3. WHEN RETIREMENT BENEFIT PAYMENTS WILL BEGIN
You will be entitled to receive benefits upon making application when you have satisfied any of the following combinations of age and service, and you retire completely from Industry Service:
- You reach normal retirement age 65, and are vested; or
- You reach early retirement age 55, and are vested (reduced benefit).
For purposes of these rules, and for suspension of benefits, Industry Service means any work, whether as a covered employee, or a non-covered employee in a managerial, supervisory, proprietary position for, or in self-employment as: 1) an employer who at any time was a contributing employer; or 2) any employer engaged in the types of business activities in which any former Employer is engaged, if you are performing work in the same trade or craft in which you were involved during any time you earned Credited Service in this Plan.
If you are not a 5% owner of a former contributing employer, benefits shall commence not later than April 1 of the year following the close of the calendar year in which you attain age 70 1/2, unless you are actively employed at that time and elect to defer commencement of benefits. If you elect to defer receipt of benefits, then your benefits will commence when you cease to be actively employed, or at any earlier time you elect. Benefits which were deferred from age 70 1/2 shall be adjusted actuarially. If you are a 5% owner of a former contributing employer, distribution of benefits must commence no later than April 1 of the calendar year following the year in which you turn age 70 1/2, even if you are still actively employed.