Section I: Introduction

There are few goals of greater long-range importance to you and your family than retirement security. The benefits available through your Pension Plan are designed to provide that security. They also are meant to supplement the retirement income you may receive from Social Security, individual savings and insurance programs.

This Pension Plan is technically known as a "Defined Benefit Plan." This means that the benefits payable at retirement are defined in advance according to a specific formula. The formula used to calculate your benefits is described in Section IV of this booklet.

The entire cost of this Pension Plan, including all expenses of its operation, is provided through contributions from your employer. Although numerous benefit increases have been granted in prior years, any future increases will depend on actuarial gains and cannot be predicted or guaranteed.

Your employer's contributions are invested in a trust, which is used to fund your benefits at retirement.