Document 5jgnkB9wxD7nGE1BoBe3MaK5

\ AMERICAN ZINC INSTITUTE PENSION PLAN EFFECTIVE JANUARY 1, 19 5b AND INCLUDING AMENDMENTS OF APRIL 28, 1955 and. APRIL 23, 1956 L 1 4 01 3 6 7 N 3681 AMERICAN ZINC INSTITUTE PENSION PLAN 1. Effective Date: The effective date of the Plan is January 1, 1954. 2. Eligibility: All full-time employees who ere between the ages of 30 and 65 shall be covered under the Plan. However, in order for an employee to be eligi ble for benefits under the Plan, he must have at least ten years' ac credited service at retirement date. Present employees not yet eligible and employees entering the service in the future, will he covered under the Plan on the first day of the current month during which they satisfy all of the above conditions. 3. Retirement Date: a. Normal Retirement: From and after the effective date of the Plan the normal retirement date will be the first day of the month next succeeding the 65th birthday of the employee. The first payment of an employee's retirement annuity ^ill he made on the normal retirement date, and service with the Institute shall cease on such date; provided, however, the employment of any person may, on specific authorization of the Eoard of Directors of the Institute, be permitted beyond his normal retirement date, in which event benefits shall not accrue beyond the normal retirement date and no payments shall be made to him under the Plan until his actual retirement. b. Early Retirement: With the consent of the Board of Directors of the Institute, special arrangements may be made for retirement on a reduced pension on any date, but not more than 10 years before the employee's normal retire ment date. The amount of such reduced pension shall be the actuarial equivalent of that accrued to the employee on the date of his early retirement. 4. Amount of Normal Retirement Annuity: The retirement annuity payable to each employee shall be in addition to the present Old Age and Survivors Insurance Benefits under the Federal Social Security Act, and shall be the sum of (a) the future service an nuity and (b) the past service annuity, as hereinafter described: a. Future Service Annuity: la respect to service after January 1, 195^, the effective date of LIA0136 \ the Plan, the retirement annuity will be equal to 1 l/2^ of the em ployee's annual earnings for each year of service to normal retire ment date. b. Past Service Annuity: In respect to service prior to January 1, 1954, for present employees the annual rate of retirement annuity will be equal to i of the em ployee's annual earnings at January 1, 1954, times the number of years of service since attainiug age 30* 5* Annuitant's option: In lieu of the norma?, retirement income described in Item #4 above, the employee may request' the Tr-yS ~v.ta tq prnrrrs at th*--sfurj* cost to the American Zinc Institute,, an annuity in a reduced amount to flitt Tor life and for a number of years certain, with right to designate a beneficiary to_receive any benefits which may become payable in the event of his death, but compliance with such request shall be in the sole discretion of the'Institute. Evidence of goca nealth of the employee will be required as a condition to the granting of this option, unless the re quest is made not less than_3Q days prior to the date when the retire ment income payments are to commence. 6. Non-Assignability: The employee's retirement annuity is non-assignable whether by voluntary action or by operation of law, ncr shall any benefits under the Plan be subject to the claims of any creditor. 7. Death Before Retirement: The Plan provides no benefits in the event of death of an employee before his annuity payments commence, except that if the employee elected the "Joint and Survivor's Annuity" under Item ,?5 and if retirement has been postponed beyond the normal retirement date, his surviving contingent beneficiary will receive the reduced annuity, as if the employee had re tired at his normal retirement date. 8. Termination of Employment: If an employee's services are terminated for reasons other than normal or early retirement, as provided in Items ir3(a) and (b) above, he shall not he entitled to any benefits under this Plan. 9. The Future of the Plan: The Institute hopes and expects to continue the Plan indefinitely on the basis outlined, but reserves the right to change, extend, suspend or dis continue the Plan at any time by action of the Board of Directors at the annual meeting of the Izwtitute. -2- 4IAC136C