REMINDER: PARTIAL LUMP SUM BENEFIT ESTIMATES

The interest rates used to calculate a partial lump election change each January 1^st and apply to any lump sums in that calendar year based on a participant’s pension effective date. In general, lower interest rates produce higher lump sums and higher interest rates produce lower lump sums.

As you are likely aware, interest rates have increased significantly over the last year.  Similarly, the required interest rates used to determine a partial lump sum payable from the Plan during 2026 have increased from the interest rates used to determine a partial lump sum payable during 2025.

The interest rates applicable to the next calendar year is not known until very late in the year.  Therefore, if you received a partial lump-sum estimate based on 2025 interest rates, the partial lump-sum amount may be lower as it is finalized based on 2026 applicable interest rates.