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Pension Plan (Third Amended and Restated)

SUMMARY PLAN DESCRIPTION

FOR

TAMPA MARITIME ASSOCIATION - INTERNATIONAL LONGSHOREMEN’S ASSOCIATION

PENSION PLAN (THIRD AMENDED AND RESTATED)

MAY 2012


TAMPA MARITIME ASSOCIATION – INTERNATIONAL LONGSHOREMEN’S ASSOCIATION PENSION PLAN

To all Longshoremen, Clerks and Checkers:

This booklet is the Summary Plan Description (“SPD”) which describes the principal features of the Pension Plan under which you are automatically covered if you work the prescribed number of hours with one of more contributing employers. The entire cost of the Pension Plan and the Welfare Plan programs is paid from the contributions made by participating employers.

The Pension Plan provides substantial benefits to you and the eligible members of your family. Your Trustees have worked with their consulting advisors over a period of years to provide one of the finest pension plans in the industry, and are proud of the benefits and the scope of the coverage.

It is suggested that you read this booklet carefully to become familiar with the pension benefits offered through the Pension Plan. This booklet does not set forth in full the provisions governing your pension benefits, and is only intended to give you an understanding of the basic provisions of the areas covered. The operative provisions of each of the Plans are more fully set forth in the plan documents. Any questions on eligibility and the scope and terms of coverage, as well as other questions relating to the Plan are determined by the Pension Plan document. In the event of any inconsistency between this SPD booklet and the Pension Plan document, the Plan document shall govern.

The Pension Plan and Fund is jointly administered by a Board of Trustees composed of those listed below (or those appointed from time to time to succeed them). The Administrative Office of the Pension Plan and Fund is located at 1497 North Nebraska Ave., Tampa, Florida 33602, and Brenda Pearson is the Plan Manager. Any inquiries should be directed to Ms. Pearson (813-223-4729).

Employer Trustees Union Trustees

Sal Kass, Co-Chairman James Harrell, Co-Chairman

Jeff White Stephen Brannen

Scott Metheny Hugh Overton

Revised May 2012


Administrative Information

Plan Sponsor: Tampa Maritime Association - International Longshoremen’s Association 1497 North Nebraska Ave. Tampa, Florida 33602 (813) 223-4729

Plan Sponsor Identification No.:

Plan Number

Plan Administrator:

59-6145175

001 Joint Board of Trustees for Tampa Maritime Association - International Longshoremen’s Association 1497 North Nebraska Ave. Tampa, Florida 33602 (813) 223-4729 Attn: Ms. Brenda Pearson

Plan Year: October 1 through September 30

Type of Plan Multiemployer Defined Benefit Pension Plan

Agent for Service of Legal Process:

Joint Board of Trustees for Tampa Maritime Association - International Longshoremen’s Association 1497 North Nebraska Ave. Tampa, Florida 33602 (813) 223-4729

Or individual member Trustees, either at the address shown for Plan Administrator or at their individual addresses as listed under “Member Trustees of Joint Board of Trustees”

Funding Medium Trust


Member Trustees of Joint Board of Trustees:

Employer Trustees* Sal W. Kass General Manager Ports America 2510 Guy N. Verger Blvd. Tampa, Florida 33605 Jeff White 6377 NW 108 Terrace Parkland, Florida 33076 Scott Metheny 2510 Guy N. Verger Blvd. Tampa, Florida 33605

Union Trustees* James Harrell ILA Local 1402 707 East Harrison Street Tampa, Florida 33602 Stephen Brannen ILA Local 1691 2510 Guy N. Verger Blvd. Tampa, Florida 33605 Hugh Overton ILA Local 1402 707 East Harrison Street Tampa, Florida 33602

*Any of the named Trustees may also be contacted at the Administrative Offices of the Plan, as follows: 1497 North Nebraska Ave.

Tampa, Florida 33602 Telephone: (813) 223-4729


TABLE OF CONTENTS

Begins

On Page

1. INTRODUCTION .............................................................................................................. 1

2. HOW DOES THE PLAN WORK? ................................................................................... 1

3. WHAT IS THE PLAN YEAR? .......................................................................................... 1

4. WHEN MAY I PARTICIPATE IN THE PLAN? ............................................................ 2

5. HOW ARE HOURS OF EMPLOYMENT IN THE INDUSTRY COMPUTED? ..................................................................................................................... 2

6. WHAT IS THE EFFECT OF A BREAK IN SERVICE? .................................................. 3

7. WHAT IS THE EFFECT OF ABSENCES DUE TO INJURY, SICKNESS OR OTHER SPECIAL REASONS? ......................................................................................... 4

8. WHAT BENEFITS DO PARTICIPANTS ACCRUE? .................................................... 5

9. VESTED OR NON-FORFEITABLE PORTION OF PARTICIPANTS BENEFITS ............................................................................................................................ 11

10. WHEN WILL BENEFITS BE DISTRIBUTED? ............................................................... 14

11. QUALIFIED DOMESTIC RELATIONS ORDERS ......................................................... 15

12. POST-RETIREMENT EMPLOYMENT IN THE INDUSTRY ...................................... 15

13. RIGHT TO EMPLOYMENT ............................................................................................. 16

14. PLAN AMENDMENT AND TERMINATION .............................................................. 16

15. PENSION BENEFIT GUARANTY CORPORATION INSURANCE .......................... 16

16. ADMINISTRATION .......................................................................................................... 17

17. CLAIMS PROCEDURES ................................................................................................... 17

18. ERISA RIGHTS ................................................................................................................... 18


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1. INTRODUCTION

The Purpose of this Summary Plan Description (the “Summary”) is to explain the TAMPA MARITIME ASSOCIATION - INTERNATIONAL LONGSHOREMEN’S THIRD AMENDED AND RESTATED PENSION PLAN (the “Plan”) in an easy-to-understand way and to give you additional information concerning the Plan which you may need in the future. If you have any questions after reading this summary, feel free to contact the Administrator (see the Administrative Information pages of this Summary) who will be glad to provide answers to you. A statement of your benefits can be obtained from the Plan Manager.

The Plan is intended to provide a source of income during your retirement years. The detailed provisions of the Plan, not this Summary, govern the actual rights and benefits to which you may be or may become entitled. A copy of the Plan document itself may be obtained from the Plan Manager for your review during regular business hours.

2. HOW DOES THE PLAN WORK?

Employers who are parties (the “Employers”) to COLLECTIVE BARGAINING AGREEMENTS (the “Agreements”) with Locals 1402 and 1691 of the INTERNATIONAL LONGSHOREMEN’S ASSOCIATION (the “Union”) in the Port of Tampa and Port Manatee make contributions to the Plan that, together with the investment earnings, are expected to fund the benefits specified by the Plan and required by applicable law. The contributions are made by Employers on the basis of a fixed amount for each hour of employment covered by the Agreements.

The assets of the Plan are held in a trust fund (the “Fund”) established with a Joint Board of Trustees (the “Trustees”), made up of an equal number of representatives from the Employers and the Union. The names and addresses of the Trustees are listed on the Administrative Information pages of this Summary.

You will not be required to make any contributions to this Plan.

3. WHAT IS THE PLAN YEAR?

The Plan Year begins on the first day of October and ends on the last day of September. The Plan Year is the period as to which records are kept for Plan Administration.


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4. WHEN MAY I PARTICIPATE IN THE PLAN?

In order to be entitled to participate in the Plan, you must be “Employed in the Industry” and have completed a “Qualified Year of Employment.” Each of these terms is defined below.

4.1 Employment in the Industry. You are “Employed in the Industry” if you are employed by a waterfront employer in the Port of Tampa or the Port of Manatee to perform services covered by an Agreement between the waterfront employer and Locals 1402 or 1691 of the Union providing for contributions with respect to such work. You are also considered to be Employed in the Industry if you are a common law employee of the Union or the Trustees, provided that such employment occurs exclusively at the Port of Tampa.

You must also have completed a “Qualified Year of Employment” (the term “Qualified Year of Employment” is explained under the heading which follows). You will be admitted as a participant in the Plan on the first day of the Plan Year in which you have a “Qualified Year of Employment.” The date on which you are admitted to participate is referred to as the “Participation Commencement Date.” Once you become a participant in the Plan, you will continue to be a participant, unless you incur a “break in service.”

4.2 Qualified Year of Employment. For Plan Years beginning on or after October 1, 1975, a Qualified Year of Employment is a Plan Year during which you are Employed in the Industry for at least eight hundred (800) hours. For Plan Years ending before October 1, 1975, a Qualified Year of Employment is a Plan Year during which you were Employed in the Industry for at least four hundred (400) hours of Employment in the Industry. Hours of employment are computed in the manner described in Section 5 under the heading “How are Hours of Employment in the Industry Computed?”.

Example: Suppose you began Employment in the Industry on January 1, 1985 and had completed 800 hours of Employment in the Industry by September 30, 1985. You would have one Qualified Year of Employment for the Plan Year beginning October 1, 1984, and your “Participation Commencement Date” would be October 1, 1984, the first day of the Plan Year in which you first completed 800 hours of employment.

5. HOW ARE HOURS OF EMPLOYMENT IN THE INDUSTRY COMPUTED?

You are credited with one hour of Employment in the Industry for:

1. Each hour for which you are paid or entitled to be paid for Employment in the Industry;


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2. Each non-paid hour for certain leaves of absences described below in Section 7.

If you are employed by the Union or the Trustees, you will be credited with 45 hours of employment for each week in which you are entitled to be credited with at least one hour of service under U.S. Department of Labor Regulation Section 2530.200b-3.

6. WHAT IS THE EFFECT OF A BREAK IN SERVICE?

6.1 One Year Break in Service. A one-year break in service occurs when you have less than four hundred (400) Hours of Employment in the Industry in a Plan Year. The effect of consecutive one-year breaks in service depends upon whether or not you are vested. (The circumstances under which you will become vested are discussed in Section 9 under the heading “VESTED OR NON-FORFEITABLE PORTION OF PARTICIPANT’S BENEFITS”). If you terminated Employment in the Industry prior to October 1, 1975 (or prior to October 1, 1974 if you are not receiving a pension and apply for one on or after October 1, 1999), these rules do not apply, and you should consult the Plan Manager as to your status.

6.2 Non-Vested Participant. If you are not vested and have one or more one-year breaks in service, Qualified Years of Employment before the break in service will not be taken into account until you have returned and completed 800 hours of Employment in the Industry during a Plan Year. If you are not vested, Qualified Years of Employment before a break in service will not be taken into account if the number of consecutive one-year breaks in service equals or exceeds the greater of five (5) or the number of Qualified Years of Employment before the break in service; however, if you terminate employment in the industry before October 1, 1986, Qualified Years of Employment before the break in service will not be taken into account for any purpose if the number of consecutive one-year breaks service equals or exceeds the number of Qualified Years of Employment before the break in service (for a discussion of Vesting, see Section 9).

6.3 Vested Participants. If you become vested, you will not lose or forfeit benefits as a result of a later break in service. If you are vested, upon returning to Employment in the Industry after a break in service, Qualified Years of Employment in the Industry performed prior to the break in service will be combined with Qualified Years of Employment performed after the break in service (for a discussion of Vesting, see Section 9).


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7. WHAT IS THE EFFECT OF ABSENCES DUE TO INJURY, SICKNESS OR OTHER SPECIAL REASONS?

7.1 Generally. In certain cases of absence due to pregnancy, childbirth, or adoption, you may be credited with enough hours of service to avoid a one year break in service for the Plan Year. In addition, you may be eligible for credit for absences resulting from injuries incurred on or off the job, sickness, and qualified military service. A copy of the Plan should be consulted for a more detailed explanation of these provisions.

7.2 Effect of Disability Resulting from On-The-Job Injury. Subject to the limitations described below in Section 7.4, if you incur an injury, sickness, or disability on the job as a result of which you receive workers’ compensation for temporary total disability, you will be entitled to receive pro rata credit of up to a maximum of 800 Hours of Employment per Plan Year. “Pro rata credit” for each such day for this purpose would be approximately 2.19 hours per day, calculated by dividing 800 hours by 365.

7.3 Effect of Disability Not Resulting from On-the-Job Injury. Subject to the limitations described below in Section 7.4, if you incur an injury, sickness, or disability off the job as a result of which you are unable to perform your normal job function, you will be entitled to receive pro rata credit of up to a maximum of 400 Hours of Employment per Plan Year. “Pro rata” credit for each such day for this purpose would be approximately 1.09 hours per day, calculated by dividing 400 hours by 365. You will be required to substantiate to the satisfaction of the Trustees that such injury, sickness, or disability renders you unable to perform your normal job functions.

7.4 Limitations Upon Availability of Pro Rata Credit. Pro rata credit is available only to the extent necessary to enable you to reach 800 Hours of Employment per Plan Year for not more than two consecutive Plan Years. If, in the Plan Year in which you become temporarily totally disabled, you have more than 400 but less than 800 hours of Employment in the Industry, you shall be required to use one of these years of pro rata credit only if the number of your Qualified Years of Employment does not exceed the number of your Years at an 800 hour of Employment Average (computed in the manner described in Section 8.2 and including the Hours of Employment in the Industry performed in the Plan Year in which you become disabled). If you receive pro rata credit for two consecutive Plan Years, you will not be eligible for any additional pro rata credit unless you subsequently complete at least one year of service at 800 hours of employment.

7.5 Application of Limitations to Participants with Periods of Disability Prior to April 1, 1993. If you apply for a Disability Pension after March 31, 1993 and have periods of temporary total disability prior to April 1, 1993 (the “Pre-1993 Disability Periods”), you will be entitled to pro rata credit equal to the number of years of pro rata


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credit that you had accumulated as of September 30, 1993 for the Pre-1993 Disability Periods or the Maximum pro rata credit, as described in Section 7.4.

7.6 Illustrations of Application of Pro Rata Credit Limitations. The following examples illustrate the application of the foregoing limitations upon the pro rata credit.

Example 1. Suppose that in the Plan Year ending in 2010, after accumulating 350 Hours of Employment in the Industry, you suffer an injury for which you receive workers’ compensation for a temporary total disability for 220 days in 2010. Further, suppose that in the Plan Years ending in 2011 and 2012, you remain temporarily totally disabled. You will receive 450 hours of pro rata credit for the Plan Year ending in 2010 (the number of the available approximately 482 pro rata hours necessary to bring you to 800 Hours of Employment in 2010) and all 800 hours of available pro rata credit in 2011 (giving you 800 Hours of Employment in 2011). You will receive no pro rata credit for the Plan Year ending in 2012.

Example 2. Assume the same facts as in Example 1 except that in the Plan Year ending in 2010, you sustain an injury for which you receive workers’ compensation for temporary and total disability after incurring 600 Hours of Employment in the Industry. Further suppose that, disregarding the Plan Year ending in 2010 (the year in which you sustain an injury), you have 7 Qualified Years of Employment, but, including the 600 Hours of Employment for the Plan Year ending in 2010, you have 8 Years of Employment at an 800 Hours Per Year Average. In that event, you will not receive any pro rata credit for 2010 (since you would not need such pro rata credit to increase your Accrued Pension Benefit), but would receive 800 hours of pro rata credit for each of 2011 and 2012.

Example 3. Assume the same facts as in Example 1 and that in 2013, you accumulated 800 Hours of Employment in the Industry. Further assume that in 2014, you completed 100 Hours of Employment in the Industry before receiving an injury for which you received workers’ compensation for temporary total disability. Although you had previously exhausted your maximum of 2 years of pro rata credit (2010 and 2011), since you returned to work and completed 800 Hours of Employment in the Industry in 2013, you are again entitled to pro rata credit for 700 hours in 2014 (giving you credit for 800 hours in 2014).

8. WHAT BENEFITS DO PARTICIPANTS ACCRUE?

8.1 Generally. All participants who have at least eight hundred (800) Hours of Employment in the Industry during the Plan Year will accrue benefits under the Plan. The vested or non-forfeitable portion of accrued benefits will be distributed to a participant upon retirement. (The vested portion will be discussed below in Section 9 under the heading “VESTED OR NON-FORFEITABLE PORTION OF PARTICIPANT’S BENEFITS, and the time and manner of distribution is discussed in Section 10 under the


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heading “WHEN WILL BENEFITS BE DISTRIBUTED?”). The general manner of computing these benefits is discussed below. The exact method of computation is contained in the Plan, and you should refer to it to determine the precise amount to which you are entitled.

8.2 Retirement Benefits. Your accrued benefits at your Normal Retirement Date (the later of age 62 or the 5th anniversary of your Participation Commencement Date) will be payable monthly, upon approval of your application for pension benefits, beginning on the first day of the month following the month in which you applied for a pension benefit. If you are married, you will receive a “Joint and Survivor Annuity” for your life and the life of your wife or husband. The term “Joint and Survivor Annuity” means an annuity payable to you for your life, with a survivor annuity payable to your wife or husband for her or his life equal to fifty percent (50%) of the benefit you were receiving at the time of your death. If you are not married on the Annuity Starting Date (the Annuity Starting Date is defined in Section 10.1), you will receive your benefits in the form of an annuity that will stop at your death, even if you subsequently marry and are married at the time of your death.

If you are, or become, entitled to receive pension benefits, the amount of your monthly benefit at your Normal Retirement Date will be determined under the following formula:

Step 1. Determine the total Hours of Employment after your Participation Commencement Date worked in the Industry during each Plan Year in which you accumulated at least 400 hours of Employment in the Industry. (Prior to becoming vested, Plan Years prior to a Break in Service may not be counted and will not be counted until you are credited with a Qualified Year of Employment after your return; see Section 6.1 for an explanation of the Break in Service rules.)

Step 2. Divide the total Hours of Employment determined in Step (1) by 800 to determine the number of whole Years at an 800 Hour of Employment Average (fractional years are disregarded for this purpose). The result cannot be greater than the total number of years after your Participation Commencement Date in which you accumulated at least 400 hours of Employment in the Industry.

Step 3. Divide the result obtained in Step (2) by 25 and express the result as a percentage. The resulting percentage cannot be greater than 100%. See Step (5) below if the result in Step (2) is greater than 25.

Step 4. Multiply the percentage obtained in Step (3) by the Plan’s monthly pension benefit (currently $900.00).


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Step 5. If the result obtained in Step (2) is greater than 25, you will be eligible for an additional monthly benefit if you are credited with one Hour of Employment on or after October 1, 1999, and have completed at least one Qualified Year of Employment after September 30, 1998. Multiply the result obtained in Step (2) in excess of 25 by $25. This amount is the additional monthly benefit to be added to the monthly pension benefit (currently $900.00) you are entitled to under Step (4). However, if you have received a Disability Pension Benefit (disability benefits are discussed in Section 8.5), the additional monthly benefit in Step (5) is subject to reduction in the manner set forth in Section 8.3.

For example, suppose that you accumulate the following Hours of Employment in the Industry each Plan Year after your Participation Commencement Date of October 1, 1995:

Plan Year Hours Accumulated

1995 1,000 1996 850 1997 300 1998 350 1999 900 2000 600 2001 1,000 2002 800 2003 300 2004 900 2005 750 2006 900 2007 1,200 2008 1,300

TOTAL 11,150

Under Step (1) your total eligible Hours of Employment in the Industry equals 10,200 because you may not count the hours accumulated in Plan Years 1997, 1998 and 2003 (those years in which you did not have at least 400 Hours of Employment). The number of eligible years is determined in Step (2) to be 11 (even though 10,200 divided by 800 equals 12 whole years, your number of years is limited to 11 because you only had 11 years during which you were credited with more than 400 hours). The percentage in Step (3) would be 44% (11/25). Your monthly benefit for your life, computed in Step (4), would be $396.00 (44% x $900.00). Since the number of years determined in Step (2) is not greater than 25, you are not entitled to an additional monthly benefit under Step (5). If you are married on the Annuity Starting Date, after


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your death, your surviving spouse is entitled to a retirement benefit of 50% of your benefit (or, in this example, $198 per month). (For an explanation of the joint and survivor annuity, see Section 8.6.)

8.3 Disability Adjustment to Retirement Benefit. If you have received a Disability Pension Benefit, the additional monthly retirement benefit described in Step (5) (described in Section 8.2) will be adjusted in the following manner:

Step 5A. Using Step (1) in Section 8.2, determine the number of years at an 800 Hours of Employment Average that occurred prior to commencement of a Disability Pension Benefit that continued for at least 12 months (this is called the “Prior Year Period”).

Step 5B. Using Step (1) in Section 8.2, determine the number of years in which you were Employed in the Industry at an 800 Hours of Employment Average that followed a period in which you received a Disability Pension Benefit that continued for at least 12 months (this is called the “Subsequent Year Period”). There may be more than one Subsequent Year Period, and each is treated separately.

Step 5C. Determine the number of months in which you received a Disability Pension Benefit after the Prior Year Period.

Step 5D. Determine the number of months in which you received a Disability Pension Benefit after the Subsequent Year Period.

Step 5E. Add the number of months in Steps (5C) and (5D), divide the result by 12 (round any remainder downward); and multiply the result by 5%. The additional retirement benefit described in Step (5) is reduced by the above percentage.

Step 5F. If the result in Step (5B) is greater than 0, the additional retirement benefit described in Step (5) for the period included in Step (5B) is reduced by 5% for each 12-month period described in Step (5D) (but not the earlier period of disability described in Step (5C)).

Example 1. Suppose that a Participant with 35 Years at an 800 Hour of Employment Average becomes disabled and, as a result, receives a Disability Pension for 60 months. If the Participant had not become disabled, at age 62 he would have been entitled under Step (5) to a Pension Benefit of an additional $250 per month (10 years x $25). Due to his period of disability (five 12-month periods), the additional benefit under Step (5) is reduced by 25% (5 years x 5%), and would therefore equal $187.50. If, thereafter the Participant recovers from his disability and again is Employed in the Industry for an additional 2 Years at an 800 Hour of Employment Average, then the additional monthly payment under Step (5) based on the Subsequent Year Period


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would equal $50 (2 x $25), and would not be reduced. Under this hypothetical example, upon reaching his Normal Retirement Date, the Participant would be entitled to an additional monthly payment under Step (5) of $237.50 (or $187.50 for the Prior Year Period and $50 for the Subsequent Year Period).

Example 2. Assume the same facts as Example 1, except that after returning to Employment in the Industry for an additional 2 Years at an 800 Hour of Employment Average, the Participant again becomes disabled and receives a Disability Pension for 36 months. In that case, (i) the additional benefit under Step (5) based on the Prior Year Period would be reduced by 40% (8 years x 5%), and would therefore equal $150 and (ii) the additional benefit under Step (5) based on the Subsequent Year Period would be reduced by 15% (3 x 5%), and would therefore equal $42.50, for a total additional benefit under Step (5) of $192.50.

8.4 Supplemental Pension Benefit.

8.4.1 Pre-October 1, 1997 Pensioners. If you first began to receive benefits from the Plan prior to October 1, 1997, you will be entitled to an additional $1,000.00 for the month of December if you are alive on December 15 after you retire. After your death, your surviving spouse will be entitled to an additional $500 if he or she is alive on December 15. This supplemental pension benefit does not depend upon the number of Qualified Years of Employment. It is not reduced if you have fewer than twenty-five (25) years of employment in the industry.

8.4.2 Pensioners Beginning to Receive Pension Benefits On or After October 1, 1997. If you first begin to receive benefits from the Plan on or after October 1, 1997, and you are credited with one or more years of service of 800 or more Hours of Employment before October 1, 1997 (and at least one of such years of service has not been disregarded under the break in service rules), you will be entitled to a supplemental benefit for the month of December, provided that you are alive on December 15. This supplemental amount will equal $100 multiplied by your Qualified Years of Employment, up to a maximum supplemental amount of $1,000. After your death, your surviving spouse will be entitled to a supplemental amount for the month of December equal to 50% of the amount that you would have been entitled to receive (as described above), provided that he or she is alive on December 15.

If you begin to receive benefits from the Plan on or after October 1, 1997, but you are not credited with at least one year of service of 800 or more Hours of Employment before October 1, 1997 (because, for instance, you became an employee after October 1, 1997, or because your Hours of Employment prior to October 1, 1997, have been disregarded under the break in service rules), you will also be entitled to a supplemental benefit for the month of December, provided that you are alive on December 15. This supplemental amount will equal $40 multiplied by your Qualified Years of Employment, up to a maximum supplemental amount of $1,000. After your


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death, your surviving spouse will be entitled to a supplemental amount for the month of December equal to 50% of the amount that you would have been entitled to receive (as described above), provided that he or she is alive on December 15.

8.5 Disability Pension Benefits. If you are forty-five (45) years or older and have completed fifteen (15) Qualified Years of Employment, averaging eight hundred (800) hours or more per year, and become permanently and totally disabled while you are Employed in the Industry, you will be entitled to the maximum monthly pension benefit in effect on the date on which you terminate employment, without reduction for fewer than twenty-five (25) years of Employment in the Industry.

If you become permanently and totally disabled after October 1, 1975, periods of employment prior to September 30, 1975, will not be included, unless you were a participant in the Plan for the year ending on September 30, 1975.

You are not entitled to Disability Pension Benefits if your disability resulted from criminal activities, habitual drunkenness, self-inflicted injury, drug abuse, or was sustained in military service.

You will be considered permanently and totally disabled for purposes of the Plan if you have received a classification of “permanent and total disability” from the Social Security Administration. You will be required to substantiate your permanent and total disability to the Trustees. If you recover to the extent that the Social Security Administration determines that you are no longer permanently and totally disabled, payment of Disability Pension Benefits will terminate.

As described above in Section 7.4, there are limitations upon the availability of the pro rata credit.

If you reach your Normal Retirement Date, your Disability Pension will cease, and you will be entitled to a normal Retirement Benefit (see Section 8.2), subject to the Disability Adjustments described in Section 8.3.

8.6 Survivor’s Pension Benefits. If you die after becoming eligible to receive a pension benefit, but before you actually begin to receive benefits, your benefits will be payable to your surviving wife or husband in the form of a survivor annuity.

If you die prior to the Annuity Starting Date (the term “Annuity Starting Date” is defined in Section 10.1) and have non-forfeitable (vested) rights to any portion of the pension benefits (see the explanation in Section 9), you are entitled to have a monthly survivor annuity paid to your surviving wife or husband. Your surviving wife or husband will become eligible for the benefit on the date which would have been your Normal Retirement Date (age 62) if you had survived to that date. The survivor annuity will end on the date of your surviving wife’s or husband’s death. The amount


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of the monthly survivor annuity will be 50% of the normal Retirement Benefit (see Section 8.2) you had earned as of your date of death.

To be entitled to survivor benefits, your surviving wife or husband must have been married to you throughout the one year period ending on the earlier of your death or the Annuity Starting Date. If you marry within one year before the Annuity Starting Date, your surviving wife or husband is entitled to receive benefits only if you were married for at least one year before the date of your death.

8.7 Change in Amount of Benefits. The Trustees may reduce the monthly benefit or suspend payments under the terms of the Multi-Employer Pension Plan Amendments Act of 1980 when the financial situation of the Fund makes such an action necessary. The Trustees may also increase the monthly benefit if the financial situation of the Fund so permits.

8.8 Assignment of Benefits. Federal law requires the Administrator to recognize and give effect to any “qualified domestic relations order” (as defined by law) affecting your Plan benefits. (The procedures for qualified domestic relations orders are discussed in Section 11). Except in case of such an order, or in the event of an award in favor of the Plan in accordance with ERISA Section 206(d)(4) for misconduct (in which case your benefits payable under the Plan may be fully offset by the amount awarded to the Plan), your Plan benefits cannot be transferred, assigned, or pledged by you or anyone else.

9. VESTED OR NON-FORFEITABLE PORTION OF PARTICIPANTS BENEFITS

9.1 Generally. The portion or percentage of the accrued benefits which will eventually be distributed to you after you have terminated your Employment in the Industry is called the non-forfeitable or vested percentage. If, for example, your vested percentage is 0%, no benefits will be distributed to you. (The time and manner in which your benefits will be distributed to you is discussed below in Section 10.)

You will be one hundred percent (100%) vested if you retire on or after the Normal Retirement Date (the later of age 62 or the 5th anniversary of your Participation Commencement Date) (for a discussion of Breaks in Service, see Section 6).

If you terminate your Employment in the Industry prior to the Normal Retirement Date, your non-forfeitable or vested percentage may be zero percent (0%). This means that your accrued benefits may be forfeited after your termination prior to the Normal Retirement Date. The actual percentage of vested benefits is based on the number of Years of Total Creditable Employment for vesting. Years of Total Creditable Employment are Qualified Years of Employment (as defined in Section 4.2) which have not been excluded by reason of Breaks in Service. If you are covered under this Plan


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pursuant to an Agreement, the percentage of your non-forfeitable or vested amount is determined as follows:

9.2 Vesting Schedules.

9.2.1 From and After October 1, 1997. Effective for Plan Years beginning on and after October 1, 1997, if you are covered under the Plan pursuant to an Agreement, and have an Hour of Employment after October 1, 1997, the percentage of your non-forfeitable or vested amount is determined as follows:

Vesting Schedule for Accrued Benefits Attributable to Employer Contributions

(Employees Covered Under Collective Bargaining Agreement Who are Credited with Employment After October 1, 1997)

Years of Total Creditable Employment

Non-Forfeitable (Vested) Interest

Less than five (5) years Five (5) or more years

0% 100%

9.2.2 Before October 1, 1997. If you are covered under the Plan pursuant to an Agreement but are not credited with an Hour of Employment after October 1, 1997, your non-forfeiture or vested interest is determined as follows:


(Employees Covered Under Collective Bargaining Agreement Who are Not Credited with Employment After October 1, 1997)


Non-forfeitable (Vested) Interest

Less than ten (10) years Ten (10) or more years

0% 100%

9.2.3 Participants Not Covered by Collective Bargaining Agreement. If you are covered under the Plan other than under an Agreement (such as by your employment by the Union or the Trustees), your nonforfeitable vested amount is determined as follows:


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(Employees Not Covered Under Collective Bargaining Agreement)


Non-forfeitable (Vested) Interest

Less than five (5) years Five (5) or more years

0% 100%

9.3 Illustrations of Application of Vesting Schedules. The following examples illustrate the application of the foregoing vesting schedules.

Example 1. Suppose that you accumulate 800 Hours of Employment in the Industry for each of the 6 Plan Years ending in 1982. You are not injured, but you do not work in the Industry for the next 13 years. Beginning with the Plan Year ending 1995 you accumulate 800 Hours of Employment in the Industry for each of 12 consecutive years. You will become vested at the end of the 1999 Plan Year. You will not receive credit for the 6 years of 1977 through 1982 for vesting purposes or otherwise because before vesting occurred the number of consecutive years of breaks in service exceeded the 6 years of service. The 5 year vesting schedule does not apply to the 6 years of service ending in 1982 because they were lost before the 5 year vesting schedule was implemented on October 1, 1997.

Example 2. Assume the same facts as in Example 1 except that you accumulate 800 Hours of Employment in the Industry for each of the 10 Plan Years ending in 1982. In that event you became vested at the end of the 1982 Plan Year and you will receive credit for all 10 years regardless of the consecutive breaks in service thereafter.

Example 3. Suppose that you accumulate 800 Hours of Employment in the Industry for each of the 6 Plan Years ending in 1995. You are not injured, but do not work in the Industry for the next 4 years. Beginning with the Plan Year ending in 2000 you accumulate 45 hours. You become vested in the six Plan Years ending in 1995 upon receiving credit for employment after October 1, 1997 because (1) the 5 year vesting schedule would then apply and (2) the break in service in the years of 1996 through 1999 did not cause a loss of credit for the previous six Plan Years ending in 1995 under the ten year vesting schedule in effect at the time such breaks in service commenced.

Example 4. Suppose that you accumulate 800 Hours of Employment in the Industry for each of the 6 Plan Years ending in 1995. You are not injured, but do not work in the Industry for the next 7 years. Beginning with the Plan Year ending in 2003 you accumulate 45 hours. You will not receive credit for the 6 years of 1990 through 1995 for vesting purposes or otherwise because such years were lost as a result of the


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breaks in service in the years of 1996 through 2002 under the ten year vesting schedule in effect at the time such breaks in service commenced. The 5 year vesting schedule does not apply to the 6 years of service ending in 1995 because they were lost before the 5 year vesting schedule began to apply upon your return to service in the Plan Year ending in 2003.

10. WHEN WILL BENEFITS BE DISTRIBUTED?

10.1 Application for Benefits. In order to receive benefits, you must:

1. Have reached your Normal Retirement Date;

2. Submit a formal written application to the Trustees; and

3. Furnish satisfactory evidence to the Trustees of your entitlement to benefits.

10.2 Time of Distribution. Once you have reached your Normal Retirement Date (generally the later of the time you attain age 62 or the 5th anniversary of the date you became a Participant in the Plan), you may apply for pension benefits. Monthly distributions of pension benefits will date from the first day of the month after the month in which you submit an application for benefits which is approved by the Trustees. This date is the “Annuity Starting Date.” If you qualify for a pension, unless you elect otherwise, payment of benefits will begin not later than sixty (60) days after the end of the Plan Year in which the latest of the following occurs:

1. You attain the age of 62 (or would have turned 62 in case of your death); or

2. The 5th anniversary of your Participation Commencement Date; or

3. You terminate Employment in the Industry.

Benefits must be distributed to you beginning no later than April 1 of the calendar year following the calendar year in which you reach age 70 ½.

10.3 Disability. If you become permanently and totally disabled, and are entitled to both disability pension benefits and disability benefits under the welfare plan maintained under an Agreement, the disability pension benefits will begin no earlier than the first day of the 6th month after the month in which you become disabled and will continue monthly thereafter. If you are not receiving disability benefits under the welfare plan maintained under an Agreement, you will receive disability pension benefits on the first day of the month following the month in which you applied for benefits.


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10.4 Manner of Distribution of Disability and Retirement Benefits. Distributions of disability and retirement benefits under this Plan will be in the form of a joint and survivor annuity payable during your lifetime and that of your spouse, if you are married at the time benefit payments become payable to you (for a discussion of the survivor benefit, see Section 8.6). If you are not married at the time benefits become payable to you, distributions of disability and retirement benefits will be made over your lifetime. Please note that certain IRS rules for required minimum distributions may affect the period over which benefits may be paid as described above.

11. QUALIFIED DOMESTIC RELATIONS ORDERS

If you have become a party to divorce proceedings, your spouse may seek a qualified domestic relations order with respect to his or her interests in your benefits under the Plan. A domestic relations order will not fail to be a qualified domestic relations order solely because the order is issued after or revises another domestic relations order or because of the time at which the order is issued.

Proposed qualified domestic relations orders (within the meaning of Internal Revenue Code Section 414(p)) should be submitted in written form to the Plan Manager. It is recommended, but not required, that such orders be submitted in draft form. The Plan will make a sample order available upon request. The Plan will promptly acknowledge receipt of the each order submitted to the person(s) identified for this purpose when submitted [the “Submitting Party(ies)”].

The Plan will review each order and indicate to the Submitting Party(ies) (1) if there are any requested modifications; (2) that the order is approved if submitted in final form; or (3) that the order will be approved if submitted as a final order. In general, the same time periods that apply for the Plan’s Claims Procedure (procedures for claims are explained in Section 17) will serve as a guideline for the review of domestic relations orders, including the opportunity for appeal of any decision of the Plan in this regard.

12. POST-RETIREMENT EMPLOYMENT IN THE INDUSTRY

You are not entitled to receive pension payments if, after retiring, you return to Employment in the Industry for more than fifty-six (56) hours in a calendar month. If you return to Employment in the Industry, you must notify the Trustees. If pension payments are suspended by reason of post-retirement employment, they shall resume not later than the first day of the third calendar month after you cease to be Employed in the Industry for more than 56 hours per month.

Before suspending any pension benefits, the Trustees will notify you in writing, describing the specific reasons for the suspension and the procedures for review of their decision.


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If, while you are retired, you are Employed in the Industry for fifty-six (56) or fewer hours per month, then you are entitled to receive both pension benefits and your earnings from employment.

13. RIGHT TO EMPLOYMENT

The Plan and this Summary will not be construed to give you any right to employment in the industry nor any right or claim to a benefit unless the right to such benefit is in accordance with the Plan’s terms.

14. PLAN AMENDMENT AND TERMINATION

The Trustees may amend this Plan in the manner provided for by the Plan and by law. If the Plan is terminated, all Pension Benefits accrued to the date of Plan termination will vest fully (100%) for Employees under the Plan, to the extent funded.

15. PENSION BENEFIT GUARANTY CORPORATION INSURANCE

Your pension benefits under this multiemployer plan are insured by the Pension Benefit Guaranty Corporation (PBGC), a federal insurance agency. A multiemployer plan is a collectively bargained pension arrangement involving two or more unrelated employers, usually in a common industry.

Under the multiemployer plan program, the PBGC provides financial assistance through loans to plans that are insolvent. A multiemployer plan is considered insolvent if the plan is unable to pay benefits (at least equal to the PBGC’s guaranteed benefit limit) when due.

The maximum benefit that the PBGC guarantees is set by law. Under the multiemployer program, the PBGC guarantee equals a participant’s years of service multiplied by (1) 100% of the first $11 of the monthly benefit accrual rate and (2) 75% of the next $33 (or the monthly accrual rate, if less).

The PBGC guarantee generally covers: (1) normal and early retirement benefits; (2) disability benefits if you become disabled before the plan becomes insolvent; and (3) certain benefits for your survivors.

The PBGC guarantee generally does not cover: (1) benefits greater than the maximum guaranteed amount set by law; (2) benefit increases and new benefits based on plan provisions that have been in place for fewer than 5 years at the earlier of: (a) the date the plan terminates or (b) the time the plan becomes insolvent; (3) benefits that are not vested because you have not worked long enough; (4) benefits for which you have not met all of the requirements at the time the plan becomes insolvent; and (5) non-pension benefits, such as health insurance, life insurance, certain death benefits, vacation pay, and severance pay.


17

For more information about the PBGC and the benefits it guarantees, ask your plan or contact the PBGC’s Technical Assistance Division, 1200 K Street, N.W., Suite 930, Washington, D.C. 20005-4026 or call 202-326-4000 (not a toll-free number). TTY/TDD users may call the federal relay service toll-free at 1-800-877-8339 and ask to be connected to 202-326-4000. Additional information about the PBGC’s pension insurance program is available through the PBGC’s website on the Internet at http://www.pbgc.gov.

16. ADMINISTRATION

The Plan is currently administered by the Joint Board of Trustees. Their administrative duties include interpreting the Plan, prescribing application procedures, determining rights to and amount of benefits, authorizing benefit payments, and gathering of information necessary for administration of the Plan. Appropriate forms available for processing claims and designating beneficiaries can be obtained from the Plan Manager.

17. CLAIMS PROCEDURES

If you, as a Participant, or your beneficiary believe you are entitled to a benefit or to a greater amount of benefits under the Plan than the amount you have received or are receiving, you may file a claim with the Plan Manager. This claim must be in writing and must contain the following information:

1. The reason(s) for making the claim;

2. The facts supporting the claim;

3. The amount claimed; and

4. The name and address of the person filing the claim (the “Claimant”).

The Plan Manager will answer the claim in writing within ninety (90) days (180 days in special cases) stating whether it has been granted or denied. If the claim has been either partially or completed denied, the Plan Manager must provide the Claimant with a written notice containing the following information:

1. The specific reasons behind the denial;

2. References to the specific provisions in the Plan document on which the denial is based;


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3. A detailed description of any additional information needed to grant the claim and explanation of why the additional information is needed; and

4. An explanation of the Plan’s appeal procedure, including the Claimant’s right to review relevant Plan documents.

If a reply is not made within this time period, the Claimant can consider the claim denied.

You or your beneficiary have the right to appeal the claim denial, or in other words, to ask for a review of the unfavorable decision. To appeal the claim denial, a written request for appeal must be filed with the Trustees within sixty (60) days after receiving the claim denial. This written request for appeal should contain the following information:

1. A statement of the grounds on which the appeal is based;

2. Reference to the specific provisions in the Plan document on which the appeal is based;

3. The reason(s) or argument why you feel the claim should be granted and the evidence supporting each reason;

4. And any other relevant document or comments you wish to submit to support your appeal.

Unless special circumstances exist, the Trustees will normally make a decision within sixty (60) days after receiving the request for appeal and will mail a copy of the decision promptly to the Claimant. This decision will normally give specific reasons and references to the Plan provisions supporting the Trustees’ decision. If the decision is not received within this time period, the Claimant should consider the appeal denied.

The Trustees shall have the sole and absolute discretion to determine eligibility for benefits and the amount of benefit payable, and to construe the terms of the Plan. Such determinations and constructions shall be conclusive and binding to the maximum extent provided by law.

18. ERISA RIGHTS

As a Participant in the Plan, you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974 (“ERISA”).


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Information About Your Plan and Benefits. ERISA provides that all Plan Participants shall be entitled to:

Examine, without charge, at the Administrator’s office all Plan documents governing the Plan, including insurance contracts and collective bargaining agreements, and a copy of the latest annual report (Form 5500 Series) filed by the Plan with the U.S. Department of Labor. The Form 5500 Series are also available at the Public Disclosure Room of the Employee Benefits Security Administration.

Obtain, upon written request to the Administrator, copies of documents governing the operation of the Plan including insurance contracts and collective bargaining agreements, and copies of the latest annual report (Form 5500 Series) and updated summary plan description. The Administrator may make a reasonable charge for the copies.

Receive a summary of the Plan’s annual financial report. The Administrator is required by law to furnish annually each Participant with a copy of this summary annual report.

Obtain a statement telling you whether you have a right to receive a pension at normal retirement age (age 62) and if so, what your benefits would be at normal retirement age if you stop Employment in the Industry now. If you do not have a right to a pension benefit, the statement will tell you how many more years you have to work to get a right to a pension. This statement must be requested in writing and is not required to be given more than once every 12 months. The Plan must provide this information free of charge.

Prudent Action by Plan Fiduciaries

In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the Plan. The people who operate the Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest of you and other Plan Participants and beneficiaries. No one, including any Employer or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a Plan benefit or exercising your rights under ERISA.


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Enforce Your Rights

If your claim for a pension benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules.

Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of the Plan documents or the latest annual report from the Plan and do not receive them within 30 days, you may file suit in a Federal court. In such a case, the court may require the Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Administrator. If you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or Federal court. In addition, if you disagree with the Plan’s decision or lack thereof concerning the qualified status of a domestic relations order, you may file suit in Federal court.

If it should happen that Plan fiduciaries misuse the Plan’s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U. S. Department of Labor, or you may file suit in a Federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees; if, for example, it finds your claim is frivolous.

Assistance With Your Questions

If you have any questions about your Plan, you should contact the Administrator. If you have questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Administrator, you should contact the nearest office of the Employee Benefits Security Administration, U. S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U. S. Department of Labor, 200 Constitution Avenue N.W., Washington, D. C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publication hotline of the Employee Benefits Security Administration.

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