The Pension Fund was established as the result of Collective Bargaining Agreements between Contributing Employers (“Employers”) and the Union. The Pension Fund consists of two retirement plans: the Local 445 Freight Plan and the Local 445 Construction Plan. These Plans are completely financed by Employer Contributions. Employees may not contribute to the Plan.

These Plans are administered by a Board of Trustees consisting of representatives of the Union and representatives of the Contributing Employers. They serve without compensation. The Pension Fund is a separate trust fund established for the purpose of paying benefits provided under the Plans. The Plans have been qualified by the Internal Revenue Service.

You are covered by a Plan if you are an Employee working under a Collective Bargaining Agreement between your Employer and the Union providing for contributions to this Pension Fund, or if you are an Employee of the Pension Fund, the Union, the Local 445 Welfare Fund, or any affiliated Fund which has signed a participation agreement with the Plan providing for contributions to the Pension Fund on your behalf. When this booklet refers to “you”, it assumes that you are an Employee covered by the Plan.

This booklet describes the provisions of the Local 445 Freight Division Pension Plan (the “Plan”) in effect as of January 1, 2009. Your benefit, however, is calculated under the Plan provisions in effect at the time you leave Covered Service. Therefore, if you left Covered Service prior to January 1, 2009, some of the benefits described in this booklet may not apply to you. If you fall into this category, the Fund Office can answer any questions about the provisions of the Plan in effect when you last worked in Covered Service.

The following are definitions of some of the terms used in the Plan and this booklet.

Collective Bargaining Agreement – A Collective Bargaining Agreement is a contract between the Union and a Contributing Employer that requires the Contributing Employer to pay contributions to the Fund on behalf of its Employees.

Contributing Employer – If you work for an Employer who is required to contribute to the Fund in accordance with a Collective Bargaining Agreement or a participation agreement, then your Employer is a Contributing Employer.

Contribution Period – The Contribution Period is the period of time during which your Employer is required to make contributions to the Fund.

Covered Service – If you work for an Employer who contributes to the Fund, in a job covered by a Collective Bargaining Agreement, you work in Covered Service. Covered Service includes periods of time before the Collective Bargaining Agreement required contributions to the Fund. Covered Service also includes employment by the Pension Fund, the Union, or any other Local 445 or affiliated benefit fund which has signed a participation agreement requiring contributions to the Fund on behalf of its Employees.

Employee – If you work for an Employer who is required to contribute to the Fund on your behalf under the terms of a Collective Bargaining Agreement or Participation Agreement, you are an Employee under the Plan.

Normal Retirement Age – Normal Retirement Age is age 65, or if later, the fifth anniversary of your Participation in the Plan.

Participant – You become a Participant in the Plan on the earliest January 1 or July 1 following a 12-month period during which you completed at least 1000 hours of work in Covered Service. You are also a Participant if you are receiving a pension or if you are a former Employee who has acquired a vested right to a pension under the Plan.

Plan Year – The Plan Year is the calendar year, from January 1 through December 31.

Pension Credits – Pension Credits are the units of credit, based on your periods of employment, which determine the amount of any pension you

Vesting Service – You will be credited with one year of Vesting Service for each Plan Year in which you work at least 1,000 hours in Covered Service. Your number of Years of Vesting Service determines whether you are vested under the Plan. Once you attain Vested status, you will not lose your right to a benefit under the Plan regardless of when you subsequently leave Covered Service.

Important: No pension benefits will be paid for any period before your application date. Failure to file early may result in a delay in receiving benefits and loss of monthly payments that would otherwise have been received. Submit your application 90 or more days prior to the date you want your pension to start. If you meet the requirements for benefit entitlement, your monthly pension will start the first day of the month following the later of:

…            For Normal Retirement:  your 65th birthday or the date you filed your application;

…            For Early Retirement:  the date you filed your application or your eligibility entitlement date.

For Disability Retirement:  submit your application as soon as possible. Do not wait until you receive your Social Security Disability Award. You must let the Fund Office know if you plan on applying for a Social Security Disability Award when filing your application for an Early Retirement Pension in order to maintain your right to convert to a Disability Pension. While waiting for your Social Security Disability Award, you may retire on an Early Retirement Pension, and, upon receipt of such Award, convert from the Early Retirement Pension to a Disability Pension. If you meet the requirements for disability benefit entitlement, your monthly pension will start the first day of the month following the later of:

…            Your application filing date; or

…            A six-month waiting period from the date you are certified as totally disabled.

Benefit application forms can be obtained from the Fund Office at:

 Stone Castle Road

Newburgh, NY 12550

Your application forms must be completed and returned to the Fund Office in order for the Board of Trustees to determine your entitlement to a benefit. If you submit an application which is not complete or lacks required supporting documents, you will be notified of what is necessary to complete your application.

HOW DO I BECOME AN ACTIVE PARTICIPANT IN THE LOCAL 445 FREIGHT DIVISION PENSION PLAN?

You become an active participant in the Local 445 Freight Division Pension Plan if you are an Employee working under a Collective Bargaining Agreement between your Employer and the Union providing for contributions to this Pension Fund, or if you are an Employee of the Pension Fund, the Union, the Local 445 Welfare Fund, or any affiliated Fund which has signed a participation agreement with the Plan providing for contributions to the Pension Fund on your behalf.

HOW DOES MY PARTICIPATION IN THE PLAN TERMINATE?

When you incur a permanent break in service, you will cease to be a participant of the Plan. A one-year break in service occurs in any Plan Year in which you do not complete at least 400 hours of work in Covered Service. If you have a one-year break in service before you have attained vested status, your previously earned years of vesting service and pension credits will be cancelled.  If you earned less than five years of vesting service, you will incur a permanent break in service after January 1, 1998, if you incur five consecutive one-year breaks in service.

HOW DOES MY PARTICIPATION IN THE PLAN BECOME REINSTATED?

If you lost your status as a Participant, you will again become a Participant when you return to covered service and work at least 400 hours. A one-year break in service can be restored if you earn one year of vesting service before incurring a permanent break in service.

One of the eligibility requirements for each of the pensions provided by the Plan is that you earn a certain amount of Pension Credits or Years of Vesting Service. Your Pension Credits also determine the amount of your monthly benefit. This section explains how you accumulate Pension Credits and years of Vesting Service, and also how you can lose Pension Credits and Vesting Service you have already accumulated if you have not yet become vested in the Plan.

HOW DO I EARN PENSION CREDITS?

You earn units of Pension Credit for periods of work in Covered Service both before and during the Contribution Period. The Contribution Period is the time during which your Employer was required to make contributions to the Pension Fund on your behalf.

Employment Prior to the Contribution Period

For periods before the Contribution Period, you were credited with Pension Credits for each calendar quarter in which you worked in Covered Service, provided:

?         Your service can be confirmed at the time of your retirement using your Social Security Earnings Report,

?         Your service credits are based on the rate included in the collective bargaining agreement between the Union and your Employer, and

?         You are credited with at least two years of Credited Service after your employer first began making contributions.

During the Contribution Period before January 1, 1976, you are credited with Pension Credits on the basis of your hours of work in Covered Service (jobs covered under agreements for which contributions to the Pension Fund were made on your behalf) according to the following schedule:

                400 but less than 800                                           .25

After December 31, 1975

For periods after December 31, 1975, you are credited with Pension Credits on the basis of your hours of work in Covered Service according to the following schedule:

You will not be entitled to Pension Credits for service credited to you as a Participant in the N.Y. Trap Rock/Tilcon defined benefit plan, the Tarkett defined benefit plan, the Callanan Industries defined benefit plan, or the West Point (Watson) defined benefit plan. The time worked with these employers may count toward vesting service as indicated on pages 12 and 13.

You may also earn Pension Credit for periods during which your Covered Service is interrupted for any of the following reasons:

You will receive Pension Credit during periods of temporary disability arising from an occupational accident or illness incurred from Covered Service compensated under a Workers’ Compensation Law, up to a maximum period of ½ Pension Credit per year for each separate and unrelated accident or illness. If, however, employer contributions are received on your behalf during the period you are compensated under a Workers’ Compensation Law, credit will be granted for the entire period.

You will receive Pension Credit during periods of temporary disability in which weekly disability benefits are paid through the Welfare Fund of Local 445, up to a maximum of ½ year for each disability.

You will receive Pension Credit during periods of service in the armed forces of the United States to the extent required by law. To protect your full rights, if you left Covered Service to enter military service, upon discharge for such military service you must apply for re-employment with your Employer within the time prescribed by law. You must bring your claim for credit for military service to the attention of the Trustees, and be prepared to supply the evidence that the Trustees will need in order to verify your rights.

WHAT IS VESTING SERVICE AND HOW DO I EARN IT?

Vesting Service determines when you have a non-forfeitable right to receive a pension benefit from the Plan. You earn Vesting Service at the same time you earn Pension Credit. You will be credited with one Year of Vesting Service for each Plan Year in which you work in Covered Service for 1000 hours or more.

If you worked for a Contributing Employer in a job not covered by this Plan and such employment directly follows (is “contiguous” with) Covered Service with the same Contributing Employer, you will continue to earn Vesting Service under this Plan for work in such contiguous non-Covered Service. Years of Vesting Service for such contiguous non-Covered Service, however, shall not be used to earn Pension Credit under this Plan and will not increase your pension benefit under the Plan. 

WHAT IS VESTED STATUS?

Vested status means you are vested in your rights under the Plan. Once your benefits become vested, you cannot lose your right to a pension from the Plan if you stop working in Covered Service, even if you have a Break in Service. You become vested when you meet any of the eligibility requirements for a Vested Pension (see page 28).

You will be credited with hours of service and years of vesting service as a Participant under the N.Y. Trap Rock/Tilcon defined benefit plan as of May 31, 1999, provided you became a participant of the Pension Fund Local 445 on June 1, 1999.

You will be credited with hours of service and years of vesting service as a Participant under the Tarkett defined benefit plan as of February 29, 2000, provided you became a Participant of the Pension Fund Local 445 on March 1, 2000.

You will be credited with hours of service and years of vesting service as a Participant under the Callanan Industries defined benefit plan as of August 31, 2000, provided you became a Participant of the Pension Fund Local 445 on September 1, 2000.

You will be credited with hours of service and years of vesting service if you were an employee at West Point, working for a West Point contractor (namely, Watson) for periods of service before August 1, 2002, provided you became a Participant of the Pension Fund Local 445 on August 1, 2002.

You will be credited with up to 5 Vesting Credits for periods before the Contribution Period for employment in Covered Service

WHAT IS A BREAK IN SERVICE?

If you have attained Vested status, you have a non-forfeitable right to a pension benefit. However, if you are not yet Vested and incur too many consecutive One-Year Breaks in Service, you may lose your Pension Credits and Vesting Service.

WHAT CONSTITUTES A ONE-YEAR BREAK IN SERVICE?

A One-Year Break in Service occurs in any Plan Year in which you do not complete at least 400 hours of work in Covered Service. If you have a One-Year Break in Service before you have attained Vested status, your previously earned Years of Vesting Service and Pension Credits will be cancelled.

A One-Year Break in Service can be restored if you earn One Year of Vesting Service before incurring a Permanent Break in Service. In other words, if you have a One-Year Break in Service, then in the next Plan Year you earn One Year of Vesting Service, the Pension Credit and Years of Vesting Service that were previously canceled by the One-Year Break in Service will be restored.

For example, during your first four years in Covered Service, you earned four Pension Credits and four years of Vesting Service, but during your fifth year you only worked 200 hours, therefore incurring a One-Year Break in Service. Then, during your sixth year, you worked 1,600 hours. Because you earned a Pension Credit and a year of Vesting Service after you incurred a One-Year Break in Service, the four Pension Credits and four Years of Vesting Service you earned prior to your Break in Service will be restored.

Service in non-Covered Service credited to you as a Participant in the N. Y. Trap Rock/Tilcon defined benefit plan, the Tarkett defined benefit plan, Callanan Industries defined benefit plan or the West Point (Watson) defined benefit plan will be counted in determining whether you have had a One-Year Break in Service.

Under the rules of the Plan, you cannot incur a One-Year Break in Service if you have attained Vested status. Therefore, if you have attained Vested status, your Pension Credits and your Years of Vesting Service can never be forfeited.

WHAT IS A PERMANENT BREAK IN SERVICE?

If you incur a Permanent Break in Service, you permanently lose, or forfeit, all previously earned Pension Credit and Years of Vesting Service. This lost Pension Credit and Vesting Service cannot be restored. If you have not attained Vested status, you will incur a Permanent Break in Service under the following rules:

Before 1976

You will have incurred a Permanent Break in Service if, before 1976, you failed to earn at least four quarters of Pension Credit in any three consecutive Plan Years.  Effective January 1, 1990, however, if you incurred a Permanent Break in Service before 1976, you may repair this Permanent Break in Service if you subsequently return to Covered Service and earn seven Pension Credits without incurring another Permanent Break in Service. However, even though you have repaired your Permanent Break in Service and restored your credits by returning to Covered Service and earning seven Pension Credits, your “separation” from Covered Service (i.e., two Consecutive One Year Breaks in Service, see page 26 for details) will NOT be repaired. Therefore, any Pension Credits earned prior to your “separation” from Covered Service will be calculated based on the amount corresponding to your Employer’s contribution rate just prior to your separation from Covered Service.

After January 1, 1976, but before December 31, 1984

During this period, you will have incurred a Permanent Break in Service if you had consecutive One-Year Breaks in Service that equaled or exceeded the number of Years of Vesting Service you earned prior to the Break. For example, if you earned four Years of Vesting Service and then incurred four consecutive One-Year Breaks in Service, your previously earned Pension Credits and Years of Vesting Service are permanently cancelled.

After January 1, 1985

Employees Whose Employment is Covered by a Collective Bargaining Agreement:

If you earned five or fewer Years of Vesting Service, you will incur a Permanent Break in Service after January 1, 1985 if you incur five consecutive One-Year Breaks in Service. If you have earned more than five but less than ten Years of Vesting Service, you will incur a Permanent Break in Service after January 1, 1985 if you incur consecutive One-Year Breaks in Service that equal or exceed the number of Years of Vesting Service you earned prior to the Breaks.

For example, if you leave Covered Service with two Years of Vesting Service and return to work after incurring four One-Year Breaks in Service, the earlier Vesting Service and Pension Credit you earned will be restored, whereas had you incurred five One-Year Breaks in Service, you would incur a Permanent Break in Service and all your previously earned Years of Vesting Service and Pension Credit would be cancelled. On the other hand, if you leave Covered Service with seven Years of Vesting Service and return after incurring six One-Year Breaks in Service, the seven Years of Vesting Service and Pension Credit would be restored, whereas had you incurred seven One-year Breaks in Service, you would incur a Permanent Break in Service and all your previously earned Years of Vesting Service and Pension Credit would be cancelled.

Employees Whose Employment is Not Covered by a Collective Bargaining Agreement:

If you have earned less than five Years of Vesting Service, you will incur a Permanent Break in Service after January 1, 1985 if you incur five One-Year Breaks in Service. As of January 1, 1989, if you are a “non-collectively” bargained” employee, you will become Vested in the Plan once you earn five Years of Vesting Service.

After January 1, 1998

Employees Whose Employment is Covered by a Collective Bargaining Agreement:

If you earned less than five Years of Vesting Service, you will incur a Permanent Break in Service after January 1, 1998 if you incur five consecutive One-Year Breaks in Service. If you have earned more than five Years of Vesting Service including earning one Hour of Service in Covered Service after December 31, 1997, you will attain Vested Status and not incur a permanent Break in Service.

Under the rules of the Plan, you cannot incur a Permanent Break in Service if you have attained Vested status. Therefore, if you have attained Vested status, your Pension Credits and your years of Vesting Service can never be forfeited.

ARE THERE EXCEPTIONS TO THE BREAK RULES?

Absences from Covered Service for certain reasons are treated as grace periods for which you will not incur a Break in Service:

?         Absence due to disability, up to a maximum of 12 quarters. Disability means total inability because of injury or illness to engage in creditable employment whether or not the injury or illness is compensable under the Workers’ Compensation Law.   You must submit proof of such disability to the satisfaction of the Board of Trustees.

?         Absence due to assignment by your Employer to employment (either as to nature and/or geographic location) not covered by the Pension Fund, provided you have credit for Covered Service for at least 12 pension quarters subsequent to such non-Covered Service.

?         Periods of employment outside the jurisdiction of Local 445, provided:

·         Such periods of outside employment are with a Teamster Local (including employment with an Employer who has a contractual agreement with Local 445, the terms of which do not provide for contributions to this Pension Fund), and

·         In the period immediately preceding such outside employment, you were in Covered Service with Local 445, and

·         In the period immediately subsequent to such outside employment, you were in Covered Service with Local 445, for which you earned a minimum of ten years (40 quarters) of service (five years if you earned an hour of service in Covered Service after December 31, 1997).

·         Your employment was with any of the Welfare and/or Pension Funds of Local Union 445.

?         Absence due to pregnancy, the birth of your child, placement of a child with you in connection with the adoption of a child, to care for your child immediately following his or her birth or placement, or absence due to a leave under the Family and Medical Leave Act, you will be credited up to a maximum of 501 Hours of Service. These hours will be applied to the Plan Year in which the absence begins if it will prevent you from incurring a One-Year Break in Service in that year, otherwise they will be credited to the following year.

?         Time spent in military service in the armed forces of the United States, to the extent required by law. To qualify, you may need to return to Covered Service within the required time period prescribed by the prevailing law at that time.

Eight different types of pensions are provided by the Plan:

·         Normal Pension

·         Thirty-Five Year Service Pension

·         Thirty Year Service Pension

·         Early Retirement Pension

·         Vested Pension

·         Deferred Vested Pension

·         Disability Pension

·         Partial Pension

All monthly pension benefit amounts shall be rounded to the next higher multiple of fifty cents, unless already a multiple of fifty cents. However, reciprocal benefits and benefits paid under the former Westchester Moving and Storage Division will not be rounded up.

WHAT IS A NORMAL PENSION AND HOW IS IT CALCULATED?

You are eligible for a Normal Pension if you meet the following requirements:

?         you have attained age 65, and

?         you have earned at least 10 Pension Credits, and

?         you have earned at least ½ Pension Credit within the two years immediately prior to the effective date of your retirement.

The amount of your monthly Normal Pension is determined by multiplying the number of Pension Credits you have earned by a monthly amount determined by the contribution rate paid by your Employer on your behalf. The following table lists the monthly amount per Pension Credit for the various Employer contribution rates, effective January 1, 1996. For Hourly Contribution Rates not included in the table, the Amount Per Pension Credit Earned will be interpolated. A maximum of 45 Pension Credits will be used to determine your monthly benefit. The maximum amount for 45 Pension Credits is listed in the third column of the table.

For example, if you retire with 20 Pension Credits and your employer is contributing to the Fund at a rate of $3.00 per hour, your monthly pension will be $67.40 multiplied by 20 Pension Credits, or $1,348.00.

                                         Amount per

             .15                                 12.30                                      553.50

             .18                                 14.70                                      661.50

             .25                                 18.40                                      828.00

             .30                                 22.10                                      994.50

             .40                                 25.60                                   1,152.00                 

             .50                                 27.30                                   1,228.50

             .60                                 28.80                                   1,296.00

             .70                                 30.40                                   1,368.00

             .80                                 32.00                                   1,440.00

             .90                                 33.70                                   1,516.50

           2.10                                 52.80                                   2,376.00

                                         Amount per

     Contribution                  Credit                         Payable Maximum 45

                                         Amount per

           9.90                               157.20                                   7,074.00

         10.00                               158.45                                   7,130.25

Generally, for any type of Pension provided through this Plan, the contribution rate used to determine the amount applied to your Pension Credit is based on the rate your Employer was contributing when you last worked in Covered Service. Different rules may apply if during the course of your Employment you switched Employers from an Employer contributing one contribution rate to an Employer contributing a higher or lower contribution rate. Furthermore, if you incur two consecutive One Year Breaks in Service (as described on page 13), you will be considered to have “separated” from Covered Service. If you have separated from Covered Service, the Pension Credit you earned before your separation from Covered Service will be calculated at the rate your Employer was contributing just before your separation.

If you believe you may fall into either of these categories, please contact the Fund Office for the details of the Plan.    

WHAT IS A THIRTY-FIVE YEAR SERVICE PENSION?

Effective January 1, 1998, a Participant may retire on a Service Pension commencing at any age if he has accrued at least thirty-five (35) Pension Credits.

The monthly amount of 35 Year Service Pension shall be computed in the same manner as the Normal Pension.

WHAT IS A THIRTY YEAR SERVICE PENSION?

Effective October 1, 1999, a Participant may retire on a Service Pension commencing at any age if he has accrued at least Thirty (30) Pension Credits.

The monthly amount of the 30 Year Service Pension shall be computed in the same manner as the Normal Pension.

HOW DO I RECEIVE A STANDARD EARLY RETIREMENT PENSION AND HOW IS IT CALCULATED?

You are eligible for a standard Early Retirement Pension if you meet the following requirements:

?         you have attained age 55, and

?         you have earned at least 15 Pension Credits, and

?         you have earned at least ½ Pension Credit within the two years immediately prior to the effective date of your retirement.

The monthly amount of your Standard Early Retirement Pension is determined by reducing the amount of the Normal Pension you would receive at age 65 by a percentage which is based on your age at the time you retire. The percentage by which your benefit is reduced is determined as follows:

?         1/16% for each month that you are younger than age 65, to a maximum of 60 months, and

?         1/8% for each month that you are younger than age 60, to a maximum of 24 months, and

?         1/4% for each month that you are younger than age 58.

            If you retire at age 63 with 20 Pension Credits, and at a benefit level which would pay          you $1,348 per month at age 65 ($67.40 x 20 Pension Credits), your Early Retirement Pension would be calculated as follows:

            Reduction Factor

Amount of Reduction                        1.5% x $1,348 = $20.22

Early Retirement Pension

If instead you retired at age 56 with 20 Pension Credits at a benefit level that would pay you $1,348 per month at age 65, your Standard Early Retirement Pension would be $1,176.50, calculated as follows:

$1,348 x 3.75% (age reduction factor for the

$1,348 x 3% (age reduction factor for the 24 months

        between age 58 and 60)                                               =    40.44

$1,348 x 6% (age reduction factor for the 24 months

        younger than age 58)                                                  =    80.88

                          Total Reduction Amount =                      $ 171.87

Early Retirement Pension:

$1,348 less $171.87 = $1,176.13, rounded up to $1,176.50

PLEASE NOTE: You must let the Fund Office know if you plan on applying for a Social Security Disability Award when filing for an Early Retirement Pension in order to maintain your right to convert to a Disability Pension.   

WHAT ARE SPECIAL EARLY RETIREMENT PENSIONS AND HOW ARE THEY CALCULATED?

1.     You can retire on a Special Early Retirement Pension that is not reduced from the amount you would have received at age 65 if you meet certain age and Pension Credit requirements, as follows:

UNREDUCED RETIREMENT AT AGE:	If YOU HAVE EARNED:
62	25 Pension Credits
Any Age	30 Pension Credits
Any Age	35 Pension Credits

2.        If you have earned the required number of Pension Credits for the 25 year early retirement pension, but you retire before age 62 as listed in the schedule above, your pension will be reduced as it would be for a Standard Early Retirement Pension, but the reduction would be calculated only from age 62 rather than age 65, and based on the following:

?        1/16% for each month that you are younger than age 62, to a maximum of 24 months, and

?        1/8% for each month that you are younger than age 60, to a maximum of 24 months, and

?        1/4% for each month that you are younger than age 58.

For example, if you have earned 25 Pension Credits and retire at age 59, your pension will be reduced from age 62, as follows:

   1/16% for each month that you are younger than age 62

            (to age 60):                                                24 months x 1/16% = 1.5%

   1/8% for each month that you are younger than age 60:

Because you have 25 Pension Credits, your pension will be reduced by a total of 3% from age 62, rather than the Standard Early Retirement Pension reduction of 5.25% from age 65.

WHAT IS A VESTED PENSION?

You are eligible for a Vested Pension regardless of your age when you cease to be employed in a job covered by the Plan, if you meet any one of the following requirements:

?         you have earned at least 5 years of Vesting Service provided you earned one Hour of Service in Covered Service after December 31, 1997, or

?         you are a Non-Collectively Bargained Participant, you have at least 5 years of Vesting service, and you have completed at least one hour of work in Covered Service on or after January 1, 1989, or

?         you have attained Normal Retirement age (later of Age 65 or the 5^th anniversary of your Participation in the Plan).

            If you have earned at least 15 Pension Credits, your vested Pension can begin no earlier than age 55. If you earned less than 15 pension Credits, your Vested Pension can begin no earlier than age 65.

            If your Vested Pension begins on or after you attain age 65, the monthly amount will be calculated in the same manner as a Normal Pension. If payment of your Vested Pension begins after age 55 but before 65, the monthly amount will be calculated in the same manner as for an Early Retirement Pension.

WHAT IS A DEFERRED VESTED BENEFIT?

You are eligible for a Deferred Vested Benefit if after September 1, 1963, but before December 31, 1975:

?         you attained age 45; and

?         you earned at least 15 Pension Credits as of the end of the Calendar Year in which you last worked in Covered Service.

            Your Deferred Vested Benefit can begin no earlier than age 55. If you choose to take your Deferred Vested Benefit before age 65, the monthly amount will be calculated in the same manner as for an Early     Retirement Pension.

IMPORTANT NOTE:

The Vested Pension and Deferred Vested Benefit are based on the benefit levels, early retirement reductions (if applicable), and rules in effect when you last earned Pension Credit. This rule applies to any Participant who separates from Covered Service.

DOES THE PLAN OFFER A DISABILITY PENSION AND HOW IS IT CALCULATED?

You may be eligible for a Disability Pension if you meet the following requirements:

?         you are Totally and Permanently Disabled as defined below, and

?         you have earned at least 15 Pension Credits, including 5 full years of Pension Credit during which contributions were required to be made to this Fund on your behalf or to an affiliated Pension Fund of Local 445 in the Westchester Moving and Storage Industry or Construction Division, and

?         your disability began while you were actively working in Covered Service under the jurisdiction of Local 445, or during a period in which you were registered as being available for active work in Covered Service, provided you had worked at least 400 hours in Covered Service in the 12-month period prior to becoming Totally and Permanently Disabled.

Please note: You should submit your application for a disability pension as soon as possible. Do not wait until you receive your Social Security Disability Award. You must let the Fund Office know if you plan on applying for a Social Security Disability Award when filing for an Early Retirement Pension in order to maintain your right to convert to a Disability Pension. If you meet the eligibility requirements for a Disability Pension, your benefits will be payable on the first of the month following the later of:

?         your application filing date; or

?         a six-month waiting period from the date you are certified as totally disabled.

You will be deemed Totally and Permanently Disabled only if:

?         you have been awarded Disability Benefits from the Social Security Administration; and

?         your disability is considered to be permanent and continuous for the remainder of your life; and

?         your disability resulted from an unavoidable cause and shall exclude a disability resulting from any of the following:

·         Habitual, excessive use of intoxicants or drugs;

·         Participation in any criminal act;

·         Work for an employer other than work in Covered Service;

·         Service in the armed forces of any country engaged in armed hostilities;

·         Intentional self inflicted injury;

·         You are unable to work in any other employment except for

        activity for which you will earn less than $150 per month.

In addition, if you apply for a Disability Pension, you may be required to submit to an examination by a physician or physicians selected by the Trustees and may be required to submit to re-examination periodically as the Trustees may direct to make a determination as to the status of your disability.

The Trustees will be the sole and final judges of Total and Permanent Disability, and of your entitlement to a Disability Pension, based on medical evidence and the provisions of the Plan.

In addition, while waiting for your Social Security Disability Award, you may retire on an Early Retirement Pension and, upon receipt of such Award, convert from the Early Retirement Pension to a Disability Pension. You must notify the Fund Office that you are applying to Social Security for a Disability Award when filing your application for an Early Retirement Pension in order to maintain your right to convert to a Disability Pension.

The monthly amount of the Disability Pension is calculated in the same manner as a Normal Pension. The Disability Pension will continue for life, provided you remain totally and permanently disabled to age 65. If you cease to be totally and permanently disabled before age 65, your Disability Pension will cease, starting with the first month after your disability ceased, although you may at that time (or later on) qualify for another type of pension under the Plan.

WHAT IS A PARTIAL PENSION?

If you earn Pension Credit with one or more “Related Funds” (i.e., Teamster Pension Funds that have signed the National Teamsters Reciprocal Agreement or a Reciprocal Agreement with Teamsters Local 445 Construction Division Funds), you may be entitled to a Partial Pension. You should contact the Pension Fund Office if you have worked under other Teamsters Funds, and your work history will be reviewed to determine if you are eligible for a Partial Pension.

Partial pensions were established for employees who would not be eligible for any pension because their years of employment were covered under different Teamster Pension Funds, or for employees whose pension from different Teamster Pension Funds, if provided independently, would be less than the amount they would have received had all their employment been covered under one Teamster Pension Fund.

To be eligible for a Partial Pension under the Plan, you must meet the following requirements:

?         you would be eligible for any type of Pension under this Plan had all your years of employment been covered under this Plan, and

?         you have at least two years of Vesting Service or Pension Credit under this Plan, and

?         you were found eligible and elect to receive a Partial Pension under this Plan and the Related Plan, and

?         you are not eligible for a pension, other than a Partial Pension, from a Related Plan or if you are, you have waived the pension from the Related Plan.

The amount of your Partial Pension shall be determined considering your Hourly Contribution Rate(s) under this plan and the other Local 445 Plans, and Pension Credit under this Plan. The benefit rate to be used in calculating your monthly pension is the amount associated with the Hourly Contribution Rate in effect when you last worked in covered service, as indicated in the chart beginning on page 7. The benefit amount is not rounded to the next higher multiple of fifty cents.

ADDITIONAL INFORMATION

For further details on any of the Pensions described in this booklet, please contact the Fund Office.

WHAT IS RETIREMENT?

When you stop working in Covered Service and begin receiving a pension benefit from the Plan, you are considered to be in retirement. While you are retired, you will receive monthly pension checks unless you resume work in Disqualifying Employment. Whether you are working in Disqualifying Employment depends upon your age and the type of work.

WHAT IS DISQUALIFYING EMPLOYMENT?

Before age 62 Disqualifying Employment is any kind of work regularly performed by a Participant in the Local 445 Pension Fund.   If you take this kind of work, your pension benefit will not be paid for the month or months in which you worked, plus six additional months. In addition, you must notify the Fund Office within 15 days following your return to such employment, or an additional six months of suspension will result.

After age 62   Disqualifying Employment is work in Covered Service in a craft or class covered by a Collective Bargaining Agreement in the geographic jurisdiction of the Union. Your pension benefit will not be paid for any month in which you work 40 hours or more in this type of employment. You must notify the Fund Office within 15 days following your return to such employment. However, after April 1 following the year in which you reach age 70-1/2, your benefit will not be suspended for any reason.

Except for these limitations, you will be free to work at anything else, without affecting your pension. If you need assistance in determining whether a job is considered to be Disqualifying Employment, please contact the Fund Office.

In addition, the Trustees may request that you provide copies of tax returns, W-2’s, etc., to verify employment and earnings. Failure to comply with such a request may result in a suspension of your monthly benefit.

WHAT HAPPENS IF YOU WERE PAID PENSION BENEFITS WHILE YOU WERE WORKING IN DISQUALIFYING EMPLOYMENT?

If you were paid a benefit during any month in which your benefits should have been suspended under the above rules, the Plan will deduct that amount from your future benefit payments once your payments from the Plan resume. If you have reached normal retirement age, the deduction will not exceed 25% of your monthly benefit, except that up to 100% of the first 3 payments after resumption from suspension may be made to recoup the overpayment. If you die before the Plan can recoup the entire amount of payments made while you worked in Disqualifying Employment, the benefit payments to your surviving spouse or beneficiary, if any, are subject to up to a 25% deduction until the overpayment is recovered by the Fund.

CAN YOU CONTINUE TO EARN ADDITIONAL CREDIT IF YOU RETURN TO COVERED SERVICE?

If you return to Covered Service, regardless of whether it is considered “disqualifying”,you are eligible to accrue additional Pension Credit, up to the maximum number of Pension Credits available under the Plan. If your pension benefit was suspended during your return to Covered Service, any additional benefits will be payable when you cease such work or April 1 following the year you attain age 70-1/2. If your pension benefit was not suspended during your return to Covered Service, any additional benefits you earn during each Plan Year will be determined at the end of that Plan Year and will be payable as of February 1 of the following year.

If you are married, your benefit will be paid in the form of a 50% Husband-and-Wife Pension, unless you and your spouse reject this form of payment as described below. If you are not married, or if you and your spouse reject the 50% Husband-and-Wife Pension and you do not elect another optional form of payment, your benefit will be paid in the form of a 36 Month Guarantee.

WHAT IS A 50% HUSBAND-AND-WIFE PENSION AND HOW IS THE MONTHLY BENEFIT DETERMINED?

If you are married when you retire, the automatic form of payment is the Husband-and-Wife Pension. All benefits will be paid in this form unless you and your spouse properly reject it or if you are not married. Under the 50% Husband-and-Wife Pension, you will receive a reduced monthly benefit payable during your lifetime. Upon your death, your spouse will receive 50% of the monthly benefit amount throughout his or her lifetime.

In order to provide this coverage for your spouse, the amount of your pension will be reduced. The amount of the reduction depends on the difference between your age and your spouse’s age at the time you begin receiving your pension benefits. If you are receiving any pension other than a Disability Pension, you will receive 89% of your monthly pension minus .4% for each full year that your spouse’s age is less than yours, or plus .4% for each full year that your spouse’s age is greater than yours. If you retire on a Disability Pension the percentage of your monthly benefit will be 79% plus or minus .4%. Regardless of the type of Pension you receive, the resulting percentage will be no greater than 99%.

For example, assume you retire at age 65 and your Regular Pension amount is $1,904. Your wife is 62 years old. Because your wife is three years younger than you, your 50% Husband-and-Wife Pension will be 87.8% of your Regular Pension amount, and you will receive $1,672 a month for your lifetime. When you die, your spouse will continue to receive a monthly pension in the amount of $836 (50% of the amount you were receiving) for as long as he or she lives.

You should be aware that your benefits are automatically paid in the form of a 50% Husband-and-Wife Pension unless you and your spouse reject this type of benefit. Your spouse must consent to the rejection of the 50% Husband-and-Wife Pension in writing, witnessed by a notary public, and also consent to any beneficiary you designate.

The 50% Husband-and-Wife Pension may also be waived if you cannot locate your spouse or your spouse’s consent cannot be obtained due to extenuating circumstances. In these situations, you must submit appropriate proof as requested by the Trustees.

To be entitled to a 50% Husband-and-Wife Pension, you and your spouse must be married to each other throughout the year ending with the date you begin receiving your pension benefits, or on the date of your death. If you marry within twelve months prior to retirement, you can receive the 50% Husband-and Wife Pension. However, if you die before you were married for a full year, your surviving spouse will not receive the survivor’s pension. Once your pension benefits begin, you cannot change your decision about the 50% Husband-and-Wife Pension.

ARE THERE OPTIONAL FORMS OF BENEFIT PAYMENT?

If you and your spouse reject the 50% Husband-and Wife Pension, you may elect the 100% Joint and Survivor Option. Under this form of payment, your spouse will continue to receive the same amount you were receiving at the time of your death, rather than one-half of this amount. Because your spouse will be receiving a greater benefit under this option, your pension will be further reduced from what it would be as a 50% Husband-and-Wife Pension.

Under this optional form, if you are receiving any type of Pension other than a Disability Pension, you will receive 80% of your monthly benefit minus .6% for each full year that your spouse’s age is less than yours, or plus .6% for each full year that your spouse’s age is greater than yours. If you are receiving a Disability Pension, you will receive 64% of your monthly benefit plus or minus .6%. Regardless of the type of Pension you receive, however, the resulting percentage will be no greater than 99%.

For example, assume you retire at age 65, and your Regular Pension amount is $1,904. Your wife is 62 years old. Because your wife is three years younger than you, your Pension under the 100% Joint and Survivor option will be 78.2% of your Regular Pension amount, and you will receive $1,489 a month for your lifetime. When you die, your spouse will continue to receive a monthly pension in the amount of $1,489 (100% of the amount you were receiving) for as long as he or she lives.

You may also elect to add a Pop-up Option if you take your benefit in the form of a 50% Husband-and-Wife Pension or under the 100% Joint and Survivor option. Under the Pop-up option, the 50% Husband-and-Wife (or 100% Joint and Survivor) Pension is paid in the standard way, as a reduced lifetime benefit for you with 50% (or 100%) of the monthly benefit paid to your spouse for his or her lifetime after your death. However, should your spouse die before you do, the monthly amount you had been receiving would “pop-up” to the amount you would have been receiving had your pension never been reduced for the 50% Husband and Wife Pension or 100% Joint and Survivor option. You would begin to receive unreduced monthly payments for the remainder of your life.

The amount of the reduction in your benefit would be one percent greater under this option than under the standard 50% Husband-and-Wife or 100% Joint and Survivor reductions.

If your spouse predeceases you, the amount of your pension will be increased to the full amount otherwise payable as of your benefit commencement date plus the dollar amount of any applicable pensioner increases.

If you retire under any of the Pension Plans on a Regular, Early Retirement, or Disability Pension, you are not married (or your benefit is not being paid as a 50% Husband-and-Wife Pension or a 100% Joint and Survivor Benefit), and you die before receiving 36 monthly payments, a benefit will be payable to your beneficiary. The benefit will be the balance of any monthly payments due, computed so that the total of payments made to you and to your beneficiary equal 36 times the amount of your monthly benefit. The amount of the benefit will be paid to your beneficiary in a lump sum.

You may designate any of the following individuals to be the beneficiary of this benefit:

?             your spouse;

?             your unmarried dependent child or children at home, provided they are under age 19, or under age 24 if they are attending an accredited educational institution. Dependent children who are unmarried and mentally or physically handicapped and living at home may be designated as a beneficiary regardless of age;

?             your surviving parent or parents who are dependent upon you for support and maintenance within the meaning of the United States Internal Revenue Code.

If no one in any of the above classes survives you, then no further benefits will be paid.

WHAT IS THE SOCIAL SECURITY LEVEL INCOME OPTION?

Social Security benefits are not payable until age 62. If you retire before age 62 on an early Retirement Pension, you may elect to receive a larger benefit prior to age 62 with the understanding that a smaller benefit will be provided after age 62 when Social Security benefits become payable. The effect of this option will be to provide a benefit, including Social Security payments, which will be constant during the entire retirement period.

This option may be elected only if you are single or both you and your spouse reject the Husband-and-Wife Pension as described above. This option cannot be revoked once payments begin.

Please note that this option is based on your projected Social Security benefits. The Plan cannot guarantee your eligibility for or the ultimate amount of your Social Security benefits. You, not the Plan, are responsible for ensuring that you begin to receive your Social Security benefits in a timely manner.

The following factors are used to calculate your benefit under the Social Security Level Income Option, before and after age 62:

             Age                           Table 1                   Table 2

                56                            .6688                         1.0

                57                            .7126                         1.0

                58                            .7602                         1.0

                59                            .8122                         1.0

                60                            .8691                         1.0

                61                            .9315                         1.0

Please note that the above factors are updated annually.

For example, suppose you retire on your 57^th birthday with a Standard Early Retirement Benefit of $1,000 per month and that your estimated Social Security benefit at age 62 is $600 per month. Using the table of factors above, your benefit would be calculated as follows:

2) Table 1 factor x monthly social security

4) Item 3 – Social Security Benefit

                1,427.56 - $600                                                       =   $   827.56

Monthly Benefit Payable from the Plan from age 57

Monthly Benefit Payable from the Plan on or after

    Age 62:                                                                              =   $   827.56

Your Standard Early Retirement benefit of $1,000 is increased by $427.56, giving you a monthly benefit of $1,427.56 up to age 62. After age 62, when you start receiving your Social Security payments, your pension payment is reduced to $827.56. Accordingly, your total monthly income remains constant throughout your years of retirement, as shown in the chart below.

	Before Age 62	After Age 62
Pension from Plan	$1,427.56	$827.56
Social Security (Assumed)	-0-	$600.00
Total Monthly Benefit	$1,427.56	$1,427.56

CAN I RECEIVE MY RETIREMENT BENEFIT AS A LUMP SUM PAYMENT?

If you are eligible to receive monthly benefit payments, you may elect to receive a lump sum benefit instead of monthly payments if the actuarial equivalent lump sum value of your vested accrued benefit payable under the Plan is $5,000 or less. If your lump sum benefit is more than $5,000, you may not waive or decline part of your benefit in order to qualify for this option. No spousal consent is required if the lump sum is $5,000 or less.

WHAT HAPPENS IF I DIE BEFORE I RETIRE?

If you are married, have a Vested right to a pension but die before you retire on a pension, your spouse will be eligible for a death benefit payable under this Plan. The type of death benefit that your spouse will qualify for, however, will depend upon your age, number of Pension Credits and whether you were actively engaged in Covered Service at the time of your death.

In order to be eligible for Pre-Retirement Husband and Wife benefits, you must be credited with at least one (1) Hour of Service on or after August 23, 1984.

WHAT IS THE PRE-RETIREMENT HUSBAND-AND-WIFE BENEFIT AND HOW IS THE MONTHLY BENEFIT DETERMINED?

Under this form of payment, your surviving spouse will receive 100% of the monthly amount that you would have received had you retired on a pension under the 100% Joint and Survivor option after any reduction for early retirement and applying the applicable 50% Husband and Wife adjustment factor, payable for his or her lifetime.

If you were eligible for immediate payment of a pension at the time of your death, the Pre-Retirement Husband and Wife Benefit will automatically be the form of death benefit payable to your spouse. If you were not eligible for immediate payment of a pension at the time of your death and you did not meet the requirements for your spouse to receive the Pre-Retirement Death Benefit described below, the Pre-Retirement Husband and Wife Benefit will automatically be the form of death benefit payable to your spouse.

Benefit payments to your surviving spouse may not begin until the earliest date on which you could have retired, based upon your years of Vesting Service or Pension Credits. (You can retire as early as age 55, if you have at least 15 Pension Credits.) Your spouse may elect to defer payment of this benefit, not beyond the December 1 of the year you would have reached age 70 ½.

The monthly amount payable to your spouse will be determined when payments begin, based on the age you would have been at that time had you survived and retired on a pension under the 100% Joint and Survivor option.

For example, assume you died at age 58 with 22 Pension Credits and your Employer contribution was $5.70 per hour. Your spouse would be eligible to receive a Pre-Retirement Husband-and-Wife Benefit payable immediately. If your spouse were three years younger than you, the monthly amount of the benefit, payable for the life of your spouse, would be $1,417, calculated as follows:

Pension Amount:

            $95.20 x 22 Pension Credits =                    2,094.40

Early Retirement Reduction for Benefits

            payable at age 58:                                                        282.74

Early Retirement Pension Amount:                                $ 1,811.66

100% Factor for Spouse 3 years younger:                            x.782

Monthly amount of Pre-Retirement

                                                            rounded to                $ 1,417.00

Your spouse may elect the Pre-Retirement Death Benefit if at the time of your death you met the following requirements:

?         you were not eligible at the time of your death to immediately begin receiving a pension;

?         you were actively engaged in Covered Service. You are considered actively engaged in Covered Service unless you had incurred a One-Year Break in Service that was not repaired by earning a subsequent year of Vesting Service.

The monthly benefit amount payable to your spouse shall be determined based on the monthly benefit to which you would have been entitled had you retired on the date of your death. In the event that you die before attaining age 55, the benefit shall be calculated as if you had retired at age 55. This monthly amount shall be payable to your spouse for the period of time determined according to the following schedule:

                    Pension Credits                       Survivor

                        At Death                                 Benefits

10                                                                  36

11                                                                  42

12                                                                  48

13                                                                  54

14                                                                  60

15                                                                  66

16                                                                  72

17                                                                  78

18                                                                  84

19                                                                  90

20                                                                  96

21                                                                  102

22                                                                  108

23                                                                  114

24                                                                  120

25                                                                  126

26                                                                  132

27                                                                  138

28                                                                  144

29                                                                  150

30                                                                  156

31                                                                  162

32                                                                  168

33                                                                  174

34                                                                  180

For example, if you died at age 45 with 20 Pension Credits, your spouse could choose to receive 96 monthly payments in an amount equal to the amount you would have received had you retired at age 55.   The monthly payments would begin immediately.

This benefit shall be payable only if you or your spouse were married to each other for at least one year before your death. If your spouse dies or remarries before the expiration of the payment period listed above, no further benefits shall be payable.

If you are not married and you die while vested, no survivor benefit is payable.

Provided you have at least 400 hours of service in Covered Employment in three out of the last five Plan Years during the Contribution Period immediately prior to the effective date of your pension, upon your death your designated beneficiary will receive a single sum of $6,250.

You may name your beneficiary by completing a Beneficiary Designation Card. You may change your beneficiary at any time by completing and filing a new Beneficiary Designation Card with the Fund Office.

TEAMSTERS LOCAL 445 WESTCHESTER MOVING & STORAGE INDUSTRY PENSION FUND

The Teamsters Local 445 Westchester Moving & Storage Industry Pension Fund merged into the Teamsters Local 445 Freight Division Pension Plan on December 31, 2006. If you were a Participant of the Teamsters Local 445 Westchester Moving & Storage Division on the merger date, you are entitled to the benefits you earned under the Teamsters Local 445 Westchester Moving & Storage Industry Pension Fund. Such benefits shall not be less than would have been provided by the Moving & Storage Division at the date of the merger.

FILING AN APPLICATION

To make sure your benefit payments are not delayed, you must file an application at least one month before the date you want benefit payments to begin. The rules of the Plan require that your application be filed in advance and you are urged to file as soon as you decide on your intended retirement date.   Early filing will avoid delay in the processing of your application and payment of benefits. Application forms are available from the Fund Office.

IF APPLICATION IS DENIED

If your application for a benefit is denied, in whole or in part, you will be sent written notice within 90 days after the Pension Fund receives your application, explaining:

?         the specific reasons for the denial;

?         the exact Plan provision(s) on which the decision was based; and

?         your right under the Plan to appeal the decision.

If your application is denied by the Trustees, you have the right to request that your application be reconsidered. You must file this appeal in writing within 60 days after you receive the application denial notice. Your appeal may include any additional information you believe relevant to your application. You may also review any pertinent documents the Trustees have that concern your application, such as copies of the Plan document or special information relating to your application. You and/or your representative may choose to appear in person before the Board of Trustees or designated subcommittee.

The Board of Trustees or subcommittee must reach a final decision within 60 days after receiving your review request. If special circumstances, such as a need to hold a hearing, require an extension of time, you will be notified in writing that the Trustees request a 60 day extension.   The final decision must be made in writing, clearly stating the reasons for the decision and the provisions of the Plan upon which the decision is based. In the event a resolution cannot be reached, the Board shall follow the procedure set forth by the American Arbitration Association for final and binding arbitration under the Employee Benefit Plan Claims Arbitration Rules as amended and in effect January 1, 1988.

RECEIVING YOUR PENSION BENEFIT

Generally, you should begin receiving your pension benefit on the first day of the month following the month you submit your application, or the first day of the month you reach the required age to begin receiving a pension. You may, however, choose to delay the start date of your benefit payments, but they cannot be delayed beyond April 1^st following the calendar year in which you turn age 70 1/2. Your benefit must begin by that April 1, even though you may still be working in Covered Service.

NON-ASSIGNMENT OF BENEFITS

Benefits cannot be assigned, sold, transferred or pledged as a security for a loan. Furthermore, they are not subject to attachment or execution under any decree of a court or action with the exception of a Qualified Domestic Relations Order (QDRO) and those domestic relations orders permitted to be so treated by the Trustees under the provisions of the Retirement Equity Act.

The Trustees are required to comply with certain court orders (or judgments, decrees or approved property settlements) providing for distribution of a Participant’s benefit under the Plan to his or her spouse or dependent, in order to meet the Participant’s alimony, marital property rights or dependent support obligations. A Qualified Domestic Relations Order cannot change or alter the benefit provisions of a qualified defined benefit Pension Plan.

A domestic relations order (DRO) is any judgment, decree or order made pursuant to a State domestic relations law that provides child support, alimony or marital property rights to an Alternate Payee.

A Participant can be a current, former or retired employee; an Alternate Payee can be a spouse, former spouse, children or other dependent. An Alternate Payee may not be either a trust or someone to be named at a future date (a contingent beneficiary).

(1)       Upon receipt of a DRO, the Trustees will determine whether the order is a qualified domestic relations order (QDRO) and meets the following requirements needed for the Plan to comply with the Order:

(a)     The Order is made pursuant to a state domestic relations law (including a community property law);

(b)     The Order creates or recognizes an Alternate Payee’s rights to (or assigns an Alternate Payee the right to) receive all or a portion of the Participant’s vested benefit. An “Alternate Payee” is defined as any spouse, former spouse, child or other dependent of the Participant who is recognized in the Order as having a right to receive all (or portion of) the vested benefit payable to the Participant under the Plan;

(c)     The Order clearly specifies the name of the Participant and the name and mailing address of each Alternate Payee covered by the Order;

(d)     The Order clearly specifies the amount or percentage of the vested benefit to be paid by the Plan to each such Alternate Payee (or the manner in which the amount or percentage is to be determined);

(e)     The Order clearly specifies the number of payments or the period to which the Order applies;

(f)      The Order clearly specifies each plan to which the Order relates;

(g)     The Order does not require the Plan to provide any form of benefit option not otherwise available under the Plan;

(h)     The Order does not require the Plan to provide actuarially increased benefits;

(i)       The Order does not require the Plan to provide benefits to an Alternate Payee which are to be paid to another Alternate Payee under a separate order previously determined to be a Qualified Domestic Relations Order.

(2)       An Order will be treated as a Qualified Domestic Relations Order (QDRO) if it meets the requirements of paragraph 1, even if it requires the payment of benefits to an Alternate Payee at any time prior to the Participant’s separation from service, provided that:

            (a)   The Participant has attained (or would have attained) the

                    earliest retirement age under the Plan;

(b)     Benefit payments are computed as if the Participant had

retired on the date on which payments are to begin based on the present value of benefits actually accrued;

            (c)   Such payments are in a form in which benefits may be paid under the Plan to the Participant (other than in the form of a joint and survivor annuity with respect to the Alternative Payee and his or her subsequent spouse).

(3)       To receive benefits from the Plan pursuant to a QDRO, the Alternative Payee must furnish the Trustees with a copy of the QDRO, certified by the Clerk of the Court issuing the qualified domestic relations order.

(4)       Any determination that an Order is a QDRO will apply prospectively (i.e., the Plan shall not be liable for payments to an Alternative Payee for the period before the Order was determined to be a QDRO). The Plan shall be discharged from any obligation or liability to any Participant or Alternate Payee to the extent of any payment made pursuant to these procedures, provided the Trustees have acted in accordance with their fiduciary responsibility.

(5)       The Trustees may require any Participant and any Alternate Payee to furnish such releases, documents or information as the Trustees may require for the administration of the Plan and determination whether an Order is or is not a QDRO.

            You should be aware that if you or your surviving spouse receives your pension benefit or pre-retirement death benefit in a lump sum or in periodic payments of less than ten years duration, the benefit will be subject to an automatic 20% federal tax withholding unless it is directly rolled over into an IRA or other qualified retirement plan. Additional information on “eligible rollover distributions” will be provided upon application for a benefit.

            Under the law, there are certain maximum limitations on pensions received from qualified pension plans. If your pension under this Plan is subject to any type of maximum limitation, your benefit will be reduced to comply with the law.

Although the Trustees intend to continue the Plan indefinitely, they reserve the right to amend or discontinue it at any time. If the Plan is terminated, it will not affect your right to any benefit to which you have already become entitled. If the Plan terminates, you will be entitled to any benefit you have accrued to the extent then funded.

Plan assets will be allocated to benefit categories in a particular order. Beginning with the benefit category that has first claim on Plan assets, payments will be made for:

?         benefits for retirees or beneficiaries that are or could be in effect as of the beginning of the three-year period ending with the Plan’s termination;

?         benefits generally guaranteed by the Pension Benefit Guaranty Corporation (PBGC);

Assets will be allocated to these categories sequentially until assets run out.

WHAT IS THE PENSION BENEFIT GUARANTY CORPORATION (PBGC)?

Certain benefits to which you are entitled under the Plan are insured by the U.S. Government’s Pension Benefit Guaranty Corporation (PBGC). This agency automatically guarantees that these benefits will be paid up to a certain maximum level. The guarantee applies whether or not the Plan terminates. Each year, the Plan pays a premium for this protection.

Generally, PBGC guarantees a portion of most Vested Normal Retirement Age Benefits, and certain disability and survivor’s pensions. The amount of your pension that is guaranteed depends on your years of service and the level of your monthly benefits under the Plan. A benefit increase is guaranteed only after it has been in effect for five years.

For more information on the PBGC insurance protection and its limitations, contact the Fund Office or the PBGC. You may call the PBGC Customer Service Department at (202) 326-4000 or write to:

                                PBGC Customer Service Department

                                1200 K Street, NW

                                Washington, DC 20005

YOUR RIGHTS UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT (ERISA)

In addition to what the Trustees, the Employers and the Union have done to see that the Plan’s benefits are fulfilled, federal regulations require the following summary of rights and protection to which every Participant in the Plan is entitled under the Employee Retirement Income Security Act of 1974 (ERISA). You have the right to:

        ?     Examine, without charge, at the Fund Office and other specified locations, such as worksites and Union halls, all Plan documents, including insurance contracts, Collective Bargaining Agreements and copies of all documents filed by the Plan with the U.S. Department of Labor and available at the Employee Benefits Security Administration, such as detailed annual reports and Plan descriptions.

        ?    Obtain copies of all Plan documents, and other Plan information upon written request to the Fund Office. The Fund Office may make a reasonable charge for the copies.

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

                ?     Obtain a statement, not more than once a year, telling you whether you have a right to receive a pension at Normal Retirement Age (age 65, or, if later, your age on the fifth anniversary of your participation) and if so, what your benefits would be at Normal Retirement Age if you were to stop working under the Plan now. If you do not have a right to a pension, the statement will tell how many more years you have to work before you earn a right to a pension under the Plan. This statement must be requested in writing and is not required to be given more than once a year. The Plan must provide the statement free of charge. The Plan will provide this information to the extent it is able, based on available records.

                In addition to creating rights for Plan Participants, ERISA imposes duties upon the people who are responsible for the operation of your Plan. The people who operate your 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 your Employer, your Union, or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a benefit or exercising your rights under ERISA.

Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request material from the Plan and do not receive it within 30 days, you may file a suit in a federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay up to $100 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. If it should happen that Plan fiduciaries misuse the Plan’s money, or if you are discriminated against for asserting your rights, 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, for example, if it finds your claim frivolous.

If you have questions about the Plan, your rights, or this statement, or if you need assistance in obtaining documents from the Plan Administrator, please contact the Fund Office or the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or 200 Constitution Avenue N.W., Washington, D.C. 20210. You also may obtain certain publications about your rights and responsibilities under ERISA by calling the publication hotline of the Employee Benefits Security Administration at 1-800-347-3756.

The following additional information concerning your Plan is being provided to you in accordance with government regulations. This Plan is a defined benefit plan. A Joint Board of Trustees, consisting of Union Representatives and Employer Representatives administers the Plan. The Board of Trustees has been designated as the agent for the service of legal process. Service of legal process may also be made upon the Fund Administrator at the address shown below.

P.O. Box 2572

Newburgh, New York 12550

Employers contribute to the Fund in accordance with their Collective Bargaining Agreements with the Union. The Collective Bargaining Agreements require contributions to the Fund at fixed rates per hour worked.

The Fund Office will provide you, upon written request, with information as to whether a particular Employer is contributing to this Fund on behalf of Employees working under the Collective Bargaining Agreements.

Benefits are provided from the Fund’s assets, which are accumulated under the provisions of the Collective Bargaining Agreement and the Trust Agreement and are held in trust for the purpose of providing benefits to covered participants, and defraying reasonable administrative expenses.

The Fund’s assets and reserves are held in custody by the Bank of New York.

Normally, the Fund Office should be able to help you resolve any problem you might have about your rights to benefits. All Plan documents and other related information are available if you wish to study these materials. In the event a resolution cannot be reached, the Board shall follow the procedure set forth by the American Arbitration Association for final and binding arbitration under the Employee Benefit Plan Claims Arbitration Rules as amended and in effect January 1, 1988.

If, for some reason, it becomes necessary to contact the Department of Labor, you will need the following information to properly identify your Plan.

EMPLOYER IDENTIFICATION NUMBER (EIN)

Stone Castle Road

P. O. Box 2572

Newburgh, New York 12550

Adrian Huff, Chairman                        Karl Augustin

P. O. Box 2572                                       Port Jervis, NY 12771                          

Barry Russell                                        Ross Pepe            

P. O. Box 2572                                       Construction Industry Council

Newburgh, NY 12550                           629 White Plains Road

                                                                Tarrytown, NY 10591

P.O. Box 2572                                       

Newburgh, NY 12550                                                                                          

 

 

 

January 2010

 

P.O. Box 2572

Newburgh, NY 12550

 

15 Stone Castle Road

Montgomery, NY 12549

 

 (845) 564-4076

 

Cindy Garlinghouse

 

 

 11 Racquet Road

Newburgh, NY  12550

845-567-6090

 

Moore Stephens, PC

340 North Avenue

Cranford, NJ  07016

908-272-7000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

P.O. Box 2572

Newburgh, NY 12550

 

15 Stone Castle Road

 

Telephone (845) 564-4076

1-800-445-0151 (Toll Free)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

·         Normal Retirement Benefit

·         Thirty Five Year Service Pension

·         Early Retirement Benefit

·         Vested Deferred Retirement Benefit

·         Disability Retirement Benefit

·         Partial Pension

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Examples:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

·         habitual, excessive use of intoxicants or drugs;

·         participation in any criminal act;

·         work for an employer other than work in Covered Service;

·         intentional self inflicted injury.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Amount:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

payable to the Participant under the Plan;

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

P.O. Box 2572

Newburgh, New York 12550

 

15 Stone Castle Road

Montgomery, NY  12549

 

 

 

 

 

 

 

 

001

 

Defined Benefit Pension Plan

 

13-1864489

 

January 1 – December 31

 

This Plan became effective March 9, 1959.

Board of Trustees

Pension Fund Local 445

Stone Castle Road

P. O. Box 2572

Newburgh, New York 12550

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary Plan Description

TEAMSTERS LOCAL 445

Annuity Plan

P.O. Box 2572

Newburgh, NY 12550

15 Stone Castle Road

Montgomery, NY 12549

Sharon Molinelli

                         Daniel E. Clifton, Esq.                           David Kramer, Esq.

                         Lewis, Clifton & Nikolaidis, PC            Attorney at Law

                         350 Seventh Ave., Suite 1800              399 Knollwood Rd, Suite 310

                         New York, NY 10001-5013              White Plains, NY 10603

 11 Racquet Road

Newburgh, NY 12550

Moore Stephens, PC

Cranford, NJ 07016

12/2009                                                                       445 AP                                                            Page 1

TEAMSTERS LOCAL 445

annuity plan

            The benefits described in the following pages are provided through your Collective Bargaining Agreement. The Trustees who manage the Annuity Plan include an equal number of Union and Employer representatives.

            The annuity benefits provided by the Plan are designed to provide a measure of security in retirement to Members. These pages contain a description of the principal provisions of the current Annuity Plan. Read this material carefully and become familiar with the Plan and your rights under it.

            In these pages we have tried to explain the Plan in simple terms. A question about the Plan may occur to you – now or in the future – that is not answered in these pages. In that case, call the Fund Office. If they do not have the answer, they will be happy to get it for you.

            The Trustees are responsible for the operation of the Plan and are happy to assist you in every way to make certain that you promptly receive the benefits to which you are entitled. If at any time you need information or assistance, please write or call the Fund Office.

                                                                                                Sincerely and fraternally yours,

                                                                                                Board of Trustees

12/2009                                                                       445 AP                                                            Page 2

            In the event there appears to be a conflict between the description of any Plan provision in these pages and its statement in the Plan itself (which may be inspected at the Fund Office), the language contained in the Plan, and not the language in these pages, is the official and governing language.

            Nothing in these pages is meant to interpret or extend or change in any way the provisions expressed in the Annuity Plan. These pages describe the Plan as it exists on the month / year date shown at the top of each page.

If you have a question about any aspect of your participation in the Plan, you should, for your own permanent record, write the Fund Office or Trustees. You then will receive a written reply, which will provide you with a permanent reference.

These pages and the Fund Office are authorized sources of Plan information for you. The Trustees of the Plan have not empowered anyone else to speak for them with regard to the Annuity Plan. No Employer, Union Representative, Supervisor or Shop Steward is authorized to interpret your rights under the Plan.

12/2009                                                                       445 AP                                                            Page 3

plan interpretations and determinations

            The Board of Trustees is responsible for interpreting the Plan and for making determinations under the Plan. In order to carry out their responsibility, the Trustees have exclusive authority and full discretion:

?    to determine whether an individual is eligible for any benefits under the Plan;

?    to determine the amount of benefits, if any, an individual is entitled to from the Plan;

?    to determine or find facts that are relevant to any claim for benefits from the Plan;

?    to interpret all of the Plan’s provisions;

?    to interpret all the provisions of the Summary Plan Description pages;

?    to interpret the provisions of the Trust Agreement governing the operation of the Plan;

?    to interpret all of the provisions of any other document or instrument involving or having impact upon the Plan; and

?    to interpret all of the terms used in the Plan, the Summary Plan Description pages, and in all of the other previously mentioned agreements, documents and instruments.

      All such interpretations and determinations made by the Trustees, or their designee:

?    shall be final and binding upon any individual claiming benefits under the Plan and upon all Employees, all Employers, the Union, and any party who has executed any agreement with the Trustees or the Union;

?    will be given deference in all courts of law, to the greatest extent allowed by applicable law; and,

?    will not be overturned or set aside by any court of law unless the court finds that the Trustees, or their designee, abused their discretion in making such determination or rendering such interpretation.

12/2009                                                                       445 AP                                                            Page 4

          How Do I Become An Active Participant In The Annuity Plan?                                                  5

            What Benefit Will I Receive As A Participant In The Annuity Plan?                                            5

            How Do I Remain A Participant In The Annuity Plan?                                                                6

            What Happens If I Leave Covered Service And Then Return?                                                    6

employer contributions

          What Contributions Will The Employers Make To The Plan?                                                       7

            What Contributions Will Be Allocated To My Employer Contributions Account?                           7

            What Participant Forfeitures Will Be Allocated To My Employer Contributions Account?              8

            What Annuity Plan Earnings Will Be Allocated To My Employer Contributions Account? 8

            May I Make Any Contributions To The Annuity Plan?                                                                 8

benefits under the plan

            When Will I Become Vested In My Annuity Plan Benefit?                                                          9

            What Is Vesting Service?                                                                                                          9

            What Is A Year Of Vesting Service?                                                                                         9

            When Am I Considered To Be An “Active” Participant Of The Plan?                                          9

            Can I Ever Lose My Annuity Plan Benefit?                                                                                10

            When Will I Receive My Benefit From The Plan?                                                                       11

            How Will My Benefit Be Paid To Me?                                                                                       12

            What Happens If I Die Before I Receive My Annuity Plan Benefit?                                            13

            Are My Annuity Plan Benefits Taxable?                                                                                     13

claims and review procedure

reciprocal agreements with other laborers’ annuity plans              15

military service (“userra”)

            What If I Leave Covered Employment for Military Service?                                                        15

            When Am I Entitled To USERRA Benefits?                                                                               15

            What Is “Service In The Uniformed Services”?                                                                         16

            What Is The Time Deadline For Reapplying For Employment In Covered Service?                       16

12/2009                                                                       445 AP                                                            Page 5

How Do I Become An Active Participant In The Annuity Plan?

            You will be eligible to become a Participant in the Annuity Plan if:

            1. You are employed by an Employer who is obligated to make contribution payments to the Annuity Plan on your behalf through a Collective Bargaining Agreement with Teamsters Local 445 (the “Union”); AND

            2. You are credited with at least 100 hours of covered service during either your first 12 months of service in covered employment or during any Plan Year that begins after your first hour of covered employment.

            You will become a Participant of the Annuity Plan retroactively as of the first day of the Plan Year in which you are credited with the 100^th hour of covered service or, if later, as of the date you are credited with your first hour of covered service.

            EXAMPLE 1: You are credited with your first hour of covered service on March 18, 2008 and you are credited with your 100^th hour of covered service on June 27, 2008. You will become a Participant of the Annuity Plan as of March 18, 2008.

            EXAMPLE 2: You are credited with your first hour of covered service on September 18, 2007 and you are credited with your 100^th hour of covered service on February 2, 2008. You will become a Participant of the Annuity Plan as of January 1, 2008.

            For purposes of determining your eligibility to participate in the Annuity Plan, an “hour of covered service” means an hour of bargaining unit work for which your Employer is obligated to make a contribution on your behalf to the Annuity Plan because your Employer has a Collective Bargaining Agreement with Teamsters Local 445.

            IMPORTANT NOTE: For purposes of determining your hours of covered service during a Plan Year or during any 12-month eligibility computation period that begins in a Plan Year, only hours of covered service actually reported to the Fund Office by March 31^st of the next Plan Year will be counted and credited to that prior Plan Year. To avoid the loss of any benefits to which you may be entitled, check before March 31^st of each year to make sure that all your hours of covered service for the prior Plan Year have been reported to the Fund Office.

What Benefit Will I Receive As A Participant In The Annuity Plan?

When you become a Participant of the Plan, an “Employer Contributions Account” will be established in your name and each year your allocable share of Employer contributions, Participant forfeitures, and Trust Fund earnings, gains and losses will be allocated to your Account. If you become “vested” (i.e., after you have accrued one or more years of participation), you will be eligible to receive benefits from this Plan when you retire, separate from work in Covered Employment, or if you become disabled.

·         When you retire, you will be entitled to receive a distribution equal to the entire value of your account. Distributions from the Plan are taxable and also may be subject to an administrative hold-back of 15%.

·         When you separate from work in Covered Employment for at least 24 consecutive calendar months for reasons other than retirement or disability), you will be considered to have withdrawn from employment in the industry and you can apply for a Termination Benefit. Effective January 1, 1997, you are entitled to withdraw 50% of your Account Balance provided that the Fund Office has not received any contributions on your behalf for twelve consecutive calendar months. You will be entitled to withdraw

12/2009                                                                       445 AP                                                            Page 6

the remaining 50% provided no contributions have been received on your behalf for twenty-four consecutive months.

If you receive a Termination Benefit and you return to work in Covered Employment within the 12 consecutive month period from the payment date, you will have to wait an additional 36 months before being eligible for another Termination Benefit.

·         If you are totally disabled and unable to work in any employment of any kind for at least 6 consecutive calendar months and you furnish proof of total disability by a verified Physician’s statement, you can apply for a Disability Benefit and will be entitled to receive a distribution equal to the entire value of your account.

How Do I Remain A Participant In The Annuity Plan?

            Once you become a Participant of the Plan, you will continue to be a Participant until your entire “vested” annuity benefit is distributed to you or, if you are not “vested”, until you incur a “Permanent Break in Service”. You will incur a “Permanent Break in Service” if you fail to be credited with at least 100 hours of “vesting” service in any Plan Year. The Plan Year is the fiscal year; i.e., January 1^st through December 31^st. Your participation in the Plan will terminate when the payment of any benefit exhausts the total balance of your Individual Account. 

            See page 9 of this Summary Plan Description for an explanation of how and when you become “vested” and what is an hour of “vesting” service.

            Also see pages 7 and 8 of this Summary Plan Description for an explanation of how you generally must be credited with at least 100 hours of “covered” service in a Plan Year to be entitled to receive an allocation of any Employer contributions for that year.

What Happens If I Leave Covered Service And Then Return?

            If you were vested and later return to work in Covered Employment, your participation in the Plan will begin again immediately. However, if you receive a Termination Benefit and you return to work in Covered Employment within the 12 consecutive month period from the payment date, you will have to wait an additional 36 months before being eligible for another Termination Benefit. If you were not vested, then you will be treated the same as if you were a new employee; i.e., you once again will have to complete the 100 hours of service eligibility requirement.

12/2009                                                                       445 AP                                                            Page 7

employer contributions

What Contributions Will The Employers Make To The Plan?

            When the Annuity Plan is negotiated by a Union and a number of Employers, the Employers agree to contribute to the Annuity Plan on behalf of the employees covered under the collective bargaining agreement. The basis on which contributions are made is specified in the collective bargaining agreement.

            Since you are in a negotiated multiemployer annuity plan, you should realize the money contributed by your Employer does not belong to you, and will not be available to you if you leave covered service before you become “vested” and otherwise eligible for benefits. Employer contributions remain in the Annuity Plan until paid out to those Participants who become eligible for benefits.

Each Employer shall make contributions to the Annuity Plan with respect to each hour of covered service worked by each employee it employs at the per hour rate prescribed by the applicable Collective Bargaining Agreement between the Employer and the Union. 

What Contributions Will Be Allocated To My Employer Contributions Account?

            All contributions received by the Annuity Plan with respect to a Plan Year will be allocated as follows:

            1. The Annuity Plan will allocate to the Employer Contributions Account of each Participant, any Employer Contributions it received with respect to such Participant since the last valuation date.

            2. The Annuity Plan next will allocate to the Employer Contributions Accounts of any Members who returned from military service during such Plan Year, such amounts as shall be required under the Uniformed Services Employment and Reemployment Rights Act of 1994 (“USERRA”). In the event there shall be insufficient contributions to fully provide each Participant with his required USERRA contribution, then the available contributions shall be allocated proportionately among all eligible Participants. See page 15 of this Summary Plan Description.

            3. The Annuity Plan next will use any unallocated contributions to restore the previously forfeited Employer Contributions Account of any “lost” Participant who became “found” during the Plan Year. In the event there shall be insufficient contributions to fully restore each “found” participant’s Employer Contributions Account, then the available contributions shall be allocated proportionately among all eligible “found” Participants.

            4. The Annuity Plan next will allocate the balance of unallocated contributions to the Employer Contributions Account of all “eligible” Participants in direct proportion to the ratio that each eligible Participant’s “covered service contribution” for such Plan Year bears to the aggregate amount of “covered service contributions” of all “eligible” Participants for such Plan Year.

            5. The Annuity Plan next will allocate the net investment yield less administrative expenses adjusted each December 31^st.

            For purposes of this allocation, the term “eligible” Participant means a Participant who, during the Plan Year was credited with at least 100 hours of covered service or who died, retired after his Normal or Early Retirement Date, or retired on account of a permanent and total disability.

12/2009                                                                       445 AP                                                            Page 8

            IMPORTANT NOTE: For purposes of determining if you are credited with at least 100 hours of covered service in a Plan Year and are eligible to receive a contribution allocation for that year, only hours of covered service actually reported to the Fund Office by March 31^st of the next Plan Year will be counted. To avoid the loss of any benefits to which you may be entitled, check before March 31^st of each year to make sure that all your hours of covered service for the prior Plan Year have been reported to the Fund Office.

            The term “covered service contribution” means the sum total amount of contributions Employers are obligated to contribute to the Annuity Plan with respect to a Participant’s reported hours of covered service for a Plan Year irrespective of whether the Employers actually have made all such contributions by the allocation date.

            In effect, the Employer contributions actually received by the Annuity Plan for a Plan Year will be allocated to eligible Participants proportionately based upon contributions that should have been received for the Plan Year. Since some Employer contributions are being made for Members who are not “eligible” Participants, and since some Employer contributions may have to be allocated to Members who returned from military service, the actual amount allocated to each eligible Participant for a Plan Year may be more or less than the “per hour” contribution rate provided for under your Employer’s Collective Bargaining Agreement or Participant Agreement.

What Participant Forfeitures Will Be Allocated To My Employer Contributions Account?

            A nonvested Participant who separates from service will forfeit his Employer Contributions Account if he incurs a Permanent Break in Service or if he dies before returning to covered service. Participant forfeitures for a Plan Year first will be used to provide any Members who return from military service with the allocation required by USERRA (see page 15), then to restore forfeitures to any “lost” Participants who were “found” (see page 10), and then to pay the Plan’s administration expenses. In the event that there still are any unallocated Participant forfeitures, then the balance shall be allocated as if they were additional Employer contributions for the year.

What Annuity Plan Earnings Will Be Allocated To My Employer Contributions Account?

            All Employer contributions and Plan assets will be held in a single Trust Fund that will be invested by the Trustees. At the end of each year a proportionate share of the Trust’s earnings, gains, losses and expenses for the year will be allocated to your Accounts.

May I Make Any Contributions To The Annuity Plan?

            No. The Annuity Plan does not permit you to do an “eligible rollover distribution” from another qualified employer retirement plan.

12/2009                                                                       445 AP                                                           Page 9

benefits under the plan

When Will I Become Vested In My Annuity Plan Benefit?

            You will become 100% vested in the entire value of your Employer Contributions Account once you have met the participation requirements contained on page 5.

You also will become 100% vested in your Employer Contributions Account if you die during a Plan Year in which you were an “active” Participant of the Plan. In that event, the entire value of your Employer Contributions Account would be distributed to your beneficiary or, if none is designated, to your surviving spouse or estate.

In the event the Annuity Plan ever is terminated, then all participants with Employer Contributions Accounts that have not been forfeited prior to the Plan termination date automatically will become 100% vested in their Employer Contributions Accounts as of that date.

            Generally, you will be credited with one hour of “vesting” service for each hour of “covered” service. An “hour of covered service” means an hour of bargaining unit work for which your Employer is obligated to make a contribution on your behalf to the Annuity Plan because your Employer has a Collective Bargaining Agreement with Local 445 that requires contributions to the Annuity Fund.

            If your employment status shifts directly from covered service with one contributing Employer to “noncovered” service with the same or another contributing Employer, then such hours of “noncovered” service also shall be counted as being hours of “vesting” service (even though your Employer is not obligated to make any contribution to the Annuity Plan with respect to your hours of “noncovered” service).

            You also will be credited with hours of vesting service with respect to any USERRA military service you may have (see page 15).

            You will be credited with one year of vesting service for each Plan Year (fiscal year) in which you are credited with 100 or more hours of vesting service.

            IMPORTANT NOTE: If you incur a Break in Service (i.e. if you are credited with less than 100 hours of vesting service in a Plan Year), your pre-Break years of vesting service will not be counted until you complete one year of vesting service after the Break. See “Can I Ever Lose My Annuity Plan Benefit?” below for more explanations of the Break in Service rules and the Plan’s “grace period” rules.

When Am I Considered To Be An “Active” Participant Of The Plan?

            You will be considered as being an “active” Participant of the Plan if you are credited with at least 100 hours of covered service during either the current Plan Year or during the immediately preceding Plan Year.

12/2009                                                                       445 AP                                                           Page 10

Can I Ever Lose My Annuity Plan Benefit?

            Forfeiture Of Nonvested Benefit Upon Permanent Break In Service. If you are considering leaving active work under the collective bargaining agreement, check with the Fund Office to be sure that you are vested. You will forfeit (lose) all Employer contributions, Participant forfeitures, and Trust Fund earnings allocated to your Employer Contributions Account if you stop working in covered employment and you incur a Permanent Break In Service before you become “vested”. You will incur a “Permanent Break in Service” if you fail to be credited with at least 100 hours of “vesting” service in any Plan Year for five consecutive Plan Years (fiscal years). In addition, you will permanently lose credit for all your prior years of vesting service (i.e. if you are not vested and return to covered service after incurring a permanent Break In Service, all of your prior years of vesting service will be permanently disregarded).

            Break In Service and “Grace Periods”. In the event that payment of any benefit exhausts the total balance of your Individual Account, your participation in the Plan will terminate. If you were vested and later return to Covered Employment, your participation in this Plan will begin again immediately upon your re-employment.

Under the law, the Plan provides for the following “grace” periods that will not be counted toward a Permanent Break in Service period:

            1. If you leave service because of maternity or paternity reasons, then the first Plan Year during which you are credited with fewer than 100 hours of vesting service will not be counted as being a Break in Service. 

            2. If you take a leave of absence that is protected by the Family and Medical Leave Act of 1993 (“FMLA”), then you will be credited with the number of vesting hours of service you otherwise would have had during the protected leave of absence period but only if necessary to give you credit for at least 100 hours of vesting service in the Plan Year.  If you already have more than 100 hours of vesting service for the Plan Year, you will not be given credit for any additional hours of vesting service. FMLA generally applies to employers with at least 50 employees and allows an employee to take up to 12 weeks of unpaid leave in any 12–monthperiod if he is needed to care for a family member with a serious health condition or if the employee himself suffers from a serious health condition that makes him unable to perform the functions of his job.

            3. If you leave service because of military service protected by the Uniformed Services Employment and Reemployment Rights Act of 1994 (“USERRA”), then you will be credited with the number of vesting hours of service you otherwise would have had during the protected USERRA military leave of absence. See page 15 of this Summary Plan Description.

            Forfeiture Of “Lost Participant Accounts. You also may forfeit your entire Employer Contributions Account in the event you become “lost”. At any time after two consecutive plan years of severance from covered employment or after your benefit becomes payable to you under the Plan, the Plan Administrator may notify you of your right to receive a distribution. Such notice will be mailed by certified mail to your last known address. If the notice is returned as undeliverable, the Plan then will attempt to notify you through the Internal Revenue Service’s letter forwarding procedures. If the Plan does not hear from you within six months after these mailings, then your unclaimed benefit shall be treated as being forfeited. In the event you or your beneficiary later contact the Plan, the Plan will restore your Employer Contributions account but only to the value it was on the date it was forfeited. Your Account will not be adjusted for any interest, earnings or gains for the period between the date your Account was forfeited and the date you or your beneficiary contact the Plan.

            IMPORTANT NOTE: To help prevent a loss of your Annuity Plan benefit, be sure to contact the Fund Office as soon as possible if you think the maternity / paternity, FMLA or USERRA grace period rules may apply to you.  Also be sure to always keep the Fund Office informed of your current mailing address. Also be sure to contact the Fund Office immediately if you ever think there is an error in the valuation of your Employer Contributions Account or in the determination of your vested status.

12/2009                                                                       445 AP                                                           Page 11

When Will I Receive My Benefit From The Plan?

a. You Attain Retirement Age. You will be eligible to receive a distribution of your vested Annuity Plan Benefit at any time after your Retirement Date. Your retirement date is any time on or after your 55^th birthday. You may receive payment of your Annuity Plan benefit after your Retirement Date if you stop working in covered service after that date. Your vested Account balance generally will be distributed to you on your Retirement Date or, if later, 60 days after the date you file a completed application with the Fund Office, or as soon thereafter as may be administratively practicable.

            b.  You Attain At Least 35 Eligibility or Pension Credits Under The Pension Plan. You will be eligible to receive a distribution of your vested Annuity Plan benefit if you have retired and have been credited with 35 Years of Credited Service counting no more than one Year of Credited Service in any one Plan Year under the Pension Fund Local 445. Your vested Account balance generally will be distributed to you 60 days after the date you file a completed application with the Fund Office or as soon thereafter as may be administratively practicable.

            c. You Retire Because Of A Total And Permanent Disability. You will be eligible to receive a distribution of your vested Annuity Plan benefit if you retire because of a total and permanent disability. To be entitled to a Disability Benefit, you must submit an application and you must be totally disabled and unable to work in any employment of any kind for at least 6 consecutive calendar months and you furnish proof of total disability by a verified Physician’s statement. Your vested Account balance generally will be distributed to you on your Disability Retirement Date (the date the Trustees determine that you are eligible for a Disability Benefit) or, if later, 60 days after the date you file a completed application with the Fund Office or as soon thereafter as may be administratively practicable.

            d. You Separate From Service. You will be eligible to receive a distribution of your vested Annuity Plan benefit if you separate from service. You will be deemed to have separated from service if you fail to work in Covered Employment for which contributions are payable to the fund on your behalf in each of two consecutive Plan Years and provided that such two consecutive Plan Year period occurs prior to the earlier of the date you either attain age 55, or the date you retire from the industry covered by the Plan, and you have at least one Hour of Covered Service on or after April 1, 2000 and have attained 35 or more eligibility or Pension Credits. Your vested Account balance generally will be distributed to you no later than 60 days after the date you file a completed application with the Fund Office, or as soon thereafter as may be administratively practicable.

            e. Military Service Distribution. You are eligible to receive military service distributions from the Annuity Plan if, after June 30, 2007 and while you are an active Participant of the Plan: (1) you enter active eligible military service (whether voluntarily or involuntarily); or (2) you are formally notified by the United States Armed Forces that you must report as of a specific date for assignment and deployment in eligible military service; or (3) you are formally notified by the United States Armed Forces that you have been placed in a state of on-call stand-by readiness alert for a possible assignment and deployment in eligible military service.

            Eligible military service means full-time active military service with any branch of the Armed Forces of the United States (including the Army National Guard and the Air National Guard) that is anticipated to either be for a fixed term of more than 30 days or for an indeterminable period of time. A period of continuous full-time military service that, in fact, lasts more than 30 days will be considered eligible military service even if, at the beginning, the period was not anticipated to last more than 30 days. Eligible military service specifically excludes mandatory periodic military reserve training that generally is for a period of 30 days or less following which it is anticipated you will be free to return to work in covered employment.

            A military service distribution may be for a maximum amount equal to $5,000 or 50% of your vested account balance, whichever is less. No more than one military service distribution may be requested in any consecutive 12-month period.

            Your right to receive a military service distribution will continue until the end of the grace period that follows the date you either are discharged from active eligible military service or the date the United States Armed Forces formally removes you from on-call stand-by readiness alert status. If six or more full and partial months have elapsed between the date you first become eligible to receive a military service distribution and your discharge / formal removal date, then the grace period is six full months. If less than six full and partial months have elapsed, then the grace period is three full months.

            f. The Plan Is Terminated. You will be entitled to receive a distribution of your vested Annuity Plan benefit in the event the Plan is terminated and the Board of Trustees does not elect to have all Participant accounts transferred and held in another qualified retirement plan until one of your other distribution events occurs.

            g. You Reach Your Required Beginning Date. Federal law requires the Plan to start making benefit payments to you no later than on your Required Beginning Date. If your birthday is between January 1^st and June 30^th, then your “Required Beginning Date is the April 1^st of the year in which you attain age 71. If your birthday is between July 1^st and December 31^st, then your “Required Beginning Date” is the April 1^st of the year in which you attain age 72. However, if you still are working for an Employer on that date and you are not a “5% Owner” of any Employer, then you may postpone the commencement of payment of your benefit until the April 1^st following the year you actually retire.

            IMPORTANT NOTE: Contributions for a Plan Year are allocated to the Employer Contribution Accounts of eligible Participants based upon hours of covered service reported to the Fund Office by March 31^st of the following Plan Year. See page 8 of this Summary Plan Description. Even though “estimated” contribution allocations may be credited to your account throughout a Plan Year, your “final” contribution allocation for a Plan Year cannot be determined until after March 31^st of the following year. Accordingly, “estimated” contribution allocations will not be considered to be part of your “vested Annuity Plan benefit” for distribution purposes until they are “finalized”. Your entire “vested Annuity Plan benefit” (not including any “estimated” contribution allocations) may be distributed to you when an event occurs entitling you to receive a distribution. A second distribution will be made to you after your “final” contribution allocation is determined.

            You may elect to receive your vested Annuity Plan benefit either:

a.       in a lump sum payment paid directly to you; or

b.       as a direct rollover of your Account to your rollover Individual Retirement Account (“IRA”) or to another employer’s qualified retirement plan; or

c.       partially as a direct rollover of your Account (minimum amount of $500) to your rollover IRA or to another employer’s qualified retirement plan and the balance in a lump sum payment paid directly to you; or

d.       as a Husband and Wife Benefit which provides an actuarially calculated lifetime monthly benefit payable to you during your life. Upon your death, if you have been married for at least twelve months before you die, your spouse will receive a lifetime monthly benefit which will be half of the amount you were both receiving before your death. The monthly amount is based on your age and your spouse’s age and the balance in your Individual Account.

            If you elect to receive all or any part of your distribution in the form of a lump sum payment, then the Plan is required by Federal law to withhold Federal income taxes equal to 20% of the amount to be paid directly to you. No taxes will be withheld on any portion of your distribution that is directly rolled over to your IRA or to another employer’s qualified retirement plan. In addition, the Trustees may withhold up to 15% of your account balance as a valuation allowance if benefits are paid other than at year end.

12/2009                                                                       445 AP                                                           Page 13

What Happens If I Die Before I Receive My Annuity Plan Benefit?

            If you die before you begin receiving a benefit and you have been married to your spouse for at least twelve months before your death, your spouse will be entitled to a “Pre-Retirement Survivor Benefit”. A Pre-Retirement Survivor Benefit is an annuity payable for the life of your spouse calculated on the full value of your Individual account as of the date of your death.

            This Pre-Retirement Survivor Benefit may be waived if you and your spouse consent in writing to the waiver, and signatures must be witnessed by a Notary Public. If you and your spouse waive the Pre-Retirement Survivor Benefit, a death benefit may be paid in a lump sum or to another Beneficiary designated by you, or if no beneficiary designation is on file, to your surviving spouse or estate.

If you die prior to receiving a benefit, your benefit will be paid in a single sum equal to 100% of the balance in your Individual account to your Designated Beneficiary, or if none is designated, to your estate.

The Plan Administrator will provide you with a beneficiary form on which you may designate who you wish to receive your death benefit. If you are married for at least one full year on the date of your death, Federal law provides that upon your death your spouse automatically is entitled to receive a benefit equal to your entire vested interest in your Account. A designation of beneficiary form naming a person other than your spouse as beneficiary will not be valid unless your spouse has consented in writing to another person receiving all or any portion of your Account balance. Should you fail to designate a beneficiary prior to your death or if all your named beneficiaries die before you, the Plan provides that your death benefit will be payable to your surviving spouse, if any, otherwise to your estate.

            IMPORTANT NOTE: Unless you provide otherwise on your Designation of Beneficiary form, any beneficiary other than your spouse will not be deemed to have survived you unless he or she survives you by more than 30 days.

            Yes. Your Annuity Plan benefit is taxable at the time it is distributed to you (or to your beneficiary). Federal law requires the Plan to withhold Federal income taxes equal to 20% of the amount distributed to you. However, you can defer the payment of income taxes (and avoid the 20% tax withholding) on the amount you elect to rollover to a rollover IRA account or to another employer’s qualified retirement plan.

            Please note that in addition to income taxes, you also generally will have to pay a 10% excise tax on any Annuity Plan benefit that is paid to you (and not rolled over) before you attain age 59-1/2. For example, if you have not yet attained age 59-1/2 and you elect to receive a distribution of $1,142, then in addition to having to pay income taxes on the $1,142 distribution, you also generally will have to pay an additional excise tax of $114.20 (i.e. $1,142 X 10%). There are a few limited circumstances where distributions prior to age 59-1/2 will not be subject to the additional 10% excise tax. Consult with your tax advisor before you elect to receive any distribution of your Annuity Plan benefit.