Calculation of Polyone benefits - Pellet Hourly
If you worked for Butler Brothers and/or the Hanna Mining Company, part of your benefit is payable from Polyone. The amount payable from Polyone equals your benefit calculated using all of your service and the benefit formula from the 1980 contract multiplied by the percentage of your time that you worked for Butler Brothers and the Hanna Mining Company.
The National Steel Pellet Company (NSPC) plan was written to calculate a participant's benefit based on all of your service, minus the benefit payable from Polyone.
There are a few circumstances in which Polyone will not pay a benefit to a participant:
- If you are receiving workers' compensation, Polyone will not pay a benefit. The 1980 Pension agreement states that your pension benefit is offset by the amount of your workers' compensation benefit. Because NSPC eventually eliminated the workers' compensation offset, PBGC pays your entire benefit.
- If you were due a very small benefit from Butler Brothers or Hanna Mining Company, Polyone frequently paid the benefit as a lump sum. If you received a lump sum payment, no further benefits are due from Polyone, but your benefit from PBGC is still offset for the Polyone benefit.
- In 1994, NSPC offered a retirement window that allowed for Rule of 65 and 70/80 retirements. Polyone determined that some of the participants who retired under the window did not satisfy the requirements for Rule of 65 or 70/80 under the 1980 pension agreement. Therefore, these participants are due a deferred vested benefit from Polyone when they reach age 62. Until they reach age 62, NSPC (and PBGC) pays their whole benefit.