General Retirement Plan
General Retirement Plan
Summary Plan Description Effective: January 1, 2024
This document is your Summary Plan Description for the General Retirement Plan, for purposes of the Employee Retirement Income Security Act of 1974.
Contents
Introduction ........................................................................................................ 1 An Overview ...................................................................................................... 1 Company FRP Contribution Account ............................................................. 2 If You Have Questions ...................................................................................... 2 Update Your Mailing Address ........................................................................... 3 Online Account Access ..................................................................................... 3
How the GRP Works .......................................................................................... 4 Types of Retirement.......................................................................................... 4 Normal Retirement ......................................................................................... 4 Regular Early Retirement ............................................................................... 4 Special Early Retirement ................................................................................ 4 Disability Retirement ...................................................................................... 4 Deferred Vested Benefit ................................................................................. 4 Benefit Types .................................................................................................... 5 Factors Affecting Your Retirement Benefits...................................................... 5 Contributing to the Plan..................................................................................... 5 How Benefits Are Paid ...................................................................................... 5
Eligibility ............................................................................................................. 6 Employees and Deferred Vested Participants .................................................. 6 Non-Company Personnel.................................................................................. 7 Retirees and Surviving Spouses (and their eligible dependents) ..................... 7
Plan Participation............................................................................................... 8 Full-Time Salaried Employees .......................................................................... 8 Hire Date Before January 1, 2004.................................................................. 8 Rehire or Reinstatement Date Before January 1, 2004 ................................. 8 Supplemental Employees ................................................................................. 8 Hire or Rehire Date Before January 1, 2004.................................................. 8 Hired After January 1, 2004 ........................................................................... 8 Contributory Participation -- Active Employees ............................................... 8 Return to Employment ...................................................................................... 9
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Making Contributions ...................................................................................... 10 Calculating Your Contributions ....................................................................... 10 Naming a Beneficiary ...................................................................................... 10 If You Stop Your Contributions ....................................................................... 11 Retroactive Contributions upon Reinstatement from Military Service ............ 11 Contribution Withdrawals ................................................................................ 11 If You Are Vested ......................................................................................... 11 If You Are Not Vested................................................................................... 11 Redeposit of Contributions.............................................................................. 12 If You Are Vested ......................................................................................... 12 If You Are Not Vested................................................................................... 12
What "Service" Means .................................................................................... 13 Credited Service.............................................................................................. 13 Full-Time Employees.................................................................................... 13 Supplemental and TWA Employees ............................................................ 14 Situations Affecting Credited Service ........................................................... 14 Contributory Service........................................................................................ 15 Noncontributory Service.................................................................................. 15 Qualified Military Service................................................................................. 16 ERISA Service ................................................................................................ 16 Break in Company Service ............................................................................. 17 If You Have Service Before January 1, 1989.................................................. 17 Calculating Your Contributory Benefit .......................................................... 17 First Calculation: "All-Service Formula" ..................................................... 18 Second Calculation: "Add-On Formula" .................................................... 18 Additional Benefit ......................................................................................... 19 Early Retirement Reductions for Service Before January 1, 1989 .............. 19
Normal Retirement........................................................................................... 20 Benefit Amount................................................................................................ 20 Flat-Rate Benefits......................................................................................... 20 How Flat-Rate Benefits Are Calculated ..................................................... 20 Contributory Benefits .................................................................................... 21 How Contributory Benefits Are Calculated ................................................ 21 Breakpoint.................................................................................................. 22 Final Average Pay (FAP) ........................................................................... 22 Minimum Contributory Benefit ................................................................... 22 When Benefit Payments Begin ....................................................................... 22 Minimum Required Distributions ..................................................................... 23
Regular Early Retirement ................................................................................ 24 Flat-Rate Benefit ............................................................................................. 24 Flat-Rate Benefits Recalculated at Age 62 .................................................. 25
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Contributory Benefits....................................................................................... 25 Supplemental Allowance Benefits................................................................... 26
Important Notice ........................................................................................ 26 Early Retirement Supplement ...................................................................... 27 Interim Supplement ...................................................................................... 27 When Benefit Payments Begin ....................................................................... 28
Special Early Retirement................................................................................. 29 Flat-Rate and Contributory Benefits................................................................ 29 Temporary Benefits......................................................................................... 29 Important Notice ........................................................................................ 29 Supplemental Benefit ...................................................................................... 30
Disability Retirement ....................................................................................... 31 When Disability Benefits Are Paid .................................................................. 31 How Benefits Are Calculated .......................................................................... 32 Receiving Social Security Disability Awards After Retirement ....................... 32 Important Notice ........................................................................................ 32
Deferred Vested Benefit .................................................................................. 33 Flat-Rate and Contributory Benefits................................................................ 33 Vesting ............................................................................................................ 34
Survivor Benefits ............................................................................................. 35 Employees and Deferred Vested Participants ................................................ 35 Eligibility........................................................................................................ 35 How Benefits Are Paid ................................................................................. 35 Before Eligibility for Retirement and You Are Married............................... 35 After Eligibility for Retirement and You Are Married.................................. 35 If You Are Not Married ............................................................................... 35 Retirees ........................................................................................................... 36 Payment Options .......................................................................................... 36 Optional Survivorship Coverage .................................................................. 36 Special Disability Survivorship Coverage for Retirees ................................. 37
If Your Employment or Marital Status Changes ........................................... 38 Employment Status Changes ......................................................................... 38 Marital Status Changes................................................................................... 39 Marriage or Remarriage After Retirement.................................................... 39 Divorce or Death of Your Spouse After Retirement ..................................... 40 Survivorship Coverage .............................................................................. 40 If Your Employment Ends ............................................................................... 41 When You Retire .......................................................................................... 42 If You Become Totally and Permanently Disabled....................................... 42 If You Die Before Payments Begin............................................................... 42
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If You Are Separated Under a Voluntary or Involuntary Separation Program ........................................................................................................ 42 If You Quit, Are Discharged, Released in the Company's Best Interest, at Company Option or Under Mutually Satisfactory Conditions....................... 42
Withdrawal/Return of Contributions If You Are Vested ............................. 42 Withdrawal/Return of Contributions If You Are Not Vested....................... 43
Benefit Payment Options ................................................................................ 44 If You Are Single ............................................................................................. 44 If You Are Married ........................................................................................... 44 Single Life Annuity .......................................................................................... 45 65% Surviving Spouse Annuity ....................................................................... 45 50% Disability Surviving Spouse Annuity ....................................................... 46 100% Surviving Spouse Annuity (contributing participants only) ................... 47 50% Contingent Annuity ................................................................................. 47 75% Contingent Annuity ................................................................................. 47 100% Contingent Annuity ............................................................................... 49 Lump Sum Payment Option ............................................................................ 51
Merged Plans.................................................................................................... 54 AutoAlliance International, Inc. Retirement Account Plan .............................. 54 AAI Plan Participation................................................................................... 54 AAI Plan Contributions ................................................................................. 55 AAI Plan Vesting Service ............................................................................. 55 AAI Plan Employment Transfers .................................................................. 55 AAI Plan Retirement Types and Eligibility .................................................... 55 Normal Retirement..................................................................................... 55 Early Retirement ........................................................................................ 55 Deferred Vested Retirement ...................................................................... 55 AAI Plan Payment Form Options ................................................................. 56 Monthly Payment Form Options for Single Participants............................ 56 Monthly Payment Form Options for Married Participants ......................... 56 Lump Sum Payment Option ...................................................................... 56 AAI Plan Pre-Retirement Death Benefit Provisions ..................................... 57 If You Die After Meeting the Requirements for Early or Normal Retirement ................................................................................................. 57 If You Die Before Meeting the Requirements for Early or Normal Retirement ................................................................................................. 57 AAI Plan Post-Retirement Death Benefit Provisions.................................... 57 How AAI Plan Benefits Are Calculated ........................................................ 58 Normal Retirement..................................................................................... 58 Early Retirement ........................................................................................ 58 Deferred Vested Retirement ...................................................................... 59
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Assembly Plant Material Services, Inc. UAW Pension Plan ........................... 59 APMSI Plan Participation ............................................................................. 59 APMSI Plan Contributions ............................................................................ 59 APMSI Plan Vesting Service ........................................................................ 59 APMSI Plan Credited Service ...................................................................... 59 APMSI Plan Employment Transfers............................................................. 60 APMSI Plan Retirement Types and Eligibility .............................................. 60 Normal Retirement..................................................................................... 60 Early Retirement ........................................................................................ 60 Deferred Vested Retirement ...................................................................... 60 APMSI Plan Benefit Payment Options ......................................................... 60 Monthly Payment Form Options for Single Participants............................ 60 Monthly Payment Form Options for Married Participants ......................... 60 Lump Sum Payment Option ...................................................................... 61 APMSI Plan Pre-Retirement Death Benefit Provisions ................................ 61 APMSI Plan Post-Retirement Death Benefit Provisions .............................. 61 How APMSI Plan Benefits Are Calculated ................................................... 61 Normal Retirement..................................................................................... 62 Early Retirement ........................................................................................ 63 Deferred Vested Retirement ...................................................................... 63
Retirement Plan of Environ, Incorporated....................................................... 63 Environ Plan Participation ............................................................................ 63 Environ Plan Contributions ........................................................................... 63 Environ Plan Vesting Service ....................................................................... 64 Environ Plan Credited Service ..................................................................... 64 Hourly Employees...................................................................................... 64 Salaried Employees................................................................................... 65 Environ Plan Employment Transfers............................................................ 65 Normal Retirement..................................................................................... 65 Early Retirement ........................................................................................ 65 Deferred Vested Retirement ...................................................................... 66 Environ Plan Benefit Payment Options ........................................................ 66 Monthly Payment Form Options for Single Participants (or married for less than one year)............................................................................................ 66 Monthly Payment Form Options for Married Participants ......................... 66 Lump Sum Payment Option ...................................................................... 67 Environ Plan Pre-Retirement Death Benefit Provisions ............................... 67 If You Die After Meeting the Requirements for Early Retirement.............. 67 If You Die Before Meeting the Requirements for Early Retirement........... 67 Environ Plan Post-Retirement Death Benefit Provisions ............................. 67 How Environ Plan Benefits Are Calculated .................................................. 67 Normal Retirement..................................................................................... 68
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