and the IRS Regulations thereunder, an
Employer which adopts the Pentegra DB Plan may, with the approval of the Board and in accordance
with such administrative procedures as the Board may adopt, transfer the assets and liabilities
under a tax-qualified retirement plan maintained by such Employer (the “prior plan”) to the
Pentegra DB Plan with respect to retirees currently receiving benefits and participants with
deferred vested benefits under the prior plan. As a condition to the Pentegra DB Plan’s acceptance
of such assets and liabilities under the prior plan, the Employer shall provide, in a form and
manner acceptable to the Board, (i) an indemnification agreement by the Employer providing for the
indemnification of the Board, the Pentegra DB Plan, employees of the Pentegra DB Plan and such
other person or persons as may be designated by the Board, (ii) a representation by the Employer’s
counsel that, among other things, the prior plan satisfies the requirements for qualification under
the IRC, including, but not limited to Section 401(a) thereunder, and (iii) evidence, satisfactory
to the Board, that the Employer satisfies the appropriate capital requirements under the Financial
Institutions Reform, Recovery and Enforcement Act of 1989 or such other similar statutory or
regulatory requirement.

In addition to protecting those prior retirement plan benefits as required in the preceding
paragraph, an Employer may preserve any other retirement plan options which are not required to be
protected under Section 411(d)(6) of the IRC which the Board, in its discretion, determines to be
legal and administratively feasible.

 

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	SECTION 8.	 	SUPPLEMENTAL RETIREMENT ALLOWANCE

Each Member may elect to supplement his Retirement Allowance (the “Supplemental
Retirement Allowance”) by electing to transfer assets held on the Member’s behalf in a defined
contribution plan maintained by the Member’s Employer (or an Individual Retirement Account funded
exclusively from a distribution from a qualified plan maintained (or previously maintained) by his
Employer) to the Pentegra DB Plan if such election is made within one (1) year of the Member’s
commencement of benefit payments under the Pentegra DB Plan and the Member did not elect to receive
any portion of his Retirement Allowance in the form of a lump sum payment.

Upon receipt of the Member’s asset transfer, the Pentegra DB Plan shall convert the amount
transferred to the applicable normal retirement form, subject to the right to elect an optional
form of payment with spousal consent, if applicable. The factor used to convert the amount
transferred to the applicable annuity payment form shall be determined by (i) the interest factor
mandated by the Retirement Protection Act of 1994 which shall be the monthly average 30 Year
Treasury rate (or such other analogous rate prescribed by the IRS) with a three month look back
from the asset transfer date plus .75%, and (ii) the GAM 83 mortality table (or such other
mortality table as required by the IRS).

Should a Member die after transferring assets to the Pentegra DB Plan pursuant to this Section 8
but prior to commencing payment of his Supplemental Retirement Allowance, the death benefit
attributable to such transfer amount shall be paid in one lump sum to the Member’s Spouse as
Beneficiary; provided, however, that if such Retiree is not married or the Retiree’s Spouse had
consented in writing to the designation of a different Beneficiary, the transferred benefit will be
paid to such designated Beneficiary.

 

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ARTICLE XII WITHDRAWAL OF PARTICIPATING EMPLOYER

			
	SECTION 1.	 	GENERAL

	(A)	 	Any Employer may withdraw from the Pentegra DB Plan pursuant to the requirements of this
Article XII and such other administrative procedures as may be adopted from time to time by the
Pentegra DB Plan.
	 
	(B)	 	The provisions of this Article XII shall be effective with respect to any Employer
withdrawal from the Pentegra DB Plan that occurs on or after July 1, 2005.

			
	SECTION 2.	 	NOTICE AND EFFECT

	(A)	 	Any Employer may withdraw from the Pentegra DB Plan by giving the Pentegra DB Plan written
notice specifying a withdrawal date which shall be the last day of any calendar quarter that occurs
at least 60 days following the receipt of such notice by the Pentegra DB Plan. Such date shall be
referred to as the Date of Withdrawal (DOW).
	 
	(B)	 	An Employer’s withdrawal notice shall be deemed to be invalid unless the benefit accruals for
its Employees are frozen on or before the specified DOW in accordance with the applicable
provisions of the IRC, ERISA, or the rulings and regulations promulgated thereunder. The retirement
benefits of each Employee who is a Member on the DOW based upon Salary and Benefit Service to such
date shall be nonforfeitable as of the DOW.
	 
	(C)	 	The Pentegra DB Plan may require any Employer to withdraw if the Pentegra DB Plan determines
that the Employer has failed to pay its contributions, charges or other assessments made by the
Board, or to comply with any other provision of the Regulations or any other applicable provision
of the IRC, ERISA, or the rulings and regulations promulgated thereunder. The withdrawal date
specified by the Pentegra DB
Plan shall be the last day of any calendar quarter that occurs at least 60 days after it
has given the Employer written notice. Such date shall be referred to as the Date of
Withdrawal (DOW). A withdrawal that is initiated pursuant to this Section 2(C) shall in all
other respects be administered as if it had been initiated directly by the Employer
pursuant to Article XII Section 2(A).
	 
	(D)	 	An Employer who has properly submitted a withdrawal notice may give the Pentegra DB Plan a
written rescission of such withdrawal notice at any time prior to the transfer of its benefit
obligations pursuant to Article XII, Section 6. Such rescission shall have no
effect with respect to the actions the Employer has taken to cease benefit accruals
pursuant to Article XII Section 1(B).

 

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	(E)	 	An Employer shall be deemed to have rescinded its withdrawal notice in the event that it fails,
within a reasonable period of time, to comply with any administrative, funding or other workstep
necessary to complete the withdrawal, as determined by the Pentegra DB Plan in its sole discretion.
Such failures may include, but are not limited to, a failure to timely provide required
information, a failure to timely execute documents, or a failure to timely remit any required
contribution. The Pentegra DB Plan shall promptly notify an
Employer of such deemed rescission. An Employer that has incurred a deemed rescission shall
not be precluded from withdrawing from the Pentegra DB Plan as of a later DOW pursuant to
the general notice requirements of this Section 2.

			
	SECTION 3.	 	DETERMINATION OF NOTIONAL PLAN ASSETS

	(A)	 	In connection with a request to withdraw, an Employer shall be credited for bookkeeping
purposes with a notional amount of assets in the Pentegra DB Plan. Such amount shall be referred to
as the Employer’s Notional Assets. An Employer’s Notional Assets shall be equal to the following:

	 	(1)	 	The Employer’s Prior Market Value of Assets, plus or minus
	 
	 	(2)	 	Assumed
Investment Earnings through the DOW, plus or minus
	 
	 	(3)	 	Asset Adjustments; plus or minus
	 
	 	(4)	 	Credited Investment Income from the DOW to the Date of Asset Transfer; plus or minus
	 
	 	(5)	 	Adjustments for Benefit Payments and Contributions

	(B)	 	An Employer’s Prior Market Value of Assets shall be equal to the fair market value of assets
that the Employer was notionally allocated as of the actuarial valuation date used for purposes of
compliance with the minimum funding standards of ERISA and the IRC coincident with or immediately
preceding the DOW. To the extent such fair market value includes any contributions receivable from
the Employer or is net of any benefits payable, such receivables and payables shall be disregarded.

 

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	(C)	 	An Employer’s Assumed Investment Earnings through the DOW shall be equal to the investment
earnings (or losses) that are assumed to have been earned on the Employer’s Prior Market Value of
Assets between the relevant actuarial valuation date
coincident with or immediately preceding the DOW and such DOW. The assumed investment
earnings shall be calculated based on the actual rates of return for the assets of the
Pentegra DB Plan to the extent such rates of return are readily determinable, or reasonable
estimates of such rates of return, as determined by the Pentegra DB Plan in its sole
discretion, in the event that actual rates of return are not readily determinable.
	 
	(D)	 	An Employer’s Asset Adjustments shall be equal to the sum of the Employer’s Orphan Adjustment,
Plan Entry Adjustment, Withdrawal Charges and External Expense Adjustment and Pooled Gain or Loss
Adjustment, determined as follows:

	 	(1)	 	An Employer’s Orphan Adjustment shall equal the Employer’s proportionate share of the
estimated total cost to purchase insured annuities for all Orphans (as defined below)as of the DOW
in excess of the fair value of assets that have previously been allocated to such Orphans. For
purposes of determining the
Orphan Adjustment, the following shall apply:

	 	(i)	 	Notwithstanding the foregoing, an Employer that joined the Pentegra DB Plan on or after
July 1, 2006 shall not have any Orphan Adjustment. The proportionate share for any other Employer
shall be determined as the ratio of the Employer’s percentage points as provided in Schedule X
(attached hereto) to the total of all percentage points for all Employers
listed in Schedule X that have not previously withdrawn from the Pentegra
DB Plan.
	 
	 	(ii)	 	For purposes of determining any Orphan Adjustment, the estimated total cost to purchase
annuities shall be based on the present value of accrued benefits for all Orphans measured as of
the actuarial valuation date coincident with or immediately preceding the DOW. Such present value
shall be based on the assumptions stipulated by the PBGC under Section 4044 of ERISA for measuring
the present value of benefits in a standard termination for a single employer plan. Such present
value shall be increased with interest until the DOW using the immediate interest rate employed in
the present value calculation.
	 
	 	(iii)	 	The fair value of assets that have previously been allocated to Orphans shall equal the
fair value of assets allocated to the Orphans for purposes of developing minimum funding
requirements for the Pentegra DB Plan under the IRC and ERISA as of the actuarial valuation date
coincident with or immediately preceding the DOW. Such fair value of assets will be
increased with interest until the DOW using the immediate interest rate
employed in developing the present values pursuant to Article XII, Section
3(D)(1)(ii).

 

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For purposes of this Article XII, an “Orphan” is a Member or former Member with an accrued
benefit under the Pentegra DB Plan whose Employer has previously withdrawn from the Pentegra DB
Plan without establishing a qualified successor plan to which the liability for the Member’s or
former Member’s benefits under the Pentegra DB Plan has been transferred.

	 	(2)	 	An Employer’s Plan Entry Adjustment, which will always be a negative adjustment in the
determination of the amount of Notional Assets, is calculated by multiplying the fair value of
assets that the Employer had transferred to the Pentegra DB Plan by the percentage specified in
Table XX (attached hereto) based on the Employer’s date of entry into the Pentegra DB Plan.
	 
	 	(3)	 	An Employer’s Withdrawal Charges and External Expense Adjustment shall equal the sum of
the following:

	 	(i)	 	An Employer’s Withdrawal Charge shall be equal to the regular annual administrative fee
charged by the Pentegra DB Plan or, if greater, one-half percent (0.5%) of the Employer’s Plan
Withdrawal Liabilities as defined in Section 4(B) determined assuming that the Pentegra DB Plan was
fully funded on a plan termination basis as contemplated under IRC
Section 414(l). An Employer who files a withdrawal notice but does not
withdraw for any reason as of the designated DOW shall nevertheless be
assessed a withdrawal charge, which shall be determined by the Pentegra DB
Plan on a reasonable basis.
	 
	 	(ii)	 	An Employer’s External Expense Adjustment shall equal the actual external costs incurred
by the Pentegra DB Plan in connection with the Employer’s request to withdraw. Such costs may
include, but are not limited to, legal fees, actuarial fees, audit fees and investment fees. Such
costs shall be charged to the Employer, irrespective of the date such costs arise. An Employer who
files a withdrawal notice but does not withdraw for any reason as of the designated DOW shall
nevertheless be assessed the full amount of all incurred external costs.

 

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	 	(4)	 	An Employer’s Pooled Gain or Loss Adjustment shall equal the pooled gain or loss that
otherwise would have been allocated to the notional assets of the Pentegra DB Plan credited to the
Employer as of the actuarial valuation date immediately following the DOW. Such adjustment shall
only apply to an
Employer that has selected a June 30th DOW.

	(E)	 	An Employer’s Credited Investment Income from the DOW to the Date of Asset Transfer shall be
equal to the investment earnings that are assumed to have been earned on the sum of the values
determined in Article XII, Sections 2(B), 2(C) and 2(D) between the DOW and the date(s) that assets
are distributed pursuant to the operation of Article XII, Section 6. The assumed earnings shall be
based on a fixed rate of interest equal to the Three Year Constant Maturity rate in effect for the
week ending coincident with or immediately preceding the DOW, as published in the Federal
Statistical Release. In the absence of the Release, the Pentegra DB Plan may obtain such rate from
any other source it deems appropriate.
	 
	(F)	 	An Employer shall receive a positive asset adjustment with respect to any contribution that is
made by the Employer that is not included in the Employer’s Prior Market Value of Assets. An
Employer shall receive a negative asset adjustment with respect to any benefit payment made by the
Pentegra DB Plan on behalf of the Employer’s Members that occurred after the date as of which the
Employer’s Prior Market Value of Assets had been determined. In all cases, the Pentegra DB Plan
shall allocate a pro-rata share of investment income or losses using reasonable methods to reflect
the timing of such contributions and benefit payments, and in a manner that is consistent with
Article XII, Sections 2(C) and 2(E).

			
	SECTION 4.	 	DETERMINATION OF PLAN WITHDRAWAL LIABILITIES

	(A)	 	A withdrawing Employer shall elect the method under which its liabilities with respect to its
Members shall be satisfied effective as of the DOW. The allowable methods are:

	 	(1)	 	The purchase of single premium insured annuities from one or more qualified insurance
companies; or
	 
	 	(2)	 	The transfer of all Plan Withdrawal Liabilities with respect to such withdrawing
Employer from the Pentegra DB Plan to a qualified successor plan.

 

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	(B)	 	An Employer’s Plan Withdrawal Liabilities shall be equal to the following:

	 	(1)	 	In the case of an Employer that has elected annuity purchases, the total cost of all such
purchases
	 
	 	(2)	 	In the case of an Employer that has elected to have assets and liabilities transferred to
a qualified successor plan, the amount of assets that will be transferred to such qualified
successor plan in accordance with IRC Section 414(l), ERISA Section 4044 and the provisions of this
Article XII, pursuant to determinations made by the Pentegra DB Plan using reasonable procedures.

			
	SECTION 5.	 	DETERMINATION OF FINAL CONTRIBUTION DUE BY WITHDRAWING
EMPLOYER

A withdrawing Employer shall be required to remit a final contribution to the Pentegra DB Plan as
of the date insured annuity contracts are purchased (in the case of an Employer withdrawal without
a qualified successor plan) or as of the date of transfer of Plan Withdrawal Liabilities (in the
case of an Employer withdrawal with a qualified successor plan). The final contribution for a
withdrawing Employer shall equal the excess, if any, of the Employer’s Plan Withdrawal Liabilities
as defined in Article XII, Section 4(B) over the Employer’s Notional Assets as defined in Article
XII, Section 3(A), as determined as of the date referred to in the preceding sentence of this
Article XII, Section 5.

			
	SECTION 6.	 	TRANSFER OF ASSETS AND LIABILITIES OUT OF THE PENTEGRA DB PLAN

The Pentegra DB Plan shall purchase insured annuities or transfer assets and liabilities to a
qualified successor plan as soon as administratively feasible following the receipt of any
contributions due from the Employer pursuant to Article XII, Section 5 and such other documents,
elections, certifications or other items as may be deemed necessary by the Pentegra DB Plan. Upon
the Pentegra DB Plan’s purchase of insured annuity contracts or the transfer of assets and
liabilities to a qualified successor plan, as the case may be, the Pentegra DB Plan shall have no
liability for the benefit liabilities that are payable under such annuity contracts or that were
transferred to the qualified successor plan.

 

105

 

			
	SECTION 7.	 	TRANSFER OF EXCESS ASSETS TO A QUALIFIED SUCCESSOR PLAN

	(A)	 	In the event that a withdrawing Employer has elected to have the liabilities for its Members
transferred to a qualified successor plan, any excess of the Employer’s Notional Assets over the
Employer’s Plan Withdrawal Liabilities shall be transferred to
such qualified successor plan pursuant to Article XII, Section 7(B), but only to the extent
that the Pentegra DB Plan determines that such transfer is permissible in accordance with
IRC Section 414(l) and ERISA Section 4044 as of the DOW. To the extent that a transfer is
permissible but in an amount less than the full value of the Employer’s excess assets, such
lesser amount shall be transferred in lieu of the full amount of excess assets. To the
extent that the Pentegra DB Plan determines that a transfer of any amount is impermissible,
no transfer shall occur, and the withdrawing Employer and the qualified successor plan of
such withdrawing Employer shall forfeit all rights with respect to such excess assets and
such assets shall remain in the Pentegra DB Plan.

	(B)	 	Any transfer of the full or limited amount of excess assets shall be made over a three-year
period to the qualified successor plan of the withdrawn Employer. One-third of such amount shall be
transferred to the qualified successor plan as of the first anniversary of the DOW. One-half of the
remaining undistributed amount shall be transferred to the qualified successor plan as of the
second anniversary of the DOW. The entirety of the remaining undistributed amount shall be
transferred to the qualified successor plan as of the third anniversary of the DOW. Any portion of
the excess assets that is held by the Pentegra DB Plan shall be credited with a fixed rate of
investment earnings pursuant to Article XII, Section 3(E). Notwithstanding the preceding, in the
event that the Employer terminates or otherwise fails to maintain the qualified successor plan
prior to the completion of the transfer of excess assets, no further asset transfers shall occur,
and any rights of the Withdrawing Employer or its qualified successor plan to the remaining excess
assets shall be forfeited, and such assets shall remain in the Pentegra DB Plan.

			
	SECTION 8.	 	RESTRICTIONS ON QUALIFIED SUCCESSOR PLAN

A transfer of assets and liabilities of the Pentegra DB Plan to a qualified successor plan (whether
by merger or consolidation with such qualified successor plan or otherwise) shall not be made
unless each Member would, if either the Employer’s or Employers’ participation in the Pentegra DB
Plan or such qualified successor plan then terminated, receive a benefit immediately after such
transfer which (after taking account of any distributions or payments to them as part of the same
transaction) is equal to or greater than the benefit the Member would have been entitled to receive
immediately before such transfer if the Employer’s or Employers’ participation in the Pentegra DB
Plan had then been terminated. The Pentegra DB Plan may also require appropriate indemnification
from the Employer or Employers maintaining such qualified successor plan before making such a
transfer.

 

106

 

			
	SECTION 9.	 	PARTIAL TERMINATION

If any governmental authority or the Pentegra DB Plan determines that a partial termination (within
the meaning of the IRC or ERISA) of the Pentegra DB Plan has occurred, then (i) the rights of all
its affected Members to their retirement benefits accrued to the partial termination date shall be
nonforfeitable, and (ii) such accrued retirement benefits shall be administered and distributed in
accordance with the applicable provisions of the Pentegra DB Plan.

			
	SECTION 10.	 	SPECIAL PROCEDURES UPON CONSERVATORSHIP OR RECEIVERSHIP

	(A)	 	Notwithstanding anything in the Regulations to the contrary and in accordance with such
administrative procedures, requirements and conditions as the Board shall adopt, if an Employer
participating in the Pentegra DB Plan is placed into conservatorship or receivership by the
Resolution Trust Corporation (the “RTC”) (or such other appropriate governmental authority), the
provisions of this Section 10 shall apply.

	(B)	(i)	 	If an Employer is placed into conservatorship by the RTC, such Employer’s participation in
the Pentegra DB Plan will continue uninterrupted without any formal action by the RTC or the
Employer and retirement benefits will continue to accrue for its Members.

	 	(ii)	 	If the Employer is placed into receivership by the RTC, the RTC will have sixty (60) days
(unless within such 60-day period the RTC requests an extension for up to thirty (30) days and the
Pentegra DB Plan in its sole discretion approves such request) from the date the Employer was
placed into receivership to reaffirm the Employer’s participation in the Pentegra DB Plan in which
event benefits shall continue to accrue from the date the Employer was placed into receivership.
Alternatively, the RTC may elect to improve benefits as of the date of receivership in such manner
as shall be prescribed by the Pentegra DB Plan, provided in such case the Employer has a sufficient
accounting credit under the Pentegra DB Plan to offset the cost of such benefit improvements. The
credit described in the preceding sentence, which for purposes of this Section 10 shall be referred
to as “FECO,” represents with respect to an Employer an accounting credit entry on the books and
records of the Pentegra DB Plan which may be applied solely to offset an Employer’s contribution
obligations to the Pentegra DB
Plan. FECO may not be transferred by the Pentegra DB Plan for an Employer’s general
corporate use or otherwise in contravention of applicable law.

 

107

 

	(C)	 	If the RTC, on behalf of an Employer which is placed in receivership, elects to improve
benefits, such Employer will be deemed to have withdrawn from the Pentegra DB Plan (following the
election to improve benefits) without a qualified successor plan as of the date the Employer was
placed into receivership. Alternatively, if the RTC neither reaffirms (within the time prescribed
in Subsection (B) of this Section 10) the participation in the Pentegra DB Plan of an Employer
which was placed into receivership nor elects to improve benefits, the Employer will be deemed to
have withdrawn from the Pentegra DB Plan without a qualified successor plan as of the date the
Employer was placed into receivership.
	 
	(D)	 	If an Employer which has a FECO is placed into conservatorship or receivership by the RTC and
such Employer has not withdrawn (or has not been deemed to withdraw) from the Pentegra DB Plan
without a qualified successor plan, the RTC may, in accordance with this Subsection (D) and such
procedures as may be adopted by the Board, have the FECO made available under the Pentegra DB Plan
to another entity (referred to as an “Acquirer”) if such Acquirer, in accordance with the
Regulations, adopts the Pentegra DB
Plan. The maximum amount of the FECO which the RTC may make available to an Acquirer is a
fraction of the “available FECO,” the numerator of which is the PBGC value (as determined
under IRC Section 414(l) and the IRS Regulations thereunder) of the accrued benefits of the
Employees who are transferred to the Acquirer and the denominator of which is the PBGC
value of the accrued benefits of all of the Employees of the Employer as of the date of the
acquisition of such Employer by such Acquirer, inclusive of those Employees being
transferred to the Acquirer. The “available FECO” is the total FECO attributable to the
Employer as of the date of the acquisition, reduced by the amount of any FECO which could
have been, but was not, made available to any previous Acquirer. The maximum amount of FECO
that may be made available to an Acquirer shall not be reduced as a result of Employees
being terminated by the RTC on or after the date of conservatorship or receivership. If an
Acquirer does not elect to participate in the Pentegra DB Plan, there shall be deemed to
occur a withdrawal by the Employer without a qualified successor plan with respect to the
Employees who are transferred to the Acquirer and such Employees shall become 100% vested
in their accrued benefit regardless of their number of years of Vesting Service. The RTC
may apply any portion of the FECO remaining after an acquisition to fund the normal cost or
to improve benefits with respect to those Employees who have not been transferred to the
Acquirer and who continue to be employed by the Employer. The amount of any FECO which
could have been, but was not, transferred to any previous Acquirer will be the first amount
to be applied to fund the normal cost or to improve benefits with respect
to those Employees who continue to be employed by the Employer. Any FECO remaining after
the FECO attributable to an Employer’s participation in the Pentegra DB Plan is applied, as
provided in this Subsection (D), shall remain in the Pentegra DB Plan.

 

108

 

			
	SECTION 11.	 	MISCELLANEOUS PROVISIONS

	(A)	 	Upon any Employer withdrawal, the Employer shall continue to make all contributions required to
satisfy the minimum funding standards of the IRC and ERISA as determined by the Pentegra DB Plan.
Any unpaid Employer contributions, charges or other assessments shall become immediately due and
payable. All unpaid contributions of the
Employer shall constitute a first lien on the Employer’s assets and may be recorded by the
Pentegra DB Plan in any jurisdiction.
	 
	(B)	 	Upon any Employer withdrawal, the Pentegra DB Plan shall notify the IRS and any other
appropriate governmental authority in such manner as applicable law may require.
Subject to any conditions which the IRS or other appropriate governmental authority may
impose, disposition shall be made in accordance with this Article XII.
	 
	(C)	 	In the event of an Employer withdrawal, no amount shall become payable by the Pentegra DB Plan
on or after such Employer’s DOW to or in respect of any of its Members (including those on leave of
absence and inactive as described in Article X) except as provided under the applicable provisions
of the Pentegra DB Plan’s Regulations and no amount shall be payable to the Employer.
	 
	(D)	 	For purposes of this Article XII, a qualified successor plan is a defined benefit pension plan
established by the withdrawing Employer which (i) has been determined by the IRS to be a qualified
and tax-exempt plan and trust within the meaning of the IRC, (ii) has provided the Pentegra DB Plan
with written certification by its appropriate fiduciaries that in the event of a transfer of assets
and liabilities to such successor plan as described in this Article XII, the qualified successor
plan shall be fully liable for the payment of all such transferred liabilities and that the
Pentegra DB Plan shall not be liable for the payment of any part of such liabilities, (iii) is
intended to be maintained indefinitely and (iv) meets such other requirements of the IRS, other
appropriate governmental authority or of the Board which may apply.

 

109

 

	(E)	 	Notwithstanding anything to the contrary contained herein, upon receipt by the Pentegra DB Plan
of a request from a federal governmental entity, as statutory receiver for a withdrawn Employer,
provided the federal governmental entity became statutory receiver
for the withdrawn Employer following such Employer’s withdrawal from the Pentegra DB Plan and
establishment of a qualified successor plan, the Pentegra DB Plan may, in its sole discretion and
subject to any conditions provided herein or otherwise, accelerate the transfer of the remaining
amount of any excess assets pursuant to Article XII, Section 7, if any, to the qualified successor
plan maintained by the Employer for which such governmental entity acts as receiver. Any request by
a federal governmental entity, as statutory receiver for a withdrawn Employer, to accelerate the
transfer of the remaining amount of such excess assets shall be accompanied by a certification to
the effect that such governmental entity was duly appointed as receiver, citing the statutory
authority therefore, and that such appointment continues in effect as of the date of the
accelerated payment request. Prior to any such accelerated payment of the excess assets, such
governmental entity shall indemnify the Pentegra DB Plan, in such form and manner as is acceptable
to the Pentegra DB Plan, for the full amount of all reasonable legal fees, costs and expenses
(including damages) which arise from any claims made against the Pentegra DB Plan by participants
under the qualified successor plan of the Employer in receivership because of the acceleration of
payments by the Pentegra DB Plan.

 

110

 

ARTICLE XIII TERMINATION OF THE TRUST

	(A)	 	The Trust is the sole source of all benefits under the Regulations and shall continue, unless
terminated as herein provided, until all assets of the Trust are distributed in accordance with the
Regulations. The Trust and the benefit programs embodied in the
Regulations may be terminated only upon a two-thirds vote of the Board and of the then
participating Employers, in which event termination shall be effective on a date specified
after at least 6 months’ notice to the Trustee and all members of the Board and Employers.
In the event of such termination, (i) the rights of all Members to their Retirement
Allowances accrued to the date of termination shall thereupon be nonforfeitable to the
extent that such allowances have then been funded by such amount of assets determined by
the Pentegra DB Plan to be properly allocable to such Members’ allowances, and (ii) the
Board shall direct the Trustee to liquidate the assets of the Trust as promptly as it deems
prudent. The Board shall notify the IRS, the PBGC and any other appropriate governmental
authority of such termination at least 30 days prior to the termination date or at such
other date as applicable law may require, and no distribution of the Trust’s assets shall
be made until all applicable governmental approvals have been obtained by the Pentegra DB
Plan.
	 
	(B)	 	The Board shall determine the Trust’s net funds remaining after providing for necessary
expenses and shall then allocate such funds to the extent necessary and sufficient in the following
order of priority:

	 	(1)	 	Each Member, former Member, Retiree, and Beneficiary or Contingent
Annuitant shall be entitled to a share equal to his Accumulated Contributions (or
the Accumulated Contributions of the Member on whose behalf the individual is
entitled to benefits), if any, less the sum of any allowances received.
	 
	 	(2)	 	Next, each Retiree, Beneficiary or Contingent Annuitant entitled to an immediate or
deferred benefit on the termination date shall be entitled to a share equal to the actuarial
liability attributable to his benefits reduced by his share under Paragraph (1) of this Subsection
(B).

 

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	(C)	 	The Board shall then:

	 	(1)	 	Determine as of the termination date, in the same manner as described in Article XII,
Section 4, Subsection B, the actuarial liability established by the
Pentegra DB Plan for each Employer group of Members as described in Article XII
reduced by the amount of any allocations to such Members pursuant to Paragraph (1)
of Subsection (B);

	 	(2)	 	Determine the net funds remaining after providing for all allocations under Subsection (B)
of this Article XIII;
	 
	 	(3)	 	Allocate such funds to all such groups of Members as of the termination date on the basis
of the ratio of the actuarial liability computed for each group of Members to the total liability
for such groups; and
	 
	 	(4)	 	Allocate such amounts to the individual Members in each group in accordance with the
procedure set forth in Article XII, Section 7.

	(D)	(1)	 	The amounts determined in accordance with Subsections (B) and (C) of this Article XIII
shall, subject to the approval of the IRS, the PBGC and any other appropriate governmental
authority, be distributed to the individuals described in such Subsections. Any surplus remaining
in the Trust after such distribution shall then be distributed to the Employers in such manner as
the Board shall deem equitable and appropriate.

	 	(2)	 	Notwithstanding anything in the Pentegra DB Plan’s Regulations to the contrary, before any
distribution to Employers, if any surplus remains in the Trust after satisfaction of all
liabilities, such remaining assets shall be equitably distributed to Members (or Beneficiaries) who
made contributions to the Pentegra DB Plan under Article IX, Section (5) in accordance with the
following formula:

	 	The portion of the remaining assets which are attributable to Member
contributions shall be equal to the product derived by multiplying (i) the
market value of the total remaining assets, by (ii) a fraction where the
numerator is the present value of all portions of the accrued benefits with
respect to Members that are derived from Member contributions and the
denominator is the present value of all benefits under the Pentegra DB Plan.

 

112

 

	 	 	 	Each person who is, as of the termination date, a Member under the Pentegra DB
Plan, or an individual who has received, during the 3-year period ending
with the termination date, a distribution from the Pentegra DB Plan of such
individual’s entire nonforfeitable benefit in the form of a single sum distribution
or in the form of irrevocable commitments purchased by the Pentegra DB Plan from an
insurer, shall be treated as a Member with respect to the termination, if all or
part of the nonforfeitable benefit with respect to such person is or was
attributable to Member mandatory contributions.
	 
	 	(3)	 	Upon completion of the foregoing distributions, the Trustee shall be relieved of all
further obligations under the Trust, but its powers shall continue so long as any assets
remain in the Trust.

	(E)	 	No asset or liability of the Trust shall in any event be merged, consolidated with or
transferred by the Trust to any other plan unless such person affected thereby would, if such plan
then terminated immediately after such event, receive thereunder a benefit which is equal to or
greater than the benefit to which he would have been entitled if the Pentegra DB Plan had
terminated immediately before such event.
	 
	(F)	 	Notwithstanding the provisions of this Article XIII, all allocations and distributions made
pursuant to this Article XIII shall be made in accordance with Title IV of ERISA.
	 
	(G)	 	In the event of the termination of the Pentegra DB Plan, the benefits of any Highly Compensated
Employee (and any highly compensated former employee, as defined in Section 414(q) of the IRC and
IRS Regulations thereunder), shall be limited to a benefit that is nondiscriminatory under Section
401(a)(4) of the IRC.
	 
	 	 	The annual payments to a Restricted Employee (as defined below) may not exceed an amount
equal to the payments that would be made on behalf of such Restricted Employee under a
single life annuity that is the actuarial equivalent of the sum of the Restricted
Employee’s accrued benefit and his other benefits under the Pentegra DB Plan. However, the
restriction described in the foregoing sentence shall not apply if:

	 	(1)	 	after payment to a Restricted Employee of all Benefits (as defined below), the value of
the assets of the Pentegra DB Plan equals or exceed 110% of the value of current liabilities (as
defined in Section 412(1)(7) of the IRC) under the Pentegra DB Plan; or

 

113

 

	 	(2)	 	the value of the Benefits for a Restricted Employee is less that 1% of the value of
current liabilities (as defined in Section 412(1)(7) of the IRC) under the Pentegra DB Plan; or
	 
	 	(3)	 	the value of the Benefits for a Restricted Employee does not exceed $1,000.

	 	 	For purposes of this Subsection (G), a “Restricted Employee” means a Member who is a Highly
Compensated Employee (or highly compensated former employee of the Employer as defined in
Section 414(q) of the IRC and the IRS Regulations thereunder). In any year, the total
number of individuals who are subject to the restrictions described in Subsection (G) shall
be limited to a group of not less than 25 Highly Compensated Employees and highly
compensated former employees and the Employees included in the group shall be determined on
the basis of such Employees with the greatest compensation.
	 
	 	 	For purposes of this Subsection (G), the term “Benefits” includes loans in excess of
amounts set forth in Section 72(p)(2)(A) of the IRC, any periodic income, any withdrawal
values payable to a living Employee, and any death benefits not provided for by insurance
on the Restricted Employee’s life.

 

114

 

ARTICLE XIV ADMINISTRATION
AND MANAGEMENT OF FUND

			
	SECTION 1.	 	ADMINISTRATION

	(A)	 	The general administration of the Pentegra DB Plan and the general responsibility for carrying
out the provisions of the Regulations shall be placed in a Board of Directors who must be Members
of the Pentegra DB Plan. The President of the Pentegra DB
Plan shall be the chief administrative officer of the Pentegra DB Plan, a member ex officio
of the Board and, for purposes of ERISA, the “plan administrator.” The Board shall
constitute the “named fiduciary” for purposes of ERISA.
	 
	(B)	 	The Board may adopt, and amend from time to time, by-laws not inconsistent with the Trust and
the Regulations and shall have such duties and exercise such powers as are provided in the
Regulations, Trust and by-laws. The number of Directors, their method of election and their terms
of office shall be governed by such by-laws. The Board shall hold an annual meeting each year and
may hold additional meetings from time to time.
	 
	(C)	 	The Board shall select the Trustee of the assets of the Pentegra DB Plan and shall define the
investment and other powers and duties of the Trustee and determine the terms and provisions of the
Trust, and may, subject to the provisions of the Trust, appoint from time to time a successor
trustee or trustees as the Board in its discretion shall determine. The Trust shall constitute a
trust fund for the payment of benefits and expenses of the Pentegra DB Plan. All contributions,
other income and property received by the Trust shall be held by the Trustee and invested,
reinvested and disbursed in accordance with and subject to the provisions of the Trust and the
Regulations. All benefits payable under the Regulations shall be payable from the
Trust and from no other source. No person shall have interest in, or right to, any part of
the corpus or income thereof, except to the extent expressly provided in the Regulations or
the Trust.
	 
	(D)	 	The Board shall elect a chairman and a vice-chairman of the Board and such officers of the
Pentegra DB Plan as the Board deems desirable and shall define their duties. The
Board shall elect annually from its membership an Executive Committee, a Retirement
Committee, an Investment Committee, an Audit Committee, and a Nominating Committee and
shall define their duties. It may appoint such other committees and arrange for and hire
such actuarial, legal, accounting, auditing, investment manager or
advisory, administrative, medical and other services as it deems appropriate to carry out
the Regulations and may act in reliance upon the advice and actions of the persons or firms
providing such services. The Board may establish, staff, equip and maintain a Pentegra DB
Plan Office to assist it in the administration of the Regulations. The Board may authorize
the Trustee or any committee, officer, employee or agent of the Pentegra DB Plan to perform
any act pertaining to the Pentegra DB Plan or the administration thereof. The Board shall
cause to be maintained proper accounts and accounting procedures, and shall submit an
Annual Report on the operations of the Pentegra DB Plan to each Employer for the
information of its Members.

 

115

 

	(E)	 	The members of the Board shall use ordinary care and reasonable diligence in the performance of
their duties and shall serve without compensation, but shall be reimbursed for any reasonable
expenses incurred in their capacities as Board members. No bond or other security need be required
of the Trustee or any Board member in any jurisdiction.
	 
	(F)	 	Each Employer, other than the Pentegra DB Plan Office, by its participation in the
Comprehensive Retirement Program, agrees that each Board member, officer and employee of the
Pentegra DB Plan shall be indemnified by the Employer for any liability, in excess of that which is
covered by insurance, arising out of any act or omission to act in connection with the Regulations
or the Trust except for fraud or willful misconduct. The obligation to pay any such expense shall
be deemed an administrative expense of the Regulations and shall be allocated among the Employers,
other than the Pentegra DB Plan Office, by the Board as nearly as practicable in the same
proportions as the then current administrative expenses of the Pentegra DB Plan are borne by the
Employers. No Board member or officer of the
Pentegra DB Plan shall be personally liable by virtue of any contract or other instrument
executed by him or on his behalf in such capacity nor for any mistake of judgment made in
good faith.
	 
	(G)	 	No Employer shall under any circumstances or for any purpose be deemed an agent of the Board,
the Trustee or the Pentegra DB Plan. Neither the Board nor the Trustee shall be required to enforce
payment of any contributions payable under the Regulations.

 

116

 

	(H)	 	The Board shall adopt, and may change from time to time, actuarial or other tables and the
interest rate or rates which shall be used in calculations under the Regulations, and
shall establish the contribution rates as provided in Article IX. The actuary designated by
the Board shall make an annual actuarial valuation of the Pentegra DB Plan’s benefit
programs, and on the basis thereof shall recommend to the Board such tables and interest
and contribution rates for its adoption.
	 
	(I)	 	The expenses of administering the Regulations including (i) the fees and expenses of the
Trustee for performance of its duties under the Trust, (ii) the expenses incurred by the Board and
the Pentegra DB Plan Office in the performance of their duties under the Regulations and the Trust,
and (iii) all other proper charges and disbursements of the Trustee and the Pentegra DB Plan
Office, shall be borne by the Employers in such proportions as shall be determined by the Board,
but until paid by the Employers, all of such expenses shall be a charge against the assets of the
Trust.

			
	SECTION 2.	 	DISPUTE RESOLUTION

	(A)	 	The Board shall have the exclusive right and full discretionary authority to interpret the
Regulations and any questions arising under or in connection with the administration of the
Pentegra DB Plan, including without limitation, the authority to determine eligibility for employer
participation, eligibility for membership and benefits, and the amount and mode of all
contributions, benefits and other payments under the Regulations. The decisions or actions of the
Board in respect thereof shall be final, conclusive and binding upon all persons having an interest
in the Trust or under the Regulations or under any agreement with an insurance company or a
financial institution constituting a part of the Regulations and the Trust.
	 
	(B)	 	The Board shall have full discretionary authority to delegate to the Retirement Committee, or
any other committee of the Board or to the President, all or any part of the interpretative and
decisional authority of the Board, described in Subsection (A) of this Section 2, with respect to
the Regulations or the administration of the Pentegra DB Plan.
	 
	(C)	 	All disputed claims with respect to contributions, benefit eligibility and payments arising
under the Regulations shall be submitted in writing to the President of the Pentegra DB
Plan at the office of the Pentegra DB Plan. Within 90 days after receipt of such claim, the
decision of the President with respect thereto shall be mailed to the claimant and shall be
final, binding and conclusive; provided, however, if special circumstances require an
extension of time for processing the claim, an additional 90 days from the
end of the initial period shall be allowed for processing the claim, in which event the
claimant shall be furnished with a written notice of the extension prior to the termination
of the initial 90-day period indicating the special circumstances requiring an extension.

 

117

 

	 	 	The claimant may appeal such decision in writing to the Retirement Committee of the Board,
at the office of the Pentegra DB Plan, within 60 days after the mailing to the claimant of
such written decision of the President. Such written appeal shall contain all information
which the claimant desires the Retirement Committee to consider and the Committee’s
decision with respect thereto shall be mailed to the claimant within 60 days after its
receipt of such appeal unless special circumstances require an extension of time for
processing, in which event an additional 60 days shall be allowed for review and claimant
shall be so notified in writing. The decision of the President, or in the case of an
appeal, the decision of the Retirement Committee, in respect of such claim shall be final,
binding and conclusive.

			
	SECTION 3.	 	MANAGEMENT

	(A)	 	The Board shall also have the power, acting directly or through the Trustee:

	 	(1)	 	To purchase, lease for any term, invest or otherwise acquire an interest in any property,
real, personal or mixed, and wherever situated, including, but not by way of limitation, real
property, whether improved or unimproved, common and preferred stocks, bonds, notes, debentures,
mortgages, mutual fund shares, futures, forwards, swaps and options contracts, and certificates of
deposit issued by any financial institution including an Employer, without being limited to the
class of securities in which trustees are authorized by law or any rules of court to invest trust
funds and without regard to the proportion any such property may bear to the entire amount of the
Pentegra DB Plan Trust;
	 
	 	(2)	 	To sell, exchange, manage, lend, lease for any term, improve, or otherwise dispose of, and
grant options and security interests with respect to any such property of the Pentegra DB Plan, and
any sale or other disposition may be public or private and upon such terms and conditions as the
Board may deem best;
	 
	 	(3)	 	To participate in any plan of reorganization, consolidation, merger, combination or other
similar plan relating to such property, and to consent to or oppose any
such plan and any action thereunder, or any contract, lease, mortgage, purchase,
sale or other action by any legal entity;

 

118

 

	 	(4)	 	To deposit any such property with any protective, reorganization or similar committee, to
delegate discretionary power thereto and to pay part of its expenses and compensation and any
assessments levied with respect to any such property so deposited;
	 
	 	(5)	 	To engage suitable employees, agents and professional consultants, and to pay their
reasonable compensation and expenses;
	 
	 	(6)	 	To extend the time of payment of any obligations;
	 
	 	(7)	 	To enter into stand-by agreements for future investment of the Pentegra DB Plan Trust,
either with or without a stand-by fee;
	 
	 	(8)	 	To exercise all conversion and subscription rights and all voting rights with respect to
such property and to grant proxies, discretionary or otherwise;
	 
	 	(9)	 	To cause any investments to be registered and held in the name of one or more nominees of
the Board or any custodian of such property, with or without the addition of words indicating that
such investments are held in a fiduciary capacity, and to cause any such investments to be held in
bearer form;
	 
	 	(10)	 	To collect and receive any and all money and other property due to the Pentegra DB
Plan and to give full discharge and acquittance therefor;
	 
	 	(11)	 	To settle, compromise or submit to arbitration any claims, debts or damages due or owing
to or from the Pentegra DB Plan; to commence or defend suits or legal proceedings whenever, in its
judgment, any interest of the Pentegra DB
Plan requires it; to represent the Pentegra DB Plan in all suits or legal
proceedings in any court of law or equity or before any other body or tribunal; to
abstain from the enforcement of any right or claim in its absolute discretion and
to abandon, if it shall deem it advisable, any property held by the Pentegra DB
Plan;

 

119

 

	 	(12)	 	To hold uninvested, without liability for interest thereon, any money received by the
Pentegra DB Plan until the same shall be invested or disbursed;
	 
	 	(13)	 	For purposes of the Pentegra DB Plan, to borrow money from others, to issue promissory
notes of the Pentegra DB Plan for the same and to secure the repayment thereof by pledging any
property of the Pentegra DB Plan and to enter into cash collateral agreements referred to in
Article IX, Section 6;
	 
	 	(14)	 	To make any agency, trust, custodial, advisory, depository, management, administrative or
other arrangement (i) with any bank or other financial institution for the deposit and safekeeping
of the assets of the Pentegra DB
Plan, and (ii) with any investment advisor or manager for the investment and
reinvestment of the assets of the Pentegra DB Plan;
	 
	 	(15)	 	To transfer for investment purposes any part of the assets of the Pentegra DB Plan (i) to
any group trust which meets the requirements of Sections 401(a) and 501(a) of the IRC, with the
equitable share of the Pentegra DB Plan in the commingled assets of such trust being part of the
Pentegra DB Plan under the Regulations, and (ii) to any group deposit administration annuity
contract or other type of contract issued to the Pentegra DB Plan by one or more insurance
companies, utilizing under any such contract, general, commingled, or separate investment accounts
as the Investment Committee in its discretion shall determine, all such contracts being part of the
Pentegra DB Plan under the Regulations;
	 
	 	(16)	 	To charge against and pay out of the Pentegra DB Plan (in accordance with ERISA and the
IRC) (i) taxes of any and all kinds whatsoever which are levied or assessed upon or become payable
in respect of the Pentegra DB Plan, the income from any property forming a part thereof, or any
security transaction pertaining thereto, and (ii) the expenses incurred by the Board in the
performance of its duties in respect of the Pentegra DB Plan and all other proper charges and
disbursements of the Pentegra DB Plan;
	 
	 	(17)	 	To delegate powers, including, without limitation, discretionary powers with respect to
any of the foregoing to any Committee of the Board or any officer or employee of the Pentegra DB
Plan or investment advisor or manager, custodian or other agent;

 

120

 

	 	(18)	 	To appoint any bank or trust company, wherever domiciled, as successor trustee under the
Declaration of Trust, upon such terms and conditions as the Board deems advisable; and
	 
	 	(19)	 	Generally to do all acts, whether or not expressly authorized, which the Board may deem
necessary or desirable for the administration, management and protection of the Pentegra DB Plan.

	(B)	 	Persons dealing with the Board or the Trustee shall be under no obligation to see to the proper
application of any money paid or property delivered to the Pentegra DB
Plan.

			
	SECTION 4.	 	INFORMATION AND COMMUNICATIONS

	(A)	 	Each Employer, Member, Retirement and Beneficiary shall file with the Pentegra DB Plan such
pertinent information as the Pentegra DB Plan may require, and no Employer, Member, Retiree,
Beneficiary or Contingent Annuitant shall have any rights or be entitled to any benefits from the
Pentegra DB Plan unless such information is filed in the manner and form specified by the Pentegra
DB Plan. The Pentegra DB
Plan shall be fully protected in acting upon any such information and shall be under no
duty to inquire into the accuracy or truth thereof, and the payment of any amount by the
Pentegra DB Plan pursuant to such information shall constitute a complete discharge of the
liability therefor. All notices, instructions and other communications shall be in writing
and in such form as is prescribed from time to time by the Pentegra DB Plan, shall be
mailed by first class mail or delivered personally, and shall be deemed to have been duly
given and delivered only upon actual receipt thereof by the Pentegra DB Plan.

	(B)	(1)	 	In the case of a qualified joint and survivor annuity as described in Article VII, Section
1, the Pentegra DB Plan shall provide each Member no less than 30 days and no more than 90 days
prior to the annuity starting date a written explanation of: (i) the terms and conditions of a
qualified joint and survivor annuity; (ii) the Member’s right to make and the effect of an election
to waive the qualified joint and survivor annuity form of benefit; (iii) the rights of a Member’s
Spouse; (iv) the right to make, and the effect of, a revocation of a previous election to waive the
qualified joint and survivor annuity; and (v) the
relative values of the various optional forms of benefit under the Pentegra DB
Plan.

 

121

 

	 	(2)	 	In the case of a preretirement survivor annuity as described in Article IV, Section
3(B), the Pentegra DB Plan shall provide each Member within the applicable period for
such Member, a written explanation of the preretirement survivor annuity in such terms
and in such a manner as would be comparable to the explanation provided for meeting the
requirements of Paragraph (1) of this Subsection (B) applicable to a qualified joint and
survivor annuity.
	 
	 	(3)	 	The applicable period for a Member is whichever of the following periods ends last:
(i) the period beginning with the first day of the Plan Year in which the Member attains
age 32 and ending with the close of the Plan Year preceding the Plan Year in which the
Member attains age 35; (ii) a reasonable period ending after the individual becomes a
Member; or (iii) a reasonable period ending after the preretirement survivor annuity first
applies to the Member. Notwithstanding the foregoing, notice must be provided within a
reasonable period ending after separation of service in the case of a Member who separates
from service before attaining age 35.
	 
	 	(4)	 	For purposes of the preceding paragraph, a reasonable period ending after the
enumerated events described in (ii), (iii) and (iv) is the end of the two year period
beginning one year prior to the date the applicable event occurs and ending one year
after that date. In the case of a
Member who separates from service before the plan year in which age 35 is
attained, notice shall be provided within the two year period beginning one year
prior to separation and ending one year after separation. If such a Member
thereafter returns to employment with the employer, the applicable period for
such Member shall be redetermined.

 

122

 

	(C)	 	A Member may, in accordance with this Subsection (C) elect to receive his
Retirement Allowance in one of the optional forms described in Article VI. Any waiver of
a qualified joint and survivor annuity or a preretirement survivor annuity shall not be
effective unless: (a) the Member’s Spouse consents in writing to the election; (b) the
election designates a specific alternate Beneficiary, including any class of
beneficiaries or any contingent beneficiaries. which may not be changed without spousal
consent (or the Spouse expressly permits designations by the Member without any further
spousal consent); (c) the Member’s Spouse’s consent acknowledges the effect of the
election; and (d) the Spouse’s consent is witnessed by a notary public. Additionally, a
Member’s waiver of the qualified joint and survivor annuity will not be effective unless
the election designates a form of benefit payment which may not be changed without
spousal consent (or the Spouse expressly permits designations by the Member without any
further spousal consent.) If it is established to the satisfaction of the Pentegra DB
Plan that such written consent may not be obtained because there is no Spouse or the
Spouse cannot be located, a waiver will be deemed a qualified election.
	 
	 	 	Any consent by a Spouse obtained under this provision (or establishment that the consent
of a Spouse may not be obtained) shall be effective only with respect to such Spouse. A
consent that permits designations by the Member without any requirement of further
consent by such Spouse must acknowledge that the Spouse has the right to limit consent to
a specific Beneficiary, and a specific form of benefit where applicable, and that the
Spouse voluntarily elects to relinquish either or both of such rights. A revocation of a
prior waiver may be made by a Member without the consent of the Spouse at any time prior
to the commencement of benefits. The number of revocations shall not be limited. No
consent obtained under this provision shall be valid unless the Member has received
notice as provided in Subsection (B) of this Article XIV, Section 4.
	 
	 	 	Notwithstanding anything in the Regulations to the contrary, effective for distributions
made on or after December 31, 1996, the 90-day period in which a Member may, with the
written consent of his Spouse, elect in writing to receive his benefit in a single lump
sum shall not end before the 30th day after the date on which explanations of
the qualified joint and survivor annuity and preretirement survivor annuity are provided.
A Member may elect (with any applicable spousal consent) to waive any requirement that
the written explanation be provided at least 30 days before the annuity starting date (or
to waive the 30-day requirement under the preceding sentence) if the distribution
commences more than seven days after such explanation is provided.

 

123

 

ARTICLE XV AMENDMENTS

The Board reserves and shall have the right to amend the Regulations or the Trust at any time in
whole or in part, for any reason, and without the consent of any Employer, or any Member or other
person having an interest in the Trust, or under the Regulations, and each Employer by its adoption
of the Regulations shall be deemed to have delegated this authority to the Board; but no amendment
shall be adopted which would:

	(i)	 	Raise the contribution rate of any Member since last becoming a Member unless he shall consent
thereto; or
	 
	(ii)	 	Reduce the then accrued benefits of Members or Retirees, except to the extent necessary to
maintain the Trust as a trust qualified under Section 401(a) of the IRC; or
	 
	(iii)	 	Permit any of the assets of the Trust (other than that required to pay taxes, if any, and the
expenses described in Article XIV, Section 1(I) to the extent, if any, not paid by the Employers)
to be used for or diverted to any purpose other than for the exclusive benefit of Members,
Retirees, and their Beneficiaries and Contingent Annuitants under the Regulations, prior to the
satisfaction of all liabilities with respect thereto.

 

124

 

ARTICLE XVI INTERPRETATION

The Regulations shall be construed in accordance with ERISA and the laws of the State of New York
(without regard to the principles of the conflicts of laws thereof).

 

125

 

Table X

ALLOCATION OF ORPHAN ADJUSTMENT

	 	 	 	 	 	 	 	 	 
	Employer	 	Commencement	 	 	Percentage	 
	Number	 	Date	 	 	Points	 
	 
	 	 	 	 	 	 	 	 
	1000
	 	 	12/1/1943	 	 	 	1.23	%
	1001
	 	 	4/1/1944	 	 	 	1.78	%
	1004
	 	 	1/1/1945	 	 	 	0.25	%
	1006
	 	 	1/1/1945	 	 	 	0.17	%
	1007
	 	 	1/1/1945	 	 	 	0.49	%
	1020
	 	 	12/1/1951	 	 	 	0.11	%
	1023
	 	 	7/1/1956	 	 	 	0.27	%
	1024
	 	 	7/1/1964	 	 	 	0.10	%
	1025
	 	 	7/1/1964	 	 	 	0.10	%
	1026
	 	 	6/1/1966	 	 	 	0.10	%
	1027
	 	 	5/1/1966	 	 	 	0.19	%
	1030
	 	 	7/1/1967	 	 	 	0.05	%
	1032
	 	 	10/1/1967	 	 	 	0.31	%
	1034
	 	 	3/1/1969	 	 	 	0.19	%
	1037
	 	 	6/1/1970	 	 	 	0.10	%
	1046
	 	 	7/1/1974	 	 	 	0.09	%
	1055
	 	 	10/1/1980	 	 	 	0.68	%
	1059
	 	 	6/1/1984	 	 	 	0.36	%
	1063
	 	 	7/1/1987	 	 	 	0.24	%
	1064
	 	 	6/1/1988	 	 	 	0.35	%
	1067
	 	 	9/1/1989	 	 	 	0.24	%
	1069
	 	 	7/1/1990	 	 	 	0.15	%
	1070
	 	 	11/1/1991	 	 	 	0.10	%
	1072
	 	 	1/1/1992	 	 	 	0.06	%
	1073
	 	 	5/1/1992	 	 	 	0.24	%
	1074
	 	 	1/1/1994	 	 	 	1.17	%
	1077
	 	 	7/1/1994	 	 	 	0.13	%
	1079
	 	 	1/1/1996	 	 	 	0.61	%
	1080
	 	 	1/1/1997	 	 	 	1.88	%
	1082
	 	 	1/1/1998	 	 	 	0.31	%
	1083
	 	 	1/1/1999	 	 	 	0.20	%
	1084
	 	 	9/1/2000	 	 	 	0.01	%
	1085
	 	 	1/1/2001	 	 	 	0.20	%
	1086
	 	 	7/1/2003	 	 	 	0.05	%
	2000
	 	 	12/1/1943	 	 	 	4.02	%
	2003
	 	 	1/1/1946	 	 	 	0.75	%
	2006
	 	 	3/1/1952	 	 	 	1.06	%

 

 

 

ALLOCATION OF ORPHAN ADJUSTMENT

	 	 	 	 	 	 	 	 	 
	Employer	 	Commencement	 	 	Percentage	 
	Number	 	Date	 	 	Points	 
	 
	 	 	 	 	 	 	 	 
	2009
	 	 	1/1/1959	 	 	 	0.17	%
	2012
	 	 	1/1/1949	 	 	 	0.60	%
	2018
	 	 	5/1/1992	 	 	 	0.33	%
	2019
	 	 	1/1/1992	 	 	 	0.46	%
	2021
	 	 	10/1/1995	 	 	 	0.22	%
	2022
	 	 	7/1/1995	 	 	 	0.33	%
	2023
	 	 	1/1/1996	 	 	 	0.05	%
	2025
	 	 	4/1/1997	 	 	 	0.19	%
	2026
	 	 	7/1/1997	 	 	 	0.14	%
	2027
	 	 	7/1/1997	 	 	 	0.06	%
	2029
	 	 	10/1/1997	 	 	 	0.14	%
	2030
	 	 	1/1/1999	 	 	 	1.61	%
	2032
	 	 	7/1/2000	 	 	 	0.15	%
	2033
	 	 	1/1/2002	 	 	 	0.01	%
	2037
	 	 	1/1/2004	 	 	 	0.05	%
	3000
	 	 	12/1/1943	 	 	 	1.46	%
	3011
	 	 	1/1/1948	 	 	 	0.09	%
	3012
	 	 	1/1/1948	 	 	 	0.88	%
	3014
	 	 	1/1/1950	 	 	 	0.04	%
	3019
	 	 	7/1/1953	 	 	 	0.68	%
	3023
	 	 	7/1/1957	 	 	 	0.32	%
	3024
	 	 	1/1/1958	 	 	 	0.35	%
	3031
	 	 	1/1/1967	 	 	 	0.07	%
	3032
	 	 	2/1/1967	 	 	 	0.32	%
	3036
	 	 	3/1/1969	 	 	 	0.09	%
	3052
	 	 	5/1/1976	 	 	 	0.04	%
	3054
	 	 	10/1/1976	 	 	 	0.63	%
	3063
	 	 	12/1/1990	 	 	 	0.05	%
	3067
	 	 	3/1/1996	 	 	 	0.14	%
	3068
	 	 	1/1/1998	 	 	 	0.12	%
	3069
	 	 	10/1/1997	 	 	 	0.09	%
	3072
	 	 	1/1/1999	 	 	 	0.35	%
	3073
	 	 	7/1/1999	 	 	 	0.03	%
	3074
	 	 	1/1/2000	 	 	 	0.10	%
	4000
	 	 	8/1/1946	 	 	 	3.91	%
	4007
	 	 	2/1/1952	 	 	 	0.07	%
	4018
	 	 	5/1/1961	 	 	 	1.35	%

 

 

 

ALLOCATION OF ORPHAN ADJUSTMENT

	 	 	 	 	 	 	 	 	 
	Employer	 	Commencement	 	 	Percentage	 
	Number	 	Date	 	 	Points	 
	 
	 	 	 	 	 	 	 	 
	4026
	 	 	12/1/1966	 	 	 	0.10	%
	4033
	 	 	5/1/1970	 	 	 	0.10	%
	4036
	 	 	1/1/1971	 	 	 	0.25	%
	4053
	 	 	7/1/1974	 	 	 	0.02	%
	4066
	 	 	9/1/1980	 	 	 	0.04	%
	4079
	 	 	9/1/1995	 	 	 	0.05	%
	4082
	 	 	1/1/1996	 	 	 	0.40	%
	4084
	 	 	7/1/1998	 	 	 	0.01	%
	4085
	 	 	2/1/2000	 	 	 	0.02	%
	4087
	 	 	1/1/2000	 	 	 	0.12	%
	4088
	 	 	1/1/2004	 	 	 	0.02	%
	4089
	 	 	1/1/2005	 	 	 	0.02	%
	5000
	 	 	12/1/1943	 	 	 	2.08	%
	5001
	 	 	1/1/1945	 	 	 	0.66	%
	5002
	 	 	2/1/1945	 	 	 	0.04	%
	5010
	 	 	1/1/1947	 	 	 	0.08	%
	5021
	 	 	6/1/1952	 	 	 	0.09	%
	5026
	 	 	9/1/1953	 	 	 	0.40	%
	5031
	 	 	2/1/1957	 	 	 	0.14	%
	5034
	 	 	1/1/1958	 	 	 	0.16	%
	5042
	 	 	5/1/1967	 	 	 	0.06	%
	5044
	 	 	7/1/1967	 	 	 	0.07	%
	5045
	 	 	9/1/1967	 	 	 	0.06	%
	5047
	 	 	8/1/1968	 	 	 	0.28	%
	5049
	 	 	1/1/1969	 	 	 	0.37	%
	5050
	 	 	2/1/1969	 	 	 	0.15	%
	5051
	 	 	2/1/1969	 	 	 	0.21	%
	5065
	 	 	1/1/1973	 	 	 	0.11	%
	5072
	 	 	7/1/1974	 	 	 	0.29	%
	5079
	 	 	5/1/1975	 	 	 	0.02	%
	5080
	 	 	7/1/1975	 	 	 	0.11	%
	5083
	 	 	11/1/1975	 	 	 	0.41	%
	5089
	 	 	1/1/1976	 	 	 	0.05	%
	5091
	 	 	1/1/1977	 	 	 	0.18	%
	5092
	 	 	1/1/1977	 	 	 	0.07	%
	5093
	 	 	12/1/1976	 	 	 	0.07	%
	5111
	 	 	1/1/1985	 	 	 	0.05	%

 

 

 

ALLOCATION OF ORPHAN ADJUSTMENT

	 	 	 	 	 	 	 	 	 
	Employer	 	Commencement	 	 	Percentage	 
	Number	 	Date	 	 	Points	 
	 
	 	 	 	 	 	 	 	 
	5118
	 	 	1/1/1993	 	 	 	0.11	%
	5121
	 	 	7/1/1994	 	 	 	0.12	%
	5123
	 	 	1/1/1995	 	 	 	0.16	%
	5125
	 	 	1/1/2003	 	 	 	0.06	%
	5126
	 	 	1/1/2003	 	 	 	0.28	%
	5127
	 	 	1/1/2004	 	 	 	0.03	%
	6000
	 	 	12/1/1943	 	 	 	1.92	%
	6016
	 	 	1/1/1951	 	 	 	0.16	%
	6026
	 	 	5/1/1956	 	 	 	0.90	%
	6028
	 	 	9/1/1957	 	 	 	0.16	%
	6033
	 	 	10/1/1961	 	 	 	0.08	%
	6037
	 	 	5/1/1963	 	 	 	0.47	%
	6040
	 	 	1/1/1965	 	 	 	0.14	%
	6041
	 	 	1/1/1965	 	 	 	0.28	%
	6042
	 	 	5/1/1965	 	 	 	0.09	%
	6043
	 	 	3/1/1966	 	 	 	0.79	%
	6044
	 	 	1/1/1967	 	 	 	0.04	%
	6049
	 	 	8/1/1968	 	 	 	0.19	%
	6050
	 	 	7/1/1969	 	 	 	0.37	%
	6062
	 	 	10/1/1970	 	 	 	0.09	%
	6070
	 	 	12/1/1971	 	 	 	0.08	%
	6071
	 	 	12/1/1961	 	 	 	0.09	%
	6075
	 	 	11/1/1972	 	 	 	0.26	%
	6077
	 	 	1/1/1973	 	 	 	0.53	%
	6079
	 	 	1/1/1973	 	 	 	0.08	%
	6086
	 	 	9/1/1974	 	 	 	0.03	%
	6087
	 	 	7/1/1974	 	 	 	0.79	%
	6092
	 	 	8/1/1974	 	 	 	0.09	%
	6093
	 	 	5/1/1975	 	 	 	0.10	%
	6099
	 	 	1/1/1978	 	 	 	0.13	%
	6107
	 	 	1/1/1981	 	 	 	0.13	%
	6110
	 	 	7/1/1983	 	 	 	1.32	%
	6113
	 	 	12/1/1984	 	 	 	0.05	%
	6115
	 	 	12/1/1984	 	 	 	0.05	%
	6116
	 	 	1/1/1985	 	 	 	0.09	%
	6120
	 	 	1/1/1987	 	 	 	0.10	%
	6121
	 	 	1/1/1987	 	 	 	0.07	%

 

 

 

ALLOCATION OF ORPHAN ADJUSTMENT

	 	 	 	 	 	 	 	 	 
	Employer	 	Commencement	 	 	Percentage	 
	Number	 	Date	 	 	Points	 
	 
	 	 	 	 	 	 	 	 
	6123
	 	 	1/1/1987	 	 	 	0.08	%
	6124
	 	 	11/1/1987	 	 	 	0.18	%
	6125
	 	 	7/1/1988	 	 	 	0.42	%
	6126
	 	 	3/1/1988	 	 	 	0.16	%
	6128
	 	 	7/1/1990	 	 	 	0.83	%
	6129
	 	 	7/1/1991	 	 	 	0.10	%
	6130
	 	 	1/1/1992	 	 	 	0.16	%
	6132
	 	 	1/1/1994	 	 	 	0.04	%
	6135
	 	 	1/1/1996	 	 	 	0.11	%
	6136
	 	 	7/1/1998	 	 	 	0.15	%
	6138
	 	 	1/1/2002	 	 	 	0.08	%
	6139
	 	 	1/1/2003	 	 	 	0.07	%
	6140
	 	 	1/1/2003	 	 	 	0.04	%
	6141
	 	 	7/1/2003	 	 	 	0.06	%
	6142
	 	 	1/1/2004	 	 	 	0.02	%
	6143
	 	 	7/1/2004	 	 	 	0.02	%
	7000
	 	 	12/1/1943	 	 	 	1.81	%
	7011
	 	 	9/1/1948	 	 	 	1.05	%
	7015
	 	 	12/1/1949	 	 	 	0.16	%
	7018
	 	 	1/1/1950	 	 	 	0.59	%
	7027
	 	 	4/1/1952	 	 	 	0.42	%
	7031
	 	 	3/1/1953	 	 	 	0.57	%
	7036
	 	 	1/1/1954	 	 	 	0.32	%
	7048
	 	 	1/1/1960	 	 	 	0.24	%
	7053
	 	 	9/1/1962	 	 	 	0.47	%
	7056
	 	 	5/1/1963	 	 	 	0.19	%
	7060
	 	 	6/1/1966	 	 	 	0.06	%
	7064
	 	 	1/1/1968	 	 	 	0.30	%
	7065
	 	 	2/1/1968	 	 	 	0.07	%
	7069
	 	 	6/1/1969	 	 	 	0.14	%
	7086
	 	 	12/1/1973	 	 	 	0.24	%
	7088
	 	 	12/1/1973	 	 	 	0.06	%
	7089
	 	 	2/1/1974	 	 	 	0.02	%
	7099
	 	 	1/1/1978	 	 	 	0.10	%
	7100
	 	 	1/1/1978	 	 	 	0.10	%
	7101
	 	 	7/1/1978	 	 	 	0.12	%
	7109
	 	 	2/1/1980	 	 	 	0.07	%

 

 

 

ALLOCATION OF ORPHAN ADJUSTMENT

	 	 	 	 	 	 	 	 	 
	Employer	 	Commencement	 	 	Percentage	 
	Number	 	Date	 	 	Points	 
	 
	 	 	 	 	 	 	 	 
	7113
	 	 	10/1/1986	 	 	 	0.08	%
	7114
	 	 	12/1/1988	 	 	 	0.07	%
	7115
	 	 	7/1/1990	 	 	 	0.08	%
	7117
	 	 	12/1/1992	 	 	 	0.22	%
	7118
	 	 	7/1/1999	 	 	 	0.24	%
	7119
	 	 	7/1/2004	 	 	 	0.00	%
	7120
	 	 	4/1/2005	 	 	 	0.01	%
	8000
	 	 	1/1/1948	 	 	 	1.71	%
	8001
	 	 	10/1/1948	 	 	 	1.00	%
	8006
	 	 	4/1/1950	 	 	 	0.30	%
	8026
	 	 	2/1/1961	 	 	 	0.36	%
	8029
	 	 	1/1/1962	 	 	 	0.08	%
	8031
	 	 	4/1/1962	 	 	 	0.82	%
	8051
	 	 	1/1/1969	 	 	 	0.62	%
	8054
	 	 	3/1/1969	 	 	 	0.18	%
	8066
	 	 	1/1/1972	 	 	 	0.10	%
	8085
	 	 	7/1/1974	 	 	 	0.06	%
	8087
	 	 	9/1/1975	 	 	 	0.09	%
	8103
	 	 	5/1/1993	 	 	 	0.07	%
	8104
	 	 	7/1/2000	 	 	 	0.02	%
	8105
	 	 	1/1/2003	 	 	 	0.19	%
	8106
	 	 	1/1/2004	 	 	 	0.01	%
	9000
	 	 	12/1/1943	 	 	 	2.31	%
	9006
	 	 	6/1/1959	 	 	 	0.42	%
	9007
	 	 	7/1/1959	 	 	 	0.10	%
	9017
	 	 	1/1/1968	 	 	 	0.11	%
	9026
	 	 	4/1/1971	 	 	 	0.49	%
	9037
	 	 	3/1/1973	 	 	 	0.08	%
	9045
	 	 	9/1/1975	 	 	 	0.05	%
	9057
	 	 	1/1/1978	 	 	 	0.23	%
	9062
	 	 	1/1/1978	 	 	 	0.07	%
	9071
	 	 	1/1/1986	 	 	 	0.12	%
	9072
	 	 	7/1/1989	 	 	 	0.02	%
	9073
	 	 	4/1/1993	 	 	 	0.31	%
	9074
	 	 	6/1/1994	 	 	 	0.20	%
	9076
	 	 	6/1/2001	 	 	 	0.07	%
	9077
	 	 	6/1/2001	 	 	 	0.02	%

 

 

 

ALLOCATION OF ORPHAN ADJUSTMENT

									
	 
	Employer	 	Commencement	 	 	Percentage	 
	Number	 	Date	 	 	Points	 
	 
	 	 	 	 	 	 	 	 
	9078
	 	 	1/1/2003	 	 	 	0.17	%
	10000
	 	 	12/1/1943	 	 	 	1.60	%
	10008
	 	 	1/1/1955	 	 	 	0.36	%
	10019
	 	 	7/1/1969	 	 	 	0.06	%
	10022
	 	 	3/1/1970	 	 	 	0.11	%
	10026
	 	 	1/1/1971	 	 	 	0.15	%
	10031
	 	 	1/1/1974	 	 	 	0.24	%
	10035
	 	 	1/1/1976	 	 	 	0.22	%
	10038
	 	 	1/1/1978	 	 	 	0.12	%
	10046
	 	 	1/1/1995	 	 	 	0.02	%
	10047
	 	 	7/1/1999	 	 	 	0.10	%
	10048
	 	 	12/1/2000	 	 	 	0.01	%
	10049
	 	 	1/1/2003	 	 	 	0.03	%
	12000
	 	 	4/1/1964	 	 	 	1.72	%
	12004
	 	 	4/1/1945	 	 	 	0.58	%
	12023
	 	 	1/1/1967	 	 	 	0.08	%
	12026
	 	 	1/1/1969	 	 	 	1.38	%
	12028
	 	 	1/1/1969	 	 	 	0.31	%
	12033
	 	 	2/1/1973	 	 	 	0.07	%
	12042
	 	 	6/1/1999	 	 	 	0.04	%
	13000
	 	 	1/1/1991	 	 	 	18.59	%
	13001
	 	 	12/1/1943	 	 	 	0.80	%
	13002
	 	 	12/1/1943	 	 	 	0.88	%
	 
	 
	 	Totals	 	 	100.00	%

 

 

 

Table XX

HISTORY OF THE

RATIO OF MARKET TO ACTUARIAL VALUE OF ASSETS

(EXCLUDING THE CASH FLOW MATCH PORTFOLIO)

	 	 	 	 	 	 	 	 	 
	FOR THE PERIOD:	 	RATIO	 	 	ADJUSTMENT	 
	 
	 	 	 	 	 	 	 	 
	Prior to 7/1/1989
	 	 	100	%	 	 	0	%
	7/1/1989 - 6/30/1990
	 	 	109	%	 	 	9	%
	7/1/1990-6/30/1991
	 	 	107	%	 	 	7	%
	7/1/1991-6/30/1992
	 	 	107	%	 	 	7	%
	7/1/1992-6/30/1993
	 	 	111	%	 	 	11	%
	7/1/1993 - 6/30/1994
	 	 	114	%	 	 	14	%
	7/1/1994-6/30/1995
	 	 	107	%	 	 	7	%
	7/1/1995-6/30/1996
	 	 	112	%	 	 	12	%
	7/1/1996 - 6/30/1997
	 	 	114	%	 	 	14	%
	7/1/1997-6/30/1998
	 	 	121	%	 	 	21	%
	7/1/1998-6/30/1999
	 	 	132	%	 	 	32	%
	7/1/1999-6/30/2000
	 	 	120	%	 	 	20	%
	7/1/2000 - 6/30/2001
	 	 	120	%	 	 	20	%
	On or after 7/1/2001
	 	 	100	%	 	 	0	%

 

 

 

Table I

APPENDIX A

Adjusted ERF’s For Integrated Calculations

1.5% Integrated Formula

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	--- 3% ERF’s ---	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	--- 1.5% ERF’s ---	 	 	 	 	 	 	 
	 	 	SSNRA 65	 	 	SSNRA 66	 	 	SSNRA 67	 	 	SSNRA 65	 	 	SSNRA 66	 	 	SSNRA 67	 	 	 	 
	 	 	YOB 1937 or Earlier	 	 	YOB 1938 to 1954	 	 	YOB 1955 or Later	 	 	YOB 1937 or Earlier	 	 	YOB 1938 to 1954	 	 	YOB 1955 or Later	 	 	 	 
	AGE	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	AGE	 
	65
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	65	 
	64
	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.985	 	 	 	0.985	 	 	 	0.985	 	 	 	0.985	 	 	 	0.965	 	 	 	0.985	 	 	 	64	 
	63
	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	63	 
	62
	 	 	0.910	 	 	 	0.910	 	 	 	0.910	 	 	 	0.910	 	 	 	0.910	 	 	 	0.910	 	 	 	0.955	 	 	 	0.955	 	 	 	0.955	 	 	 	0.955	 	 	 	0.955	 	 	 	0.965	 	 	 	62	 
	61
	 	 	0.860	 	 	 	0.880	 	 	 	0.880	 	 	 	0.880	 	 	 	0.880	 	 	 	0.880	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.953	 	 	 	0.962	 	 	 	61	 
	60
	 	 	0.850	 	 	 	0.850	 	 	 	0.850	 	 	 	0.850	 	 	 	0.650	 	 	 	0.850	 	 	 	0.925	 	 	 	0.925	 	 	 	0.928	 	 	 	0.935	 	 	 	0.952	 	 	 	0.959	 	 	 	60	 
	59
	 	 	0,820	 	 	 	0.820	 	 	 	0.820	 	 	 	0.020	 	 	 	0.820	 	 	 	0.824	 	 	 	0.910	 	 	 	0.911	 	 	 	0.928	 	 	 	0.935	 	 	 	0.953	 	 	 	0.959	 	 	 	59	 
	58
	 	 	0.790	 	 	 	0.790	 	 	 	0.790	 	 	 	0.790	 	 	 	0.796	 	 	 	0.802	 	 	 	0.905	 	 	 	0.910	 	 	 	0.929	 	 	 	0.934	 	 	 	0.953	 	 	 	0.958	 	 	 	58	 
	57
	 	 	0.760	 	 	 	0.760	 	 	 	0.760	 	 	 	0.760	 	 	 	0.775	 	 	 	0.778	 	 	 	0.905	 	 	 	0.911	 	 	 	0.930	 	 	 	0.935	 	 	 	0.954	 	 	 	0.959	 	 	 	57	 
	56
	 	 	0.730	 	 	 	0.730	 	 	 	0.730	 	 	 	0.732	 	 	 	0.758	 	 	 	0.760	 	 	 	0.906	 	 	 	0.910	 	 	 	0.931	 	 	 	0.935	 	 	 	0.959	 	 	 	0.963	 	 	 	56	 
	55
	 	 	0.700	 	 	 	0.700	 	 	 	0.709	 	 	 	0,714	 	 	 	0.734	 	 	 	0.739	 	 	 	0.907	 	 	 	0.911	 	 	 	0.934	 	 	 	0.938	 	 	 	0.960	 	 	 	0.964	 	 	 	55	 
	54
	 	 	0.670	 	 	 	0.670	 	 	 	0.689	 	 	 	0.691	 	 	 	0,713	 	 	 	0.716	 	 	 	0.911	 	 	 	0.914	 	 	 	0.938	 	 	 	0.939	 	 	 	0.961	 	 	 	0.963	 	 	 	54	 
	53
	 	 	 	 	 	 	 	 	 	 	0.666	 	 	 	0.868	 	 	 	0.688	 	 	 	0.691	 	 	 	 	 	 	 	 	 	 	 	0.935	 	 	 	0.939	 	 	 	0.958	 	 	 	0.961	 	 	 	53	 
	52
	 	 	 	 	 	 	 	 	 	 	0.641	 	 	 	0.843	 	 	 	0.662	 	 	 	0.665	 	 	 	 	 	 	 	 	 	 	 	0.933	 	 	 	0.936	 	 	 	0.955	 	 	 	0.957	 	 	 	52	 
	51
	 	 	 	 	 	 	 	 	 	 	0.615	 	 	 	0.617	 	 	 	0.633	 	 	 	0.638	 	 	 	 	 	 	 	 	 	 	 	0.930	 	 	 	0.933	 	 	 	0.949	 	 	 	0.951	 	 	 	51	 
	50
	 	 	 	 	 	 	 	 	 	 	0.608	 	 	 	0.589	 	 	 	0.604	 	 	 	0.607	 	 	 	 	 	 	 	 	 	 	 	0.924	 	 	 	0.926	 	 	 	0.942	 	 	 	0.944	 	 	 	50	 
	49
	 	 	 	 	 	 	 	 	 	 	0.558	 	 	 	0.559	 	 	 	0.574	 	 	 	0.576	 	 	 	 	 	 	 	 	 	 	 	0.917	 	 	 	0.919	 	 	 	0.934	 	 	 	0.936	 	 	 	49	 
	48
	 	 	 	 	 	 	 	 	 	 	0.527	 	 	 	0.528	 	 	 	0.543	 	 	 	0.544	 	 	 	 	 	 	 	 	 	 	 	0.910	 	 	 	0.910	 	 	 	0.925	 	 	 	0.928	 	 	 	48	 
	47
	 	 	 	 	 	 	 	 	 	 	0.496	 	 	 	0.498	 	 	 	0.511	 	 	 	0.511	 	 	 	 	 	 	 	 	 	 	 	0.901	 	 	 	0.802	 	 	 	0.916	 	 	 	0.918	 	 	 	47	 
	46
	 	 	 	 	 	 	 	 	 	 	0.483	 	 	 	0.464	 	 	 	0.477	 	 	 	0.477	 	 	 	 	 	 	 	 	 	 	 	0.890	 	 	 	0.891	 	 	 	0.903	 	 	 	0.905	 	 	 	46	 
	45
	 	 	 	 	 	 	 	 	 	 	0.429	 	 	 	0.430	 	 	 	0.442	 	 	 	0.443	 	 	 	 	 	 	 	 	 	 	 	0.879	 	 	 	0.880	 	 	 	0.892	 	 	 	0.893	 	 	 	45	 
	44
	 	 	 	 	 	 	 	 	 	 	0.410	 	 	 	0.411	 	 	 	0.422	 	 	 	0.423	 	 	 	 	 	 	 	 	 	 	 	0.868	 	 	 	0.868	 	 	 	0.880	 	 	 	0.880	 	 	 	44	 
	43
	 	 	 	 	 	 	 	 	 	 	0.390	 	 	 	0.391	 	 	 	0.401	 	 	 	0.402	 	 	 	 	 	 	 	 	 	 	 	0.390	 	 	 	0.391	 	 	 	0.401	 	 	 	0.402	 	 	 	43	 
	42
	 	 	 	 	 	 	 	 	 	 	0.369	 	 	 	0.369	 	 	 	0.380	 	 	 	0.380	 	 	 	 	 	 	 	 	 	 	 	0.389	 	 	 	0.369	 	 	 	0.360	 	 	 	0.380	 	 	 	42	 
	41
	 	 	 	 	 	 	 	 	 	 	0.347	 	 	 	0.347	 	 	 	0.357	 	 	 	0.357	 	 	 	 	 	 	 	 	 	 	 	0.347	 	 	 	0.347	 	 	 	0.357	 	 	 	0.357	 	 	 	41	 
	40
	 	 	 	 	 	 	 	 	 	 	0.325	 	 	 	0.325	 	 	 	0.335	 	 	 	0.335	 	 	 	 	 	 	 	 	 	 	 	0.325	 	 	 	0.325	 	 	 	0.335	 	 	 	0.335	 	 	 	40	 
	39
	 	 	 	 	 	 	 	 	 	 	0.318	 	 	 	0.318	 	 	 	0.327	 	 	 	0.327	 	 	 	 	 	 	 	 	 	 	 	0.318	 	 	 	0.316	 	 	 	0.327	 	 	 	0.327	 	 	 	39	 
	38
	 	 	 	 	 	 	 	 	 	 	0.309	 	 	 	0.310	 	 	 	0.317	 	 	 	0.318	 	 	 	 	 	 	 	 	 	 	 	0.309	 	 	 	0.310	 	 	 	0.317	 	 	 	0.318	 	 	 	38	 
	37
	 	 	 	 	 	 	 	 	 	 	0.300	 	 	 	0.301	 	 	 	0.308	 	 	 	0.309	 	 	 	 	 	 	 	 	 	 	 	0.300	 	 	 	0.301	 	 	 	0.308	 	 	 	0.309	 	 	 	37	 
	36
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.299	 	 	 	0.300	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.299	 	 	 	0.300	 	 	 	36	 
	35
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.289	 	 	 	0.290	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.289	 	 	 	0.290	 	 	 	35	 
	34
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.279	 	 	 	0.280	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.279	 	 	 	0.260	 	 	 	34	 
	33
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.269	 	 	 	0.268	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.268	 	 	 	0.268	 	 	 	33	 
	32
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.257	 	 	 	0.257	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.257	 	 	 	0.257	 	 	 	32	 
	31
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0,248	 	 	 	0.246	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.246	 	 	 	0.246	 	 	 	31	 
	30
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.235	 	 	 	0.235	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.235	 	 	 	0.235	 	 	 	30	 
	29
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.224	 	 	 	0.224	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.224	 	 	 	0.224	 	 	 	29	 
	28
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.212	 	 	 	0.212	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.212	 	 	 	0.212	 	 	 	28	 
	27
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.200	 	 	 	0.200	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.200	 	 	 	0.200	 	 	 	27	 
	26
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.188	 	 	 	0.188	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.188	 	 	 	0.168	 	 	 	26	 
	25
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0,176	 	 	 	0.176	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.176	 	 	 	0.176	 	 	 	25	 
	24
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.163	 	 	 	0.163	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.163	 	 	 	0.163	 	 	 	24	 
	23
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.151	 	 	 	0.151	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.151	 	 	 	0.151	 	 	 	23	 
	22
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.138	 	 	 	0.138	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.136	 	 	 	0.138	 	 	 	22	 
	21
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.125	 	 	 	0.125	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.125	 	 	 	0.125	 	 	 	21	 
	20
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.113	 	 	 	0.113	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.113	 	 	 	0.113	 	 	 	20	 
	19
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.099	 	 	 	0.099	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.099	 	 	 	0.099	 	 	 	19	 
	18
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.086	 	 	 	0.086	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.086	 	 	 	0.088	 	 	 	18	 

 

 

 

Table II

APPENDIX A

Adjusted ERF’s For Integrated Calculations

1.75% Integrated Formula

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	--- 3% ERF’s ---	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	--- 1.5% ERF’s ---	 	 	 	 	 	 	 
	 	 	SSNRA 65	 	 	SSNRA 66	 	 	SSNRA 67	 	 	SSNRA 65	 	 	SSNRA 66	 	 	SSNRA 67	 	 	 	 
	 	 	YOB 1937 or Earlier	 	 	YOB 1938 to 1954	 	 	YOB 1955 or Later	 	 	YOB 1937 at Earlier	 	 	YOB 1938 to 1954	 	 	YOB 1955 or Later	 	 	 	 
	AGE	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	AGE	 
	65
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	65	 
	64
	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.985	 	 	 	0.985	 	 	 	0.985	 	 	 	0.985	 	 	 	0.985	 	 	 	0.985	 	 	 	64	 
	63
	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	63	 
	62
	 	 	0.910	 	 	 	0.910	 	 	 	0.910	 	 	 	0.910	 	 	 	0.910	 	 	 	0.910	 	 	 	0.955	 	 	 	0.955	 	 	 	0.955	 	 	 	0.955	 	 	 	0.955	 	 	 	0.963	 	 	 	62	 
	61
	 	 	0.880	 	 	 	0.880	 	 	 	0.880	 	 	 	0.880	 	 	 	0.880	 	 	 	0.880	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.951	 	 	 	0.957	 	 	 	61	 
	60
	 	 	0.850	 	 	 	0.850	 	 	 	0.850	 	 	 	0.850	 	 	 	0.850	 	 	 	0.850	 	 	 	0.925	 	 	 	0.925	 	 	 	0.927	 	 	 	0.933	 	 	 	0.947	 	 	 	0.952	 	 	 	60	 
	59
	 	 	0.820	 	 	 	0.820	 	 	 	0.820	 	 	 	0.820	 	 	 	0.820	 	 	 	0.823	 	 	 	0.910	 	 	 	0.911	 	 	 	0.925	 	 	 	0.930	 	 	 	0.944	 	 	 	0.949	 	 	 	59	 
	58
	 	 	0.790	 	 	 	0.790	 	 	 	0.790	 	 	 	0.790	 	 	 	0.795	 	 	 	0.799	 	 	 	0.903	 	 	 	0.907	 	 	 	0.922	 	 	 	0.926	 	 	 	0.942	 	 	 	0.946	 	 	 	58	 
	57
	 	 	0.760	 	 	 	0.760	 	 	 	0.760	 	 	 	0.760	 	 	 	0.772	 	 	 	0.775	 	 	 	0.900	 	 	 	0.905	 	 	 	0.920	 	 	 	0.924	 	 	 	0.939	 	 	 	0.943	 	 	 	57	 
	56
	 	 	0.730	 	 	 	0.730	 	 	 	0.730	 	 	 	0.732	 	 	 	0.751	 	 	 	0.754	 	 	 	0.898	 	 	 	0.901	 	 	 	0.917	 	 	 	0.921	 	 	 	0.940	 	 	 	0.943	 	 	 	56	 
	55
	 	 	0.700	 	 	 	0.700	 	 	 	0.707	 	 	 	0.711	 	 	 	0.728	 	 	 	0.731	 	 	 	0.896	 	 	 	0.899	 	 	 	0.918	 	 	 	0.921	 	 	 	0.938	 	 	 	0.941	 	 	 	55	 
	54
	 	 	0.670	 	 	 	0.670	 	 	 	0.685	 	 	 	0.687	 	 	 	0.705	 	 	 	0.707	 	 	 	0.896	 	 	 	0.898	 	 	 	0.916	 	 	 	0.918	 	 	 	0.936	 	 	 	0.938	 	 	 	54	 
	53
	 	 	 	 	 	 	 	 	 	 	0.660	 	 	 	0.663	 	 	 	0.679	 	 	 	0.681	 	 	 	 	 	 	 	 	 	 	 	0.912	 	 	 	0.915	 	 	 	0.930	 	 	 	0.933	 	 	 	53	 
	52
	 	 	 	 	 	 	 	 	 	 	0.634	 	 	 	0.637	 	 	 	0.652	 	 	 	0.654	 	 	 	 	 	 	 	 	 	 	 	0.908	 	 	 	0.910	 	 	 	0.925	 	 	 	0.927	 	 	 	52	 
	51
	 	 	 	 	 	 	 	 	 	 	0.608	 	 	 	0.610	 	 	 	0.623	 	 	 	0.625	 	 	 	 	 	 	 	 	 	 	 	0.902	 	 	 	0.904	 	 	 	0.917	 	 	 	0.919	 	 	 	51	 
	50
	 	 	 	 	 	 	 	 	 	 	0.579	 	 	 	0.581	 	 	 	0.594	 	 	 	0.595	 	 	 	 	 	 	 	 	 	 	 	0.894	 	 	 	0.896	 	 	 	0.909	 	 	 	0.910	 	 	 	50	 
	49
	 	 	 	 	 	 	 	 	 	 	0.550	 	 	 	0.551	 	 	 	0.564	 	 	 	0.565	 	 	 	 	 	 	 	 	 	 	 	0.886	 	 	 	0.887	 	 	 	0.899	 	 	 	0.901	 	 	 	49	 
	48
	 	 	 	 	 	 	 	 	 	 	0.519	 	 	 	0.521	 	 	 	0.532	 	 	 	0.533	 	 	 	 	 	 	 	 	 	 	 	0.877	 	 	 	0.877	 	 	 	0.889	 	 	 	0.890	 	 	 	48	 
	47
	 	 	 	 	 	 	 	 	 	 	0.489	 	 	 	0.489	 	 	 	0.500	 	 	 	0.501	 	 	 	 	 	 	 	 	 	 	 	0.867	 	 	 	0.867	 	 	 	0.878	 	 	 	0.879	 	 	 	47	 
	46
	 	 	 	 	 	 	 	 	 	 	0.456	 	 	 	0.457	 	 	 	0.467	 	 	 	0.468	 	 	 	 	 	 	 	 	 	 	 	0.855	 	 	 	0.856	 	 	 	0.868	 	 	 	0.867	 	 	 	46	 
	45
	 	 	 	 	 	 	 	 	 	 	0.423	 	 	 	0.424	 	 	 	0.433	 	 	 	0.434	 	 	 	 	 	 	 	 	 	 	 	0.843	 	 	 	0.844	 	 	 	0.853	 	 	 	0.854	 	 	 	45	 
	44
	 	 	 	 	 	 	 	 	 	 	0.404	 	 	 	0.405	 	 	 	0.413	 	 	 	0.414	 	 	 	 	 	 	 	 	 	 	 	0.831	 	 	 	0.832	 	 	 	0.841	 	 	 	0.841	 	 	 	44	 
	43
	 	 	 	 	 	 	 	 	 	 	0.384	 	 	 	0.385	 	 	 	0.393	 	 	 	0.393	 	 	 	 	 	 	 	 	 	 	 	0.384	 	 	 	0.385	 	 	 	0.393	 	 	 	0.393	 	 	 	43	 
	42
	 	 	 	 	 	 	 	 	 	 	0.363	 	 	 	0.363	 	 	 	0.372	 	 	 	0.372	 	 	 	 	 	 	 	 	 	 	 	0.363	 	 	 	0.363	 	 	 	0.372	 	 	 	0.372	 	 	 	42	 
	41
	 	 	 	 	 	 	 	 	 	 	0.341	 	 	 	0.341	 	 	 	0.349	 	 	 	0.349	 	 	 	 	 	 	 	 	 	 	 	0.341	 	 	 	0.341	 	 	 	0.349	 	 	 	0.349	 	 	 	41	 
	40
	 	 	 	 	 	 	 	 	 	 	0.320	 	 	 	0.320	 	 	 	0.328	 	 	 	0.328	 	 	 	 	 	 	 	 	 	 	 	0.320	 	 	 	0.320	 	 	 	0.328	 	 	 	0.328	 	 	 	40	 
	39
	 	 	 	 	 	 	 	 	 	 	0.312	 	 	 	0.312	 	 	 	0.319	 	 	 	0.319	 	 	 	 	 	 	 	 	 	 	 	0.312	 	 	 	0.312	 	 	 	0.319	 	 	 	0.319	 	 	 	39	 
	38
	 	 	 	 	 	 	 	 	 	 	0.303	 	 	 	0.304	 	 	 	0.310	 	 	 	0.310	 	 	 	 	 	 	 	 	 	 	 	0.303	 	 	 	0.304	 	 	 	0.310	 	 	 	0.310	 	 	 	38	 
	37
	 	 	 	 	 	 	 	 	 	 	0.294	 	 	 	0.295	 	 	 	0.300	 	 	 	0.301	 	 	 	 	 	 	 	 	 	 	 	0.294	 	 	 	0.295	 	 	 	0.300	 	 	 	0.301	 	 	 	37	 
	36
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.291	 	 	 	0.292	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.291	 	 	 	0.292	 	 	 	36	 
	35
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.281	 	 	 	0.282	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.281	 	 	 	0.282	 	 	 	35	 
	34
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.271	 	 	 	0.272	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.271	 	 	 	0.272	 	 	 	34	 
	33
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.260	 	 	 	0.260	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.260	 	 	 	0.260	 	 	 	33	 
	32
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.250	 	 	 	0.249	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.250	 	 	 	0.249	 	 	 	32	 
	31
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.239	 	 	 	0.239	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.239	 	 	 	0.239	 	 	 	31	 
	30
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.228	 	 	 	0.228	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.228	 	 	 	0.228	 	 	 	30	 
	29
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.217	 	 	 	0.217	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.217	 	 	 	0.217	 	 	 	29	 
	28
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.206	 	 	 	0.206	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.206	 	 	 	0.206	 	 	 	28	 
	27
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.194	 	 	 	0.194	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.194	 	 	 	0.194	 	 	 	27	 
	26
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.182	 	 	 	0.182	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.182	 	 	 	0.182	 	 	 	26	 
	25
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.171	 	 	 	0.171	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.171	 	 	 	0.171	 	 	 	25	 
	24
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.158	 	 	 	0.158	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.158	 	 	 	0.158	 	 	 	24	 
	23
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.147	 	 	 	0.147	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.147	 	 	 	0.147	 	 	 	23	 
	22
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.134	 	 	 	0.134	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.134	 	 	 	0.134	 	 	 	22	 
	21
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.122	 	 	 	0.122	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.122	 	 	 	0.122	 	 	 	21	 
	20
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.110	 	 	 	0.110	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.110	 	 	 	0.110	 	 	 	20	 
	19
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.097	 	 	 	0.097	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.097	 	 	 	0.097	 	 	 	19	 
	18
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.085	 	 	 	0.085	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.085	 	 	 	0.085	 	 	 	18	 

 

 

 

Table III

APPENDIX A

Adjusted ERF’s For Integrated Calculations

2.0% Integrated Formula

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	--- 3% ERF’s ---	 	 	--- 1.5% ERF’s ---	 	 	 	 
	 	 	SSNRA 65	 	 	SSNRA 66	 	 	SSNRA 67	 	 	SSNRA 65	 	 	SSNRA 66	 	 	SSNRA 67	 	 	 	 
	 	 	YOB 1937 or Earlier	 	 	YOB 1938 to 1954	 	 	YOB 1955 or Later	 	 	YOB 1937 or Earlier	 	 	YOB 1938 to 1954	 	 	YOB 1955 or Later	 	 	 	 
	AGE	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	AGE	 
	65
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	65	 
	64
	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.985	 	 	 	0.985	 	 	 	0.985	 	 	 	0.985	 	 	 	0.985	 	 	 	0.985	 	 	 	64	 
	63
	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	63	 
	62
	 	 	0.910	 	 	 	0.910	 	 	 	0.910	 	 	 	0.910	 	 	 	0.910	 	 	 	0.910	 	 	 	0.955	 	 	 	0.955	 	 	 	0.955	 	 	 	0.955	 	 	 	0.955	 	 	 	0.962	 	 	 	62	 
	61
	 	 	0.880	 	 	 	0.880	 	 	 	0.880	 	 	 	0.880	 	 	 	0.880	 	 	 	0.880	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.949	 	 	 	0.954	 	 	 	61	 
	60
	 	 	0.850	 	 	 	0.850	 	 	 	0.850	 	 	 	0.850	 	 	 	0.850	 	 	 	0.850	 	 	 	0.925	 	 	 	0.925	 	 	 	0.927	 	 	 	0.932	 	 	 	0.943	 	 	 	0.948	 	 	 	60	 
	59
	 	 	0.820	 	 	 	0.820	 	 	 	0.820	 	 	 	0.820	 	 	 	0.820	 	 	 	0.823	 	 	 	0.910	 	 	 	0.911	 	 	 	0.922	 	 	 	0.927	 	 	 	0.936	 	 	 	0.943	 	 	 	59	 
	58
	 	 	0.790	 	 	 	0.790	 	 	 	0.790	 	 	 	0.790	 	 	 	0.794	 	 	 	0.798	 	 	 	0.901	 	 	 	0.905	 	 	 	0.918	 	 	 	0.921	 	 	 	0.934	 	 	 	0.937	 	 	 	58	 
	57
	 	 	0.760	 	 	 	0.760	 	 	 	0.760	 	 	 	0.760	 	 	 	0.770	 	 	 	0.772	 	 	 	0.897	 	 	 	0.901	 	 	 	0.913	 	 	 	0.917	 	 	 	0.929	 	 	 	0.933	 	 	 	57	 
	56
	 	 	0.730	 	 	 	0.730	 	 	 	0.730	 	 	 	0.731	 	 	 	0.748	 	 	 	0.750	 	 	 	0.892	 	 	 	0.895	 	 	 	0.909	 	 	 	0.911	 	 	 	0.928	 	 	 	0.930	 	 	 	56	 
	55
	 	 	0.700	 	 	 	0.700	 	 	 	0.706	 	 	 	0.709	 	 	 	0.723	 	 	 	0.726	 	 	 	0.888	 	 	 	0.891	 	 	 	0.906	 	 	 	0.909	 	 	 	0.923	 	 	 	0.926	 	 	 	55	 
	54
	 	 	0.670	 	 	 	0.670	 	 	 	0.682	 	 	 	0.684	 	 	 	0.699	 	 	 	0.700	 	 	 	0.885	 	 	 	0.888	 	 	 	0.803	 	 	 	0.904	 	 	 	0.919	 	 	 	0.921	 	 	 	54	 
	53
	 	 	 	 	 	 	 	 	 	 	0.657	 	 	 	0.659	 	 	 	0.672	 	 	 	0.674	 	 	 	 	 	 	 	 	 	 	 	0.897	 	 	 	0.899	 	 	 	0.912	 	 	 	0.914	 	 	 	53	 
	52
	 	 	 	 	 	 	 	 	 	 	0.630	 	 	 	0.632	 	 	 	0.645	 	 	 	0.646	 	 	 	 	 	 	 	 	 	 	 	0.890	 	 	 	0.892	 	 	 	0.905	 	 	 	0.907	 	 	 	52	 
	51
	 	 	 	 	 	 	 	 	 	 	0.603	 	 	 	0.605	 	 	 	0.618	 	 	 	0.617	 	 	 	 	 	 	 	 	 	 	 	0.884	 	 	 	0.865	 	 	 	0.896	 	 	 	0.896	 	 	 	51	 
	50
	 	 	 	 	 	 	 	 	 	 	0.574	 	 	 	0.578	 	 	 	0.586	 	 	 	0.588	 	 	 	 	 	 	 	 	 	 	 	0.875	 	 	 	0.876	 	 	 	0.886	 	 	 	0.867	 	 	 	50	 
	49
	 	 	 	 	 	 	 	 	 	 	0.545	 	 	 	0.546	 	 	 	0.556	 	 	 	0.557	 	 	 	 	 	 	 	 	 	 	 	0.865	 	 	 	0.866	 	 	 	0.876	 	 	 	0.877	 	 	 	49	 
	48
	 	 	 	 	 	 	 	 	 	 	0.514	 	 	 	0.516	 	 	 	0.525	 	 	 	0.526	 	 	 	 	 	 	 	 	 	 	 	0.855	 	 	 	0.855	 	 	 	0.865	 	 	 	0.866	 	 	 	48	 
	47
	 	 	 	 	 	 	 	 	 	 	0.484	 	 	 	0.484	 	 	 	0.494	 	 	 	0.494	 	 	 	 	 	 	 	 	 	 	 	0.844	 	 	 	0.844	 	 	 	0.854	 	 	 	0.854	 	 	 	47	 
	46
	 	 	 	 	 	 	 	 	 	 	0.452	 	 	 	0.452	 	 	 	0.461	 	 	 	0.462	 	 	 	 	 	 	 	 	 	 	 	0.831	 	 	 	0.832	 	 	 	0.841	 	 	 	0.841	 	 	 	46	 
	45
	 	 	 	 	 	 	 	 	 	 	0.419	 	 	 	0.420	 	 	 	0.428	 	 	 	0.428	 	 	 	 	 	 	 	 	 	 	 	0.819	 	 	 	0.820	 	 	 	0.828	 	 	 	0.829	 	 	 	45	 
	44
	 	 	 	 	 	 	 	 	 	 	0.400	 	 	 	0.400	 	 	 	0.408	 	 	 	0.408	 	 	 	 	 	 	 	 	 	 	 	0.807	 	 	 	0.807	 	 	 	0.815	 	 	 	0.815	 	 	 	44	 
	43
	 	 	 	 	 	 	 	 	 	 	0.380	 	 	 	0.380	 	 	 	0.387	 	 	 	0.388	 	 	 	 	 	 	 	 	 	 	 	0.380	 	 	 	0.360	 	 	 	0.387	 	 	 	0.388	 	 	 	43	 
	42
	 	 	 	 	 	 	 	 	 	 	0.359	 	 	 	0.359	 	 	 	0.367	 	 	 	0.366	 	 	 	 	 	 	 	 	 	 	 	0.359	 	 	 	0.359	 	 	 	0.367	 	 	 	0.366	 	 	 	42	 
	41
	 	 	 	 	 	 	 	 	 	 	0.338	 	 	 	0.338	 	 	 	0.345	 	 	 	0.344	 	 	 	 	 	 	 	 	 	 	 	0.338	 	 	 	0.338	 	 	 	0.345	 	 	 	0.344	 	 	 	41	 
	40
	 	 	 	 	 	 	 	 	 	 	0.317	 	 	 	0.317	 	 	 	0.323	 	 	 	0.323	 	 	 	 	 	 	 	 	 	 	 	0.317	 	 	 	0.317	 	 	 	0.323	 	 	 	0.323	 	 	 	40	 
	39
	 	 	 	 	 	 	 	 	 	 	0.309	 	 	 	0.309	 	 	 	0.315	 	 	 	0.314	 	 	 	 	 	 	 	 	 	 	 	0.309	 	 	 	0.309	 	 	 	0.315	 	 	 	0.314	 	 	 	39	 
	38
	 	 	 	 	 	 	 	 	 	 	0.299	 	 	 	0.300	 	 	 	0.305	 	 	 	0.305	 	 	 	 	 	 	 	 	 	 	 	0.299	 	 	 	0.300	 	 	 	0.305	 	 	 	0.305	 	 	 	38	 
	37
	 	 	 	 	 	 	 	 	 	 	0.290	 	 	 	0.291	 	 	 	0.295	 	 	 	0.296	 	 	 	 	 	 	 	 	 	 	 	0.290	 	 	 	0.291	 	 	 	0.295	 	 	 	0.296	 	 	 	37	 
	36
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.286	 	 	 	0.267	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.286	 	 	 	0.287	 	 	 	36	 
	35
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.276	 	 	 	0.277	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.276	 	 	 	0.277	 	 	 	35	 
	34
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.268	 	 	 	0.267	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.266	 	 	 	0.267	 	 	 	34	 
	33
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.255	 	 	 	0.255	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.255	 	 	 	0.255	 	 	 	33	 
	32
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.245	 	 	 	0.245	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.245	 	 	 	0.245	 	 	 	32	 
	31
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.234	 	 	 	0.234	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.234	 	 	 	0.234	 	 	 	31	 
	30
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.223	 	 	 	0.223	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.223	 	 	 	0.223	 	 	 	30	 
	29
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.213	 	 	 	0.213	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.213	 	 	 	0.213	 	 	 	29	 
	28
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.201	 	 	 	0.201	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.201	 	 	 	0.201	 	 	 	28	 
	27
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.190	 	 	 	0.190	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.190	 	 	 	0.190	 	 	 	27	 
	26
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.179	 	 	 	0.179	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.179	 	 	 	0.179	 	 	 	26	 
	25
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.167	 	 	 	0.167	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.167	 	 	 	0.167	 	 	 	25	 
	24
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.155	 	 	 	0.155	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.155	 	 	 	0.155	 	 	 	24	 
	23
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.144	 	 	 	0.144	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.144	 	 	 	0.144	 	 	 	23	 
	22
	 	 	 	 	 	 	 	 	 	 		 	 	 	 	 	 	 	0.132	 	 	 	0.132	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.132	 	 	 	0.132	 	 	 	22	 
	21
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.120	 	 	 	0.120	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.120	 	 	 	0.120	 	 	 	21	 
	20
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.109	 	 	 	0.109	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.109	 	 	 	0.109	 	 	 	20	 
	19
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.096	 	 	 	0.096	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.096	 	 	 	0.096	 	 	 	19	 
	18
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.084	 	 	 	0.064	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.084	 	 	 	0.084	 	 	 	18	 

 

 

 

Table IV

APPENDIX A

Adjusted ERF’s For Integrated Calculations

2.25% Integrated Formula

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	--- 3% ERF’s ---	 	 	--- 1.5% ERF’s ---	 	 	 
	 	 	SSNRA 65	 	 	SSNRA 68	 	 	SSNRA 67	 	 	SSNRA 65	 	 	SSNRA 66	 	 	SSNRA 67	 	 	 	 
	 	 	YOB 1937 or Earlier	 	 	YOB 1938 to 1954	 	 	YOB 1955 or Later	 	 	YOB 1937 or Earlier	 	 	YOB 1938 to 1954	 	 	YOB 1955 or Later	 	 	 	 
	AGE	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	AGE	 
	65
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	65	 
	64
	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.985	 	 	 	0.985	 	 	 	0.985	 	 	 	0.985	 	 	 	0.985	 	 	 	0.985	 	 	 	64	 
	63
	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	63	 
	62
	 	 	0.910	 	 	 	0.910	 	 	 	0.910	 	 	 	0.910	 	 	 	0.910	 	 	 	0.910	 	 	 	0.955	 	 	 	0.955	 	 	 	0.955	 	 	 	0.955	 	 	 	0.955	 	 	 	0.961	 	 	 	62	 
	61
	 	 	0.880	 	 	 	0.880	 	 	 	0.880	 	 	 	0.880	 	 	 	0.880	 	 	 	0.880	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.948	 	 	 	0.952	 	 	 	61	 
	60
	 	 	0.850	 	 	 	0.850	 	 	 	0.850	 	 	 	0.850	 	 	 	0.850	 	 	 	0.850	 	 	 	0.925	 	 	 	0.925	 	 	 	0.927	 	 	 	0.931	 	 	 	0.940	 	 	 	0.945	 	 	 	60	 
	59
	 	 	0.820	 	 	 	0.820	 	 	 	0.820	 	 	 	0.820	 	 	 	0.820	 	 	 	0.822	 	 	 	0.910	 	 	 	0.911	 	 	 	0.921	 	 	 	0.924	 	 	 	0.934	 	 	 	0.938	 	 	 	59	 
	58
	 	 	0.790	 	 	 	0.790	 	 	 	0.790	 	 	 	0.790	 	 	 	0.793	 	 	 	0.797	 	 	 	0.901	 	 	 	0.904	 	 	 	0.914	 	 	 	0.917	 	 	 	0.928	 	 	 	0.931	 	 	 	58	 
	57
	 	 	0.760	 	 	 	0.760	 	 	 	0.760	 	 	 	0.760	 	 	 	0.768	 	 	 	0.770	 	 	 	0.894	 	 	 	0.898	 	 	 	0.908	 	 	 	0.911	 	 	 	0.922	 	 	 	0.925	 	 	 	57	 
	56
	 	 	0.730	 	 	 	0.730	 	 	 	0.730	 	 	 	0.731	 	 	 	0.745	 	 	 	0.747	 	 	 	0.889	 	 	 	0.891	 	 	 	0.902	 	 	 	0.905	 	 	 	0.919	 	 	 	0.921	 	 	 	56	 
	55
	 	 	0.700	 	 	 	0.700	 	 	 	0.705	 	 	 	0.708	 	 	 	0.720	 	 	 	0.722	 	 	 	0.983	 	 	 	0.885	 	 	 	0.898	 	 	 	0.900	 	 	 	0.913	 	 	 	0.915	 	 	 	55	 
	54
	 	 	0.670	 	 	 	0.670	 	 	 	0.681	 	 	 	0.682	 	 	 	0.695	 	 	 	0.696	 	 	 	0.878	 	 	 	0.880	 	 	 	0.893	 	 	 	0.894	 	 	 	0.907	 	 	 	0.908	 	 	 	54	 
	53
	 	 	 	 	 	 	 	 	 	 	0.655	 	 	 	0.656	 	 	 	0.668	 	 	 	0.669	 	 	 	 	 	 	 	 	 	 	 	0.886	 	 	 	0.888	 	 	 	0.899	 	 	 	0.901	 	 	 	53	 
	52
	 	 	 	 	 	 	 	 	 	 	0.627	 	 	 	0.629	 	 	 	0.640	 	 	 	0.641	 	 	 	 	 	 	 	 	 	 	 	0.878	 	 	 	0.880	 	 	 	0.891	 	 	 	0.892	 	 	 	52	 
	51
	 	 	 	 	 	 	 	 	 	 	0.600	 	 	 	0.601	 	 	 	0.610	 	 	 	0.612	 	 	 	 	 	 	 	 	 	 	 	0.870	 	 	 	0.872	 	 	 	0.881	 	 	 	0.882	 	 	 	51	 
	50
	 	 	 	 	 	 	 	 	 	 	0.571	 	 	 	0.572	 	 	 	0.581	 	 	 	0.582	 	 	 	 	 	 	 	 	 	 	 	0.860	 	 	 	0.861	 	 	 	0.871	 	 	 	0.871	 	 	 	50	 
	49
	 	 	 	 	 	 	 	 	 	 	0.541	 	 	 	0.542	 	 	 	0.551	 	 	 	0.552	 	 	 	 	 	 	 	 	 	 	 	0.850	 	 	 	0.851	 	 	 	0.860	 	 	 	0.860	 	 	 	49	 
	48
	 	 	 	 	 	 	 	 	 	 	0.511	 	 	 	0.512	 	 	 	0.520	 	 	 	0.521	 	 	 	 	 	 	 	 	 	 	 	0.839	 	 	 	0.839	 	 	 	0.848	 	 	 	0.848	 	 	 	48	 
	47
	 	 	 	 	 	 	 	 	 	 	0.480	 	 	 	0.481	 	 	 	0.409	 	 	 	0.489	 	 	 	 	 	 	 	 	 	 	 	0.828	 	 	 	0.828	 	 	 	0.836	 	 	 	0.837	 	 	 	47	 
	46
	 	 	 	 	 	 	 	 	 	 	0.449	 	 	 	0.449	 	 	 	0.457	 	 	 	0.457	 	 	 	 	 	 	 	 	 	 	 	0.815	 	 	 	0.816	 	 	 	0.823	 	 	 	0.823	 	 	 	46	 
	45
	 	 	 	 	 	 	 	 	 	 	0.416	 	 	 	0.417	 	 	 	0.424	 	 	 	0.424	 	 	 	 	 	 	 	 	 	 	 	0.802	 	 	 	0.803	 	 	 	0.810	 	 	 	0.810	 	 	 	45	 
	44
	 	 	 	 	 	 	 	 	 	 	0.397	 	 	 	0.398	 	 	 	0.404	 	 	 	0.404	 	 	 	 	 	 	 	 	 	 	 	0.790	 	 	 	0.790	 	 	 	0.796	 	 	 	0.797	 	 	 	44	 
	43
	 	 	 	 	 	 	 	 	 	 	0.377	 	 	 	0.378	 	 	 	0.383	 	 	 	0.384	 	 	 	 	 	 	 	 	 	 	 	0.377	 	 	 	0.378	 	 	 	0.383	 	 	 	0.384	 	 	 	43	 
	42
	 	 	 	 	 	 	 	 	 	 	0.356	 	 	 	0.358	 	 	 	0.363	 	 	 	0.363	 	 	 	 	 	 	 	 	 	 	 	0.356	 	 	 	0.356	 	 	 	0.363	 	 	 	0.363	 	 	 	42	 
	41
	 	 	 	 	 	 	 	 	 	 	0.335	 	 	 	0.335	 	 	 	0.341	 	 	 	0.341	 	 	 	 	 	 	 	 	 	 	 	0.335	 	 	 	0.335	 	 	 	0.341	 	 	 	0.341	 	 	 	41	 
	40
	 	 	 	 	 	 	 	 	 	 	0.314	 	 	 	0.314	 	 	 	0.320	 	 	 	0.320	 	 	 	 	 	 	 	 	 	 	 	0.314	 	 	 	0.314	 	 	 	0.320	 	 	 	0.320	 	 	 	40	 
	39
	 	 	 	 	 	 	 	 	 	 	0.306	 	 	 	0.306	 	 	 	0.311	 	 	 	0.311	 	 	 	 	 	 	 	 	 	 	 	0.306	 	 	 	0.306	 	 	 	0.311	 	 	 	0.311	 	 	 	39	 
	38
	 	 	 	 	 	 	 	 	 	 	0.297	 	 	 	0.297	 	 	 	0.301	 	 	 	0.302	 	 	 	 	 	 	 	 	 	 	 	0.297	 	 	 	0.297	 	 	 	0.301	 	 	 	0.302	 	 	 	38	 
	37
	 	 	 	 	 	 	 	 	 	 	0.287	 	 	 	0.288	 	 	 	0.292	 	 	 	0.292	 	 	 	 	 	 	 	 	 	 	 	0.287	 	 	 	0.288	 	 	 	0.292	 	 	 	0.292	 	 	 	37	 
	36
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.282	 	 	 	0.283	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.282	 	 	 	0.283	 	 	 	36	 
	35
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.272	 	 	 	0.273	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.272	 	 	 	0.273	 	 	 	35	 
	34
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.262	 	 	 	0.263	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.262	 	 	 	0.263	 	 	 	34	 
	33
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.252	 	 	 	0.252	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.252	 	 	 	0.252	 	 	 	33	 
	32
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.241	 	 	 	0.241	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.241	 	 	 	0.241	 	 	 	32	 
	31
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.231	 	 	 	0.231	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.231	 	 	 	0.231	 	 	 	31	 
	30
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.220	 	 	 	0.220	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.220	 	 	 	0.220	 	 	 	30	 
	29
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.209	 	 	 	0.209	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.209	 	 	 	0.209	 	 	 	29	 
	28
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.198	 	 	 	0.198	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.198	 	 	 	0.198	 	 	 	28	 
	27
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.187	 	 	 	0.187	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.187	 	 	 	0.187	 	 	 	27	 
	26
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.176	 	 	 	0.176	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.176	 	 	 	0.176	 	 	 	26	 
	25
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.165	 	 	 	0.165	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.165	 	 	 	0.165	 	 	 	25	 
	24
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.153	 	 	 	0.153	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.153	 	 	 	0.153	 	 	 	24	 
	23
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.142	 	 	 	0.142	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.142	 	 	 	0.142	 	 	 	23	 
	22
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.130	 	 	 	0.130	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.130	 	 	 	0.130	 	 	 	22	 
	21
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.119	 	 	 	0.119	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.119	 	 	 	0.119	 	 	 	21	 
	20
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.107	 	 	 	0.107	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.107	 	 	 	0.107	 	 	 	20	 
	19
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.095	 	 	 	0.095	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.095	 	 	 	0.095	 	 	 	19	 
	18
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.083	 	 	 	0.083	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.083	 	 	 	0.083	 	 	 	18	 

 

 

 

Table V

APPENDIX A

Adjusted
ERF’s For Integrated Calculations

2.5% Integrated Formula

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	--- 3% ERF’s ---	 	 	--- 1.5% ERF’s ---	 	 	 	 
	 	 	SSNRA 65	 	 	SSNRA 66	 	 	SSNRA 67	 	 	SSNRA 65	 	 	SSNRA 68	 	SSNRA 67	 	 	 	 
	 	 	YOB 1937 or Earlier	 	 	YOB 1938 to 1954	 	 	YOB 1955 or Later	 	 	YOB 1937 or Earlier	 	 	YOB 1938 to 1954	 	 	YOB 1955 or Later	 	 	 	 
	AGE	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	AGE	 
	65
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	65	 
	64
	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.985	 	 	 	0.985	 	 	 	0.985	 	 	 	0.985	 	 	 	0.985	 	 	 	0.985	 	 	 	64	 
	63
	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	63	 
	62
	 	 	0.910	 	 	 	0.910	 	 	 	0.910	 	 	 	0.910	 	 	 	0.910	 	 	 	0.910	 	 	 	0.955	 	 	 	0.955	 	 	 	0.955	 	 	 	0.955	 	 	 	0.955	 	 	 	0.960	 	 	 	62	 
	61
	 	 	0.880	 	 	 	0.880	 	 	 	0.880	 	 	 	0.880	 	 	 	0.880	 	 	 	0.880	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.947	 	 	 	0.951	 	 	 	61	 
	60
	 	 	0.850	 	 	 	0.850	 	 	 	0.850	 	 	 	0.850	 	 	 	0.850	 	 	 	0.650	 	 	 	0.925	 	 	 	0.925	 	 	 	0.926	 	 	 	0.930	 	 	 	0.939	 	 	 	0.942	 	 	 	60	 
	59
	 	 	0.820	 	 	 	0.820	 	 	 	0.820	 	 	 	0.820	 	 	 	0.820	 	 	 	0.822	 	 	 	0.910	 	 	 	0.910	 	 	 	0.919	 	 	 	0.922	 	 	 	0.931	 	 	 	0.934	 	 	 	59	 
	58
	 	 	0.790	 	 	 	0.790	 	 	 	0.790	 	 	 	0.790	 	 	 	0.793	 	 	 	0.796	 	 	 	0.900	 	 	 	0.903	 	 	 	0.912	 	 	 	0.915	 	 	 	0.924	 	 	 	0.927	 	 	 	58	 
	57
	 	 	0.760	 	 	 	0.760	 	 	 	0.760	 	 	 	0.760	 	 	 	0.767	 	 	 	0.769	 	 	 	0.893	 	 	 	0.895	 	 	 	0.905	 	 	 	0.907	 	 	 	0.917	 	 	 	0.919	 	 	 	57	 
	56
	 	 	0.730	 	 	 	0.730	 	 	 	0.730	 	 	 	0.731	 	 	 	0.743	 	 	 	0.745	 	 	 	0.886	 	 	 	0.888	 	 	 	0.898	 	 	 	0.900	 	 	 	0.912	 	 	 	0.914	 	 	 	58	 
	55
	 	 	0.700	 	 	 	0.700	 	 	 	0.704	 	 	 	0.707	 	 	 	0.717	 	 	 	0.719	 	 	 	0.878	 	 	 	0.881	 	 	 	0.892	 	 	 	0.694	 	 	 	0.905	 	 	 	0.907	 	 	 	55	 
	54
	 	 	0.670	 	 	 	0.670	 	 	 	0.679	 	 	 	0.681	 	 	 	0.692	 	 	 	0.693	 	 	 	0.873	 	 	 	0.874	 	 	 	0.888	 	 	 	0.887	 	 	 	0.898	 	 	 	0.899	 	 	 	54	 
	53
	 	 	 	 	 	 	 	 	 	 	0.653	 	 	 	0.654	 	 	 	0.664	 	 	 	0.665	 	 	 	 	 	 	 	 	 	 	 	0.878	 	 	 	0.879	 	 	 	0.889	 	 	 	0.891	 	 	 	53	 
	52
	 	 	 	 	 	 	 	 	 	 	0.625	 	 	 	0.627	 	 	 	0.636	 	 	 	0.637	 	 	 	 	 	 	 	 	 	 	 	0.869	 	 	 	0.870	 	 	 	0.880	 	 	 	0.881	 	 	 	52	 
	51
	 	 	 	 	 	 	 	 	 	 	0.597	 	 	 	0.599	 	 	 	0.607	 	 	 	0.608	 	 	 	 	 	 	 	 	 	 	 	0.860	 	 	 	0.861	 	 	 	0.870	 	 	 	0.871	 	 	 	51	 
	50
	 	 	 	 	 	 	 	 	 	 	0.568	 	 	 	0.570	 	 	 	0.577	 	 	 	0.578	 	 	 	 	 	 	 	 	 	 	 	0.850	 	 	 	0.850	 	 	 	0.859	 	 	 	0.859	 	 	 	50	 
	49
	 	 	 	 	 	 	 	 	 	 	0.539	 	 	 	0.540	 	 	 	0.547	 	 	 	0.548	 	 	 	 	 	 	 	 	 	 	 	0.839	 	 	 	0.840	 	 	 	0.847	 	 	 	0.848	 	 	 	49	 
	48
	 	 	 	 	 	 	 	 	 	 	0.508	 	 	 	0.509	 	 	 	0.516	 	 	 	0.517	 	 	 	 	 	 	 	 	 	 	 	0.827	 	 	 	0.828	 	 	 	0.835	 	 	 	0.836	 	 	 	48	 
	47
	 	 	 	 	 	 	 	 	 	 	0.478	 	 	 	0.478	 	 	 	0.485	 	 	 	0.486	 	 	 	 	 	 	 	 	 	 	 	0.815	 	 	 	0.818	 	 	 	0.823	 	 	 	0.823	 	 	 	47	 
	46
	 	 	 	 	 	 	 	 	 	 	0.446	 	 	 	0.447	 	 	 	0.453	 	 	 	0.454	 	 	 	 	 	 	 	 	 	 	 	0.802	 	 	 	0.803	 	 	 	0.809	 	 	 	0.810	 	 	 	4	 
	45
	 	 	 	 	 	 	 	 	 	 	0.414	 	 	 	0.415	 	 	 	0.421	 	 	 	0.421	 	 	 	 	 	 	 	 	 	 	 	0.789	 	 	 	0.790	 	 	 	0.796	 	 	 	0.797	 	 	 	45	 
	44
	 	 	 	 	 	 	 	 	 	 	0.395	 	 	 	0.395	 	 	 	0.401	 	 	 	0.401	 	 	 	 	 	 	 	 	 	 	 	0.776	 	 	 	0.777	 	 	 	0.782	 	 	 	0.783	 	 	 	44	 
	43
	 	 	 	 	 	 	 	 	 	 	0.375	 	 	 	0.375	 	 	 	0.380	 	 	 	0.381	 	 	 	 	 	 	 	 	 	 	 	0.375	 	 	 	0.375	 	 	 	0.380	 	 	 	0.381	 	 	 	43	 
	42
	 	 	 	 	 	 	 	 	 	 	0.354	 	 	 	0.354	 	 	 	0.360	 	 	 	0.360	 	 	 	 	 	 	 	 	 	 	 	0.354	 	 	 	0.354	 	 	 	0.360	 	 	 	0.360	 	 	 	42	 
	41
	 	 	 	 	 	 	 	 	 	 	0.333	 	 	 	0.333	 	 	 	0.338	 	 	 	0.338	 	 	 	 	 	 	 	 	 	 	 	0.333	 	 	 	0.333	 	 	 	0.338	 	 	 	0.338	 	 	 	41	 
	40
	 	 	 	 	 	 	 	 	 	 	0.312	 	 	 	0.312	 	 	 	0.317	 	 	 	0.317	 	 	 	 	 	 	 	 	 	 	 	0.312	 	 	 	0.312	 	 	 	0.317	 	 	 	0.317	 	 	 	40	 
	39
	 	 	 	 	 	 	 	 	 	 	0.304	 	 	 	0.304	 	 	 	0.308	 	 	 	0.308	 	 	 	 	 	 	 	 	 	 	 	0.304	 	 	 	0.304	 	 	 	0.308	 	 	 	0.308	 	 	 	39	 
	38
	 	 	 	 	 	 	 	 	 	 	0.294	 	 	 	0.295	 	 	 	0.298	 	 	 	0.299	 	 	 	 	 	 	 	 	 	 	 	0.294	 	 	 	0.295	 	 	 	0.298	 	 	 	0.299	 	 	 	38	 
	37
	 	 	 	 	 	 	 	 	 	 	0.285	 	 	 	0.285	 	 	 	0.289	 	 	 	0.289	 	 	 	 	 	 	 	 	 	 	 	0.285	 	 	 	0.285	 	 	 	0.289	 	 	 	0.281	 	 	 	37	 
	36
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.279	 	 	 	0.280	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.279	 	 	 	0.280	 	 	 	36	 
	35
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.269	 	 	 	0.270	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.269	 	 	 	0.270	 	 	 	35	 
	34
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.259	 	 	 	0.260	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.259	 	 	 	0.260	 	 	 	34	 
	33
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.249	 	 	 	0.249	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.249	 	 	 	0.249	 	 	 	33	 
	32
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.238	 	 	 	0.238	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.238	 	 	 	0.238	 	 	 	32	 
	31
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.228	 	 	 	0.228	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.228	 	 	 	0.228	 	 	 	31	 
	30
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.217	 	 	 	0.217	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.217	 	 	 	0.217	 	 	 	30	 
	29
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.207	 	 	 	0.207	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.207	 	 	 	0.207	 	 	 	29	 
	28
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.196	 	 	 	0.196	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.196	 	 	 	0.196	 	 	 	28	 
	27
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.185	 	 	 	0.185	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.165	 	 	 	0.185	 	 	 	27	 
	26
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.174	 	 	 	0.174	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.174	 	 	 	0.174	 	 	 	26	 
	25
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.163	 	 	 	0.163	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.163	 	 	 	0.163	 	 	 	25	 
	24
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.151	 	 	 	0.151	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.151	 	 	 	0.151	 	 	 	24	 
	23
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.140	 	 	 	0.140	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.140	 	 	 	0.140	 	 	 	23	 
	22
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.129	 	 	 	0.129	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.129	 	 	 	0.129	 	 	 	22	 
	21
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.117	 	 	 	0.117	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.117	 	 	 	0.117	 	 	 	21	 
	20
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.106	 	 	 	0.106	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.106	 	 	 	0.106	 	 	 	20	 
	19
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.094	 	 	 	0.094	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.094	 	 	 	0.094	 	 	 	19	 
	18
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.083	 	 	 	0.083	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.083	 	 	 	0.083	 	 	 	18	 

 

 

 

Table VI

APPENDIX A

Adjusted ERF’s For Integrated Calculations

2.75% Integrated Formula

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	--- 3% ERF’s ---	 	 	--- 1.5% ERF’s ---	 	 	 
	 	 	SSNRA 65	 	 	SSNRA 66	 	 	SSNRA 67	 	 	SSNRA 65	 	 	SSNRA 66	 	 	SSNRA 67	 	 	 	 
	 	 	YOB 1937 or Earlier	 	 	YOB 1938 to 1954	 	 	YOB 1955 or Later	 	 	YOB 1937 or Earlier	 	 	YOB 1938 to 1954	 	 	YOB 1955 or Later	 	 	 	 
	AGE	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	AGE	 
	65
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	65	 
	64
	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.985	 	 	 	0.985	 	 	 	0.985	 	 	 	0.985	 	 	 	0.985	 	 	 	0.985	 	 	 	64	 
	63
	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	63	 
	62
	 	 	0.910	 	 	 	0.910	 	 	 	0.910	 	 	 	0.910	 	 	 	0.910	 	 	 	0.910	 	 	 	0.955	 	 	 	0.955	 	 	 	0.955	 	 	 	0.955	 	 	 	0.955	 	 	 	0.960	 	 	 	62	 
	61
	 	 	0.880	 	 	 	0.880	 	 	 	0.880	 	 	 	0.880	 	 	 	0.880	 	 	 	0.880	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.946	 	 	 	0.950	 	 	 	61	 
	60
	 	 	0.850	 	 	 	0.850	 	 	 	0.850	 	 	 	0.850	 	 	 	0.850	 	 	 	0.850	 	 	 	0.925	 	 	 	0.925	 	 	 	0.926	 	 	 	0.930	 	 	 	0.937	 	 	 	0.940	 	 	 	60	 
	59
	 	 	0.820	 	 	 	0.820	 	 	 	0.820	 	 	 	0.820	 	 	 	0.820	 	 	 	0.822	 	 	 	0.910	 	 	 	0.910	 	 	 	0.918	 	 	 	0.921	 	 	 	0.929	 	 	 	0.932	 	 	 	59	 
	58
	 	 	0.790	 	 	 	0.790	 	 	 	0.790	 	 	 	0.790	 	 	 	0.793	 	 	 	0.795	 	 	 	0.899	 	 	 	0.902	 	 	 	0.910	 	 	 	0.912	 	 	 	0.921	 	 	 	0.923	 	 	 	58	 
	57
	 	 	0.760	 	 	 	0.760	 	 	 	0.760	 	 	 	0.760	 	 	 	0.766	 	 	 	0.768	 	 	 	0.891	 	 	 	0.894	 	 	 	0.902	 	 	 	0.904	 	 	 	0.913	 	 	 	0.915	 	 	 	57	 
	56
	 	 	0.730	 	 	 	0.730	 	 	 	0.730	 	 	 	0.731	 	 	 	0.742	 	 	 	0.743	 	 	 	0.883	 	 	 	0.885	 	 	 	0.894	 	 	 	0.896	 	 	 	0.907	 	 	 	0.908	 	 	 	56	 
	55
	 	 	0.700	 	 	 	0.700	 	 	 	0.704	 	 	 	0.706	 	 	 	0.715	 	 	 	0.717	 	 	 	0.875	 	 	 	0.877	 	 	 	0.883	 	 	 	0.889	 	 	 	0.899	 	 	 	0.900	 	 	 	55	 
	54
	 	 	0.670	 	 	 	0.670	 	 	 	0.678	 	 	 	0.680	 	 	 	0.689	 	 	 	0.690	 	 	 	0.869	 	 	 	0.870	 	 	 	0.880	 	 	 	0.881	 	 	 	0.891	 	 	 	0.892	 	 	 	54	 
	53
	 	 	 	 	 	 	 	 	 	 	0.651	 	 	 	0.653	 	 	 	0.661	 	 	 	0.663	 	 	 	 	 	 	 	 	 	 	 	0.871	 	 	 	0.873	 	 	 	0.881	 	 	 	0.883	 	 	 	53	 
	52
	 	 	 	 	 	 	 	 	 	 	0.624	 	 	 	0.625	 	 	 	0.633	 	 	 	0.634	 	 	 	 	 	 	 	 	 	 	 	0.862	 	 	 	0.863	 	 	 	0.872	 	 	 	0.873	 	 	 	52	 
	51
	 	 	 	 	 	 	 	 	 	 	0.595	 	 	 	0.597	 	 	 	0.604	 	 	 	0.605	 	 	 	 	 	 	 	 	 	 	 	0.852	 	 	 	0.853	 	 	 	0.861	 	 	 	0.862	 	 	 	51	 
	50
	 	 	 	 	 	 	 	 	 	 	0.566	 	 	 	0.567	 	 	 	0.574	 	 	 	0.575	 	 	 	 	 	 	 	 	 	 	 	0.841	 	 	 	0.842	 	 	 	0.849	 	 	 	0.850	 	 	 	50	 
	49
	 	 	 	 	 	 	 	 	 	 	0.537	 	 	 	0.537	 	 	 	0.544	 	 	 	0.545	 	 	 	 	 	 	 	 	 	 	 	0.830	 	 	 	0.831	 	 	 	0.837	 	 	 	0.838	 	 	 	49	 
	48
	 	 	 	 	 	 	 	 	 	 	0.506	 	 	 	0.507	 	 	 	0.513	 	 	 	0.514	 	 	 	 	 	 	 	 	 	 	 	0.818	 	 	 	0.818	 	 	 	0.825	 	 	 	0.825	 	 	 	48	 
	47
	 	 	 	 	 	 	 	 	 	 	0.476	 	 	 	0.476	 	 	 	0.482	 	 	 	0.483	 	 	 	 	 	 	 	 	 	 	 	0.806	 	 	 	0.806	 	 	 	0.812	 	 	 	0.813	 	 	 	47	 
	46
	 	 	 	 	 	 	 	 	 	 	0.445	 	 	 	0.445	 	 	 	0.451	 	 	 	0.451	 	 	 	 	 	 	 	 	 	 	 	0.793	 	 	 	0.793	 	 	 	0.799	 	 	 	0.799	 	 	 	46	 
	45
	 	 	 	 	 	 	 	 	 	 	0.413	 	 	 	0.413	 	 	 	0.419	 	 	 	0.419	 	 	 	 	 	 	 	 	 	 	 	0.779	 	 	 	0.780	 	 	 	0.785	 	 	 	0.786	 	 	 	45	 
	44
	 	 	 	 	 	 	 	 	 	 	0.393	 	 	 	0.394	 	 	 	0.399	 	 	 	0.399	 	 	 	 	 	 	 	 	 	 	 	0.766	 	 	 	0.766	 	 	 	0.772	 	 	 	0.772	 	 	 	44	 
	43
	 	 	 	 	 	 	 	 	 	 	0.373	 	 	 	0.374	 	 	 	0.378	 	 	 	0.379	 	 	 	 	 	 	 	 	 	 	 	0.373	 	 	 	0.374	 	 	 	0.378	 	 	 	0.379	 	 	 	43	 
	42
	 	 	 	 	 	 	 	 	 	 	0.353	 	 	 	0.353	 	 	 	0.358	 	 	 	0.358	 	 	 	 	 	 	 	 	 	 	 	0.353	 	 	 	0.353	 	 	 	0.358	 	 	 	0.358	 	 	 	42	 
	41
	 	 	 	 	 	 	 	 	 	 	0.332	 	 	 	0.332	 	 	 	0.336	 	 	 	0.336	 	 	 	 	 	 	 	 	 	 	 	0.332	 	 	 	0.332	 	 	 	0.336	 	 	 	0.336	 	 	 	41	 
	40
	 	 	 	 	 	 	 	 	 	 	0.311	 	 	 	0.311	 	 	 	0.315	 	 	 	0.315	 	 	 	 	 	 	 	 	 	 	 	0.311	 	 	 	0.311	 	 	 	0.315	 	 	 	0.315	 	 	 	40	 
	39
	 	 	 	 	 	 	 	 	 	 	0.302	 	 	 	0.302	 	 	 	0.306	 	 	 	0.306	 	 	 	 	 	 	 	 	 	 	 	0.302	 	 	 	0.302	 	 	 	0.306	 	 	 	0.306	 	 	 	39	 
	38
	 	 	 	 	 	 	 	 	 	 	0.293	 	 	 	0.293	 	 	 	0.296	 	 	 	0.297	 	 	 	 	 	 	 	 	 	 	 	0.293	 	 	 	0.293	 	 	 	0.296	 	 	 	0.297	 	 	 	38	 
	37
	 	 	 	 	 	 	 	 	 	 	0.283	 	 	 	0.284	 	 	 	0.287	 	 	 	0.287	 	 	 	 	 	 	 	 	 	 	 	0.283	 	 	 	0.284	 	 	 	0.287	 	 	 	0.287	 	 	 	37	 
	36
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.277	 	 	 	0.278	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.277	 	 	 	0.278	 	 	 	36	 
	35
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.267	 	 	 	0.268	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.267	 	 	 	0.268	 	 	 	35	 
	34
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.257	 	 	 	0.258	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.257	 	 	 	0.258	 	 	 	34	 
	33
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.247	 	 	 	0.247	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.247	 	 	 	0.247	 	 	 	33	 
	32
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.236	 	 	 	0.236	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.236	 	 	 	0.236	 	 	 	32	 
	31
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.226	 	 	 	0.226	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.226	 	 	 	0.226	 	 	 	31	 
	30
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.216	 	 	 	0.216	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.216	 	 	 	0.216	 	 	 	30	 
	29
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.205	 	 	 	0.205	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.205	 	 	 	0.205	 	 	 	29	 
	28
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.194	 	 	 	0.194	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.194	 	 	 	0.194	 	 	 	28	 
	27
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.183	 	 	 	0.183	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.183	 	 	 	0.183	 	 	 	27	 
	26
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.172	 	 	 	0.172	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.172	 	 	 	0.172	 	 	 	26	 
	25
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.162	 	 	 	0.162	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.162	 	 	 	0.162	 	 	 	25	 
	24
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.150	 	 	 	0.150	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.150	 	 	 	0.150	 	 	 	24	 
	23
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.139	 	 	 	0.139	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.139	 	 	 	0.139	 	 	 	23	 
	22
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.128	 	 	 	0.128	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.128	 	 	 	0.128	 	 	 	22	 
	21
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.117	 	 	 	0.117	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.117	 	 	 	0.117	 	 	 	21	 
	20
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.106	 	 	 	0.106	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.106	 	 	 	0.106	 	 	 	20	 
	19
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.094	 	 	 	0.094	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.094	 	 	 	0.094	 	 	 	19	 
	18
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.083	 	 	 	0.083	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.083	 	 	 	0.083	 	 	 	18	 

 

 

 

Table VII

APPENDIX A

Adjusted ERF’s For Integrated Calculations

3.00% Integrated Formula

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	--- 3%ERF’s ---	 	 	--- 1.5% ERF’s ---	 	 	 
	 	 	SSNRA 65	 	 	SSNRA 66	 	 	SSNRA 67	 	 	SSNRA 65	 	 	SSNRA 66	 	 	SSNRA 67	 	 	 	 
	 	 	YOB 1937 or Earlier	 	 	YOB 1938 to 1954	 	 	YOB 1955 or Later	 	 	YOB 1937 or Earlier	 	 	YOB 1938 to 1954	 	 	YOB 1955 or Later	 	 	 	 
	AGE	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	10 C&C	 	 	12X	 	 	AGE	 
	65
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	65	 
	64
	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.985	 	 	 	0.985	 	 	 	0.985	 	 	 	0.985	 	 	 	0.985	 	 	 	0.985	 	 	 	64	 
	63
	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	0.970	 	 	 	63	 
	62
	 	 	0.910	 	 	 	0.910	 	 	 	0.910	 	 	 	0.910	 	 	 	0.910	 	 	 	0.910	 	 	 	0.955	 	 	 	0.955	 	 	 	0.955	 	 	 	0.955	 	 	 	0.955	 	 	 	0.959	 	 	 	62	 
	61
	 	 	0.880	 	 	 	0.860	 	 	 	0.880	 	 	 	0.880	 	 	 	0.880	 	 	 	0.880	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.940	 	 	 	0.945	 	 	 	0.949	 	 	 	61	 
	60
	 	 	0.850	 	 	 	0.850	 	 	 	0.850	 	 	 	0.850	 	 	 	0.850	 	 	 	0.850	 	 	 	0.925	 	 	 	0.925	 	 	 	0.926	 	 	 	0.929	 	 	 	0.936	 	 	 	0.939	 	 	 	60	 
	59
	 	 	0.820	 	 	 	0.820	 	 	 	0.820	 	 	 	0.820	 	 	 	0.820	 	 	 	0.822	 	 	 	0.910	 	 	 	0.910	 	 	 	0.917	 	 	 	0.920	 	 	 	0.927	 	 	 	0.930	 	 	 	59	 
	58
	 	 	0.790	 	 	 	0.790	 	 	 	0.790	 	 	 	0.790	 	 	 	0.792	 	 	 	0.795	 	 	 	0.899	 	 	 	0.901	 	 	 	0.909	 	 	 	0.911	 	 	 	0.916	 	 	 	0.920	 	 	 	58	 
	57
	 	 	0.760	 	 	 	0.760	 	 	 	0.760	 	 	 	0.760	 	 	 	0.765	 	 	 	0.767	 	 	 	0.890	 	 	 	0.892	 	 	 	0.900	 	 	 	0.902	 	 	 	0.910	 	 	 	0.912	 	 	 	57	 
	56
	 	 	0.730	 	 	 	0.730	 	 	 	0.730	 	 	 	0.731	 	 	 	0.741	 	 	 	0.742	 	 	 	0.881	 	 	 	0.883	 	 	 	0.891	 	 	 	0.893	 	 	 	0.903	 	 	 	0.904	 	 	 	56	 
	55
	 	 	0.700	 	 	 	0.700	 	 	 	0.704	 	 	 	0.705	 	 	 	0.714	 	 	 	0.716	 	 	 	0.873	 	 	 	0.874	 	 	 	0.884	 	 	 	0.885	 	 	 	0.894	 	 	 	0.895	 	 	 	55	 
	54
	 	 	0.670	 	 	 	0.670	 	 	 	0.677	 	 	 	0.679	 	 	 	0.687	 	 	 	0.688	 	 	 	0.865	 	 	 	0.867	 	 	 	0.876	 	 	 	0.877	 	 	 	0.885	 	 	 	0.886	 	 	 	54	 
	53
	 	 	 	 	 	 	 	 	 	 	0.650	 	 	 	0.851	 	 	 	0.659	 	 	 	0.660	 	 	 	 	 	 	 	 	 	 	 	0.866	 	 	 	0.868	 	 	 	0.875	 	 	 	0.677	 	 	 	53	 
	52
	 	 	 	 	 	 	 	 	 	 	0.622	 	 	 	0.623	 	 	 	0.631	 	 	 	0.632	 	 	 	 	 	 	 	 	 	 	 	0.856	 	 	 	0.657	 	 	 	0.865	 	 	 	0.866	 	 	 	52	 
	51
	 	 	 	 	 	 	 	 	 	 	0.594	 	 	 	0.595	 	 	 	0.601	 	 	 	0.602	 	 	 	 	 	 	 	 	 	 	 	0.846	 	 	 	0.847	 	 	 	0.854	 	 	 	0.855	 	 	 	51	 
	50
	 	 	 	 	 	 	 	 	 	 	0.565	 	 	 	0.566	 	 	 	0.572	 	 	 	0.573	 	 	 	 	 	 	 	 	 	 	 	0.835	 	 	 	0.835	 	 	 	0.842	 	 	 	0.842	 	 	 	50	 
	49
	 	 	 	 	 	 	 	 	 	 	0.535	 	 	 	0.536	 	 	 	0.542	 	 	 	0.542	 	 	 	 	 	 	 	 	 	 	 	0.823	 	 	 	0.824	 	 	 	0.830	 	 	 	0.830	 	 	 	49	 
	48
	 	 	 	 	 	 	 	 	 	 	0.505	 	 	 	0.505	 	 	 	0.511	 	 	 	0.512	 	 	 	 	 	 	 	 	 	 	 	0.811	 	 	 	0.811	 	 	 	0.817	 	 	 	0.817	 	 	 	48	 
	47
	 	 	 	 	 	 	 	 	 	 	0.474	 	 	 	0.475	 	 	 	0.480	 	 	 	0.481	 	 	 	 	 	 	 	 	 	 	 	0.796	 	 	 	0.799	 	 	 	0.804	 	 	 	0.805	 	 	 	47	 
	46
	 	 	 	 	 	 	 	 	 	 	0.443	 	 	 	0.443	 	 	 	0.449	 	 	 	0.449	 	 	 	 	 	 	 	 	 	 	 	0.785	 	 	 	0.785	 	 	 	0.790	 	 	 	0.791	 	 	 	45	 
	45
	 	 	 	 	 	 	 	 	 	 	0.412	 	 	 	0.412	 	 	 	0.417	 	 	 	0.417	 	 	 	 	 	 	 	 	 	 	 	0.771	 	 	 	0.772	 	 	 	0.777	 	 	 	0.777	 	 	 	45	 
	44
	 	 	 	 	 	 	 	 	 	 	0.392	 	 	 	0.392	 	 	 	0.397	 	 	 	0.397	 	 	 	 	 	 	 	 	 	 	 	0.758	 	 	 	0.758	 	 	 	0.763	 	 	 	0.763	 	 	 	44	 
	43
	 	 	 	 	 	 	 	 	 	 	0.372	 	 	 	0.372	 	 	 	0.376	 	 	 	0.377	 	 	 	 	 	 	 	 	 	 	 	0.372	 	 	 	0.372	 	 	 	0.376	 	 	 	0.377	 	 	 	43	 
	42
	 	 	 	 	 	 	 	 	 	 	0.352	 	 	 	0.352	 	 	 	0.356	 	 	 	0.356	 	 	 	 	 	 	 	 	 	 	 	0.352	 	 	 	0.352	 	 	 	0.356	 	 	 	0.356	 	 	 	42	 
	41
	 	 	 	 	 	 	 	 	 	 	0.331	 	 	 	0.331	 	 	 	0.335	 	 	 	0.335	 	 	 	 	 	 	 	 	 	 	 	0.331	 	 	 	0.331	 	 	 	0.335	 	 	 	0.335	 	 	 	41	 
	40
	 	 	 	 	 	 	 	 	 	 	0.310	 	 	 	0.310	 	 	 	0.314	 	 	 	0.314	 	 	 	 	 	 	 	 	 	 	 	0.310	 	 	 	0.310	 	 	 	0.314	 	 	 	0.314	 	 	 	40	 
	39
	 	 	 	 	 	 	 	 	 	 	0.301	 	 	 	0.301	 	 	 	0.305	 	 	 	0.305	 	 	 	 	 	 	 	 	 	 	 	0.301	 	 	 	0.301	 	 	 	0.305	 	 	 	0.305	 	 	 	39	 
	38
	 	 	 	 	 	 	 	 	 	 	0.292	 	 	 	0.292	 	 	 	0.295	 	 	 	0.295	 	 	 	 	 	 	 	 	 	 	 	0.292	 	 	 	0.292	 	 	 	0.295	 	 	 	0.295	 	 	 	38	 
	37
	 	 	 	 	 	 	 	 	 	 	0.262	 	 	 	0.282	 	 	 	0.285	 	 	 	0.286	 	 	 	 	 	 	 	 	 	 	 	0.282	 	 	 	0.282	 	 	 	0.285	 	 	 	0.286	 	 	 	37	 
	36
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.276	 	 	 	0.276	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.276	 	 	 	0.276	 	 	 	36	 
	35
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.266	 	 	 	0.266	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.266	 	 	 	0.266	 	 	 	35	 
	34
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.256	 	 	 	0.256	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.256	 	 	 	0.256	 	 	 	34	 
	33
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.245	 	 	 	0.245	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.245	 	 	 	0.245	 	 	 	33	 
	32
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.235	 	 	 	0.235	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.235	 	 	 	0.235	 	 	 	32	 
	31
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.224	 	 	 	0.224	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.224	 	 	 	0.224	 	 	 	31	 
	30
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.214	 	 	 	0.214	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.214	 	 	 	0.214	 	 	 	30	 
	29
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.204	 	 	 	0.204	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.204	 	 	 	0.204	 	 	 	29	 
	28
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.193	 	 	 	0.193	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.193	 	 	 	0.193	 	 	 	28	 
	27
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.182	 	 	 	0.182	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.182	 	 	 	0.182	 	 	 	27	 
	26
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.171	 	 	 	0.171	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.171	 	 	 	0.171	 	 	 	26	 
	25
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.160	 	 	 	0.160	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.160	 	 	 	0.160	 	 	 	25	 
	24
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.149	 	 	 	0.149	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.149	 	 	 	0.149	 	 	 	24	 
	23
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.138	 	 	 	0.138	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.138	 	 	 	0.138	 	 	 	23	 
	22
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.127	 	 	 	0.127	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.127	 	 	 	0.127	 	 	 	22	 
	21
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.116	 	 	 	0.116	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.116	 	 	 	0.116	 	 	 	21	 
	20
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.105	 	 	 	0.105	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.105	 	 	 	0.105	 	 	 	20	 
	19
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.094	 	 	 	0.094	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.094	 	 	 	0.094	 	 	 	19	 
	18
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.082	 	 	 	0.082	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.082	 	 	 	0.082	 	 	 	18	 

 

 

 

Appendix B

CONVERSION FACTORS WHERE NORMAL FORM = 10 C&C

1998 GBB89 ASSUMPTIONS

	 	 	 	 	 	 	 	 	 	 	 	 	 
	AGE	 	OPTION 1	 	 	OPTION 2	 	 	OPTION 3	 
	19
	 	 	1.001                    	%	 	 	0.990                    	%	 	 	0.990      	%
	20
	 	 	1.001	 	 	 	0.990	 	 	 	0.990	 
	21
	 	 	1.001	 	 	 	0.989	 	 	 	0.990	 
	22
	 	 	1.001	 	 	 	0.988	 	 	 	0.990	 
	23
	 	 	1.001	 	 	 	0.987	 	 	 	0.990	 
	24
	 	 	1.001	 	 	 	0.986	 	 	 	0.990	 
	25
	 	 	1.001	 	 	 	0.985	 	 	 	0.990	 
	26
	 	 	1.001	 	 	 	0.984	 	 	 	0.990	 
	27
	 	 	1.001	 	 	 	0.983	 	 	 	0.990	 
	28
	 	 	1.001	 	 	 	0.982	 	 	 	0.990	 
	29
	 	 	1.001	 	 	 	0.981	 	 	 	0.990	 
	30
	 	 	1.002	 	 	 	0.980	 	 	 	0.990	 
	31
	 	 	1.002	 	 	 	0.979	 	 	 	0.989	 
	32
	 	 	1.002	 	 	 	0.978	 	 	 	0.989	 
	33
	 	 	1.002	 	 	 	0.977	 	 	 	0.988	 
	34
	 	 	1.002	 	 	 	0.976	 	 	 	0.987	 
	35
	 	 	1.002	 	 	 	0.975	 	 	 	0.987	 
	36
	 	 	1.002	 	 	 	0.973	 	 	 	0.986	 
	37
	 	 	1.002	 	 	 	0.971	 	 	 	0.985	 
	38
	 	 	1.002	 	 	 	0.969	 	 	 	0.984	 
	39
	 	 	1.002	 	 	 	0.967	 	 	 	0.983	 
	40
	 	 	1.003	 	 	 	0.965	 	 	 	0.982	 
	41
	 	 	1.003	 	 	 	0.963	 	 	 	0.981	 
	42
	 	 	1.003	 	 	 	0.961	 	 	 	0.980	 
	43
	 	 	1.003	 	 	 	0.959	 	 	 	0.979	 
	44
	 	 	1.003	 	 	 	0.957	 	 	 	0.977	 
	45
	 	 	1.004	 	 	 	0.955	 	 	 	0.975	 
	46
	 	 	1.004	 	 	 	0.952	 	 	 	0.974	 
	47
	 	 	1.005	 	 	 	0.949	 	 	 	0.973	 
	48
	 	 	1.005	 	 	 	0.946	 	 	 	0.972	 
	49
	 	 	1.006	 	 	 	0.943	 	 	 	0.971	 
	50
	 	 	1.007	 	 	 	0.940	 	 	 	0.970	 
	51
	 	 	1.008	 	 	 	0.936	 	 	 	0.968	 
	52
	 	 	1.009	 	 	 	0.932	 	 	 	0.966	 
	53
	 	 	1.010	 	 	 	0.928	 	 	 	0.964	 
	54
	 	 	1.011	 	 	 	0.924	 	 	 	0.962	 
	55
	 	 	1.012	 	 	 	0.920	 	 	 	0.960	 
	56
	 	 	1.015	 	 	 	0.914	 	 	 	0.957	 
	57
	 	 	1.018	 	 	 	0.908	 	 	 	0.954	 
	58
	 	 	1.021	 	 	 	0.902	 	 	 	0.951	 
	59
	 	 	1.024	 	 	 	0.896	 	 	 	0.948	 
	60
	 	 	1.027	 	 	 	0.890	 	 	 	0.945	 
	61
	 	 	1.032	 	 	 	0.884	 	 	 	0.942	 
	62
	 	 	1.037	 	 	 	0.878	 	 	 	0.939	 
	63
	 	 	1.042	 	 	 	0.872	 	 	 	0.936	 
	64
	 	 	1.047	 	 	 	0.866	 	 	 	0.933	 
	65
	 	 	1.052	 	 	 	0.860	 	 	 	0.930	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	FACTOR B
	 	 	 	 	 	 	0.5	%	 	 	0.3	%
	MAXIMUM
	 	 	 	 	 	 	99	%	 	 	99	%

THE ABOVE FACTORS FOR OPTIONS 2 AND 3 ASSUME THE MEMBER AND THE CA ARE THE SAME AGE. WHEN THE AGES
DIFFER:

ADD FACTOR B FOR EACH YEAR THE CA IS OLDER THAN THE MEMBER

 SUBTRACT FACTOR B FOR
EACH YEAR THE CA IS YOUNGER THAN THE MEMBER

OPTION 1
IS A LIFE ANNUITY, OPTION 2 IS A 100% J&S w/ 10 YEAR CERTAIN, OPTION 3 IS A 50% J&S

 

 

 

Appendix B

CONVERSION FACTORS WHERE NORMAL FORM = 10 C&C

1998 GBB89 ASSUMPTIONS

	 	 	 	 	 	 	 	 	 	 	 	 	 
	AGE	 	OPTION 1	 	 	OPTION 2	 	 	OPTION 3	 
	66
	 	 	1.061	 	 	 	0.853	 	 	 	0.926	 
	67
	 	 	1.070	 	 	 	0.846	 	 	 	0.922	 
	68
	 	 	1.079	 	 	 	0.839	 	 	 	0.918	 
	69
	 	 	1.088	 	 	 	0.832	 	 	 	0.914	 
	70
	 	 	1.097	 	 	 	0.825	 	 	 	0.910	 
	71
	 	 	1.112	 	 	 	0.815	 	 	 	0.906	 
	72
	 	 	1.127	 	 	 	0.805	 	 	 	0.902	 
	73
	 	 	1.142	 	 	 	0.795	 	 	 	0.898	 
	74
	 	 	1.157	 	 	 	0.785	 	 	 	0.894	 
	75
	 	 	1.172	 	 	 	0.775	 	 	 	0.890	 
	76
	 	 	1.196	 	 	 	0.764	 	 	 	0.887	 
	77
	 	 	1.220	 	 	 	0.753	 	 	 	0.884	 
	78
	 	 	1.244	 	 	 	0.742	 	 	 	0.881	 
	79
	 	 	1.268	 	 	 	0.731	 	 	 	0.878	 
	80
	 	 	1.292	 	 	 	0.720	 	 	 	0.875	 
	81
	 	 	1.329	 	 	 	0.706	 	 	 	0.872	 
	82
	 	 	1.366	 	 	 	0.692	 	 	 	0.869	 
	83
	 	 	1.403	 	 	 	0.678	 	 	 	0.866	 
	84
	 	 	1.440	 	 	 	0.664	 	 	 	0.863	 
	85
	 	 	1.477	 	 	 	0.650	 	 	 	0.860	 
	86
	 	 	1.529	 	 	 	0.633	 	 	 	0.858	 
	87
	 	 	1.581	 	 	 	0.616	 	 	 	0.856	 
	88
	 	 	1.633	 	 	 	0.599	 	 	 	0.854	 
	89
	 	 	1.685	 	 	 	0.582	 	 	 	0.852	 
	90
	 	 	1.737	 	 	 	0.565	 	 	 	0.850	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	FACTOR B
	 	 	 	 	 	 	0.5	%	 	 	0.3	%
	MAXIMUM
	 	 	 	 	 	 	99	%	 	 	99	%

THE ABOVE FACTORS FOR OPTIONS 2 AND 3 ASSUME THE MEMBER AND THE CA ARE THE SAME AGE. WHEN THE AGES
DIFFER:

ADD FACTOR B FOR EACH YEAR THE CA IS OLDER THAN THE MEMBER

 SUBTRACT FACTOR B FOR
EACH YEAR THE CA IS YOUNGER THAN THE MEMBER

OPTION 1
IS A LIFE ANNUITY, OPTION 2 IS A 100% J&S w/ 10 YEAR CERTAIN, OPTION 3 IS A 50% J&S

 

 

 

Appendix C

CONVERSION FACTORS WHERE NORMAL FORM = 12X

1998 GBB89 ASSUMPTIONS

	 	 	 	 	 	 	 	 	 	 	 	 	 
	AGE	 	OPTION 1	 	 	OPTION 2	 	 	OPTION 3	 
	19
	 	 	1.003                    	%	 	 	0.990                   	%	 	 	0.990      	%
	20
	 	 	1.003	 	 	 	0.990	 	 	 	0.990	 
	21
	 	 	1.003	 	 	 	0.989	 	 	 	0.990	 
	22
	 	 	1.003	 	 	 	0.988	 	 	 	0.990	 
	23
	 	 	1.003	 	 	 	0.987	 	 	 	0.990	 
	24
	 	 	1.003	 	 	 	0.986	 	 	 	0.990	 
	25
	 	 	1.003	 	 	 	0.985	 	 	 	0.990	 
	26
	 	 	1.003	 	 	 	0.984	 	 	 	0.990	 
	27
	 	 	1.003	 	 	 	0.983	 	 	 	0.990	 
	28
	 	 	1.003	 	 	 	0.982	 	 	 	0.990	 
	29
	 	 	1.003	 	 	 	0.981	 	 	 	0.990	 
	30
	 	 	1.003	 	 	 	0.980	 	 	 	0.990	 
	31
	 	 	1.003	 	 	 	0.979	 	 	 	0.989	 
	32
	 	 	1.003	 	 	 	0.978	 	 	 	0.989	 
	33
	 	 	1.003	 	 	 	0.977	 	 	 	0.988	 
	34
	 	 	1.003	 	 	 	0.976	 	 	 	0.987	 
	35
	 	 	1.004	 	 	 	0.975	 	 	 	0.987	 
	36
	 	 	1.004	 	 	 	0.973	 	 	 	0.986	 
	37
	 	 	1.004	 	 	 	0.971	 	 	 	0.985	 
	38
	 	 	1.004	 	 	 	0.969	 	 	 	0.984	 
	39
	 	 	1.004	 	 	 	0.967	 	 	 	0.983	 
	40
	 	 	1.005	 	 	 	0.965	 	 	 	0.982	 
	41
	 	 	1.006	 	 	 	0.963	 	 	 	0.981	 
	42
	 	 	1.007	 	 	 	0.961	 	 	 	0.980	 
	43
	 	 	1.008	 	 	 	0.959	 	 	 	0.979	 
	44
	 	 	1.009	 	 	 	0.957	 	 	 	0.977	 
	45
	 	 	1.010	 	 	 	0.955	 	 	 	0.975	 
	46
	 	 	1.011	 	 	 	0.952	 	 	 	0.974	 
	47
	 	 	1.012	 	 	 	0.949	 	 	 	0.973	 
	48
	 	 	1.013	 	 	 	0.946	 	 	 	0.972	 
	49
	 	 	1.014	 	 	 	0.943	 	 	 	0.971	 
	50
	 	 	1.015	 	 	 	0.940	 	 	 	0.970	 
	51
	 	 	1.017	 	 	 	0.936	 	 	 	0.968	 
	52
	 	 	1.019	 	 	 	0.932	 	 	 	0.966	 
	53
	 	 	1.021	 	 	 	0.928	 	 	 	0.964	 
	54
	 	 	1.023	 	 	 	0.924	 	 	 	0.962	 
	55
	 	 	1.025	 	 	 	0.920	 	 	 	0.960	 
	56
	 	 	1.030	 	 	 	0.914	 	 	 	0.957	 
	57
	 	 	1.035	 	 	 	0.908	 	 	 	0.954	 
	58
	 	 	1.040	 	 	 	0.902	 	 	 	0.951	 
	59
	 	 	1.045	 	 	 	0.896	 	 	 	0.948	 
	60
	 	 	1.050	 	 	 	0.890	 	 	 	0.945	 
	61
	 	 	1.060	 	 	 	0.884	 	 	 	0.942	 
	62
	 	 	1.070	 	 	 	0.878	 	 	 	0.939	 
	63
	 	 	1.080	 	 	 	0.872	 	 	 	0.936	 
	64
	 	 	1.090	 	 	 	0.866	 	 	 	0.933	 
	65
	 	 	1.100	 	 	 	0.860	 	 	 	0.930	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	FACTOR B
	 	 	 	 	 	 	0.5	%	 	 	0.3	%
	MAXIMUM
	 	 	 	 	 	 	99	%	 	 	99	%

THE ABOVE FACTORS FOR OPTIONS 2 AND 3 ASSUME THE MEMBER AND THE CA ARE THE SAME AGE. WHEN THE AGES
DIFFER:

ADD FACTOR B FOR EACH YEAR THE CA IS OLDER THAN THE MEMBER

 SUBTRACT FACTOR B FOR
EACH YEAR THE CA IS YOUNGER THAN THE MEMBER

OPTION 1 IS A LIFE ANNUITY, OPTION 2 IS A 100% J&S w/ 10 YEAR CERTAIN, OPTION 3 IS A 50% J&S

 

 

 

Appendix C

CONVERSION FACTORS WHERE NORMAL FORM = 12X

1998 GBB89 ASSUMPTIONS

	 	 	 	 	 	 	 	 	 	 	 	 	 
	AGE	 	OPTION 1	 	 	OPTION 2	 	 	OPTION 3	 
	66
	 	 	1.120	 	 	 	0.853	 	 	 	0.926	 
	67
	 	 	1.140	 	 	 	0.846	 	 	 	0.922	 
	68
	 	 	1.160	 	 	 	0.839	 	 	 	0.918	 
	69
	 	 	1.180	 	 	 	0.832	 	 	 	0.914	 
	70
	 	 	1.200	 	 	 	0.825	 	 	 	0.910	 
	71
	 	 	1.224	 	 	 	0.815	 	 	 	0.906	 
	72
	 	 	1.248	 	 	 	0.805	 	 	 	0.902	 
	73
	 	 	1.272	 	 	 	0.795	 	 	 	0.898	 
	74
	 	 	1.296	 	 	 	0.785	 	 	 	0.894	 
	75
	 	 	1.320	 	 	 	0.775	 	 	 	0.890	 
	76
	 	 	1.368	 	 	 	0.764	 	 	 	0.887	 
	77
	 	 	1.416	 	 	 	0.753	 	 	 	0.884	 
	78
	 	 	1.464	 	 	 	0.742	 	 	 	0.881	 
	79
	 	 	1.512	 	 	 	0.731	 	 	 	0.878	 
	80
	 	 	1.560	 	 	 	0.720	 	 	 	0.875	 
	81
	 	 	1.628	 	 	 	0.706	 	 	 	0.872	 
	82
	 	 	1.696	 	 	 	0.692	 	 	 	0.869	 
	83
	 	 	1.764	 	 	 	0.678	 	 	 	0.866	 
	84
	 	 	1.832	 	 	 	0.664	 	 	 	0.863	 
	85
	 	 	1.900	 	 	 	0.650	 	 	 	0.860	 
	86
	 	 	2.000	 	 	 	0.633	 	 	 	0.858	 
	87
	 	 	2.100	 	 	 	0.616	 	 	 	0.856	 
	88
	 	 	2.200	 	 	 	0.599	 	 	 	0.854	 
	89
	 	 	2.300	 	 	 	0.582	 	 	 	0.852	 
	90
	 	 	2.400	 	 	 	0.565	 	 	 	0.850	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	FACTOR B
	 	 	 	 	 	 	0.5	%	 	 	0.3	%
	MAXIMUM
	 	 	 	 	 	 	99	%	 	 	99	%

THE ABOVE FACTORS FOR OPTIONS 2 AND 3 ASSUME THE MEMBER AND THE CA ARE THE SAME AGE. WHEN THE AGES
DIFFER:

ADD FACTOR B FOR EACH YEAR THE CA IS OLDER THAN THE MEMBER

 SUBTRACT FACTOR B FOR
EACH YEAR THE CA IS YOUNGER THAN THE MEMBER

OPTION 1
IS A LIFE ANNUITY, OPTION 2 IS A 100% J&S w/ 10 YEAR CERTAIN, OPTION 3 IS A 50% J&S

 

 

 

Appendix D

CONVERSION FACTORS WHERE NORMAL FORM = ST LIFE

1998 GBB89 ASSUMPTIONS

	 	 	 	 	 	 	 	 	 	 	 	 	 
	AGE	 	OPTION 1	 	 	OPTION 2	 	 	OPTION 3	 
	19
	 	 	0.999                     	%	 	 	0.990                     	%	 	 	0.990      	%
	20
	 	 	0.999	 	 	 	0.990	 	 	 	0.990	 
	21
	 	 	0.999	 	 	 	0.989	 	 	 	0.990	 
	22
	 	 	0.999	 	 	 	0.988	 	 	 	0.990	 
	23
	 	 	0.999	 	 	 	0.987	 	 	 	0.990	 
	24
	 	 	0.999	 	 	 	0.986	 	 	 	0.990	 
	25
	 	 	0.999	 	 	 	0.985	 	 	 	0.990	 
	26
	 	 	0.999	 	 	 	0.984	 	 	 	0.990	 
	27
	 	 	0.999	 	 	 	0.983	 	 	 	0.990	 
	28
	 	 	0.999	 	 	 	0.982	 	 	 	0.990	 
	29
	 	 	0.999	 	 	 	0.981	 	 	 	0.990	 
	30
	 	 	0.998	 	 	 	0.980	 	 	 	0.990	 
	31
	 	 	0.998	 	 	 	0.979	 	 	 	0.989	 
	32
	 	 	0.998	 	 	 	0.978	 	 	 	0.989	 
	33
	 	 	0.998	 	 	 	0.977	 	 	 	0.988	 
	34
	 	 	0.998	 	 	 	0.976	 	 	 	0.987	 
	35
	 	 	0.998	 	 	 	0.975	 	 	 	0.987	 
	36
	 	 	0.998	 	 	 	0.973	 	 	 	0.986	 
	37
	 	 	0.998	 	 	 	0.971	 	 	 	0.985	 
	38
	 	 	0.998	 	 	 	0.969	 	 	 	0.984	 
	39
	 	 	0.998	 	 	 	0.967	 	 	 	0.983	 
	40
	 	 	0.997	 	 	 	0.965	 	 	 	0.982	 
	41
	 	 	0.997	 	 	 	0.963	 	 	 	0.981	 
	42
	 	 	0.997	 	 	 	0.961	 	 	 	0.980	 
	43
	 	 	0.997	 	 	 	0.959	 	 	 	0.979	 
	44
	 	 	0.997	 	 	 	0.957	 	 	 	0.977	 
	45
	 	 	0.996	 	 	 	0.955	 	 	 	0.975	 
	46
	 	 	0.996	 	 	 	0.952	 	 	 	0.974	 
	47
	 	 	0.995	 	 	 	0.949	 	 	 	0.973	 
	48
	 	 	0.995	 	 	 	0.946	 	 	 	0.972	 
	49
	 	 	0.994	 	 	 	0.943	 	 	 	0.971	 
	50
	 	 	0.993	 	 	 	0.940	 	 	 	0.970	 
	51
	 	 	0.992	 	 	 	0.936	 	 	 	0.968	 
	52
	 	 	0.991	 	 	 	0.932	 	 	 	0.966	 
	53
	 	 	0.990	 	 	 	0.928	 	 	 	0.964	 
	54
	 	 	0.989	 	 	 	0.924	 	 	 	0.962	 
	55
	 	 	0.988	 	 	 	0.920	 	 	 	0.960	 
	56
	 	 	0.985	 	 	 	0.914	 	 	 	0.957	 
	57
	 	 	0.982	 	 	 	0.908	 	 	 	0.954	 
	58
	 	 	0.979	 	 	 	0.902	 	 	 	0.951	 
	59
	 	 	0.977	 	 	 	0.896	 	 	 	0.948	 
	60
	 	 	0.974	 	 	 	0.890	 	 	 	0.945	 
	61
	 	 	0.969	 	 	 	0.884	 	 	 	0.942	 
	62
	 	 	0.964	 	 	 	0.878	 	 	 	0.939	 
	63
	 	 	0.960	 	 	 	0.872	 	 	 	0.936	 
	64
	 	 	0.955	 	 	 	0.866	 	 	 	0.933	 
	65
	 	 	0.951	 	 	 	0.860	 	 	 	0.930	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	FACTOR B
	 	 	 	 	 	 	0.5	%	 	 	0.3	%
	MAXIMUM
	 	 	 	 	 	 	99	%	 	 	99	%

THE ABOVE FACTORS FOR OPTIONS 2 AND 3 ASSUME THE MEMBER AND THE CA ARE THE SAME AGE. WHEN
THE AGES DIFFER:

ADD FACTOR B FOR EACH YEAR THE CA IS OLDER THAN THE MEMBER

 SUBTRACT FACTOR B
FOR EACH YEAR THE CA IS YOUNGER THAN THE MEMBER

OPTION 1 IS A 10 YEAR CERTAIN ANNUITY, OPTION 2 IS A 100% J&S w/ 10 YEAR CERTAIN, OPTION 3 IS A 50%
J&S

 

 

 

Appendix D

CONVERSION FACTORS WHERE NORMAL FORM = ST LIFE

1998 GBB89 ASSUMPTIONS

	 	 	 	 	 	 	 	 	 	 	 	 	 
	AGE	 	OPTION 1	 	 	OPTION 2	 	 	OPTION 3	 
	66
	 	 	0.943	 	 	 	0.853	 	 	 	0.926	 
	67
	 	 	0.935	 	 	 	0.846	 	 	 	0.922	 
	68
	 	 	0.927	 	 	 	0.839	 	 	 	0.918	 
	69
	 	 	0.919	 	 	 	0.832	 	 	 	0.914	 
	70
	 	 	0.912	 	 	 	0.825	 	 	 	0.910	 
	71
	 	 	0.899	 	 	 	0.815	 	 	 	0.906	 
	72
	 	 	0.887	 	 	 	0.805	 	 	 	0.902	 
	73
	 	 	0.876	 	 	 	0.795	 	 	 	0.898	 
	74
	 	 	0.864	 	 	 	0.785	 	 	 	0.894	 
	75
	 	 	0.853	 	 	 	0.775	 	 	 	0.890	 
	76
	 	 	0.836	 	 	 	0.764	 	 	 	0.887	 
	77
	 	 	0.820	 	 	 	0.753	 	 	 	0.884	 
	78
	 	 	0.804	 	 	 	0.742	 	 	 	0.881	 
	79
	 	 	0.789	 	 	 	0.731	 	 	 	0.878	 
	80
	 	 	0.774	 	 	 	0.720	 	 	 	0.875	 
	81
	 	 	0.752	 	 	 	0.706	 	 	 	0.872	 
	82
	 	 	0.732	 	 	 	0.692	 	 	 	0.869	 
	83
	 	 	0.713	 	 	 	0.678	 	 	 	0.866	 
	84
	 	 	0.694	 	 	 	0.664	 	 	 	0.863	 
	85
	 	 	0.677	 	 	 	0.650	 	 	 	0.860	 
	86
	 	 	0.654	 	 	 	0.633	 	 	 	0.858	 
	87
	 	 	0.633	 	 	 	0.616	 	 	 	0.856	 
	88
	 	 	0.612	 	 	 	0.599	 	 	 	0.854	 
	89
	 	 	0.593	 	 	 	0.582	 	 	 	0.852	 
	90
	 	 	0.576	 	 	 	0.565	 	 	 	0.850	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	FACTOR B
	 	 	 	 	 	 	0.5	%	 	 	0.3	%
	MAXIMUM
	 	 	 	 	 	 	99	%	 	 	99	%

THE ABOVE FACTORS FOR OPTIONS 2 AND 3 ASSUME THE MEMBER AND THE CA ARE THE SAME AGE. WHEN
THE AGES DIFFER:

ADD FACTOR B FOR EACH YEAR THE CA IS OLDER THAN THE MEMBER

 SUBTRACT FACTOR B
FOR EACH YEAR THE CA IS YOUNGER THAN THE MEMBER

OPTION 1
IS A 10 YEAR CERTAIN ANNUITY, OPTION 2 IS A 100% J&S w/ 10 YEAR
CERTAIN, OPTION 3 IS A50%
J&S

 

 

 

					
	 
	 	 	 	Table I(A)
	 
	 
	 	APPENDIX E
	 	 

ACTUARIAL
EQUIVALENT EARLY RETIREMENT FACTORS @ AGE 65

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AGE	 	0	 	 	1	 	 	2	 	 	3	 	 	4	 	 	5	 	 	6	 	 	7	 	 	8	 	 	9	 	 	10	 	 	11	 
	20
	 	 	0.004	 	 	 	0.004	 	 	 	0.004	 	 	 	0.004	 	 	 	0.004	 	 	 	0.004	 	 	 	0.005	 	 	 	0.005	 	 	 	0.005	 	 	 	0.005	 	 	 	0.005	 	 	 	0.005	 
	21
	 	 	0.005	 	 	 	0.005	 	 	 	0.005	 	 	 	0.005	 	 	 	0.005	 	 	 	0.005	 	 	 	0.006	 	 	 	0.006	 	 	 	0.006	 	 	 	0.006	 	 	 	0.006	 	 	 	0.006	 
	22
	 	 	0.006	 	 	 	0.008	 	 	 	0.006	 	 	 	0.006	 	 	 	0.006	 	 	 	0.006	 	 	 	0.007	 	 	 	0.007	 	 	 	0.007	 	 	 	0.007	 	 	 	0.007	 	 	 	0.007	 
	23
	 	 	0.007	 	 	 	0.007	 	 	 	0.007	 	 	 	0.007	 	 	 	0.007	 	 	 	0.007	 	 	 	0.008	 	 	 	0.008	 	 	 	0.008	 	 	 	0.008	 	 	 	0.008	 	 	 	0.008	 
	24
	 	 	0.008	 	 	 	0.008	 	 	 	0.008	 	 	 	0.008	 	 	 	0.008	 	 	 	0.008	 	 	 	0.009	 	 	 	0.009	 	 	 	0.009	 	 	 	0.009	 	 	 	0.009	 	 	 	0.009	 
	25
	 	 	0.009	 	 	 	0.009	 	 	 	0.009	 	 	 	0.009	 	 	 	0.009	 	 	 	0.009	 	 	 	0.010	 	 	 	0.010	 	 	 	0.010	 	 	 	0.010	 	 	 	0.010	 	 	 	0.010	 
	26
	 	 	0.010	 	 	 	0.011	 	 	 	0.012	 	 	 	0.013	 	 	 	0.013	 	 	 	0.014	 	 	 	0.015	 	 	 	0.016	 	 	 	0.017	 	 	 	0.018	 	 	 	0.018	 	 	 	0.019	 
	27
	 	 	0.020	 	 	 	0.021	 	 	 	0.022	 	 	 	0.023	 	 	 	0.023	 	 	 	0.024	 	 	 	0.025	 	 	 	0.026	 	 	 	0.027	 	 	 	0.028	 	 	 	0.028	 	 	 	0.029	 
	28
	 	 	0.030	 	 	 	0.031	 	 	 	0.032	 	 	 	0.033	 	 	 	0.033	 	 	 	0.034	 	 	 	0.035	 	 	 	0.036	 	 	 	0.037	 	 	 	0.038	 	 	 	0.038	 	 	 	0.039	 
	29
	 	 	0.040	 	 	 	0.041	 	 	 	0.042	 	 	 	0.043	 	 	 	0.043	 	 	 	0.044	 	 	 	0.045	 	 	 	0.046	 	 	 	0.047	 	 	 	0.048	 	 	 	0.048	 	 	 	0.049	 
	30
	 	 	0.050	 	 	 	0.051	 	 	 	0.052	 	 	 	0.053	 	 	 	0.053	 	 	 	0.054	 	 	 	0.055	 	 	 	0.056	 	 	 	0.057	 	 	 	0.058	 	 	 	0.058	 	 	 	0.059	 
	31
	 	 	0.060	 	 	 	0.061	 	 	 	0.062	 	 	 	0.063	 	 	 	0.063	 	 	 	0.064	 	 	 	0.065	 	 	 	0.066	 	 	 	0.067	 	 	 	0.068	 	 	 	0.068	 	 	 	0.069	 
	32
	 	 	0.070	 	 	 	0.071	 	 	 	0.072	 	 	 	0.073	 	 	 	0.073	 	 	 	0.074	 	 	 	0.075	 	 	 	0.076	 	 	 	0.077	 	 	 	0.078	 	 	 	0.078	 	 	 	0.079	 
	33
	 	 	0.080	 	 	 	0.081	 	 	 	0.082	 	 	 	0.083	 	 	 	0.083	 	 	 	0.084	 	 	 	0.085	 	 	 	0.086	 	 	 	0.087	 	 	 	0.088	 	 	 	0.088	 	 	 	0.089	 
	34
	 	 	0.090	 	 	 	0.091	 	 	 	0.092	 	 	 	0.093	 	 	 	0.093	 	 	 	0.094	 	 	 	0.095	 	 	 	0.096	 	 	 	0.097	 	 	 	0.098	 	 	 	0.098	 	 	 	0.099	 
	35
	 	 	0.100	 	 	 	0.101	 	 	 	0.102	 	 	 	0.103	 	 	 	0.103	 	 	 	0.104	 	 	 	0.105	 	 	 	0.106	 	 	 	0.107	 	 	 	0.108	 	 	 	0.108	 	 	 	0.109	 
	36
	 	 	0.110	 	 	 	0.111	 	 	 	0.112	 	 	 	0.113	 	 	 	0.113	 	 	 	0.114	 	 	 	0.115	 	 	 	0.116	 	 	 	0.117	 	 	 	0.118	 	 	 	0.118	 	 	 	0.119	 
	37
	 	 	0.120	 	 	 	0.121	 	 	 	0.122	 	 	 	0.123	 	 	 	0.123	 	 	 	0.124	 	 	 	0.125	 	 	 	0.126	 	 	 	0.127	 	 	 	0.128	 	 	 	0.128	 	 	 	0.129	 
	38
	 	 	0.130	 	 	 	0.131	 	 	 	0.132	 	 	 	0.133	 	 	 	0.133	 	 	 	0.134	 	 	 	0.135	 	 	 	0.136	 	 	 	0.137	 	 	 	0.138	 	 	 	0.138	 	 	 	0.139	 
	39
	 	 	0.140	 	 	 	0.141	 	 	 	0.142	 	 	 	0.143	 	 	 	0.143	 	 	 	0.144	 	 	 	0.145	 	 	 	0.146	 	 	 	0.147	 	 	 	0.148	 	 	 	0.148	 	 	 	0.149	 
	40
	 	 	0.150	 	 	 	0.151	 	 	 	0.152	 	 	 	0.153	 	 	 	0.153	 	 	 	0.154	 	 	 	0.155	 	 	 	0.156	 	 	 	0.157	 	 	 	0.158	 	 	 	0.158	 	 	 	0.159	 
	41
	 	 	0.160	 	 	 	0.161	 	 	 	0.162	 	 	 	0.163	 	 	 	0.163	 	 	 	0.164	 	 	 	0.165	 	 	 	0.166	 	 	 	0.167	 	 	 	0.168	 	 	 	0.168	 	 	 	0.169	 
	42
	 	 	0.170	 	 	 	0.171	 	 	 	0.172	 	 	 	0.173	 	 	 	0.173	 	 	 	0.174	 	 	 	0.175	 	 	 	0.176	 	 	 	0.177	 	 	 	0.178	 	 	 	0.178	 	 	 	0.179	 
	43
	 	 	0.180	 	 	 	0.181	 	 	 	0.182	 	 	 	0.183	 	 	 	0.183	 	 	 	0.184	 	 	 	0.185	 	 	 	0.186	 	 	 	0.187	 	 	 	0.188	 	 	 	0.188	 	 	 	0.189	 
	44
	 	 	0.190	 	 	 	0.191	 	 	 	0.192	 	 	 	0.193	 	 	 	0.193	 	 	 	0.194	 	 	 	0.195	 	 	 	0.196	 	 	 	0.197	 	 	 	0.198	 	 	 	0.198	 	 	 	0.199	 
	45
	 	 	0.200	 	 	 	0.203	 	 	 	0.205	 	 	 	0.208	 	 	 	0.210	 	 	 	0.213	 	 	 	0.215	 	 	 	0.218	 	 	 	0.220	 	 	 	0.223	 	 	 	0.225	 	 	 	0.228	 
	46
	 	 	0.230	 	 	 	0.233	 	 	 	0.235	 	 	 	0.238	 	 	 	0.240	 	 	 	0.243	 	 	 	0.245	 	 	 	0.248	 	 	 	0.250	 	 	 	0.253	 	 	 	0.255	 	 	 	0.258	 
	47
	 	 	0.260	 	 	 	0.263	 	 	 	0.265	 	 	 	0.268	 	 	 	0.270	 	 	 	0.273	 	 	 	0.275	 	 	 	0.278	 	 	 	0.280	 	 	 	0.283	 	 	 	0.285	 	 	 	0.288	 
	48
	 	 	0.290	 	 	 	0.293	 	 	 	0.295	 	 	 	0.298	 	 	 	0.300	 	 	 	0.303	 	 	 	0.305	 	 	 	0.308	 	 	 	0.310	 	 	 	0.313	 	 	 	0.315	 	 	 	0.318	 
	49
	 	 	0.320	 	 	 	0.323	 	 	 	0.325	 	 	 	0.328	 	 	 	0.330	 	 	 	0.333	 	 	 	0.335	 	 	 	0.338	 	 	 	0.340	 	 	 	0.343	 	 	 	0.345	 	 	 	0.348	 
	50
	 	 	0.350	 	 	 	0.353	 	 	 	0.355	 	 	 	0.358	 	 	 	0.360	 	 	 	0.363	 	 	 	0.365	 	 	 	0.368	 	 	 	0.370	 	 	 	0.373	 	 	 	0.375	 	 	 	0.378	 
	51
	 	 	0.380	 	 	 	0.383	 	 	 	0.385	 	 	 	0.388	 	 	 	0.390	 	 	 	0.393	 	 	 	0.395	 	 	 	0.398	 	 	 	0.400	 	 	 	0.403	 	 	 	0.405	 	 	 	0.408	 
	52
	 	 	0.410	 	 	 	0.413	 	 	 	0.415	 	 	 	0.418	 	 	 	0.420	 	 	 	0.423	 	 	 	0.425	 	 	 	0.428	 	 	 	0.430	 	 	 	0.433	 	 	 	0.435	 	 	 	0.438	 
	53
	 	 	0.440	 	 	 	0.443	 	 	 	0.445	 	 	 	0.448	 	 	 	0.450	 	 	 	0.453	 	 	 	0.455	 	 	 	0.458	 	 	 	0.460	 	 	 	0.463	 	 	 	0.465	 	 	 	0.468	 
	54
	 	 	0.470	 	 	 	0.473	 	 	 	0.475	 	 	 	0.478	 	 	 	0.480	 	 	 	0.483	 	 	 	0.485	 	 	 	0.488	 	 	 	0.490	 	 	 	0.493	 	 	 	0.495	 	 	 	0.498	 
	55
	 	 	0.500	 	 	 	0.503	 	 	 	0.507	 	 	 	0.510	 	 	 	0.513	 	 	 	0.517	 	 	 	0.520	 	 	 	0.523	 	 	 	0.527	 	 	 	0.530	 	 	 	0.533	 	 	 	0.537	 
	56
	 	 	0.540	 	 	 	0.543	 	 	 	0.547	 	 	 	0.550	 	 	 	0.553	 	 	 	0.557	 	 	 	0.560	 	 	 	0.563	 	 	 	0.567	 	 	 	0.570	 	 	 	0.573	 	 	 	0.577	 
	57
	 	 	0.580	 	 	 	0.583	 	 	 	0.587	 	 	 	0.590	 	 	 	0.593	 	 	 	0.597	 	 	 	0.600	 	 	 	0.603	 	 	 	0.607	 	 	 	0.610	 	 	 	0.613	 	 	 	0.617	 
	58
	 	 	0.620	 	 	 	0.623	 	 	 	0.627	 	 	 	0.630	 	 	 	0.633	 	 	 	0.637	 	 	 	0.640	 	 	 	0.643	 	 	 	0.647	 	 	 	0.650	 	 	 	0.653	 	 	 	0.657	 
	59
	 	 	0.660	 	 	 	0.663	 	 	 	0.667	 	 	 	0.670	 	 	 	0.673	 	 	 	0.677	 	 	 	0.680	 	 	 	0.683	 	 	 	0.687	 	 	 	0.690	 	 	 	0.693	 	 	 	0.697	 
	60
	 	 	0.700	 	 	 	0.705	 	 	 	0.710	 	 	 	0.715	 	 	 	0.720	 	 	 	0.725	 	 	 	0.730	 	 	 	0.735	 	 	 	0.740	 	 	 	0.745	 	 	 	0.750	 	 	 	0.755	 
	61
	 	 	0.760	 	 	 	0.765	 	 	 	0.770	 	 	 	0.775	 	 	 	0.780	 	 	 	0.785	 	 	 	0.790	 	 	 	0.795	 	 	 	0.800	 	 	 	0.805	 	 	 	0.810	 	 	 	0.815	 
	62
	 	 	0.820	 	 	 	0.825	 	 	 	0.830	 	 	 	0.835	 	 	 	0.840	 	 	 	0.845	 	 	 	0.850	 	 	 	0.855	 	 	 	0.860	 	 	 	0.865	 	 	 	0.870	 	 	 	0.875	 
	63
	 	 	0.880	 	 	 	0.885	 	 	 	0.890	 	 	 	0.895	 	 	 	0.900	 	 	 	0.905	 	 	 	0.910	 	 	 	0.915	 	 	 	0.920	 	 	 	0.925	 	 	 	0.930	 	 	 	0.935	 
	64
	 	 	0.940	 	 	 	0.945	 	 	 	0.950	 	 	 	0.955	 	 	 	0.960	 	 	 	0.965	 	 	 	0.970	 	 	 	0.975	 	 	 	0.980	 	 	 	0.985	 	 	 	0.990	 	 	 	0.995	 
	65
	 	 	1.000	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

					
	 
	 	 	 	Table I(B)
	 
	 
	 	APPENDIX E
	 	 

3% EARLY RETIREMENT FACTORS @ AGE 65

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AGE	 	0	 	 	1	 	 	2	 	 	3	 	 	4	 	 	5	 	 	6	 	 	7	 	 	8	 	 	9	 	 	10	 	 	11	 
	20
	 	 	0.100	 	 	 	0.101	 	 	 	0.102	 	 	 	0.103	 	 	 	0.103	 	 	 	0.104	 	 	 	0.105	 	 	 	0.106	 	 	 	0.107	 	 	 	0.108	 	 	 	0.108	 	 	 	0.109	 
	21
	 	 	0.110	 	 	 	0.111	 	 	 	0.112	 	 	 	0.113	 	 	 	0.113	 	 	 	0.114	 	 	 	0.115	 	 	 	0.116	 	 	 	0.117	 	 	 	0.118	 	 	 	0.118	 	 	 	0.119	 
	22
	 	 	0.120	 	 	 	0.121	 	 	 	0.122	 	 	 	0.123	 	 	 	0.123	 	 	 	0.124	 	 	 	0.125	 	 	 	0.126	 	 	 	0.127	 	 	 	0.128	 	 	 	0.128	 	 	 	0.129	 
	23
	 	 	0.130	 	 	 	0.131	 	 	 	0.132	 	 	 	0.133	 	 	 	0.133	 	 	 	0.134	 	 	 	0.135	 	 	 	0.136	 	 	 	0.137	 	 	 	0.138	 	 	 	0.138	 	 	 	0.139	 
	24
	 	 	0.140	 	 	 	0.141	 	 	 	0.142	 	 	 	0.143	 	 	 	0.143	 	 	 	0.144	 	 	 	0.145	 	 	 	0.146	 	 	 	0.147	 	 	 	0.148	 	 	 	0.148	 	 	 	0.149	 
	25
	 	 	0.150	 	 	 	0.151	 	 	 	0.152	 	 	 	0.153	 	 	 	0.153	 	 	 	0.154	 	 	 	0.155	 	 	 	0.156	 	 	 	0.157	 	 	 	0.158	 	 	 	0.158	 	 	 	0.159	 
	26
	 	 	0.160	 	 	 	0.161	 	 	 	0.162	 	 	 	0.163	 	 	 	0.163	 	 	 	0.164	 	 	 	0.165	 	 	 	0.166	 	 	 	0.167	 	 	 	0.168	 	 	 	0.168	 	 	 	0.169	 
	27
	 	 	0.170	 	 	 	0.171	 	 	 	0.172	 	 	 	0.173	 	 	 	0.173	 	 	 	0.174	 	 	 	0.175	 	 	 	0.176	 	 	 	0.177	 	 	 	0.178	 	 	 	0.178	 	 	 	0.179	 
	28
	 	 	0.180	 	 	 	0.181	 	 	 	0.182	 	 	 	0.183	 	 	 	0.183	 	 	 	0.184	 	 	 	0.185	 	 	 	0.186	 	 	 	0.187	 	 	 	0.188	 	 	 	0.188	 	 	 	0.189	 
	29
	 	 	0.190	 	 	 	0.191	 	 	 	0.192	 	 	 	0.193	 	 	 	0.193	 	 	 	0.194	 	 	 	0.195	 	 	 	0.196	 	 	 	0.197	 	 	 	0.198	 	 	 	0.198	 	 	 	0.199	 
	30
	 	 	0.200	 	 	 	0.201	 	 	 	0.202	 	 	 	0.203	 	 	 	0.203	 	 	 	0.204	 	 	 	0.205	 	 	 	0.206	 	 	 	0.207	 	 	 	0.208	 	 	 	0.208	 	 	 	0.209	 
	31
	 	 	0.210	 	 	 	0.211	 	 	 	0.212	 	 	 	0.213	 	 	 	0.213	 	 	 	0.214	 	 	 	0.215	 	 	 	0.216	 	 	 	0.217	 	 	 	0.218	 	 	 	0.218	 	 	 	0.219	 
	32
	 	 	0.220	 	 	 	0.221	 	 	 	0.222	 	 	 	0.223	 	 	 	0.223	 	 	 	0.224	 	 	 	0.225	 	 	 	0.226	 	 	 	0.227	 	 	 	0.228	 	 	 	0.228	 	 	 	0.229	 
	33
	 	 	0.230	 	 	 	0.231	 	 	 	0.232	 	 	 	0.233	 	 	 	0.233	 	 	 	0.234	 	 	 	0.235	 	 	 	0.236	 	 	 	0.237	 	 	 	0.238	 	 	 	0.238	 	 	 	0.239	 
	34
	 	 	0.240	 	 	 	0.241	 	 	 	0.242	 	 	 	0.243	 	 	 	0.243	 	 	 	0.244	 	 	 	0.245	 	 	 	0.246	 	 	 	0.247	 	 	 	0.248	 	 	 	0.248	 	 	 	0.249	 
	35
	 	 	0.250	 	 	 	0.251	 	 	 	0.252	 	 	 	0.253	 	 	 	0.253	 	 	 	0.254	 	 	 	0.255	 	 	 	0.256	 	 	 	0.257	 	 	 	0.258	 	 	 	0.258	 	 	 	0.259	 
	36
	 	 	0.260	 	 	 	0.261	 	 	 	0.262	 	 	 	0.263	 	 	 	0.263	 	 	 	0.264	 	 	 	0.265	 	 	 	0.266	 	 	 	0.267	 	 	 	0.268	 	 	 	0.268	 	 	 	0.269	 
	37
	 	 	0.270	 	 	 	0.271	 	 	 	0.272	 	 	 	0.273	 	 	 	0.273	 	 	 	0.274	 	 	 	0.275	 	 	 	0.276	 	 	 	0.277	 	 	 	0.278	 	 	 	0.278	 	 	 	0.279	 
	38
	 	 	0.280	 	 	 	0.281	 	 	 	0.282	 	 	 	0.283	 	 	 	0.283	 	 	 	0.284	 	 	 	0.285	 	 	 	0.286	 	 	 	0.287	 	 	 	0.288	 	 	 	0.288	 	 	 	0.289	 
	39
	 	 	0.290	 	 	 	0.291	 	 	 	0.292	 	 	 	0.293	 	 	 	0.293	 	 	 	0.294	 	 	 	0.295	 	 	 	0.296	 	 	 	0.297	 	 	 	0.298	 	 	 	0.298	 	 	 	0.299	 
	40
	 	 	0.300	 	 	 	0.302	 	 	 	0.303	 	 	 	0.305	 	 	 	0.307	 	 	 	0.308	 	 	 	0.310	 	 	 	0.312	 	 	 	0.313	 	 	 	0.315	 	 	 	0.317	 	 	 	0.318	 
	41
	 	 	0.320	 	 	 	0.322	 	 	 	0.323	 	 	 	0.325	 	 	 	0.327	 	 	 	0.328	 	 	 	0.330	 	 	 	0.332	 	 	 	0.333	 	 	 	0.335	 	 	 	0.337	 	 	 	0.338	 
	42
	 	 	0.340	 	 	 	0.342	 	 	 	0.343	 	 	 	0.345	 	 	 	0.347	 	 	 	0.348	 	 	 	0.350	 	 	 	0.352	 	 	 	0.353	 	 	 	0.355	 	 	 	0.357	 	 	 	0.358	 
	43
	 	 	0.360	 	 	 	0.362	 	 	 	0.363	 	 	 	0.365	 	 	 	0.367	 	 	 	0.368	 	 	 	0.370	 	 	 	0.372	 	 	 	0.373	 	 	 	0.375	 	 	 	0.377	 	 	 	0.378	 
	44
	 	 	0.380	 	 	 	0.382	 	 	 	0.383	 	 	 	0.385	 	 	 	0.387	 	 	 	0.388	 	 	 	0.390	 	 	 	0.392	 	 	 	0.393	 	 	 	0.395	 	 	 	0.397	 	 	 	0.398	 
	45
	 	 	0.400	 	 	 	0.402	 	 	 	0.405	 	 	 	0.408	 	 	 	0.410	 	 	 	0.413	 	 	 	0.415	 	 	 	0.417	 	 	 	0.420	 	 	 	0.423	 	 	 	0.425	 	 	 	0.428	 
	46
	 	 	0.430	 	 	 	0.432	 	 	 	0.435	 	 	 	0.438	 	 	 	0.440	 	 	 	0.443	 	 	 	0.445	 	 	 	0.447	 	 	 	0.450	 	 	 	0.453	 	 	 	0.455	 	 	 	0.458	 
	47
	 	 	0.460	 	 	 	0.462	 	 	 	0.465	 	 	 	0.468	 	 	 	0.470	 	 	 	0.473	 	 	 	0.475	 	 	 	0.477	 	 	 	0.480	 	 	 	0.483	 	 	 	0.485	 	 	 	0.488	 
	48
	 	 	0.490	 	 	 	0.492	 	 	 	0.495	 	 	 	0.498	 	 	 	0.500	 	 	 	0.503	 	 	 	0.505	 	 	 	0.507	 	 	 	0.510	 	 	 	0.513	 	 	 	0.515	 	 	 	0.518	 
	49
	 	 	0.520	 	 	 	0.522	 	 	 	0.525	 	 	 	0.528	 	 	 	0.530	 	 	 	0.533	 	 	 	0.535	 	 	 	0.537	 	 	 	0.540	 	 	 	0.543	 	 	 	0.545	 	 	 	0.548	 
	50
	 	 	0.550	 	 	 	0.552	 	 	 	0.555	 	 	 	0.558	 	 	 	0.560	 	 	 	0.563	 	 	 	0.565	 	 	 	0.567	 	 	 	0.570	 	 	 	0.573	 	 	 	0.575	 	 	 	0.578	 
	51
	 	 	0.580	 	 	 	0.582	 	 	 	0.585	 	 	 	0.588	 	 	 	0.590	 	 	 	0.593	 	 	 	0.595	 	 	 	0.597	 	 	 	0.600	 	 	 	0.603	 	 	 	0.605	 	 	 	0.608	 
	52
	 	 	0.610	 	 	 	0.612	 	 	 	0.615	 	 	 	0.618	 	 	 	0.620	 	 	 	0.623	 	 	 	0.625	 	 	 	0.627	 	 	 	0.630	 	 	 	0.633	 	 	 	0.635	 	 	 	0.638	 
	53
	 	 	0.640	 	 	 	0.642	 	 	 	0.645	 	 	 	0.648	 	 	 	0.650	 	 	 	0.653	 	 	 	0.655	 	 	 	0.657	 	 	 	0.660	 	 	 	0.663	 	 	 	0.665	 	 	 	0.668	 
	54
	 	 	0.670	 	 	 	0.672	 	 	 	0.675	 	 	 	0.678	 	 	 	0.680	 	 	 	0.683	 	 	 	0.685	 	 	 	0.687	 	 	 	0.690	 	 	 	0.693	 	 	 	0.695	 	 	 	0.698	 
	55
	 	 	0.700	 	 	 	0.702	 	 	 	0.705	 	 	 	0.708	 	 	 	0.710	 	 	 	0.713	 	 	 	0.715	 	 	 	0.717	 	 	 	0.720	 	 	 	0.723	 	 	 	0.725	 	 	 	0.728	 
	56
	 	 	0.730	 	 	 	0.732	 	 	 	0.735	 	 	 	0.738	 	 	 	0.740	 	 	 	0.743	 	 	 	0.745	 	 	 	0.747	 	 	 	0.750	 	 	 	0.753	 	 	 	0.755	 	 	 	0.758	 
	57
	 	 	0.760	 	 	 	0.762	 	 	 	0.765	 	 	 	0.768	 	 	 	0.770	 	 	 	0.773	 	 	 	0.775	 	 	 	0.777	 	 	 	0.780	 	 	 	0.783	 	 	 	0.785	 	 	 	0.788	 
	58
	 	 	0.790	 	 	 	0.792	 	 	 	0.795	 	 	 	0.798	 	 	 	0.800	 	 	 	0.803	 	 	 	0.805	 	 	 	0.807	 	 	 	0.810	 	 	 	0.813	 	 	 	0.815	 	 	 	0.818	 
	59
	 	 	0.820	 	 	 	0.822	 	 	 	0.825	 	 	 	0.828	 	 	 	0.830	 	 	 	0.833	 	 	 	0.835	 	 	 	0.837	 	 	 	0.840	 	 	 	0.843	 	 	 	0.845	 	 	 	0.848	 
	60
	 	 	0.850	 	 	 	0.852	 	 	 	0.855	 	 	 	0.858	 	 	 	0.860	 	 	 	0.863	 	 	 	0.865	 	 	 	0.867	 	 	 	0.870	 	 	 	0.873	 	 	 	0.875	 	 	 	0.878	 
	61
	 	 	0.880	 	 	 	0.882	 	 	 	0.885	 	 	 	0.888	 	 	 	0.890	 	 	 	0.893	 	 	 	0.895	 	 	 	0.897	 	 	 	0.900	 	 	 	0.903	 	 	 	0.905	 	 	 	0.908	 
	62
	 	 	0.910	 	 	 	0.912	 	 	 	0.915	 	 	 	0.918	 	 	 	0.920	 	 	 	0.923	 	 	 	0.925	 	 	 	0.927	 	 	 	0.930	 	 	 	0.933	 	 	 	0.935	 	 	 	0.938	 
	63
	 	 	0.940	 	 	 	0.942	 	 	 	0.945	 	 	 	0.948	 	 	 	0.950	 	 	 	0.953	 	 	 	0.955	 	 	 	0.957	 	 	 	0.960	 	 	 	0.963	 	 	 	0.965	 	 	 	0.968	 
	64
	 	 	0.970	 	 	 	0.972	 	 	 	0.975	 	 	 	0.978	 	 	 	0.980	 	 	 	0.983	 	 	 	0.985	 	 	 	0.987	 	 	 	0.990	 	 	 	0.993	 	 	 	0.995	 	 	 	0.998	 
	65
	 	 	1.000	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

					
	 
	 	 	 	Table I(C)
	 
	 
	 	APPENDIX E
	 	 

R/70 & R/80 EARLY RETIREMENT FACTORS @ AGE 65

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AGE	 	0	 	 	1	 	 	2	 	 	3	 	 	4	 	 	5	 	 	6	 	 	7	 	 	8	 	 	9	 	 	10	 	 	11	 
	45
	 	 	0.700	 	 	 	0.701	 	 	 	0.703	 	 	 	0.704	 	 	 	0.705	 	 	 	0.706	 	 	 	0.708	 	 	 	0.709	 	 	 	0.710	 	 	 	0.711	 	 	 	0.713	 	 	 	0.714	 
	46
	 	 	0.715	 	 	 	0.716	 	 	 	0.718	 	 	 	0.719	 	 	 	0.720	 	 	 	0.721	 	 	 	0.723	 	 	 	0.724	 	 	 	0.725	 	 	 	0.726	 	 	 	0.728	 	 	 	0.729	 
	47
	 	 	0.730	 	 	 	0.731	 	 	 	0.733	 	 	 	0.734	 	 	 	0.735	 	 	 	0.736	 	 	 	0.738	 	 	 	0.739	 	 	 	0.740	 	 	 	0.741	 	 	 	0.743	 	 	 	0.744	 
	48
	 	 	0.745	 	 	 	0.746	 	 	 	0.748	 	 	 	0.749	 	 	 	0.750	 	 	 	0.751	 	 	 	0.753	 	 	 	0.754	 	 	 	0.755	 	 	 	0.756	 	 	 	0.758	 	 	 	0.759	 
	49
	 	 	0.760	 	 	 	0.761	 	 	 	0.763	 	 	 	0.764	 	 	 	0.765	 	 	 	0.766	 	 	 	0.768	 	 	 	0.769	 	 	 	0.770	 	 	 	0.771	 	 	 	0.773	 	 	 	0.774	 
	50
	 	 	0.775	 	 	 	0.776	 	 	 	0.778	 	 	 	0.779	 	 	 	0.780	 	 	 	0.781	 	 	 	0.783	 	 	 	0.784	 	 	 	0.785	 	 	 	0.786	 	 	 	0.788	 	 	 	0.789	 
	51
	 	 	0.790	 	 	 	0.791	 	 	 	0.793	 	 	 	0.794	 	 	 	0.795	 	 	 	0.796	 	 	 	0.798	 	 	 	0.799	 	 	 	0.800	 	 	 	0.801	 	 	 	0.803	 	 	 	0.804	 
	52
	 	 	0.805	 	 	 	0.806	 	 	 	0.808	 	 	 	0.809	 	 	 	0.810	 	 	 	0.811	 	 	 	0.813	 	 	 	0.814	 	 	 	0.815	 	 	 	0.816	 	 	 	0.818	 	 	 	0.819	 
	53
	 	 	0.820	 	 	 	0.821	 	 	 	0.823	 	 	 	0.824	 	 	 	0.825	 	 	 	0.826	 	 	 	0.828	 	 	 	0.829	 	 	 	0.830	 	 	 	0.831	 	 	 	0.833	 	 	 	0.834	 
	54
	 	 	0.835	 	 	 	0.836	 	 	 	0.838	 	 	 	0.839	 	 	 	0.840	 	 	 	0.841	 	 	 	0.843	 	 	 	0.844	 	 	 	0.845	 	 	 	0.846	 	 	 	0.848	 	 	 	0.849	 
	55
	 	 	0.850	 	 	 	0.851	 	 	 	0.853	 	 	 	0.854	 	 	 	0.855	 	 	 	0.856	 	 	 	0.858	 	 	 	0.859	 	 	 	0.860	 	 	 	0.861	 	 	 	0.863	 	 	 	0.864	 
	56
	 	 	0.865	 	 	 	0.866	 	 	 	0.868	 	 	 	0.869	 	 	 	0.870	 	 	 	0.871	 	 	 	0.873	 	 	 	0.874	 	 	 	0.875	 	 	 	0.876	 	 	 	0.878	 	 	 	0.879	 
	57
	 	 	0.880	 	 	 	0.881	 	 	 	0.883	 	 	 	0.884	 	 	 	0.885	 	 	 	0.886	 	 	 	0.888	 	 	 	0.889	 	 	 	0.890	 	 	 	0.891	 	 	 	0.893	 	 	 	0.894	 
	58
	 	 	0.895	 	 	 	0.896	 	 	 	0.898	 	 	 	0.899	 	 	 	0.900	 	 	 	0.901	 	 	 	0.903	 	 	 	0.904	 	 	 	0.905	 	 	 	0.906	 	 	 	0.908	 	 	 	0.909	 
	59
	 	 	0.910	 	 	 	0.911	 	 	 	0.913	 	 	 	0.914	 	 	 	0.915	 	 	 	0.916	 	 	 	0.918	 	 	 	0.919	 	 	 	0.920	 	 	 	0.921	 	 	 	0.923	 	 	 	0.924	 
	60
	 	 	0.925	 	 	 	0.926	 	 	 	0.928	 	 	 	0.929	 	 	 	0.930	 	 	 	0.931	 	 	 	0.933	 	 	 	0.934	 	 	 	0.935	 	 	 	0.936	 	 	 	0.938	 	 	 	0.939	 
	61
	 	 	0.940	 	 	 	0.941	 	 	 	0.943	 	 	 	0.944	 	 	 	0.945	 	 	 	0.946	 	 	 	0.948	 	 	 	0.949	 	 	 	0.950	 	 	 	0.951	 	 	 	0.953	 	 	 	0.954	 
	62
	 	 	0.955	 	 	 	0.956	 	 	 	0.958	 	 	 	0.959	 	 	 	0.960	 	 	 	0.961	 	 	 	0.963	 	 	 	0.964	 	 	 	0.965	 	 	 	0.966	 	 	 	0.968	 	 	 	0.969	 
	63
	 	 	0.970	 	 	 	0.971	 	 	 	0.973	 	 	 	0.974	 	 	 	0.975	 	 	 	0.976	 	 	 	0.978	 	 	 	0.979	 	 	 	0.980	 	 	 	0.981	 	 	 	0.983	 	 	 	0.984	 
	64
	 	 	0.985	 	 	 	0.986	 	 	 	0.988	 	 	 	0.989	 	 	 	0.990	 	 	 	0.991	 	 	 	0.993	 	 	 	0.994	 	 	 	0.995	 	 	 	0.996	 	 	 	0.998	 	 	 	0.999	 
	65
	 	 	1.000	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

					
	 
	 	 	 	Table II(A)
	 
	 
	 	APPENDIX E
	 	 

ACTUARIAL EQUIVALENT EARLY RETIREMENT FACTORS UNREDUCED
AGE 62

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AGE	 	0	 	 	1	 	 	2	 	 	3	 	 	4	 	 	5	 	 	6	 	 	7	 	 	8	 	 	9	 	 	10	 	 	11	 
	20
	 	 	0,080	 	 	 	0.081	 	 	 	0.082	 	 	 	0.083	 	 	 	0.083	 	 	 	0.084	 	 	 	0.085	 	 	 	0.086	 	 	 	0.087	 	 	 	0.088	 	 	 	0.088	 	 	 	0.089	 
	21
	 	 	0.090	 	 	 	0.091	 	 	 	0.092	 	 	 	0.093	 	 	 	0.093	 	 	 	0.094	 	 	 	0.095	 	 	 	0.096	 	 	 	0.097	 	 	 	0.098	 	 	 	0.098	 	 	 	0.099	 
	22
	 	 	0.100	 	 	 	0.101	 	 	 	0.102	 	 	 	0.103	 	 	 	0.103	 	 	 	0.104	 	 	 	0.105	 	 	 	0.106	 	 	 	0.107	 	 	 	0.108	 	 	 	0.108	 	 	 	0.109	 
	23
	 	 	0.110	 	 	 	0.111	 	 	 	0.112	 	 	 	0.113	 	 	 	0.113	 	 	 	0.114	 	 	 	0.115	 	 	 	0.116	 	 	 	0.117	 	 	 	0.118	 	 	 	0.118	 	 	 	0.119	 
	24
	 	 	0.120	 	 	 	0.121	 	 	 	0.122	 	 	 	0.123	 	 	 	0.123	 	 	 	0.124	 	 	 	0.125	 	 	 	0.126	 	 	 	0.127	 	 	 	0.128	 	 	 	0.128	 	 	 	0.129	 
	25
	 	 	0.130	 	 	 	0.131	 	 	 	0.132	 	 	 	0.133	 	 	 	0.133	 	 	 	0.134	 	 	 	0.135	 	 	 	0.136	 	 	 	0.137	 	 	 	0.138	 	 	 	0.138	 	 	 	0.139	 
	26
	 	 	0.140	 	 	 	0.141	 	 	 	0.142	 	 	 	0.143	 	 	 	0.143	 	 	 	0.144	 	 	 	0.145	 	 	 	0.146	 	 	 	0.147	 	 	 	0.148	 	 	 	0.148	 	 	 	0.149	 
	27
	 	 	0.150	 	 	 	0.151	 	 	 	0.152	 	 	 	0.153	 	 	 	0.153	 	 	 	0.154	 	 	 	0.155	 	 	 	0.156	 	 	 	0.157	 	 	 	0.158	 	 	 	0.158	 	 	 	0.159	 
	28
	 	 	0.160	 	 	 	0.161	 	 	 	0.162	 	 	 	0.163	 	 	 	0.163	 	 	 	0.164	 	 	 	0.165	 	 	 	0.166	 	 	 	0.167	 	 	 	0.168	 	 	 	0.168	 	 	 	0.169	 
	29
	 	 	0.170	 	 	 	0.171	 	 	 	0.172	 	 	 	0.173	 	 	 	0.173	 	 	 	0.174	 	 	 	0.175	 	 	 	0.176	 	 	 	0.177	 	 	 	0.178	 	 	 	0.178	 	 	 	0.179	 
	30
	 	 	0.180	 	 	 	0.181	 	 	 	0.182	 	 	 	0.183	 	 	 	0.183	 	 	 	0.184	 	 	 	0.185	 	 	 	0.186	 	 	 	0.187	 	 	 	0.188	 	 	 	0.188	 	 	 	0.189	 
	31
	 	 	0.190	 	 	 	0.191	 	 	 	0.192	 	 	 	0.193	 	 	 	0.193	 	 	 	0.194	 	 	 	0.195	 	 	 	0.196	 	 	 	0.197	 	 	 	0.198	 	 	 	0.198	 	 	 	0.199	 
	32
	 	 	0.200	 	 	 	0.201	 	 	 	0.202	 	 	 	0.203	 	 	 	0.203	 	 	 	0.204	 	 	 	0.205	 	 	 	0.206	 	 	 	0.207	 	 	 	0.208	 	 	 	0.208	 	 	 	0.209	 
	33
	 	 	0.210	 	 	 	0.211	 	 	 	0.212	 	 	 	0.213	 	 	 	0.213	 	 	 	0.214	 	 	 	0.215	 	 	 	0.216	 	 	 	0.217	 	 	 	0.218	 	 	 	0.218	 	 	 	0.219	 
	34
	 	 	0.220	 	 	 	0.221	 	 	 	0.222	 	 	 	0.223	 	 	 	0.223	 	 	 	0.224	 	 	 	0.225	 	 	 	0.226	 	 	 	0.227	 	 	 	0.228	 	 	 	0.228	 	 	 	0.229	 
	35
	 	 	0.230	 	 	 	0.231	 	 	 	0.232	 	 	 	0.233	 	 	 	0.233	 	 	 	0.234	 	 	 	0.235	 	 	 	0.236	 	 	 	0.237	 	 	 	0.238	 	 	 	0.238	 	 	 	0.239	 
	36
	 	 	0.240	 	 	 	0.241	 	 	 	0.242	 	 	 	0.243	 	 	 	0.243	 	 	 	0.244	 	 	 	0.245	 	 	 	0.246	 	 	 	0.247	 	 	 	0.248	 	 	 	0.248	 	 	 	0.249	 
	37
	 	 	0.250	 	 	 	0.251	 	 	 	0.252	 	 	 	0.253	 	 	 	0.253	 	 	 	0.254	 	 	 	0.255	 	 	 	0.256	 	 	 	0.257	 	 	 	0.258	 	 	 	0.258	 	 	 	0.259	 
	38
	 	 	0.260	 	 	 	0.261	 	 	 	0.262	 	 	 	0.263	 	 	 	0.263	 	 	 	0.264	 	 	 	0.265	 	 	 	0.266	 	 	 	0.267	 	 	 	0.268	 	 	 	0.268	 	 	 	0.269	 
	39
	 	 	0.270	 	 	 	0.271	 	 	 	0.272	 	 	 	0.273	 	 	 	0.273	 	 	 	0.274	 	 	 	0.275	 	 	 	0.276	 	 	 	0.277	 	 	 	0.278	 	 	 	0.278	 	 	 	0.279	 
	40
	 	 	0.280	 	 	 	0.282	 	 	 	0.283	 	 	 	0.285	 	 	 	0.287	 	 	 	0.288	 	 	 	0.290	 	 	 	0.292	 	 	 	0.293	 	 	 	0.295	 	 	 	0.297	 	 	 	0.298	 
	41
	 	 	0.300	 	 	 	0.302	 	 	 	0.303	 	 	 	0.305	 	 	 	0.307	 	 	 	0.308	 	 	 	0.310	 	 	 	0.312	 	 	 	0.313	 	 	 	0.315	 	 	 	0.317	 	 	 	0.318	 
	42
	 	 	0.320	 	 	 	0.322	 	 	 	0.323	 	 	 	0.325	 	 	 	0.327	 	 	 	0.328	 	 	 	0.330	 	 	 	0.332	 	 	 	0.333	 	 	 	0.335	 	 	 	0.337	 	 	 	0.338	 
	43
	 	 	0.340	 	 	 	0.342	 	 	 	0.343	 	 	 	0.345	 	 	 	0.347	 	 	 	0.348	 	 	 	0.350	 	 	 	0.352	 	 	 	0.353	 	 	 	0.355	 	 	 	0.357	 	 	 	0.358	 
	44
	 	 	0.360	 	 	 	0.362	 	 	 	0.363	 	 	 	0.365	 	 	 	0.367	 	 	 	0.368	 	 	 	0.370	 	 	 	0.372	 	 	 	0.373	 	 	 	0.375	 	 	 	0.377	 	 	 	0.378	 
	45
	 	 	0.380	 	 	 	0.383	 	 	 	0.385	 	 	 	0.388	 	 	 	0.390	 	 	 	0.393	 	 	 	0.395	 	 	 	0.398	 	 	 	0.400	 	 	 	0.403	 	 	 	0.405	 	 	 	0.408	 
	46
	 	 	0.410	 	 	 	0.413	 	 	 	0.415	 	 	 	0.418	 	 	 	0.420	 	 	 	0.423	 	 	 	0.425	 	 	 	0.428	 	 	 	0.430	 	 	 	0.433	 	 	 	0.435	 	 	 	0.438	 
	47
	 	 	0.440	 	 	 	0.443	 	 	 	0.445	 	 	 	0.448	 	 	 	0.450	 	 	 	0.453	 	 	 	0.455	 	 	 	0.458	 	 	 	0.460	 	 	 	0.463	 	 	 	0.465	 	 	 	0.468	 
	48
	 	 	0.470	 	 	 	0.473	 	 	 	0.475	 	 	 	0.478	 	 	 	0.480	 	 	 	0.483	 	 	 	0.485	 	 	 	0.488	 	 	 	0.490	 	 	 	0.493	 	 	 	0.495	 	 	 	0.498	 
	49
	 	 	0.500	 	 	 	0.503	 	 	 	0.505	 	 	 	0.508	 	 	 	0.510	 	 	 	0.513	 	 	 	0.515	 	 	 	0.518	 	 	 	0.520	 	 	 	0.523	 	 	 	0.525	 	 	 	0.528	 
	50
	 	 	0.530	 	 	 	0.533	 	 	 	0.535	 	 	 	0.538	 	 	 	0.540	 	 	 	0.543	 	 	 	0.545	 	 	 	0.548	 	 	 	0,550	 	 	 	0,553	 	 	 	0.555	 	 	 	0.558	 
	51
	 	 	0.560	 	 	 	0.563	 	 	 	0.565	 	 	 	0.568	 	 	 	0.570	 	 	 	0.573	 	 	 	0.575	 	 	 	0.578	 	 	 	0.580	 	 	 	0.583	 	 	 	0.585	 	 	 	0.588	 
	52
	 	 	0.590	 	 	 	0.593	 	 	 	0.595	 	 	 	0.598	 	 	 	0.600	 	 	 	0.603	 	 	 	0.605	 	 	 	0.608	 	 	 	0.610	 	 	 	0.613	 	 	 	0.615	 	 	 	0.618	 
	53
	 	 	0.620	 	 	 	0.623	 	 	 	0.625	 	 	 	0.628	 	 	 	0.630	 	 	 	0.633	 	 	 	0.635	 	 	 	0.638	 	 	 	0.640	 	 	 	0.643	 	 	 	0.645	 	 	 	0.648	 
	54
	 	 	0.650	 	 	 	0.653	 	 	 	0.655	 	 	 	0.658	 	 	 	0.660	 	 	 	0.663	 	 	 	0.665	 	 	 	0.668	 	 	 	0.670	 	 	 	0.673	 	 	 	0.675	 	 	 	0.678	 
	55
	 	 	0.680	 	 	 	0.683	 	 	 	0.687	 	 	 	0.690	 	 	 	0.693	 	 	 	0.697	 	 	 	0.700	 	 	 	0.703	 	 	 	0.707	 	 	 	0.710	 	 	 	0.713	 	 	 	0.717	 
	56
	 	 	0.720	 	 	 	0.723	 	 	 	0.727	 	 	 	0.730	 	 	 	0.733	 	 	 	0.737	 	 	 	0.740	 	 	 	0.743	 	 	 	0.747	 	 	 	0.750	 	 	 	0.753	 	 	 	0.757	 
	57
	 	 	0.760	 	 	 	0.763	 	 	 	0.767	 	 	 	0.770	 	 	 	0.773	 	 	 	0.777	 	 	 	0.780	 	 	 	0.783	 	 	 	0.787	 	 	 	0.790	 	 	 	0.793	 	 	 	0.797	 
	58
	 	 	0.800	 	 	 	0.803	 	 	 	0.807	 	 	 	0.810	 	 	 	0.813	 	 	 	0.817	 	 	 	0.820	 	 	 	0.823	 	 	 	0.827	 	 	 	0.830	 	 	 	0.833	 	 	 	0.837	 
	59
	 	 	0.840	 	 	 	0.843	 	 	 	0.847	 	 	 	0.850	 	 	 	0.853	 	 	 	0.857	 	 	 	0.860	 	 	 	0.863	 	 	 	0.867	 	 	 	0.870	 	 	 	0.873	 	 	 	0.877	 
	60
	 	 	0.880	 	 	 	0.885	 	 	 	0.890	 	 	 	0.895	 	 	 	0.900	 	 	 	0.905	 	 	 	0.910	 	 	 	0.915	 	 	 	0.920	 	 	 	0.925	 	 	 	0.930	 	 	 	0.935	 
	61
	 	 	0.940	 	 	 	0.945	 	 	 	0.950	 	 	 	0.955	 	 	 	0.960	 	 	 	0.965	 	 	 	0.970	 	 	 	0.975	 	 	 	0.980	 	 	 	0.985	 	 	 	0.990	 	 	 	0.995	 
	62
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 
	63
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 
	64
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 
	65
	 	 	1.000	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

					
	 
	 	 	 	Table II(B)
	 
	 
	 	APPENDIX E
	 	 

3% EARLY RETIREMENT FACTORS
UNREDUCED AGE 62

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AGE	 	0	 	 	1	 	 	2	 	 	3	 	 	4	 	 	5	 	 	6	 	 	7	 	 	8	 	 	9	 	 	10	 	 	11	 
	20
	 	 	0.190	 	 	 	0.191	 	 	 	0.192	 	 	 	0.193	 	 	 	0.193	 	 	 	0.194	 	 	 	0.195	 	 	 	0.196	 	 	 	0.197	 	 	 	0.198	 	 	 	0.198	 	 	 	0.199	 
	21
	 	 	0.200	 	 	 	0.201	 	 	 	0.202	 	 	 	0.203	 	 	 	0.203	 	 	 	0.204	 	 	 	0.205	 	 	 	0.206	 	 	 	0.207	 	 	 	0.208	 	 	 	0.208	 	 	 	0.209	 
	22
	 	 	0.210	 	 	 	0.211	 	 	 	0.212	 	 	 	0.213	 	 	 	0.213	 	 	 	0.214	 	 	 	0.215	 	 	 	0.216	 	 	 	0.217	 	 	 	0.218	 	 	 	0.218	 	 	 	0.219	 
	23
	 	 	0.220	 	 	 	0.221	 	 	 	0.222	 	 	 	0.223	 	 	 	0.223	 	 	 	0.224	 	 	 	0.225	 	 	 	0.226	 	 	 	0.227	 	 	 	0.228	 	 	 	0.228	 	 	 	0.229	 
	24
	 	 	0.230	 	 	 	0.231	 	 	 	0.232	 	 	 	0.233	 	 	 	0.233	 	 	 	0.234	 	 	 	0.235	 	 	 	0.236	 	 	 	0.237	 	 	 	0.238	 	 	 	0.238	 	 	 	0.239	 
	25
	 	 	0.240	 	 	 	0.241	 	 	 	0.242	 	 	 	0.243	 	 	 	0.243	 	 	 	0.244	 	 	 	0.245	 	 	 	0.246	 	 	 	0.247	 	 	 	0.248	 	 	 	0.248	 	 	 	0.249	 
	26
	 	 	0.250	 	 	 	0.251	 	 	 	0.252	 	 	 	0.253	 	 	 	0.253	 	 	 	0.254	 	 	 	0.255	 	 	 	0.256	 	 	 	0.257	 	 	 	0.258	 	 	 	0.258	 	 	 	0.259	 
	27
	 	 	0.260	 	 	 	0.261	 	 	 	0.262	 	 	 	0.263	 	 	 	0.263	 	 	 	0.264	 	 	 	0.265	 	 	 	0.266	 	 	 	0.267	 	 	 	0.268	 	 	 	0.268	 	 	 	0.269	 
	28
	 	 	0.270	 	 	 	0.271	 	 	 	0.272	 	 	 	0.273	 	 	 	0.273	 	 	 	0.274	 	 	 	0.275	 	 	 	0.276	 	 	 	0.277	 	 	 	0.278	 	 	 	0.278	 	 	 	0.279	 
	29
	 	 	0.280	 	 	 	0.281	 	 	 	0.282	 	 	 	0.283	 	 	 	0.283	 	 	 	0.284	 	 	 	0.285	 	 	 	0.286	 	 	 	0.287	 	 	 	0.288	 	 	 	0.288	 	 	 	0.289	 
	30
	 	 	0.290	 	 	 	0.291	 	 	 	0.292	 	 	 	0.293	 	 	 	0.293	 	 	 	0.294	 	 	 	0.295	 	 	 	0.296	 	 	 	0.297	 	 	 	0.298	 	 	 	0.298	 	 	 	0.299	 
	31
	 	 	0.300	 	 	 	0.301	 	 	 	0.302	 	 	 	0.303	 	 	 	0.303	 	 	 	0.304	 	 	 	0.305	 	 	 	0.306	 	 	 	0.307	 	 	 	0.308	 	 	 	0.308	 	 	 	0.309	 
	32
	 	 	0.310	 	 	 	0.311	 	 	 	0.312	 	 	 	0.313	 	 	 	0.313	 	 	 	0.314	 	 	 	0.315	 	 	 	0.316	 	 	 	0.317	 	 	 	0.318	 	 	 	0.318	 	 	 	0.319	 
	33
	 	 	0.320	 	 	 	0.321	 	 	 	0.322	 	 	 	0.323	 	 	 	0.323	 	 	 	0.324	 	 	 	0.325	 	 	 	0.326	 	 	 	0.327	 	 	 	0.328	 	 	 	0.328	 	 	 	0.329	 
	34
	 	 	0.330	 	 	 	0.331	 	 	 	0.332	 	 	 	0.333	 	 	 	0.333	 	 	 	0.334	 	 	 	0.335	 	 	 	0.336	 	 	 	0.337	 	 	 	0.338	 	 	 	0.338	 	 	 	0.339	 
	35
	 	 	0.340	 	 	 	0.341	 	 	 	0.342	 	 	 	0.343	 	 	 	0.343	 	 	 	0.344	 	 	 	0.345	 	 	 	0.346	 	 	 	0.347	 	 	 	0.348	 	 	 	0.348	 	 	 	0.349	 
	36
	 	 	0.350	 	 	 	0.351	 	 	 	0.352	 	 	 	0.353	 	 	 	0.353	 	 	 	0.354	 	 	 	0.355	 	 	 	0.356	 	 	 	0.357	 	 	 	0.358	 	 	 	0.358	 	 	 	0.359	 
	37
	 	 	0.360	 	 	 	0.361	 	 	 	0.362	 	 	 	0.363	 	 	 	0.363	 	 	 	0.364	 	 	 	0.365	 	 	 	0.366	 	 	 	0.367	 	 	 	0.368	 	 	 	0.368	 	 	 	0.369	 
	38
	 	 	0.370	 	 	 	0.371	 	 	 	0.372	 	 	 	0.373	 	 	 	0.373	 	 	 	0.374	 	 	 	0.375	 	 	 	0.376	 	 	 	0.377	 	 	 	0.378	 	 	 	0.378	 	 	 	0.379	 
	39
	 	 	0.380	 	 	 	0.381	 	 	 	0.382	 	 	 	0.383	 	 	 	0.383	 	 	 	0.384	 	 	 	0.385	 	 	 	0.386	 	 	 	0.387	 	 	 	0.388	 	 	 	0.388	 	 	 	0.389	 
	40
	 	 	0.390	 	 	 	0.392	 	 	 	0.393	 	 	 	0.395	 	 	 	0.397	 	 	 	0.398	 	 	 	0.400	 	 	 	0.402	 	 	 	0,403	 	 	 	0.405	 	 	 	0.407	 	 	 	0.408	 
	41
	 	 	0.410	 	 	 	0.412	 	 	 	0.413	 	 	 	0.415	 	 	 	0.417	 	 	 	0.418	 	 	 	0.420	 	 	 	0.422	 	 	 	0,423	 	 	 	0.425	 	 	 	0.427	 	 	 	0.428	 
	42
	 	 	0.430	 	 	 	0.432	 	 	 	0.433	 	 	 	0.435	 	 	 	0.437	 	 	 	0.438	 	 	 	0.440	 	 	 	0.442	 	 	 	0.443	 	 	 	0.445	 	 	 	0.447	 	 	 	0.448	 
	43
	 	 	0.450	 	 	 	0.452	 	 	 	0.453	 	 	 	0.455	 	 	 	0.457	 	 	 	0.458	 	 	 	0.460	 	 	 	0.462	 	 	 	0.463	 	 	 	0.465	 	 	 	0.467	 	 	 	0.468	 
	44
	 	 	0.470	 	 	 	0.472	 	 	 	0.473	 	 	 	0.475	 	 	 	0.477	 	 	 	0.478	 	 	 	0.480	 	 	 	0.482	 	 	 	0.483	 	 	 	0.485	 	 	 	0.487	 	 	 	0.488	 
	45
	 	 	0.490	 	 	 	0.492	 	 	 	0.495	 	 	 	0.498	 	 	 	0.500	 	 	 	0.503	 	 	 	0.505	 	 	 	0.507	 	 	 	0.510	 	 	 	0.513	 	 	 	0.515	 	 	 	0.518	 
	46
	 	 	0.520	 	 	 	0.522	 	 	 	0.525	 	 	 	0.528	 	 	 	0.530	 	 	 	0.533	 	 	 	0.535	 	 	 	0.537	 	 	 	0.540	 	 	 	0.543	 	 	 	0.545	 	 	 	0.548	 
	47
	 	 	0.550	 	 	 	0.552	 	 	 	0.555	 	 	 	0.558	 	 	 	0.560	 	 	 	0.563	 	 	 	0.565	 	 	 	0.567	 	 	 	0.570	 	 	 	0.573	 	 	 	0.575	 	 	 	0.578	 
	48
	 	 	0.580	 	 	 	0.582	 	 	 	0.585	 	 	 	0.588	 	 	 	0.590	 	 	 	0.593	 	 	 	0.595	 	 	 	0.597	 	 	 	0.600	 	 	 	0.603	 	 	 	0.605	 	 	 	0.608	 
	49
	 	 	0.610	 	 	 	0.612	 	 	 	0.615	 	 	 	0.618	 	 	 	0.620	 	 	 	0.623	 	 	 	0.625	 	 	 	0.627	 	 	 	0.630	 	 	 	0.633	 	 	 	0.635	 	 	 	0.638	 
	50
	 	 	0.640	 	 	 	0.642	 	 	 	0.645	 	 	 	0.648	 	 	 	0.650	 	 	 	0.653	 	 	 	0.655	 	 	 	0.657	 	 	 	0.660	 	 	 	0.663	 	 	 	0.665	 	 	 	0.668	 
	51
	 	 	0.670	 	 	 	0.672	 	 	 	0.675	 	 	 	0.678	 	 	 	0.680	 	 	 	0.683	 	 	 	0.685	 	 	 	0.687	 	 	 	0.690	 	 	 	0.693	 	 	 	0.695	 	 	 	0.698	 
	52
	 	 	0.700	 	 	 	0.702	 	 	 	0.705	 	 	 	0.708	 	 	 	0.710	 	 	 	0.713	 	 	 	0.715	 	 	 	0.717	 	 	 	0.720	 	 	 	0.723	 	 	 	0.725	 	 	 	0.728	 
	53
	 	 	0.730	 	 	 	0.732	 	 	 	0.735	 	 	 	0.738	 	 	 	0.740	 	 	 	0.743	 	 	 	0.745	 	 	 	0.747	 	 	 	0.750	 	 	 	0.753	 	 	 	0.755	 	 	 	0.758	 
	54
	 	 	0.760	 	 	 	0.762	 	 	 	0.765	 	 	 	0.768	 	 	 	0.770	 	 	 	0.773	 	 	 	0.775	 	 	 	0.777	 	 	 	0.780	 	 	 	0.783	 	 	 	0.785	 	 	 	0.788	 
	55
	 	 	0.790	 	 	 	0.792	 	 	 	0.795	 	 	 	0.798	 	 	 	0.800	 	 	 	0.803	 	 	 	0.805	 	 	 	0.807	 	 	 	0.810	 	 	 	0.813	 	 	 	0.815	 	 	 	0.818	 
	56
	 	 	0.820	 	 	 	0.822	 	 	 	0.825	 	 	 	0.828	 	 	 	0.830	 	 	 	0.833	 	 	 	0.835	 	 	 	0.837	 	 	 	0.840	 	 	 	0.843	 	 	 	0.845	 	 	 	0.848	 
	57
	 	 	0.850	 	 	 	0.852	 	 	 	0.855	 	 	 	0.858	 	 	 	0.860	 	 	 	0.863	 	 	 	0.865	 	 	 	0.867	 	 	 	0.870	 	 	 	0.873	 	 	 	0.875	 	 	 	0.878	 
	58
	 	 	0.880	 	 	 	0.882	 	 	 	0.885	 	 	 	0.888	 	 	 	0.890	 	 	 	0.893	 	 	 	0.895	 	 	 	0.897	 	 	 	0.900	 	 	 	0.903	 	 	 	0.905	 	 	 	0.908	 
	59
	 	 	0.910	 	 	 	0.912	 	 	 	0.915	 	 	 	0.918	 	 	 	0.920	 	 	 	0.923	 	 	 	0.925	 	 	 	0.927	 	 	 	0.930	 	 	 	0.933	 	 	 	0.935	 	 	 	0.938	 
	60
	 	 	0.940	 	 	 	0.942	 	 	 	0.945	 	 	 	0.948	 	 	 	0.950	 	 	 	0.953	 	 	 	0.955	 	 	 	0.957	 	 	 	0.960	 	 	 	0.963	 	 	 	0.965	 	 	 	0.968	 
	61
	 	 	0.970	 	 	 	0.972	 	 	 	0.975	 	 	 	0.978	 	 	 	0.980	 	 	 	0.983	 	 	 	0.985	 	 	 	0.987	 	 	 	0.990	 	 	 	0.993	 	 	 	0.995	 	 	 	0.998	 
	62
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 
	63
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1,000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 
	64
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 
	65
	 	 	1.000	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

					
	 
	 	 	 	Table II(C)
	 
	 
	 	APPENDIX E
	 	 

R/70 & R/80 EARLY RETIREMENT FACTORS UNREDUCED AGE 62

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AGE	 	0	 	 	1	 	 	2	 	 	3	 	 	4	 	 	5	 	 	6	 	 	7	 	 	8	 	 	9	 	 	10	 	 	11	 
	45
	 	 	0.745	 	 	 	0.746	 	 	 	0.748	 	 	 	0.749	 	 	 	0.750	 	 	 	0.751	 	 	 	0.753	 	 	 	0.754	 	 	 	0.755	 	 	 	0.756	 	 	 	0.758	 	 	 	0.759	 
	46
	 	 	0.760	 	 	 	0.761	 	 	 	0.763	 	 	 	0.764	 	 	 	0.765	 	 	 	0.766	 	 	 	0.768	 	 	 	0.769	 	 	 	0.770	 	 	 	0.771	 	 	 	0.773	 	 	 	0.774	 
	47
	 	 	0.775	 	 	 	0.776	 	 	 	0.778	 	 	 	0.779	 	 	 	0.780	 	 	 	0.781	 	 	 	0.783	 	 	 	0.784	 	 	 	0.785	 	 	 	0.786	 	 	 	0.788	 	 	 	0.789	 
	48
	 	 	0.790	 	 	 	0.791	 	 	 	0.793	 	 	 	0.794	 	 	 	0.795	 	 	 	0.796	 	 	 	0.798	 	 	 	0.799	 	 	 	0.800	 	 	 	0.801	 	 	 	0.803	 	 	 	0.804	 
	49
	 	 	0.805	 	 	 	0.806	 	 	 	0.808	 	 	 	0.809	 	 	 	0.810	 	 	 	0.811	 	 	 	0.813	 	 	 	0.814	 	 	 	0.815	 	 	 	0.816	 	 	 	0.818	 	 	 	0.819	 
	50
	 	 	0.820	 	 	 	0.821	 	 	 	0.823	 	 	 	0.824	 	 	 	0.825	 	 	 	0.826	 	 	 	0.828	 	 	 	0.829	 	 	 	0.830	 	 	 	0.831	 	 	 	0.833	 	 	 	0.834	 
	51
	 	 	0.835	 	 	 	0.836	 	 	 	0.838	 	 	 	0.839	 	 	 	0.840	 	 	 	0.841	 	 	 	0.843	 	 	 	0.844	 	 	 	0.845	 	 	 	0.846	 	 	 	0.848	 	 	 	0.849	 
	52
	 	 	0.850	 	 	 	0.851	 	 	 	0.853	 	 	 	0.854	 	 	 	0.855	 	 	 	0.856	 	 	 	0.858	 	 	 	0.859	 	 	 	0.860	 	 	 	0.861	 	 	 	0.863	 	 	 	0.864	 
	53
	 	 	0.865	 	 	 	0.866	 	 	 	0.868	 	 	 	0.869	 	 	 	0.870	 	 	 	0.871	 	 	 	0.873	 	 	 	0.874	 	 	 	0.875	 	 	 	0.876	 	 	 	0.878	 	 	 	0.879	 
	54
	 	 	0.880	 	 	 	0.881	 	 	 	0.883	 	 	 	0.884	 	 	 	0.885	 	 	 	0.886	 	 	 	0.888	 	 	 	0.889	 	 	 	0.890	 	 	 	0.891	 	 	 	0.893	 	 	 	0.894	 
	55
	 	 	0.895	 	 	 	0.896	 	 	 	0.898	 	 	 	0.899	 	 	 	0.900	 	 	 	0.901	 	 	 	0.903	 	 	 	0.904	 	 	 	0.905	 	 	 	0.906	 	 	 	0.908	 	 	 	0.909	 
	56
	 	 	0.910	 	 	 	0.911	 	 	 	0.913	 	 	 	0.914	 	 	 	0.915	 	 	 	0.916	 	 	 	0.918	 	 	 	0.919	 	 	 	0.920	 	 	 	0.921	 	 	 	0.923	 	 	 	0.924	 
	57
	 	 	0.925	 	 	 	0.926	 	 	 	0.928	 	 	 	0.929	 	 	 	0.930	 	 	 	0.931	 	 	 	0.933	 	 	 	0.934	 	 	 	0.935	 	 	 	0.936	 	 	 	0.938	 	 	 	0.939	 
	56
	 	 	0.940	 	 	 	0.941	 	 	 	0.943	 	 	 	0.944	 	 	 	0.945	 	 	 	0.946	 	 	 	0.948	 	 	 	0.949	 	 	 	0.950	 	 	 	0.951	 	 	 	0.953	 	 	 	0.954	 
	59
	 	 	0.955	 	 	 	0.956	 	 	 	0.958	 	 	 	0.959	 	 	 	0.960	 	 	 	0.961	 	 	 	0.963	 	 	 	0.964	 	 	 	0.965	 	 	 	0.966	 	 	 	0.968	 	 	 	0.969	 
	60
	 	 	0.970	 	 	 	0.971	 	 	 	0.973	 	 	 	0.974	 	 	 	0.975	 	 	 	0.976	 	 	 	0.978	 	 	 	0.979	 	 	 	0.980	 	 	 	0.981	 	 	 	0.983	 	 	 	0.984	 
	61
	 	 	0.985	 	 	 	0.986	 	 	 	0.988	 	 	 	0.989	 	 	 	0.990	 	 	 	0.991	 	 	 	0.993	 	 	 	0.994	 	 	 	0.995	 	 	 	0.996	 	 	 	0.998	 	 	 	0.999	 
	62
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 
	63
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 
	64
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 
	65
	 	 	1.000	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

					
	 
	 	 	 	Table III(A)
	 
	 
	 	APPENDIX E
	 	 

ACTUARIAL EQUIVALENT EARLY RETIREMENT FACTORS UNREDUCED AGE 60

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AGE	 	0	 	 	1	 	 	2	 	 	3	 	 	4	 	 	5	 	 	6	 	 	7	 	 	8	 	 	9	 	 	10	 	 	11	 
	20
	 	 	0.200	 	 	 	0.201	 	 	 	0.202	 	 	 	0.203	 	 	 	0.203	 	 	 	0.204	 	 	 	0.205	 	 	 	0.206	 	 	 	0.207	 	 	 	0.208	 	 	 	0.208	 	 	 	0.209	 
	21
	 	 	0.210	 	 	 	0.211	 	 	 	0.212	 	 	 	0.213	 	 	 	0.213	 	 	 	0.214	 	 	 	0.215	 	 	 	0.216	 	 	 	0.217	 	 	 	0.218	 	 	 	0.218	 	 	 	0.219	 
	22
	 	 	0.220	 	 	 	0.221	 	 	 	0.222	 	 	 	0.223	 	 	 	0.223	 	 	 	0.224	 	 	 	0.225	 	 	 	0.226	 	 	 	0.227	 	 	 	0.228	 	 	 	0.228	 	 	 	0.229	 
	23
	 	 	0.230	 	 	 	0.231	 	 	 	0.232	 	 	 	0.233	 	 	 	0.233	 	 	 	0.234	 	 	 	0.235	 	 	 	0.236	 	 	 	0.237	 	 	 	0.238	 	 	 	0.238	 	 	 	0.239	 
	24
	 	 	0.240	 	 	 	0.241	 	 	 	0.242	 	 	 	0.243	 	 	 	0.243	 	 	 	0.244	 	 	 	0.245	 	 	 	0.246	 	 	 	0.247	 	 	 	0.248	 	 	 	0.248	 	 	 	0.249	 
	25
	 	 	0.250	 	 	 	0.251	 	 	 	0.252	 	 	 	0.253	 	 	 	0.253	 	 	 	0.254	 	 	 	0.255	 	 	 	0.256	 	 	 	0.257	 	 	 	0.258	 	 	 	0.258	 	 	 	0.259	 
	26
	 	 	0.260	 	 	 	0.261	 	 	 	0.262	 	 	 	0.263	 	 	 	0.263	 	 	 	0.264	 	 	 	0.265	 	 	 	0.266	 	 	 	0.267	 	 	 	0.268	 	 	 	0.268	 	 	 	0.269	 
	27
	 	 	0.270	 	 	 	0.271	 	 	 	0.272	 	 	 	0.273	 	 	 	0.273	 	 	 	0.274	 	 	 	0.275	 	 	 	0.276	 	 	 	0.277	 	 	 	0.278	 	 	 	0.278	 	 	 	0.279	 
	28
	 	 	0.280	 	 	 	0.281	 	 	 	0.282	 	 	 	0.283	 	 	 	0.283	 	 	 	0.284	 	 	 	0.285	 	 	 	0.286	 	 	 	0.287	 	 	 	0.288	 	 	 	0.288	 	 	 	0.289	 
	29
	 	 	0.290	 	 	 	0.291	 	 	 	0.292	 	 	 	0.293	 	 	 	0.293	 	 	 	0.294	 	 	 	0.295	 	 	 	0.296	 	 	 	0.297	 	 	 	0.298	 	 	 	0.298	 	 	 	0.299	 
	30
	 	 	0.300	 	 	 	0.301	 	 	 	0.302	 	 	 	0.303	 	 	 	0.303	 	 	 	0.304	 	 	 	0.305	 	 	 	0.306	 	 	 	0.307	 	 	 	0.308	 	 	 	0.308	 	 	 	0.309	 
	31
	 	 	0.310	 	 	 	0.311	 	 	 	0.312	 	 	 	0.313	 	 	 	0.313	 	 	 	0.314	 	 	 	0.315	 	 	 	0.316	 	 	 	0.317	 	 	 	0.318	 	 	 	0.318	 	 	 	0.319	 
	32
	 	 	0.320	 	 	 	0.321	 	 	 	0.322	 	 	 	0.323	 	 	 	0.323	 	 	 	0.324	 	 	 	0.325	 	 	 	0.326	 	 	 	0.327	 	 	 	0.328	 	 	 	0.328	 	 	 	0.329	 
	33
	 	 	0.330	 	 	 	0.331	 	 	 	0.332	 	 	 	0.333	 	 	 	0.333	 	 	 	0.334	 	 	 	0.335	 	 	 	0.336	 	 	 	0.337	 	 	 	0.338	 	 	 	0.338	 	 	 	0.339	 
	34
	 	 	0.340	 	 	 	0.341	 	 	 	0.342	 	 	 	0.343	 	 	 	0.343	 	 	 	0.344	 	 	 	0.345	 	 	 	0.346	 	 	 	0.347	 	 	 	0.348	 	 	 	0.348	 	 	 	0.349	 
	35
	 	 	0.350	 	 	 	0.351	 	 	 	0.352	 	 	 	0.353	 	 	 	0.353	 	 	 	0.354	 	 	 	0.355	 	 	 	0.356	 	 	 	0.357	 	 	 	0.358	 	 	 	0.358	 	 	 	0.359	 
	36
	 	 	0.360	 	 	 	0.361	 	 	 	0.362	 	 	 	0.363	 	 	 	0.363	 	 	 	0.364	 	 	 	0.365	 	 	 	0.366	 	 	 	0.367	 	 	 	0.368	 	 	 	0.368	 	 	 	0.369	 
	37
	 	 	0.370	 	 	 	0.371	 	 	 	0.372	 	 	 	0.373	 	 	 	0.373	 	 	 	0.374	 	 	 	0.375	 	 	 	0.376	 	 	 	0.377	 	 	 	0.378	 	 	 	0.378	 	 	 	0.379	 
	38
	 	 	0.380	 	 	 	0.381	 	 	 	0.382	 	 	 	0.383	 	 	 	0.383	 	 	 	0.384	 	 	 	0.385	 	 	 	0.386	 	 	 	0.387	 	 	 	0.388	 	 	 	0.388	 	 	 	0.389	 
	39
	 	 	0.390	 	 	 	0.391	 	 	 	0.392	 	 	 	0.393	 	 	 	0.393	 	 	 	0.394	 	 	 	0.395	 	 	 	0.396	 	 	 	0.397	 	 	 	0.398	 	 	 	0.398	 	 	 	0.399	 
	40
	 	 	0.400	 	 	 	0.402	 	 	 	0.403	 	 	 	0.405	 	 	 	0.407	 	 	 	0.408	 	 	 	0.410	 	 	 	0.412	 	 	 	0.413	 	 	 	0.415	 	 	 	0.417	 	 	 	0.418	 
	41
	 	 	0.420	 	 	 	0.422	 	 	 	0.423	 	 	 	0.425	 	 	 	0.427	 	 	 	0.428	 	 	 	0.430	 	 	 	0.432	 	 	 	0.433	 	 	 	0.435	 	 	 	0.437	 	 	 	0.438	 
	42
	 	 	0.440	 	 	 	0.442	 	 	 	0.443	 	 	 	0.445	 	 	 	0.447	 	 	 	0.448	 	 	 	0.450	 	 	 	0.452	 	 	 	0.453	 	 	 	0.455	 	 	 	0.457	 	 	 	0.458	 
	43
	 	 	0.460	 	 	 	0.462	 	 	 	0.463	 	 	 	0.465	 	 	 	0.467	 	 	 	0.468	 	 	 	0.470	 	 	 	0.472	 	 	 	0.473	 	 	 	0.475	 	 	 	0.477	 	 	 	0.478	 
	44
	 	 	0.480	 	 	 	0.482	 	 	 	0.483	 	 	 	0.485	 	 	 	0.487	 	 	 	0.488	 	 	 	0.490	 	 	 	0.492	 	 	 	0.493	 	 	 	0.495	 	 	 	0.497	 	 	 	0.498	 
	45
	 	 	0.500	 	 	 	0.503	 	 	 	0.505	 	 	 	0.508	 	 	 	0.510	 	 	 	0.513	 	 	 	0.515	 	 	 	0.518	 	 	 	0.520	 	 	 	0.523	 	 	 	0.525	 	 	 	0.528	 
	46
	 	 	0.530	 	 	 	0.533	 	 	 	0.535	 	 	 	0.538	 	 	 	0.540	 	 	 	0.543	 	 	 	0.545	 	 	 	0.548	 	 	 	0.550	 	 	 	0.553	 	 	 	0.555	 	 	 	0.558	 
	47
	 	 	0.560	 	 	 	0.563	 	 	 	0.565	 	 	 	0.568	 	 	 	0.570	 	 	 	0.573	 	 	 	0.575	 	 	 	0.578	 	 	 	0.580	 	 	 	0.583	 	 	 	0.585	 	 	 	0.588	 
	48
	 	 	0.590	 	 	 	0.593	 	 	 	0.595	 	 	 	0.598	 	 	 	0.600	 	 	 	0.603	 	 	 	0.605	 	 	 	0.608	 	 	 	0.610	 	 	 	0.613	 	 	 	0.615	 	 	 	0.618	 
	49
	 	 	0.620	 	 	 	0.623	 	 	 	0.625	 	 	 	0.628	 	 	 	0.630	 	 	 	0.633	 	 	 	0.635	 	 	 	0.638	 	 	 	0.640	 	 	 	0.643	 	 	 	0.645	 	 	 	0.648	 
	50
	 	 	0.650	 	 	 	0.653	 	 	 	0.655	 	 	 	0.658	 	 	 	0.660	 	 	 	0.663	 	 	 	0.665	 	 	 	0.668	 	 	 	0.670	 	 	 	0.673	 	 	 	0.675	 	 	 	0.678	 
	51
	 	 	0.680	 	 	 	0.683	 	 	 	0.685	 	 	 	0.688	 	 	 	0.690	 	 	 	0.693	 	 	 	0.695	 	 	 	0.698	 	 	 	0.700	 	 	 	0.703	 	 	 	0.705	 	 	 	0.708	 
	52
	 	 	0.710	 	 	 	0.713	 	 	 	0.715	 	 	 	0.718	 	 	 	0.720	 	 	 	0.723	 	 	 	0.725	 	 	 	0.728	 	 	 	0.730	 	 	 	0.733	 	 	 	0.735	 	 	 	0.738	 
	53
	 	 	0.740	 	 	 	0.743	 	 	 	0.745	 	 	 	0.748	 	 	 	0.750	 	 	 	0.753	 	 	 	0.755	 	 	 	0.758	 	 	 	0.760	 	 	 	0.763	 	 	 	0.765	 	 	 	0.768	 
	54
	 	 	0.770	 	 	 	0.773	 	 	 	0.775	 	 	 	0.778	 	 	 	0.780	 	 	 	0.783	 	 	 	0.785	 	 	 	0.788	 	 	 	0.790	 	 	 	0.793	 	 	 	0.795	 	 	 	0.798	 
	55
	 	 	0.800	 	 	 	0.803	 	 	 	0.807	 	 	 	0.810	 	 	 	0.813	 	 	 	0.817	 	 	 	0.820	 	 	 	0.823	 	 	 	0.827	 	 	 	0.830	 	 	 	0.833	 	 	 	0.837	 
	56
	 	 	0.840	 	 	 	0.843	 	 	 	0.847	 	 	 	0.850	 	 	 	0.853	 	 	 	0.857	 	 	 	0.860	 	 	 	0.863	 	 	 	0.867	 	 	 	0.870	 	 	 	0.873	 	 	 	0.877	 
	57
	 	 	0.880	 	 	 	0.883	 	 	 	0.887	 	 	 	0.890	 	 	 	0.893	 	 	 	0.897	 	 	 	0.900	 	 	 	0.903	 	 	 	0.907	 	 	 	0.910	 	 	 	0.913	 	 	 	0.917	 
	58
	 	 	0.920	 	 	 	0.923	 	 	 	0.927	 	 	 	0.930	 	 	 	0.933	 	 	 	0.937	 	 	 	0.940	 	 	 	0.943	 	 	 	0.947	 	 	 	0.950	 	 	 	0.953	 	 	 	0.957	 
	59
	 	 	0.960	 	 	 	0.963	 	 	 	0.967	 	 	 	0.970	 	 	 	0.973	 	 	 	0.977	 	 	 	0.980	 	 	 	0.983	 	 	 	0.987	 	 	 	0.990	 	 	 	0.993	 	 	 	0.997	 
	60
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 
	61
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 
	62
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 
	63
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 
	64
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 
	65
	 	 	1.000	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

					
	 
	 	 	 	Table III(B)
	 
	 
	 	APPENDIX E
	 	 

3% EARLY RETIREMENT FACTORS UNREDUCED AGE 60

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AGE	 	0	 	 	1	 	 	2	 	 	3	 	 	4	 	 	5	 	 	6	 	 	7	 	 	8	 	 	9	 	 	10	 	 	11	 
	20
	 	 	0.250	 	 	 	0.251	 	 	 	0.252	 	 	 	0.253	 	 	 	0.253	 	 	 	0.254	 	 	 	0.255	 	 	 	0.256	 	 	 	0.257	 	 	 	0.258	 	 	 	0.258	 	 	 	0.259	 
	21
	 	 	0.260	 	 	 	0.261	 	 	 	0.262	 	 	 	0.263	 	 	 	0.263	 	 	 	0.264	 	 	 	0.265	 	 	 	0.266	 	 	 	0.267	 	 	 	0.268	 	 	 	0.268	 	 	 	0.269	 
	22
	 	 	0.270	 	 	 	0.271	 	 	 	0.272	 	 	 	0.273	 	 	 	0.273	 	 	 	0.274	 	 	 	0.275	 	 	 	0.276	 	 	 	0.277	 	 	 	0.278	 	 	 	0.278	 	 	 	0.279	 
	23
	 	 	0.280	 	 	 	0.281	 	 	 	0.282	 	 	 	0.283	 	 	 	0.283	 	 	 	0.284	 	 	 	0.285	 	 	 	0.286	 	 	 	0.287	 	 	 	0.288	 	 	 	0.288	 	 	 	0.289	 
	24
	 	 	0.290	 	 	 	0.291	 	 	 	0.292	 	 	 	0.293	 	 	 	0.293	 	 	 	0.294	 	 	 	0.295	 	 	 	0.296	 	 	 	0.297	 	 	 	0.298	 	 	 	0.298	 	 	 	0.299	 
	25
	 	 	0.300	 	 	 	0.301	 	 	 	0.302	 	 	 	0.303	 	 	 	0.303	 	 	 	0.304	 	 	 	0.305	 	 	 	0.306	 	 	 	0.307	 	 	 	0.308	 	 	 	0.308	 	 	 	0.309	 
	26
	 	 	0.310	 	 	 	0.311	 	 	 	0.312	 	 	 	0.313	 	 	 	0.313	 	 	 	0.314	 	 	 	0.315	 	 	 	0.316	 	 	 	0.317	 	 	 	0.318	 	 	 	0.318	 	 	 	0.319	 
	27
	 	 	0.320	 	 	 	0.321	 	 	 	0.322	 	 	 	0.323	 	 	 	0.323	 	 	 	0.324	 	 	 	0.325	 	 	 	0.326	 	 	 	0.327	 	 	 	0.328	 	 	 	0.328	 	 	 	0.329	 
	28
	 	 	0.330	 	 	 	0.331	 	 	 	0.332	 	 	 	0.333	 	 	 	0.333	 	 	 	0.334	 	 	 	0.335	 	 	 	0.336	 	 	 	0.337	 	 	 	0.338	 	 	 	0.338	 	 	 	0.339	 
	29
	 	 	0.340	 	 	 	0.341	 	 	 	0.342	 	 	 	0.343	 	 	 	0.343	 	 	 	0.344	 	 	 	0.345	 	 	 	0.346	 	 	 	0.347	 	 	 	0.348	 	 	 	0.348	 	 	 	0.349	 
	30
	 	 	0.350	 	 	 	0.351	 	 	 	0.352	 	 	 	0.353	 	 	 	0.353	 	 	 	0.354	 	 	 	0.355	 	 	 	0.356	 	 	 	0.357	 	 	 	0.358	 	 	 	0.358	 	 	 	0.359	 
	31
	 	 	0.360	 	 	 	0.361	 	 	 	0.362	 	 	 	0.363	 	 	 	0.363	 	 	 	0.364	 	 	 	0.365	 	 	 	0.366	 	 	 	0.367	 	 	 	0.368	 	 	 	0.368	 	 	 	0.369	 
	32
	 	 	0.370	 	 	 	0.371	 	 	 	0.372	 	 	 	0.373	 	 	 	0.373	 	 	 	0.374	 	 	 	0.375	 	 	 	0.376	 	 	 	0.377	 	 	 	0.378	 	 	 	0.378	 	 	 	0.379	 
	33
	 	 	0.380	 	 	 	0.381	 	 	 	0.382	 	 	 	0.383	 	 	 	0.383	 	 	 	0.384	 	 	 	0.385	 	 	 	0.386	 	 	 	0.387	 	 	 	0.388	 	 	 	0.388	 	 	 	0.389	 
	34
	 	 	0.390	 	 	 	0.391	 	 	 	0.392	 	 	 	0.393	 	 	 	0.393	 	 	 	0.394	 	 	 	0.395	 	 	 	0.396	 	 	 	0.397	 	 	 	0.398	 	 	 	0.398	 	 	 	0.399	 
	35
	 	 	0.400	 	 	 	0.401	 	 	 	0.402	 	 	 	0.403	 	 	 	0.403	 	 	 	0.404	 	 	 	0.405	 	 	 	0.406	 	 	 	0.407	 	 	 	0.408	 	 	 	0.408	 	 	 	0.409	 
	36
	 	 	0.410	 	 	 	0.411	 	 	 	0.412	 	 	 	0.413	 	 	 	0.413	 	 	 	0.414	 	 	 	0.415	 	 	 	0.416	 	 	 	0.417	 	 	 	0.418	 	 	 	0.418	 	 	 	0.419	 
	37
	 	 	0.420	 	 	 	0.421	 	 	 	0.422	 	 	 	0.423	 	 	 	0.423	 	 	 	0.424	 	 	 	0.425	 	 	 	0.426	 	 	 	0.427	 	 	 	0.428	 	 	 	0.428	 	 	 	0.429	 
	38
	 	 	0.430	 	 	 	0.431	 	 	 	0.432	 	 	 	0.433	 	 	 	0.433	 	 	 	0.434	 	 	 	0.435	 	 	 	0.436	 	 	 	0.437	 	 	 	0.438	 	 	 	0.438	 	 	 	0.439	 
	39
	 	 	0.440	 	 	 	0.441	 	 	 	0.442	 	 	 	0.443	 	 	 	0.443	 	 	 	0.444	 	 	 	0.445	 	 	 	0.446	 	 	 	0.447	 	 	 	0.448	 	 	 	0.448	 	 	 	0.449	 
	40
	 	 	0.450	 	 	 	0.452	 	 	 	0.453	 	 	 	0.455	 	 	 	0.457	 	 	 	0.458	 	 	 	0.460	 	 	 	0.462	 	 	 	0.463	 	 	 	0.465	 	 	 	0.467	 	 	 	0.468	 
	41
	 	 	0.470	 	 	 	0.472	 	 	 	0.473	 	 	 	0.475	 	 	 	0.477	 	 	 	0.478	 	 	 	0.480	 	 	 	0.482	 	 	 	0.483	 	 	 	0.485	 	 	 	0.487	 	 	 	0.488	 
	42
	 	 	0.490	 	 	 	0.492	 	 	 	0.493	 	 	 	0.495	 	 	 	0.497	 	 	 	0.498	 	 	 	0.500	 	 	 	0.502	 	 	 	0.503	 	 	 	0.505	 	 	 	0.507	 	 	 	0.508.	 
	43
	 	 	0.510	 	 	 	0.512	 	 	 	0.513	 	 	 	0.515	 	 	 	0.517	 	 	 	0.518	 	 	 	0.520	 	 	 	0.522	 	 	 	0.523	 	 	 	0.525	 	 	 	0.527	 	 	 	0.528	 
	44
	 	 	0.530	 	 	 	0.532	 	 	 	0.533	 	 	 	0.535	 	 	 	0.537	 	 	 	0.538	 	 	 	0.540	 	 	 	0.542	 	 	 	0.543	 	 	 	0.545	 	 	 	0.547	 	 	 	0.548	 
	45
	 	 	0.550	 	 	 	0.552	 	 	 	0.555	 	 	 	0.558	 	 	 	0.560	 	 	 	0.563	 	 	 	0.565	 	 	 	0.567	 	 	 	0.570	 	 	 	0.573	 	 	 	0.575	 	 	 	0.578	 
	46
	 	 	0.580	 	 	 	0.582	 	 	 	0.585	 	 	 	0.588	 	 	 	0.590	 	 	 	0.593	 	 	 	0.595	 	 	 	0.597	 	 	 	0.600	 	 	 	0.603	 	 	 	0.605	 	 	 	0.608	 
	47
	 	 	0.610	 	 	 	0.612	 	 	 	0.615	 	 	 	0.618	 	 	 	0.620	 	 	 	0.623	 	 	 	0.625	 	 	 	0.627	 	 	 	0.630	 	 	 	0.633	 	 	 	0.635	 	 	 	0.638	 
	48
	 	 	0.640	 	 	 	0.642	 	 	 	0.645	 	 	 	0.648	 	 	 	0.650	 	 	 	0.653	 	 	 	0.655	 	 	 	0.657	 	 	 	0.660	 	 	 	0.663	 	 	 	0.665	 	 	 	0.668	 
	49
	 	 	0.670	 	 	 	0.672	 	 	 	0.675	 	 	 	0.678	 	 	 	0.680	 	 	 	0.683	 	 	 	0.685	 	 	 	0.687	 	 	 	0.690	 	 	 	0.693	 	 	 	0.695	 	 	 	0.698	 
	50
	 	 	0.700	 	 	 	0.702	 	 	 	0.705	 	 	 	0.708	 	 	 	0.710	 	 	 	0.713	 	 	 	0.715	 	 	 	0.717	 	 	 	0.720	 	 	 	0.723	 	 	 	0.725	 	 	 	0.728	 
	51
	 	 	0.730	 	 	 	0.732	 	 	 	0.735	 	 	 	0.738	 	 	 	0.740	 	 	 	0.743	 	 	 	0.745	 	 	 	0.747	 	 	 	0.750	 	 	 	0.753	 	 	 	0.755	 	 	 	0.758	 
	52
	 	 	0.760	 	 	 	0.762	 	 	 	0.765	 	 	 	0.768	 	 	 	0.770	 	 	 	0.773	 	 	 	0.775	 	 	 	0.777	 	 	 	0.780	 	 	 	0.783	 	 	 	0.785	 	 	 	0.788	 
	53
	 	 	0.790	 	 	 	0.792	 	 	 	0.795	 	 	 	0.798	 	 	 	0.800	 	 	 	0.803	 	 	 	0.805	 	 	 	0.807	 	 	 	0.810	 	 	 	0.813	 	 	 	0.815	 	 	 	0.818	 
	54
	 	 	0.820	 	 	 	0.822	 	 	 	0.825	 	 	 	0.828	 	 	 	0.830	 	 	 	0.833	 	 	 	0.835	 	 	 	0.837	 	 	 	0.840	 	 	 	0.843	 	 	 	0.845	 	 	 	0.848	 
	55
	 	 	0.850	 	 	 	0.852	 	 	 	0.855	 	 	 	0.858	 	 	 	0.860	 	 	 	0.863	 	 	 	0.865	 	 	 	0.867	 	 	 	0.870	 	 	 	0.873	 	 	 	0.875	 	 	 	0.878	 
	56
	 	 	0.880	 	 	 	0.882	 	 	 	0.885	 	 	 	0.888	 	 	 	0.890	 	 	 	0.893	 	 	 	0.895	 	 	 	0.897	 	 	 	0.900	 	 	 	0.903	 	 	 	0.905	 	 	 	0.908	 
	57
	 	 	0.910	 	 	 	0.912	 	 	 	0.915	 	 	 	0.918	 	 	 	0.920	 	 	 	0.923	 	 	 	0.925	 	 	 	0.927	 	 	 	0.930	 	 	 	0.933	 	 	 	0.935	 	 	 	0.938	 
	58
	 	 	0.940	 	 	 	0.942	 	 	 	0.945	 	 	 	0.948	 	 	 	0.950	 	 	 	0.953	 	 	 	0.955	 	 	 	0.957	 	 	 	0.960	 	 	 	0.963	 	 	 	0.965	 	 	 	0.968	 
	59
	 	 	0.970	 	 	 	0.972	 	 	 	0.975	 	 	 	0.978	 	 	 	0.980	 	 	 	0.983	 	 	 	0.985	 	 	 	0.987	 	 	 	0.990	 	 	 	0.993	 	 	 	0.995	 	 	 	0.998	 
	60
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 
	61
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 
	62
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 
	63
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 
	64
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 
	65
	 	 	1.000	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

					
	 
	 	 	 	Table III (C)
	 
	 
	 	APPENDIX E
	 	 

R/70 & R/80 EARLY RETIREMENT FACTORS UNREDUCED AGE 60

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AGE	 	0	 	 	1	 	 	2	 	 	3	 	 	4	 	 	5	 	 	6	 	 	7	 	 	8	 	 	9	 	 	10	 	 	11	 
	45
	 	 	0.775	 	 	 	0.776	 	 	 	0.778	 	 	 	0.779	 	 	 	0.780	 	 	 	0.781	 	 	 	0.783	 	 	 	0.784	 	 	 	0.785	 	 	 	0.786	 	 	 	0.788	 	 	 	0.789	 
	46
	 	 	0.790	 	 	 	0.791	 	 	 	0.793	 	 	 	0.794	 	 	 	0.795	 	 	 	0.796	 	 	 	0.798	 	 	 	0.799	 	 	 	0.800	 	 	 	0.801	 	 	 	0.803	 	 	 	0.804	 
	47
	 	 	0.805	 	 	 	0.806	 	 	 	0.808	 	 	 	0.809	 	 	 	0.810	 	 	 	0.811	 	 	 	0.813	 	 	 	0.814	 	 	 	0.815	 	 	 	0.816	 	 	 	0.818	 	 	 	0.819	 
	48
	 	 	0.820	 	 	 	0.821	 	 	 	0.823	 	 	 	0.824	 	 	 	0.825	 	 	 	0.826	 	 	 	0.828	 	 	 	0.829	 	 	 	0.830	 	 	 	0.831	 	 	 	0.833	 	 	 	0.834	 
	49
	 	 	0.835	 	 	 	0.836	 	 	 	0.838	 	 	 	0.839	 	 	 	0.840	 	 	 	0.841	 	 	 	0.843	 	 	 	0.844	 	 	 	0.845	 	 	 	0.846	 	 	 	0.848	 	 	 	0.849	 
	50
	 	 	0.850	 	 	 	0.851	 	 	 	0.853	 	 	 	0.854	 	 	 	0.855	 	 	 	0.856	 	 	 	0.858	 	 	 	0.859	 	 	 	0.860	 	 	 	0.861	 	 	 	0.863	 	 	 	0.864	 
	51
	 	 	0.865	 	 	 	0.866	 	 	 	0.868	 	 	 	0.869	 	 	 	0.870	 	 	 	0.871	 	 	 	0.873	 	 	 	0.874	 	 	 	0.875	 	 	 	0.876	 	 	 	0.878	 	 	 	0.879	 
	52
	 	 	0.880	 	 	 	0.881	 	 	 	0.883	 	 	 	0.884	 	 	 	0.885	 	 	 	0.886	 	 	 	0.888	 	 	 	0.889	 	 	 	0.890	 	 	 	0.891	 	 	 	0.893	 	 	 	0.894	 
	53
	 	 	0.895	 	 	 	0.896	 	 	 	0.898	 	 	 	0.899	 	 	 	0.900	 	 	 	0.901	 	 	 	0.903	 	 	 	0.904	 	 	 	0.905	 	 	 	0.906	 	 	 	0.908	 	 	 	0.909	 
	54
	 	 	0.910	 	 	 	0.911	 	 	 	0.913	 	 	 	0.914	 	 	 	0.915	 	 	 	0.916	 	 	 	0.918	 	 	 	0.919	 	 	 	0.920	 	 	 	0.921	 	 	 	0.923	 	 	 	0.924	 
	55
	 	 	0.925	 	 	 	0.926	 	 	 	0.928	 	 	 	0.929	 	 	 	0.930	 	 	 	0.931	 	 	 	0.933	 	 	 	0.934	 	 	 	0.935	 	 	 	0.936	 	 	 	0.938	 	 	 	0.939	 
	56
	 	 	0.940	 	 	 	0.941	 	 	 	0.943	 	 	 	0.944	 	 	 	0.945	 	 	 	0.946	 	 	 	0.948	 	 	 	0.949	 	 	 	0.950	 	 	 	0.951	 	 	 	0.953	 	 	 	0.954	 
	57
	 	 	0.955	 	 	 	0.956	 	 	 	0.958	 	 	 	0.959	 	 	 	0.960	 	 	 	0.961	 	 	 	0.963	 	 	 	0.964	 	 	 	0.965	 	 	 	0.966	 	 	 	0.968	 	 	 	0.969	 
	58
	 	 	0.970	 	 	 	0.971	 	 	 	0.973	 	 	 	0.974	 	 	 	0.975	 	 	 	0.976	 	 	 	0.978	 	 	 	0.979	 	 	 	0.980	 	 	 	0.981	 	 	 	0.983	 	 	 	0.984	 
	59
	 	 	0.985	 	 	 	0.986	 	 	 	0.988	 	 	 	0.989	 	 	 	0.990	 	 	 	0.991	 	 	 	0.993	 	 	 	0.994	 	 	 	0.995	 	 	 	0.996	 	 	 	0.998	 	 	 	0.999	 
	60
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 
	61
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 
	62
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 
	63
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 
	64
	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 	 	 	1.000	 
	65
	 	 	1.000	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

					
	 	 	 	 	Table IV
	 
	 	 	Appendix E	 	 
	 
	 	 	1/15 1/30 EARLY RETIREMENT FACTORS	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AGE	 	0	 	 	1	 	 	2	 	 	3	 	 	4	 	 	5	 	 	6	 	 	7	 	 	8	 	 	9	 	 	10	 	 	11	 
	20
	 	 	0.004	 	 	 	0.004	 	 	 	0.004	 	 	 	0.004	 	 	 	0.004	 	 	 	0.004	 	 	 	0.005	 	 	 	0.005	 	 	 	0.005	 	 	 	0.005	 	 	 	0.005	 	 	 	0.005	 
	21
	 	 	0.005	 	 	 	0.005	 	 	 	0.005	 	 	 	0.005	 	 	 	0.005	 	 	 	0.005	 	 	 	0.006	 	 	 	0.006	 	 	 	0.006	 	 	 	0.006	 	 	 	0.006	 	 	 	0.006	 
	22
	 	 	0.006	 	 	 	0.006	 	 	 	0.006	 	 	 	0.006	 	 	 	0.006	 	 	 	0.006	 	 	 	0.007	 	 	 	0.007	 	 	 	0.007	 	 	 	0.007	 	 	 	0.007	 	 	 	0.007	 
	23
	 	 	0.007	 	 	 	0.007	 	 	 	0.007	 	 	 	0.007	 	 	 	0.007	 	 	 	0.007	 	 	 	0.008	 	 	 	0.008	 	 	 	0.008	 	 	 	0.008	 	 	 	0.008	 	 	 	0.008	 
	24
	 	 	0.008	 	 	 	0.008	 	 	 	0.008	 	 	 	0.008	 	 	 	0.008	 	 	 	0.008	 	 	 	0.009	 	 	 	0.009	 	 	 	0.009	 	 	 	0.009	 	 	 	0.009	 	 	 	0.009	 
	25
	 	 	0.009	 	 	 	0.009	 	 	 	0.009	 	 	 	0.009	 	 	 	0.009	 	 	 	0.009	 	 	 	0.010	 	 	 	0.010	 	 	 	0.010	 	 	 	0.010	 	 	 	0.010	 	 	 	0.010	 
	26
	 	 	0.010	 	 	 	0.011	 	 	 	0.012	 	 	 	0.013	 	 	 	0.013	 	 	 	0.014	 	 	 	0.015	 	 	 	0.016	 	 	 	0.017	 	 	 	0.018	 	 	 	0.018	 	 	 	0.019	 
	27
	 	 	0.020	 	 	 	0.021	 	 	 	0.022	 	 	 	0.023	 	 	 	0.023	 	 	 	0.024	 	 	 	0.025	 	 	 	0.026	 	 	 	0.027	 	 	 	0.028	 	 	 	0.028	 	 	 	0.029	 
	28
	 	 	0.030	 	 	 	0.031	 	 	 	0.032	 	 	 	0.033	 	 	 	0.033	 	 	 	0.034	 	 	 	0.035	 	 	 	0.036	 	 	 	0.037	 	 	 	0.038	 	 	 	0.038	 	 	 	0.039	 
	29
	 	 	0.040	 	 	 	0.041	 	 	 	0.042	 	 	 	0.043	 	 	 	0.043	 	 	 	0.044	 	 	 	0.045	 	 	 	0.046	 	 	 	0.047	 	 	 	0.048	 	 	 	0.048	 	 	 	0.049	 
	30
	 	 	0.050	 	 	 	0.051	 	 	 	0.052	 	 	 	0.053	 	 	 	0.053	 	 	 	0.054	 	 	 	0.055	 	 	 	0.056	 	 	 	0.057	 	 	 	0.058	 	 	 	0.058	 	 	 	0.059	 
	31
	 	 	0.060	 	 	 	0.061	 	 	 	0.062	 	 	 	0.063	 	 	 	0.063	 	 	 	0.064	 	 	 	0.065	 	 	 	0.066	 	 	 	0.067	 	 	 	0.068	 	 	 	0.068	 	 	 	0.069	 
	32
	 	 	0.070	 	 	 	0.071	 	 	 	0.072	 	 	 	0.073	 	 	 	0.073	 	 	 	0.074	 	 	 	0.075	 	 	 	0.076	 	 	 	0.077	 	 	 	0.078	 	 	 	0.078	 	 	 	0.079	 
	33
	 	 	0.080	 	 	 	0.081	 	 	 	0.082	 	 	 	0.083	 	 	 	0.083	 	 	 	0.084	 	 	 	0.085	 	 	 	0.086	 	 	 	0.087	 	 	 	0.088	 	 	 	0.088	 	 	 	0.089	 
	34
	 	 	0.090	 	 	 	0.091	 	 	 	0.092	 	 	 	0.093	 	 	 	0.093	 	 	 	0.094	 	 	 	0.095	 	 	 	0.096	 	 	 	0.097	 	 	 	0.098	 	 	 	0.098	 	 	 	0.099	 
	35
	 	 	0.100	 	 	 	0.101	 	 	 	0.102	 	 	 	0.103	 	 	 	0.103	 	 	 	0.104	 	 	 	0.105	 	 	 	0.106	 	 	 	0.107	 	 	 	0.108	 	 	 	0.108	 	 	 	0.109	 
	36
	 	 	0.110	 	 	 	0.111	 	 	 	0.112	 	 	 	0.113	 	 	 	0.113	 	 	 	0.114	 	 	 	0.115	 	 	 	0.116	 	 	 	0.117	 	 	 	0.118	 	 	 	0.118	 	 	 	0.119	 
	37
	 	 	0.120	 	 	 	0.121	 	 	 	0.122	 	 	 	0.123	 	 	 	0.123	 	 	 	0.124	 	 	 	0.125	 	 	 	0.126	 	 	 	0.127	 	 	 	0.128	 	 	 	0.128	 	 	 	0.129	 
	38
	 	 	0.130	 	 	 	0.131	 	 	 	0.132	 	 	 	0.133	 	 	 	0.133	 	 	 	0.134	 	 	 	0.135	 	 	 	0.136	 	 	 	0.137	 	 	 	0.138	 	 	 	0.138	 	 	 	0.139	 
	39
	 	 	0.140	 	 	 	0.141	 	 	 	0.142	 	 	 	0.143	 	 	 	0.143	 	 	 	0.144	 	 	 	0.145	 	 	 	0.146	 	 	 	0.147	 	 	 	0.148	 	 	 	0.148	 	 	 	0.149	 
	40
	 	 	0.150	 	 	 	0.151	 	 	 	0.152	 	 	 	0.153	 	 	 	0.153	 	 	 	0.154	 	 	 	0.155	 	 	 	0.156	 	 	 	0.157	 	 	 	0.158	 	 	 	0.158	 	 	 	0.160	 
	41
	 	 	0.160	 	 	 	0.161	 	 	 	0.162	 	 	 	0.163	 	 	 	0.163	 	 	 	0.164	 	 	 	0.165	 	 	 	0.166	 	 	 	0.167	 	 	 	0.168	 	 	 	0.168	 	 	 	0.169	 
	42
	 	 	0.170	 	 	 	0.171	 	 	 	0.172	 	 	 	0.173	 	 	 	0.173	 	 	 	0.174	 	 	 	0.175	 	 	 	0.176	 	 	 	0.177	 	 	 	0.178	 	 	 	0.178	 	 	 	0.179	 
	43
	 	 	0.180	 	 	 	0.181	 	 	 	0.182	 	 	 	0.183	 	 	 	0.183	 	 	 	0.184	 	 	 	0.185	 	 	 	0.186	 	 	 	0.187	 	 	 	0.188	 	 	 	0.188	 	 	 	0.189	 
	44
	 	 	0.190	 	 	 	0.191	 	 	 	0.192	 	 	 	0.193	 	 	 	0.193	 	 	 	0.194	 	 	 	0.195	 	 	 	0.196	 	 	 	0.197	 	 	 	0.198	 	 	 	0.198	 	 	 	0.199	 
	45
	 	 	0.200	 	 	 	0.203	 	 	 	0.205	 	 	 	0.208	 	 	 	0.210	 	 	 	0.213	 	 	 	0.215	 	 	 	0.218	 	 	 	0.220	 	 	 	0.223	 	 	 	0.225	 	 	 	0.228	 
	46
	 	 	0.230	 	 	 	0.233	 	 	 	0.235	 	 	 	0.238	 	 	 	0.240	 	 	 	0.243	 	 	 	0.245	 	 	 	0.248	 	 	 	0.250	 	 	 	0.253	 	 	 	0.255	 	 	 	0.258	 
	47
	 	 	0.260	 	 	 	0.263	 	 	 	0.265	 	 	 	0.268	 	 	 	0.270	 	 	 	0.273	 	 	 	0.275	 	 	 	0.278	 	 	 	0.280	 	 	 	0.283	 	 	 	0.285	 	 	 	0.288	 
	48
	 	 	0.290	 	 	 	0.293	 	 	 	0.295	 	 	 	0.298	 	 	 	0.300	 	 	 	0.303	 	 	 	0.305	 	 	 	0.308	 	 	 	0.310	 	 	 	0.313	 	 	 	0.315	 	 	 	0.318	 
	49
	 	 	0.320	 	 	 	0.323	 	 	 	0.325	 	 	 	0.328	 	 	 	0.330	 	 	 	0.333	 	 	 	0.335	 	 	 	0.338	 	 	 	0.340	 	 	 	0.343	 	 	 	0.345	 	 	 	0.348	 
	50
	 	 	0.350	 	 	 	0.353	 	 	 	0.355	 	 	 	0.358	 	 	 	0.360	 	 	 	0.363	 	 	 	0.365	 	 	 	0.368	 	 	 	0.370	 	 	 	0.373	 	 	 	0.375	 	 	 	0.378	 
	51
	 	 	0.380	 	 	 	0.383	 	 	 	0.385	 	 	 	0.388	 	 	 	0.390	 	 	 	0.393	 	 	 	0.395	 	 	 	0.398	 	 	 	0.400	 	 	 	0.403	 	 	 	0.405	 	 	 	0.408	 
	52
	 	 	0.410	 	 	 	0.413	 	 	 	0.415	 	 	 	0.418	 	 	 	0.420	 	 	 	0.423	 	 	 	0.425	 	 	 	0.428	 	 	 	0.430	 	 	 	0.433	 	 	 	0.435	 	 	 	0.438	 
	53
	 	 	0.440	 	 	 	0.443	 	 	 	0.445	 	 	 	0.448	 	 	 	0.450	 	 	 	0.453	 	 	 	0.455	 	 	 	0.458	 	 	 	0.460	 	 	 	0.463	 	 	 	0.465	 	 	 	0.468	 
	54
	 	 	0.470	 	 	 	0.473	 	 	 	0.475	 	 	 	0.478	 	 	 	0.480	 	 	 	0.483	 	 	 	0.485	 	 	 	0.488	 	 	 	0.490	 	 	 	0.493	 	 	 	0.495	 	 	 	0.498	 
	55
	 	 	0.500	 	 	 	0.503	 	 	 	0.506	 	 	 	0.508	 	 	 	0.511	 	 	 	0.514	 	 	 	0.517	 	 	 	0.519	 	 	 	0.522	 	 	 	0.525	 	 	 	0.528	 	 	 	0.530	 
	56
	 	 	0.533	 	 	 	0.536	 	 	 	0.539	 	 	 	0.542	 	 	 	0.544	 	 	 	0.547	 	 	 	0.550	 	 	 	0.553	 	 	 	0.556	 	 	 	0.559	 	 	 	0.561	 	 	 	0.564	 
	57
	 	 	0.567	 	 	 	0.570	 	 	 	0.573	 	 	 	0.575	 	 	 	0.578	 	 	 	0.581	 	 	 	0.584	 	 	 	0.586	 	 	 	0.589	 	 	 	0.592	 	 	 	0.595	 	 	 	0.597	 
	58
	 	 	0.600	 	 	 	0.603	 	 	 	0.606	 	 	 	0.608	 	 	 	0.611	 	 	 	0.614	 	 	 	0.617	 	 	 	0.619	 	 	 	0.622	 	 	 	0.625	 	 	 	0.628	 	 	 	0.630	 
	59
	 	 	0.633	 	 	 	0.636	 	 	 	0.639	 	 	 	0.642	 	 	 	0.644	 	 	 	0.647	 	 	 	0.650	 	 	 	0.653	 	 	 	0.656	 	 	 	0.659	 	 	 	0.661	 	 	 	0.664	 
	60
	 	 	0.667	 	 	 	0.673	 	 	 	0.678	 	 	 	0.684	 	 	 	0.689	 	 	 	0.695	 	 	 	0.700	 	 	 	0.706	 	 	 	0.711	 	 	 	0.717	 	 	 	0.722	 	 	 	0.728	 
	61
	 	 	0.733	 	 	 	0.739	 	 	 	0.744	 	 	 	0.750	 	 	 	0.755	 	 	 	0.761	 	 	 	0.767	 	 	 	0.772	 	 	 	0.778	 	 	 	0.783	 	 	 	0.789	 	 	 	0.794	 
	62
	 	 	0.800	 	 	 	0.805	 	 	 	0.811	 	 	 	0.817	 	 	 	0.822	 	 	 	0.828	 	 	 	0.834	 	 	 	0.839	 	 	 	0.845	 	 	 	0.850	 	 	 	0.856	 	 	 	0.861	 
	63
	 	 	0.867	 	 	 	0.873	 	 	 	0.878	 	 	 	0.884	 	 	 	0.889	 	 	 	0.895	 	 	 	0.900	 	 	 	0.906	 	 	 	0.911	 	 	 	0.917	 	 	 	0.922	 	 	 	0.928	 
	64
	 	 	0.933	 	 	 	0.939	 	 	 	0.944	 	 	 	0.950	 	 	 	0.955	 	 	 	0361	 	 	 	0.967	 	 	 	0.972	 	 	 	0.978	 	 	 	0.983	 	 	 	0.989	 	 	 	0.994	 
	65
	 	 	1.000	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

Appendix F

100% J&S W/O 10 YEAR CERTAIN

1998 GBB89 ASSUMPTIONS

	 	 	 	 	 
	AGE	 	OPTION 4	 
	19
	 	 	0.990	%
	20
	 	 	0.990	 
	21
	 	 	0.989	 
	22
	 	 	0.988	 
	23
	 	 	0.987	 
	24
	 	 	0.986	 
	25
	 	 	0.985	 
	26
	 	 	0.984	 
	27
	 	 	0.983	 
	28
	 	 	0.982	 
	29
	 	 	0.981	 
	30
	 	 	0.980	 
	31
	 	 	0.979	 
	32
	 	 	0.978	 
	33
	 	 	0.977	 
	34
	 	 	0.976	 
	35
	 	 	0.975	 
	36
	 	 	0.973	 
	37
	 	 	0.971	 
	38
	 	 	0.969	 
	39
	 	 	0.967	 
	40
	 	 	0.965	 
	41
	 	 	0.963	 
	42
	 	 	0.961	 
	43
	 	 	0.959	 
	44
	 	 	0.957	 
	45
	 	 	0.955	 
	46
	 	 	0.952	 
	47
	 	 	0.949	 
	48
	 	 	0.946	 
	49
	 	 	0.943	 
	50
	 	 	0.940	 
	51
	 	 	0.936	 
	52
	 	 	0.932	 
	53
	 	 	0.928	 
	54
	 	 	0.924	 
	55
	 	 	0.920	 
	56
	 	 	0.915	 
	57
	 	 	0.910	 
	58
	 	 	0.905	 
	59
	 	 	0.900	 
	60
	 	 	0.895	 
	61
	 	 	0.889	 
	62
	 	 	0.883	 
	63
	 	 	0.877	 
	64
	 	 	0.871	 
	65
	 	 	0.865	 
	 
	 	 	 	 
	FACTOR B
	 	 	0.5	%
	MAXIMUM
	 	 	0.99	%

WHEN THE MEMBER AND CA AGES DIFFER:

ADD FACTOR B FOR EACH YEAR THE CA IS OLDER THAN THE MEMBER

SUBTRACT FACTOR B FOR EACH YEAR THE CA IS YOUNGER THAN THE MEMBER

 

 

 

Appendix F

100% J&S W/O 10 YEAR CERTAIN

1998 GBB89 ASSUMPTIONS

	 	 	 	 	 
	AGE	 	OPTION 4	 
	66
	 	 	0.859	 
	67
	 	 	0.853	 
	68
	 	 	0.847	 
	69
	 	 	0.841	 
	70
	 	 	0.835	 
	71
	 	 	0.829	 
	72
	 	 	0.823	 
	73
	 	 	0.817	 
	74
	 	 	0.811	 
	75
	 	 	0.805	 
	76
	 	 	0.800	 
	77
	 	 	0.795	 
	78
	 	 	0.790	 
	79
	 	 	0.785	 
	80
	 	 	0.780	 
	81
	 	 	0.776	 
	82
	 	 	0.772	 
	83
	 	 	0.768	 
	84
	 	 	0.764	 
	85
	 	 	0.760	 
	86
	 	 	0.756	 
	87
	 	 	0.752	 
	88
	 	 	0.748	 
	89
	 	 	0.744	 
	90
	 	 	0.740	 
	 
	 	 	 	 
	FACTOR B
	 	 	0.5	%
	MAXIMUM
	 	 	0.99	%

WHEN THE MEMBER AND CA AGES DIFFER:

ADD FACTOR B FOR EACH YEAR THE CA IS OLDER THAN THE MEMBER

SUBTRACT FACTOR B FOR EACH YEAR THE CA IS YOUNGER THAN THE MEMBERFiled by Bowne Pure Compliance

 

Exhibit 10.06

THE FEDERAL HOME LOAN BANK

OF NEW YORK

BENEFIT EQUALIZATION PLAN

Effective as of

January 1, 1988

 

 

 

 

BENEFIT EQUALIZATION PLAN

INTRODUCTION

The adoption of this Benefit Equalization Plan has been authorized by the Board of Directors
of The Federal Home Loan Bank of New York (the “Bank”) solely for the purpose of providing benefits
to certain employees of the Bank which would have been payable under the Regulations governing the
Comprehensive Retirement Program of the Financial Institutions Retirement Fund, as they may be from
time to time amended and as adopted by the Bank, but for the limitations placed on benefits for
such employees by Sections 401(a)(17) and 415 of the Internal Revenue Code of 1954, as amended from
time to time, or any successor thereto (“IRC”).

This Plan is intended to constitute an unfunded “excess benefit plan” as defined in Section
3(36) of the Employee Retirement Income Security Act of 1974 and to provide certain other
supplemental benefits for employees whose
compensation exceeds the limit contained in IRC Section 401(a)(17). All benefits payable under
this Plan shall be paid solely out of the general assets of the Bank. No benefits under this Plan
shall be payable by the Financial Institutions Retirement Fund or from its assets.

 

 

 

 

Article 1. Definitions

When used in the Plan, the following terms shall have the following
meanings:

1.01 “Actuary” means the independent consulting actuary retained by the Bank to assist the
Committee in its administration of the Plan.

1.02 “Bank” means The Federal Home Loan Bank of New York and each subsidiary or affiliated
company thereof which participates in the Plan.

1.03 “Beneficiary” means the beneficiary or beneficiaries designated in accordance with Article
5 of the Plan to receive the benefit, if any, payable upon the death of a member of the Plan.

1.04 “Board of Directors” means the Board of Directors of the Bank.

1.05 “Committee” means the Administrative Committee appointed by the Board of Directors to
administer the Plan.

1.06 “Effective Date” means January 1, 1988.

1.07 “Fund” means the Financial Institutions Retirement Fund, a qualified and tax-exempt
pension plan and trust under Sections 401(a) and 501(a) of the IRC.

1.08 “IRC” means the Internal Revenue Code of 1954, as amended from time to time, or any
successor thereto.

1.09 “Member” means any person included in the membership of the Plan as provided in Article 2.

1.10 “Plan” means The Federal Home Loan Bank of New York Benefit Equalization Plan, as set
forth herein and as amended from time to time.

1.11 “Regulations” means the Regulations governing the Comprehensive Retirement Program of the
Fund as from time to time amended, and as adopted by the Bank.

 

 

 

 

Article 2. Membership

2.01 Each employee of the Bank who is included in the membership of the Fund shall become a
member of the Plan on the earliest date on which he, or his beneficiary, would have been entitled
to receive a benefit under Section 3.01 of the Plan had he become a retirant of the Fund, or died
in
active service, on such date.

2.02 If, on the date that payment of a member’s benefit from the Fund commences, the member is
not entitled under Section 3.01 below to receive a benefit under the Plan, his membership in the
Plan shall terminate on such
date.

2.03 A benefit shall be payable under the Plan to or on account of a member only upon the
member’s retirement, death or other termination of employment with the Bank.

 

 

 

 

Article 3. Amount and Payment of Benefits

3.01 The amount, if any, of the annual benefit payable to or on account of a member pursuant
to the Plan shall equal the excess of (i) over (ii), as determined by the Committee, where:

(i) is the annual benefit (as calculated by the Fund on the basis of the form of payment
elected under the Regulations by the member) that would otherwise be payable to or on account
of the member by the Fund under the Regulations if the provisions of the Regulations were
administered without regard to the limitations imposed by Sections 401(a)(17) and 415 of the
IRC; and

(ii) is the annual benefit (as calculated by the Fund on the basis of the form of payment
elected under the Regulations by the member) that is payable to or on account of the member by the
Fund under the Regulations after giving effect to any reduction of such benefit required by the
limitations imposed by Sections 401(a)(17) and 415 of the IRC.

For purposes of this Section 3.01,
“annual benefit” includes any “Active Service Death Benefit,” “Retirement Adjustment Payment,”
“Annual Increment” and “Single Purchase Fixed Percentage Adjustment” which the Bank elected to
provide its employees under the Regulations.

3.02 Unless the member elects an optional form of payment under the Plan pursuant to Section
3.03 below, the annual benefit, if any, payable to or on account of a member under Section 3.01
above, shall be converted by the Actuary and shall be payable to or on account of the member in the
“Regular Form” of payment, utilizing for that purpose the same actuarial factors and assumptions
then used by the Fund to determine actuarial equivalence under the Regulations. For purposes of the
Plan the “Regular Form” of payment means an annual benefit payable for the member’s lifetime and
the death benefit described in Section 3.04 below.

3.03(a) A member may, with the consent of the Committee, elect in writing to have the annual
benefit, if any, payable to or on account of a member under Section 3.02 above, converted by the
Actuary to any optional form of payment then permitted under the Regulations except that no benefit
under the Plan may be paid in the form of a lump sum settlement. The Actuary shall utilize for the
purpose of that conversion the same actuarial factors and assumptions then used by the Fund to
determine actuarial equivalence under the Regulations.

 

 

 

 

(b) If a member who had elected an optional form of payment
under this Section 3.03 dies after the date his benefit payments under the
Plan had commenced, the only death benefit, if any, payable under the Plan in
respect of said member shall be the amount, if any, payable under the optional
form of payment which the member had elected under the Plan. If a member who
had elected on optional form of payment under this Section 3.03 dies before
the date his benefit payments under the Plan commence, his election of an
optional form of benefit shall be inoperative.

(c) An election of an optional form of payment under this
Section 3.03 may be made only on a form prescribed by the Committee and filed
by the member with the Committee prior to the commencement of payment of his
benefit under Section 4.02 below.

3.04 Upon the death of a member who had not elected an optional
form of payment under Section 3.03 above, a death benefit shall be paid to the
member’s beneficiary in a lump sum equal to the excess, if any, of (i) over
(ii), where

	 	(i)	 	is an amount equal to 12 times the annual benefit, if any,
payable under Section 3.02 above, and

	 
	 	(ii)	 	is the sum of the benefit payments, if any, which the member had
received under the Plan.

3.05 If a member to whom an annual benefit is payable under the
Plan dies before commencement of the payment of his benefit, the death benefit
payable under Section 3.02 shall be payable to the member’s beneficiary as if
the payment of the member’s benefit had commenced on the first day of the
month in which his death occurred.

3.06 If a member is restored to employment with the Bank after
payment of his benefit under the Plan has commenced, all payments under the
Plan shall thereupon be discontinued. Upon the member’s subsequent retirement
or termination of employment with the Bank, his benefit under the Plan shall
be recomputed in accordance with Sections 3.01 and 3.02, but shall be reduced
by the equivalent value of the amount of any benefit paid by the Plan in
respect of his previous retirement or termination of employment, and such
reduced benefit shall be paid to such member in accordance with the provisions
of the Plan. For purposes of this Section 3.06, the equivalent value of the
benefit paid in respect of a member’s previous retirement or termination of
employment shall be determined by the Actuary utilizing for that purpose the
same actuarial factors and assumptions then used by the Fund to determine
actuarial equivalence under the Regulations.

 

 

 

 

Article 4. Source and Method of Payments

4.01 All payments of benefits under the Plan shall be paid from, and shall only be a general
claim upon, the general assets of the Bank, notwithstanding that the Bank, in its discretion, may
establish a bookkeeping reserve or a grantor trust (as such term is used in Sections 671 through
677 of the IRC) to reflect or to aid it in meeting its obligations under the Plan with respect to
any member or prospective member or beneficiary. No benefit whatever provided by the Plan shall be
payable from the assets of the Fund. No member shall have any right, title or interest whatever in
or to any investments which the Bank may make or any specific assets which the Bank may reserve to
aid it in meeting its obligations under the Plan.

4.02 All annual benefits under the Plan shall be paid in monthly
installments commencing on the first day of the month next following the member’s retirement date
under the Regulations, except that no benefit shall be paid prior to the date benefits under the
Plan can be definitely determined by the Committee.

 

 

 

 

Article 5. Designation of Beneficiaries

5.01 Each member of the Plan may file with the Committee a written
designation of one or more persons as the beneficiary who shall be entitled to
receive the amount, if any, payable under the Plan upon his death. A member
may, from time to time, revoke or change his beneficiary designation without
the consent of any prior beneficiary by filing a new designation with the
Committee. The last such designation received by the Committee shall be
controlling; provided, however, that no designation, or change or revocation
thereof, shall be effective unless received by the Committee prior to the
member’s death, and in no event shall it be effective as of a date prior to
such receipt.

5.02 If no such beneficiary designation is in effect at the time of
a member’s death, or if no designated beneficiary survives the member, or if,
in the opinion of the Committee. such designation conflicts with applicable
law, the member’s estate shall be deemed to have been designated his beneficiary and shall be paid the amount, if any, payable under the Plan upon the
member’s death. If the Committee is in doubt as to the right of any person to
receive such amount, the Committee may retain such amount, without liability
for any interest thereon, until the rights thereto are determined, or the
Committee may pay such amount into any court of appropriate jurisdiction and
such payment shall be a complete discharge of the liability of the Plan and
the Bank therefor.

 

 

 

 

Article 6. Administration of the Plan

6.01 The Board of Directors has delegated to the Benefits Equalization Plan Committee, subject
to those powers which the Board has reserved as described in Article 7 below, general authority
over and responsibility for the administration and interpretation of the Plan. The Committee shall
have full power and authority to interpret and construe the Plan, to make all determinations
considered necessary or advisable for the administration of the Plan and any trust referred to in
Article 4 above, and the calculation of the amount of benefits payable thereunder, and to review
claims for benefits under the Plan. The Committee’s interpretations and constructions of the Plan
and its decisions or actions thereunder shall be binding and conclusive on all persons for all
purposes.

6.02 If the Committee deems it advisable, it shall arrange for the
engagement of the Actuary, and legal counsel and certified public accountants
(who may be counsel or accountants for the Bank), and other consultants, and
make use of agents and clerical or other personnel, for purposes of the Plan.
The Committee may rely upon the written opinions of such Actuary, counsel,
accountants and consultants, and upon any information supplied by the Fund for
purposes of Section 3.01 of the Plan, and delegate to any agent or to any
subcommittee or Committee member its authority to perform any act hereunder,
including without limitations those matters involving the exercise of
discretion; provided, however, that such delegation shall be subject to
revocation at any time at the discretion of the Committee. The Committee
shall report to the Board of Directors, or to a committee designated by the
Board, at such intervals as shall be specified by the Board or such designated
committee, with regard to the matters for which it is responsible under the
Plan.

6.03 The Committee shall consist of at least three individuals,
each of whom shall be appointed by, shall remain in office at the will of, and
may be removed, with or without cause, by the Board of Directors. Any
Committee member may resign at any time. No Committee member shall be
entitled to act on or decide any matters relating solely to such member or any
of his rights or benefits under the Plan. The Committee member shall not
receive any special compensation for serving in such capacity but shall be
reimbursed for any reasonable expenses incurred in connection therewith. no
bond or other security need be required of the Committee or any member thereof
in any jurisdiction.

 

 

 

 

6.04 The Committee shall elect or designate its own Chairman,
establish its own procedures and the time and place for its meetings and
provide for the keeping of minutes of all meetings. Any action of the
Committee may be taken upon the affirmative vote of a majority of the members
at a meeting or, at the direction of its Chairman, without a meeting by mail
or telephone, provided that all of the Committee members are informed in
writing of the vote.

6.05 All claims for benefits under the Plan shall be submitted in
writing to the Chairman of the Committee. Written notice of the decision on
each such claim shall be furnished with reasonable promptness to the member or
his beneficiary (the “claimant”). The claimant may request a review by the
Committee of any decision denying the claim in whole or in part. Such request
shall be made in writing and filed with the Committee within 30 days of such
denial. A request for review shall contain all additional information which the claimant wishes
the Committee to consider. The Committee may hold any hearing or conduct any independent
investigation which it deems desirable to render its decision and the decision on review shall be
made as soon as feasible after the Committee’s receipt of the request for review. Written notice
of the decision on review shall be furnished to the claimant. For all purposes under the Plan,
such decisions on claims (where no review is requested) and decisions on review (where review is
requested) shall be final, binding and conclusive on all interested persons as to all matters
relating to the Plan.

6.06 All expenses incurred by the Committee in its administration of the Plan shall be paid by the Bank.

 

 

 

 

Article 7. Amendment and Termination

The Board of Directors may amend, suspend or terminate, in whole or in part, the Plan without
the consent of the Committee, any member, beneficiary or other person, except that no amendment,
suspension or termination shall retroactively impair or otherwise adversely affect the rights of
any member, beneficiary or other person to benefits under the Plan which have accrued prior to the
date of such action, as determined by the Committee in its sole discretion. The Committee may adopt
any amendment or take any other action which may be necessary or appropriate to facilitate the
administration, management and interpretation of the Plan or to conform the Plan thereto, provided
any such amendment or action does not have a material effect on the then currently estimated cost
to the Bank of maintaining the Plan.

 

 

 

 

Article 8. General Provisions

8.01 The Plan shall be binding upon and inure to the benefit of the
Bank and its successors and assigns and the members, and the successors,
assigns, designees and estates of the members. The Plan shall also be binding
upon and inure to the benefit of any successor organization succeeding to
substantially all of the assets and business of the Bank, but nothing in the
Plan shall preclude the Bank from merging or consolidating into or with, or
transferring all or substantially all of its assets to, another organization
which assumes the Plan and all obligations of the Bank hereunder. The Bank
agrees that it will make appropriate provision for the preservation of
members’ rights under the Plan in any agreement or plan which it may enter
into to effect any merger, consolidation, reorganization or transfer of
assets. Upon such a merger, consolidation, reorganization, or transfer of
assets and assumption of Plan obligations of the Bank, the term “Bank” shall
refer to such other organization and the Plan shall continue in full force and
effect.

8.02 Neither the Plan nor any action taken thereunder shall be
construed as giving to a member the right to be retained in the employ of the
Bank or as affecting the right of the Bank to dismiss any member from its
employ.

8.03 The Bank shall withhold or cause to be withheld from all
benefits payable under the Plan all federal, state, local or other taxes
required by applicable law to be withheld with respect to such payments.

8.04 No right or interest of a member under the Plan may be
assigned, sold, encumbered, transferred or otherwise disposed of and any
attempted disposition of such right or interest shall be null and void.

8.05 If the Committee shall find that any person to whom any amount
is or was payable under the Plan is unable to care for his affairs because of
illness or accident, or is a minor, or has died, then any payment, or any part
thereof, due to such person or his estate (unless a prior claim therefor has
been made by a duly appointed legal representative), may, if the Committee is
so inclined, be paid to such person’s spouse, child or other relative, an
institution maintaining or having custody of such person, or any other person
deemed by the Committee to be a proper recipient on behalf of such person
otherwise entitled to payment. Any such payment shall be in complete
discharge of the liability of the Plan and the Bank therefor.

 

 

 

 

8.06 To the extent that any person acquires a right to receive
payments from the Bank under the Plan, such right shall be no greater than the
right of an unsecured general creditor of the Bank.

8.07 All elections, designations, requests, notices, instructions,
and other communications from a member, beneficiary or other person to the
Committee required or permitted under the Plan shall be in such form as is
prescribed from time to time by the Committee and shall be mailed by first-class mail or delivered to such location as shall be specified by the
Committee and shall be deemed to have been given and delivered only upon
actual receipt thereof at such location.

8.08 The benefits payable under the Plan shall be in addition to
all other benefits provided for employees of the Bank and shall not be deemed
salary or other compensation by the Bank for the purpose of computing benefits
to which he may be entitled under any other plan or arrangement of the Bank.

8.09
No Committee member shall be personally liable by reason of any instrument executed by him or on his behalf, or action taken by him, in
his capacity as a Committee member nor for any mistake of judgment made in
good faith. The Bank shall indemnify and hold harmless the Fund and each
Committee member and each employee, officer or director of the Bank or the
Fund, to whom any duty, power, function or action in respect of the Plan may
be delegated or assigned, or from whom any information is requested for Plan
purposes, against any cost or expense (including fees of legal counsel) and
liability (including any sum paid in settlement of a claim or legal action
with the approval of the Bank) arising out of anything done or omitted to be
done in connection with the Plan, unless arising out of such person’s fraud or
bad faith.

8.10 As used in the Plan, the masculine gender shall be deemed to
refer to the feminine, and the singular person shall be deemed to refer to the
plural, wherever appropriate.

8.11 The captions preceding the sections of the Plan have been
inserted solely as a matter of convenience and shall not in any manner define
or limit the scope or intent of any provisions of the Plan.

8.12 The Plan shall be construed according to the laws of the State
of New York in effect from time to time.

 

 

 

 

This Benefit Equalization Plan has been
duly adopted this 18th day of June, 1987, to be effective as of 1st day of January, 1988.

	 	 	 	 	 
	 	The Federal Home Loan Bank of New York

 	 
	 	By:  	/s/
Brian Dittenhafer
 	 
	 	 	President	 
	 	 	 	 
	 

	 	 	 
	Attest:
	 	 
	 
	 	 
	
/s/ Leslie Bogen
 

Secretary

	 	 
	 
	 	 
	(SEAL)
	 	 

 

 

 

 

AMENDMENT NO. 1

TO THE FEDERAL HOME LOAN BANK OF NEW YORK

BENEFIT EQUALIZATION PLAN

The Federal Home Loan Bank of New York Benefit Equalization Plan (the “Plan”), as adopted by
the Federal Home Loan Bank of New York (the “Bank”) as of June 18, 1987, to be effective as of
January 1, 1988, is hereby amended effective January 1, 1995 in the following respects:

1. The section titled “Introduction” that immediately precedes Article 1 of the Plan is
amended and restated to read in its entirety as follows:

INTRODUCTION

The purpose of this Benefit Equalization Plan is to provide to certain employees of the Bank
the benefits which would have been payable under the Comprehensive Retirement Program of the
Financial Institutions Retirement Fund, and benefits equivalent to the matching contributions,
regular account contributions (after-tax) and 401(k) account contributions (pre-tax) which would
have been available under the Financial Institutions Thrift Plan, but for the limitations placed on
benefits and contributions for such employees by Sections 401(a)(17), 401(k)(3)(A)(ii),
401(m), 402(g) and 415 of the Internal Revenue Code of 1986.

The Plan is unfunded and all
benefits payable under this Plan shall be paid solely out of the
general assets of the Bank. No benefits under this Plan shall be payable by the Financial
Institutions Retirement Fund or its assets or by the Financial Institutions Thrift Plan or its
assets.

2. Section 1.07 is deleted, and all references in the Plan to the term “Fund” are
changed to “Retirement Fund.”

3. Section 1.08 is redesignated as Section 1.07, and the reference therein to “1954” is
changed to “1986.”

4. A new
Section 1.08 is added which reads in its entirety as follows:

1.08 “IRC
Limitations” mean the cap on compensation taken into account by a plan under IRC
Section 401(a)(17), the limitations on 401(k) contributions necessary to meet the average deferral
percentage (“ADP”) test under IRC Section 401(k)(3)(A)(ii), the limitations on employee and
matching contributions necessary to meet the average contribution percentage (“ACP”) test under IRC
Section 401(m), the dollar limitations on elective deferrals under IRC Section 402(g), and the
overall limitations on contributions and benefits imposed on qualified plans by IRC Section 415, as
such provisions may be amended from time to time, and any similar successor provisions of federal
tax law.

5. Section 1.11 is deleted, and all references in the Plan to the term “Regulations” are
changed to “Retirement Fund.”

 

 

 

 

6. New
Sections 1.11 and 1.12 are added which read in their entirety as follows:

1.11 “Retirement
Fund” means the Comprehensive Retirement Program of the Financial
Institutions Retirement Fund, a qualified and tax-exempt defined benefit pension plan and trust
under Sections 401(a) and 501(a) of the IRC, and the governing Regulations thereof, as adopted by
the Bank.

1.12 “Thrift
Plan” means the Financial Institutions Thrift Plan, a qualified and tax-exempt
defined contribution plan and trust under Sections 401(a) and 501(a) of the IRC, as adopted by
the Bank.

7. Section 2.03 is
redesignated as Section 2.04, and a new Section 2.03 is added which reads
in its entirety as follows:

2.03 Each employee of
the Bank who is included in the membership of the Thrift Plan shall
become a member of the Plan on the earliest date on or after January 1, 1995 on which
he is credited with an elective contribution addition or makeup contribution addition under
Section 4.01 or 4.02 of the Plan.

8. A new Section 2.05
is added which reads in its entirety as follows:

2.05 Notwithstanding any other provision
of this Plan to the contrary, the Committee, in
its sole and absolute discretion, shall exclude from Plan participation any employee who is not one
of a select group of management and highly compensated employees (within the meaning of Section
201(2) of the Employee Retirement Income Security Act of 1974, as amended).

9. The title of
Article 3 is changed to “Amount and Payment of Pension Benefits.”

10. Clauses (i) and
(ii) of Section 3.01 are amended and restated to read in their
entirety as follows:

(i) is the annual pension
benefit (as calculated by the Retirement Fund on the basis of the
form of payment elected under it by the member) that would otherwise be payable to or on account of
the member by the Retirement Fund if its provisions were administered without regard to the IRC
Limitations and on the basis of salary unreduced by the amount of any elective contributions under
Article IV of this Plan; and

(ii) is the annual pension
benefit (as calculated by the Retirement Fund on the basis of the
form of payment elected under it by the member) that is payable to or on account of the member by
the Retirement Fund after giving effect to any reduction of such benefit required by the IRC
Limitations and on the basis or salary reduced by the amount of any elective contributions under
Article IV of this Plan.

11. A new
Section 3.07 is added which reads in its entirety as follows:

3.07 Notwithstanding any other provision of
this Plan, if on the date payment under the Plan
would otherwise commence the lump sum settlement value of a member’s benefit determined by the
Actuary does not exceed $3,500, then that member’s benefit shall automatically be paid in the form
of a lump sum settlement.

 

 

2

 

12. Articles 4, 5, 6,
7 and 8 are redesignated as Articles 5, 6, 7, 8 and 9, respectively,
the Section numbers within each such redesignated Article are correspondingly changed (e.g.,
Section 4.01 becomes Section 5.01), any and all cross-references in the Plan to such revised
Article and Section numbers are changed, as appropriate, and a new Article 4 is added which reads
in its entirety as follows:

ARTICLE IV. AMOUNT AND PAYMENT
OF THRIFT BENEFITS

4.01 For each calendar year
after 1994, if the employee’s
401(k) account contributions and/or
regular account contributions under the Thrift Plan for such year have reached the maximum
permitted by the IRC Limitations as determined by the Committee, and if the employee’s compensation
for that calendar year is expected to exceed the dollar limitation set forth in IRC Section
401(a)(17) (as indexed), and if the employee elects to reduce his compensation for the current
calendar year by delivering a written election to the Committee, prior to the commencement of such
calendar year, on such form as the Committee may
designate, then such employee shall be credited with an elective contribution addition under
this Plan equal to the reduction in his compensation made in accordance with such
election; provided, however, that the sum of all such elective contribution additions for an
employee with respect to any single calendar year shall not be greater than the excess of (i) over
(ii), where

(i) is an amount equal to
15% of his compensation (as defined by the Thrift Plan if its
provisions were administered without regard to the IRC Limitations); and

(ii) is an amount equal to
his regular account and 401(k) account contributions actually made
under the Thrift Plan for the calendar year after giving effect to any limitation or reduction on
elective contributions required by the IRC Limitations.

If the reduction in an
employee’s compensation under such election is determined to exceed the
maximum allowable elective contribution additions for such year, the excess and any related
earnings credited under Section 4.03 shall be paid to such employee within the first two and
one-half months of the succeeding calendar year.

4.02
For each calendar year after 1994, if a portion of an employee’s regular account
contribution or 401(k) account contribution to the Thrift Plan for the preceding year is returned
to an employee after the end of such preceding year on account of the IRC Limitations, and if the
employee’s compensation for that calendar year is expected to exceed the dollar limitation set
forth in IRC Section 401(a)(17) (as indexed), and if the employee elects to reduce his compensation
for the current year by an amount up to the sum of Thrift Plan contributions and related earnings
returned to him for the preceding year by delivering a written election to the Committee prior to
the commencement of such calendar year on such form as the Committee may designate, then such
employee shall be credited with a makeup contribution addition under this Plan equal to the
reduction in his compensation made in accordance with such election.

4.03 For each elective
contribution addition credited to an employee under Section 4.01, such
employee shall also be credited with a matching contribution addition under this Plan equal to the
matching contribution, if any, that would be credited under the Thrift Plan with respect to such
amount if contributed to the Thrift Plan, determined as if the provisions of the Thrift Plan were
administered without regard to the IRC Limitations and determined after taking into account the employee’s actual regular and 401(k) contributions to and actual matching
contributions under the Thrift Plan. For each makeup contribution addition credited to an employee
under Section 4.02, such employee shall also be credited with a matching contribution addition
under this Plan equal to the matching contribution, if any, that was lost under the Thrift Plan
with respect to the contributions returned for the preceding calendar year.

 

 

3

 

4.04 The Committee shall maintain a thrift benefit account on the books and records of the
Bank for each employee who is a member by reason of amounts credited under Section 4.01 or 4.02.
The elective contribution additions, makeup contribution additions and matching contribution
additions of a member under Sections 4.01, 4.02 and 4.03 shall be credited to the member’s thrift
benefit account as soon as practical after the date that the compensation reduced under Section
4.01 and/or 4.02 would otherwise have been paid to such member. In addition, the thrift benefit
account of a member shall be credited from time to time with interest at a rate substantially
equivalent to the net rate of return earned on the member’s account in the Thrift Plan, or at such
other rate or rates or in such amount as may be determined by the Committee in its discretion.

4.05 The balance credited to a member’s thrift benefit account shall
be paid to him in a
lump sum payment as soon as reasonably practicable after his retirement or other
termination of employment with the Bank.

4.06 If a member dies prior to receiving the balance credited to his thrift benefit account
under Section 4.05 above, the balance in his thrift benefit account shall be paid to his
Beneficiary in a lump sum payment as soon as reasonably practicable after his death.

13. Except as revised as specifically stated above, the terms and provisions of the Plan are
hereby ratified and affirmed.

This Amendment No. 1 to the Plan has been duly adopted by the Bank this 22nd day of December,
1994, to be effective as of January 1, 1995.

	 	 	 	 	 
	 	FEDERAL HOME LOAN BANK OF NEW YORK

 	 
	 	By:  	/s/
Alfred A. DelliBovi	 
	 	 	President	 
	 	 	 	 
	 

Attest:

	 	 	 
	/s/
Barbara Sperrazza
	 	 
	

 
Secretary
	 	 

(Seal)

 

 

4

 

AMENDMENT NO. 2 TO THE

FEDERAL HOME LOAN BANK

OF NEW YORK

BENEFIT EQUALIZATION PLAN

The Federal Home Loan Bank of New York Benefit
Equalization Plan (the “Plan”), as adopted by the Federal Home
Loan Bank of New York (the “Bank”) as of June 18, 1987, to be
effective as of January 1, 1988, and as previously amended
effective January l, 1995 by Amendment No. 1 thereto, is hereby
further amended effective January 1, 1996 in the following
respects:

1. Section 3.01 is amended and restated in its
entirety to read as follows:

3.01 The amount, if any, of the annual benefit payable to or on account of a member
pursuant to the Plan shall equal (i) minus (ii) minus (iii), but not less than zero, as
determined by the Committee, where:

(i) is the annual benefit (as calculated by the Fund on the basis of the form
of payment elected under the Regulations by the member) that would otherwise be
payable to or on account of the member by the Fund under the Regulations if the
provisions of the Regulations were administered without regard to the limitations
imposed by Section 401(a)(17) and 415 of the IRC; and

(ii) is the annual benefit (as calculated by the Fund on the basis of the form
of payment elected under the Regulations by the member) that is payable to or on
account of the member by the Fund under the Regulations after giving effect to any
reduction of such benefit required by the limitations imposed by Sections 401(a)(17)
and 415 of the IRC; and

 

 

 

 

(iii) is the value of any applicable life insurance policy as
described in Section 3.08.

For purposes of this section 3.01, “annual benefit” includes any “Active Service Death
Benefit,” “Retirement Adjustment Payment,” “Annual Increment” and “Single Purchase Fixed
Percentage Adjustment” which the Bank elected to provide its employees under the
Regulations.

2. Section 3.03(a)
is amended and restated in its
entirety to read as follows:

3.03(a) A member
may, with the consent of the Committee, elect in writing to have the
annual benefit, if any, payable to or on account of a member under Section 3.02 above,
converted by the Actuary to any optional form of payment then permitted under the
Regulations, except that no benefit under the Plan may be paid in the form of a lump sum
settlement unless the member irrevocably elects the lump sum option in writing no later
than December 31 of the calendar year immediately preceding the calendar year in which the
member’s benefit becomes distributable. The Actuary shall utilize for the purpose of that
conversion the same actuarial factors and assumptions then used by the Fund to determine
actuarial equivalence under the Regulations.

3. A new Section 3.08 is added which reads in its
entirety as follows:

3.08 The amount
referred to in clause (iii) of Section 3.01 is the annual benefit that
is the actuarial equivalent of the annuity that would be purchasable by the cash surrender
value of the policy in excess of the cumulative net premiums (total premiums less (a) term
insurance costs charged to the member and (b) key person term insurance costs) paid by the
Bank. All determinations under this Section 3.08 shall be made by the Actuary as of the date
benefits are to be paid or commenced utilizing the same actuarial factors and assumptions
then used by the Fund to determine actuarial equivalence under the Regulations.

4. Except as revised as specifically stated above,
the terms and provisions of the Plan are hereby ratified and
affirmed.

 

 

- 2 -

 

This Amendment No. 2 to the Plan has been duly adopted by the Bank this 21st day
of December, 1995, to be effective as of January 1, 1996.

	 	 	 	 	 
	 	THE FEDERAL HOME LOAN BANK OF NEW YORK
 	 
	 	By:  	/s/
Alfred A. DelliBovi    	 
	 	 	President	 
	 	 	 	 
	 

	 	 	 
	Attest:
	 	 
	 
	 	 
	/s/
Barbara Sperrazza
	 	 
	
 
Secretary
	 	 

(Seal)

 

 

- 3 -

 

AMENDMENT NO. 3 TO THE

FEDERAL HOME LOAN BANK

OF NEW YORK

BENEFIT EQUALIZATION PLAN

The
Federal Home Loan Bank of New York Benefit Equalization Plan (the “Plan”), as adopted by
the Federal Home Loan Bank of New York (the “Bank”) as of
June 18, 1987, to be effective as of
January 1, 1988, and as previously amended effective January 1, 1995 by Amendment No. 1 thereto,
and effective January 1, 1996 by Amendment No. 2 thereto in the following respects:

	 	1.	 	Section 3.08 is amended to read in its entirety as follows:

	 
	 		 	3.08 The life insurance policies referred to in clause (iii) of Section 3.01 are
any policies subject to a Split Dollar Agreement between the Bank and the member.
The amount referred to in clause (iii) of Section 3.01 is the annual benefit that
is
the actuarial equivalent of the annuity that would be purchaseable by the portion
of the cash value of any such policy allocable to the member under the applicable
Split Dollar Agreement. All determinations under this Section 3.08 shall be made
by the Actuary as of the date benefits are to be paid or commenced utilizing the
same actuarial factors and assumptions then used by the Fund to determine
actuarial equivalence under the Regulations.

	 
	 	2.	 	Section 3.05 is amended by adding the following at the end thereof:

	 
	 	 	 	; provided, however, that in calculating such death benefit, the offset described
in clause (iii) of Section 3.01 shall be disregarded and instead such lump sum
death benefit shall instead be offset by the death benefits payable in respect of
such member under all such applicable life insurance policies.

	 
	 	3.	 	Except as revised as specifically stated above, the terms and provisions of the
Plan are hereby ratified and affirmed.

This Amendment No. 3 to the Plan has been duly adopted by the Bank this 17th day of November,
1998, to be effective as of December 21, 1995.

	 	 	 	 	 
	 	 	FEDERAL HOME LOAN BANK OF NEW YORK
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Alfred A. DelliBovi
	 

	 	 
	 	 
	 

	 	 	 	President

Attest:

	 	 	 	 	 
	By:

	 	/s/ Barbara Sperrazza
	 	 
	 

	 	 
	 	 
	 

	 	Secretary	 	 
	 
	 	 	 	 
	(Seal)	 	 

 

 

 

 

AMENDMENT NO. 4 TO THE

FEDERAL HOME LOAN BANK

OF NEW YORK

BENEFIT EQUALIZATION PLAN

The Federal Home Loan Bank of New York Benefit Equalization Plan (the “Plan”), as adopted by
the Federal Home Loan Bank of New York (the “Bank”) as of
June 18, 1987, to be effective as of
January 1, 1988, and as previously amended by Amendment
No. 1, Amendment No. 2 and Amendment No. 3
thereto, is hereby amended effective October 19, 2000 in the following respects:

1. Section 4.01 is amended by deleting the reference in clause (i) thereof to “15%” and
substituting in lieu thereof a reference to “19%.”

2. Except as revised as specifically stated above, the terms and provisions of the Plan are
hereby ratified and affirmed.

This Amendment No. 4 to the Plan has been duly adopted by the Bank this 19th day of October,
2000, to be effective as of [October 19, 2000].

	 	 	 	 	 	 	 
	 	 	FEDERAL HOME LOAN BANK OF NEW YORK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Alfred A. DelliBovi	 	 
	 

	 	 
	 	 	 	 
	 

	 	 	 	President	 	 

Attest:

	 	 	 	 	 
	 

	 	/s/ Barbara Sperrazza
	 	 
	 

	 	 
	 	 
	 

	 	Corporate Secretary	 	 

(Seal)

 

 

 

 

AMENDMENT NO. 5 TO THE

FEDERAL HOME LOAN BANK

OF NEW YORK

BENEFIT EQUALIZATION PLAN

The Federal Home Loan Bank of New York Benefit Equalization Plan (the “Plan”), as adopted by
the Federal Home Loan Bank of New York (the “Bank”) as of
June 18, 1987, to be effective as of
January 1, 1988, and as previously amended by Amendment No. 1, Amendment No. 2, Amendment No. 3 and
Amendment No. 4 thereto, is hereby amended effective
January 1, 2002 in the following respect:

1. Subparagraph (ii) of the first paragraph of Section 4.01 is amended to read as
follows:

	 	(ii)	 	is an amount equal to his regular account, 401(k) account and
additional elective deferral (as defined in IRC Section 414(v)) contributions
actually made under the Thrift Plan for the calendar year after giving effect to
any limitation or reduction on elective contributions required by the IRC
Limitations.

2. Except as revised as specifically stated above, the terms and provisions of the
Plan are hereby ratified and confirmed.

This Amendment No. 5 to the Plan has been duly adopted by the Bank this 21st day of March
2002, to be effective as of January 1,2002.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	FEDERAL HOME LOAN BANK OF NEW YORK	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Alfred A. DelliBovi
 

President
	 	 
	 
	 	 	 	 	 	 	 	 
	Attest:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/
Barbara Sperrazza
 

Corporate Secretary

	 	 	 	 	 	 	 	 

 

 

 

 

AMENDMENT NO. 6 TO THE

FEDERAL HOME LOAN BANK

OF NEW YORK

BENEFIT EQUALIZATION PLAN

The Federal Home Loan Bank of New York Benefit Equalization Plan (the “Plan”), as adopted by
the Federal Home Loan Dank of New York (the “Bank”) as of June 18, 1987, to be effective as of
January 1, 1988, and as previously amended by Amendment No. 1, Amendment No. 2, Amendment No. 3,
Amendment No. 4 and Amendment No. 5 thereto, is hereby
amended effective January 1, 2003 in the
following respect:

1. Section 3.01 is amended to read as follows:

3.01 The amount, if any, of the annual benefit payable to or on account of a Member pursuant
to the Plan shall equal (i) minus (ii), but not less than zero, as determined by the Committee,
where:

(i) is the annual benefit (as calculated by the Retirement Fund on the basis of the form of
payment elected under the Retirement Fund by the Member) that would otherwise be payable to or on
account of the Member by the Retirement Fund under the Retirement Fund if the provisions of the
Retirement Fund were administered without regard to the limitations imposed by Section 401(a)(l 7)
and 415 of the IRC; and

(ii) is the annual benefit (as calculated by the Retirement Fund on the basis of the form of
payment elected under the Retirement Fund by the Member) that is payable to or on account of the
Member by the Retirement Fund under the Retirement Fund after giving effect to any reduction of
such benefit required by the limitations imposed by Sections 401(a)(17) and 415 of the IRC;

For purposes of this Section 3.01, “annual benefit” includes any “Active Service Death
Benefit,” “Retirement Adjustment Payment,” “Annual Increment” and “Single Purchase Fixed
Percentage Adjustment” which the Bank elected to provide its employees under the Retirement Fund.

2. Section 3.05 is amended to read as follows:

3.05 If a Member to whom an annual benefit is payable under the Plan dies before commencement
of the payment of his or her benefit, the death benefit payable under Section 3.02 shall be
payable to the Member’s beneficiary as if the payment of the Member’s benefit had commenced on the
first day of the month in which his or her death occurred; provided, however, that in calculating
such death benefit, such lump sum death benefit shall be offset by the death benefits payable in
respect of such Member under any and all life insurance policies maintained by the Bank at its
sole cost and expense on behalf of the Member.

3. Section 3.08 is deleted in its entirety.

4.
Except as revised as specifically stated above, the terms and provisions of the Plan are hereby ratified and confirmed.

 

 

 

This
Amendment No. 6 to the Plan has been duly adopted by the Bank
this         day of
December, 2002, to be effective as of January 1, 2003.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	FEDERAL HOME LOAN BANK OF NEW YORK	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Alfred A. DelliBovi
 

President
	 	 
	 
	 	 	 	 	 	 	 	 
	Attest:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/
Barbara Sperrazza
 

Corporate Secretary

	 	 	 	 	 	 	 	 

 

 

 

AMENDMENT NO. 7 TO THE

FEDERAL HOME LOAN BANK

OF NEW YORK BENEFIT

EQUALIZATION PLAN

The Federal Home Loan Bank of New York Benefit Equalization Plan (the “Plan”), as adopted by
the Federal Home Loan Bank of New York (the “Bank”) as of June 18, 1987, to be effective as of
January 1, 1988, and as previously amended by Amendment No. 1, Amendment No. 2, Amendment No. 3,
Amendment No. 4, Amendment No. 5 and Amendment No. 6 thereto, is hereby amended, effective October
16, 2003, in the following respects:

	 	1.	 	Section 1.02 is amended to read as follows:

	 
	 	 	 	1.02 “Bank” means the Federal Home Loan Bank of New York and each subsidiary or
affiliated company thereof which participates in the Plan.

	 
	 	2.	 	Section 2.05 is amended to read as follows:

	 
	 	 	 	2.05 Notwithstanding any other provision of this Plan to the contrary, the
Committee, in its sole and absolute discretion, shall exclude from Plan
participation any employee who is not one of a select group of management and
highly compensated employees (within the meaning of those terms as used in
Section 201(2) of the Employee Retirement Income Security Act of 1974, as
amended).

	 
	 	3.	 	Articles 1 through 6, inclusive, Section 7.05, Article 8 and Sections
9.01, 9.02, 9.04 and 9.07 are amended by changing the words “member,” “member’s” and
“members” to “Member,” “Member’s” and “Members,” respectively, wherever the same appear
therein.

	 
	 	4.	 	Article IV is redesignated Article 4, and Article 4, as so redesignated, is
amended by changing “employee,” “employee’s” and “an employee” to “Member,” “Member’s”
and “a Member,” respectively, wherever the same appear therein.

	 
	 	5.	 	Except as revised as specifically stated above, the terms and provisions of the
Plan are hereby ratified and confirmed.

 

 

This Amendment No. 7 to the Plan has been duly adopted by the Bank this 16th day of
October, 2003, to be effective as of October 16, 2003.

	 	 	 	 	 
	 	FEDERAL HOME LOAN BANK OF NEW YORK
 	 
	 	By:  	/s/
Alfred A. DelliBovi
 	 
	 	 	President 	 
	 	 	 	 
	 

Attest:

	 	 	 
	/s/
Barbara Sperrazza

	 	 
	 	 	 
	Corporate Secretary
	 	 

 

 

AMENDMENT NO. 8 TO THE

FEDERAL HOME LOAN BANK

OF NEW YORK BENEFIT

EQUALIZATION PLAN

The Federal Home Loan Bank of New York Benefit Equalization Plan (the “Plan”), as adopted by
the Federal Home Loan Bank of New York (the “Bank”) as of June 18, 1987, to be effective as of
January 1, 1988, and as previously amended by Amendment No. 1, Amendment No. 2, Amendment No. 3,
Amendment No. 4, Amendment No. 5, Amendment No. 6 and Amendment No. 7 thereto, is hereby amended,
effective on and as of the date of adoption hereof, in the following respect:

Article 4 of the Plan is amended by inserting the following as Section 4.07 thereof:

Section 4.07 A Member who shall have been credited with an elective contribution addition
under Section 4.01 of the Plan shall be entitled to elect to have the balance credited to the
Member’s Thrift Benefit Account paid to him in such other form, or at such date or dates, other
than a lump sum payment payable as soon as reasonably practicable after his retirement or other
termination of employment with the Bank as provided in Section 4.05 of the Plan; provided, that
such election shall be made in writing delivered to the Bank on or before December 31, 2007, and
shall be effective only with respect to amounts payable under the provisions of Section 4.05 of
the Plan on or after January 1, 2008, and not prior thereto.

This Amendment No. 8 to the Plan has been duly adopted by the Bank this
18th day of October, 2007, to be effective on and as of the date of adoption
hereof.

	 	 	 	 	 
	 	FEDERAL HOME LOAN BANK OF NEW YORK

 	 
	 	By:  	/s/
Alfred A. DelliBovi
 	 
	 	 	President 	 
	 	 	 	 
	 

Attest:

	 	 	 
	/s/
Barbara Sperrazza

	 	 
	 	 	 
	Corporate Secretary
	 	 

 

 

AMENDMENT NO. 9 TO THE

FEDERAL HOME LOAN BANK

OF NEW YORK BENEFIT

EQUALIZATION PLAN

The Federal Home Loan Bank of New York Benefit Equalization Plan (the “Plan”), as adopted by
the Federal Home Loan Bank of New York (the “Bank”) as of June 18, 1987, to be effective as of
January 1, 1988, and as previously amended by Amendment No. 1, Amendment No. 2, Amendment No. 3,
Amendment No. 4, Amendment No. 5, Amendment No. 6, Amendment No. 7 and Amendment No. 8 thereto, is
hereby amended, effective January 1, 2008, in the following respects:

1. Section 1.05 is amended to read as follows:

1.05 “Committee” means the Benefit Equalization Plan Committee appointed by the Board of
Directors pursuant to Section 7.01 to administer the Plan.

2. Section 1.06 is deleted, and Sections 1.07, 1.08, 1.09 and 1.10 are hereby redesignated as
Sections 1.06, 1.07, 1.08 and 1.09, respectively.

3. Section 1.10 is adopted as follows:

1.10 “Retirement” means and refers to the Separation from Service of a Member under
circumstances entitling the Member to a benefit from and under the terms of the Retirement Fund.

4. Sections 1.11 and 1.12 are amended to read as follows:

1.11 “Retirement Fund” means the Pentegra Defined Benefit Plan for Financial Institutions, a
qualified and tax-exempt defined benefit pension plan and trust under IRC Sections 401 (a) and 501
(a), and the governing Retirement Fund thereof, as adopted by the Bank.

1.12 “Retirement Plan Component” means and refers to the provisions of Article 3, which is and
shall be deemed to be a separate plan within the Federal Home Loan Bank of New York Benefit
Equalization Plan.

5. Sections 1.13, 1.14 and
1.15 are adopted as follows:

1.13 “Separation from
Service ” has the meaning set forth in Section 1.409A-l(h) of the
Regulations promulgated under IRC Section 409A.

1.14 “Thrift Plan Component” means and refers to the provisions of Article 4, which is and
shall be deemed to be a separate plan within the Federal Home Loan Bank of New York Benefit
Equalization Plan.

 

 

1.15 “Thrift Plan” means the Pentegra Defined Contribution Plan for Financial Institutions, a
qualified and tax exempt defined contribution plan and trust under IRC Sections 401 (a) and 501
(a), as adopted by the Bank.

6. Article 2 is amended to read as follows:

Article 2. Membership

2.01 Each employee of the Bank who is included in the membership of the Retirement Fund shall
become a Member of the Plan and of the Retirement Plan Component of the Plan on the later of (i)
the date on which the Committee shall determine, in its sole and absolute discretion, that he or
she is entitled to membership in the Plan and (ii) the earliest date on which a benefit under the
Retirement Fund is limited by IRC Section 401(a)(17) or 415. If, on the date that payment of a
Member’s benefit from the Retirement Fund commences, the Member is not entitled to receive a
benefit under Article 3.01 of the Plan, his membership in the Retirement Component of the Plan
shall terminate on such date.

2.02 Each employee of the Bank who is included in the membership of the Thrift Plan shall
become a Member of the Plan and of the Thrift Plan Component of the Plan on the later of (i) the
date on which the Committee shall determine, in its sole and absolute discretion, that he or she is
entitled to membership in the Plan and (ii) the earliest date on which he or she is credited with
an elective contribution addition or makeup contribution addition under Section 4.01 or 4.02 of the
Plan.

2.03 Notwithstanding any other provision of this Plan to the contrary, the Committee, in its
sole and absolute discretion, shall exclude from membership and participation in the Plan any
employee who is not one of a select group of management and highly compensated employees, or who
does not meet such criteria and requirements for membership in the Plan as the Committee shall fix
and determine.

7. Article 3 is amended to read as follows:

Article 3. Amount and Payment of Pension Benefits

3.01 The amount, if any, of the annual benefit payable to or on account of a Member pursuant
to the Retirement Plan Component of the Plan shall equal (i) minus (ii), but not less than zero,
as determined by the Committee, where:

(i) is the annual benefit (as calculated by the Retirement Fund on the basis of the form of
payment elected under the Retirement Fund by the Member) that would otherwise be payable to or on
account of the Member by the Retirement Fund under the Retirement Fund if the provisions of the
Retirement Fund were administered without regard to the limitations imposed by Sections 401
(a)(l7)
and 415 of the IRC; and

 

2

 

(ii) is the annual benefit (as calculated by the Retirement Fund on the basis of the form of
payment elected under the Retirement Fund by the Member) that is payable to or on account of the
Member by the Retirement Fund under the Retirement Fund after giving effect to any reduction of
such benefit required by the limitations imposed by Sections 401 (a)(17) and 415 of the IRC.

For purposes of this Section 3.01, “annual benefit” includes any “Active Service Death
Benefit,” “Retirement Adjustment Payment,” “Annual Increment” and “Single Purchase Fixed Percentage
Adjustment” which the Bank has elected to provide its employees under the Retirement Fund and shall
be in the form of a life annuity within the meaning of Section 1.409 A-2(b)(2)(ii) of the
Regulations promulgated under IRC Section 409A.

3.02 Unless the Member elects an optional form of payment under this Article 3 pursuant to
Section 3.03 of the Plan, the annual benefit, if any, payable to or on account of a Member under
Section 3.01 of the Plan shall be converted by the Actuary and shall be payable to or on account of
the Member in the “Regular Form” of payment, utilizing for that purpose the same actuarial factors
and assumptions then used by the Retirement Fund to determine actuarial equivalence under the
Retirement Fund. For purposes of the Plan, the “Regular Form” of payment means an annual benefit
payable for the Member’s lifetime and the death benefit described in Section 3.04 of the Plan.

3.03 (a) A Member may, with the prior written consent of the Committee, elect in writing to
have the annual benefit, if any, payable to or on account of a Member under Section 3.02 of the
Plan converted by the Actuary to any optional form of payment then permitted under the Retirement
Fund that is a life annuity within the meaning of Section 1.409A-2(b)(2)(ii) of the Regulations
promulgated under IRC Section 409A other than the “Regular Form” of payment. The Actuary shall
utilize for the purpose of that conversion the same actuarial factors and assumptions then used by
the Retirement Fund to determine actuarial equivalence under the Retirement Fund.

(b) If a Member who had elected an optional form of payment under this Section 3.03 dies after
the date his benefit payments under the Plan had commenced, the only death benefit, if any, payable
under the Plan in respect of said Member shall be the amount, if any, payable under the optional
form of payment which the Member had elected under the Plan. If a Member who had elected an
optional form of payment under this Section 3.03 dies before the date his benefit payments under
the Plan commence, his election of an optional form of benefit shall be inoperative.

(c) An election of an optional form of payment under this Section 3.03 may be made only on a
form prescribed by the Committee and filed by the Member with the Committee prior to the
commencement of payment of his benefit under Section 5.02 of the Plan.

 

3

 

3.04 Upon the death of a Member who had not elected an optional form of payment under Section
3.03 of the Plan, a death benefit shall be paid to the Member’s beneficiary in a lump sum equal to
the excess, if any, of (i) over (ii), where:

(i) is an amount equal to twelve (12) times the annual benefit, if any, payable under
Section 3.02 of the Plan; and

(ii) is the sum of the benefit payments, if any, which the Member had received under this
Article 3.

3.05 If a Member to whom an annual benefit is payable under this Article 3 dies before
commencement of the payment of his benefit, the death benefit payable under Section 3.02 of the
Plan shall be payable to the Member’s beneficiary as if the payment of the Member’s benefit had
commenced on the first day of the month in which his death occurred.

3.06 If a Member is restored to employment with the Bank after payment of his benefit under
this Article 3 has commenced, all payments under the Plan shall thereupon be discontinued. Upon the
Member’s subsequent Separation from Service with the Bank, his benefit under the Plan shall be
recomputed in accordance with Sections 3.01 and 3.02 of the Plan, but shall be reduced by the
equivalent value of the amount of any benefit paid by the Plan in respect of his previous
Separation from Service, and such reduced benefit shall be paid to such Member in accordance with
the provisions of the Plan. For purposes of this Section 3.06, the equivalent value of the benefit
paid in respect of a Member’s previous retirement or termination of employment shall be determined
by the Actuary utilizing for that purpose the same actuarial factors and assumptions then used by
the Retirement Fund to determine actuarial equivalence under the Retirement Fund.

3.07 The annual benefit, if any, payable to or on account of a Member under this Article 3
shall commence to be paid no earlier than (i) the Member’s Separation from Service, (ii) the date
the Member becomes disabled, within the meaning of IRC Section 409A(a)(2)(c), or (iii) the Member’s
death, and the time or schedule of payments shall not be accelerated except as provided in
Regulations promulgated pursuant to IRC Section 409A, nor shall any payment of benefits be deferred
to a date other than the date fixed for such payment. Such annual benefit shall be paid in monthly
installments commencing on the first day of the month next following the Member’s Separation from
Service constituting the Member’s Retirement under the Retirement Fund, except that no benefits
shall be paid prior to the date such annual benefit can be definitely determined by the Committee.

8. Article 4 is amended to read as follows:

Article 4. Amount and Payment of Thrift Benefits

4.01 For each calendar year after 2007, if the Member’s 401(k) account contributions and/or
regular account contributions under the Thrift Plan for such year have reached the maximum
permitted by the IRC Limitations as determined by the Committee, and if the Member’s compensation
for that calendar year is expected to exceed the dollar limitation set forth in IRC Section
401(a)(17) (as indexed), and if the Member elects to reduce his compensation for such calendar
year by delivering to the Committee, prior to the commencement of such calendar year, a
written election on such form as the Committee may designate, which election shall become
irrevocable on the last day of the calendar year preceding such calendar year, then such Member
shall be credited with an elective contribution addition under this Plan equal to the reduction in
his compensation made in accordance with such election; provided, however, that the sum of all such
elective contribution additions for a Member with respect to any single calendar year shall not be
greater than the excess of (i) over (ii), where

 

4

 

(i) is an amount equal to 19% of his compensation (as defined by the Thrift Plan if its
provisions were administered without regard to the IRC Limitations); and

(ii) is an amount equal to his regular account, 401(k) account and additional elective
deferral (as defined in IRC Section 414(v)) contributions actually made under the Thrift Plan for
the calendar year after giving effect to any limitation or reduction on elective contributions
required by the IRC Limitations.

If the reduction in a Member’s compensation under such election is determined to exceed the
maximum allowable elective contribution additions for such calendar year, such excess and any
related earnings credited under Section 4.03 of the Plan shall be paid to such Member within the
first two and one half months of the succeeding calendar year.

4.02 For each calendar year after 2007, if a portion of an Member’s regular account
contribution or 401(k) account contribution to the Thrift Plan for the preceding calendar year is
returned to a Member after the end of such preceding calendar year on account of the IRC
Limitations, and if the Member’s compensation for such calendar year is expected to exceed the
dollar limitation set forth in IRC Section 401(a)(17) (as indexed), and if the Member elects to
reduce his compensation for such calendar year by an amount up to the sum of Thrift Plan
contributions and related earnings returned to him for the preceding year by delivering a written
election to the Committee prior to the commencement of such calendar year on such form as the
Committee may designate, then such Member shall be credited with a makeup contribution addition
under this Article 4 equal to the reduction in his compensation made in accordance with such
election.

4.03 For each elective contribution addition credited to a Member under Section 4.01 of the
Plan, such Member shall also be credited with a matching contribution addition under this Article 4
equal to the matching contribution, if any, that would be credited under the Thrift Plan with
respect to such amount if contributed to the Thrift Plan, determined as if the provisions of the
Thrift Plan were administered without regard to the IRC Limitations and determined after taking
into account the Member’s actual regular and 401(k) contributions to and actual matching
contributions under the Thrift Plan. For each makeup contribution addition credited to a Member
under Section 4.02, of the Plan such Member shall also be credited with a matching contribution
addition under this Article 4 equal to the matching contribution, if any, that was lost under the
Thrift Plan with respect to the contributions returned for the preceding calendar year.

 

5

 

4.04 The Committee shall maintain a thrift benefit account on the books and records of the Bank
for each Member who is a Member by reason of amounts credited under Section 4.01 or 4.02
of the Plan. The elective contribution additions, makeup contribution additions and matching
contribution additions of a Member under Sections 4.01, 4.02 and 4.03 of the Plan shall be credited
to the Member’s thrift benefit account as soon as practicable after the date that the compensation
reduced under Section 4.01 and/or 4.02 of the Plan would otherwise have been paid to such Member.
In addition, the thrift benefit account of a Member shall be credited from time to time with
interest at a rate substantially equivalent to the net rate of return earned on the Member’s
account in the Thrift Plan, or at such other rate or rates or in such amount as may be determined
by the Committee in its sole and absolute discretion.

4.05 The balance credited to a Member’s thrift benefit account shall be paid to him in a lump
sum payment as soon as reasonably practicable after his Separation from Service with the Bank, or
at such other date or dates and in such other form as the Member shall have elected in writing to
the Bank on or before December 31, 2007, or, in the case of a Member who shall first elect to
reduce his compensation pursuant to Section 4.01 of the Plan subsequent to December 31, 2007, at
the time the Member first so elects to reduce his compensation, subject to the provisions of
Section 4.07 of the Plan.

4.06 If a Member dies prior to receiving the balance credited to his thrift benefit account
under Section 4.05 of the Plan, the balance in his thrift benefit account at the time of the
Member’s death shall be paid to his Beneficiary in a lump sum payment as soon as reasonably
practicable after his death.

4.07 A Member (or the beneficiary of a Member) who shall have been credited with an elective
contribution addition under Section 4.01 of the Plan shall be deemed entitled to a benefit under
this Article 4 at such time as the Member (or his beneficiary) shall be determined to be due to a
benefit payable by the Thrift Plan; provided, that the benefit under this Article 4 shall be paid
at the time or times and in the form in which such benefit is payable pursuant to Section 4.05 of
the Plan and shall commence to be paid no earlier than (i) the Member’s Separation from Service,
(ii) the date the Member becomes disabled, within the meaning of IRC Section 409A(a)(2)(c), or
(iii) the Member’s death, and the time or schedule of payments provided in Section 4.05 of the Plan
shall not be accelerated except as provided in Regulations promulgated pursuant to IRC Section
409A, nor shall any payment of benefits be deferred to a date other than the date fixed for such
payment.

9. Article 5 is amended to read as follows:

Article 5. Source and Method of Payments

All payments of benefits under the Plan, whether arising under Article 3 with respect to the
Retirement Plan Component of the Plan or under Article 4 with respect to the Thrift Plan Component
of the Plan, shall be paid from, and shall only be a general claim upon, the general assets of the
Bank, notwithstanding that the Bank, in its discretion, may establish a bookkeeping reserve or a
grantor trust (as such term is used in IRC Sections 611 through 677) to reflect or to aid it in
meeting its obligations under the Plan with respect to any Member or prospective Member or
beneficiary. No benefit whatever provided by the Plan shall be payable from the assets of the
Retirement Fund or the
Thrift Plan. No Member shall have any right, title or interest whatever in or to any investments
which the Bank may make or any specific assets which the Bank may reserve to aid it in meeting its
obligations under the Plan.

 

6

 

10. Section 7.01 is amended to read as follows:

7.01 The Board of Directors has delegated to the Benefit Equalization Plan Committee, subject
to those powers which the Board has reserved as described in Article 8 of the Plan, general
authority over and responsibility for the administration and interpretation of the Plan. The
Committee shall have full power and authority to interpret and construe the Plan, and to make all
determinations considered necessary or advisable for the administration of the Plan and any trust
referred to in Article 5 of the Plan, and the calculation of the amount of benefits payable
thereunder, and to review claims for benefits under the Plan. The Committee’s interpretations and
constructions of the Plan and its decisions or actions thereunder shall be binding and conclusive
on all persons for all purposes.

11. Section 7.02 is amended by inserting “to” preceding the words “all accountants,” by
changing “Section 3.01” to “Article 3” and by changing “limitations” to “limitation.”

This Amendment No. 9 to the Plan has been adopted by the Bank this 18th day
of October, 2007, to be effective as of January 1, 2008.

	 	 	 	 	 
	 	FEDERAL HOME LOAN BANK OF NEW YORK

 	 
	 	By:  	/s/
Alfred A. DelliBovi
 	 
	 	 	President 	 
	 	 	 	 
	 

Attest:

	 	 	 
	/s/
Barbara Sperrazza

	 	 
	 	 	 
	Corporate Secretary
	 	 

 

7

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