APS 2015 Annual Report Download - page 223

on the participant’s Years of Service as of March 31, 2003 and his or her Average Monthly Compensation as of the date of
determination. Years of Service as of March 31, 2003 shall equal his or her full Years of Service as of such date plus a partial
Year of Service equal to the lesser of one (1) or a fraction, the numerator of which is the participant’s Hours of Service earned
during the period beginning on the day after the last day of his or her Computation Period ending prior to March 31, 2003 and
ending on March 31, 2003, and the denominator of which is 1,000, and
(ii) Equals the monthly benefit for life payable at age 65 which is the Actuarial Equivalent of a lump sum
benefit equal to the participant’s Supplemental Retirement Account Balance minus the participant’s Retirement Account
Balance under the Retirement Plan. For the avoidance of doubt, if the amount under this Section 4(a)(2)(ii) is a negative
number, it will serve as an offset against the amount payable under Section 4(a)(2)(i).
(3) Group C Participants – General Rule. Subject to Article 7, a participant who is eligible under Section 3(a) and
who is a Group C Participant under the Retirement Plan shall be entitled to a monthly benefit for life commencing at age 65 equal to
the Actuarial Equivalent of a lump sum benefit equal to (i) reduced by (ii), where
(i) Equals the participant’s Supplemental Retirement Account Balance, and
(ii) Equals the participant’s Retirement Account Balance under the Retirement Plan.
A participant’s Supplemental Retirement Account Balance shall be a notional account credited with Monthly Retirement
Account Balance Credits and Interest Credits. For purposes of this Plan, Monthly Retirement Account Balance Credits shall be
determined under the general methodology set forth in the Retirement Plan based on the participant’s Monthly Compensation for the
month but using the following chart; provided that, except for a Group C Participant, a participant shall not receive a Monthly
Retirement Account Balance Credit after the last day of the calendar year in which he or she is credited with twenty-five (25) Years of
Service, with twenty-five years (25) Years of Service defined as twenty-five (25) full twelve (12) month periods in duration.
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