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(a) You become eligible for a NORMAL Pension at age 65, which is the Plan's normal retirement age, or upon retirement from the industry, whichever is later, if you have 5 years of Service Credit (see Section II.B.). However, 10 years of Service Credit are required if your coverage ended before 1989. If you are still a Participant at age 65, you may be eligible with fewer than 5 years of Service Credit. Even if you have not retired, you will receive a pension beginning April 1 after the calendar year in which you reach age 70½.

(c) You become eligible for a DISABILITY Pension at any age if you have 10 or more years of Service Credit, have been awarded a Social Security Disability Pension and a contribution has been made on your behalf covering a period of employment in any of 3 calendar years immediately preceding the date of entitlement to the Social Security Disability Pension. If your Social Security Disability Pension is terminated prior to reaching age 65, this Plan's Disability Pension also terminates and you once again become a Participant for all purposes of this Plan. See Section I.B. for eligibility for a Lump Sum Disability Benefit.

You may choose to have the full amount of your monthly pension paid to you as a Life/5 pension or to receive an actuarially reduced amount so that upon your death, pension payments can continue in accordance with one of the options described below. If you are married when your pension starts, your pension must be paid under one of the joint and survivor options (50%, 75%, and 100%) unless you and your spouse submit a signed and notarized waiver. Once payments begin, the payment option cannot be changed, even if you divorce or your spouse dies. All options have approximately the same relative (actuarial) value.

(b) LIFE/10: Reduced pension payable for your lifetime, but in the event you die before receiving at least 120 monthly payments (10 year minimum guarantee), the remaining guaranteed payments will be made to your beneficiary(ies). LIFE/10 is not available if you are applying for a Disability Pension.
Additional options if married (joint & survivor pension):

(c) 50% SPOUSE: Reduced pension payable for your lifetime. Upon your death 50% of your monthly pension will be paid to your eligible surviving spouse for his/her lifetime.
(d) 75% SPOUSE: Reduced pension payable for your lifetime. Upon your death, 75% of your monthly pension will be paid to your eligible surviving spouse for his/her lifetime.
(e) 100% SPOUSE: Reduced pension payable for your lifetime. Upon your death, 100% of your monthly pension will be paid to your eligible surviving spouse for his/her lifetime. 100% SPOUSE is not available if you are applying for a Disability Pension.

For the joint & survivor options (50%, 75% and 100%), there is no guaranteed minimum number of payments. The eligible surviving spouse is the person married to you when payments begin. If your spouse dies, you will continue to receive the same lifetime pension amount and payments end with your death. If you select a joint & survivor option but die before you have been married for one year, the survivor provisions will not apply and benefits will continue as if you had selected the LIFE/5 form of pension.

If the actuarial present value of a monthly pension (other than a Disability Pension) is less than $5,000 at the time it becomes payable, a lump sum will be paid instead of monthly payments. The determination is based on the applicable interest rate then in effect. Otherwise, a pension is not payable in a lump sum.

3. How much will your pension be?

Your pension amount is based on the total employer contributions made on your behalf. Contribution amounts are multiplied by the pension formula in effect when those contributions were credited.

The monthly pension formula currently in effect for contributions after January 1, 2003 is 2.5% of contributions (except for certain contributions after retirement--see Section II.G). For example, if contributions began on January 1, 2003 and total $50,000 at retirement, your Sole Pension amount at age 65 would be $1,250 per month ($50,000 x 2.5%) based on the current formula.

Earlier contributions are multiplied by different pension formulas as follows:
3.25% of contributions credited for July 1, 1998 through December 31, 2002

3.0% of contributions credited for July 1, 1987 through June 30, 1998

1.7% of contributions credited for July 1, 1985 through June 30, 1987

1.3% of contributions credited for January 1, 1984 through June 30, 1985

1.0% of contributions credited for January 1, 1977 through December 31, 1983

1.7% of contributions credited from inception through December 31, 1976

In addition, pension amounts accrued through December 31, 1997, calculated as described above, are increased by 12% for persons not yet receiving a pension as of that date. Pension amounts accrued through December 31, 1998 are increased by an additional 10% if your pension is effective after that date.

If you entered the Plan before January 1, 1977 and were continually employed as a journeyman beginning before January 1, 1967, you may be eligible for an additional pension amount attributable to Past Service. The amount of Past Service Pension is based upon contributions before January 1, 1977 and your years of Past Service. The Plan Office can advise whether you have any Past Service Pension and can describe how it is calculated.

Therefore, your Normal Pension is the sum of the amounts computed during each period, plus any Past Service Pension, and if applicable, the percentage increases on pension amounts earned through December 31, 1997 and December 31, 1998.

The calculation of an Early Pension begins with the Normal Pension amount, but is then reduced based on the retiree's age on the date the Early Pension begins, because it is expected to be paid for a longer period of time. The reduction from age 65 down to 62 is ¼ of one percent per month. From age 62 down to age 60, the reduction is 5/9 of one percent per month. The amount calculated with these reduction factors is the amount you will receive for as long as you receive a pension.

The calculation of a Disability Pension is the same as for an Early Pension except that there is no further reduction for age younger than 60, but your pension amount is reduced by $1 to retain the payment option you selected.

Based on the above example of a $1,250 monthly Normal Pension, the following comparison shows Normal and Early Pension amounts under each Option, assuming the Participant's spouse is 3 years younger. Reduction factors for the Options are listed in Appendix A. Reduction factors for Early and Disability Pensions are listed in Appendix B.

Normal Early Early
Age 65 Age 62 Age 60

LIFE/5 $1,250.00 $1,137.50 $970.88

LIFE/10 $1,169.00 $1,084.61 $934.67

50% SPOUSE $1,110.00 $1,010.10 $862.14

75% SPOUSE $1,040.00 $946.40 $807.77

100% SPOUSE $986.25 $897.49 $766.02

B. Lump Sum Disability Benefit

You may receive a Lump Sum Disability Benefit if you have been awarded a Social Security Disability Pension and you are Vested but not eligible immediately for a monthly Pension. Even if you qualify for a monthly Disability Pension, you may still qualify for a lump sum, if you submit two physicians’ statements that your disability is expected to result in your death within one year of your date of application.

Payment of a Lump Sum Disability Benefit requires the consent of your spouse. The amount of the benefit is equal to total contributions credited on your behalf or, if greater, a sum equal to 36 times your monthly Normal Pension. Once you receive the lump sum you are no longer eligible for a monthly Disability or Early Pension. When you become eligible for a Normal Pension, an actuarially reduced monthly benefit may be available.

C. Death Benefits

1. Death Benefit before Retirement

(a) Married, Vested Participants. If you are married for at least one year and Vested but die before you begin receiving a pension, your surviving legal spouse will be entitled to a death benefit (unless someone else had been designated as beneficiary with your spouse's consent). Your spouse can elect between an immediate lump sum Death Benefit or a 50% SPOUSE monthly survivor pension (described in A.2.c.), with payments beginning on the earliest date you would have qualified for pension if you had survived. The lump sum benefit is an amount equal to total employer contributions credited on your behalf (or, if greater, a sum equal to 36 times your monthly Normal Pension or the actuarial present value of the 50% SPOUSE pension.) The Plan will provide estimates of the choices to your spouse upon being notified of your death.

(b) Other Participants. A lump sum Death Benefit is payable to your beneficiary if you die before retiring and the Plan has credited to you at least $250 in contributions. The amount will be the greater of the total contributions credited on your behalf or 36 times the monthly Normal Pension based on those contributions.

2. Death Benefit After Retirement

The benefits, if any, which follow your death and to whom they are paid are determined by the form of Pension payment chosen.

Under Life/5 and Life/10, if you die before receiving the guaranteed minimum, the remaining guaranteed monthly payments will continue to your beneficiary. If you designated more than one beneficiary to share in the Death Benefit, lump sum payments will be made to the beneficiaries in the shares indicated, instead of monthly payments. The lump sums will total the actuarial equivalent of the remaining payments.

Under the joint & survivor pension options (50% SPOUSE, 75% SPOUSE and 100% SPOUSE), your surviving spouse (to whom you were married at retirement) will continue to receive monthly payments for life. Benefits end when your spouse dies.

3. Designation of Beneficiary of Death Benefit

The Plan Office can furnish you with the appropriate Designation of Beneficiary form. You should complete the form and mail it to the Plan Office. If you designate someone other than your legal spouse as the primary beneficiary, your spouse must consent by signing the form in the presence of a Notary Public. You may change your designation by filing a new form, except that if you are receiving a pension under 50% SPOUSE, 75% SPOUSE or 100% SPOUSE options, the designated survivor cannot be changed.

For a pre-retirement Death Benefit or for a LIFE/5 or LIFE/10 pension, you may name more than one beneficiary and specify the shares each will receive, subject to spouse consent if applicable. You may also name contingent beneficiaries to provide for the possibility of your primary beneficiary predeceasing you.

If you do not designate any beneficiaries, the Plan provides that your Death Benefit will be paid (i) to your surviving spouse, or if there is none, (ii) to your children, each of whose share if that child has predeceased you will go to the children of that child, or if there are no children or descendants, (iii) to your surviving parents, or if there are none, (iv) to your estate.

D. Withdrawal Benefit

If you become a Participant (see Section II.A.) with contributions of at least $250 made on your behalf, but you do not become Vested for a monthly pension, you will be eligible to receive a lump sum Withdrawal Benefit. The benefit amount is equal to the total of all contributions received. It is payable after twelve consecutive months elapse with no contributions after your employment is terminated.

I. BENEFIT HIGHLIGHTS

A. Monthly Pension Benefits: Normal, Early, and Disability