Section 5Vesting Requirements
Effective for payments commencing on or after April 1, 2020, the parties shall amend Section 1.47 of the Retirement Plan so that all players alive on the effective date of this agreement with three or more Credited Seasons, and who were not previously Vested under the Retirement Plan, shall be a Vested Player under only the Retirement Plan, and only for purposes of Article 4 and Section 7.3 of the Retirement Plan. For the avoidance of doubt, a player vesting under this Section 5 shall not be a Vested Player for purposes of any other employee benefit plan under this Agreement. A Player vested under this Section 5 shall not be eligible for the Life only pension with Social Security adjustment under Section 4.4(b)(4) of the Retirement Plan and the Early Payment Benefit under Section 4.5 of the Retirement Plan. The Retirement Plan shall be further amended such that; (i) a Player who vests under the Retirement Plan solely due to this Section 5 of Article 53 (“Section 5”) of this Agreement shall receive a Benefit Credit of $550 per Credited Season but will not be eligible for either a Legacy Credit, Special Credit or 2020 Credit (except for the increase under Section 4); (ii) the benefit of a Player vested solely due to this Section 5 and who is age 65 or older on April 1, 2020, shall commence as of April 1, 2020, (iii) the benefit of all other players vested solely due to this Section 5 shall commence in accordance with the existing terms of the Retirement Plan; and (iv) a player’s benefit commencing after the later of April 1, 2020 or his Normal Retirement Date shall be actuarially increased.