BOILERMAKERS NATIONAL ANNUITY TRUST SUMMARY TABLE OF CONTENTS

Transcription

1 BOILERMAKERS NATIONAL ANNUITY TRUST SUMMARY TABLE OF CONTENTS Page INTRODUCTION... 1 ARTICLE I. DEFINITIONS... 2 ARTICLE II. INDIVIDUAL ACCOUNTS SECTION 2.1. ENTRY INTO PLAN SECTION 2.2. ESTABLISHMENT OF ACCOUNTS SECTION 2.3. VESTING SECTION 2.4. CONTRIBUTIONS SECTION 2.5 CREDIT FOR A PERIOD OF QUALIFIED MILITARY SERVICE REQUIREMENTS TO RECEIVE CREDIT SECTION 2.6 CREDIT FOR A PERIOD OF QUALIFIED MILITARY SERVICE AMOUNT OF CREDIT SECTION 2.7. VALUATION OF ACCOUNTS SECTION 2.8. INVESTMENT YIELD (ALLOCATION OF TRUST INCOME, GAIN, OR LOSS) SECTION 2.9. PLAN EXPENSES SECTION 2.10 LIMITATIONS APPLICABLE TO INDIVIDUAL ACCOUNTS SECTION TERMINATION OF ACCOUNT SECTION CREDITING ACCOUNT SECTION FUNDING OF BENEFITS ARTICLE III. DISTRIBUTIONS SECTION 3.1. AMOUNT TO BE PAID (ACCUMULATED SHARE) SECTION 3.2. ELIGIBILITY FOR PAYMENT OF BENEFITS/DISTRIBUTABLE EVENTS PRIOR TO DEATH OF THE PARTICIPANT SECTION 3.3. DEATH OF PARTICIPANT BEFORE COMMENCEMENT OF BENEFIT DISTRIBUTION SECTION 3.4. FORMS OF PAYMENT SECTION 3.5. MANDATORY BENEFIT DISTRIBUTION SECTION 3.6. NOTICE OF FORMS OF BENEFIT PAYMENT, CONSENT TO DISTRIBUTION, AND ELECTION OF FORM OF PAYMENT SECTION 3.7. ELIGIBLE ROLLOVER DISTRIBUTIONS SECTION 3.8. MISSING PARTICIPANTS SECTION 3.9. PLAN LOANS SECTION REQUIRED MINIMUM DISTRIBUTIONS ARTICLE IV. GENERAL PROVISIONS SECTION 4.1. INTENT AND PURPOSE OF PLAN SECTION 4.2. BENEFIT COMMENCEMENT SECTION 4.3. INFORMATION AND PROOF SECTION 4.4. ACTION AND AUTHORITY OF TRUSTEE SECTION 4.5. DESIGNATION OF BENEFICIARY SECTION 4.6. INCOMPETENCE OR INCAPACITY OF PARTICIPANT OR BENEFICIARY SECTION 4.7. NON-ASSIGNMENT OF BENEFITS SECTION 4.8. SEVERABILITY SECTION 4.9. INTENT TO COMPLY SECTION RIGHTS IN THE TRUST i -

2 SECTION TOP-HEAVY PROVISIONS SECTION INTERPRETATION ARTICLE V. CLAIMS AND APPEALS SECTION 5.1. APPLICATION REQUIRED, EXCEPTIONS SECTION 5.2. RIGHT TO REPRESENTATION SECTION 5.3. CLAIM FILING SECTION 5.4. TIME WHEN APPLICATION WILL BE DECIDED SECTION 5.5. NOTICE OF DENIAL (ADVERSE BENEFIT DETERMINATION) SECTION 5.6. FILING OF APPEAL REQUEST FOR REVIEW OF ADVERSE BENEFIT DETERMINATION SECTION 5.7. SCHEDULING OF APPEAL SECTION 5.8. APPEAL PROCEDURES AND RULES SECTION 5.9. DECISION OF TRUSTEES SECTION LIMITATION OF ACTIONS ARTICLE VI. AMENDMENT AND TERMINATION SECTION 6.1. AMENDMENT SECTION 6.2. TERMINATION SECTION 6.3. MERGER APPENDIX A ii -

3 DETAILED TABLE OF CONTENTS FOR ANNUITY PLAN TEXT Page INTRODUCTION... 1 ARTICLE I. DEFINITIONS... 2 SECTION 1.1. ACCOUNT BALANCE... 2 SECTION 1.2. ACCRUED BENEFIT... 2 SECTION 1.3 ACCUMULATED SHARE... 3 SECTION 1.4. ACTUARIAL EQUIVALENT... 3 SECTION 1.5. AGREEMENT... 3 SECTION 1.6. ALLOCATION AMOUNT... 3 SECTION 1.7. ALTERNATE PAYEE... 3 SECTION 1.8. ANNUITANT... 4 SECTION 1.9. ANNUITY STARTING DATE ( ASD )... 4 (a) Annuity Benefit (b) Single Lump Sum Benefit (c) Denial of Application... 4 (d) Requirements to be Met Before Participant s ASD (e) ASD of Alternate Payee (f) ASD of Beneficiary SECTION BENEFICIARY... 5 SECTION CODE... 5 SECTION COLLECTIVE BARGAINING AGREEMENT... 5 SECTION COMPENSATION... 6 (a) Compensation for Limitations Purposes... 6 (b) Pre-1998 Compensation (c) Compensation Used to Calculate Contributions SECTION CONTRIBUTIONS... 8 SECTION COVERED EMPLOYMENT... 8 SECTION CREDITING ACCOUNT... 8 SECTION EMPLOYEE... 8 (a) Bargaining Unit Employees (b) Non-Bargaining Unit Employees... 8 (1) Covered Employees Specified (2) Trustee Approval (3) Participation Agreement Required (c) Employees of the Union ( Union Employees ) (d) Employees of a Trust or Related Organization ( Trust Employees ) (e) Other Employees (f) Leased Employees SECTION EMPLOYER (a) Employer Generally (b) The Union (c) Boilermakers Affiliated Trusts (d) Other Employers (e) Trustee Approval Required SECTION EMPLOYER ASSOCIATION SECTION EMPLOYER COMMITTEE SECTION ERISA iii -

4 SECTION FISCAL YEAR SECTION FUND (OR TRUST) SECTION FUND OFFICE SECTION HIGHLY COMPENSATED EMPLOYEE SECTION INDIVIDUAL ACCOUNT SECTION MARKET VALUE SECTION MILITARY SERVICE SECTION NORMAL RETIREMENT AGE SECTION PARTICIPANT SECTION PARTICIPATION AGREEMENT SECTION PLAN SECTION PLAN LOAN SECTION PLAN YEAR SECTION QUALIFIED MILITARY SERVICE SECTION RETIRE (OR RETIRES, RETIRED, OR RETIREMENT) SECTION TRUST SECTION TRUST AGREEMENT SECTION TRUSTEES (OR BOARD OR BOARD OF TRUSTEES) SECTION UNIFORMED SERVICE (OR SERVICE IN THE UNIFORMED SERVICES) SECTION THE UNIFORMED SERVICES SECTION UNION SECTION VALUATION DATE SECTION SPOUSE ARTICLE II. INDIVIDUAL ACCOUNTS SECTION 2.1. ENTRY INTO PLAN (a) Participation (b) Agreement Requirements (c) Prohibited Provisions (d) Authority of the Board of Trustees SECTION 2.2. ESTABLISHMENT OF ACCOUNTS (a) Individual Accounts (b) Alternate Payees SECTION 2.3. VESTING SECTION 2.4. CONTRIBUTIONS (a) Employer Contributions (b) Return of Employer Contributions (c) Employee Contributions (d) Rollover Contributions (e) Allocation Amount (f) Timing of Allocation to Individual Accounts SECTION 2.5 CREDIT FOR A PERIOD OF QUALIFIED MILITARY SERVICE REQUIREMENTS TO RECEIVE CREDIT (a) Advance Notice Requirement (b) Maximum Credit for a Period of Qualified Military Service (c) Timely Request for Re-Employment (d) Character of Service Requirement (e) Absence from Covered Employment Because of Military Service (f) Documentation Required (g) Effective Date (h) Contributions if Participants Die or Are Disabled While in Military Service SECTION 2.6 CREDIT FOR A PERIOD OF QUALIFIED MILITARY SERVICE AMOUNT OF CREDIT (a) Hours to be Credited (b) Contribution Rate to be Applied to the Hours Credited (c) Source of Contributions SECTION 2.7. VALUATION OF ACCOUNTS iv -

5 (a) Daily Valuation Post (b) Account Balance Calculations Before SECTION 2.8. INVESTMENT YIELD (ALLOCATION OF TRUST INCOME, GAIN, OR LOSS) (a) After (b) Before (1) Determination of Gross Investment Yield (2) Determination of Net Investment Yield (3) Pro Rata Allocation of Net Investment Yield to Participant Accounts SECTION 2.9. PLAN EXPENSES (a) General Administrative Expenses (1) Expenses to be Charged Against All Individual Accounts Pro Rata (2) Expenses to be Charged Equally to All Individual Accounts (b) Expenses Charged to Specific Individual Accounts (1) QDRO Expenses (2) Plan Loan Expenses (3) Missing Participant Locator Expenses (4) Calculation of Annuity Benefits (5) Distribution Expenses SECTION 2.10 LIMITATIONS APPLICABLE TO INDIVIDUAL ACCOUNTS (a) Definitions Applicable to this Section (1) Annual Additions (2) Compensation (3) Limitation Year (b) Maximum Annual Additions (1) Limitation Years Before (2) Limitation Years After (3) Maximum Compensation Considered (c) Reduction of Allocations to Participant Individual Accounts SECTION TERMINATION OF ACCOUNT SECTION CREDITING ACCOUNT (a) Establishment (b) Allocation of Contributions to Crediting Account (c) Reimbursement SECTION FUNDING OF BENEFITS (a) Benefits Paid Out of Trust (b) Investment Policy and Funding Policy (c) Purchase of Annuity Contracts ARTICLE III. DISTRIBUTIONS SECTION 3.1. AMOUNT TO BE PAID (ACCUMULATED SHARE) SECTION 3.2. ELIGIBILITY FOR PAYMENT OF BENEFITS/DISTRIBUTABLE EVENTS PRIOR TO DEATH OF THE PARTICIPANT (a) General Rules (1) Retirement (2) Separation from Service (3) Disability Retirement (b) Option to Defer Commencement of Benefits (c) Alternate Payee (1) Spouse or Former Spouse (2) Child or Other Dependent SECTION 3.3. DEATH OF PARTICIPANT BEFORE COMMENCEMENT OF BENEFIT DISTRIBUTION (a) Surviving Spouse Qualified Pre-Retirement Survivor Annuity ( QPSA ) (1) Eligibility (2) Description and Value of QPSA (3) Commencement of Payment of QPSA (4) Death of Surviving Spouse After the Death of the Participant and Before Commencement of the QPSA v -

6 (b) Inability to Locate or Identify Surviving Spouse (c) Non-Spouse Beneficiary (d) No Beneficiary/Forfeiture of Death Benefit SECTION 3.4. FORMS OF PAYMENT (a) Automatic Forms of Payment (1) Married Participants Qualified Joint and 50% Survivor Annuity ( QJSA ) (2) Unmarried Participants (b) Optional Forms of Payment (1) A Single Life Annuity (2) Optional Joint and Survivor Annuities (3) Ten-Year Certain and Life Annuity (4) A Single Lump-Sum Payment (5) Installment Payments 57 (6) Actuarial Equivalence (7) Partial Distributions..57 (c) Small Amounts (1) Under $1,000 or Payment to Beneficiary (2) Automatic Rollover SECTION 3.5. MANDATORY BENEFIT DISTRIBUTION (a) Small Account Balance Upon Separation from Service (b) Small Benefit Under QDRO (c) Small Death Benefit (d) Automatic Commencement on Required Beginning Date (e) Diligent Search Before Mandatory Distribution of QJSA SECTION 3.6. NOTICE OF FORMS OF BENEFIT PAYMENT, CONSENT TO DISTRIBUTION, AND ELECTION OF FORM OF PAYMENT (a) Notice of Forms of Benefit Payment (1) QJSA Explanation Notice (2) Time for Providing QJSA Explanation Notice (3) Rejection of QJSA (4) Consent to Distribution (5) Applicable Election Period (b) Qualified Pre-Retirement Survivor Annuity (1) QPSA Notice (2) Time for Providing QPSA Notice (3) Rejection of QPSA Prior to Death of the Participant (4) Rejection of QPSA After the Participant s Death (5) Applicable Election Period for Rejecting the QPSA SECTION 3.7. ELIGIBLE ROLLOVER DISTRIBUTIONS (a) Eligible Rollover Distribution (b) Eligible Retirement Plan (c) Transfers to Roth IRA s (d) Notice Required SECTION 3.8. MISSING PARTICIPANTS SECTION 3.9. PLAN LOANS (a) Eligibility and Basis for Approval of Loans (1) Medical Expenses (2) Higher Education (3) Purchase of Principal Residence (4) Repairs or Improvements to Principal Residence (5) Imminent Eviction from orforeclosure on Principal Residence (6) Funeral Expenses (b) Spousal Consent Required (c) Authority to Administer the Loan Program (d) Maximum Loan Amount (e) Interest Rate and Repayment Period (f) Loan Application Procedure and Collateral vi -

7 (g) Rules Governing Loan Program (h) Events Constituting Default And The Steps That Will Be Taken To Preserve Plan Assets In The Event Of Such Default (i) Outstanding Loan Balance During a Period of Qualified Military Service SECTION REQUIRED MINIMUM DISTRIBUTIONS (a) Definitions for this Section 3.10 only (1) Designated Beneficiary (2) Distribution Calendar Year (3) Life Expectancy (4) Participant s Account Balance (5) Required Beginning Date (b) Maximum Benefit Distribution Period (1) Distribution During Life of Participant (2) Distribution Beginning Before Participant s Death (3) Death of Participant Before Distribution (c) Required Minimum Distribution Amounts During Participant s Lifetime (d) Continuation of Lifetime Required Minimum Distributions (e) Required Minimum Distribution Amounts After Participant s Death (1) Death On or After Date Distributions Begin (A) Participant Survived by Designated Beneficiary (B) No Designated Beneficiary (2) Death Before Date Distributions Begin (A) Surviving Spouse is Sole Designated Beneficiary (B) No Designated Beneficiary or Designated Beneficiary Other Than Surviving Spouse (C) Death of Surviving Spouse Before Distributions to Surviving Spouse Are Required to Begin (f) Waiver of 2009 Required Minimum Distributions.. 83 ARTICLE IV. GENERAL PROVISIONS SECTION 4.1. INTENT AND PURPOSE OF PLAN SECTION 4.2. BENEFIT COMMENCEMENT SECTION 4.3. INFORMATION AND PROOF SECTION 4.4. ACTION AND AUTHORITY OF TRUSTEE SECTION 4.5. DESIGNATION OF BENEFICIARY (a) Designation by Participant (b) Divorce Voids Prior Designation (c) Beneficiary Designation Does Not Defeat Spousal Rights (d) Plan-Designated Beneficiary (e) Plan-Designated Beneficiary for Deaths Before July 1, (f) Beneficiary Designation Invalidated by Causing Participant s Death SECTION 4.6. INCOMPETENCE OR INCAPACITY OF PARTICIPANT OR BENEFICIARY SECTION 4.7. NON-ASSIGNMENT OF BENEFITS SECTION 4.8. SEVERABILITY SECTION 4.9. INTENT TO COMPLY SECTION RIGHTS IN THE TRUST SECTION TOP-HEAVY PROVISIONS (a) Key Employee (b) Non-Bargained Employee (c) Determination of Top-Heavy Status (d) Determination of the Portion of this Plan to be Tested (e) Top-Heavy Minimum Vesting (f) Top-Heavy Minimum Benefit Accrual SECTION INTERPRETATION ARTICLE V. CLAIMS AND APPEALS vii -

8 SECTION 5.1. APPLICATION REQUIRED, EXCEPTIONS (a) Mandatory Distributions (b) Alternate Payee (c) Death Benefits SECTION 5.2. RIGHT TO REPRESENTATION SECTION 5.3. CLAIM FILING (a) Request Application Package (b) Legally Required Notices and Time Limits (c) Complete and Submit Application (d) Spousal Consent (e) Submit Supporting Documentation (f) Eligibility for the Benefit Must be Met (g) Time When Application is Considered Filed SECTION 5.4. TIME WHEN APPLICATION WILL BE DECIDED (a) Extension of Time (b) Additional Information Needed SECTION 5.5. NOTICE OF DENIAL (ADVERSE BENEFIT DETERMINATION) SECTION 5.6. FILING OF APPEAL REQUEST FOR REVIEW OF ADVERSE BENEFIT DETERMINATION SECTION 5.7. SCHEDULING OF APPEAL SECTION 5.8. APPEAL PROCEDURES AND RULES SECTION 5.9. DECISION OF TRUSTEES SECTION LIMITATION.OF ACTIONS ARTICLE VI. AMENDMENT AND TERMINATION SECTION 6.1. AMENDMENT SECTION 6.2. TERMINATION SECTION 6.3. MERGER APPENDIX A viii - -

9 BOILERMAKERS NATIONAL ANNUITY PLAN Amended and Restated in its Entirety Effective January 1, 2015 INTRODUCTION The Boilermakers National Annuity Plan was established effective November 1, The Plan Document was most recently restated in its entirety effective January 1, Since that time, Amendments 1 through 14 have been adopted, and additional modifications of the Plan have been identified as necessary and/or desirable. This Plan Document serves as the governing document for the Annuity Plan, and has been thoroughly revised, reorganized, and restated effective January 1,

10 ARTICLE I. DEFINITIONS When a word or phrase is capitalized in this document (other than if the capitalization is solely because the word begins a sentence or is a proper name), it refers to the specific definition and requirements set out in this Article. If these terms are used in this document without capitalization, they are not intended to include the specific meanings described here, but are instead being used for their ordinary, every-day meanings. Section 1.1. Account Balance means the amount (or value) of a Participant s Individual Account as of any Valuation Date. An Account Balance may be determined only as of a Valuation Date, and is calculated as set forth in Section 2.7. Section 1.2. Accrued Benefit means the amount of the retirement benefit earned by a Participant under the Plan as of a measuring date. Benefits under this Plan are accrued based solely on Contributions made or required to be made to the Fund under an Agreement (adjusted, as necessary, to determine the Allocation Amount to which the Participant is entitled), and any income, expenses, gains, and losses, as well as any forfeitures of Individual Accounts of other Participants that may be allocated to a Participant s Individual Account under the terms of the Plan. Benefits accrue as work is performed in Covered Employment, reports of such work are submitted to the Fund Office by the Employer for whom the work was performed, and the appropriate Allocation Amount is determined and credited to an Individual Account. A Participant s Accrued Benefit shall be his Account Balance as of the last Valuation Date preceding the measuring date, adjusted if necessary for any Allocation Amount attributable to work performed in Covered Employment since such date. The Plan accounts separately for each Participant s Accrued Benefit

11 Section 1.3. Accumulated Share means the amount payable from an Individual Account as defined and described in Article III, and applies only for purposes of determining the proper amount to be paid to a Participant or Beneficiary. The Accumulated Share is calculated as set forth in Section 3.1, and includes a Participant s entire Accrued Benefit, adjusted as necessary for a Plan Loan Offset and any other amounts properly charged against the Account Balance before a benefit may be paid to the Participant or Beneficiary in accordance with Section 2.9(b) (or adjusted in accordance with a prior expense allocation method pursuant to Section 2.9(c) for distributions prior to January 1, 2007). Section 1.4. Actuarial Equivalent. An amount or benefit is the Actuarial Equivalent of (or is Actuarially Equivalent to) another amount or benefit at a specified time if the actuarial present value of the two amounts or benefits (calculated using the same actuarial assumptions) at that time is the same. Section 1.5. Agreement means a Collective Bargaining Agreement or a Participation Agreement. Section 1.6. Allocation Amount means that portion of the Contribution an Employer is required to pay to the Fund as a result of work by an Employee for that Employer, to the extent required to be allocated (or credited) to that Employee s Individual Account under the terms of this Plan. A Participant s Account Balance shall be based on the Participant s Allocation Amount, even if such amount is different (or less) than the total Contribution the Employer is required to make to the Fund based on work in Covered Employment. Section 1.7. Alternate Payee means the spouse, former spouse, child, or other dependent of a Participant who is designated by a Qualified Domestic Relations Order ( QDRO ) to receive benefits, or to receive any other right or interest, with respect to the Individual Account of that Participant

12 Section 1.8. Annuitant means an Employee (or former Employee) who Retires and receives a benefit from the Fund. After a Participant has received a complete lump sum distribution of his entire Accumulated Share (or after the entire Accumulated Share has been used to purchase an annuity contract that meets the requirements of Section 2.13(c) and is distributed to the Annuitant), he or she ceases to be a Participant in this Plan, but continues to be considered an Annuitant. Section 1.9. Annuity Starting Date ( ASD ) means the first day of the first month for which a monthly payment is to be made when benefits are paid in the form of an annuity, or the first day on which all events have occurred which entitle the Participant, Alternate Payee, or Beneficiary to payment of a benefit in a form other than an annuity. (a) Annuity Benefit. When benefits are paid in the form of an annuity, the first month for which a monthly payment is to be made is the first month following the date on which all requirements for payment of a benefit have been satisfied. (b) Single Lump Sum Benefit. When an Accumulated Share is being distributed as a single lump sum payment, the ASD is the first day after the application for benefits is filed in accordance with Article V and after all other requirements for entitlement to the benefit have been met. (c) Denial of Application. If an application for benefits is denied, a new application will have to be submitted, and a new ASD established, before benefits can be paid. (d) Requirements to be Met Before Participant s ASD. The application, notice, consent, waiver, and timing requirements described in Section 5.3 must be completed, and all requirements for eligibility for a benefit as set out in Sections 3.2 or 3.3 must be satisfied before the ASD

13 (e) ASD of Alternate Payee. An Alternate Payee may have an ASD that is different from the Participant s ASD. If the QDRO itself directs payment to be made, or to begin, on a certain date, that date will be the Alternate Payee s ASD. If the QDRO does not require payment as of any specific date, the conditions that must be satisfied to entitle the Alternate Payee to payment of benefits are the submission of an application for benefits (unless distribution may be made without application pursuant to Section 3.5) and satisfaction of any applicable requirement under Section 3.2(c). The Alternate Payee s consent to the distribution is not required except as provided under the QDRO. (f) ASD of Beneficiary. With respect to benefits payable to a Beneficiary after the death of the Participant, the requirements that must be met before any benefits may be payable are set forth in Section 3.3. Section Beneficiary means a person (or class of persons, or entity such as a trust or charity), other than the Participant or Alternate Payee for whom a particular Individual Account was established, who is receiving, or who is entitled to receive, benefits from the Plan because of his or her designation for such benefits by the Participant, or because of the provisions of the Plan. Section Code means the Internal Revenue Code of 1986, as amended. Section Collective Bargaining Agreement means an agreement between the Union and an Employer, Employer Committee, or Employer Association which requires the Employer(s) covered by such Collective Bargaining Agreement to make Contributions to the Fund, and that meets the following five requirements: (a) It is the product of a bona fide collective bargaining relationship between the Employer(s) and a labor union (the bargaining representative of covered employees)

14 (b) It identifies the Employer(s) and the labor union that are parties to and bound by the agreement. (c) It identifies the personnel, job classifications, and/or work jurisdiction covered by the agreement in any manner acceptable under federal labor law. (d) It provides for terms and conditions of employment in addition to coverage under, or contributions to, the Fund. (e) It is not unilaterally terminable or automatically terminated solely for non-payment of benefits under, or contributions to, the Fund. Section Compensation means the Employee s wages, salaries, and any other compensation for work in Covered Employment (without regard to whether or not an amount is paid in cash) from an Employer that is includible in the Employee s gross income as wages (as determined under Code 61 and 3401(a)) for the year. (a) Compensation for Limitations Purposes. Effective January 1, 1998, for purposes of determining maximum Annual Additions under Section 2.10, the identification of Highly Compensated Employees under Section 1.25, and top-heavy testing under Section 4.11, Compensation also includes any elective deferral described in Code 402(g)(3) and any amount which is contributed or deferred by the Employer at the election of the Employee and which is not includible in the Employee s gross income by reason of Code 125, 132(f)(4) (effective January 1, 2007, but not for any measuring period prior to such date), or 457. Compensation includes only amounts actually paid or made available to an Employee during the applicable measuring period, including any amounts deferred or contributed during the applicable measuring period, but does not include accrued compensation earned but not paid, received, made available, deferred, or contributed during the applicable period

15 Effective January 1, 2008, for purposes of this subsection, payments made by the later of 2-1/2 months after severance from employment or the end of the limitation year that includes the date of severance from employment are included in Compensation for the limitation year if, absence a severance from employment, such payments would have been paid to the Employee while the Employee continued in employment with the Employer and are regular Compensation for services during the Employee s regular working hours, Compensation for services outside the Employee s regular working hours (such as overtime or shift differential), commissions, bonuses or other similar Compensation. (b) Pre-1998 Compensation. For all measuring periods prior to January 1, 1998, Compensation does not include any amounts not includible in the Employee s gross income for the year; any amounts realized from the exercise of a non-qualified stock option; any amounts realized when restricted stock (or property) held by the Employee either becomes freely transferable or is no longer subject to a substantial risk of forfeiture; amounts realized from the sale, exchange, or other disposition of stock acquired under a qualified stock option; any contributions made by an employer (whether or not under a salary reduction agreement) toward the purchase of an annuity described in Code 403(b); or any other amounts which received any special tax benefits, regardless of whether or not any such amounts are or were actually excludible from the Employee s gross income. (c) Compensation Used to Calculate Contributions. If an Employer s obligation under an applicable Agreement to make Contributions is based on a percentage of the Employee s compensation, the compensation used as the basis for the Contribution obligation shall be determined in accordance with the applicable Agreement. Notwithstanding the preceding - 7 -

16 sentence, the Employee s Allocation Amount shall be limited, as necessary, in accordance with Section Section Contributions are the payments required to be made to the Fund by an Employer pursuant to an Agreement. Section Covered Employment means any work performed by an Employee for an Employer, if that Employer is required by an Agreement to make Contributions to the Fund for that work. Section Crediting Account means the account established and set aside pursuant to Section 2.12 for the purpose of crediting the Individual Accounts of Participants who are entitled to receive Contributions pursuant to an Agreement or by operation of law (such as USERRA), in the event the Fund has not received any Contribution from an Employer by the date the Employee s Allocation Amount is required to be credited to his Individual Account, and for other purposes as determined by the Trustees to be necessary and appropriate. Section Employee means and includes: (a) Bargaining Unit Employees. All persons represented in collective bargaining by the Union and employed by an Employer in a class of work for which the Employer is obligated under a Collective Bargaining Agreement to make Contributions to the Fund. (b) Non-Bargaining Unit Employees. Any other employees of an Employer who is a party to a Collective Bargaining Agreement, provided all of the following conditions are met: (1) Covered Employees Specified. The Employer meets the requirements of (A) or (B). (A) The Employer makes application to the Board of Trustees for coverage of all of the Employer s employees, other than Bargaining Unit Employees as defined in Section 1.17(a) (and, if requested by the Employer and - 8 -

17 approved by the Trustees, other than employees who may be excluded under Code 410(b)(3)(A)). (B) The Employer makes application to the Board of Trustees for coverage of any specified and discrete classification of the Employer s employees (such as bargaining unit alumni), provided the assignment of employees to such classification is made for reasonable business purposes and is permitted under the law and would not result in discrimination in favor of Highly Compensated Employees or any other adverse result, as determined by the Trustees. (2) Trustee Approval. The Board of Trustees has reviewed and approved the Employer s application by a vote in which at least two-thirds of the members of the Board of Trustees who are present at the meeting at which the application is considered vote to approve the application. (3) Participation Agreement Required. The Employer executes a Participation Agreement. (c) Employees of the Union ( Union Employees ). All full-time employees of a distinct labor organization that is part of the Union (including the International Union, any Local Lodge, and any other national, local, or intermediate or other subordinate body affiliated with the International Union, such as a Division, Council, District Lodge, or Local Lodge), provided (1) such organization executes a Participation Agreement that sets forth the terms of such employees participation in this Plan and the amount and contribution base units of Contributions for those employees, and extends coverage under this Plan to all full-time paid officers and employees of such organization (unless permitted to be excluded under Code 410(b)(3)(A)), or (2) such organization is a party to a collective - 9 -

18 bargaining agreement with a labor union representing its employees, and that collective bargaining agreement provides for employees covered by that agreement to participate in this Plan. Each such distinct organization or body shall be treated as a separate Employer. (Collectively, Employees who participate in this Plan as provided in this Section 1.17(c) shall be referred to as Union Employees. ) (d) Employees of a Trust or Related Organization ( Trust Employees ). All full-time employees of the Fund, or any related Trust Fund or any related organization that is affiliated with the Union, provided that the terms and conditions of such employees participation in this Plan are set forth in writing. Any such writing must set forth the terms and conditions under which such employees become Participants in this Plan, including any applicable Contribution rate. (Collectively, any Employees who participate in this Plan under this Section 1.17(d) shall be referred to as Trust Employees. ) Each such entity shall be treated as a separate Employer for all purposes under this Plan. (e) Other Employees. Any other employees of an Employer (as defined in Section 1.18(d) or another sub-section of 1.18), provided such employees have a reasonable and valid connection to the Union or to an Employer or Employers who are party to a Collective Bargaining Agreement, the terms and conditions of such employees participation in this Plan are set out in a written document approved by the Board of Trustees and consistent with the provisions of Section 4.1, and that inclusion of such employees would not threaten the legal status of this Plan as a qualified multi-employer plan or result in any other occurrence deemed adverse by the Trustees. (f) Leased Employees. Individuals performing work as leased employees (as defined by Code 414(n) and including any other individuals who perform services for the Fund Office under an agreement with a leasing organization) or independent contractors of the

19 Fund or any related trust fund are not Employees eligible to participate in the Plan. If an individual s classification as a leased employee or independent contractor is later determined to be erroneous and he or she is retroactively reclassified as a common-law employee of the Fund, he or she shall not be deemed an Employee for purposes of this Plan. Specifically, it is expressly intended that individuals not treated as common-law employees by the Fund (or related trust funds) on their payroll records are to be excluded from Plan participation even if a court or administrative agency determines that such individuals are common-law employees and not leased employees or independent contractors. Whether an individual is an Employee of the Fund shall be determined at the sole and exclusive discretion of the Fund s Executive Administrator. Section Employer means a person who makes Contributions to the Fund pursuant to a written Agreement and who employs Employees who are covered under this Plan. (a) Employer Generally. An Employer is any person (including any individual or any business entity or association) who or which is a party to a Collective Bargaining Agreement (either as a result of having signed such Agreement himself, herself, or itself, or being a member of an Employer Association or Employer Committee that has executed such Agreement on behalf of the person) and employs Employees who are covered by the Collective Bargaining Agreement, with respect to such Bargaining Unit Employees. Such an Employer may also be a party to a Participation Agreement, with respect to its Non-Bargaining Unit Employees, but only during a period of time in which a Collective Bargaining Agreement is in effect. In addition, the following entities shall be treated as an Employer for purposes of this Plan, provided the conditions set forth in the applicable sub-section are met:

20 (b) The Union. The Union (as defined in Section 1.42), including the International Union, any Local Lodge, and any other national, local, or intermediate or other subordinate body affiliated with the International Union, such as a Division, Council, District Lodge, or Local Lodge, provided: (1) such organization executes a Participation Agreement that sets forth the terms of such employees participation in this Plan and the amount and contribution base units of Contributions for those employees, and extends coverage under this Plan to all full-time paid officers and employees of such organization (unless permitted to be excluded under Code 410(b)(3)(A)), or (2) such organization is a party to a collective bargaining agreement with a labor union representing its employees, and that collective bargaining agreement provides employees covered by that agreement to participate in this Plan. Each such distinct organization or body shall be treated as a separate Employer. The various Union Employers shall not be aggregated for any purpose, including vesting, discrimination testing, top-heavy testing, or any purpose except when all Employers are aggregated for a specific purpose as set forth in a provision of this Plan. Each such entity or organization shall have a separate right to choose to participate or not to participate in this Plan. However, if such Union Employer chooses to participate, it must extend coverage under the same terms to all of its full-time paid officers and employees (except those permitted to be excluded under Code 410(b)(3)(A), or except as specified under a collective bargaining agreement to which the Union Employer is a party as the employer). Collectively, all entities who participate in this Plan as an Employer pursuant to this Section 1.18(a) shall be referred to as Union Employers

21 (c) Boilermakers Affiliated Trusts. The Board of Trustees, and any other board of trustees or similar governing body, as the employer of Trust Employees as described in Section 1.17(d). This shall include the Fund, and/or any related Trust Fund, or any related organization that is affiliated with the Union, provided that the terms and conditions of such employees participation in this Plan are set forth in writing, and the Board of Trustees has approved such entity s request to participate in the Plan with respect to the Trust Employees. Any such writing must set forth the terms and conditions under which such employees become Participants in this Plan, including any applicable Contribution rate. (Collectively, all such Employers included in this Section 1.18(b) shall be referred to as Boilermakers Affiliated Trusts. ) Each such entity shall be treated as a separate Employer for all purposes under this Plan, and shall not be aggregated or combined for any purpose other than as specifically required under the terms of this Plan or as required by law. (d) Other Employers. Any other person (including an individual, partnership, corporation, limited liability company, unincorporated association, trust, or other entity) who makes Contributions to this Fund in accordance with the terms of a written document approved by the Board of Trustees, provided that such person s inclusion as a contributing Employer is consistent with the intent and purpose of this Plan. (e) Trustee Approval Required. Any Employer who participates in this Plan with respect to its Non-Bargaining Unit Employees, Union Employees, or Trust Employees must be approved by the Board of Trustees. The Trustees shall have authority to refuse to grant such approval, and shall retain the right to deny, withhold, or terminate any further approval, as determined to be necessary, appropriate, or desirable in the discretion of the

22 Trustees as determined pursuant to their fiduciary duties to protect the Fund and the rights of Participants and Beneficiaries of the Fund. Section Employer Association means a corporation or unincorporated association, the membership of which includes Employers and which has executed or hereafter executes a Collective Bargaining Agreement on behalf of its members. Section Employer Committee means the Committee of Employers named in and authorized by a Collective Bargaining Agreement to execute the Trust Agreement and to perform certain other functions on behalf of Employers covered by the Collective Bargaining Agreement. Section ERISA means the Employee Retirement Income Security Act of 1974, as amended. Section Fiscal Year means the twelve consecutive month period from January 1 through December 31 of any calendar year. Section Fund (or Trust) means the Boilermakers National Annuity Trust and the assets constituting its trust estate. Section Fund Office means the office and staff responsible for administering the Plan, maintaining records related to the Plan, processing applications for benefits, and performing any and all other functions and duties related to maintaining the Trust and the Plan. Section Highly Compensated Employee means, with respect to a Plan Year, an Employee who was a 5% owner at any time during the year or the preceding year; or had Compensation in excess of the Highly Compensated Employee ( HCE ) Compensation Limit (determined under Code 414(q)(1)(B) and listed in Appendix A) and was in the top-paid group for the preceding year. (a) An Employee is considered a 5% owner for a year if the Employee met the following requirements at any time during the year:

23 (1) If the Employer is a corporation, any person who owns (or is considered as owning in accordance with the stock ownership attribution rules of Code 318) more than 5% of the outstanding stock of the corporation, or owning any amount of stock possessing more than 5% of the total combined voting power of all stock of the corporation. (2) If the Employer is not a corporation, any person who owns more than 5% of the capital or profits interest in the Employer. (b) The top-paid group consists of the top 20% of the Employer s employees (including all common-law employees of that Employer and all self-employed individuals who are treated as employees pursuant to Code 401(c)(1), and all leased employees who are treated as employees of the Employer pursuant to Code 414(n) and 414(o), whether or not such employees participate, or are eligible to participate, in this Plan) when ranked on the basis of compensation (determined in accordance with the rules of Code 415(c)(3)) paid during the year. For purposes of determining the number of employees in the toppaid group, the following employees are excluded: employees who have not completed six months of service; employees who normally work less than 17-½ hours per week; employees who normally work during not more than six months in any year; employees who have not attained age 21; and any employees covered by a collective bargaining agreement that meets all requirements to be recognized as a collective bargaining agreement by the U.S. Department of Labor. (c) For purposes of determining which employees are in the top-paid group, or whether an individual is a 5% owner, all of the following entities shall be aggregated with the Employer and will be treated as the Employer for this purpose only: all corporations which are members of a controlled group of corporations within the meaning of Code

24 414(b), all trades or businesses (whether or not incorporated) under common control with the Employer within the meaning of Code 414(c), all members of an affiliated service group with the Employer within the meaning of Code 414(m), and all other businesses aggregated with the Employer under Code 414(o). Section Individual Account means the account established on the books and records of the Plan for each Participant (including an Alternate Payee) pursuant to the provisions of Article II of the Plan. Section Market Value means the price at which any property or assets held in the Trust would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts. Plan assets are valued at their fair market value, not actuarial value. Section Military Service (also referred to as Uniformed Service, or Service in a Military Service, or Service in the Uniformed Services) means the performance of duty on a voluntary or involuntary basis, whether in time of peace or war, in any of the Uniformed Services (see Section 1.41) under competent authority and includes active duty, active and inactive duty for training, initial active duty for training, inactive duty training, full-time National Guard duty and any National Guard duty performed pursuant to Federal law, any period for which an Employee is absent from Covered Employment for the purpose of an examination to determine the fitness of the person to perform any such duty, and a period for which an Employee is absent from Covered Employment for the purpose of performing funeral honors duty as authorized by 10 U.S.C or 32 U.S.C In addition, service as an intermittent disaster-response appointee upon activation of the National Disaster Medical System (NDMS, an agency within the Federal Emergency Management Agency, Department of Homeland Security) or as a participant in an authorized training program, as required by the Public Health Security and

25 Bioterrorism Preparedness and Response Act of 2002, 42 U.S.C. 300hh-11(e)(3), will be treated as Military Service or Uniformed Service for purposes of determining a Participant s Qualified Military Service for which benefit accrual credit is required. Section Normal Retirement Age means age 65. Section Participant means any Employee, former Employee, or Annuitant for whom an Individual Account has been established (or who has performed at least one hour of work in Covered Employment) and whose entire Accrued Benefit (or Accumulated Share) has not yet been fully distributed to him or her. Section Participation Agreement means a written agreement between an Employer and the Board of Trustees (or its delegate) pursuant to which all of the Employer s employees who are not covered by a Collective Bargaining Agreement (and who are not excluded pursuant to terms of the agreement that are in compliance with Code 410(b)(3)(A)) become Participants in this Plan. Each Participation Agreement must be in writing and signed, and must contain the following information: (a) (b) (c) The rate and frequency of Contributions; The dates or period of effectiveness of the Participation Agreement; and The Employer s agreement to comply with, and become bound by, the terms of the Plan Document and Trust Agreement, including the Plan s procedures for collecting delinquent Contributions. Section Plan means the detailed plan of benefits provided to covered Employees and their Beneficiaries, as set forth in this Plan document and other documents establishing and setting forth rules governing the administration of the Plan, the eligibility to participate or to accrue or receive payment of benefits, or any other rights, benefits, or obligations under the Plan. Other documents, such as the Trust Agreement, Collective Bargaining Agreements, Participation

26 Agreements, and official policies and rulings issued by the Board of Trustees, together with this Plan document, constitute the governing plan documents for this Plan. The term Plan also includes this Plan document, when such reference is appropriate in context. Section Plan Loan means a loan made by the Fund to a Participant, secured by the Participant s Individual Account, that meets all of the requirements set out in Section 3.9. Section Plan Year is the Fiscal Year. The Plan Year and Fiscal Year coincide with the calendar year. Section Qualified Military Service means any Military Service (see Section 1.28) (or Uniformed Service, Section 1.40) performed by a Participant who is entitled to re-employment rights (including the right to receive credit under this Plan) under the Uniformed Services Employment and Reemployment Rights Act of 1994, as amended, (USERRA) (38 U.S.C ) and the regulations promulgated thereunder (20 C.F.R. Part 1002), pursuant to Code 414(u). Section Retire (or Retires, Retired, or Retirement) means the complete withdrawal by an Employee from any employment or self-employment in work of the type covered by any collective bargaining agreement with the Union, regardless of whether a collective bargaining agreement actually exists with respect to the employment or self-employment involved. With respect to Employees who participate in this Plan under a Participation Agreement, Retirement also includes the complete withdrawal by such Employee from any employment or selfemployment in work of the type covered by the Participation Agreement forming the basis of such Employee s right to have Contributions made to the Fund on his or her behalf. An Employee will be considered Retired for purposes of this Plan if the Employee has signed a Retirement Declaration indicating his or her intent to refrain permanently from all work of the

27 type covered by any collective bargaining agreement with the Union, regardless of whether or not such work is actually covered by any collective bargaining agreement (or to refrain permanently from all work of the type covered by the Participation Agreement that required Contributions to be made to the Fund for such Employee), and one of the requirements for eligibility to receive a distribution based on Retirement, as set out in Section 3.2, has been met. Notwithstanding the preceding, an Employee shall be considered to be Retired as soon as the requirements under Section 3.5(d) have been met. In addition, notwithstanding the preceding, an Employee shall be considered to be Retired for purposes of receiving a voluntary inservice distribution as of the first day of the month after he has attained age 70½. For all purposes under this Plan, a Participant shall be treated as having Retired only if he has met the requirements of this Section. Section Trust means the Boilermakers National Annuity Trust and the assets constituting its trust estate. (See also Section 1.23, Fund). Section Trust Agreement means the document entitled Trust Agreement Creating the Boilermakers National Annuity Trust, made and entered into as of November 1, 1985, and the agreement represented by that document, including any and all amendments, modifications, or restatements of such Trust Agreement. Section Trustees (or Board or Board of Trustees) means the Board of Trustees established by the Trust Agreement and the persons who at any time are acting in such capacity pursuant to the provisions of the Trust Agreement. Section Uniformed Service (or Service in the Uniformed Services) means the performance of duty in any of the Uniformed Services, as fully described in Section 1.28 (Military Service)

28 Section The Uniformed Services include the Armed Forces of the United States, the Army National Guard and the Air National Guard when engaged in active duty for training, inactive duty training, or full-time National Guard duty, the commissioned corps of the Public Health Service, and any other category of persons designated by the President of the United States in time of war or national emergency, or such other service as may be described by any future amendment to 38 U.S.C. 4303(16). Section Union means the International Brotherhood of Boilermakers, Iron Ship Builders, Blacksmiths, Forgers and Helpers, AFL-CIO ( the International Union), and such of its Local Lodges whose members (including all employees represented for collective bargaining purposes by such Local Lodges, regardless of whether such employees officially become members of such Local Lodge or qualify as Employees under this Plan) perform work covered by a Collective Bargaining Agreement. Section Valuation Date means the last day of each Plan Year (with respect to the Fund s annual valuation), as well as any day on which the value of a Participant s Individual Account (that is, a Participant s Account Balance, or Accrued Benefit) is established in accordance with the terms of this Plan. For all periods prior to January 1, 2007, Valuation Dates occurred on March 31, June 30, September 30 and December 31 of each calendar year. Effective January 1, 2007, Valuation Date shall mean each day on which the New York Stock Exchange is open for business, or such other days agreed upon between the Fund and its Custodian, unless unusual circumstances exist which make valuation of Fund assets impracticable. Section Spouse means, for all Plan purposes and regardless of whether or not capitalized herein, a person who is legally married to the Participant, pursuant to the requirements of Federal law, including, effective June 26, 2013, an individual married to the Participant of the same sex if the individuals have validly entered into marriage in a state whose laws authorize the marriage

29 of two individuals of the same sex, regardless of domicile. The term Spouse shall not include an individual (whether of the opposite sex or the same sex) who has entered into one of the following relationships with the Participant: a registered domestic partnership, civil union, or other similar formal relationship recognized under state law that is not denominated as a marriage under the laws of the state

30 ARTICLE II. INDIVIDUAL ACCOUNTS Section 2.1. Entry Into Plan. (a) Participation. An Employee shall become a Participant in this Plan upon performing any work for which Contributions are required under any Agreement. (b) Agreement Requirements. Each Agreement must: (1) Describe the classification of employees entitled to participate in this Plan (in any manner acceptable under federal labor law), (2) Require the signatory Employer to make Contributions to the Fund with respect to each such employee, and (3) Set forth the amount and basis for such Contributions. (c) Prohibited Provisions. No Agreement shall require an individual to attain a specified age in order to participate in the Plan or exclude any individual from participation based on attainment of any age. A valid Agreement must not: (1) Require an individual to complete a period of employment with the Employer that extends beyond the date that is the individual s one-year anniversary of employment with the Employer (if the employee completes 1,000 hours of service (as defined in 29 C.F.R b-2 and -3) during such period) in order to participate in the Plan; or (2) Require an individual to complete more than 1,000 hours of service (as defined in 29 C.F.R b-2 and -3) in any 12-consecutive-month period in order to participate in the Plan; or (3) Contain any provision that is inconsistent with the terms of this Plan or that would violate any provision of ERISA or the Code that apply to this Plan

31 (d) Authority of the Board of Trustees. The Board of Trustees shall have authority to refuse to accept Contribution made pursuant to an Agreement that would threaten the Plan s overall tax-qualified status, and to enter into any additional or side agreements with an Employer to modify any provision of any Agreement that otherwise would violate the terms of this Plan or that fails to comply with all laws applicable to and governing this Plan. To the extent the Trustees exercise authority under this Section 2.1(d), or under Article III, Section 5 of the Trust Agreement, to refuse Contributions required under a Collective Bargaining Agreement, to terminate a Participation Agreement, or otherwise to terminate an Employer s status with respect to this Plan, the provisions of that Collective Bargaining Agreement requiring Contributions shall be invalidated, and any work that otherwise would have constituted Covered Employment as a result of those provisions shall not be recognized under this Plan. Section 2.2. Establishment of Accounts. (a) Individual Accounts. An Individual Account shall be established for each Participant and each Alternate Payee entitled to a separate interest under the Plan. The maintenance of Individual Accounts is only for accounting purposes, and a segregation of the assets of the Fund to each Individual Account shall not be required. (b) Alternate Payees. If required under the terms of a QDRO, an Individual Account shall be established for each Alternate Payee entitled to a separate interest in the Participant s Accrued Benefit. Section 2.3. Vesting. A Participant s rights in his or her Accrued Benefit (that is, Account Balance) shall be non-forfeitable at all times. (That is, each Participant is immediately 100% vested in his or her Account Balance upon becoming a Participant in this Plan.)

32 Section 2.4. Contributions. Contributions shall be made to the Fund by each Employer in accordance with the terms of the Agreement to which the Employer is bound, and shall be allocated to Individual Accounts in accordance with the terms of this Section 2.4, notwithstanding any provision of any other document or agreement that may purport to require any different allocation method or formula. No Participant or Beneficiary shall be entitled to receive any benefit, or to have any amount credited to his or her Individual Account, in excess of the appropriate allocable amount determined under the terms of this Plan. (a) Employer Contributions. Each Agreement shall specify the amount and basis for Employer Contributions. For example, Contributions may be specified as a dollar value per period of service, or a specified percentage of compensation. (b) Return of Employer Contributions. In no event shall any Employer, directly or indirectly, receive any refund of Contributions, or any payment or transfer of assets from the Trust, except as permitted under Code 401(a)(2) and ERISA 403(c) regarding Contributions made pursuant to mistake of law or fact, and then only within the period permitted, and only when it is determined that returning the amount is appropriate and prudent under the circumstances. Any such refund shall be limited to the lesser of the actual amount of Contributions made mistakenly (without any interest or earnings), the amount of mistakenly-made Contributions reduced by any investment loss attributable to such amounts, or any smaller amount determined to be the appropriate amount to return. The Board of Trustees will establish a policy for determining whether a Contribution was made by mistake of law or fact. The Fund Office will review each request for a refund and any allegation that a Contribution was made by mistake of law or fact and will take appropriate action in accordance with the policy

33 (c) (d) Employee Contributions. No Employee contributions shall be permitted or required. Rollover Contributions. A rollover contribution is an amount of cash which the Code permits an eligible Participant to transfer directly or indirectly to this Plan from another qualified plan. Any rollover contributions will be accepted only under terms specified by the Board of Trustees and shall be allocated and credited to the appropriate Participant s Individual Account, but will be accounted for separately. (e) Allocation Amount. The Allocation Amount to be credited to a Participant s Individual Account is determined by subtracting the Crediting Account allocation from the total Contribution obligation, as illustrated by the formula C r = A, where C, r, and A are determined as follows: (1) C in the above formula is the total Contribution amount required to be made to the Fund with respect to work performed by the Employee, determined in accordance with the applicable Agreement. No reduction shall be made based on an Employer s failure to submit the proper Contribution amount. (2) r in the above formula is the amount determined by multiplying the amount to be allocated to the Crediting Account, as set forth in Section 2.12(b), by the number of hours of Covered Employment worked by the Employee in the monthly reporting period, regardless of the Employer s required Contribution formula. (3) A in the above formula is the difference obtained by subtracting r from C. This is the amount required under the terms of this Plan to be allocated to the Employee s Individual Account (the Allocation Amount). The Allocation Amount shall be reduced, as necessary, to comply with Section The Participant s Individual Account need not actually be funded with the Allocation

34 Amount, and the Individual Account shall not be entitled to any interest or earnings or any other benefits based on the Allocation Amount, until the Employer s Contribution is actually received, except as provided by Section 2.4(f) below. (f) Timing of Allocation to Individual Accounts. (1) The Allocation Amount shall be credited to each Employee s Individual Account as soon as practicable after the Fund Office receives the Contributions from the Employee s Employer, and the contribution reports have been processed and reconciled. (2) In the event the Employer s Contribution is not paid within eight and one-half months after the end of the Plan Year, the Fund Office shall nonetheless credit the Employee s Individual Account at that time, by transferring assets equal to the required Allocation Amount from the Crediting Account to the Employee s Individual Account, unadjusted for earnings or losses. In the event the Crediting Account does not contain sufficient assets to credit all Individual Accounts as described in this paragraph, the available assets will be divided proportionately among the Individual Accounts, and the remaining unfunded Allocation Amounts shall be credited as assets become available in the Crediting Account. (3) Unless specified in the applicable Agreement, the Trustees shall have authority to establish uniform deadlines for submission of the monthly Contribution reports, and may establish a grace period or cure period within which an Employer may submit Contributions and reports without penalty. The deadlines for Employers to submit monthly Contribution reports and to pay the required amount of

35 Contributions will not control the deadlines for the Fund Office to credit an Employee s Individual Account. Section 2.5. Credit for a Period of Qualified Military Service Requirements to Receive Credit. Notwithstanding any other provision of this Plan, the Trust Agreement, or any Collective Bargaining Agreement or Participation Agreement, an Employee s Individual Account shall be credited with an Allocation Amount calculated pursuant to Section 2.6 for a period of Qualified Military Service, as required by the Uniformed Services Employment and Reemployment Rights Act ( USERRA ), as amended, regardless of whether any Employer actually makes Contributions for such period. For an Employee s Military Service to constitute Qualified Military Service under this Plan, the following requirements must be met: (a) Advance Notice Requirement. The Participant (or an appropriate officer of the Uniformed Service in which the Participant will serve) must provide the Fund Office with some type of written or oral notification, no matter how informal, of the Participant s obligation or intention to perform Military Service in advance of the period of Military Service, unless providing such notice is prevented by military necessity or is otherwise impossible or unreasonable under the circumstances. (b) Maximum Credit for a Period of Qualified Military Service. No more than five full years of Military Service will be treated as Qualified Military Service for purposes of benefit accrual. Upon re-employment, the full period of Qualified Military Service (up to five full years), the period of time between the end of the Military Service and the request for re-employment as described in Section 2.5(c) below, and the period of service described in 20 C.F.R will be used to determine the amount of Contributions to be credited to the Individual Account

36 (c) Timely Request for Re-Employment. The Participant must request re-employment within the following time limits: (1) If the period of Military Service was less than thirty-one days (or any length of time for the purpose of a fitness examination), the Participant must request reemployment not later than the beginning of the first full regularly-scheduled work period on the first full calendar day following the completion of the period of service and the expiration of eight hours after a period that allows for safe transportation from the place of service to the Participant s residence. This period will be extended if it is impossible or unreasonable for the Participant to request re-employment within the time period described, through no fault of his own. (2) If the period of service was more than thirty days but less than 181 days, the Participant must request re-employment not later than fourteen days after completing service. If it is impossible or unreasonable for the Participant to request re-employment within fourteen days through no fault of his own, the period will be extended until the next full calendar day after it becomes possible to do so. (3) If the period of service is more than 180 days, the Participant must request reemployment no later than ninety days after completing service. (4) All of the time periods described above will be extended by up to two years following the completion of service (or by the minimum time necessary to accommodate circumstances beyond the Participant s control that make reporting to work within any otherwise applicable period impossible or unreasonable) if the Participant is hospitalized for, or convalescing from, an illness or injury incurred

37 in, or aggravated during, the performance of Military Service to accommodate the time necessary to recover from the illness or injury. (5) Any of the following actions will be treated as satisfying the Participant s requirement to request re-employment within the applicable periods: (A) (B) Performing one or more hours of work in Covered Employment, Reporting to work or submitting an application for re-employment to the Participant s last Employer before the period of Military Service or to any other contributing Employer, or (C) Registering for work on an out of work list or similar registry for any Boilermakers hiring hall when the work being referred by such hiring hall is Covered Employment. (6) The Employer who re-employs the Participant, the Local Lodge maintaining the hiring hall, or the Participant himself must notify the Fund Office within thirty days following re-employment or request for re-employment. Although an Employer or Union is permitted to provide notice to the Plan of an Employee s reemployment following a period of Qualified Military Service, it is the Employee s responsibility to ensure that the Plan is notified of his Qualified Military Service and to request credit under the Plan for that service. The Plan shall have no obligation to provide credit for a period of Qualified Military Service unless and until the Employee notifies the Plan of the Qualified Military Service. An Employee s failure to timely notify the Plan can result in that Employee s loss of the right to credit for the period of service

38 (d) Character of Service Requirement. The Participant was not: (1) Separated from Uniformed Service with a dishonorable or bad conduct discharge; (2) Separated from Uniformed Service under other than honorable conditions, as characterized by regulations of the Uniformed Service at issue; (3) A commissioned officer dismissed under 10 U.S.C. 1161(a) by sentence of a general court-martial, in commutation of a sentence of a general court-martial, or, in time of war, by order of the President of the United States; or (4) A commissioned officer dropped from the rolls under 10 U.S.C. 1161(b) due to absence without authority for at least three months, separation by reason of a sentence to confinement adjudged by a court-martial, or a sentence to confinement in a Federal or State penitentiary or correctional institution. (5) If a military review board prospectively or retroactively upgrades a disqualifying discharge or release, credit will be granted for any period of service that qualifies as Qualified Military Service as a result of the upgrade. (e) Absence from Covered Employment Because of Military Service. The period of Military Service generally must begin within a reasonable time after the Participant s last hour of work in Covered Employment. If a Participant s period of Uniformed Service does not begin within a reasonable period after his most recent period of Covered Employment, as determined under guidelines established by the Board of Trustees, it shall be the Participant s burden to establish that he would have continued in Covered Employment if not for the period of Uniformed Service. If a Participant proves that he was entitled to reemployment rights under USERRA, this requirement will be met

39 (f) Documentation Required. As soon as reasonably possible after returning to Covered Employment after a period of Military Service that exceeds thirty days, the Participant will be required to provide the Fund Office with documentation of the dates of service and the character of the Participant s separation or dismissal from Military Service. For purposes of Section 2.4(f), the entire period of Qualified Military Service shall be treated as having been worked in the Plan Year in which the Employee returns to Covered Employment. (g) Effective Date. All Participants seeking re-employment in Covered Employment on or after December 12, 1994 are covered by Sections 2.5 and 2.6. (h) Contributions if Participants Die or Are Disabled While in Military Service. Notwithstanding subsection (c) s requirement of a timely request for re-employment in order to receive an Allocation Amount for a period of Qualified Military Service, if a Participant does not request re-employment after performing Military Service because the Participant died or became disabled while performing Military Service, his Individual Account will be credited with an Allocation Amount calculated in accordance with Section 2.6. The Participant shall be treated as if he or she made a request for reemployment as of the day before the date of death or disability and then terminated employment on the date of death or disability. Section 2.6. Credit for a Period of Qualified Military Service Amount of Credit. Upon verification of the period of Qualified Military Service and satisfaction of the requirements described in Section 2.5 above, the Participant s Individual Account will be credited with an Allocation Amount based on the hours and contribution rates, as determined below, for the entire period beginning with the first day of Qualified Military Service and ending with the date immediately preceding the Participant s request for re-employment. The Individual Account

40 shall be credited with an Allocation Amount based on the number of hours and the rate determined below, but shall not be credited with any earnings or forfeiture allocations and may not be charged for any losses for the period of service. (a) Hours to be Credited. The number of hours to be credited shall be the actual number of hours the Participant would have worked if not for performing service in the Uniformed Services, if such number is reasonably certain. If the number of hours the Participant would have worked during the period of Qualified Military Service is not reasonably certain, the Participant shall be credited with hours based on the average number of hours worked per month for the twelve month period preceding the period of Qualified Military Service. If the Participant worked in Covered Employment for less than a full twelve month period before the period of Qualified Military Service, the average number of hours per month shall be derived from such shorter period. (b) Contribution Rate to be Applied to the Hours Credited. The contribution rate to be used will be the amount specified in the Agreement(s) under which Contributions were made on behalf of the Participant during the 12-month period preceding the period of Qualified Military Service. If the contribution rate designated by the appropriate Agreement(s) is a percentage of compensation, and the amount of compensation the Participant would have been entitled to receive is not reasonably certain, the average of the Participant s hourly wages earned during the 12-month period prior to the period of Qualified Military Service (or any shorter period if the Participant worked less than twelve full months before the period of Qualified Military Service) shall be used as the compensation amount to which the percentage is applied

41 (c) Source of Contributions. Amounts required to be credited to a Participant s Individual Account for a period of Qualified Military Service shall be paid out of the Crediting Account. Section 2.7. Valuation of Accounts. The value of a Participant s Individual Account (that is, the Account Balance or Accrued Benefit) shall be established as of each Valuation Date. (a) Daily Valuation Post Effective January 1, 2007, the Market Value of all assets held in the Trust shall be determined as of each business day (each Valuation Date). Each Individual Account shall have an undivided interest in the assets of the Trust (other than assets in the Crediting Account), and the value of each Account Balance shall consist of that proportion of the Market Value of the Trust (excluding assets allocated to the Crediting Account) which the net credit balance in such Individual Account bears to the total net credit balance of all Individual Accounts, increased by the outstanding balance of any Plan Loan for which the Individual Account was used as collateral. The net credit balance of an Individual Account consists of the Account Balance reduced by the outstanding balance of any Plan Loan. For purposes of valuation of the Trust under this Section and valuation of Individual Accounts, funds or other assets held in the Crediting Account, as well as any earnings, gains, or losses on those assets, will be disregarded. (b) Account Balance Calculations Before With respect to each Valuation Date before January 1, 2007, the Account Balance for each Individual Account is determined, as soon as practicable after the Valuation Date, through the following formula: (1) The amount in the Individual Account as of the previous Valuation Date, minus (2) Loans or distributions made from the Individual Account since the previous Valuation Date, minus

42 (3) Any unpaid late fees charged upon a loan default since the previous Valuation Date, plus (4) Loan payments, both principal and interest, received since the previous Valuation Date, plus (5) The Participant s share of the Net Investment Yield as determined in Section 2.8(b)(3), plus (6) The Employer Contributions received, plus any amounts credited since the previous Valuation Date for Military Service or Covered Employment. Section 2.8. Investment Yield (Allocation of Trust Income, Gain, or Loss). (a) After Effective January 1, 2007, net income, gain, or loss is allocated to Individual Accounts in accordance with the daily valuation method. All Individual Accounts shall share in the Fund s investment earnings or losses (but not earnings and losses experienced by the Crediting Account), based on the proportion of net income, gain, or loss which the net credit balance in such Individual Account (the Account Balance decreased by the outstanding balance of any Plan Loan) bears to the total net credit balance of all Individual Accounts (that is, the total Market Value of the Trust, disregarding all assets allocated to the Crediting Account). Interest paid on any Plan Loan shall be credited solely to the Individual Account of the Participant whose Account Balance was used as collateral for the Plan Loan. Any administrative fees or charges paid by a Participant in connection with the application, processing, or repayment of a Plan Loan, in excess of direct expenses incurred by the Plan for such application, processing, or payment, will be treated as income to the Trust and allocated to Individual Accounts in the same manner as any other Trust income. For purposes of allocating income, gains, and losses to Individual Accounts,

43 funds or other assets held in the Crediting Account, as well as any earnings, gains, or losses on those assets, will be disregarded. (b) Before For each Valuation Date prior to January 1, 2007, Investment Yield is allocated to Individual Accounts only after adjustment for all expenses, charges, and other losses, and is calculated as follows: (1) Determination of Gross Investment Yield. As soon as practicable after each Valuation Date, the Gross Investment Yield obtained by the Fund since the previous Valuation Date is determined as follows: (A) Determine the total Market Value of the Fund as of the preceding Valuation Date, minus the total of all distributions (including distributions of loan proceeds) since the preceding Valuation Date. (B) Determine the total Market Value of the Fund as of the new Valuation Date (less the total of all the Contributions and all loan principal and interest payments received) since the previous Valuation Date. (C) Subtract Section 2.8(b)(1)(A) from 2.8(b)(1)(B). The difference shall be the Gross Investment Yield. (2) Determination of Net Investment Yield Administrative expenses and other charges to the Fund are paid out of the Gross Investment Yield. Expenses for the administration of the Fund are deducted from the Gross Investment Yield determined in Section 2.8(b)(1) above. The result shall be the Net Investment Yield. (3) Pro Rata Allocation of Net Investment Yield to Participant Accounts. The Net Investment Yield as determined in Section 2.8(b)(2) above, shall be divided by the total amount in all of the Individual Accounts as of the last previous Valuation Date, excluding loans made and Individual Accounts terminated since the last

44 previous Valuation Date. The fraction so obtained shall be multiplied by the amount in each such Individual Account (excluding the unpaid balance of any loan), as of the previous Valuation Date, and shall represent the Investment Yield to be added to (or subtracted from, in the case of a negative Net Investment Yield) each Individual Account in accordance with Section 2.7(b)(v) of this Article. Section 2.9. Plan Expenses. All reasonable expenses, fees, taxes, and other charges incurred for the administration and operation of the Plan shall be paid out of the Trust. Each Individual Account shall be charged or adjusted as a result of the Fund s payment of such fees or expenses, in accordance with the following provisions. The Board of Trustees retains authority to determine that any particular expense shall be paid in a manner other than as set forth in this Section 2.9, when the Trustees determine that such treatment is appropriate under the circumstances. (a) General Administrative Expenses Beginning January 1, 2007, general administrative expenses shall be charged against Fund assets on a regular daily basis, unless the Trustees determine that a particular expense shall be charged against the Crediting Account. The amount of expenses expected to be incurred shall be reviewed and adjusted periodically as necessary. Expenses of administering the Plan shall be paid out of the Fund in accordance with this Section 2.9. (1) Expenses to be Charged Against All Individual Accounts Pro Rata. Except as described in Section 2.9(a)(2) below (regarding administrative expenses to be allocated equally to all Individual Accounts) or Section 2.9(b) (regarding expenses that may be allocated solely against the Individual Accounts of one or more specific Participants, rather than shared by all Participants), general administrative expenses shall be allocated to Individual Accounts in the same

45 proportion each Individual Account bears to the total Market Value of all Individual Accounts. Expenses that are charged to all Individual Accounts on a pro rata basis include, but are not limited to, the following: (A) Employee compensation, general overhead (such as rent, utilities, supplies, office equipment, insurance, etc.), and similar expenses incurred for the administration of the Fund Office. (B) Expenses incurred by Trustees in the course of carrying out their fiduciary duties and administrative responsibilities with respect to the Plan. (C) Fees and expenses charged by professional advisors and service providers (such as attorneys, consultants, actuaries, accountants, auditors, investment advisors, etc.) who perform services for the Fund. (D) All other reasonable expenses incurred in connection with the administration of the Fund and the Plan, except as provided under Section 2.9(a)(2) or 2.9(b) below, or as specifically designated by the Board of Trustees. (2) Expenses to be Charged Equally to All Individual Accounts The following Plan expenses shall be paid out of the Trust by reducing all Individual Accounts by an equal amount, based on the number of Individual Accounts: (A) All expenses charged by the custodian of the Fund, third party professional record-keeper, or other administrative service provider, to the extent the amount of such charge is based solely on the number of Individual Accounts. (B) Any other expenses that the Board of Trustees shall direct to be paid in equal amounts by all Individual Accounts

46 (b) Expenses Charged to Specific Individual Accounts Effective January 1, 2007, reasonable expenses actually incurred by the Plan in connection with a service provided for the benefit of a single Participant or Beneficiary (or a limited, discrete, and identifiable set of Participants and/or Beneficiaries, when not all Participants receive a benefit or are affected by the service provided in exchange for the fee) shall be allocated solely to that Participant s or Beneficiary s Individual Account (or to those Participants or Beneficiaries Individual Accounts), to the extent of such Individual Account Balance(s), and shall be treated as a general Plan expense to the extent the charges actually incurred exceed the total Account Balance(s). The following types of expenses shall be allocated to an Individual Account, rather than spread on a pro rata or per capita basis against all Individual Accounts: (1) QDRO Expenses. Expenses attendant to determination of the qualified status of a Domestic Relations Order and processing the QDRO will be charged to the Individual Account of the Participant whose benefits are the subject of the QDRO. If the QDRO sets forth the procedures for allocating such expenses between the Participant and the Alternate Payee, the Plan will follow such allocation method. If the QDRO (or proposed QDRO) does not specify how such expenses will be allocated between the Participant and Alternate Payee, expenses shall be allocated in the same proportion as the total Account Balance is divided between the Participant and Alternate Payee. (2) Plan Loan Expenses. Expenses associated with processing Plan Loans (as described in Section 3.9(g)) shall either be deducted from loan proceeds or charged against the Individual Account of the Participant taking the loan

47 (3) Missing Participant Expenses. Charges incurred to locate or identify specific missing Participants may be charged against the accounts of those Participants who are the subject of the search. (4) Calculation of Annuity Benefits. Charges incurred to calculate the amount of benefits payable under different distribution options, such as any actuarial calculations or broker fees to determine the monthly amount payable under various annuity options shall be charged to the Individual Account of the Participant requesting the calculation. (5) Distribution Expenses. Reasonable and necessary expenses actually incurred in connection with distribution of a benefit, including but not limited to fees associated with the purchase of an annuity contract to provide benefits under an annuity form of distribution, any automatic rollover set-up fees, and any optional services requested by a Participant, such as charges for overnight delivery of a benefits check or application materials, shall be charged against the Individual Account of the Participant receiving the distribution. Section Limitations Applicable to Individual Accounts. In no event shall any allocation be made to a Participant s Individual Account that would exceed the maximum Annual Addition permitted under Code 415 and the regulations promulgated thereunder. In determining the Allocation Amount to be credited to an Employee s Individual Account, any amount of the Employee s Compensation for the year that exceeds the Maximum Compensation Considered as shown in Appendix A for the year shall be disregarded. In order to avoid exceeding the limitations of Code 415, a Participant s Allocation Amount (that is, the A determined under Section 2.4(e)(3)) shall be limited and reduced, as necessary, in accordance with the provisions of this Section Any difference between the A determined under Section 2.4(e)(3) (without regard

48 to this Section 2.10) and a Participant s maximum Annual Addition as determined under this Section 2.10 shall be allocated to the Crediting Account. (a) Definitions Applicable to this Section (1) Annual Additions. The sum of all Allocation Amounts determined under Section 2.4(e) for any Participant for any year. In the event Employee contributions may be permitted, or that any benefits under this Plan may be subject to forfeiture and the Plan may be amended to permit allocation of forfeitures to the Individual Accounts of other Participants, these amounts shall also be treated as part of a Participant s Annual Additions. (2) Compensation. A Participant s Compensation used to determine the limitation on Annual Additions expressed as a percentage of compensation shall be determined in accordance with Section 1.13, considering all of the Participant s Compensation from all Employers. Any amount of a Participant s Compensation in excess of the Maximum Compensation Considered as shown in Appendix A shall be disregarded, so that the maximum Annual Addition is limited to the applicable percentage (25% or 100%, as applicable under Section 2.10(b) (1) or (2)) of the Maximum Compensation Considered. (3) Limitation Year. The Limitation Year is the Plan Year for which the maximum amount of Annual Additions allocable to a Participant s Individual Account is being determined. (b) Maximum Annual Additions. (1) Limitation Years Before With respect to Limitation Years beginning before January 1, 2002, the Annual Additions to an Employee s Individual Account shall not exceed the lesser of the Annual Addition Dollar Limit for the Limitation Year as

49 shown in Appendix A or 25% of the Employee s Compensation for the Limitation Year. (2) Limitation Years After With respect to Limitation Years beginning after December 31, 2001, the Annual Addition that may be allocated to a Participant s Individual Account under the Plan for any Limitation Year shall not exceed the lesser of the Annual Addition Dollar Limit for the Limitation Year as shown in Appendix A or 100% of the Participant s Compensation for the Limitation Year. (3) Maximum Compensation Considered. No allocations shall be made to a Participant s Individual Account to the extent any such allocations (or the Contributions or Contribution obligation from which the Allocation Amount is derived) are based on Compensation in an amount exceeding the Maximum Compensation Considered for the year as shown in Appendix A. (c) Reduction of Allocations to Participant Individual Accounts. Effective January 1, 2008, the provisions of this subsection 2.10(c) shall no longer by applicable. If the Annual Additions otherwise required to be allocated to a particular Participant s Individual Account in any Limitation Year would exceed the limits described in Section 2.10(b)(1) or (2), or if the allocation required to be made to the Participant s Individual Account under the applicable Agreement would result in an amount in excess of the limitation of Section 2.10(b)(3), the Participant s Individual Account will be credited only with the amounts permitted under Section 2.10(b), and all excess amounts will be allocated to the Crediting Account and shall not be treated as a part of any Participant s Account Balance, except as provided under Section If necessary to observe these limits, benefits of, or contributions to, other plans will be reduced before Allocation Amounts under this Plan are reduced

50 Section Termination of Account. An Individual Account shall be considered terminated in the month in which payment of the Accumulated Share is made, or commenced if benefits are distributed in the form of an annuity. However, in the case of an Accumulated Share that is paid in the form of a partial lump sum or a series of installments, an Individual Account shall not be considered terminated until such Accumulated Share is fully paid. Upon termination of an Individual Account, the Employee, former Employee, Annuitant, Alternate Payee, or Beneficiary shall cease to be a Participant or Beneficiary with respect to this Plan. In the event such individual returns to Covered Employment, he or she shall be treated as a new Participant, and a new Individual Account shall be established for such Employee. No Contributions or periods of Covered Employment before termination of the Individual Account shall be taken into consideration for any purpose with respect to the individual s new Individual Account. Termination of an Individual Account through payment in a lump sum of the Accumulated Share, or purchase of an annuity contract from an insurance company with the Accumulated Share in accordance with the provisions of Section 2.13(c), shall satisfy all liabilities and obligations that the Plan, the Trustees, or the Fund have with respect to the Participant for whom the Individual Account was established. Upon termination of the Individual Account, the former Participant shall have no further right, title, interest, or claim to any benefits from the Plan or to any assets of the Plan. Section Crediting Account. (a) Establishment. The Plan shall maintain a Crediting Account derived from Employer Contributions, forfeitures, and other miscellaneous unallocated Plan assets for the purpose of funding amounts for Qualified Military Service, unpaid Contributions, or other unfunded amounts. The Board of Trustees shall have discretion to determine whether to permit the Crediting Account to be used to satisfy other Plan obligations. The

51 assets maintained in the Crediting Account shall not be a part of an Individual Account nor an amount considered for valuation of an Individual Account unless credited on a Valuation Date for a purpose for which the Crediting Account is maintained. Amounts paid or contributed to the Fund that are not required to be allocated to a Participant s Individual Account, or to be allocated among the Individual Accounts of all or any group of Participants, shall be allocated to the Crediting Account. The Crediting Account shall be held and accounted for separately from that portion of the Trust invested on behalf of Participants Individual Accounts. The Crediting Account shall be entitled to retain all earnings on assets allocated to it. The Crediting Account may also be used, but is not required to be used, as a suspense or holding account for deposit of Employer Contributions and other amounts during the period of time necessary to process and reconcile monthly contribution reports and calculate the proper Allocation Amount for each Employee, or during any other period before such amounts are required to be allocated elsewhere or used for any other specific purpose. (b) Allocation of Contributions to Crediting Account. The Crediting Account shall be funded through Employer Contributions, before any allocation is made to any Individual Account. The Crediting Account allocation amount shall be determined with respect to each Employee, by multiplying the number of hours that Employee Worked in Covered Employment for the reporting month by the amount of two cents. In the event the amount of Contributions actually paid by an Employer is insufficient to fund the Allocation Amounts for all of such Employer s Employees and the Crediting Account allocation, Contributions shall be used first to credit Individual Accounts with the full Allocation Amounts, and the amount allocated to the Crediting Account shall be reduced

52 (c) Reimbursement. Any cash or other assets collected in payment of delinquent Contributions, or any other amounts that have previously been allocated to one or more Individual Accounts from the Crediting Account, shall be applied first to reimburse the Crediting Account to the extent of the allocation previously made to the Individual Accounts. If the amount ultimately recovered in a collection action against an Employer for delinquent Contributions is greater than the sum of the amounts previously allocated to the Individual Accounts of the Employer s Employees and the Plan s expenses incurred in connection with the collection action (such as attorney s fees and court costs), the excess shall be treated as general income of the Fund. Section Funding of Benefits. (a) Benefits Paid Out of Trust. All benefits provided under this Plan shall be paid from the Trust Fund, except for benefits paid in the form of an annuity, which will be paid from an annuity contract purchased with the Participant s (or Beneficiary s) Accumulated Share paid out of the Trust. The Trust shall be funded through Employer Contributions and investment earnings. The amount and rate of Employer Contributions shall be determined through collective bargaining or similar negotiation and will be described in each Collective Bargaining Agreement or Participation Agreement. (b) Investment Policy and Funding Policy. The Board of Trustees shall maintain an investment policy documenting investment program objectives, policies, and procedures. The Board periodically reviews and, as necessary or desirable, revises the Investment Policy. As a defined contribution plan, it is this Plan s Funding Policy that allocations shall be made to each Participant s Individual Account, as soon as reasonably practicable after the required Employer Contribution amount is received and the proper Allocation

53 Amount can be determined. In the event an Employer fails to make a required Contribution by eight and one-half months after the end of the year in which the service to which the Contribution is attributable was performed, the proper Allocation Amount attributable to each Participant s work in Covered Employment shall be determined, and such amount shall be transferred from the Crediting Account to the Participant s Individual Account by no later than the 15th day after the eighth month following the end of the year in which the work was performed. (c) Purchase of Annuity Contracts. Unless the Board of Trustees determines otherwise, any distribution from this Plan in the form of an annuity shall be provided by the purchase of an irrevocable annuity contract, policy, or certificate from an insurance company, insurance service, or insurance organization licensed to do business in a State of the United States. The purchase of the annuity and distribution to the Participant or Beneficiary of the contract, policy, or certificate describing the benefits to which the individual is entitled under the Plan (which shall be provided under the annuity contract, policy, or certificate) shall discharge the Board of Trustees obligations to the Participant and/or Beneficiary, as applicable, and thereafter the payment of benefits under the annuity contract, policy, or certificate, and other matters relating to the administration of the benefit, shall be the sole responsibility of the insurance company, insurance service, or insurance organization

54 ARTICLE III. DISTRIBUTIONS Section 3.1. Amount to be Paid (Accumulated Share). The amount to be paid to a Participant or Beneficiary (that is, the Accumulated Share), for distributions occurring on or after January 1, 2007, shall be the value of the Participant s Account Balance as of the date of distribution (or most recent Valuation Date in the event a distribution ever occurs on a date that is not a Valuation Date), adjusted, if necessary, for distribution expenses permitted to be charged to the Participant s Individual Account under Section 2.9(b), and any Plan Loan Offset amounts as set forth in Section 3.9(h). For distributions prior to January 1, 2007, the value of the Accumulated Share is determined beginning with the Account Balance of the Individual Account determined as of the preceding Valuation Date, subtracting administrative expenses, adding Contributions owed for a period of Qualified Military Service that had not yet been credited as of the last Valuation Date, adding any Employer Contributions owed with respect to any period of Covered Employment ending before the Annuity Starting Date, and adding loan interest and principal payments received since the preceding Valuation Date. Section 3.2. Eligibility for Payment of Benefits/Distributable Events Prior to Death of the Participant. (a) General Rules. A Participant shall be entitled to receive payment of his Accumulated Share beginning as of his Annuity Starting Date (to be paid as soon as administratively feasible after the Annuity Starting Date), upon submitting an application for benefits, at any time after satisfying one of the following requirements: (1) Retirement. He has Retired and attained age

55 (2) Separation from Service. Regardless of age, he has permanently ceased all work in Covered Employment (that is, he has separated from service or terminated employment ). A Participant is deemed to have separated from service at the end of a twelve consecutive month period (ending after December 31, 2006) in which he performed no work in Covered Employment, provided no additional hours or Contributions are posted to his Individual Account before his distribution application is processed and approved. Prior to January 1, 2007, an Employee was considered to have separated from service, and so was entitled to a preretirement, non-disability distribution, only after a twenty-four consecutive month period in which the Employee performed no work in Covered Employment. A Participant shall not receive a distribution based on a Separation from Service, or continue any Installment Payments based on a prior Separation from Service, if, prior to the processing and approval of such distribution or Installment Payment, additional hours or contributions are posted to the Participant s Individual Account. Once such additional hours or contributions are posted to the Participant s Individual Account, the Participant will no longer be deemed to have separated from service until the end of a new twelve consecutive month period in which the Participant performs no work in Covered Employment. (3) Disability Retirement He is disabled, as proven by a Notice of Award (official notification awarding disability benefits) from the United States Social Security Administration or Railroad Retirement Board or the Canada Department of Human Resources and Social Development (or equivalent government agency). In the case of a Participant who is disabled and terminally ill (that is, the Participant s medical prognosis is that his or her life expectancy is twelve months

56 or less if the illness runs its normal course), but has not been awarded Social Security, Railroad Retirement, or Canadian disability benefits, a written certification of the Participant s primary treating physician (a medical doctor or doctor of osteopathy who has the most significant role in the determination and delivery of the Participant s health care), based on his or her professional clinical judgment and examination of the Participant, that the Participant has a medical diagnosis of a condition from which there is little or no chance of cure or recovery and that will most likely cause death, and has a medical prognosis of a life expectancy of twelve months or less if that condition runs its normal course, will serve as satisfactory proof of disability under this Plan. Reference to, or identification of, any specific medical diagnosis is not required. (b) Option to Defer Commencement of Benefits. Distribution of a Participant s benefits may begin at any time after any one of the above requirements has been met, but not before the Participant has submitted an application for benefits in accordance with the procedures set forth in Article V and satisfied all notice and consent requirements of Section 3.6. Other than as provided in Section 3.5 (regarding mandatory distributions), any Participant shall be entitled to continue to defer receipt of his Accrued Benefit (that is, shall not be required to receive a distribution without his consent), but not beyond his Required Beginning Date (as defined in Section 3.10(a)(5)). No Participant shall be entitled to elect an Annuity Starting Date that is later than his Required Beginning Date. (c) Alternate Payee. An Alternate Payee shall, upon submission of a completed application for benefits (unless the QDRO directs a distribution automatically as of a date that can be ascertained from the terms of the QDRO), be entitled to receive that portion of the Participant s Accumulated Share determined pursuant to the terms of a Qualified

57 Domestic Relations Order ( QDRO ) as of the date specified in the QDRO (if any), upon satisfaction of any requirements specified in the QDRO (if any), or at any time following the Plan s approval of the qualified status of the QDRO. (1) Spouse or Former Spouse. An Alternate Payee who is the spouse or former spouse of the Participant shall not be required to receive distribution of that portion of the Account Balance set aside to such Alternate Payee, except as provided in Section 3.5(b), before the Participant s Required Beginning Date (as defined in Section 3.10(a)(5)) if the Participant survives to his Required Beginning Date, or before the date distribution would be required to begin pursuant to Section 3.3(a)(3)(B or C), treating the Alternate Payee as a surviving spouse. (2) Child or Other Dependent. An Alternate Payee who is the child or other dependent of a Participant shall not be required to receive distribution of that portion of the Account Balance set aside to such Alternate Payee, except as provided in Section 3.5(b), before the Participant s Required Beginning Date (as defined in Section 3.10(a)(5)) if the Participant survives to his Required Beginning Date, or before the date distribution is required under Section 3.3(b) to a non-spouse Beneficiary after the death of the Participant. Section 3.3. Death of Participant Before Commencement of Benefit Distribution. In the event that a Participant dies before his Annuity Starting Date, his Accumulated Share shall be paid in the form of a Qualified Pre-Retirement Survivor Annuity to the surviving spouse or in any available optional form of payment under Section 3.4 in accordance with the following: (a) Surviving Spouse Qualified Pre-Retirement Survivor Annuity ( QPSA )

58 (1) Eligibility. If the Participant has been married throughout the twelve consecutive month period immediately preceding the Participant s death, the Participant s surviving spouse shall receive the Participant s Accumulated Share as a QPSA. This Section 3.3(a)(1) shall override any Beneficiary designation made by the Participant, and the QPSA shall be in lieu of any other benefits, unless the QPSA is rejected in accordance with Section 3.6. (2) Description and Value of QPSA. The QPSA is an annuity that provides a fixed monthly payment to the surviving spouse beginning with the Annuity Starting Date determined pursuant to Section 3.3(a)(3) below and ending with the payment made for the month containing the surviving spouse s date of death. Under the QPSA, no benefits are payable to any other person, and no benefits are payable after the death of the surviving spouse (except to the extent that Section 3.3(a)(4) applies). The value of the QPSA is the Actuarial Equivalent of the Participant s Accumulated Share. (3) Commencement of Payment of QPSA. (A) Payment of monthly benefits under the QPSA shall begin automatically after the Fund Office receives proof of the Participant s death, satisfactory evidence that the Participant was married (for at least twelve months) on his date of death, and proof of the identity and age of the surviving spouse, unless the QPSA is rejected in accordance with Section 3.6, or the surviving spouse has elected in writing to delay commencement of the QPSA. If the surviving spouse does not make an affirmative election to delay commencement of the QPSA, and the QPSA has not been rejected,

59 the Annuity Starting Date for the QPSA shall be the first day of the first month after the death of the Participant. (B) If the QPSA is not rejected and the surviving spouse elects to defer commencement, the QPSA will be paid only after the surviving spouse submits a written application for benefits, except as provided in Section 3.3(a)(3)(C) (describing the date when payment of death benefits must begin) or Section 3.5(c) (regarding mandatory distribution of small death benefits). The Annuity Starting Date determined in accordance with this Section 3.3(a)(3)(B) will be the first day of the month after the application is submitted, unless the application specifies a different date. (C) Latest Commencement. If the Plan confirms that the Participant had been married for at least the full twelve-month period ending with the Participant s date of death, payment of the QPSA must start by December 31 of the calendar year containing the fifth anniversary of the Participant s death, unless the surviving spouse submits written notice to the Fund Office indicating an intent to delay commencement of the QPSA. The Participant s spouse may elect, in lieu of commencement by the end of the fifth year after the Participant s death, to have the QPSA begin by December 31 of the calendar year immediately following the calendar year in which the Participant died, or by December 31 of the calendar year in which the Participant would have attained age 70-½, if later. The election must be made no later than September 30 of the calendar year immediately following the year in which the Participant died

60 (4) Death of Surviving Spouse After the Death of the Participant and Before Commencement of the QPSA. If the Plan confirms that the Participant had been married for at least the full twelve-month period ending with the Participant s date of death, and the surviving spouse dies after the Participant but before distribution of the QPSA begins, the Participant s Accumulated Share shall be paid to the Participant s designated Beneficiary, or if none, to the person or persons determined in accordance with Section 4.5, no later than December 31 of the calendar year containing the fifth anniversary of the surviving spouse s death. (b) Inability to Locate or Identify Surviving Spouse. If the Fund Office is unable to locate or identify any surviving spouse after a diligent search, and no surviving spouse claims a right to benefits or otherwise notifies the Fund Office of an intent to apply for a benefit, by September 30 of the calendar year following the year of the Participant s death, the Participant shall be deemed to have been unmarried on the date of death, and benefits shall be paid to the Participant s designated Beneficiary pursuant to Section 3.3(c) as soon as administratively practicable (but no later than by December 31 of the calendar year containing the fifth anniversary of the Participant s death). (c) Non-Spouse Beneficiary. If the Participant is not married on his date of death (or was married for less than twelve consecutive months immediately preceding his date of death), the Participant s Accumulated Share shall be paid to his Beneficiary. Payment shall be made as soon as administratively practicable after the Fund Office receives a completed application, proof of the Participant s death, and satisfactory evidence that the Participant was unmarried (or married for less than twelve months) on his date of death. A Beneficiary who has elected a form of payment may revoke or change his or her election at any time prior to his or her Annuity Staring Date. Distribution shall be made

61 in accordance with Section In the event such designated Beneficiary has been identified and located, but fails to submit a completed application by December 31 of the calendar year following the calendar year of the Participant s death, distribution may be made automatically in the form of a Single Lump Sum. Such automatic distribution must be made by the December 31 of the calendar year containing the fifth anniversary of the Participant s death. (d) No Beneficiary/Forfeiture of Death Benefit. For purposes of the required minimum distribution rules, to be a designated Beneficiary, the Beneficiary must be either designated under Section 4.5(d) of the Plan or named by the Participant as of the date of his or her death. The determination of a designated Beneficiary under the required minimum distribution rules is based on the Beneficiaries designated as of the date of the Participant s death who remain Beneficiaries as of September 30 of the calendar year following the calendar year of the Participant s death. If the Participant dies before his or her required beginning date, the Participant s entire interest will be distributed by December 31 of the calendar year containing the fifth anniversary of the Participant s death. If no Beneficiary designated by the Participant has been located, and no person who would qualify as a Beneficiary under Section 4.5(d) has come forward to claim the death benefit before this date, the benefits shall be deemed abandoned and shall be forfeited. Except in the case of a QJSA or QPSA, no person shall have any right to receive a benefit with respect to a Participant s Individual Account after December 31 of the calendar year containing the fifth anniversary of the Participant s or Alternate Payee s death if a claim, request, or application for the benefit was not made before such date. Benefits so forfeited shall be allocated to the Crediting Account

62 Section 3.4. Forms of Payment. All benefits payable to a Participant upon Retirement or separation from service shall be paid in the automatic form (a Qualified Joint and 50% Survivor Annuity ( QJSA ) or a Single Life Annuity, collectively, Automatic Form ) unless the Participant and spouse (if applicable) reject the Automatic Form in accordance with this Section 3.4, or unless the provisions of Section 3.5 regarding mandatory distributions is applicable. A Participant or Beneficiary receiving Installment Payments may, at any time, change or revoke his or her election with respect to any portion of his or her unpaid Accumulated share, provided such change does not violate Section Otherwise, the form of payment elected cannot be changed after the Annuity Starting Date ( ASD ). (a) Automatic Forms of Payment. (1) Married Participants Qualified Joint and 50% Survivor Annuity ( QJSA ). If a Participant is married on his ASD, distribution of his Accumulated Share shall be made in the form of a QJSA, with his spouse as the joint annuitant, unless the Participant and spouse reject this form of payment and elect an optional form of payment. The QJSA is an annuity that provides a monthly benefit of a certain amount, payable each month beginning with the ASD and ending with the month containing the death of the Participant, and a monthly benefit in an amount equal to 50% of the amount payable during the joint lives of the Participant and spouse payable each month beginning with the first month after the death of the Participant and ending with the month containing the date of death of the Participant s surviving spouse. In the event payment commences in the form of a QJSA and the Participant s spouse dies before the Participant, no adjustment to the monthly benefit amount will be made, and no additional monthly payments will be due after the death of the Participant

63 (2) Unmarried Participants. If a Participant is not married as of his or her ASD, payment of the Accumulated Share shall be made in the form of a Single Life Annuity (a monthly benefit payable for the life of the Participant, with no benefits payable after the death of the Participant), unless the Participant rejects this form of payment and elects an optional form of payment under Section 3.4(b). (b) Optional Forms of Payment. A Beneficiary may elect to receive payment in the form of a Single Lump Sum Payment, Partial Distribution or Installment Payments. A Participant who has properly rejected the Automatic Form of payment may elect to receive payment in any of the following optional forms: (1) A Single Life Annuity. The Single Life Annuity is a monthly benefit payable to the Participant each month beginning with the ASD and ending with the month in which the Participant s date of death occurs. There are no survivor or other additional benefits payable after the death of the Participant. This form of benefit constitutes the Automatic Form for an unmarried Participant, but may be elected as an optional form of payment for a married Participant. (2) Optional Joint and Survivor Annuities (A) Qualified Optional Survivor Annuity ( QOSA ). The QOSA is a 75% Joint and Survivor Annuity that provides a monthly benefit payable each month beginning with the ASD and ending with the month containing the death of the Participant, with a monthly survivor benefit to the Participant s surviving spouse in an amount equal to 75% of the amount payable during the Participant s lifetime. In the event payment commences in the form of a QOSA and the Participant s spouse dies before the Participant, no adjustment to the monthly benefit amount will be made, and no additional

64 monthly payments will be due after the Participant s death. Unlike the other optional joint and survivor annuity forms of payment, the QOSA is only available with the Participant s spouse as joint and survivor annuitant. (B) Optional 50% or 100% Joint and Survivor Annuities. These forms of payment provide a monthly benefit payable each month beginning with the ASD and ending with the month containing the death of the Participant, with a monthly survivor benefit in an amount equal to 50% or 100% (as elected) of the amount payable during the life of the Participant paid to the designated Beneficiary each month beginning with the first month after the death of the Participant and ending with the month containing the designated Beneficiary s date of death. These options do not provide for an increase in the Participant s monthly benefit amount in the event the designated Beneficiary dies before the Participant, and no further benefits are payable after the death of the survivor of the Participant and his or her designated Beneficiary. A Participant may designate any individual as joint annuitant for the Optional 50% Joint and Survivor Annuity, but may not designate any entity or group. A Participant may designate only his or her spouse as joint annuitant for the Optional 100% Joint and Survivor Annuity. No substitution of Beneficiaries is permitted after the ASD. The 50% Joint and Survivor Annuity with the Participant s spouse as joint and survivor annuitant is the Automatic Form for a married Participant. (3) Ten-Year Certain and Life Annuity. Under this form of payment, a monthly benefit will be payable to the Participant each month beginning with the ASD and ending with the later of the payment made in the month containing the date of the

65 Participant s death, or the 120th payment. A Participant who elects this optional form of payment will be required to designate a Beneficiary to receive the remainder of the guaranteed monthly payments in the event the Participant dies less than ten years after the ASD. This form of payment is available only if the amount of the payments satisfy the Required Minimum Distribution requirements of Section 3.10, and may not be elected if the Annuity Starting Date coincides with the Required Beginning Date. (4) A Single Lump-Sum Payment. If this optional form of payment is elected, the electing Participant s/beneficiary s full Accumulated Share (as determined under Section 3.1) shall be paid to the electing Participant/Beneficiary as soon as administratively practicable following the ASD. (5) Installment Payments. Under this form of payment, benefits will be payable in the form of installments distributed on a monthly, quarterly, annual or semiannual basis over a fixed reasonable period of time not inconsistent with the applicable required minimum distribution rules of Section Each installment shall be equal in amount except as necessary to adjust for any changes in the value of the Individual Account. A Participant or Beneficiary receiving Installment Payments may, at any time, elect to change or revoke his or her election with respect to any portion of his or her unpaid Accumulated share, provided such change or revocation does not violate Section (6) Actuarial Equivalence. Each of these optional forms of benefit payment will be Actuarially Equivalent to each other and to the Automatic Form. (7) Partial Distributions. A Participant or designated Beneficiary may, at any time after Separation from Service and no later than the applicable required

66 commencement date prescribed under Section 3.10, elect to receive distribution of all or any portion of his or her Accumulated Share in any available form of payment provided under the Plan. Any such election shall remain subject to the spousal consent requirements otherwise provided for by the Plan. (c) Small Amounts. If at the time the Participant s Accumulated Share becomes payable the amount of such Accumulated Share is $5,000 or less, the Accumulated Share shall be paid in a Single Lump Sum payment (either paid as a direct cash distribution to the Participant or Beneficiary or as a direct rollover), and no Participant or Beneficiary shall have the right to elect any other form of payment. This Section 3.4(c) takes precedence over Subsections 3.4(a) or 3.4(b). (1) Under $1,000 or Payment to Beneficiary. If the amount of the Accumulated Share payable to a Participant is $1,000 or less, or if the amount payable to a surviving spouse or Alternate Payee is $5,000 or less, the Accumulated Share will automatically be paid directly to the Participant or Beneficiary in a cash distribution unless a direct rollover election is made in accordance with Section 3.7. (2) Automatic Rollovers. If the value of any portion of the Accumulated Share that constitutes an Eligible Rollover Distribution (as defined in Section 3.7(a)) payable to a Participant is more than $1,000, but not more than $5,000, and the Participant does not elect to have such distribution paid directly to an eligible retirement plan specified by the Participant in a direct rollover, and does not elect to receive the distribution directly in accordance with Section 3.6(a)(3), then the Trustees shall pay the amount of the Accumulated Share (reduced by any Plan Loan Offset amount pursuant to Section 3.9(h)) in a direct rollover to an individual retirement

67 plan designated by the Trustees. The Trustees shall establish procedures consistent with 29 C.F.R a-2 for all such automatic rollovers. Section 3.5. Mandatory Benefit Distribution. Notwithstanding any other provision of this Plan to the contrary, no application shall be required for distribution of benefits in accordance with this Section 3.5. (a) Small Account Balance Upon Separation from Service. If any Participant s Account Balance is $5, or less at the end of any twelve consecutive month (or longer) period (ending on or after January 1, 2007) in which such Participant performs no work in Covered Employment, such amount shall be distributed immediately in the form of a Single Lump Sum payment. (b) Small Benefit Under QDRO. If any Alternate Payee s Account Balance (or the actuarial present value of benefits payable from this Plan to any Alternate Payee pursuant to a QDRO) is $5, or less on the earliest date on which such Alternate Payee could elect to receive a distribution, such Alternate Payee shall be required to receive an immediate distribution of the entire Accumulated Share (or the actuarial present value of the benefits payable to such Alternate Payee) in a Single Lump Sum payment. (c) Small Death Benefits. If the Participant s Accumulated Share is $5,000 or less on the earliest date that any death benefit can be paid under Section 3.3, such benefit shall be paid to the surviving spouse, if any, or the designated Beneficiary in a Single Lump Sum cash distribution as soon as administratively practicable. No Beneficiary shall be entitled to elect to defer receipt of the benefit or to receive the benefit in any other form if this Section 3.5(c) applies. (d) Automatic Commencement on Required Beginning Date. If payment of any Participant s benefit has not been made or otherwise commenced by his Required Beginning Date, and

68 the Participant has not consented to distribution in any other form, benefits shall be paid automatically in the form of a QJSA (unless Section 3.5(a) applies), with an ASD coinciding with the Required Beginning Date. If the Trustees are unable to obtain verification of the Participant s marital status or the age of the Participant s spouse, the Trustees shall be entitled to presume that the Participant is married and that the Participant s spouse is exactly three years younger than the Participant. If, after a diligent search, the Trustees are unable to locate the Participant or any Beneficiary entitled to receive payment by the ASD determined in accordance with this Section 3.5(d), the Participant shall be deemed to have abandoned his right to the benefit, and the Accumulated Share may be forfeited in accordance with Section 3.8. No Participant shall have a right to defer commencement of payment of benefits, or to select any ASD, beyond his Required Beginning Date. (e) Diligent Search Before Mandatory Distribution of QJSA. Before any benefit is payable automatically under Sections 3.5(d), a diligent attempt to locate the Participant and to provide notice of the automatic commencement shall be undertaken. Section 3.6. Notice of Forms of Benefit Payment, Consent to Distribution, and Election of Form of Payment. The Plan will provide written explanations of the Qualified Joint and Survivor Annuity, the Qualified Pre-Retirement Survivor Annuity, and other rights and conditions with respect to distribution of benefits during the periods described in this Section 3.6. (a) Notice of Forms of Benefit Payment. (1) QJSA Explanation Notice. The Plan shall provide to each Participant a written explanation of the terms and conditions of the QJSA (the QJSA Explanation Notice ). The QJSA Explanation Notice shall include:

69 (A) A general description of the material features and explanation of the relative values of the Automatic Form of payment and all optional forms of benefit payment available under the Plan, (B) Notice of the Participant s right to elect to waive the Automatic Form of payment during the applicable election period and the effect of making such election, (C) An explanation of the rights of the Participant s spouse to consent (or to refuse to consent) to a waiver of the QJSA and to consent (or to refuse to consent) to the designation of any other specific Beneficiary and any other specific form of payment, (D) An explanation of the right to make a revocation of an election to waive the QJSA and the effect of such revocation, and (E) For notices provided after December 31, 2006, an explanation of the Participant s right (if any) to defer receipt of a distribution and the consequences of failing to defer such receipt. The QJSA Explanation Notice will contain generally applicable information about benefits available under the Plan, and the Participant shall have the right to request additional information regarding his particular benefits. (2) Time for Providing QJSA Explanation Notice. The Plan shall provide the QJSA Explanation Notice within a reasonable period of time before each Participant s ASD, which shall be no more than ninety days (180 days after December 31, 2006) prior to the ASD, and no less than thirty days prior to the ASD. However, the Participant may waive the 30-day advance notice requirement if the following four requirements are met:

70 (A) The Plan provides information to the Participant clearly indicating that the Participant has a right to at least thirty days to consider whether to waive the QJSA and consent to a form of distribution other than the QJSA. (B) The Participant is permitted to revoke an affirmative distribution election at any time until the ASD or, if later, at any time during the seven-day period beginning the day after the QJSA Explanation Notice is provided to the Participant. (C) The ASD is after the date that the QJSA Explanation Notice is provided to the Participant. (D) Distribution in accordance with the Participant s affirmative election does not begin until after the end of the seven-day period beginning the day after the QJSA Explanation Notice is provided to the Participant. (3) Rejection of QJSA. Benefits under this Plan must be paid in the Automatic Form (as described in Section 3.4(a)) unless the Participant affirmatively rejects the Automatic Form of payment and the Participant s spouse (if married) consents to that rejection. Rejection of the Automatic Form shall be made in writing on a form prescribed by the Trustees, designating a specific optional form of payment being elected and designating a specific Beneficiary (if applicable), and signed by the Participant. The Participant s rejection of the QJSA shall not be valid unless the Participant s spouse has consented to the specific optional form of payment elected by the Participant and to the specific Beneficiary designated by the Participant. The Participant s election of a form of payment and designation of Beneficiary cannot be changed without spousal consent (unless the spouse s consent expressly permits designations by the Participant without the requirement

71 for further consent by the spouse). The spouse s consent shall not be valid unless it acknowledges the effect of the election and is witnessed by a notary public. Written spousal consent shall not be required if it is established to the satisfaction of the Trustees that the Participant is unmarried, or has been abandoned by his legal spouse and has been unable to locate that spouse, despite a good faith effort to do so, or in the event of any other contingency permitted under regulations issued by the Internal Revenue Service. The Participant and spouse (if any) have the right to exercise this choice with respect to the form of payment (or to revoke a prior election) at any time during the applicable election period described in Section 3.6(a)(5) below. (4) Consent to Distribution. Written consent of the Participant and spouse (if applicable) will be required before the Plan may commence distribution of any part of the Accrued Benefit in any form if the value of the Accumulated Share exceeds $5,000, except as provided under Section 3.5 or under the conditions described in this Section 3.6(a)(4). No consent shall be valid unless the Participant has received the QJSA Explanation Notice. Consent of the spouse is not required for distribution in the form of a QJSA at any time. No Participant consent is required for distribution to an Alternate Payee pursuant to a QDRO. (5) Applicable Election Period. The Participant and spouse (if applicable) must make written consent to the distribution, and must reject the QJSA and elect a different form of payment in writing (if applicable), and may revoke any prior consent, rejection, and/or election, no more than ninety days (180 days after December 31, 2006) prior to the ASD and generally not later than the ASD. However, the Plan will permit the Participant to make an affirmative distribution election (with

72 spousal consent, if required) after the ASD, if such election can reasonably be accommodated, provided that distribution of the benefit commences no more than ninety days after the QJSA Explanation Notice is provided to the Participant (or any longer time if the distribution occurs later due solely to administrative delay). (b) Qualified Pre-Retirement Survivor Annuity. (1) QPSA Notice. The Plan shall provide to each Participant a written explanation of the terms and conditions of the QPSA (the QPSA Notice ). The QPSA Notice shall include: (A) A general description of the QPSA, the circumstances under which the QPSA will be paid if elected, and the availability of the election of the QPSA, (B) (C) A general description of the financial effect of the QPSA election, An explanation of the Participant s right to make an election to waive the QPSA and the effect of such election, (D) The rights of the Participant s spouse to consent (or to refuse to consent) to a waiver of the QPSA and to consent (or to refuse to consent) to the designation of a specific alternative Beneficiary, and (E) The right to revoke any prior election to waive the QPSA and the effect of any such revocation. (2) Time for Providing QPSA Notice. The Plan shall provide the QPSA Notice to each Participant within whichever of the following periods ends last: (A) The period beginning with the first day of the Plan Year in which the Participant attains age 32 and ending with the close of the Plan Year preceding the Plan Year in which the Participant attains age

73 (B) The period beginning when the individual first becomes a Participant and ending one year later. (C) If the Participant separates from service (that is, performs no work in Covered Employment for a period of at least twelve consecutive months) before attaining age 35, the period beginning one year before the separation from service and ending one year after the end of the twelvemonth period used to determine the separation from service. (3) Rejection of QPSA Prior to Death of the Participant. Effective July 1, 2005, a Participant and his legal spouse may, at any time during the applicable election period described in Section 3.6(b)(5), reject the QPSA, or revoke a previous rejection. Any such rejection or revocation must be in writing on a form prescribed by the Trustees, must be made during the applicable election period described in Section 3.6(b)(5), and must be received in the Fund Office prior to the Participant s death. A rejection of the QPSA is not effective unless the spouse consents in writing to such rejection and to the specific Beneficiary or specific optional form of payment being elected in lieu of the QPSA (and acknowledges that the designation of Beneficiary and/or election of an optional form of payment in the event of the Participant s death before his or her ASD cannot be changed without the spouse s consent to such change, or expressly permits the Participant to make further revocations or changes without any requirement for further spousal consent). The spouse s consent shall acknowledge the effect of such election and shall be witnessed by a notary public. Notwithstanding the preceding sentence, no spousal consent shall be required if it is established to the satisfaction of the Trustees that there is no spouse or the spouse cannot be located despite a

74 good faith effort to do so, or because of such other circumstances as the Internal Revenue Service may by regulations prescribe. (4) Rejection of QPSA After the Participant s Death. If the Participant and spouse did not reject the QPSA in accordance with Section 3.6(b)(3) above, the surviving spouse may reject the QPSA and elect to receive the Accumulated Share in an available optional form of payment. Such election shall be made on a form prescribed by the Trustees and shall contain the notarized signature of the surviving spouse. After being advised of the availability and effect of such an election, the surviving spouse shall be given ninety days to file an election. If the election is not filed within the ninety-day period, the Accumulated Share will automatically be paid to the surviving spouse in the form of a QPSA in accordance with the terms of Section 3.3(a). (5) Applicable Election Period for Rejecting the QPSA. The applicable election period to waive the QPSA is the period beginning on the first day of the Plan Year in which the Participant attains age 35 and ending on the date of the Participant s death. In the event a Participant separates from service prior to the beginning of the election period, the election period shall begin on the date of such separation from service. The surviving spouse shall be entitled to waive the QPSA after the death of the Participant in accordance with Section 3.6(b)(4). Section 3.7. Eligible Rollover Distributions. This Section applies to distributions made on or after January 1, A Participant, surviving spouse, or Alternate Payee who is the spouse or former spouse of the Participant ( Distributee ) may elect to have any portion of an Eligible Rollover Distribution paid directly to an eligible retirement plan specified by the Distributee in a direct trustee-to-trustee transfer (that is, a rollover ) to the specified eligible retirement plan

75 specified. For distributions made after December 31, 2006, any distribution to a non-spouse Beneficiary after the death of the Participant may be rolled over in a direct trustee-to-trustee transfer to an individual retirement account or individual retirement annuity established for the purpose of receiving the distribution of benefits from this Plan to the non-spouse designated Beneficiary. (a) Eligible Rollover Distribution. An Eligible Rollover Distribution is any distribution to a Distributee of all or any portion of the balance to the credit of such Distributee (that is, any distribution of a Participant s Accumulated Share to the Participant, the Participant s surviving spouse after the death of the Participant, or an Alternate Payee who is the spouse or former spouse of the Participant), except: (1) Any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made: (A) For the life (or life expectancy) of the Distributee or the joint lives (or joint life expectancies) of the Distributee and designated Beneficiary, or (B) For a specified period of ten years or more; (2) Any distribution to the extent such distribution is required under Code 401(a)(9) as described in Section 3.10; or (3) The portion of any distribution that is not includable in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to employer securities). Any lump sum distribution of benefits to a Participant s designated Beneficiary who is not the surviving spouse of the Participant, paid on account of the death of the Participant in accordance with Section 3.3(c), shall be treated as an Eligible Rollover Distribution

76 (b) Eligible Retirement Plan. An eligible retirement plan to which a Distributee s Eligible Rollover Distribution may be transferred directly under this Section 3.7 is an individual retirement account described in Code 408(a), an individual retirement annuity described in Code 408(b) (other than an endowment contract), an annuity plan described in Code 403(a), a qualified trust described in Code 401(a) which is exempt from tax under Code 501(a), an annuity contract described in Code 403(b), or an eligible deferred compensation plan under Code 457(b) which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from this Plan, to the extent such plan accepts the Distributee s Eligible Rollover Distribution. An Eligible Rollover Distribution to a non-spouse Beneficiary after December 31, 2006 and after the death of the Participant may be rolled over into an individual retirement account described in Code 408(a) or an individual retirement annuity described in Code 408(b) (other than an endowment contract), which is established for the purpose of receiving the non-spouse rollover and which shall be treated as an inherited IRA. (c) Transfers to Roth IRA s. For Eligible Rollover Distributions made after December 31, 2007, an Eligible Rollover Distribution may be transferred as a qualified rollover contribution to a Roth IRA. A rollover to a Roth IRA will be reported to the Internal Revenue Service and the individual directing the rollover, and will not be eligible for taxfree treatment accorded other rollovers. (d) Notice Required. Within a reasonable time before making any Eligible Rollover Distribution, the Plan shall provide the Distributee or non-spouse Beneficiary with a written explanation of the right to elect a direct rollover, the tax withholding

77 consequences of not making that election, and any other information required by law to be provided. Section 3.8. Missing Participants, Alternate Payees and Participant-Designated Beneficiaries. Diligent efforts will be made to locate any missing Participants, Alternate Payees or Beneficiaries designated by Participants or Alternate Payees. However, the Fund Office will not make attempts to locate potential heirs under the order of priority in Section 4.5(d). If the Fund Office has been unable, with due diligence, to locate, within a reasonable period of time following the date any payment is required to be made under the terms of the Plan or by the date on which action must be taken to distribute the account under the required minimum distribution rules, a Participant, Alternate Payee or Participant-designated Beneficiary to whom benefits are payable, then the Accumulated Share shall be forfeited and the entire amount of such Accumulated Share shall be applied to the Crediting Account. In the event a Participant, Beneficiary or Alternate Payee later makes a claim for the forfeited benefit, such benefit shall be reinstated in an amount equal to the amount forfeited, without any interest or other earnings. Notwithstanding the preceding sentence, in the event a benefit is forfeited because no Beneficiary (other than a surviving spouse entitled to a QJSA or QPSA) made a claim for the benefit after the Participant s death, by December 31 of the calendar year containing the fifth anniversary of the death of the Participant or Alternate Payee, no amount shall be reinstated. Section 3.9. Plan Loans. (a) Eligibility and Basis for Approval of Loans. A Participant with a balance of at least $2,000 in his Individual Account may apply to the Trustees for a loan from the Plan in the event of the occurrence of one or more of the following: (1) Medical Expenses. The Participant has incurred expenses of at least $1,000 (which the Participant is obligated to pay) because of sickness or injury which

78 have not been reimbursed by, or for which the Participant has no right to reimbursement from, any public or private plan or program including but not limited to Social Security, Boilermakers National Health and Welfare Plan, any employer, union, or joint employer-union welfare plan or program, or Workers Compensation. (2) Higher Education. The Participant has incurred expenses in connection with the payment of tuition, related educational fees, and/or room and board to maintain the Participant, his spouse, or a dependent child at an educational institution beyond the high school level. For the purpose of this Section 3.9(a)(2), the term dependent child shall mean a Participant s unmarried child, regardless of age, who is dependent upon the Participant for support and maintenance, and who is regularly attending school on a full-time basis in an institution of learning, if the child is: (A) (B) A natural child or adopted child; or A stepchild who depends upon the Participant for support and maintenance and lives with the Participant in a regular parent-child relationship; or (C) Any other child for whom the Participant has legal responsibility by virtue of a court order for custody and support or maintenance of the child. (3) Purchase of Principal Residence. The Participant is purchasing a home, cooperative, condominium apartment, or other domicile, which will be his or her principal place of residence, and has thereby incurred down payment, contract, or title expenses

79 (4) Repairs or Improvements to Principal Residence. The Participant has an existing principal place of residence to which the Participant has or will make improvements or has or will repair damage to such principal place of residence, and has thereby incurred improvement costs for work and/or materials. (5) Imminent Eviction from or Foreclosure on Principal Residence. The Participant is threatened with loss of a home, cooperative, condominium, apartment, or any other dwelling, which is his principal place of residence, as a result of an imminent eviction/foreclosure or eviction/foreclosure proceeding brought against him, or any tax lien proceeding that is based on his failure to pay real estate taxes on such property. For purposes of this Section 3.9(a)(5), a foreclosure will be considered imminent only if the Participant is at least three months delinquent on his mortgage payments and the mortgage lender confirms in writing that foreclosure proceedings will commence shortly. An eviction will be considered imminent only if the Participant has received a formal written notice from or on behalf of the property owner stating that eviction proceedings will be instituted if the overdue rent is not received by a specific date. (6) Funeral Expenses The Participant has incurred funeral expenses because of the death of a spouse, child, or parent. (b) Spousal Consent Required. Written consent of the Participant s spouse is required before any portion of the Participant s Individual Account may be used as security for a loan, if the principal amount of the loan exceeds $5,000. The spousal consent must be obtained no earlier than the beginning of the ninety-day period (one hundred eighty-day period for loans made after December 31, 2006) that ends on the date on which the loan is to be

80 secured by the Participant s Individual Account. The consent must be in writing, must acknowledge the effect of the loan, and must be witnessed by a notary public. (c) Authority to Administer the Loan Program. The Board of Trustees, as a part of their fiduciary responsibilities for investing Plan assets, may establish and administer a Plan Loan Program, and may delegate authority to a designee to administer the Plan Loan Program. The Trustees or their designees shall be the sole and absolute judges of whether or not an applicant has satisfied the conditions for eligibility to take out a loan and whether or not the events described in Section 3.9(a) (1) through (6) as the basis for a loan, have occurred and, if they have occurred, whether they are of such a nature as to require the granting of a loan from the Fund. The judgment and determination of the Board of Trustees or its designees, with respect to eligibility for a loan, shall be final and binding on all parties. (d) Maximum Loan Amount. Notwithstanding any other provision of this Section 3.9, no Participant shall have more than one outstanding loan at any time. Any prior loan that was treated as a deemed distribution (including interest accruing after the date of deemed distribution) and that has not been repaid (such as by a Plan Loan Offset) is considered an outstanding loan balance and shall disqualify a Participant from receiving any additional Plan Loans from this Plan (and must be taken into consideration for purposes of determining the maximum amount of any subsequent loan to the Participant, in the event any loan would be authorized). Effective for loans made on or after January 1, 2004, this includes any deemed distribution from any other qualified retirement plan, and is not limited to Plan Loans from this Plan. The maximum loan amount any Participant may receive is an amount no greater than the lesser of: (1) 50% of the Account Balance of such Participant s Individual Account, or

81 (2) $50,000, reduced by the Participant s highest outstanding balance of any Plan Loan during the one-year period ending on the day before the date on which such loan was made. (e) Interest Rate and Repayment Period. (1) General. The loan when made shall bear interest on the outstanding balance at a rate equivalent to the prime interest rate plus one point as published on on the last business day of the month prior to the month in which the loan is requested. The Trustees shall have authority to revise the interest rate charged on Plan Loans, on a prospective basis only, to ensure that loans made from this Plan bear a reasonable rate of interest. Except as provided in Plan subsection 3.9(e)(2), the loan and any accrued interest must be entirely repaid within a period specified in the loan agreement, which period shall not exceed five years from the date of the making of the loan, except that if the purpose of the loan was to acquire any dwelling unit which, within a reasonable time, is to be used as the Participant s principal residence, the maximum loan repayment period is twenty years. Repayment of the loan and interest shall be made in level payments no less frequently than quarterly. The Trustees shall have authority to determine appropriate loan repayment deadlines and any cure periods within which any delinquent loan payments may be made. (2) Suspension of Payments for Qualified Individuals under the Katrina Emergency Tax Relief Act of 2005 ( KETRA ). Notwithstanding any other Plan provision, in the case of a Qualified Individual with an outstanding Plan loan on or after August 25, 2005, any repayment obligation with respect to such loan which occurs during the period beginning in August 25, 2005, and ending on December

82 31, 2006, may, upon such Qualified Individual s request, be suspended for up to one year (the suspension period ). Interest accruing during the suspension period shall be added to the remaining principal of the loan. The loan repayments shall resume upon the end of the suspension period, and the term of the loan shall be extended by the duration of such suspension period. (A) Qualified Individual. For purposes of this subsection 3.9(e)(2), the term Qualified Individual means an individual: (i) whose principal place of abode on August 28, 2005 was located in Alabama, Florida, Louisiana or Mississippi; and (ii) who has sustained an economic loss by reason of Hurricane Katrina. (f) Loan Application Procedure and Collateral. Application for a loan must be made on a loan application form prescribed by the Trustees and submitted to the Fund Office, or in such other manner as determined by the Board of Trustees which constitutes an enforceable agreement. Upon making application for a loan, the Participant shall acknowledge that any payment made by the Trustees pursuant to this Section 3.9 constitutes a bona fide loan and not a distribution of any portion of his Accrued Benefit. When a loan application is approved, the Participant shall execute a legally binding loan agreement. (g) Rules Governing Loan Program. The amount of any outstanding loan balance shall be deducted from the Account Balance of any Individual Account for purposes of allocating income, gains, and losses to Individual Accounts. In addition to the provisions of this Section 3.9, all loans granted under the Plan shall be in accordance with the procedures and provisions of the Plan Loan Program as established by the Board of Trustees. Reasonable expenses of administering the Plan Loan Program, including but not limited

83 to application processing fees or check disbursement fees, may be charged as set forth in the rules set by the Trustees with respect to the Plan Loan Program. (h) Events Constituting Default And The Steps That Will Be Taken To Preserve Plan Assets In The Event Of Such Default. In the event any loan made to a Participant has not been repaid with accrued interest in a timely fashion and has gone into default as determined under the terms of the loan agreement, the full outstanding balance of the loan as of the date of default, including outstanding accrued interest, shall be treated as a deemed distribution that is includible in the Participant s gross income in accordance with the rules for deemed distributions under Code 72(p). Nothing hereunder shall be deemed to preclude the Trustees, in their discretion, from availing themselves of any other legal remedy to effectuate payment in full of the loan and accrued interest. (1) Interest shall continue to accrue on any outstanding loan balance under the Plan in accordance with the terms of the loan agreement, even after the defaulted loan has been treated as a deemed distribution, until the outstanding loan balance has been repaid in full (through Plan Loan Offset or otherwise). (2) In the event any balance on a Plan Loan remains outstanding as of the date the Participant s Accumulated Share becomes payable (whether to the Participant or any Beneficiary), the Plan Loan shall be repaid by deducting the full outstanding balance, including any interest accruing through the date of a prior deemed distribution, from the amount of the Accumulated Share before making payment of any remaining portion of the Accumulated Share to the Participant or Beneficiary (a Plan Loan Offset ). A Plan Loan Offset shall be used whether the Accumulated Share is payable to the Participant, his surviving spouse or other Beneficiary, or any Alternate Payee with respect to the Participant (but shall be

84 deducted from the amount payable to an Alternate Payee only to the extent the outstanding loan balance exceeds any amount payable to the Participant, surviving spouse, or other Beneficiary). (3) Despite any earlier deemed distribution for tax purposes, the Fund shall have no right actually to execute on the Participant s Individual Account and collect the amount due under the terms of the Plan Loan by making any actual distribution of benefits (such as a Plan Loan Offset) until benefits become payable to such Participant, or to any Beneficiary on behalf of such Participant, under the terms of the Plan. (i) Outstanding Loan Balance During a Period of Qualified Military Service. Loan repayments will be suspended under this Plan during a period of Qualified Military Service as permitted under Code 414(u)(4). Section Required Minimum Distributions. This Section provides rules for determining the minimum amount required to be distributed on and after the Participant s Required Beginning Date, and for determining the minimum distribution amounts and maximum period of distribution of benefits after the death of the Participant. The formulas for calculating the required minimum distributions apply for distributions made in calendar years beginning with All distributions required under this Section 3.10 will be determined and made in accordance with Code 401(a)(9) and the regulations promulgated thereunder. (a) Definitions for this Section 3.10 only. (1) Designated Beneficiary. For purposes of determining which formula to use to calculate required minimum distributions under this Section 3.10, the Designated Beneficiary is any individual designated as the Beneficiary under Section 4.5, provided the identity of the individual can be determined from the terms of the

85 Beneficiary designation form or the terms of Section 4.5. In the event the Participant s Beneficiary is a trust, estate, or any other entity that is not an individual, a class capable of expansion or contraction, or if it is not possible to identify the class member with the shortest Life Expectancy, the Participant shall be treated as having no Designated Beneficiary for purposes of this Section (2) Distribution Calendar Year. A calendar year for which a minimum distribution is required. For distributions beginning before the Participant s death, the first Distribution Calendar Year is the calendar year immediately preceding the calendar year which contains the Participant s Required Beginning Date. For distributions beginning after the Participant s death, the first Distribution Calendar Year is the calendar year in which distributions are required to begin under Section 3.10(a)(5) or 3.5(d). The required minimum distribution for the Participant s first Distribution Calendar Year will be made on or before the Participant s Required Beginning Date. The required minimum distribution for other Distribution Calendar Years, including the required minimum distribution for the Distribution Calendar Year in which the Participant s Required Beginning Date occurs, will be made on or before December 31 of that Distribution Calendar Year. (3) Life Expectancy. Life expectancy of a Participant or Beneficiary is computed by use of the Single Life Table in 1.401(a)(9)-9 of the Treasury regulations. (4) Participant s Account Balance. For purposes of the calculations described in Sections 3.10(c) and 3.10(d), the phrase Participant s Account Balance refers to the Account Balance of the Participant s Individual Account as of the last Valuation Date in the calendar year immediately preceding the Distribution

86 Calendar Year (that is, in the valuation calendar year), increased by the amount of any Contributions and forfeitures allocated to the Individual Account in the valuation calendar year after the Valuation Date, and decreased by any distributions made in the valuation calendar year after the Valuation Date. The Participant s Account Balance for the valuation calendar year includes any amounts rolled over or transferred to the Plan either in the valuation calendar year or in the Distribution Calendar Year if distributed or transferred in the valuation calendar year. (5) Required Beginning Date. The Participant s entire interest will be distributed, or begin to be distributed, to the Participant no later than the Participant s Required Beginning Date. For a Participant who is a 5 percent owner as defined in Section 416(i)(1)(B)(i) of the Internal Revenue Code, the Required Beginning Date is April 1 of the calendar year following the year in which the Participant attains age 70-½ (or would have attained age 70-½, if he had survived to such age). For a Participant other than a 5 percent owner, the Required Beginning Date is April 1 of the calendar year following the later of (1) the calendar year in which the employee attains age 70 ½, or (2) the calendar year in which the employee Retires, as defined in Section 1.36 of the Plan. Notwithstanding any other provision of this Plan, if distribution of a Participant s benefit has not otherwise been made or commenced as of the Participant s Required Beginning Date, distribution shall begin automatically as of the Required Beginning Date, and the Required Minimum Distribution amount shall be calculated and reported to any Distributee in connection with a distribution that otherwise would constitute an Eligible Rollover Distribution pursuant to Section 3.7. To the extent

87 any distribution that otherwise qualifies as an Eligible Rollover Distribution is made on or after the Participant s Required Beginning Date, the portion of that amount equal to the Required Minimum Distribution for such Distribution Calendar Year shall not constitute an Eligible Rollover Distribution. (b) Maximum Benefit Distribution Period. Notwithstanding any other provisions of the Plan, all benefits shall be paid over a period not exceeding the following limits: (1) Distribution During Life of Participant. If the distribution of a Participant s entire interest is not made in a lump sum (and except as provided under Section 3.4(b)(4) regarding a life annuity with ten-year period certain that provides a monthly payment not less than the amounts required to be distributed pursuant to Sections 3.10(c) and 3.10(d) and Code 401(a)(9)), the distribution shall be made: (A) (B) (C) Over the life of the Participant; or Over the joint lives of the Participant and Designated Beneficiary; or Over a period not extending beyond the life expectancy of the Participant, or the joint life expectancies of the Participant and Designated Beneficiary. (2) Distribution Beginning Before Participant s Death. If distribution of the Participant s benefits commenced before the Participant s death, the remaining interest shall be distributed at least as rapidly as under the method used as of the date of the Participant s death. (3) Death of Participant Before Distribution. If the Participant dies before his Annuity Starting Date, the method of distribution must satisfy the following requirements:

88 (A) Any remaining portion of the Participant s interest that is not payable to a Beneficiary designated by the Participant shall be distributed within five years after the Participant s death; and (B) Any portion of the Participant s interest that is payable to a Beneficiary designated by the Participant shall be distributed either (i) within five years after the Participant s death, or (ii) over the life of the Beneficiary or over a period not extending beyond the life expectancy of the Beneficiary commencing not later than the end of the calendar year following the calendar year in which the Participant died (or, if the designated Beneficiary is the Participant s surviving spouse, commencing not later than the end of the calendar year following the calendar year in which the Participant would have attained age 70-½). (c) Required Minimum Distribution Amounts During Participant s Lifetime. During the Participant s lifetime, the minimum amount that will be distributed for each Distribution Calendar Year is the lesser of: (1) The quotient obtained by dividing the Participant s Account Balance by the distribution period in the Uniform Lifetime Table set forth in 1.401(a)(9)-9 of the Treasury regulations, using the Participant s age as of the Participant s birthday in the Distribution Calendar Year; or (2) If the Participant s sole Designated Beneficiary for the Distribution Calendar Year is the Participant s spouse, the quotient obtained by dividing the Participant s Account Balance by the number in the Joint and Last Survivor Table set forth in 1.401(a)(9)-9 of the Treasury regulations, using the Participant s and spouse s

89 attained ages as of the Participant s and spouse s birthdays in the Distribution Calendar Year. (d) Continuation of Lifetime Required Minimum Distributions. Required minimum distributions will be determined under this Section 3.10(c) separately with respect to each Distribution Calendar Year beginning with the first Distribution Calendar Year and continuing until the Distribution Calendar Year that includes the Participant s date of death. (e) Required Minimum Distribution Amounts After Participant s Death. (1) Death On or After Date Distributions Begin. (A) Participant Survived by Designated Beneficiary. If the Participant dies on or after the date distributions begin, and any benefits are payable under the form of benefit payment selected after the death of the Participant, and there is a Designated Beneficiary, the minimum amount that will be distributed for each Distribution Calendar Year after the year of the Participant s death is the quotient obtained by dividing the Participant s Account Balance by the longer of the remaining Life Expectancy of the Participant or the remaining Life Expectancy of the Participant s Designated Beneficiary, determined as follows: (i) The Participant s remaining Life Expectancy is calculated using the age of the Participant in the year of death, reduced by one year for each subsequent year. (ii) If the Participant s surviving spouse is the Participant s sole Designated Beneficiary, the remaining Life Expectancy of the surviving spouse is calculated for each Distribution Calendar Year

90 after the year of the Participant s death using the surviving spouse s age as of the spouse s birthday in that year. For Distribution Calendar Years after the year of the surviving spouse s death, the remaining Life Expectancy of the surviving spouse is calculated using the age of the surviving spouse as of the spouse s birthday in the calendar year of the spouse s death, reduced by one year for each subsequent calendar year. (iii) If the Participant s surviving spouse is not the Participant s sole Designated Beneficiary, the Designated Beneficiary s remaining Life Expectancy is calculated using the age of the Designated Beneficiary in the year following the year of the Participant s death, reduced by one year for each subsequent year. (B) No Designated Beneficiary. If the Participant dies on or after the date distributions begin and there is no Designated Beneficiary as of September 30 of the year after the year of the Participant s death, the minimum amount that will be distributed for each Distribution Calendar Year after the year of the Participant s death is the quotient obtained by dividing the Participant s Account Balance by the Participant s remaining Life Expectancy calculated using the age of the Participant in the year of death, reduced by one year for each subsequent calendar year. (2) Death Before Date Distributions Begin. (A) Surviving Spouse is Sole Designated Beneficiary. If the Participant dies before the date distributions begin and there is a Designated Beneficiary, if the sole Designated Beneficiary is the Participant s surviving spouse, and

91 the surviving spouse makes an election under Section 3.3(a)(3), the minimum amount that will be distributed for each Distribution Calendar Year after the year of the Participant s death is the quotient obtained by dividing the Participant s Account Balance by the remaining Life Expectancy of the Participant s Designated Beneficiary. (B) No Designated Beneficiary or Designated Beneficiary Other Than Surviving Spouse. If the Participant dies before the date distributions begin and there is no Designated Beneficiary as of September 30 of the year following the year of the Participant s death, or if any Designated Beneficiary is an individual other than the Participant s surviving spouse, distribution of the Participant s entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the Participant s death. (C) Death of Surviving Spouse Before Distributions to Surviving Spouse Are Required to Begin. If the Participant dies before the date distributions begin, the Participant s surviving spouse is the Participant s sole Designated Beneficiary, and the surviving spouse dies before distributions are required to begin to the surviving spouse after having made an election under Section 3.3(a)(3), distribution of the Participant s entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the death of the Participant s surviving spouse. (f) Wavier of 2009 Required Minimum Distributions. Notwithstanding any other provisions of this Section 3.10, a Participant or Beneficiary who would have been required to receive required minimum distributions for 2009 but for the enactment of Section

92 401(a)(9)(H) of the Code ( 2009RMDs ), and who would have satisfied the requirement by receiving (1) a single lump sum distribution that includes the 2009 RMDs or (2) one or more payments in a series of substantially equal distributions (that include the 2009 RMDs) made at least annually and expected to last for the life (or life expectancy) of the Participant, the joint lives (or joint life expectancy) of the Participant and the Participant s Designated Beneficiary, or for a period of at least 10 years, will not receive such distributions(s) for 2009 unless the Participant or Beneficiary chooses to receive such distribution(s). Participants and Beneficiaries described in the preceding sentence will be given the opportunity to elect to receive the distribution(s) described in the preceding sentence. In addition, notwithstanding anything to the contrary in this Section 3.10 or Section 3.7, and solely for purposes of applying the direct rollover provisions of the Plan, all 2009 RMDs will be treated as Eligible Rollover Distributions, as defined in Section 3.7(a), so long as such distributions otherwise qualify as Eligible Rollover Distributions

93 ARTICLE IV. GENERAL PROVISIONS Section 4.1. Intent and Purpose of Plan. This Plan is intended to qualify as a multi-employer, defined contribution profit sharing plan. All Plan assets are held in trust by the Board of Trustees, which is the named fiduciary of this Plan, except as required under applicable law, or except as permitted by applicable law and approved by the Trustees. The assets of this Plan shall always be held for the exclusive purposes of providing benefits to Participants and their Beneficiaries, and for defraying the reasonable expenses of administering the Plan. The Trustees (and any other fiduciaries with respect to the Plan or its assets, including any person, entity, or group to which the Trustees have delegated any fiduciary authority) shall discharge their duties under the Plan and the Trust solely in the interests of the Participants and Beneficiaries; for the exclusive purposes of providing benefits to Participants and Beneficiaries and for defraying reasonable expenses of administration Section 4.2. Benefit Commencement. Benefits shall be paid only as specifically provided in this Plan. A Participant entitled to payment of his Accumulated Share (in accordance with Section 3.2(a)) shall receive payment of benefits upon filing an application for benefits. A Participant shall be entitled to begin receiving payment of benefits on the 60th day after the close of the Plan Year in which the later of the following occurs, provided the Participant has submitted an application for benefits before such date: (a) (b) The Employee attains Normal Retirement Age, or The Employee terminates his employment and Retires (or becomes disabled, as described in Section 3.2(a)(3)), or

94 (c) The Employee separates from service (which shall be deemed to occur on the last day of any twelve consecutive month period in which the Employee performs no work in Covered Employment). Section 4.3. Information and Proof. Every Participant or Beneficiary shall furnish, at the request of the Trustees, any information or proof reasonably required for the administration of the Plan or for the determination of any matter that the Trustees may legitimately have before them. Failure to furnish such information or proof promptly and in good faith shall be sufficient reason for the denial of benefits to such Participant or Beneficiary. If any Participant or Beneficiary provides any materially false or fraudulent information or documents, any application for benefits or request for a lump sum distribution may be denied, and the Trustees shall have the right to recover any benefit payments made in reliance on any material misstatement or omission, or any fraudulent information or documents. Section 4.4. Action and Authority of Trustees. The Trustees shall have complete discretion to construe, interpret, and apply all terms and provisions of this Plan document and the Trust Agreement in resolving any dispute in accordance with these rules, including the discretion to determine the standard of proof required. Any dispute as to eligibility, type, amount, or duration of benefits, or any right or claim to payments from the Fund, shall be resolved by the Board of Trustees or its designated representative under and pursuant to the Trust and the Plan, and the Board of Trustees decision of the dispute, right, or claim shall be final and binding on all parties. No action may be brought for benefits under the Trust or the Plan, or to enforce any rights thereunder, until after a claim has been submitted to and determined by the Board of Trustees or its designated representative (which may include the Fund Office or any designated committee of the Board), and has been upheld on review by the Board of Trustees or a designated committee of Trustees. In any civil action seeking benefits under the Trust or the

95 Plan, the decision of the Board of Trustees may be overturned only upon a finding by a court of competent jurisdiction that the Trustees have abused the discretion granted herein. The Trustees have full authority to bring any action against any party to collect any amounts owed to the Trust, including the recovery of any overpayment of benefits, regardless of the reason for any such overpayment. The Trustees may delegate to a third party service provider certain duties, such as record-keeping, accounting, processing applications for benefits, and making benefit distributions. The Trustees have authority to delegate to any such service provider the right or duty to collect any overpayments. Section 4.5. Designation of Beneficiary. (a) Designation by Participant. A Participant may designate a Beneficiary on a form provided by the Fund Office. A Participant may change his Beneficiary (without the consent of the Beneficiary) in the same manner. A Beneficiary designation, or a change of Beneficiary, shall be valid only if it is received by the Fund Office before the death of the Participant. (b) Divorce Voids Prior Designation. Effective with regard to Participant deaths occurring on or after July 1, 2005, notwithstanding (a) above, in the event the Participant s marriage is dissolved, annulled, or otherwise terminated, any designation of such Participant s spouse as Beneficiary shall be deemed null and void as of the date of dissolution, annulment, or other termination unless the Participant re-designates such spouse as his Beneficiary subsequent to the dissolution, annulment, or other termination. This rule shall not override the requirements of a QDRO. (c) Beneficiary Designation Does Not Defeat Spousal Rights. No Beneficiary designation shall take precedence over a surviving spouse s right to receive a survivor benefit under a QJSA or QPSA, as set forth in Sections 3.3(a), 3.4(a)(1), 3.6(a), and 3.6(b) (unless the

96 spouse or surviving spouse has consented to the designation of a different Beneficiary in accordance with Sections 3.6(a) or 3.6(b)) or any requirement to make payment to any Alternate Payee pursuant to a QDRO. (d) Plan-Designated Beneficiary. For deaths occurring on or after July 1, 2005, if no Beneficiary has been designated by the Participant or Alternate Payee, or if the Participant- or Alternate Payee-designated Beneficiary dies before the Participant s or Alternate Payee s Annuity Starting Date, then any benefits due after the death of the Participant or Alternate Payee that are not payable pursuant to a QJSA, QPSA, or under a QDRO, shall be paid in the following order of priority: (1) The Participant s surviving spouse (without regard to the length of the marriage), or, if none, (2) The Participant s surviving children in equal shares, or, if none, (3) The Participant s surviving grandchildren in equal shares, or, if none, (4) The Participant s surviving parents in equal shares, or, if none, (5) The Participant s surviving brothers and sisters in equal shares, or, if none, (6) The Participant s estate. Each Beneficiary who claims entitlement to death or survivor benefits as a Plandesignated Beneficiary under this subsection, shall, as a condition of entitlement to payment of benefits, complete a declaration form provided by the Fund Office. This form shall require each potential Beneficiary to verify, under penalty of perjury, that, to the best of his knowledge, he is the highest-priority survivor then living. The Fund is entitled to rely on any or all representations made on such declaration and the Fund shall be relieved of any and all liability to potential beneficiaries omitted from the declaration

97 (e) Plan-Designated Beneficiary for Deaths Before July 1, To the extent that no benefits or other payments have yet been made with respect to any death occurring before July 1, 2005, as of the effective date of this Plan document, if no Beneficiary has been designated, or no designated Beneficiary has survived the Participant, payment shall be made to the Participant s surviving spouse or, if none, to his surviving children in equal shares or, if none, to his surviving parents in equal shares or, if none, to the executor or administrator of his estate. (f) Beneficiary Designation Invalidated by Causing Participant s Death. Effective January 1, 2006, notwithstanding the above, no portion of a Participant s Individual Account shall be paid to a person, or to the estate of any person, if the Participant s death is caused by that person s intentional felonious conduct. Section 4.6. Incompetence or Incapacity of Participant or Beneficiary. In the event it is determined to the satisfaction of the Trustees that a Participant or Beneficiary is unable to care for his or her affairs because of mental or physical incapacity, any payment due may be made to the Participant s or Beneficiary s guardian, conservator, trustee, custodian (including a custodian under a Uniform Transfers or Gifts to Minors Act), or to his or her attorney-in-fact or to other legal representative upon furnishing evidence of such status satisfactory to the Trustees. Neither the Board of Trustees nor any administrator or agent acting on behalf of the Board of Trustees shall have any liability with respect to payments made pursuant to this Section 4.6, and any such payment shall discharge the Trustees liability with respect to such benefits. Neither the Board of Trustees nor any administrator or agent acting on behalf of the Board of Trustees shall have any duty to make inquiry as to the competence of any person entitled to receive any payment or other distribution under the Plan

98 Section 4.7. Non-Assignment of Benefits. Except as provided in Code 401(a)(13)(B) and 414(p) and ERISA 206(d)(3) relating to Qualified Domestic Relations Orders ( QDRO s ), Code 401(a)(13)(A) and ERISA 206(d)(2) relating to certain voluntary and revocable assignments not in excess of 10% of any benefit payment, and Code 401(a)(13)(C) and ERISA 206(d)(4) relating to certain judgments and settlements, no Participant or Beneficiary may anticipate, assign, or alienate (either at law or in equity) any benefit provided under the Plan or any interest in any Plan benefits, and the Trustees will not recognize any such anticipation, assignment, or alienation. Furthermore, except as provided by Code 401(a)(13) or other applicable law, a benefit under the Plan is not subject to attachment, garnishment, levy, execution, or other legal or equitable process. No Participant, Beneficiary, or any other person shall have any right, title, or interest in or to any assets of the Plan, or any funds or property held in the Trust, except the right to receive benefits as specifically provided in this Plan Document. The Plan shall recognize and comply with any domestic relations order determined to be a QDRO, as required by Code 401(a)(13)(B) and 414(p) and ERISA 206(d)(3). The Trustees shall establish, or shall authorize a representative of the Plan to establish, procedures to determine the qualified status of any domestic relations order, which shall be in writing and shall comply with all legal requirements. Section 4.8. Severability. In the event that any provision of this Plan shall be determined by decision, act, or regulation of a duly constituted body or authority to be in any respect invalid, that shall not nullify any of the other provisions, Sections, or sub-sections of the Plan. Section 4.9. Intent to Comply. This Plan is intended to comply with all applicable provisions of ERISA and the Code, and the regulations promulgated under each, and is to be interpreted consistent with that intent

99 Section Rights in the Trust. In no event shall any of the corpus or assets of the Fund revert to any Employer or Employers or be subject to any claim of any kind or nature by any Employer or Employers, except as allowed by law. The Fund may return to an Employer Contributions made by that Employer to the Fund due to a mistake of fact or law, provided that the contributing Employer establishes a right to a refund of the amount mistakenly contributed or paid by filing a claim with the Plan within six months after the date on which the Trustees or their designees determine that the Contributions were made due to that mistake. No Participant or Beneficiary shall have any right or interest in any assets of the Trust, other than the right to receive benefits as described in this Plan Document. No Participant, Beneficiary, eligible dependent, or any other person shall have any right or claim to benefits under the Trust and the Plan, or any right or claim to payments from the Fund, or any other right or interest with respect to assets held in the Trust, other than the right to payment of benefits as set forth in this Plan document. Section Top-Heavy Provisions. In the event this Plan is determined to be top-heavy with respect to an Employer, the top-heavy vesting and benefit accrual requirements of this Section 4.11 shall apply and shall override any inconsistent provisions of this Plan with respect to all Non-Bargained Employees of that Employer who participate in this Plan. (a) Key Employee. For purposes of determining whether the Plan is top-heavy for Plan Years beginning after December 31, 2001, a Key Employee is any Employee or former Employee (including any deceased Employee) who at any time during the Plan Year that includes the determination date was an officer of the Employer and had annual Compensation in excess of the Key Employee Compensation Limit shown in Appendix A for the year; a 5% owner of the Employer; or a 1% owner of the Employer having annual Compensation of more than $150,

100 (1) Annual Compensation used to determine Key Employee status is determined in accordance with Section The determination of who is a Key Employee will be made in accordance with Code 416(i)(1) and the applicable regulations and other guidance of general applicability issued thereunder. For purposes of determining percentage ownership in the foregoing sentence, the rules of Code 416(i)(1)(B) shall apply, and the rules of Code 414(b), Code 414(c), and Code 414(m) shall not apply. (2) For purposes of the top-heavy rules, no more than fifty employees (or, if lesser, the greater of three or 10% of the employees) shall be treated as officers. (b) Non-Bargained Employee. An Employee of an Employer who is not included in a unit of employees covered by an agreement which the Secretary of Labor finds to be a collective-bargaining agreement between employee representatives and that Employer when there is evidence that retirement benefits were the subject of good faith bargaining between such employee representatives and such Employer. (c) Determination of Top-Heavy Status. Determination of whether this Plan is top-heavy is made on an Employer-by-Employer basis. Any portion of this Plan considered to be topheavy with respect to one Employer shall not affect any other part of this Plan. (1) That portion of this Plan with respect to an Employer is top-heavy if, as of the determination date, the aggregate sum of Account Balances of all Key Employees with respect to that Employer under the Plan exceeds 60% of the aggregate sum of the Account Balances in this Plan for all Employees of that Employer. (2) That part of this Plan included in an Employer s aggregation group shall be considered part of a top-heavy group if the sum (as of the determination date) of the present value of the cumulative accrued benefits for Key Employees under all

101 defined benefit plans included in such group and the aggregate of the accounts of Key Employees under all defined contribution plans included in such group exceeds 60% of a similar sum determined for all Employees of the Employer. (3) For purposes of determining the present value of the cumulative accrued benefit for any employee, or the amount of the account of any employee, the present value or the amount shall be increased by the aggregate distributions made with respect to such employee under the plan during the one-year period ending on the determination date; however, for Plan Years beginning after December 31, 2001, in the case of distributions made for a reason other than severance from employment, death, or disability, the present value or the amount shall be increased by the aggregate distributions made with respect to such employee under the plan during the five-year period ending on the determination date.. This increase shall also apply with respect to distributions under a terminated plan which, if it had not been terminated, would have been a part of the Employer s required aggregation group. Rollover contributions initiated by the employee and made after December 31, 1983 shall not be taken into account with respect to the transferee plan. (d) Determination of the Portion of this Plan to be Tested. If any Participant covered under this Plan is a Key Employee with respect to a contributing Employer, that portion of this Plan covering Employees of that Employer will be treated as part of the required aggregation group containing that Key Employee. The portion of this Plan containing Employees of an Employer may be treated as a part of that Employer s permissive aggregation group. To the extent any part of this Plan is treated as a part of any aggregation group of an Employer, all Participants in this Plan who have any Accrued

102 Benefit under this Plan attributable to work for that Employer shall be included in the required aggregation group, and all other Participants in this Plan shall be excluded. A Participant is treated as an Employee of an Employer, for purposes of top-heavy testing and top-heavy vesting and benefit requirements, if that Participant has any Accrued Benefit attributable to service with that Employer. (e) Top-Heavy Minimum Vesting. In the event this Plan has in effect at any time a vesting schedule requiring more than three years of service for a Participant to obtain a right to 100% of his Accrued Benefit derived from Employer Contributions, a three-year cliffvesting schedule shall apply to any Participant required to receive minimum top-heavy vesting of benefits. (f) Top-Heavy Minimum Benefit Accrual For any period when a Participant is entitled to receive minimum top-heavy benefit accruals, the required Employer Contribution shall be increased, as necessary, to no less than 3% of such Participant s Compensation. Section Interpretation. This Plan document uses the masculine pronouns as generic reference to Participants and Beneficiaries. This use is for efficiency and is not intended to refer solely to male Participants and Beneficiaries. As used herein, unless the context clearly suggests otherwise, the male pronouns shall include both male and female individuals, and vice versa

103 ARTICLE V. CLAIMS AND APPEALS Section 5.1. Application Required, Exceptions. As a condition to payment of a benefit, a written application for benefits submitted in accordance with the claims filing procedures set out in Section 5.3 is generally required. Despite this general requirement, benefits may be paid under the following circumstances without an application: (a) Mandatory Distributions. In the case of any mandatory distribution pursuant to Section 3.5, as long as all of the applicable requirements described in the relevant subsection are met, no application or consent to distribution shall be required, except the Plan shall provide the Participant (and spouse, if applicable) with all required notices (such as the QJSA Explanation Notice and notices regarding Eligible Rollover Distributions) and give the Participant and spouse the opportunity to make any permitted affirmative distribution election prior to commencing the mandatory distribution. No application, consent to distribution, or form of benefit election is required prior to a mandatory distribution. (b) Alternate Payee. An Alternate Payee who is the child or other dependent of a Participant shall not be required to submit an application or to consent to distribution, and shall not be entitled to direct a rollover. An Alternate Payee who is the spouse or former spouse of the Participant shall not be required to submit an application or to consent to distribution if the QDRO specifically directs payment. If benefits have not been paid to an Alternate Payee by the time the Participant attains age 70-½, benefits shall be paid (or shall begin to be paid) to an Alternate Payee without an application or consent to the distribution effective with the Participant s Required Beginning Date

104 (c) Death Benefits. Except to the extent Section 3.3(a)(3) permits a Beneficiary to delay receipt of death benefits, benefits shall be paid to the appropriate Beneficiary determined under Section 3.3 without the necessity of an application or consent to distribution. Section 5.2. Right to Representation. An application may be filed, and an adverse benefit determination may be appealed, either by the Participant or Beneficiary himself or herself, or by any authorized representative of such applicant. Any authorized representative must submit written proof of such authority (such as proof of guardianship, custodianship, or other legal authority, or a written declaration of the claimant authorizing the other person to act on his or her behalf). Section 5.3. Claim Filing. (a) Request Application Package. Except when benefits are paid automatically as described in Section 5.1, the Participant (or an authorized representative of the Participant) must contact the Fund Office at least thirty (but generally not more than 180) days before the requested Annuity Starting Date ( ASD ) to request an application package. (b) Legally Required Notices and Time Limits. The Plan shall provide the QJSA Explanation Notice described in Section 3.6(a)(1) to the Participant within the period that is no more than ninety (after December 31, 2006, 180) days, and no less than thirty days, before the ASD (as described in Section 3.6(a)(2)). Notwithstanding the preceding sentence, if all four of the conditions set forth in Section 3.6(a)(2) are met, the ASD can be a date less than thirty days after the QJSA Explanation Notice is provided. The Participant must sign a document indicating his or her agreement to the terms set forth in Section 3.6(a)(2) and waiving the right to the full thirty days to consider available distribution options

105 (c) Complete and Submit Application. The Participant (or an authorized representative) must complete and sign the application for benefits, including a consent to distribution, waiver of the QJSA (if applicable), consent by the Participant s spouse to the waiver of the QJSA (if applicable), election of form of distribution, and other legally required documents. These documents must be completed and returned to the Fund Office within no more than ninety (180 on or after January 1, 2007) days after the Plan provides the required notices to the applicant, and within the period no more than ninety (180 on or after January 1, 2007) days before the ASD, but no later than the ASD. (1) The Participant s consent to distribution and election of a form of payment can be made after the ASD, if the application was submitted before the ASD, distribution is made is within ninety days (180 days after December 31, 2006) after the QJSA Explanation is provided (or later, if due solely to administrative delay) but not earlier than the date on which the consent to distribution is made, and the Participant s form of benefit election is made no later than ninety (180 after December 31, 2006) days after the QJSA Explanation is provided. (2) If the benefit is distributed in the form of a QJSA, the requirement for the Participant to make an affirmative election of form of benefit is waived. (d) Spousal Consent. In the case of any distribution made in any form other than a QJSA, the Participant s spouse (the person to whom the Participant is legally married on the ASD) consents in writing to the specific form of benefit distribution election and the specific Beneficiary designation (if any), and the Participant s form of benefit election and Beneficiary designation cannot be changed without further consent of that spouse (unless the spouse s written consent expressly permits the Participant to change any form of benefit distribution election or any Beneficiary designation without further consent)

106 The spouse s written consent must acknowledge the effect of the benefit election (and Beneficiary designation, if applicable) and must be witnessed by a notary public. This spousal consent can be given after the ASD, as long as distribution is made within ninety (180 after December 31, 2006) days after the QJSA Explanation is provided (or later, if due solely to administrative delay) but not earlier than the date of the consent, and the spouse consents no later than ninety (180 after December 31, 2006) days after the QJSA Explanation is provided. Consent of the spouse is not required if the Participant provides proof satisfactory to the Board of Trustees that the Participant has no legal spouse or that the spouse cannot be located. (e) Submit Supporting Documentation. Before the application can be approved, the Participant must submit other proof of eligibility for the benefit requested, such as proof of the Participant s and spouse s ages, proof of marital status, proof of disability (if applicable), and other information as required under the circumstances. The application package will contain an explanation of what information and proof must be provided to complete the application. (f) Eligibility for the Benefit Must be Met. The Participant must meet all requirements for eligibility for payment of benefits based on Normal Retirement, Separation from Service, Permanent and Total Disability, or Early Retirement, as set forth in Section 3.2(a), before the ASD. (g) Time When Application is Considered Filed. The application will be considered to be filed in accordance with this Section 5.3 on the date it is received by the Fund Office. Section 5.4. Time When Application will be Decided. Approval or denial of the claim (that is, the application for benefits) will normally be made within ninety days after the claim is filed in accordance with Section

107 (a) Extension of Time. If additional time is required due to circumstances beyond the control of the Plan, the Fund Office will send written notice to the applicant within the initial 90- day period, explaining the special circumstances requiring an extension of time and the date by which the Plan expects to render the final decision. The extension period will be not more than ninety days from the end of the initial time period. (b) Additional Information Needed. If additional information is required, the Fund Office will send the applicant a written notice requesting the necessary information, documents, or other material. Processing of the application will continue to the extent possible, and will resume as soon as the additional information, documents, or material are received. If the applicant needs additional time to provide the requested information and requests an extension of time in writing, the time can be extended. A final decision will be made with respect to the application no later than 180 days after the application is filed, unless the applicant agrees in writing to a longer time. Section 5.5. Notice of Denial (Adverse Benefit Determination). If the claim is wholly or partially denied (that is, if the Plan makes an adverse benefit determination with respect to the application), written notice will be mailed to the applicant (and authorized representative, if applicable) explaining: (a) (b) (c) The specific reason or reasons for the adverse benefit determination; Reference to the specific Plan provisions on which the decision is based; A description of any additional material or information that would have to be provided before a favorable decision could be made on the application, as well as an explanation of why such material or information is necessary; (d) An explanation of the Plan s review procedures; and

108 (e) a statement of the applicant s right to sue under Section 502(a) of ERISA after exhaustion of the review procedures. Section 5.6. Filing of Appeal Request for Review of Adverse Benefit Determination. Any applicant who applies for benefits and is ruled ineligible to receive a distribution at the time requested, or who believes he or she did not receive the full amount of benefits to which he or she is entitled, or who is otherwise adversely affected by any action of the Plan, shall have the right to appeal to the Board of Trustees. All appeals (any request for review or reconsideration of any decision) must be made in writing within sixty days after the applicant receives notice of the denial of the application for benefits (notice of the adverse benefit determination). Any appeal or other request for review must state the grounds on which the claimant believes he or she is entitled to relief. Failure to file a written notice of appeal (or to submit any written request for review) within the time period prescribed will operate as a complete waiver of and bar to the right to appeal, thereby precluding judicial review. The appeal will be decided by the Board of Trustees or by a committee of Trustees that has been allocated the authority and responsibility for making a final decision with respect to a request for a benefit under the Plan. The Trustees have discretion to decide whether a particular appeal is decided by the full Board or by a designated committee, and the claimant shall have no right to demand that his or her appeal be heard by the full Board or by any particular committee or other sub-group of Trustees. (References hereafter in this Article V to Trustees refer either to the full Board of Trustees or to the designated committee deciding the particular appeal, as applicable.) The Trustees will give full and fair review to all appeals

109 Section 5.7. Scheduling of Appeal. The Trustees will review a properly filed appeal at the next regularly scheduled quarterly meeting following receipt of the appeal, unless the notice of appeal is received by the Trustees within thirty days preceding the date of such meeting. In such case, the appeal will be reviewed no later than the date of the second quarterly meeting following the Trustees receipt of the notice of appeal. If there are special circumstances requiring an extension of time, the Trustees may take additional time to make their final decision, but that additional time will not extend beyond the date of the quarterly meeting following the one at which the appeal was originally considered. If such an extension of time is required, the Plan will notify the applicant in writing of the extension immediately after the quarterly meeting at which the appeal was originally considered, describing the special circumstances and the date as of which the final decision will be made. Section 5.8. Appeal Procedures and Rules. (a) The applicant shall be entitled to submit written comments, documents, records, and other information relating to the application. (b) The applicant may request to appear personally or through a representative or agent to present his or her appeal to the Trustees. If the Trustees grant the applicant s request to appear personally, the applicant shall have the right to appear in person at the meeting and to be represented by legal counsel at his or her own expense in the presentation of the appeal. (c) The applicant shall be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claim for benefits. A document, record, or other information is relevant if: (1) It was relied upon by the Plan in making the decision;

110 (2) It was submitted, considered, or generated in the course of making the decision (regardless of whether it was relied upon); or (3) It demonstrates compliance with the administrative processes and safeguards established to ensure and to verify that benefit decisions are made in accordance with the governing Plan documents and that, as appropriate, the Plan provisions have been applied consistently with respect to similarly situated applicants. (d) The Trustees will take into consideration all comments, documents, records, and other information submitted by the applicant related to the application for benefits, regardless of whether such information was submitted or considered in the initial benefit determination. Section 5.9. Decision of Trustees. The Trustees will issue a written notice of their decision on review within five days after the determination is made. The decision of the Trustees shall be final and binding on all parties, and shall be entitled to the highest level of deference permitted in the event of any judicial review, as provided for by Section 4.4. The notification of the Trustees decision will include, in a manner reasonably calculated to be understood by the applicant: (a) (b) (c) The specific reason(s) for the decision; Reference to the specific Plan provisions on which the decision is based; A statement that the applicant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claimant s claim for benefits; and (d) A statement of the applicant s right to bring a civil action under ERISA 502(a). Section Limitation of Actions. Following the exhaustion of the Plan s Appeal Procedures, a claimant may bring a civil action under ERISA 502(a). Except as otherwise provided in ERISA 413, no suit shall be commenced against the Trust, a fiduciary, or a Fund

111 employee, under (i) ERISA 502(a), or (ii) any other federal or state law based on any claim or cause of action arising out of the administration or management of the Trust, more than two (2) years after the later of the date of an adverse benefit determination by the Trustees or the date on which the claim or cause of action arises

112 ARTICLE VI. AMENDMENT AND TERMINATION Section 6.1. Amendment. Although this Plan is intended to exist indefinitely, the Trustees reserve the right to amend or modify the Plan, or to terminate the Plan, at any time the Trustees determine such amendment, modification, or termination to be necessary or desirable. Any modification, amendment, or termination shall be carried out in accordance with the Trust Agreement. Notwithstanding the Trustees discretion to determine whether and when to amend, modify or terminate this Plan, no amendment or modification may reduce any Accrued Benefit. Any amendment or modification that has the effect of eliminating or reducing an early retirement benefit or a retirement-type subsidy (as defined in applicable Treasury Regulations under Code 411(d)(6)), or of eliminating an optional form of benefit, with respect to benefits attributable to service before the amendment (with the exception of any elimination of an optional form of benefit allowed under Prop. Treas. Reg (d)-3, when issued as a Final Regulation) shall be treated as reducing an Accrued Benefit for purposes of this Section 6.1. Section 6.2. Termination. In the event of a complete or partial termination of the Plan, all Accrued Benefits (that have not already been either distributed or forfeited as a result of having been abandoned under Sections 3.3(d), 3.5, or 3.8) will become fully vested. After payment of all expenses incurred in connection with the termination and all other administrative expenses not previously paid, any unallocated Plan assets, including all assets held in the Crediting Account, shall be allocated to all Individual Accounts on a pro rata basis based on the values of the Individual Accounts as of the last Valuation Date preceding the date of termination, provided such allocation does not exceed the limitations on Annual Additions described in Section The portion of any previously unallocated assets that would constitute an excess Annual

113 Addition under Section 2.10 with respect to any Individual Accounts shall be reallocated among all other Individual Accounts. After adjustment of Individual Accounts for expenses, profits, losses, and any other adjustments necessary to reflect accurately the termination value of each Individual Account, each Participant s or Beneficiary s Accumulated Share shall be distributed as soon as administratively practicable. Each Participant or Beneficiary shall be entitled to make an election as to the form of distribution, as well as the right to direct a rollover (if otherwise entitled to rollover treatment for the distribution). Each Participant and Beneficiary entitled to receive benefits must submit an application for distribution of benefits, or notify the Fund Office in any other manner permitted by the Trustees of such Participant s or Beneficiary s distribution election, except as provided under Section 3.5(a), 3.5(b), or 3.5(c). In the event a Participant or Beneficiary fails to respond to notice from the Fund of the termination of the Plan, or otherwise to make a claim for his or her benefits, such benefits shall be deemed to be abandoned and may be forfeited after the Fund Office has performed a diligent search for such Participant or any Beneficiary entitled to receive any portion of the benefits attributable to such Participant. No part of the assets shall be returned to any Employer or inure to the benefit of any Employer or the Union. In the event that a Participant or Beneficiary cannot be located after a reasonably prudent and diligent search, and no claim is made by him (or by any Beneficiary asserting a right to receive any benefits attributable to such Participant) for payment of his Accumulated Share within ninety days following the sending of notice by registered mail to the Participant s last known address (and following any and all other efforts determined by the Trustees to be reasonable, prudent, and necessary to satisfy the Trustees fiduciary duties to protect Participants rights to benefits and to ensure that all benefits are properly paid to the Participant

114 or Beneficiary entitled to receive them), his Accumulated Share shall be forfeited and redistributed on a uniform basis among all Participants and Beneficiaries who had an Individual Account as of the date of termination and to whom payments have or can be made, provided such allocation does not exceed the limitations on Annual Additions described in Section Section 6.3. Merger. In the event of any merger or consolidation with, or transfer of assets and liabilities to, any other plan, each Participant s Accrued Benefit immediately after such merger, consolidation, or transfer shall be no less than the Accrued Benefit immediately before the merger, consolidation or transfer

115 APPENDIX A APPLICABLE LIMITATION AMOUNTS IRS cost-of-living adjustments to plan limitations under IRC 415(d), 401(a)(17), 415(c)(1)(A), 416(i)(1)(A)(i), and 414(q)(1)(B) are hereby incorporated by reference for purposes of determining Maximum Compensation Considered, the HCE Compensation Threshold, the Annual Addition Dollar Limit, and the Key Employee Compensation Limit under the Plan