Vested Benefit

7.03 - The Participant may elect commencement of the Vested Benefit on the 30th day of the month which includes the Participant's earliest Early Retirement Date, or the 30th day of any month thereafter, but the amount of the Vested Benefit shall be reduced by the percentage equal to 1/3% times the number of months that the date of pension commencement precedes the Participant's Normal Retirement Date, and shall not be less than a Vested Benefit determined by applying the early retirement reduction factors set out in Section 7.02 above.

Notwithstanding any other provision herein, the Vested Benefit for an eligible Participant hereunder shall not be paid until the Participant has properly completed and filed with the Trustees a timely written application for the benefit on the form provided for such purpose by the Trustees.