PLUMBERS AND STEAMFITTERS LOCAL 184 Pages 1-50 - Flip PDF Download (2022)

PLUMBERS AND STEAMFITTERS LOCAL 184 SUPPLEMENTAL PENSION PLAN BE SURE TO NOTIFY THE FUND OFFICE OF YOUR CURRENT ADDRESSMost information about your Plan and changes to it are sent to you by mail. Toassure that you receive this information, the Fund office must have your correctaddress on file at all times.Included as an insert to this booklet are cards designed to give the Fund office youraddress and other information it needs about you. You should complete one andmail it to the Fund office if you have not recently filed one. You should retain thesecond card for use when your address, marital status, beneficiary or otherinformation changes. Additional cards will be furnished to you by the Fund officeat your request.Failure to keep the Fund office advised of any changes in your address mayjeopardize your eligibility for benefits because the Trustees will be unable to adviseyou of any changes in the plan of benefits.You may notify the Fund office of an address change or obtain a new enrollmentcard by contacting: Board of Trustees Plumbers and Steamfitters Local 184 Supplemental Pension Plan P.O. Box 1449 Goodlettsville, Tennessee 37070-1449PLUMBERS AND STEAMFITTERS LOCAL 184 SUPPLEMENTAL PENSION PLANDear Participant:We are pleased to furnish you at this time with an updated benefit booklet describ-ing your supplemental pension plan and the benefits to which you may be entitledat the time of your retirement. Also included are descriptions of the benefits andeligibility requirements for receiving a disability retirement as well as the circum-stances under which a death benefit may become payable in the event of yourdeath. Benefit examples have been included as well.In addition to describing the types and amounts of benefits for which you maybecome available, we have included the procedures you must follow to apply forthese benefits, and the steps you must take if your application for benefits is deniedby the Fund office. The first portion of this booklet provides you with a summaryof the plan along with other items of interest and other information required inaccordance with federal laws. The second portion of the booklet reproduces theactual plan of benefits as it appears in the official plan document, followed by acopy of the latest tax exempt determination letter issued by the Internal RevenueService.Many changes have been made to the plan since the last booklet was printed anddistributed to you. All of these changes are included in this booklet, and we wouldencourage you to read it in its entirety so that you can become familiar with theprovisions of the plan.After you have reviewed this booklet, please retain it for your future reference.Please do not hesitate to contact the Fund office with any questions you may haveregarding this booklet or any other matters pertaining to your plan. Best regards, Your Board of Trustees (i)TABLE OF CONTENTSNames and Addresses of Trustees and Plan Professionals . . . . . . . . . . . . . . . . 1Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Explanation of Individual Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Eligibility for Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Amount and Methods of Benefit Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Projected Amounts of Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12Reciprocal Transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14Beneficiary Designation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15Mandatory Payment of Benefits on Retiring After Reaching Age 701/2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15How to Apply for Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Claims Appeal Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Questions and Answers About the Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23Rights of Plan Participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26Information of Interest as Required by the Employee Retirement Income Security Act (ERISA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Plan of Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31Tax Exempt Determination Letter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 (ii)PLUMBERS AND STEAMFITTERS LOCAL 184 SUPPLEMENTAL PENSION PLAN The Plan is Administered By: THE BOARD OF TRUSTEES The Trustees Are:Union: Management:MR. KYLE HENDERSON MR. KEITH MURTBusiness Manager 815 Abell StreetPlumbers and Steamfitters Paducah, Kentucky 42003 Local 1841332 BroadwayPaducah, Kentucky 42001 The Plan Consultant and Administrator is:SOUTHERN BENEFIT ADMINISTRATORS, INCORPORATED Mailing Address: P.O. Box 1449 Goodlettsville, Tennessee 37070-1449 Street Address: 2001 Caldwell Drive Goodlettsville, Tennessee 37072 Phone: (615) 859-0131 • Toll-Free: (800) 831-4914 Fax: (615) 859-0324 The Plan Attorney is: MR. CHARLES L. BERGER Berger and Berger 313 Main Street Evansville, Indiana 47708 Phone: (812) 425-8101 (1)DEFINITIONSThis Summary Plan Description has been prepared in such a manner as to mini-mize the use of complex terms in an effort to assure that your pension benefits areexplained so that you can fully understand them and make use of them at theproper time. However, because some of the explanations included in this bookletrequire the use of specific terms, the words and phrases listed below have beendefined for you. A complete list of all the definitions included as a part of the Planis located in the rear portion of this booklet in a separate section which outlines theentire plan.ContributionsPayments made by an Employer to the Trust Fund on behalf of an Employee.The amount of Contributions paid to the Trust Fund is determined by the terms ofthe collective bargaining agreement in effect at the time the contributions becomepayable.Covered EmploymentWork performed by an Employee for which Contributions are required to be madeto the Trust Fund.DisabilityA physical or mental condition of an Employee which totally and permanentlyprevents him from engaging in any regular occupation or employment forremuneration or profit, and which occupation or employment would be inconsistentwith a finding of total and permanent disability. Proof of Disability satisfactory tothe Trustees must consist of:(a) Proof of entitlement to disability benefits from the Social Security Adminis- tration, in which case Disability will be considered to have commenced ef- fective with the date of entitlement to Social Security disability benefits, or(b) Proof of application for Social Security disability benefits, accompanied by (2)written statements from two physicians, in a form satisfactory to the Trustees, certifying the Employee’s Disability, in which case Disability will be considered to have commenced effective with the date the required documents are received.Employee“Employee” includes:(a) Any employee for whose employment an Employer is required to make Contributions to the Fund; or(b) Each full-time employee of the Union, provided the Union has executed a written agreement requiring Contributions to the Fund; or(c) Each full-time employee of a joint apprenticeship committee affiliated with the Union, provided the committee has executed a written agreement requiring Contributions to the Fund.“Full-time” employee means an employee who is employed for a minimum ofthirty hours per week or who has completed 1,000 hours of service within a PlanYear, whichever is less.“Employee” excludes any individual on whose behalf Contributions received bythe Fund are required to be transferred to another fund under the terms of areciprocity agreement.Employer“Employer” includes:(a) Any employer who is party to, or otherwise bound by, a Collective Bargain- ing Agreement with the Union providing for payments to the Fund for Em- ployees represented by the Union.(b) On execution of a written agreement requiring Contributions to the Trust Fund, the Union, the Trustees and any joint apprenticeship committee affili- ated with the Union will each be considered an Employer with respect to their Employees. (3)Individual AccountA record established and maintained for each Employee to record the Contribu-tions made on his behalf including any adjustments made to an Employee’s account.Industry EmploymentGenerally means work by a former Employee in a job classification or trade activ-ity within the jurisdictional area of the Union for which no Contributions are madeto the Trust Fund. This includes but is not limited to self-employment and employ-ment for an employer not required to make Contributions to the Trust Fund.Investment YieldThe net gain or loss to the Trust Fund from investments.Plan or Retirement PlanThe plan of benefits of the Plumbers and Steamfitters Local 184 SupplementalPension Plan.Plan YearThe Plan Year, for purposes of maintaining hours worked and Contributions madeon behalf of Employees, is January 1 to December 31 of each Calendar Year.RetireAn Employee’s completely ceasing Covered Employment and Industry Employ-ment, for any reason, for a minimum period of thirty consecutive days, as verifiedto the satisfaction of the Trustees by the Union.Trust or Trust FundThe Trust Fund of the Plumbers and Steamfitters Local 184 Supplemental PensionPlan.UnionPlumbers and Steamfitters Local Union No. 184, Paducah, Kentucky. (4)Valuation DateFor the purpose of issuing quarterly statements to Employees, the last businessday of each calendar quarter (each March 31st, June 30th, September 30th andDecember 31st), and, for all other purposes, each business day (Monday throughFriday, excluding holidays). (5)EXPLANATION OF INDIVIDUAL ACCOUNTSEstablishment of Individual AccountsIf you become employed by an Employer required to pay Contributions to thisFund in your behalf, an Individual Account will be established in your name. YourIndividual Account will be maintained in the records of the Fund to record theContributions paid to the Fund in your behalf and the investment earnings creditedto your account. The account records will also reflect the amount of any adminis-trative expenses charged against your Individual Account.Valuation of Individual Accounts and Account StatementsThe investments in your Individual Account are valued at the close of each busi-ness day. As soon as practical following the close of each calendar quarter, anIndividual Account statement will be issued reflecting updated balances, includ-ing Employer Contributions made in your behalf as well as administrative ex-penses charged to your account.VestingThe balance in your Individual Account is automatically vested and cannot beforfeited. However, your account balance will change due to investment gains andlosses and the deduction of administrative expenses.Investment ElectionsThe Trustees have established several different investment alternatives in whichyou may choose to invest all or a part of your Individual Account balance. You willbe advised from time to time by the Trustees as to what investment options areavailable and how to go about transferring funds into and among those investmentalternatives. Your quarterly statements will keep you apprised as to the perfor-mance of those different investment vehicles as well as inform you as to whatportion of your account balance is invested in each.If you do not choose one or more investment alternatives, your Individual Accountwill be invested in the investment alternative which has been chosen by the Trust-ees for that purpose. (6)ELIGIBILITY FOR BENEFITSBenefits can be paid under the Plan only under the following circumstances.Until an Employee, or his beneficiary or surviving spouse, becomes eligible forone of the following benefits, the Employee’s Individual Account balance will beretained under the Plan.Normal RetirementAn Employee whose Covered Employment terminates for any reason will be eli-gible to receive a Normal Retirement benefit upon attainment of age sixty-two(62). However, the benefit will not be paid until the Employee has made writtenapplication for the benefit.An Employee can qualify for receipt of a Normal Retirement benefit only once perPlan Year. An Employee who terminates employment and receives a NormalRetirement benefit during a Plan Year, and who returns to Covered Employmentduring that same Plan Year, cannot qualify to receive an additional NormalRetirement Benefit until the first day of the following Plan Year, and then onlyupon termination of Covered Employment.Early RetirementAn Employee who Retires will be eligible to receive an Early Retirement benefitupon attainment of age fifty-five (55) or at any time thereafter. However, the benefitwill not be paid until the Employee has made written application for the benefit.An Employee can qualify for receipt of an Early Retirement benefit or NormalRetirement benefit only once per Plan Year. An Employee who Retires and receivesan Early Retirement benefit during a Plan Year, and who returns to CoveredEmployment during that same Plan Year, may not receive an additional EarlyRetirement benefit or a Normal Retirement benefit until the first day of the followingPlan Year, and then only upon once again qualifying for the benefit.Disability RetirementAn Employee whose Covered Employment and Industry Employment haveterminated by reason of Disability, as defined in this booklet, will be eligible toreceive a Disability Retirement Benefit upon becoming eligible for a Social Security (7)disability benefit, or upon applying for a Social Security Disability benefit andfurnishing the Fund office with two physicians’ statements certifying the Disability.Refer to the definition of Disability for additional information.Pre-Retirement Death BenefitIf an Employee dies before receiving a Normal, Early or Disability Retirementbenefit, his Individual Account balance will be paid to his surviving spouse or, ifno spouse survives him, to his beneficiary.Cash-Out BenefitAn Employee whose employment terminates will be eligible to receive a Cash-Out distribution of his entire account balance, provided:1. He fails to work any hours of employment for any Employer for a twelve consecutive calendar month period; and2. His account balance does not exceed $5,000 at the time he qualifies for a Cash-Out benefit. (8)AMOUNT AND METHODS OF BENEFIT PAYMENTSAmount of BenefitWhen an Employee qualifies for a Normal, Early or Disability Retirement or aCash-Out benefit, or his spouse or beneficiary qualifies for a Pre-Retirement Deathbenefit, the benefit payable will equal the total value of the Employee’s IndividualAccount balance as of the last Valuation Date plus any Contributions due sincethat date. The benefit will be payable in one of the forms outlined in the followingsection.Method of Payment1. Joint and 50% Survivor Annuity (Automatic Form For Married Employees): If you are legally married at the time payment of your benefit is scheduled to begin, the Trustees will purchase an annuity in your behalf unless you and your spouse elect jointly in writing to receive one of the optional forms of payment described on the following pages. The annuity will be an immediate Joint and 50% Survivor Annuity under which your spouse is named as the contingent annuitant. The benefit will be paid to you monthly for your lifetime. If you predecease your spouse, 50% of your monthly benefit will be continued to your surviving spouse for the remainder of her lifetime. To waive the Joint and 50% Survivor Annuity, your spouse must consent to the specific form of benefit, and her written consent must be witnessed by a notary public or a Plan representative. Within a reasonable period of time before your benefit is scheduled to begin, you will be furnished with a description of the Joint and 50% Survivor Annuity and of the optional forms of payment. You and your spouse may elect to waive the Joint and 50% Survivor Annuity, or to revoke such waiver, any time before benefits actually begin.2. Single Life Annuity (Automatic Form For Single Employees): If you are single at the time payment of your benefit is scheduled to begin, unless you elect one of the optional forms of payment described below, the (9)Trustees will purchase for you from a legal reserve life insurance company an immediate Single Life Annuity. This form of payment provides for monthly payments to you for the remainder of your lifetime.3. Lump Sum Payment Option: If you are not married at the time payment of your benefit is scheduled to begin, or, if married, you and your spouse have elected this form of benefit as outlined under section 1. above, you may waive the Automatic Form of benefit and choose instead to receive a single lump sum amount equal to your Individual Account balance. If you qualify for a Cash-Out Distribution, the benefit will automatically be paid in a single lump sum amount.4. Joint and 75% Survivor Annuity (Optional Form for Married Employees): If you are legally married at the time payment of your benefit is scheduled to begin, you and your spouse may elect, in the manner described in 1. above, to waive the Joint and 50% Survivor Annuity form of payment and choose instead to receive a Joint and 75% Survivor Annuity with your spouse named as the contingent annuitant. The benefit will be paid to you monthly for your lifetime. If you predecease your spouse, 75% of your monthly benefit will be continued to your surviving spouse for the remainder of her lifetime.5. Partial Lump Sum Payment Option: If you are not married at the time payment of your benefit is scheduled to begin, or, if married, you and your spouse have elected this form of benefit as outlined under section 1. above, you may choose to receive one or more annual partial lump sum payments directly from the Fund, subject to the following conditions: (a) Your Individual Account must equal or exceed $25,000 as of the date of your retirement; and (b) Each partial lump-sum payment must equal or exceed the greater of $5,000 or 10% of your remaining Individual Account balance as of the date of the payment; and (10)(c) If your remaining Individual Account balance after one or more lump- sum payments have been made is less than $10,000, any subsequent payment must equal the balance of your Individual Account. You must make application for each payment. Written spousal consent will apply only to the payment for which application is made. A separate spousal consent will be required for each subsequent partial payment. Any Individual Account balance remaining after a partial lump-sum payment may be received in one of the other payment forms outlined in this section, as applicable.6. Payment Method for Death Benefits If you are the surviving spouse of an Employee and you qualify for a Pre- Retirement Death Benefit, you may choose to receive your benefit either in the Single Life Annuity form under 2. above or as a Lump Sum Payment as described in 3. above. If you are a non-spousal beneficiary, the Pre-Retirement Death Benefit will automatically be paid in a Lump Sum Payment. (11)PROJECTED AMOUNTS OF BENEFITSAs previously explained, you may elect to receive your retirement benefit in alump sum payment, or you may request that the Trustees purchase an annuity inyour behalf. The following are examples of projected benefits based on differentlengths of service and rates of return, and the examples assume that you will work1,800 hours in each year with an hourly contribution rate of $3.50. These are onlyestimates, and your actual retirement benefit will of course vary based on yourindividual work experience and date of retirement as well as future adjustments inthe contribution rate and actual investment returns.At an Annual Return of 6% Years of Plan Participation 20 Years 25 Years 35 YearsTotal Contributions $126,000 $157,500 $220,500Lump Sum Benefit $245,654 $366,385 $744,161Monthly Single Life Annuity: $ 1,144 $ 1,707 $ 3,467 Employee Age 55 $ 1,293 $ 1,929 $ 3,918 Employee Age 62Monthly Joint and 50% Survivor $ 1,074 $ 1,602 $ 3,254 Annuity: $ 1,176 $ 1,754 $ 3,563 Employee Age 55, Spouse Age 50 Employee Age 62, Spouse Age 57 $ 1,045 $ 1,559 $ 3,166Monthly Joint and 75% Survivor $ 1,127 $ 1,681 $ 3,415 Annuity: Employee Age 55, Spouse Age 50 Employee Age 62, Spouse Age 57 (12)At an Annual Return of 7% Years of Plan Participation 20 Years 25 Years 35 YearsTotal Contributions $126,000 $157,500 $220,500Lump Sum Benefit $276,351 $426,362 $931,855Monthly Single Life Annuity: $ 1,287 $ 1,986 $ 4,341 Employee Age 55 $ 1,455 $ 2,245 $ 4,906 Employee Age 62Monthly Joint and 50% Survivor $ 1,209 $ 1,865 $ 4,075 Annuity: $ 1,323 $ 2,042 $ 4,462 Employee Age 55, Spouse Age 50 Employee Age 62, Spouse Age 57 $ 1,176 $ 1,814 $ 3,965Monthly Joint and 75% Survivor $ 1,268 $ 1,957 $ 4,277 Annuity: Employee Age 55, Spouse Age 50 Employee Age 62, Spouse Age 57At an Annual Return of 8% Years of Plan Participation 20 Years 25 Years 35 YearsTotal Contributions $126,000 $157,500 $ 220,500Lump Sum Benefit $311,364 $497,413 $1,172,444Monthly Single Life Annuity: $ 1,451 $ 2,317 $ 5,462 Employee Age 55 $ 1,639 $ 2,619 $ 6,172 Employee Age 62Monthly Joint and 50% Survivor $ 1,362 $ 2,175 $ 5,127 Annuity: $ 1,491 $ 2,382 $ 5,614 Employee Age 55, Spouse Age 50 Employee Age 62, Spouse Age 57 $ 1,325 $ 2,116 $ 4,989Monthly Joint and 75% Survivor $ 1,429 $ 2,283 $ 5,381 Annuity: Employee Age 55, Spouse Age 50 Employee Age 62, Spouse Age 57 (13)RECIPROCAL TRANSFERSIf you become employed as a traveler in the jurisdiction of another local union,you may be eligible to have the pension contributions paid in your behalf transferredback to the Plumbers and Steamfitters Local 184 Supplemental Pension Plan undera reciprocal agreement. A reciprocal transfer is simply a transfer of contributionsmade in behalf of a participant from one pension fund to another. The purpose ofreciprocal transfers is to assure that the contributions made to pension funds inyour behalf when you are working as a traveler are eventually credited to youraccount in your home fund. If you are a member of Local 184, your home fund isthe Plumbers and Steamfitters Local 184 Supplemental Pension Plan.In order to make sure that reciprocal transfers are made in your behalf, when youare traveling, you should always (1) make sure that the local union in whosejurisdiction you are working has accurate information regarding your home localand home fund, and (2) make sure that that local union’s pension fund has areciprocal agreement with your home fund. There is a national reciprocal agreementwhich is administered by the Plumbers and Pipefitters National Pension Fund underwhich most local union pension funds participate. This means that, if your homefund is signatory to the national agreement, and the fund to which you have traveledis also signatory, contributions will automatically be transferred in your behalf.Depending upon whether that local union also contributes to the National PensionFund, all or a part of the pension contributions will be transferred back to this fundand credited to your individual account. This fund is signatory to the nationalreciprocal agreement.If you travel to the jurisdiction of a local union with a pension fund which is notparty to the national reciprocal agreement, it may be possible for the trustees ofthis fund to enter into a separate reciprocal agreement with that pension fund sothat contributions can be transferred directly back to your home fund in your behalf.Therefore, you should inquire before traveling to the jurisdiction of another fundwhether there is a reciprocal agreement in effect. You can either make inquiry atthe local union, or call the Fund office at the phone number listed in this booklet.The Fund office staff will be happy to assist you in determining whether a particularlocal union pension fund has a reciprocal agreement in effect with this fund. (14)BENEFICIARY DESIGNATIONEach Employee may designate a primary beneficiary or beneficiaries and acontingent beneficiary or beneficiaries to receive any benefit that may becomepayable under this Plan because of his death. The designation must be made onforms furnished by the Trustees and will not be effective until filed with the Trustees.If any Employee or former Employee fails to designate a beneficiary or beneficiaries,or if all of his beneficiaries predecease him, the Employee will be deemed to havedesignated (1) his widow or her widower, or (2) his estate, in that order, as hisbeneficiary.The designation by a married Employee of anyone other than his spouse as hisbeneficiary will not be effective unless the spouse consents to that designation ona form which is available in the Fund office. MANDATORY PAYMENT OF BENEFITS ON RETIRING AFTER REACHING AGE 701/2Federal law requires that the payment of all benefits accumulated by an Employeeunder the Plan begin to be paid to the Employee by April 1 of the calendar yearfollowing the later of (1) the calendar year in which the Employee reachesage 701/2, or (2) the calendar year in which the Employee retires. There is nomandatory benefit commencement date as long as an Employee continues to accruebenefits and remains actively employed.It is your responsibility to make application for your benefit with the Fund office.Your failure to make such an application before the date described above willresult in a tax penalty in addition to the payment of normal income taxes. Wewould suggest that you contact a competent tax consultant for additional informationabout this requirement. (15)HOW TO APPLY FOR BENEFITSWhen you make application for any benefit, please do the following:1. You must complete an Application for Benefits form. This form must be completed regardless of the type of benefit you are requesting.2. You must furnish with your application for benefits a “proof of age” docu- ment which can include any of the following: (a) Birth Certificate (b) Church Record of Baptism (c) Marriage Certificate (if age is shown) (d) Passport (e) Elementary School Record (f) Registration or Voting Record (if age is shown) (g) Armed Forces Discharge (h) Social Security Records (i) Civil Service Records (j) Photo Driver’s License3. If you apply for disability benefits, the above two items must be complied with and you will also need to furnish either: (a) Proof of entitlement to Social Security disability benefits; or (b) Proof that you have applied for Social Security disability benefits, along with written statements from two physicians, in a form satisfactory to the Trustees, certifying your Disability as defined in this booklet.4. All necessary forms may be obtained at the Fund office.Please complete all forms fully and accurately, and call the Fund office if you haveany questions. (16)CLAIMS APPEAL PROCEDURESThe Trustees will make a determination as to the right of any person to a benefit. Inthe event an application for benefits is denied by the Trustees, the following proce-dures will apply. If claim is made for a Disability Retirement Benefit, and it isdenied because you have failed to satisfactorily establish proof of your Disability,it will be handled as outlined below. However, if it is denied for any other reason,the denial and any appeals rights will be the same as those established below forNormal Retirement Benefits, Early Retirement Benefits, Death Benefits andCash-Outs.1. Time Limits for Processing a Claim for Benefits– (a) Claims for Normal and Early Retirement Benefits, Death Benefits and Cash-Outs. The Trustees will furnish to you a written notice of an adverse benefit determination within 90 days following receipt of the claim, or, if the Trustees determine that special circumstances delay processing the claim, within 90 additional days thereafter. If special circumstances do require an extension, the Trustees will give you written notice within 90 days of receipt of the claim advising you of the special circumstances which require an extension of time and the date by which the Plan expects to make a decision. (b) Claims for Disability Retirement (If Denied for Failure to Establish Proof of Disability). The Trustees will furnish to you a written notice of an adverse benefit determination within 45 days following receipt of the claim, or, if the Trustees determine that an extension is necessary due to matters beyond the control of the Plan, within 30 additional days there- after. If the Trustees do determine that an extension is necessary, the Trustees will give you written notice within the first 45 days following receipt of the claim advising you of the special circumstances requiring the extension and the date by which the Plan expects to render a deci- sion. If, prior to the end of the first 30 day extension period, the Trustees determine that due to matters beyond the control of the Plan a decision cannot be rendered within that extended time, the period for making the determination may be extended by an additional 30 days, provided the Trustees notify you in writing, prior to the expiration of the first 30 day extension period, of the circumstances requiring the extension and the date by which the Plan expects to render a decision. (17)2. Notice of Denial– If an application for benefits is denied or partly denied for any reason, you or your authorized representative will be notified in writing within the time frame set forth in 1. above regarding the denial. This notice will set forth, in a manner calculated to be understood by you, all of the following information: (a) The specific reason or reasons for the adverse determination; (b) Reference to specific Plan provisions on which the determination is based; (c) A description of any additional material or information necessary for you to perfect the claim and an explanation of why such material or information is necessary; (d) A description of the Plan’s review procedures and the time limits appli- cable to such procedures, including a statement of your right to bring a civil action under section 502(a) of the Employee Retirement Income Security Act of 1974, as amended, following an adverse benefit deter- mination on review; and (e) If the claim is for Disability Retirement Benefits, and you have failed to establish proof of your Disability, a copy, free of charge, of any internal rule, guide, practice or procedure relied upon in making the adverse determination, or, if the applicable benefit determination is based on a medical judgment, an explanation of the scientific or clinical judgement applied to the terms of the Plan with respect to your medical circum- stances used in making the determination.3. Your Right to Appeal an Adverse Benefit Determination– You will have the right to appeal any adverse benefit determination and will be entitled to a full and fair review of the decision by the Board of Trustees, or by a committee appointed by them, as outlined below: (a) Time Limit for Filing an Appeal: (1) Claims for Normal and Early Retirement Benefits, Death Benefits and Cash-Outs. You will be given 60 days following receipt of an adverse benefit determination within which to file an appeal with the Trustees. (18)(2) Claims for Disability Retirement Benefits (If Denied Due to Fail- ure to Establish Proof of Disability). You will be given 180 days following receipt of an adverse benefit determination within which to file an appeal with the Trustees.(b) You will have the right to submit written comments, documents, records and any other information relating to your claim.(c) Disclosure of Documents, Records and Information on Appeal. Upon your written request, the Trustees will provide to you free of charge reasonable access to, and copies of, any document, record or other infor- mation which was relied on in making the benefit determination, or which was submitted, considered or generated in the course of making the ben- efit determination, without regard to whether the information was relied on in making the benefit determination, or which demonstrates compli- ance with the administrative process and safeguards required under these procedures in making the benefit determination. In the event of failure to establish proof of Disability if applying for Disability Retirement Benefits, the following additional information will be made available to you free of charge: any document, record or other information which constitutes a statement of policy or guidance with respect to the Plan concerning your diagnosis or establishment of dis- ability or degree of disability, without regard to whether such advice or statement was relied on in making the benefit determination.(d) Additional Provisions Applicable to Claims for Disability Retirement Benefits. In the event a claim for Disability Retirement Benefits is de- nied due to your failure to establish proof of your Disability, the Trust- ees, or a committee appointed by them, will: (1) Review the claim without giving deference to the initial benefit de- termination (in the event the Trustees or their committee were in- volved in the initial adverse benefit determination, the review will be conducted by an appropriate named fiduciary of the Plan who is neither the individual who made the adverse benefit determination nor the subordinate of such individual); (2) In deciding an appeal of any adverse benefit determination that was based in whole or in part on a medical judgement, consult with a (19)health care professional who has appropriate training and experi- ence in the field of medicine involved in the medical judgement; (3) Identify to you any medical or vocational expert whose advice was obtained in behalf of the Plan in connection with the adverse ben- efit determination, without regard to whether the advice was relied on in making the benefit determination; and (4) In selecting a health care professional for purposes of consultation as provided in (2) above, consult with an individual who was nei- ther consulted in connection with the adverse benefit determination that is the subject of the appeal, nor the subordinate of any such individual.4. Notice of Decision– (a) Timing of Hearing and Notice. A decision on an appeal will be made by the Trustees or their committee and communicated in writing to you within five days of the decision. The appeal will be reviewed at the meet- ing of the Trustees or their committee which immediately follows the Plan’s receipt of a request for review, unless the request for review is filed within 30 days preceding the date of such meeting. In such case, a benefit determination will be made no later than the date of the second meeting following the Plan’s receipt of the request for review, but in no instance more than 120 days following receipt of the appeal. (b) Content of Notice of Denial. The Trustees or their committee will pro- vide you with written notification of the Plan’s benefit determination on review. In the case of an adverse benefit determination, the notification will set forth, in a manner calculated to be understood by you: (1) The specific reason or reasons for the adverse determination; (2) Reference to the specific Plan provisions on which the benefit determination is based; (3) A statement that you are entitled to receive, 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 docu- (20)ment, record or other information will be considered relevant to a claim if such instrument: i. Was relied on in making the benefit determination; ii. Was submitted, considered or generated in the course of mak- ing the benefit determination, without regard to whether the document, record or other information was relied on in making the benefit determination; iii. Demonstrates compliance with administrative processes and safeguards designed to ensure and to verify that claim determi- nations are made in accordance with governing Plan documents and that, where appropriate, Plan provisions have been applied consistently with respect to similarly situated claimants; or iv. In the case of a claim for a Disability Retirement Benefit, con- stitutes a statement of policy or guidance with respect to the Plan concerning the denied benefit, without regard to whether such advice or statement was relied on in making the benefit determination; and(4) If the claim was made for Disability Retirement Benefits and you failed to establish satisfactory proof of your Disability: i. If an internal rule, guideline, protocol or other similar criteria was relied on in making the adverse determination, the specific rule, guideline, protocol or other similar criteria; ii. An explanation of the scientific or clinical judgement for the determination, applying the terms of the Plan to your medical circumstances; and iii. The following statement: “You and your Plan may have other voluntary alternative dispute resolution options, such as me- diation. One way to find out what may be available is to con- tact your local U.S. Department of Labor office and your state insurance regulatory agency.” (21)5. Rights Granted Hereunder Are Limited to One Appeal. In appealing an ad- verse benefit determination under these procedures, you may choose to make a written appeal, in which event the Plan’s administrative manager will present all documents in your behalf, or you may choose to personally appear before the Trustees for the purpose of presenting an appeal, or designate a represen- tative to appear in your behalf. Your appeals rights are limited to one written or personal appeal per denied claim.6. Compliance with Appeal Procedures. You may at your own expense have legal representation at any stage of these appeal procedures. The Trustees will interpret Plan provisions in a consistent and equitable manner. You will be required to exhaust these appeals procedures before proceeding to litigation. (22)QUESTIONS AND ANSWERS ABOUT THE PLANWhen do benefits start?Generally a Normal, Early or Disability Retirement benefit begins on the first dayof the month next following an Employee’s retirement date. Of course an Em-ployee must meet all of the other requirements for a retirement benefit as set forthin the Plan of Benefits, and there may be some delay involved due to the necessityof insuring that all Contributions due in the Employee’s behalf have been receivedby the Fund office. A Cash-Out benefit will generally be paid within three monthsfrom the date the Employee has both qualified for and applied for a benefit.When should an Employee apply for a benefit?To avoid delay in receiving his benefits, an Employee should file his applicationfor retirement benefits at least a month or two before he expects to retire.How does an Employee apply for a benefit?When an Employee decides to retire and apply for a retirement benefit, he shouldnotify the Fund office. He will be provided with a retirement application form andinstructions for submitting the application along with other required forms.How do Social Security Benefits affect the retirement benefits?These retirement benefits are in addition to Social Security benefits.Who administers the Pension Plan?The Plan is administered by a Board of Trustees. The Board of Trustees consists ofone Union Trustee and one Employer Trustee. The Board of Trustees has employeda professional administrative firm, Southern Benefit Administrators, Incorporated,to administer the Plan.How does an Employee become vested in his Individual Account balance?An Employee will be automatically “vested” in all contributions and investmentearnings that are credited to his Individual Account in accordance with the provi- (23)sions of the Plan. No amounts in which an Employee is vested can be forfeited.The only withdrawals from an Individual Account will be for the administrativecosts or for the payment of benefits.How will an Employee know the amount in his Individual Account?The administrator will furnish each Employee a detailed statement quarterly show-ing the current value of his account.If an Employee leaves the jurisdictional area of the plan, what happens to hisIndividual Account?An Employee’s Individual Account will continue to earn Investment Yield minusa share of the Retirement Plan’s administrative expense. When an Employee quali-fies for a Normal, Early or Disability Retirement Benefit or a Cash-Out Benefit, hemay apply for his benefits.When does an Employee have to pay income taxes?An Employee does not have to pay income taxes on Contributions or investmentearnings until he actually receives retirement benefits.Are the benefits covered by government insurance?No, the government does not insure any benefits from individual account pensionplans such as this.What determines the amount Employers contribute to the plan?Employers contribute at the rate set forth in the collective bargaining agreement.What happens to my benefits if I enter military service?The law requires that, if you enter uniformed military service, your benefits con-tinue to accrue under the Fund. In order to qualify for this benefit accrual, youmust enter active duty in the Armed Forces, the Army National Guard, the AirNational Guard, the Commissioned Corp of the Public Health Service, or similarduty, for a period of five years or less. If you satisfy the notification requirements,your benefits will continue to accrue under the Fund as though you had continuedto work in the jurisdiction of the Fund. (24)In order to qualify for this crediting of contributions, you must notify the Fundoffice in advance of the military service. Upon discharge or termination of theservice, you must apply for work through the local Union within the proper timelimit. For service of less than 31 days, you must be available for work on the firstfull day after your release from service. For service of 31 days or more but lessthan 181 days, you must apply for work within 14 days of your release. For serviceof 181 days or longer, you must apply for reemployment within 90 days after anhonorable discharge.May benefits be assigned?Benefits payable under the Plan are not subject in any manner to sale, transfer orany other type of assignment of benefits, voluntary or involuntary, except by aqualified domestic relations order. A qualified domestic relations order is a judgmentmade under a state domestic relations law relating to the provision of child support,alimony payments or marital property rights. In order to qualify as a domesticrelations order, a judgment is subject to other requirements regarding appropriatenotification to the Fund by the court and the manner in which your benefits areassigned by the court.Where can an Employee obtain more information about the plan?Additional information may be obtained by writing or calling the Fund office. Theaddress and telephone number of the Fund office appear in the front of this booklet. (25)RIGHTS OF PLAN PARTICIPANTSAs a participant in the Plumbers and Steamfitters Local 184 Supplemental PensionPlan, you are entitled to certain rights and protections under the Employee Retire-ment Income Security Act of 1974 (ERISA).ERISA provides that all Plan participants shall be entitled to:Receive Information About Your Plan and BenefitsExamine, without charge, at the Plan administrator’s office and at other specifiedlocations, such as worksites and union halls, all documents governing the Plan,including 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 andavailable at the Public Disclosure Room of the Employee Benefits SecurityAdministration.Obtain, upon written request to the Plan administrator, copies of documents gov-erning the operation of the Plan, including collective bargaining agreements, andcopies of the latest annual report (Form 5500 Series) and updated summary plandescription. The administrator may make a reasonable charge for the copies.Receive a summary of the Plan’s annual financial report. The Plan Administratoris required by law to furnish each participant with a copy of this summary annualreport.Obtain a statement telling you whether you have a right to receive a pension atnormal retirement age (age 62) and if so, what your benefits would be at normalretirement age if you stop working under the Plan now. If you do not have a rightto a pension, the statement will tell you how many more years you have to work toget a right to a pension. This statement must be requested in writing and is notrequired to be given more than once every twelve months. The Plan must providethe statement free of charge.Prudent Actions By Plan FiduciariesIn addition to creating rights for Plan participants, ERISA imposes duties upon thepeople who are responsible for the operation of the employee benefit plan. Thepeople who operate your plan, called “fiduciaries” of the Plan, have a duty to do soprudently and in the interest of you and other Plan participants and beneficiaries. (26)No one, including your employer, your union, or any other person, may fire you orotherwise discriminate against you in any way to prevent you from obtaining apension benefit or exercising your rights under ERISA.Enforce Your RightsIf your claim for a pension benefit is denied or ignored, in whole or in part, you havea right to know why this was done, to obtain copies of documents relating to thedecision 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 Plan documents or the latest annual report from the Planand do not receive them within 30 days, you may file suit in a Federal court. Insuch a case, the court may require the Plan Administrator to provide the materialsand pay you up to $110 a day until you receive the materials, unless the materialswere 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, youmay file suit in a state or Federal court. In addition, if you disagree with the Plan’sdecision or lack thereof concerning the qualified status of a domestic relationsorder, you may file suit in a Federal court. If it should happen that Plan fiduciariesmisuse the plan’s money, or if you are discriminated against for asserting yourrights, you may seek assistance from the U.S. Department of Labor, or you mayfile suit in a Federal court. The court will decide who should pay court costs andlegal fees. If you are successful the court may order the person you have sued topay these costs and fees. If you lose, the court may order you to pay these costs andfees, for example, if it finds your claim is frivolous.Assistance With Your QuestionsIf you have any questions about your Plan, you should contact the Plan administrator.If you have any questions about this statement or about your rights under ERISA,or if you need assistance in obtaining documents from the Plan administrator, youshould contact the nearest office of the Employee Benefits Security Administration,U.S. Department of Labor, listed in your telephone directory or the Division ofTechnical 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 responsibilitiesunder ERISA by calling the publications hotline of the Employee Benefits SecurityAdministration. (27)INFORMATION OF INTEREST AS REQUIRED BY THE EMPLOYEE RETIREMENT INCOME SECURITY ACT (ERISA)You most likely have heard about ERISA. ERISA stands for the EmployeeRetirement Income Security Act which was signed into law in 1974.This federal law establishes certain minimum standards for the operation ofemployee benefit plans including yours. The Trustees of your Plan, in consultationwith their professional advisors, have reviewed these standards carefully and havetaken whatever steps are necessary to assure full compliance with ERISA.ERISA requires that Plan participants and beneficiaries be provided with certaininformation about their benefits, how they may qualify for benefits, and theprocedure to follow when filing a claim for benefits. This information is presentedto you in this booklet.ERISA also requires that participants and beneficiaries be furnished with certaininformation about the operation of the Plan and about their rights under the Plan.This information follows:Type of PlanThis Plan is designed to provide you with income when you retire. It is legallydesignated as a defined contribution plan but is also called a money purchase planand Individual Account plan.This means that Employer contributions, which are based on the number of hoursyou work, are credited to an Individual Account on your behalf as are earnings onthe investments maintained in your Individual Account. At such time as you retireunder the Plan, the amount which has accumulated in your Individual Account isused to provide a benefit to you as you have elected in accordance with the termsof the Plan.Type of AdministrationAlthough the Trustees are legally designated as the Plan Administrator, they havedelegated the performance of the day-to-day administrative duties to a professionaladministrative firm, Southern Benefit Administrators, Incorporated. (28)Southern Benefit Administrators keeps the eligibility records, accounts for Employercontributions, processes applications, informs participants of Plan changes andperforms other routine administrative functions in accordance with Trusteedecisions.Plan SponsorsThis Plan is maintained under the terms of a collective bargaining agreementnegotiated by the Union with participating Employers.Employers who sign, or otherwise become bound by, an agreement are obligatedto contribute to the Plan and are considered “Plan Sponsors.” If any Employer isnot a party to a collective bargaining agreement, then he has no legal obligation tocontribute on your behalf. Consequently, in order to obtain benefits under thisPlan, you must be working for a “Plan Sponsor.”In most cases, your Union can tell you whether your Employer is a Plan Sponsor,but if there is any uncertainty, check with the Fund office.Specify the name of your Employer (or potential Employer) and the name of hiscompany or firm. The Fund office will tell you whether the Employer is a PlanSponsor and if he is, will furnish you with the Employer’s address as well as adviseyou if the Employer is making timely contributions to the Fund in your behalf.Source of ContributionsThe primary source of financing for the benefits provided under this RetirementPlan and the expense of Fund operations is Employer contributions. The hourlyrate of contribution is spelled out in the collective bargaining agreement negotiatedby the Union with participating Employers.Funding Medium For The Accumulation of Plan AssetsAll contributions and investment earnings are accumulated in a Trust Fund.Retirement benefits are paid directly from the Fund or annuities are purchased inbehalf of retiring Employees who so elect.Agent for Service of Legal ProcessEvery effort will be made by the Trustees of this Plan to resolve any disagreements (29)with Employees promptly and equitably. It is recognized, however, that on a fewoccasions some Employees may feel that it is necessary for them to take legalaction. Be advised that the following person has been designated by the Board ofTrustees as their Agent for service of legal process: Mr. Charles L. Berger Berger and Berger 313 Main Street Evansville, Indiana 47708Legal papers may also be served on the Board of Trustees collectively or individuallyas well as the Fund administrative manager.Plan Identification NumbersWhen filing various reports with the Internal Revenue Service, certain numbersare used to properly identify the Fund including:Employer Identification Number (EIN) assigned by the Internal Revenue Service . . . . . . . . . . . . . . . . . 62-1623030Plan Number . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 001Fiscal YearThe accounting records of this Plan are kept on the basis of a fiscal year whichends on December 31. (30)PLUMBERS AND STEAMFITTERS LOCAL 184 SUPPLEMENTAL PENSION PLAN PLAN OF BENEFITS As in Effect on January 1, 2011 (Originally Effective January 1, 1996)An Employee’s retirement rights are governed by the Plan of Benefits which appearsin the following pages. The first section of this booklet explains the RetirementPlan briefly. It is not complete. If any inconsistencies exist between the first sectionof this booklet and the actual Plan of Benefits, the Plan of Benefits as it may beamended from time to time shall prevail. INDEXArticle I PageArticle II Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32Article III Contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39Article IV Individual Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40Article V Eligibility for Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43Article VI Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45Article VII General Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62Article VIII Approval Under Internal Revenue Code . . . . . . . . . . . . . . . . . 72Article IX Amendment and Termination . . . . . . . . . . . . . . . . . . . . . . . . . 73 Maximum Limitations on Retirement Income . . . . . . . . . . . . 74 (31)ARTICLE I DEFINITIONSWhenever a word or phrase defined in this Article I is used herein, it shall have thesame meaning indicated herein unless a different meaning is plainly required bythe context. Definitions shall be designated by the capitalization of the initial letterin each defined word or the capitalization of the initial letter of each word in adefined phrase. Further, whenever a masculine pronoun is used herein it shall includethe feminine gender.1.1 Accumulated Share: The term “Accumulated Share” shall mean the sum of the value of an Employee’s Individual Account as of the latest preceding Valuation Date plus any Contributions received in his behalf after said Valuation Date.1.2 Annual Addition: The term “Annual Addition” shall mean, with respect to an Employee for a Plan Year, the sum for the Plan Year of (a) any Contributions credited to the Employee’s Individual Account pursuant to this Plan and (b) any amounts credited to his accounts under any other Defined Contribution Plans (whether or not terminated) maintained by his Employer as shall be considered “an- nual additions” within the meaning of Code Section 415(c)(2). For purposes of this Section, the term “Employer” shall include all other employers re- quired to be aggregated with the Employer under Code Sections 414(b) and 414(c), as applied in accordance with Code Section 415(h), and Code Sec- tions 414(m) and 414(o).1.3 Annuity Starting Date: The term “Annuity Starting Date” shall mean, with respect to an Employee or the beneficiary of a deceased Employee, the date on which an Employee’s Individual Account is paid to or on behalf of the Employee or beneficiary.1.4 Code: The term “Code” shall mean the Internal Revenue Code of 1986, together with its implementing regulations, as hereafter may be amended. (32)1.5 Collective Bargaining Agreement: The term “Collective Bargaining Agreement” shall mean any collective bargaining agreement existing between an Employer and the Union which provides for Contributions to the Fund, as well as any extensions, amendments or renewals thereof, or any new collective bargaining agreement executed in the future which provides for the payment of Contributions to the Fund as well as any extensions, amendments or renewals thereof.1.6 Compensation: The term “Compensation” shall mean, with respect to an Employee for a Plan Year, the total wages within the meaning of Code Section 3401(a), and all other compensation paid to the Employee (without regard to whether an amount is paid in cash) by an Employer during the Plan Year, including, but not limited to, salary, commissions, overtime pay and cash bonuses, as reported on the Employee’s federal income tax withholding statement (Form W-2). The term “Compensation” shall include the aggregate amounts contributed on behalf of the Employee during the Plan Year as elective contributions under any plan maintained by an Employer under Code Section 125, Code Section 402(g)(3) or Code Section 457. The term “Compensation” shall also include elective amounts that are not includible in the gross income of the Employee by reason of Code Section 132(f)(4). Additionally, “Compensation” shall include payments made by the later of 21/2 months after severance from employment or the end of the limitation year that includes the date of severance from employment, if absent 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 or compensation for services outside the Employee’s regular working hours (such as overtime or shift differential), commissions, bonuses or other similar compensation). Notwithstanding the foregoing, the Employee’s Compensation for the Plan Year shall not exceed the Compensation Limitation.1.7 Compensation Limitation: The term “Compensation Limitation” shall mean two hundred forty-five thousand dollars ($245,000), as adjusted pursuant to Code Section 401(a)(17)(B). (33)1.8 Contributions: The term “Contributions” shall mean payments made by an Employer to the Fund on behalf of an Employee in accordance with the provisions of Appendix I hereto.1.9 Covered Employment: The term “Covered Employment” shall mean employment performed by an Employee for an Employer for which Contributions are required to be made to the Fund on the Employee’s behalf.1.10 Defined Contribution Plan: The term “Defined Contribution Plan” shall mean a plan that provides for an individual account for each Participant and for benefits based solely on the amount contributed to the Participant’s account, and any income, expenses, gains, losses and forfeitures that may be allocated to the Participant’s account.1.11 Disability: The terms “Disability” or “Disabled” shall mean a physical or mental condition of an Employee which totally and permanently prevents such Employee from engaging in any regular occupation or employment for remuneration or profit, which occupation or employment would be inconsistent with a finding of total and permanent disability. Proof of Disability satisfactory to the Trustees must consist of: (a) Proof of entitlement to disability benefits from the Social Security Administration, in which case Disability shall be considered to have commenced effective with the date of such entitlement; or (b) Proof of application for Social Security disability benefits, accompanied by written statements from two physicians, in a form satisfactory to the Trustees, certifying the Employee’s Disability, in which case Disability shall be considered to have commenced effective with the date such proofs are furnished. (34)1.12 Employee: The term “Employee” shall mean and include: (a) Any employee with respect to whose employment an Employer is required to make Contributions into the Fund; or (b) Each full-time employee of the Union, provided the Union has executed a written agreement requiring Contributions to the Fund at the rate fixed for other participating Employers; or (c) Each full-time employee of the Fund, provided the Trustees have executed a written agreement requiring Contributions to the Fund at the rate fixed for other participating Employers; or (d) Each full-time employee of a joint apprenticeship committee affiliated with the Union, provided such committee has executed a written agreement requiring Contributions to the Fund at the rate fixed for other participating Employers. For purposes of sub-paragraphs (b), (c) and (d) above, “full-time” employee shall mean an employee who is employed for a minimum period of thirty (30) hours per week or who has completed one thousand (1,000) Hours of Service within a Plan Year, whichever is less. The term “Employee” shall exclude any individual on whose behalf Contributions received by the Fund are required to be transmitted to another fund in accordance with an applicable reciprocity agreement.1.13 Employer: The term “Employer” shall mean and include: (a) An Employer who is a party to, or otherwise bound by, a Collective Bargaining Agreement with the Union providing for the remittance of payments to the Fund with respect to Employees represented by the Union; and (b) Upon execution of a written agreement requiring Contributions to the (35)Fund, the Union, the Trustees and any joint apprenticeship committee affiliated with the Union shall each be considered an Employer with respect to their Employees. Such status as an Employer shall be solely for the purpose of making the required Contributions to the Fund and neither the Union, the Trustees nor any apprenticeship committee shall participate in the selection of any Employer Trustee.1.14 Fund: The term “Fund” shall mean the trust fund of the Plumbers and Steamfitters Local 184 Supplemental Pension Plan, together with all interest, refunds, or other sums payable to the Trustees, all monies received by the Trustees as Contributions, income from investments and any property received and held by the Trustees for the uses, purposes and trust set forth in the Trust Agree- ment under which the Fund is established.1.15 Hour of Service: The term “Hour of Service” shall mean: (a) All hours for which an Employee is paid or is entitled to be paid for the performance of duties for an Employer while covered under a Collec- tive Bargaining Agreement providing for Contributions to be made on such Employee’s behalf to the Fund; (b) All hours for which back pay is awarded or agreed to by an Employer to the extent that such back pay is intended to compensate an Employee for periods during which he was engaged in the performance of duties while covered under a Collective Bargaining Agreement providing for Contri- butions to be made on such Employee’s behalf to the Fund; (c) All hours for which an Employee actually works for an Employer in work not covered under a Collective Bargaining Agreement, provided such hours immediately precede or immediately follow hours worked in employment covered by a Collective Bargaining Agreement and only if between such periods of employment the Employee suffers no form of termination of employment with the same Employer; and (d) Each hour required to be credited for qualifying military service under Section 414(u) of the Internal Revenue Code. (36)All Hours of Service will be credited to the Plan Year during which they are worked or to which they apply regardless of when they are reported to the Trustees.1.16 Individual Account: The term “Individual Account” shall mean the account established and main- tained for each Employee to record the Contributions made on his behalf and the adjustments made thereto, as described herein.1.17 Industry Employment: The term “Industry Employment” shall mean employment by a former Employee for which no Contributions are made to the Fund but which occurs within the jurisdictional area of the Union and in a job classification or trade activity which would have constituted Covered Employment had such employment been performed for an Employer required to contribute to the Fund. Such employment shall include, but not be limited to, self-employment and employment for an employer not required to make Contributions to the Fund.1.18 Investment Yield: The term “Investment Yield” shall mean the net gain or loss to the Fund from investments, as reflected by interest payments, dividends, realized or unrealized gains and losses on securities, and other investment transactions. In determining the Investment Yield of the Fund for any period, assets shall be valued on the basis of their market value.1.19 Normal Retirement Age: The term “Normal Retirement Age” shall mean age 62.1.20 Participant: The term “Participant” shall mean an Employee or former Employee who is or may become eligible to receive benefits from the Fund. (37)1.21 Plan: The term “Plan” shall mean the Plan of Benefits of the Plumbers and Steamfitters Local 184 Supplemental Pension Plan as set forth herein.1.22 Plan Year: The term “Plan Year” shall be the period extending from each January 1 through the following December 31.1.23 Trustees: The term “Trustees” as used herein shall mean the Trustees designated in the Trust Agreement under which the Fund is established, or their successors designated and appointed in accordance with the terms of said Trust Agree- ment.1.24 Union: The term “Union” shall mean Plumbers and Steamfitters Local Union No. 184, Paducah, Kentucky.1.25 Valuation Date: The term “Valuation Date” shall mean, for the purpose of issuing periodic statements to Employees, the last business day of each calendar quarter, and, for all other purposes, shall mean each business day (each day, Monday through Friday, exclusive of holidays).1.26 Retire: The term “Retire” shall mean an Employee’s complete cessation of Covered Employment and Industry Employment, for any reason, for a minimum period of thirty consecutive days, as verified to the satisfaction of the Trustees by the Union. (38)ARTICLE II CONTRIBUTIONS2.1 Employer Contributions: Each Employer shall contribute to the Fund, to be held and administered by the Trustees in accordance with the terms of the Agreement and Declaration of Trust whereby the Trust is established, an amount for each Employee com- puted under and required by the terms of a Collective Bargaining Agreement or other written agreement in effect between the Employer and the Union.2.2 Employee Contributions: Employee contributions shall not be allowed under the Plan.2.3 Contributions for Differential Wage Payments: With regard to “Differential Wage Payments” as that term is defined in Sec- tion 3401(h)(2) of the Code, the following rules shall apply, regardless of any other provisions herein contained to the contrary: (a) An Employee receiving Differential Wage Payments from an Employer shall be treated as an Employee of the Employer for all purposes of the Plan; (b) Any contributions due the Plan with regard to Differential Wage Pay- ments shall be credited to the Employee for all purposes of the Plan; and (c) Differential Wage Payments shall be treated as “compensation” for pur- poses of calculating the limitation on contributions as required under Section 415 of the Code. (39)ARTICLE III INDIVIDUAL ACCOUNTS3.1 Establishment of Account: Each Employee shall become eligible to participate in the Plan and shall have an Individual Account established in his name as of the date Contribu- tions first become payable in his behalf in accordance with the provisions of Appendix I hereto.3.2 Purpose of Account: An Employee’s Individual Account shall be maintained in the records of the Fund for the purpose of recording the Contributions due the Fund in his behalf, net of any Contributions received from or paid to another trust fund under the terms of a reciprocal agreement, along with the Investment Yield credited in the Employee’s behalf and net of operating expenses and any benefits paid to or in behalf of the Employee.3.3 Valuation of Accounts: Each Employee’s Individual Account shall be valued on each Valuation Date, calculated as follows: (a) The value of the investments and cash held in each Employee’s Indi- vidual Account as of the Valuation Date, including current Contribu- tions due and not yet invested, as applicable; less (b) A uniform share of the Fund’s operating expenses, as calculated and apportioned periodically at the direction of the Trustees.3.4 Vesting Provisions: An Employee’s Individual Account shall at all times be one hundred percent (100%) non-forfeitable. Termination of Covered Employment by an Em- ployee for whom an Individual Account has been established shall not cause the Employee to incur any type of break in service under the Plan nor to forfeit any portion of the balance of his Individual Account. (40)3.5 Allocation of Investment Yield: Investment Yield shall be calculated and allocated to each Employee’s Indi- vidual Account on each Valuation Date based on the actual investment expe- rience of the Employee’s investments since the previous Valuation Date.3.6 Participant – Directed Investments: The Individual Account of each Employee shall be invested in accordance with the following: (a) Each Employee shall have the authority to direct the investment of all or any portion of his Individual Account into and among any one or more of such alternative investment options as shall be made available by the Trustees, subject to any rules as shall be established by the Trustees in order to promote an orderly investment program. (b) If an Employee fails to take affirmative action to invest all or any por- tion of his Individual Account, such account, or portion thereof, shall be invested in a default investment vehicle as shall be designated by the Trustees from time to time in accordance with applicable Federal Regu- lations.3.7 Restrictions on Individual Accounts: The establishment and valuation of an Employee’s Individual Account as of each Valuation Date shall not extend to any Employee or any other party any immediate right, title or interest in the Fund or its assets, or in the Employee’s Individual Account, except as otherwise provided herein.3.8 Cash-Out Distribution of Individual Account Balance: The Trustees shall provide for the cash-out distribution of an Employee’s Individual Account balance, under the circumstances described in this Sec- tion 3.8, where the employment of such Employee for an Employer has terminated. The Employee’s, or former Employee’s, employment for an Employer shall be deemed to have terminated as of the last day of any twelve consecutive month period during which the Employee fails to work any hours of employment for any Employer. (41)In the event the balance of the Individual Account of the Employee whoseemployment has terminated does not exceed $5,000.00 at the time of suchtermination, the Employee may make application, in a form satisfactory tothe Trustees, for the distribution of the entire balance in the Employee’s Indi-vidual Account, to be paid as a Cash-Out Distribution. Such distribution willbe made within three (3) months following application therefor.The amount to be distributed to the Employee shall be equal to the entirebalance of the Employee’s Individual Account as of the last Valuation Datepreceding the distribution. Should the Employee be credited with Contribu-tions after having qualified for a Cash-Out Distribution, but prior to the dateon which the distribution is actually paid, such Contributions shall be cred-ited to the Employee in the same manner as to every other Employee underthe Plan but will not be considered for purposes of the distribution.Should the employment for an Employer of an Employee whose IndividualAccount balance is in excess of $5,000.00 terminate, he will be entitled to adistribution of his Individual Account Balance only in accordance with otherSections of this Plan pertaining to Normal Retirement, Early Retirement,Disability Retirement and Pre-Retirement Death Benefits. (42)ARTICLE IV ELIGIBILITY FOR BENEFITS4.1 Normal Retirement: An Employee whose Covered Employment has terminated for any reason shall be eligible to receive a “Normal Retirement” benefit upon attainment of age sixty-two (62) or at any time thereafter. However, such benefit will not be paid until the Employee has made written application therefor as prescribed by the Trustees. An Employee may qualify for receipt of a Normal Retirement benefit only once per Plan Year. Therefore, an Employee who terminates employment and receives a Normal Retirement benefit during a Plan Year, and who returns to Covered Employment during that same Plan Year, may not qualify for receipt of an additional Normal Retirement Benefit until the first day of the following Plan Year, and then only upon termination of Covered Employment.4.2 Early Retirement: An Employee who Retires shall be eligible to receive an “Early Retirement” benefit upon attainment of age fifty-five (55) or at any time thereafter. How- ever, such benefit will not be paid until the Employee has made written ap- plication therefor as prescribed by the Trustees. An Employee may qualify for receipt of an Early Retirement benefit or Nor- mal Retirement benefit only once per Plan Year. Therefore, an Employee who Retires and receives an Early Retirement benefit during a Plan Year, and who returns to Covered Employment during that same Plan Year, may not qualify for receipt of an additional Early Retirement benefit or a Normal Retirement benefit until the first day of the following Plan Year, and then only upon once again qualifying for the benefit.4.3 Disability Retirement: An Employee whose Covered Employment and Industry Employment have terminated by reason of Disability shall be eligible to receive a “Disability Retirement” benefit upon making written application therefor. (43)4.4 Pre-Retirement Death Benefit: In the event of the death of an Employee who has not yet commenced receipt of a Normal, Early or Disability Retirement benefit, his surviving spouse, if any, shall be eligible to receive a “Pre-Retirement Death” benefit. In the event the Employee is not survived by a spouse, his beneficiary, as desig- nated in accordance with Section 6.2 hereof, shall be eligible to receive such benefit. Such benefit shall become payable immediately upon the death of the Employee, but contingent upon receipt of written application therefor as prescribed by the Trustees.4.5 Determination of Eligibility: The Trustees shall have sole discretionary authority to determine eligibility for benefits under the Plan. (44)ARTICLE V BENEFITS5.1 Method of Payment: (a) Joint and 50% Survivor Annuity (Automatic Form for Married Employees): If an Employee is legally married as of his Annuity Starting Date, the Trustees shall purchase from a legal reserve life insurance company, and distribute to the Employee, a single premium nontransferable contract unless the Employee and his spouse elect jointly in writing to receive one of the forms of payment described in Subsections (c), (d) and (e) hereof. Such contract shall be in the form of an immediate joint and 50% survivor annuity under which the Employee’s spouse is named as the contingent annuitant. (1) Explanation. Within a reasonable period of time before an Employee’s Annuity Starting Date, but no later than thirty (30) days before and no earlier than ninety (90) days before that date, the Trustees shall furnish to the Employee in writing a general, non- technical description of the joint and 50% survivor annuity and of the optional forms of payment available to him, which shall include: A. An explanation of the relative financial effect of the joint and 50% survivor annuity and the optional forms of payment; B. The fact that the joint and 50% survivor annuity shall be paid automatically unless it is waived; C. The Employee’s right to waive the joint and 50% survivor an- nuity and the effect of any such waiver; D. The requirement that the Employee’s spouse consent to any such waiver in the manner described in paragraph (6) hereof; E. The Employee’s right to revoke any such waiver and the effect of any such revocation; and (45)F. The Employee’s right to request in writing additional information.(2) Waiver. Subject to paragraph (6) hereof, an Employee may waive the joint and 50% survivor annuity by filing a written waiver with the Trustees within the ninety (90) day period ending on the Employee’s Annuity Starting Date. If the Employee had requested additional information pursuant to paragraph (1) above, the Employee shall have ninety (90) days beginning on the date the Trustees provide such information to waive the joint and 50% survivor annuity. If an Employee has a spouse, the Employee’s waiver of the joint and 50% survivor annuity shall not be effective unless the Employee’s spouse consents thereto in the manner described in paragraph (6) hereof.(3) Revocation of Waiver. An Employee who has elected to waive the joint and 50% survivor annuity may revoke the waiver by filing a written revocation with the Trustees within the ninety (90) day pe- riod ending on the Employee’s Annuity Starting Date or such later ninety (90) day period as may be applicable pursuant to paragraph (2) above.(4) Administrative Acceleration of Election Period. Notwithstanding paragraphs (1), (2) and (3) above, the Trustees may establish proce- dures in accordance with Code Section 417(a)(7) and any regula- tions promulgated by the Secretary of the Treasury thereunder whereby the written information described in paragraph (1) above may be provided to the Employee less than thirty (30) days before his Annuity Starting Date or on or after his Annuity Starting Date so long as the Employee shall have at least thirty (30) days to waive the joint and 50% survivor annuity and, if applicable, to revoke any such waiver.(5) Waiver of Election Period. Notwithstanding paragraphs (1), (2), (3) and (4) above, the Trustees may establish procedures in accordance with Code Section 417(a)(7) and any regulations promulgated by the Secretary of the Treasury thereunder whereby, subject to the spousal consent requirement described in paragraph (6) hereof, if applicable, the Employee shall be entitled to waive the thirty (30) (46)


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