The New York Times Company Retirement Annuity Plan for Craft Employees of The New York Times Company (RAP) Plan 020926
The New York Times Company established the Retirement Annuity Plan for Craft Employees of the New York Times Company (RAP) to provide a lifetime benefit when you retire. There are two parts to the plan:
Non-contributory retirement benefits based on your pay while you were a member of the plan, and
Contributory retirement benefits related to contributions you made while you were a member of the plan.
This kit provides a high-level summary of the plan in effect for employees in service on or after January 1, 2000. For more detailed information, please refer to the Plan’s Summary Plan Description.
Vesting
You are 100% vested in your accumulated voluntary contributions and interest.
You are also 100% vested in your non-contributory pension when you reach age 50 and your age and years of service total at least 60, or you have accrued five years of vesting service. Hours of service begin on your first day of employment. A year of service is granted for each plan year in which you worked at least 1,000 hours.
If you leave the Company before you are vested in your non-contributory pension, you will receive no payments from the plan, except a refund of your own contributions (if any), plus interest. Alternatively, you may take your contributions (if any) without interest as an annuity. If you leave the Company after you are vested, you are entitled to receive a pension, which will begin on or after your early retirement date.
