Credited Interest

1.17 - Credited Interest means the "Credited Interest" included in a Participant's Contribution Account which shall be determined as follows:

• No interest shall be credited for any period before September 1, 1963.
• In respect of Participants who are employed by a Participating Employer at the end of the Plan Year, interest at one-half the rates hereinafter specified for each Plan Year, compounded annually, shall be credited at the end of each Plan Year on their contributions made during the Plan Year.
• In respect of Participants who cease to accrue Credited Participating Service during a Plan Year and who elected to leave their benefit entitlement in the Plan, interest at one-half the rates hereinafter specified, compounded annually, shall be credited for the period during which Credited Participating Service is accruing, and interest at the rates hereinafter specified, in full, compounded annually, shall be credited for the remainder of the Plan Year.
• Interest at the rates hereinafter specified, compounded annually, shall be credited on the balance of contributions in a Participant’s Contribution Account at the end of the previous Plan Year.
  
  The crediting of interest will end on the first to occur of the following dates:
• the first day of the month in which a refund of contributions is made;
• the first day of the month in which the Participant's death occurs;
• the date of commencement of the Participant's pension under the Plan.

The rate of interest shall be 2-1/2% per annum for all periods before September 1, 1968, 3-1/2% per annum for periods between September 1, 1968, and August 31, 1973, 4-1/2% per annum for periods between September 1, 1973, and August 31, 1977, 5% per annum during the period from September 1, 1977, through August 31, 1982. The rate of interest shall be 7-1/2% for the period September 1, 1982, through August 31, 1984, and 8% for the period September 1, 1984, through August 31, 1986. On and after September 1, 1986, the rate of interest shall be established from time to time by the Trustees and shall be not less than the minimum rate specified pursuant to the Pension Benefits Act. The interest rate established by the Trustees for a particular Plan Year or period of time shall continue until modified by further action of the Trustees. The interest rate established by the Trustees for a particular Plan Year shall not be reduced retroactively following the close of that Plan Year.

Credited Interest shall also mean interest on lump sum payments out of the Trust Fund, other than payments of Commuted Values, compounded annually and calculated from the date at which determination is required to the beginning of the calendar month of payment, or to such other date as may be required under the Pension Benefits Act, at the rate that is credited on Participant contributions as outlined above. Credited Interest means interest on the payment of a Commuted Value out of the Trust Fund compounded annually and calculated from the date at which the Commuted Value was determined to the beginning of the calendar month of payment, or to such other date as required under the Pension Benefits Act, at the same rate that was used to determine the Commuted Value, or at such other rate as may be required by the Pension Benefits Act.