When You May Receive Retirement Benefits

There are various circumstances under which you may receive benefits from the A&B Retirement Plan as described in the sections below. For information regarding the amount of benefits you may be eligible to receive, see How Your Benefits Are Calculated.

Normal Retirement

You are eligible to begin receiving the full benefit amount upon your normal retirement date (age 65). Benefits will begin the first day of the month following (or coincident with) the day you retire.

Early Retirement

You may elect early retirement under the Plan if you...

• Are age 55 or older,

• Have completed at least five years of service with A&B and/or one of its participating companies, and

• File a written request for benefits with the Plan Administrator.

If you elect early retirement, the monthly benefit for which you would otherwise be eligible at age 65 will be reduced, since the benefits are paid over a longer period of time.

Deferred Retirement

You may also choose to defer your retirement beyond the normal retirement date. If you do, you will not receive benefits until the date...

• Of your actual retirement, or

• Required by any applicable law.

Note: If you own more than 5% of A&B stock (a "5% owner"), the IRS requires that you begin receiving benefit payments no later than April 1 following the year in which you reach age 70 1/2, even if you are still working. If you are not a "5% owner" and you retire after April 1 following the year in which you reach age 70 1/2, your retirement benefit will be actuarially increased.

If You Leave A&B Before Retirement Age

Because you earn (accrue) a retirement benefit during your years of employment, and become vested in that accrued benefit after five years, you are entitled to a benefit even if you leave A&B before you retire.

If you are vested when you leave A&B, you may receive...

• A lump sum payment when your employment ends, if the actuarial equivalent of your accrued benefit is $1,000 or less (federal income tax may apply to the lump sum payment);

• A rollover into an Individual Retirement Account (IRA), if the actuarial equivalent of your accrued benefit is greater than $1,000 but less than $5,000 (unless you wish to roll it over to another IRA that you specify);

• A reduced monthly benefit as early as age 55, if you had at least five years of service when you left the Company; or

• The full monthly benefit amount at age 65.

However, if you leave A&B before you have five years of service, you will lose your right to any benefit.

If You Die Before Retirement

If you die before you retire, your spouse will receive a surviving spouse's benefit from the A&B Retirement Plan as long as you were vested in the Plan at the time of your death. For details, see Benefits For Surviving Spouses.