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AMENDMENT, RESTATEMENT, AND CONTINUATION
OF
IRON WORKERS’ LOCAL NO. 55
PENSION PLAN

May 1, 2000

TABLE OF CONTENTS

PREAMBLE 1
ARTICLE I Definitions 1

Section 1.1 -- Definitions in General 1

Section 1.2 -- Accrued Benefit 2

Section 1.3 -- Actuarial Equivalent 2

Section 1.4 -- Break in Service 2

Section 1.5 -- Eligibility Computation Period 2

Section 1.6 -- Employee 3

Section 1.7 -- Employer 3

Section 1.8 -- ERISA 4

Section 1.9 -- Former Participant 4

Section 1.10 -- Hours of Service 4

Section 1.11 -- Jurisdiction of the Union 4

Section 1.12 -- Maternity/Paternity Leave 5

Section 1.13 -- Normal Retirement Age 5

Section 1.14 -- Normal Retirement Date 5

Section 1.15 -- Original Plan 5

Section 1.16 -- Participant 6

Section 1.17 -- Plan or Pension Plan 6

Section 1.18 -- Plan Year 6

Section 1.19 -- Retire 6

Section 1.20 -- Surviving Eligible Spouse 6

Section 1.21 -- Termination of Employment 7

Section 1.22 -- Trust Agreement 7

Section 1.23 -- Trustees 7

Section 1.24 -- Trust Fund 7

Section 1.25 -- Union 7
ARTICLE II Eligibility, Years of Service, and Years of Participation 8

Section 2.1 -- Eligibility for Participation 8

Section 2.2 -- Years of Service 8

Section 2.3 -- Years of Past Service 8

Section 2.4 -- Years of Intermediate Service 9

Section 2.5 -- Years of Future Service 10

Section 2.6 -- Years of Service for Contiguous Non-Covered
Employment 10

Section 2.7 -- Years of Participation 11

Section 2.8 -- Years Service for Military Service 11

ARTICLE III Accrued Benefits and Service Credit 12

Section 3.1 -- Accrued Benefit 12

Section 3.2 -- Past Service Credit 12

Section 3.3 -- Future Service Credit 12

Section 3.4 -- Transitional Rules 14

ARTICLE IV Normal Retirement Benefit 14

Section 4.1 -- Eligibility 14

Section 4.2 -- Commencement of Benefit Payments 14

Section 4.3 -- Computation of Benefit 15

ARTICLE V Early Retirement Benefit 17

Section 5.1 -- Eligibility 17

Section 5.2 -- Commencement of Benefit Payments 17

Section 5.3 -- Computation of Benefit 17

ARTICLE VI Disability Retirement Benefit 18

Section 6.1 -- Eligibility 18

Section 6.2 -- Commencement of Benefit Payments 19

Section 6.3 -- Computation of Benefit 19

Section 6.4 -- Termination of Benefits 20

ARTICLE VII Benefit Adjustment 21

ARTICLE VIII Pre-Retirement Death Benefit 22

Section 8.1 -- Eligibility 22

Section 8.2 -- Computation of Benefit 22

Section 8.3 -- Beneficiary 24

ARTICLE IX Post-Retirement Death Benefit 24

Section 9.1 -- Eligibility for Spouse’s Benefits 24

Section 9.2 -- Eligibility for Survivor’s Benefits 24

ARTICLE X Severance and Vested Benefits 25

Section 10.1 -- Eligibility 25

Section 10.2 -- Severance Benefit 25

Section 10.3 -- Vested Benefit 26

ARTICLE XI Direct Rollover or Eligible Rollover Contributions 27

Section 11.1 -- Eligibility for Election 27

Section 11.2 -- Definitions 27

ARTICLE XII Form of, Suspension of, Termination of, and Reinstatement of Benefits 28

Section 12.1 -- Lump Sum Cash Payments 28

Section 12.2 -- Reinstatement 29

Section 12.3 -- Suspension of Benefits on Return to Work 29

ARTICLE XIII Participation Under Original Plan 32

Section 13.1 -- Protection of Rights 32

ARTICLE XIV Conforming Provisions 32

Section 14.1 -- Latest Date for Commencement of Benefits 32

Section 14.2 -- Divestment for Cause 32

Section 14.3 -- Timing and Method of Payment 33

ARTICLE XV Limitations Imposed by the Internal Revenue Code 34

Section 15.1 -- In General 34

Section 15.2 -- Definitions 34

Section 15.3 -- Restriction on Maximum Amount of Benefit 35

Section 15.4 -- Adjustments to Dollar Limitation 35

Section 15.5 -- Adjustment for Fewer Than Ten Years of Service 35

Section 15.6 -- Cost of Living Adjustment 36
ARTICLE XVI Miscellaneous Provisions 36

Section 16.1 -- Limitation of Rights to Benefits 36

Section 16.2 -- Non-Alienation of Benefits 36

Section 16.3 -- Incompetent Payees 37

Section 16.4 -- Facility of Payment 37

Section 16.5 -- Time Requirements for Applications 37

Section 16.6 -- Unclaimed Benefits 37

ARTICLE XVII Administration of the Plan 38

Section 17.1 -- Responsibility 38

Section 17.2 -- Claims Procedure 38

Section 17.3 -- Right to Data 38

Section 17.4 -- Records and Reports 38

Section 17.5 -- Reciprocity Agreements 39

ARTICLE XVIII Financing of the Plan 39

Section 18.1 -- Contributions 39

Section 18.2 -- Contributions for Class II Employees 39

Section 18.3 -- No Reversion of Contributions 40

Section 18.4 -- Limitation of Benefits 40

Section 18.5 -- Actuarial Valuations 40

ARTICLE XIX Amendment, Merger, or Termination 40

Section 19.1 -- Right to Amend 40

Section 19.2 -- Mergers or Consolidations 41

Section 19.3 -- Termination 41

Section 19.4 -- Procedures in Event of Termination 42

EXHIBIT A 44

AMENDMENT, RESTATEMENT AND CONTINUATION
of
IRON WORKERS’ LOCAL NO. 55 PENSION PLAN

WHEREAS, by a Trust Agreement dated October 31, 1962, the Iron Workers’ Local No. 55 Pension Fund was established pursuant to which a Pension Plan was adopted as of that same date; and

WHEREAS, said Plan has, from time to time, been filed with, and approved by, the Internal Revenue Service as a qualified Plan under appropriate provisions of the Internal Revenue Code and the rules and regulations issued thereunder; and

WHEREAS, since the last approval by the Internal Revenue Service of the Plan, the Plan has been amended on several occasions and the Trustees, acting in their fiduciary capacity, desire to again amend the Plan by restatement to include in one document all previous applicable amendments, as well as recent changes to the Internal Revenue Code, to which the Plan is subject, and;

WHEREAS, the power to amend said Plan was reserved to the Trustees serving in accordance with, and under the provisions of, said Trust Agreement; and

WHEREAS, the Enrolled Actuary and other professional advisors have recommended to the Trustees that said Plan should be further amended in certain respects; and

WHEREAS, the Trustees desire to restate and continue said Plan as now and heretofore amended;

NOW THEREFORE, the Trustees in exercise of the power reserved to them in said Trust Agreement do hereby amend, restate, and continue said Pension Plan so that said Plan shall read as follows:

ARTICLE I

DEFINITIONS

SECTION 1.1 -- DEFINITIONS IN GENERAL
Wherever the following words and phrases appear in this Plan, they shall have the respective meanings set forth in this Article unless the context clearly indicates to the contrary. The initial letter of each defined word and the initial letter of each word of a defined phrase shall be capitalized wherever used herein to denote its being a defined word or term.

SECTION 1.2 -- ACCRUED BENEFIT

The term “Accrued Benefit” shall mean the monthly benefit commencing at Normal Retirement Age that has accrued to a Participant pursuant to the benefit formula described in Section 4.3 of Article IV.

SECTION 1.3 -- ACTUARIAL EQUIVALENT

The term “Actuarial Equivalent” means an amount or series of amounts of equivalent value. Unless specifically set forth in the Plan, the Actuarial Equivalent shall be determined by the assumptions described in Exhibit A which is attached hereto.

SECTION 1.4 -- BREAK IN SERVICE

As used herein, “Break in Service” shall mean a termination of participation in the Plan by a Participant at the end of any Plan Year commencing after the provisions of Article I, Section 1.5, “Eligibility Computation Period” have been satisfied for participation and after April 30, 1976, but before he has become vested in any Accrued Benefit because of his failure to have at least one hundred and thirty (130) Hours of Service in such Plan Year.

Maternity/Paternity Exception: For Plan Years beginning after April 30, 1986, no Break in Service shall occur during a Maternity/Paternity Leave as set forth in Section 1.12 of this Article I.

Military Exception: Effective December 13, 1994, no Break in Service shall occur for a Military Leave as described in Section 2.8 of Article II.

The term “Permanent Break in Service” shall mean the end of the Plan Year prior to attainment of vesting in any Accrued Benefits when a Participant’s consecutive one (1) year Breaks in Service equal five (5).

SECTION 1.5 -- ELIGIBILITY COMPUTATION PERIOD

a) The initial “Eligibility Computation Period” shall mean the twelve (12) consecutive month period beginning with the day the Employee first performs an Hour of Service (the employment commencement date) and subsequently completes at least three hundred fifty (350) Hours of Service for an Employer.

b) After the period described in subparagraph a), “Eligibility Computation Period” means the twelve (12) consecutive month periods commencing with the first anniversary of the employment commencement date. Breaks in Service for eligibility purposes will be measured on the same Eligibility Computation Period.

SECTION 1.6 -- EMPLOYEE

The term “Employee” as used herein shall mean:

a) any person on whose account an Employer has been required to make, and has made, contributions into the Trust Fund, or who is eligible for benefits as provided by the Plan, including business representatives of the Union and any member of the Union while employed in a paid capacity by the Union, provided the Union makes contributions to the Fund on behalf of such business representatives or such other persons, who shall be referred to as “Class I” Employees; and

b) any person who meets the following requirements:

(1) has accrued at least five (5) years of Past or Future Service Credit under the Plan as a Class I Employee pursuant to the provisions of Article II hereof;

(2) whose nature of employment is such that he can be classified as either

(i) a “Supervisor,” i.e. one whose principal duty consists of supervising work performed by Class I employees under the terms of a collective bargaining agreement between the Union and his Employer, or

(ii) an “Estimator,” i.e. one whose principal duty is to estimate, for his Employer, the cost of such work,

(3) on whose behalf his Employer may elects to make contributions to the Fund pursuant to the provisions of Section 18.2 of Article XVIII hereof; and

(4) who falls into one of the following categories:

(i) during the current plan year performs services for one or more employers that are parties to the collective bargaining agreement as a collectively bargained employee for at least half of his/her hours of service for the current plan year;

(ii) was a collectively bargained employee during the current collective bargaining cycle (in which case, such person will be considered an employee hereunder until the later of the end of the current collective bargaining cycle or current plan year); or

(iii) originally qualified as an employee by virtue of Section 16(b)(4)(ii) and after the end of such period continued to perform services for one or more of the employers who are parties to the collective bargaining agreement.

Unless the text specifically refers to a Class I or a Class II Employee, the term “Employee” when used herein shall include both.

SECTION 1.7 -- EMPLOYER

The term “Employer” as used herein shall include:

a) any member of an Employer Association who is bound by the terms of a collective bargaining agreement between the Union and his Association to make contributions to the Trust Fund;

b) any other Employer engaged in work coming within the Jurisdiction of the Union who is obliged, by a collective bargaining or other agreement, to make contributions to the Trust Fund; and

c) the Union to the extent, and solely to the extent, that it employs business representatives or other persons on whose behalf it makes contributions to the Trust Fund.

d.) effective as of May 1, 1994, any other Employer established to administer fringe benefit, apprenticeship, educational, or related funds or other programs established through collective bargaining with the Union to the extent, and solely to the extent, such entity acts in the capacity of an employer of its employees on whose behalf contributions to the Trust Fund are required in accordance with a collective bargaining or other agreement.

SECTION 1.8 -- ERISA

The term “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations issued thereunder as the same may be in effect at any time of reference.

SECTION 1.9 -- FORMER PARTICIPANT

The term “Former Participant” shall mean a Participant who has become a Retired, Deceased, Disabled or Inactive Participant but shall not mean a Participant who has suffered a Permanent Break in Service as described in Section 1.4 of this Article.

SECTION 1.10 -- HOURS OF SERVICE

As used herein, “Hours of Service” shall include:

(a) each hour for which an Employee is paid, or entitled to payment, for the performance of duties for an Employer. These hours will be credited to the Employee for the Plan Year in which the duties are performed; and

(b) each hour for which an Employee is paid, or entitled to payment, by an Employer on account of a period of time during which no duties are performed (irrespective of whether the employment relationship has terminated) due to vacation, holiday, illness, incapacity (including disability), layoff, jury duty, military duty or leave of absence. No more than 501 Hours of Service will be credited under this paragraph for any single continuous period (whether or not such period occurs in a single Plan Year). Hours under this paragraph will be calculated and credited pursuant to Department of Labor Regulations, Section 2530.200b-2(c), which is herein incorporated by reference; and

(c) each hour for which back pay, irrespective of mitigation of damages, is either awarded or agreed to by an Employer. The same Hours of Service will not be credited both under paragraph (a) or paragraph (b), as the case may be, and under this paragraph (c). The hours will be credited to the Employee for the Plan Year(s) to which the award or agreement pertains rather that the Plan Year in which the award, agreement or payment is made.

SECTION 1.11 -- JURISDICTION OF THE UNION

The term “Jurisdiction of the Union” shall mean the type of work described in a collective bargaining agreement to which the Union is a party as being the type of work which comes under said agreement while said work is performed within the geographic area assigned to the Union by the International Association of Bridge, Structural, Ornamental and Reinforcing Iron Workers (A.F.L.- C.I.O.).

SECTION 1.12 -- MATERNITY/PATERNITY LEAVE

The term “Maternity/Paternity Leave” shall mean a Plan Year in which a Participant is absent from work by reason of:

(a) the pregnancy of the Participant,
(b) the birth of a child of the Participant,
(c) the placement of a child with the Participant in connection with the adoption of such child by such Participant, or
(d) caring for such child for a period beginning immediately following such birth or placement.

If the Participant had already completed one hundred and thirty (130) Hours of Service during the Plan Year in which such absence began, the term “Maternity/Paternity Leave” shall also apply to the next Plan Year. The Trustees shall require, as an express condition precedent to the granting of a Maternity/Paternity Leave, that a Participant provide the Trustees with such information as is deemed necessary to establish that the absence is due to one of the reasons described herein above and the number of days for which there was such an absence. Such information shall be provided to the Trustees by the Participant no later than the end of the Plan Year in which the Break in Service would otherwise occur.

SECTION 1.13 -- NORMAL RETIREMENT AGE

Effective as of May 1, 1988, the term “Normal Retirement Age” shall mean the later of the time a Participant attains age sixty-five (65) or the fifth anniversary of the time the Participant commenced Participation in the Plan. For purposes of the immediately preceding sentence, Participation commences on the first day in which the Participant commenced his Participation in the Plan, except that if a Participant suffers a Permanent Break in Service, Participation commences on the date when he again becomes a Participant as set forth in Section 2.1 of Article II.

SECTION 1.14 -- NORMAL RETIREMENT DATE

The term “Normal Retirement Date” means the first day of the month coincident with or immediately following the Normal Retirement Age.

SECTION 1.15 -- ORIGINAL PLAN

The term “Original Plan” shall mean the Plan as it was in effect immediately prior to May 1, 1976. The rights, if any, of any person who was a Participant in the Original Plan but who does not become a Participant in the Plan as described herein on or after May 1, 1976, shall be determined in accordance with the provisions of the Original Plan as they were in effect at the time he ceased being a Participant therein, subject, however, to the requirements of Section 303(e) of the Retirement Equity Act of 1984.

SECTION 1.16 -- PARTICIPANT

The term “Participant” shall mean an Employee who has met the eligibility requirements for participation as set forth in Section 2.1 of Article II. Once an Employee becomes a Participant, he shall remain a Participant until his normal or early retirement, death, disability retirement, or other termination of participation as described in Section 1.5 of this Article I, upon which occasion he shall thereafter be referred to as a “Retired Participant”, “Deceased Participant”, “Disabled Participant”, or “Permanent Break in Service Plan Participant”, whichever is appropriate.

The term “Active Participant” shall mean a Participant who has not yet become a Retired, Deceased, Disabled, or Permanent Break in Service Plan Participant and who has not yet suffered a Termination of Employment as described in Section 1.21 of this Article.

The term “Inactive Participant” shall mean a Participant who has not yet become a Retired, Deceased, or Disabled Participant and who has not yet suffered a Permanent Break in Service, as described in Section 1.5 of this Article, and who has not had at least one (1) Hour of Service during a period of twelve (12) consecutive months at the time of reference.

SECTION 1.17 -- PLAN OR PENSION PLAN

The term “Plan” or “Pension Plan” as used herein shall mean the Pension Plan described in this Instrument and as it may be amended from time to time.

SECTION 1.18 -- PLAN YEAR

The first Plan Year of the Fund shall run from the date of the Fund’s inception through April 30, 1963. Subsequent Plan Years shall run for twelve month periods beginning on a May 1 and ending on the next succeeding April 30.

SECTION 1.19 -- RETIRE

The term “Retire” shall mean a Participant’s complete cessation of (i) work previously performed for an Employer or (ii) any work in the same craft or industry within the Jurisdiction of the Union.

SECTION 1.20 -- SURVIVING ELIGIBLE SPOUSE

The term “Surviving Eligible Spouse” shall mean the person to whom a Participant or Inactive Participant was legally married throughout the one year period ending on the earlier of a) the Participant’s Annuity Starting Date, or b) the date of the Participant’s death. For purposes of the preceding sentence, if a Participant marries within one year before the Annuity Starting Date, and Participant and the Participant’s spouse in such marriage have been married for at least a one year period ending on or before the date of the Participant’s death, such Participant and such spouse shall be treated as having been married throughout the one year period ending on the Participant’s Annuity Starting Date.

The term “Annuity Starting Date” shall mean the first day of the first period for which an amount is paid as an annuity or any other form.

SECTION 1.21 -- TERMINATION OF EMPLOYMENT

The term “Termination of Employment” shall mean the cessation of work (both within and outside the Jurisdiction of the Union) for a complete Plan Year, prior to death or retirement of an Employee. For purposes of determining eligibility for a Severance Benefit as described in Article IX, Termination of Employment shall take place on the first anniversary of the date upon which a Participant last had one Hour of Service. For purposes of determining eligibility for a Vested Benefit as described in Article X and for purposes of determining the Accrued Benefit under Section 4.3 of Article IV, Termination of Employment shall occur at the end of two (2) consecutive Plan Years during which the Participant has ceased any work within the Jurisdiction of the Union.

SECTION 1.22 -- TRUST AGREEMENT

The term “Trust Agreement” or “Agreement” shall mean the Trust Agreement establishing the Iron Workers’ Local No. 55 Pension Plan dated October 31, 1962, as that Instrument has been and may, from time to time, be amended.

SECTION 1.23 -- TRUSTEES

The term “Trustees” shall mean the Employer Trustees and the Union Trustees, collectively, who have been appointed in accordance with the provisions of the Trust Agreement to serve thereunder.

SECTION 1.24 -- TRUST FUND

The term “Trust Fund” or “Fund” shall mean the Iron Workers’ Local No. 55 Pension Fund and all the assets thereof, including any and all insurance policies which the Trustees may, from time to time, enter into to provide all or any part of the benefits under the Plan.

SECTION 1.25 -- UNION

The term “Union” shall mean Local No. 55 of the International Association of Bridge, Structural, Ornamental and Reinforcing Iron Workers (A.F.L.-C.I.O.).

ARTICLE II

ELIGIBILITY, YEARS OF SERVICE, AND YEARS OF PARTICIPATION
SECTION 2.1 -- ELIGIBILITY FOR PARTICIPATION

Each Retired Participant under the Original Plan who was receiving benefits as of April 30, 1976, shall be a Retired Participant in the Plan as of May, 1976.

Each Employee who was an Active Participant in the Original Plan as of April 30, 1976, shall be a Participant in the Plan as of May 1, 1976.

Each person who becomes an Employee on or after May 1, 1976, shall become a Participant on the first May 1 or November 1 following his satisfaction of the requirements of the Eligibility Computation Period.

In the event a Participant other than a Permanent Break in Service Plan Participant becomes re-employed, he shall participate immediately upon his re-employment date.

In the event a Participant suffers a Permanent Break in Service, he shall, upon return to the status of an Employee, be required to again meet the foregoing requirements prior to becoming a Participant; however, once the requirement is satisfied his participation shall be retroactive to his date of re-hire.

SECTION 2.2 -- YEARS OF SERVICE

A Participant’s Years of Service shall be a combination of his Years of Past Service, Years of Intermediate Service, and Years of Future Service, as determined in Sections 2.3, 2.4 and 2.5 of this Article.

SECTION 2.3 -- YEARS OF PAST SERVICE

Each Participant who was a Participant in the Original Plan who had contributions made to the Fund on his behalf for at least one hundred and thirty (130) Hours of Service during any one of the first three Plan Years of the Plan shall be credited with one Year of Past Service for each year of his Jurisdictional Service or fraction thereof computed to the nearest one-tenth (1/10th) of a year based on the number of days in a year; provided, however, that each Participant who was a Participant in the Original Plan who had contributions made to the Fund on his behalf for at least one hundred and thirty (130) Hours of Service during any one of the first three Plan Years of the Plan and who was an Active or Inactive Participant on or after May 1, 1985 shall be credited with one Year of Past Service for each year of his Jurisdictional Service or fraction thereof computed to the nearest one-tenth (1/10th) of a year based on the number of days in a year except that when totaling the Years of Past Service or fraction thereof any resulting fractional year of Jurisdictional Service shall be rounded off and credited as an additional full Year of Past Service. Years of Past Service shall also be credited to a Participant in the Original Plan who was disabled throughout the first three Plan Years of the Plan, provided he returned to work within the Jurisdiction of the Union and was credited with Years of Intermediate Service under the Plan.

The term “Jurisdictional Service” shall have applicability only with respect to an Employee’s employment within the Jurisdiction of the Union between May 1, 1947, and May 1, 1962. In determining such Jurisdictional Service, membership in the Union may be considered prima facie evidence.

SECTION 2.4 -- YEARS OF INTERMEDIATE SERVICE

Each Participant who was a Participant in the Original Plan shall be credited with a Year, or fraction thereof, of Intermediate Service for each Plan Year prior to the Plan Year beginning May 1, 1976, that he had contributions for at least one hundred and thirty (130) Hours of Service made to the Fund on his behalf, in accordance with the following schedule:

Hours of Service for Which Year or Fraction
Contributions are received Thereof Credited
by the Fund in the Plan Year

1,300 or more One full year
1,170 but less than 1,300 9/10 of a year
1,040 but less than 1,170 8/10 of a year
910 but less than 1,040 7/10 of a year
780 but less than 910 6/10 of a year
650 but less than 780 5/10 of a year
520 but less than 650 4/10 of a year
390 but less than 520 3/10 of a year
260 but less than 390 2/10 of a year
130 but less than 260 1/10 of a year
Less than 130 None

Provided, however, that each Participant who was a Participant in the Original Plan and who was an Active or Inactive Participant on or after May 1, 1985, shall be credited with a Year, or fraction thereof, of Intermediate Service for each Plan Year commencing on or after May 1, 1962 and prior to the Plan Year beginning May 1, 1976, that he had at least eighty-seven (87) Hours of Service, in accordance with the following schedule:

Hours of Service Year or Fraction
Thereof Credited

870 or more One full year
783 but less than 870 9/10 of a year
696 but less than 783 8/10 of a year
609 but less than 696 7/10 of a year
522 but less than 609 6/10 of a year
435 but less than 522 5/10 of a year
348 but less than 435 4/10 of a year
261 but less than 348 3/10 of a year
174 but less than 261 2/10 of a year
87 but less than 174 1/10 of a year
Less than 87 None

SECTION 2.5 -- YEARS OF FUTURE SERVICE --

Commencing May 1, 1976, each Participant shall be credited with a Year, or fraction thereof, of Future Service for each Plan Year that he has at least eight-seven (87) Hours of Service, in accordance with the following schedule:

Year or Fraction
Hours of Service Thereof Credited

SECTION 2.6 -- YEARS OF SERVICE FOR CONTIGUOUS NON-COVERED EMPLOYMENT --

Non-Covered Employment shall be employment with an Employer which does not come within the Jurisdiction of the Union. If an Employee who was employed in Non-Covered Employment becomes a Participant in the Plan while working for his same Employer he shall be given either Years of Intermediate Service or Future Service, or both, for his contiguous employment with the Employer immediately prior to the date his work comes within the Jurisdiction of the Union, but in no event for any such employment prior to the date the Employer becomes a Contributing Employer to the Fund. The Years of Service thus granted retroactively shall be based on Hours of Service as opposed to hours for which contributions were received and shall be used for determining eligibility for Normal or Early Retirement, or Vested Benefits only and shall not be used for purposes of benefit accrual.

A Participant who becomes employed in Non-Covered Employment for the same Employer for whom he was working under the Jurisdiction of the Union shall continue to accrue Years of Service for such contiguous Non-Covered Employment based on his Hours of Service; but such Years shall be used for determining eligibility for Normal or Early Retirement, or Vested Benefits only and shall not be used for purposes of benefit accrual.

Notwithstanding anything to the contrary contained herein, Years of Service for contiguous Non-Covered Employment shall be excluded and shall not be counted as Years of Service for purposes of determining eligibility for the special Early Retirement Benefit equal to a Participant’s Accrued Benefit without reduction as provided in Section 5.3 of Article V.

SECTION 2.7 -- YEARS OF PARTICIPATION
A Participant’s Years of Participation shall mean the aggregate number of Plan Years since the inception of the Original Plan for which any contributions were made to the Fund on his behalf. Solely for purposes of Section 10.3 of Article X, Years of Participation after April 30, 1976, shall include Plan Years of Contiguous Non-Covered Employment.

SECTION 2.8 -- YEARS OF SERVICE FOR MILITARY SERVICE
Notwithstanding any other provision of this Plan, contributions, benefits and service credit with respect to qualified military service will be provided in accordance with Section 414(u) of the Internal Revenue Code. A Participant shall not suffer a Break in Service if he leaves work within the Jurisdiction of the Union to enter the Armed Forces of the United States of America and thereafter returns to work within the Jurisdiction of the Union within ninety (90) days of his discharge under honorable conditions or within one (1) year from hospitalization continuing after such discharge. In addition, such Participant shall be credited with Hours of Service, up to a cumulative maximum of five (5) years, based on the Hours of Service the Participant earned during a period of time at least equal to two (2) times the amount of time spent in the military, immediately prior to entering the military. Liability associated with the crediting of military service shall be added to all other Plan liabilities for a particular Plan Year and funded in the same manner as any other Plan liability.

ARTICLE III

ACCRUED BENEFITS AND SERVICE CREDIT

SECTION 3.1 -- ACCRUED BENEFIT
A Participant’s Accrued Benefit shall be equal to the sum of his Past Service Credit, if any, and his Future Service Credit, if any, determined in accordance with the provisions of Sections 3.2 and 3.3 of this Article III and as modified by Section 3.4 of this Article III.

SECTION 3.2 -- PAST SERVICE CREDIT

Each Participant who has been credited with any Years of Past Service in accordance with the provisions of Section 2.2 of Article II shall be credited with an equal number Years of Past Service Credit for benefit purposes.

SECTION 3.3 -- FUTURE SERVICE CREDIT

For each Plan Year for which he has contributions for at least one hundred and thirty (130) Hours of Service made to the Fund on his behalf, a Participant shall be credited with a year, or fraction thereof, of Future Service Credit in accordance with the following Schedule:

Hours of Service for Which
Contributions are Received Year or Fraction
by the Fund in the Plan Year Thereof Credited

For any Plan Year in which the Fund receives contributions for more than 1,300 Hours of Service on behalf of a Participant, those hours which are in excess of 1,300 shall be carried forward to be applied, if needed, to any Plan Years for which contributions of less than 1,300 Hours of Service were received by the Fund on his behalf in accordance with the provisions set forth below in this Section and as further modified by Section 3.4 of this Article III.

Additional Credit: At his retirement, any accumulated hours which represent contributions for more than 1,300 Hours of Service in any Plan Years during his participation shall be allocated to prior years in which the Participant had contributions for less than 1,300 Hours of Service made to the Fund on his behalf with the allocation being made in reverse chronological order; provided, however, that in order for any such excess hours to be allocated to any Plan Year after the Plan Year in which the Participant attains age sixty-two (62), he must have had some Employer contributions made to the Plan on his behalf for work performed in such Plan Year. The number of hours so allocated to any particular Plan Year shall be only that number required to bring the Participant’s total hours of contributions for that particular Plan Year up to an even 1,300.

Should a Participant Terminate his Employment under the Jurisdiction of the Union prior to attaining his Normal Retirement Age and not apply for his pension benefits until a date later than that as of which his Employment Terminated, any excess hours credited to him as described above shall be allocated as of his Termination of Employment to prior years as so outlined. Should any excess hours of credit remain after allocations, if any, have been made to prior Plan Years, they shall be credited to the Participant at the rate of up to 1,300 hours per year (or fraction thereof) for each year between his Termination of Employment and the earlier of the date as of which his pension benefits commence and his attainment of age sixty-two (62). The Accrued Benefit for such excess hours shall be determined by reference to the benefit level in effect at the time of the Participant’s Termination of Employment determined in accordance with the provisions of Section 4.3 of Article IV; provided, a Participant who incurs a Termination of Employment before May 1, 1981 and who had all excess hours of credit applied prior to May 1, 1981, shall have the Accrued Benefit determined by reference to the benefit level in effect at the later of the date of the Participant’s Termination of Employment or the end of the Plan Year in which his latest excess hours were applied and provided a Participant who incurs a Termination of Employment before May 1, 1981 and who has excess hours extending beyond April 30, 1981 shall have the Accrued Benefit determined by reference to the benefit level in effect at the later date of the Participant’s Termination of Employment or April 30, 1983. In the event a Participant suffers a Termination of Employment and again commences work within the Jurisdiction of the Union and earns at least one-tenth (1/10) of a year of Future Service Credit as provided in Section 3.3 of Article III, any excess hours remaining, after application of such hours to Plan Years prior to the Plan Year in which work within the Jurisdiction of the Union resumes, will be applied during his subsequent period of work based upon the benefit level in effect at his next Termination of Employment or the date he Retires on or before age sixty-two (62), whichever occurs first.

So long as a Participant continues to work within the Jurisdiction of the Union and has contributions made to the Fund on his behalf, he shall be able to accrue future Service Credit regardless of his age; but under no circumstances may any Participant be credited with more than one (1) full year of Future Service Credit for any Plan Year and no allocation of excess hours credited to any of the first three Plan Years shall have the effect of establishing a Participant’s right to any Past Service Credit.

SECTION 3.4 -- TRANSITIONAL RULES

a) Effective May 1, 1996 only Hours of Service in excess of 1,300 for Plan Years prior to May 1, 1991 may be allocated to Plan Years in which a Participant had contributions for less than 1,300 Hours of Service. Further, the last Plan Year to which an allocation of such excess hours may be made ends on April 30, 1997.

b) Effective May 1, 1997, only Hours of Service in excess of 1,300 for Plan Years prior to May 1, 1981 may be allocated to Plan Years in which a Participant had contributions for less than 1,300 Hours of Service. Further, the last Plan Year to which an allocation of such excess hours may be made ends on April 30, 1997.

ARTICLE IV

NORMAL RETIREMENT BENEFIT

SECTION 4.1 -- ELIGIBILITY
A Participant who has not suffered a Permanent Break in Service shall be eligible to Retire voluntarily and receive a Normal Retirement Benefit provided:

a) He shall Retire on or after May 1, 1989;

b) He shall, at the time he Retires, have at least five (5) Years of Service; and

c) He shall have reached his sixty-fifty (65) birthday.

provided, however, effective as of May 1, 1988, an Employee who commences participation within five (5) years (or less) of Normal Retirement Age shall be eligible for a Normal Retirement Benefit at Normal Retirement Age.

Upon attainment of Normal Retirement Age, a Participant’s right to his Normal Retirement Benefit shall be nonforfeitable.

SECTION 4.2 -- COMMENCEMENT OF BENEFIT PAYMENTS

A Participant who meets the eligibility requirements for a Normal Retirement Benefit as set forth in Section 4.1 of this Article, upon submission of an application form to the Trustees, on a form prescribed and furnished by them and accompanied by personal data required by them, shall become entitled to a Normal Retirement Benefit commencing as of the first day of the month next following the date as of which he has both completed the eligibility requirements set forth in Section 4.1 of this Article and submitted said application.

SECTION 4.3 -- COMPUTATION OF BENEFIT

A Participant’s monthly Normal Retirement Benefit shall be equal to his Accrued Benefit which shall be the sum of:

a) $2.70, multiplied by the number of Years of his Past Service Credit, if any, determined in accordance with the provisions of Section 3.2 of Article III; plus

b) $6.40, multiplied by the number of Years (to the last completed one-tenth) of his Future Service Credit, if any, for Plan Years ended on or before April 30, 1971, determined in accordance with the provisions of Section 3.3 of Article III; plus

c) $19.50, multiplied by the number of Years (to the last completed one-tenth) of his Future Service Credit for Plan Years commencing on or after May 1, 1971 determined in accordance with the provisions of Section 3.3 of Article III. The amount of $19.50 shall be increased to $20.25 for all Participants who had not suffered a Termination of Employment prior to July 1, 1977 and who Retire on or after July 1, 1977. The amount of $20.25 shall be increased to $23.50 for all Participants who had not suffered a Termination of Employment prior to July 1, 1978 and who Retire on or after July 1, 1978. The amount of $23.50 shall be increased to $30.50 for all Participants who had not suffered a Termination of Employment prior to May 1, 1979 and who Retire on or after May 1, 1979. The amount of $30.50 shall be increased to $32.25 for all Participants who had not suffered a Termination of Employment prior to May 1, 1980 and who Retire on or after May 1, 1980; plus

d) $40.00, multiplied by the number of years (to the last completed one-tenth) of his Future Service Credit for Plan Years commencing on or after May 1, 1981, determined in accordance with the provisions of Section 3.3 of Article III. The amount of $40.00 shall be increased to $43.50 for all Participants who had not suffered a Termination of Employment prior to May 1, 1982 and who Retire on or after May 1, 1982. The amount of $43.50 for all Participants who had not suffered a Termination of Employment prior to May 1, 1983 and who Retire on or after May 1, 1983. The amount of $47.50 shall be increased to $52.50 for all Participants who had not suffered a Termination of Employment prior to May 1, 1984 and who Retire on or after May 1, 1984. The amount of $52.50 shall be increased to $57.50 for all Participants who had not suffered a Termination of Employment prior to May 1, 1986 and who Retire on or after May 1, 1986. The amount of $57.50 shall be increased to $64.50 for all Participants who had not suffered a Termination of Employment prior to May 1, 1987 and who Retire on or after May 1, 1987. The amount of $64.50 shall be increased to $67.00 for all Participants who had not suffered a Termination of Employment prior to May 1, 1988 and who Retire on or after May 1, 1988. The amount of $67.00 shall be increased to $70.00 for all Participants who had not suffered a Termination of Employment prior to May 1, 1989 and who Retire on or after May 1, 1989. The amount of $70.00 shall be increased to $80.00 for all Participants who had not suffered a Termination of Employment prior to May 1, 1989 and who Retire on or after May 1, 1989. The amount of $80.00 shall be increased to $85.00 for all Participants who had not suffered a Termination of Employment prior to May 1, 1990 and who Retire on or after May 1, 1990.

e) $90.00, multiplied by the number of years (to the last completed one-tenth) of his Future Service Credit for Plan Years commencing on or after May 1, 1991 determined in accordance with the provisions of Section 3.3 of Article III for all Participants who had not suffered a Termination of Employment prior to May 1, 1991 and who Retire on or after May 1, 1991. The amount of $90.00 shall be increased to $105.00 for all Participants who had not suffered a Termination of Employment prior to May 1, 1992 and who Retire on or after May, 1, 1992. The amount of $105.00 shall be increased to $110.00 for all Participants who had not suffered a Termination of Employment prior to May 1, 1994 and who Retire on or after May 1, 1994. The amount of $110.00 shall be increased to $115.00 for all Participants who had not suffered a Termination of Employment prior to May 1, 1996 and who Retire on or after May 1, 1996.

f) All Participants who have not suffered a Termination of Employment prior to May 1, 1996 and who Retire on and after May 1, 1996 shall have their Accrued Benefit equal to the sum of paragraphs a), b), c) and d) of this Section, plus $8.85 per 100 Hours of Service for all Hours of Service contributed beginning on May 1, 1991; provided, however, that such Accrued Benefit shall not be less than the sum of paragraphs a), b), c), d), and e) of this Section.

g) All Participants who have not suffered a Termination of Employment prior to May 1, 1997 and who Retire on and after May 1, 1997 shall have their Accrued Benefit equal to the sum of paragraphs a), b), and c) of this Section, plus $6.50 per 100 Hours of Service for all Hours of Service contributed beginning on May 1, 1981 and ending on April 30, 1991 plus $8.85 per 100 Hours of Service for all Hours of Service contributed beginning on May 1, 1991; provided, however, that such Accrued Benefit shall not be less than the sum of paragraphs a), b), c), d) and e) of this Section.

h) All Participants who have not suffered a Termination of Employment prior to May 1, 1999 and who Retire on and after May 1, 1999 shall have their Accrued Benefit equal to the sum of paragraphs a), b), and c) of this Section, plus $6.50 per 100 Hours of Service for all Hours of Service contributed beginning on May 1, 1981 and ending of April 30, 1991, plus $10.10 per 100 Hours of Service for all Hours of Service contributed beginning on May 1, 1991; provided, however, that such Accrued Benefit shall not be less than the sum of paragraphs a), b), c), d) and e) of this Section.

Where a Termination of Employment has occurred, the Accrued Benefit shall be determined by reference to the benefit level in effect at the time of a Participant’s Termination of Employment. Where a Participant Retires with a Normal Retirement Benefit, Early Retirement Benefit or Disability Retirement Benefit and has not previously incurred a Termination of Employment, the Accrued Benefit shall be determined by reference to the benefit level in effect on the date the Participant Retires.

For Plan Years beginning after December 31, 1983, if a Participant’s Normal Retirement Benefit does not begin as of the Normal Retirement Date because a timely application was not filed, the Normal Retirement Benefit shall be the greater of a) the Participant’s Accrued Benefit on the date benefits begin, or b) the Participant’s Accrued Benefit at the Normal Retirement Date, adjusted to its Actuarial Equivalent as of the date benefits are to begin.

ARTICLE V

EARLY RETIREMENT BENEFIT

SECTION 5.1 -- ELIGIBILITY
A Participant who has not suffered a Permanent Break in Service shall be eligible to Retire voluntarily and receive an Early Retirement Benefit provided:

a) he shall Retire on or after May 1, 1976;

b) he shall, at the time he Retires, have at least ten (10) Years of Service; and

c) he shall have reached his fifty-fifth (55th) but not his sixty-fifth (65th) birthday.

SECTION 5.2 -- COMMENCEMENT OF BENEFIT PAYMENTS
A Participant who meets the eligibility requirements for an Early Retirement Benefit as set forth in Section 5.1 of this Article, upon submission of an application to the Trustees, on a form prescribed and furnished by them and accompanied by personal data required by them, shall become entitled to an Early Retirement Benefit commencing as of the first day of the month next following the date as of which he has both completed the eligibility requirements set forth in Section 5.1 of this Article and submitted an application.

SECTION 5.3 -- COMPUTATION OF BENEFIT

a) A Participant’s monthly Early Retirement Benefit shall be equal to his Accrued Benefit determined in accordance with the provisions of Section 4.3 of Article IV if the Participant Retires on or after May 1, 1984 and if the Participant is under age sixty-five (65) but not under age sixty-two (62) at the time he Retires.

b) If a Participant is under age sixty-two (62) at the time he Retires, his monthly Early Retirement Benefit shall be equal to his Accrued Benefit determined in accordance with the provisions of Section 4.3 of Article IV reduced by one-half (1/2) of one percent for each complete calendar month by which the Retired Participant is under age sixty-two (62) at the time his Early Retirement Benefit commences, provided, however, that for all Participants who Retire on or after May 1, 1980 and who have thirty (30) Years of Service, a Participant’s monthly Early Retirement Benefit shall be equal to his Accrued Benefit determined in accordance with the provisions of Section 4.3 of Article IV reduced by one-quarter (1/4) of one percent for each complete calendar month by which the retired Participant is under age sixty-two (62) at the time his Early Retirement commences, and provided further, however, that for all Participants who were Active or Inactive Participants on or after May 1, 1985, who have thirty (30) Years of Service, and who have attained age fifty-five (55), a Participant’s monthly Early retirement Benefit shall be equal to his Accrued Benefit determined in accordance with the provisions of Section 4.3 of Article IV.

c) An Active Participant who has earned at least thirty (30) Years of Service in this Plan and who has completed at least one (1) hour of covered employment on or after May 1, 1999, shall receive one hundred (100%) percent of his Accrued Benefit, determined in accordance with Article IV, Section 4.3. Years of Service for Contiguous Non-Covered Employment as set forth in Article II and service earned under any Participation Agreement or reciprocity agreements, including, but not limited to any pro-rata or money-follows-the-man agreements, shall not be taken into account.

ARTICLE VI

DISABILITY RETIREMENT BENEFIT

SECTION 6.1 -- ELIGIBILITY
An Active Participant who has not suffered a Permanent Break in Service shall be eligible to Retire voluntarily and receive a Disability Retirement Benefit provided:

a) he shall Retire on or after January 1, 1998;

b) he is a totally and permanently disabled Participant;

c) he shall, at the time he becomes disabled, have at least five Years of Service; and

d) he is under age sixty-two (62).

provided, however, an Active Participant who becomes totally and permanently disabled prior to January 1, 1998 shall be governed by the provisions of the Plan on the Disability Retirement Benefit as they then existed.

A Participant shall be deemed to be totally and permanently disabled only if the Trustees shall find, on the basis of medical or similar evidence, including Social Security Awards if acceptable to the Trustees, that he has a physical or mental condition which totally and permanently prevents him from engaging in any regular occupation or employment for remuneration or profit.

The Trustees may require as an express condition precedent to eligibility for benefits, that any Participant, who has submitted to the Trustees an application for a Disability Retirement Benefit and who claims to be totally and permanently disabled, be examined by a physician or clinic chosen by the Trustees. Further, the Trustees may require as an express condition precedent to eligibility for benefits that any such Participant submit copies of his federal income tax returns and W-2 forms and such other evidence of continuing total and permanent disability as the Trustees, in their sole discretion, deem appropriate.

SECTION 6.2 -- COMMENCEMENT OF BENEFIT PAYMENTS

A Participant who meets the eligibility requirements for a Disability Retirement Benefit as set forth in Section 6.1 of this Article, upon submission of an application to the Trustees, on a form prescribed and furnished by them and accompanied by personal data required by them, shall become entitled to a Disability Retirement Benefit commencing as of the first day of the month next following the date as of which he has both completed the eligibility requirements set forth in Section 6.1 of this Article and submitted said application.

The Disability Retirement Benefit payable hereunder shall be paid until the earlier to occur of the Participant’s death or failure to continue to meet all of the requirements of Section 6.1 of this Article.

In the event a delay in securing an award from Social Security is encountered, payments may be made retroactive to the first day of the month following receipt of such application but such retroactivity shall not exceed a two-year period.

To determine the continued eligibility to receive a Disability Retirement Benefit, the Trustees shall have the power to require such periodic proof to be submitted as they deem necessary. Such proof may include, but shall not be limited to, medical examinations by a physician or clinic of the Trustees’ choice, provided such examination may not be required more frequently than semi-annually.

SECTION 6.3 -- COMPUTATION OF BENEFIT

a) For Participants with thirty (30) or more Years of Service, a totally permanently disabled Participant’s monthly Disability Retirement Benefit shall be equal to his Accrued Benefit determined in accordance with the provisions of Section 4.3 of Article IV, but in no event shall such monthly Benefit be less than $25.00. Upon reaching age fifty-five (55), he shall thereafter receive as an unreduced Early Retirement Benefit the same amount he was receiving as a Disability Retirement Benefit.

b) For Participants with less than thirty (30) Years of Service, a totally and permanently disabled Participant’s monthly Disability Retirement Benefit shall be equal to seventy percent (70%) of his Accrued Benefit determined in accordance with the provisions of Section 4.3 of Article IV, but in no event shall such monthly Benefit be less than $25.00. Upon reaching age fifty-seven (57), his monthly Disability Retirement Benefit shall be converted into an Early Retirement Benefit. His converted monthly Early Retirement Benefit commencing at age fifty-seven (57) shall be equal to his Accrued Benefit determined in accordance with the provisions of Section 4.3 of Article IV reduced by one-half of one percent for each complete calendar month by which the retired Participant is under age sixty-two (62) at the time his converted Early Retirement Benefit commences.

SECTION 6.4 -- TERMINATION OF BENEFITS

In the event a totally and permanently disabled Participant receiving a monthly Disability Retirement Benefit prior to age sixty-two (62) ceases to continue to meet all requirements for a Disability Retirement Benefit as described in Section 6.1 of this Article VI (except employment for purposes of rehabilitation as determined by the Trustees and as hereinafter set forth), or ceases to be totally and permanently disabled, or if he engages in an occupation or employment (except for purposes of rehabilitation as determined by the Trustees and as hereinafter set forth), for remuneration or profit, which employment would be inconsistent with a finding of total and permanent disability, or if the Trustees find on the basis of medical evidence that he has sufficiently recovered to return to work, or if he refuses or fails to undergo a medical examination required by the Trustees, or if he refuses or fails to submit evidence of a continuing disability when required by the Trustees (including continuing entitlement to Social Security Disability Benefits) or if he refuses or fails to furnish copies of his federal income tax returns and W-2 forms when required by the Trustees, or if he refuses or fails to otherwise provide satisfactory evidence of income as to employment for purposes of rehabilitation when required by the Trustees, the Disability Retirement Benefit shall be terminated. In such latter event, the Participant’s further rights to benefits under the Plan, if any, shall be governed in accordance with other applicable provisions of the Plan.

If a totally and permanently disabled Participant does, in fact, become gainfully employed in an effort at rehabilitation as determined by the Trustees in an occupation not within the Jurisdiction of the Union (and not requiring physical ability and dexterity equal to or greater than that required to perform work within the Jurisdiction of the Union), the Disability Retirement Benefit shall not be terminated unless for any calendar year his earnings from such employment exceed an amount equal to the product of three hundred fifty (350) hours multiplied by the average base rate then in effect for journeymen iron workers represented by the Union.

In any calendar year in which a totally and permanently disabled Participant’s income from employment in an effort at rehabilitation exceeds the product of three hundred fifty (350) hours multiplied by the average base wage rate then in effect for journeymen iron workers represented by the Union, the Disability Retirement Benefit of the Participant shall terminate on the first day of the month next following the month in which his earnings exceed the limit established above. The Participant shall be obligated to pay to the Plan any benefits improperly accepted after the date the Disability Retirement Benefit is terminated. Except in cases of fraud or intentional concealment, repayment to the Plan as a result of such an occurrence shall be effected only from benefits which subsequently become payable under this Plan to the Participant, or a Surviving Eligible Spouse, or a surviving spouse, or a beneficiary otherwise claiming through him.

ARTICLE VII

BENEFIT ADJUSTMENTS

SECTION 7.1 --
The monthly benefit payable on or after May 1, 1989 to any Retiree who was receiving a monthly benefit as of April 30, 1989 shall be increased $10.00 per month.

SECTION 7.2 --

The monthly benefit payable on or after May 1, 1990 to any Retiree who was receiving a monthly benefit as of April 30, 1989 shall be increased $10.00 per month.

SECTION 7.3 --

The monthly benefit payable on or after May 1, 1991 to any Retiree who was receiving a monthly benefit as of April 30, 1990 shall be increased $10.00 per month.

SECTION 7.4 --

The monthly benefit payable on or after May 1, 1992 to any Retiree who was receiving a monthly benefit as of April 30, 1991 shall be increased $10.00 per month.

SECTION 7.5 --
The monthly benefit payable on or after May 1, 1993 to any Retiree who was receiving a monthly benefit as of April 30, 1992 shall be increased $10.00 per month; provided, however, that the greater of the monthly benefit payable after said $10.00 increase or the monthly benefit approved effective on or after May 1, 1992 and effective prior to May 1, 1993, under the $105.00 benefit formula, shall be payable.

SECTION 7.6 --

The monthly benefit payable on or after May 1, 1994 to any Retiree who was receiving a monthly benefit as of April 30, 1993 shall be increased $10.00 per month.

ARTICLE VIII

PRE-RETIREMENT DEATH BENEFIT

SECTION 8.1 -- ELIGIBILITY
Upon the death of a Participant after August 22, 1984 who has not suffered a Permanent Break in Service and who has not received any benefits under the Plan (except Disability Retirement Benefits), his Beneficiary, as described in Section 8.3 of this Article, or his Surviving Eligible Spouse, as the circumstances dictate, shall be entitled to receive a Pre-Retirement Death Benefit.

SECTION 8.2 -- COMPUTATION OF BENEFIT

a) If the Deceased Participant has less than five (5) Years of Participation, his Beneficiary shall receive a single sum Death Benefit equal to $250.00 for each Plan Year that the Deceased Participant had accrued some Future Service Credit, determined in accordance with the provisions of Section 3.3 of Article III. If the Deceased Participant had less than five (5) Years of Participation and if the Deceased Participant was or became an Active Participant on or after July 1, 1978, his Beneficiary shall receive a single sum Death Benefit equal to fifty (50%) percent of Employer contributions made to the Fund on behalf of the Deceased Participant subject to a floor of $250.00 for each Plan Year that the Deceased Participant had accrued some Future Service Credit, determined in accordance with the provisions of Section 3.3 of Article III.

b) If the Deceased Participant had at least five (5) Years of Participation but was not eligible for Normal or Early Retirement at the time of his death and if the Deceased Participant is not survived by a Surviving Eligible Spouse, his Beneficiary shall receive a monthly benefit equal to twice the Deceased Participant’s Accrued Benefit determined in accordance with the provisions of Section 4.3 of Article IV for a period of sixty (60) months. If the Beneficiary should die at a time when the total number of payments made to the Beneficiary number less than sixty (60), a payment equal to the single sum Actuarial Equivalent of the remaining payments needed to reach sixty (60) shall be paid to the estate of the Beneficiary. If the Estate of the Deceased Participant is the Beneficiary because there is no Surviving Eligible Spouse or designated Beneficiary and if the court appointed personal representative or other court appointed fiduciary or the Estate of the Deceased Participant so elects and the applicable probate court by order approves such election, a payment equal to the single sum Actuarial Equivalent of the sixty (60) payments shall be paid to the Estate of the Deceased Participant.

c) If the Deceased Participant had at least five (5) Years of Participation but was not eligible for Normal Retirement or Early Retirement at the time of his death and if the Deceased Participant is survived by a Surviving Eligible Spouse, she shall be entitled to receive a deferred monthly benefit for her remaining lifetime commencing as of the date the Deceased Participant would first have been eligible to commence receiving monthly benefits (other than Disability Benefits) under the Plan had he lived. The deferred monthly benefit shall be equal to the Deceased Participant’s Accrued Benefit determined in accordance with the provisions of Section 4.3 of Article IV with appropriate adjustment of his Accrued Benefit because of earlier retirement, if applicable, determined by reference to the date the Deceased Participant would first have been eligible to commence receiving benefits (other than Disability Benefits) under the Plan had he lived.

If the Surviving Spouse should die after the time that payment of the deferred monthly benefit has commenced and if the total number of payments made to the Surviving Spouse number less than one hundred twenty (120), a payment equal to the single sum Actuarial Equivalent of the remaining payments needed to reach one hundred twenty (120) shall be paid to the estate of the Surviving Eligible Spouse. If the Surviving Eligible Spouse should die prior to the time that payment of the deferred monthly benefit would have commenced, a payment equal to the single sum Actuarial Equivalent of the Pre-Retirement Death Benefit described in paragraph b) above shall be paid to the estate of the Surviving Eligible Spouse. The surviving Eligible Spouse may, however, elect to receive the Pre-Retirement Death Benefit described in paragraph b) above in lieu of the deferred monthly benefit described in this paragraph c).

d) If the Deceased Participant was eligible for Normal or Early Retirement at the time of his death and he is survived by a Surviving Eligible Spouse, she shall be entitled to receive a monthly benefit for her remaining lifetime equal to the monthly amount the Deceased Participant would have been entitled to receive as a Normal or Early Retirement Benefit under the Plan had he retired immediately preceding the date of his death. If the Surviving Eligible Spouse should die at a time when the total number of payments made to the Surviving Eligible Spouse number less than one hundred twenty (120), a payment equal to the single sum Actuarial Equivalent of the remaining payments needed to reach one hundred twenty (120) shall be paid to the estate of the Surviving Eligible Spouse. The Surviving Eligible Spouse may, however, elect to receive the Pre-Retirement Death Benefit described in paragraph b) above in lieu of the Benefit described in this paragraph d).

e) If the Deceased Participant who was eligible for Normal or Early Retirement at the time of his death is not survived by a Surviving Eligible Spouse, the Pre-Retirement Death Benefit described in paragraph b) above shall be payable.

SECTION 8.3 -- BENEFICIARY

A Participant’s Beneficiary shall be his Surviving Eligible Spouse. If there is no Surviving Eligible Spouse, a Participant’s Beneficiary shall be the person or persons so designated in his latest written notice to the Trustees prior to his death. In the absence of a Surviving Eligible Spouse or a designated Beneficiary, his Beneficiary shall be his Estate.

ARTICLE IX

POST-RETIREMENT DEATH BENEFIT

SECTION 9.1 -- ELIGIBILITY FOR SPOUSE’S BENEFITS
If, upon the death of a Retired Participant who was receiving a Normal or Early Retirement Benefit or a Vested Benefit, he is survived by a Surviving Eligible Spouse, she shall continue receiving the monthly Benefit which the Deceased Participant had been receiving at the time of his death for her remaining lifetime.

If, upon the death of a Retired Participant who was receiving a Normal or Early Retirement Benefit or a Vested Benefit, he had not received one hundred and twenty (120) monthly benefit payments and is not survived by a Surviving Eligible spouse, he is survived by a widow, she shall continue receiving the monthly Benefit which the Deceased Participant had been receiving at the time of his death until a total of one hundred twenty (120) payments shall have been paid to the Deceased Participant and his widow together.

SECTION 9.2 -- ELIGIBILITY FOR SURVIVOR’S BENEFITS

If, upon the death of a Retired Participant who was receiving a Normal or Early Retirement Benefit or a Vested Benefit, he had not received a total of one hundred twenty (120) monthly payments and is not survived by a Surviving Eligible Spouse or a widow to whom his monthly Benefit is to be continued pursuant to the provisions of Section 9.1 of this Article, his Beneficiary, as described in Section 8.3 of Article VIII, shall continue receiving the monthly Benefit which the Deceased Participant had been receiving at the time of his death until a total of one hundred twenty (120) monthly payments have been made to the Deceased Participant and his Beneficiary together.

If, upon the death of a surviving Eligible Spouse or a widow, the total monthly payments made to the Deceased Participant and his Surviving Eligible Spouse or his widow number less than one hundred twenty (120), the Deceased Participant’s Beneficiary, as described in Section 8.3 of Article VIII, shall continue receiving the monthly Benefit which the Deceased Participant had been receiving at the time of his death until a total of one hundred twenty (120) monthly payments have been made to the Deceased Participant, his Surviving Eligible Spouse or his widow, and his Beneficiary together.

If the Estate of the Deceased Participant is the Beneficiary because there is no Surviving Eligible Spouse, or a widow, or a Designated Beneficiary, if the Retired Participant, his Surviving Eligible Spouse, or a widow, or a Designated Beneficiary, have not received a total of one hundred twenty (120) months payments and if the court appointed personal representative or other court appointed fiduciary of the Estate of the Deceased Participant so elects and the applicable probate court by order approves such election, a payment equal to the single sum Actuarial Equivalent of the remaining monthly payments shall be paid to the Estate of the Deceased Participant.

ARTICLE X

SEVERANCE AND VESTED BENEFITS

SECTION 10.1 -- ELIGIBILITY
A Participant who has a Termination of Employment and meets the eligibility requirements for a Severance or Vested Benefit as set forth in Section 1.21 of Article I and this Section prior to becoming eligible for Normal, Early or Disability Retirement or prior to his death shall, upon submission of an application form to the Trustees, on a form prescribed and furnished by them and accompanied by personal data required by them, become entitled to receive a Severance or Vested Benefit, provided, at the time he has such a Termination of Employment, he had at least five (5) Years of Participation.

SECTION 10.2 -- SEVERANCE BENEFIT

A Terminated Participant who is entitled to a Severance or Vested Benefit in accordance with the provisions of Section 10.1 of this Article may, provided he is not then age fifty-five (55), elect to receive either a Severance Benefit as herein described or a Vested Benefit as described in Section 10.3 of this Article; provided, however, a Participant who ceases work prior to attaining age fifty-five (55), who does not thereafter incur an Hour of Service during the twelve (12) month period immediately following such cessation of work ending with the first anniversary of the date upon which the Participant last had one Hour of Service, and who submits an application to the Trustees prior to attaining age fifty-five (55), on a form prescribed and furnished by them accompanied by personal data required by them, shall be entitled to elect either a Severance Benefit as described herein or a Vested Benefit as described in Section 10.3 of this Article even though Termination of Employment resulting from such cessation of work does not occur until after attaining age fifty-five (55) if, at the time of such Termination of Employment, he had at least five (5) Years of Participation.

The Severance Benefit which may become payable hereunder shall be a single sum cash payment equal to a percentage of Employer contributions made to the Fund on behalf of the Terminated Participant starting with fifty (50%) percent after five (5) Years of Participation and increasing at the rate of five (5%) percent for each additional Year of Participation up to a maximum of one hundred (100%) percent after fifteen (15) such Years, provided, however, that such single sum cash payment shall not be less than the Actuarial Equivalent of the Terminated Participant’s Maximum Accrued Benefit under the provisions of Section 10.3 of this Article X.

Payment of a single sum Severance Benefit to a Terminated Participant shall effect a full cancellation of the Terminated Participant’s Years of Service, Years of Participation, and Years of Past and Future Service Credit under the Plan.

SECTION 10.3 -- VESTED BENEFIT

The Vested Benefit which may become payable hereunder shall be a deferred monthly benefit commencing at age sixty-two (62), which monthly benefit shall be equal to thirty (30%) percent of the Participant’s Accrued Benefit after five (5) Years of Participation and increasing at the rate of seven (7%) percent for each additional Year of Participation up to a maximum of one hundred (100%) percent after fifteen (15) such Years, provided, however, effective as of May 1, 1989, if a Participant has at least five (5) Years of Service, his Vested Benefit shall be equal to one hundred (100%) percent of his Accrued Benefit payable at Normal Retirement Age. The Accrued Benefit shall be determined by reference to the benefit level in effect at the time of the Participant’s Termination of Employment determined in accordance with the provisions of Section 4.3 of Article IV.

Except as otherwise expressly provided in Section 10.2 of this Article, a Terminated Participant who is at least fifty-five (55) at the time of his Termination of Employment shall receive the Vested Benefit described herein and shall have no right to elect the Severance Benefit described in Section 10.2 of this Article.

After computing a Terminated Participant’s Vested Benefit, the Trustees shall issue to him a certificate entitling him to commence receiving such Benefit upon attainment of age sixty-two (62). If, however, the Terminated Participant has at least ten (10) Years of Service, he may elect to commence receiving such Vested Benefit, in the form of an Early Retirement Benefit computed in accordance with the provision of Section 5.3 of Article V, as of the first day of any month following receipt of his application for such early commencement.

ARTICLE XI

DIRECT ROLLOVER OF ELIGIBLE ROLLOVER CONTRIBUTIONS

SECTION 11.1 -- ELIGIBILITY FOR ELECTION
This Article applies to distributions made on or after January 1, 1993. Notwithstanding any provision of the Plan to the contrary that would otherwise limit a distributee’s election under this Article, a distributee may elect, at the time and in the manner prescribed by the plan administrator, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover.

SECTION 11.2 -- DEFINITIONS

a) Eligible rollover distribution: An eligible rollover distribution is any distribution of all or any portion of the balance to the credit of the distributee, except that an eligible rollover distribution does not include: any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the distributee or the joint lives (or joint life expectancies) of the distributee and the distributee’s designated beneficiary, or for a specified period of ten years or more; any distribution to the extent such distribution is required under section 401(a) (9) of the Code; and the portion of any distribution that is not includible in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to employer securities.)

b) Eligible retirement plan: An eligible retirement plan is an individual retirement account described in section 408(a) of the Code, an individual retirement annuity described in section 408(b) of the Code, an annuity plan described in section 403(a) of the Code, or a qualified trust described in section 401(a) of the Code, that accepts the distributee’s eligible rollover distribution. However, in the case of an eligible rollover distribution to the surviving spouse, an eligible retirement plan is an individual retirement account or individual retirement annuity.

c) Distributee: A distributee includes an employee or former employee. In addition, the employee’s or former employee’s surviving spouse and the employee’s or former employee’s spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in section 414(P) of the Code, are distributees with regard to the interest of the spouse or former spouse.

d) Direct rollover: A direct rollover is a payment by the Plan to the eligible retirement plan specified by the distributee.

ARTICLE XII

FORM OF, SUSPENSION OF, TERMINATION OF,
AND REINSTATEMENT OF BENEFITS

SECTION 12.1 -- LUMP SUM CASH PAYMENTS
The Trustees shall have the right to make lump sum cash payments in lieu of all other benefits which might otherwise be payable under the Plan under the conditions described in this Section. If, at the time a Participant Terminates his Employment and becomes vested in a percentage of his Accrued Benefit in accordance with the provision of Section 10.3 of Article X, the Trustees may determine the then current single sum Actuarial Equivalent of his Vested Benefit. If such single sum Actuarial Equivalent is $1,750.00, or less, (after December 31, 1984 $3,500.00, or less and after April 30, 1998, $5,000.00, or less) the Trustees may unilaterally distribute such amount in a lump sum cash payment to the Inactive or Permanent Break In Service Plan Participant in full settlement of all his rights to benefits under the Plan. If such single sum Actuarial Equivalent is more than $1,750.00 (after December 31, 1984 more than $3,500.00 and after April 30, 1998 more than $5,000.00) the Trustees may distribute such amount in a lump sum cash payment to the Inactive or Permanent Break in Service Plan Participant in full settlement of all his rights to benefits under the Plan only if said Inactive or Permanent Break in Service Plan Participant agrees to such lump sum settlement. After December 31, 1984, no election to receive a lump sum settlement as herein above provided or a Severance Benefit as provided in Section 10.2 of Article X shall be effective where the amount of the lump sum settlement or Severance Benefit is $3,500.00 or more (after April 30, 1998 $5,000.00 or more) unless:

a) the spouse of the Inactive Participant, Permanent Break in Service Plan Participant or Terminated Participant consents in writing to the lump sum settlement or Severance Benefit,
b) the spouse’s consent acknowledges the effect of the waiver and the election of the lump sum settlement or Severance Benefit, and
c) such consent is witnessed by a representative of the Plan or a notary public.

After April 30, 1987, no election to receive a lump sum settlement as herein above provided or a Severance Benefit as provided in Section 9.2 of Article IX shall be effective where the amount of the lump sum settlement or Severance Benefit is $3,500.00 or more (after April 30, 1998, $5,000.00 or more) unless:

d) the spouse of the Inactive Participant, Permanent Break in Service Plan Participant or Terminated Participant consents in writing to the lump sum settlement or Severance Benefit
e) the spouse’s consent provides that the election of the lump sum settlement or Severance Benefit cannot be changed without spousal consent,
f) the spouse’s consent acknowledges the effect of the waiver and the election of the lump sum settlement or Severance Benefit, and
g) such consent is witnessed by a representative of the Plan or a notary public.

If the amount of the lump sum settlement or Severance Benefit ever exceeds $3,500.00 (after April 30, 1998, $5,000.00) and if the amount of the lump sum settlement or Severance Benefit is immediately distributable, the consent of the Participant and that of his spouse as set forth herein above shall be required. However, after December 31, 1984 the election shall be effective if signed by the Inactive Participant, Permanent Break in Service Plan Participant or Terminated Participant but not by such person’s spouse if it is established to the satisfaction of the Board of Trustees that a spousal consent cannot be obtained because there is no spouse, because the spouse cannot be located, or because of such other circumstances as are prescribed by the Secretary of the Treasury in regulations. Any single sum cash payment or Severance Benefit as provided in this Section shall effect a full cancellation of the Inactive Participant’s, Permanent Break in Service Plan Participant’s or Terminated Participant’s Years of Service, Years of Participation, and Years of Past and Future Service Credit under the Plan. If a lump sum cash payment or Severance Benefit is made either unilaterally or bilaterally, the Inactive Participant, Permanent Break in Service Plan Participant or Terminated Participant shall have the right to reinstatement in accordance with the provisions of Section 12.2 of this Article in the event he again becomes a Participant.

SECTION 12.2 -- REINSTATEMENT

An Inactive Participant or Permanent Break in Service Plan Participant or Terminated Participant who has received a single sum cash payment or Severance Benefit in lieu of his rights to any other benefits under the Plan and who again becomes a Participant under the Plan may have his previously canceled Years of Service, Years of Participation and Years of Past and Future Service Credit reinstated to his credit by repaying in a single sum to the Fund an amount equal to the Single lump sum cash payment or Severance Benefit he received with interest at five (5%) percent compounded annually from the date such payment was made until the date of repayment; provided, such repayment is made before the occurrence of a Permanent Break in Service after withdrawal.

No reinstatement shall be effective unless and until repayment has been received by the Fund from the Participant in a single sum in accordance with the provisions of this Section. Once a Participant has been reinstated, his eligibility for benefits under the Plan at any point in time shall be determined as if the Participant had never received a single lump sum cash payment or Severance Benefit.

Effective May 1, 1999, all Participants who received a Severance Benefit equal to one hundred (100%) percent of the present value of their accrued benefit will no longer be allowed to reinstate previously canceled Years of Service, Years of Participation and Years of Past and Future Service Credit by repaying in a single sum to the Fund an amount equal to the single lump sum cash payment or Severance Benefit previously received; except, all Participants who received a Severance Benefit, who were or became Participants on or after May 1, 1984, and who have not suffered thereafter five (5) consecutive Break in Service Plan Years after withdrawal will continue to be allowed to reinstate their previously severed benefits as provided above, through April 30, 1999.

SECTION 12.3 -- SUSPENSION OF BENEFITS ON RETURN TO WORK

Notwithstanding any other provision of this Plan, the payment of monthly retirement benefits to a Retiree and/or Participant who would otherwise be eligible to receive such retirement benefits shall be suspended in accordance with the provisions of this Section if the Retiree and/or Participant returns to or continues in “Plan Related Employment” of the type and for the periods of time set forth herein for any period prior to the first day of April following the calendar year in which he reaches age 70½.

No monthly retirement benefit shall be paid to any retiree, after Normal Retirement Age 65, during any calendar month during which such individual becomes actively employed or self-employed and completes forty (40) or more hours of work in Plan Related Employment.

For purposes of this Section, Plan Related Employment is defined as:

a) in the same Industry in which Employees covered by the Plan were employed and accrued benefits as a result of such employment at the time that the payment of benefits commenced or would have commenced if the Retired Participant had not remained in or returned to employment; and

b) in the same Trade or Craft in which the Retired Participant was employed at any time under the Plan, including supervisory activities relating to such Trade or Craft; and

c) in the same Geographic Area covered by the Plan at the time that the payment of benefits commenced or would have commenced if the Retired Participant had not remained in or returned to employment

No monthly retirement benefit shall be paid to any retiree, before Normal Retirement Age 65, during any calendar month during which such individual becomes actively employed or self-employed and completes one (1) or more hours of work within the construction industry (including but not limited to any craft jurisdiction), anywhere in the United States, unless said employment is considered by the Trustees to be beneficial to the Pension Plan.

Such suspension shall continue until the Retiree and/or Participant notifies the Trustees in writing that he has stopped working in Plan-Related Employment. Thereafter, payments of benefits shall resume not later than the first day of the third calendar month after the calendar month in which the Retiree and/or Participant ceases to be employed in Plan-Related Employment or the first day of the calendar month after receipt of the Retiree and/or Participant’s written notice to the Trustees, whichever is later. The initial payment to the Retiree and/or Participant upon resumption shall include the payment scheduled to occur in the calendar month in which such payments resume plus amounts withheld during the period between the cessation of employment in Plan-Related Employment and the date for resumption of payments, less any amount which are subject to offset or deduction.

Offset: Deductions shall be made from the resumed benefits payment for any payments previously made by the Plan during those calendar months in which the Retiree and/or Participant was employed in Plan-Related Employment. Any such deduction or offset shall not exceed in any month twenty-five (25%) percent of that month’s total benefit payment which would have been due but for the offset, except that deduction or offset may be made without limitation as to any initial resumption payment which is due to be made to Retiree and/or Participant no later than the first day of the third calendar month after the Retiree and/or Participant ceased Plan-Related Employment. Any such offsets or deductions shall also be made to any benefit payments to the Beneficiary of a Retiree and/or Participant in the event the Retiree and/or Participant dies before the total amount subject to offset has been recovered.

Verification and Determination of Status: Every Retiree who has retired and is receiving Retirement Benefits and every Participant who would be eligible to receive retirement Benefits but for his re-employment or continued employment who engages in any employment described in this Section, shall promptly notify the Trustees in writing of such employment or re-employment and shall provide the Trustees will all reasonable information and assistance for the purpose of verifying such employment.

A Retiree and/or Participant may request an advance determination from the Trustees as to whether or not any specific contemplated employment will be regarded as Plan-Related Employment for purposes of this Section. Requests for such advance determinations may be considered in accordance with the claims procedure adopted by the Trustees and shall be submitted on such forms as may be required by the Trustees.

Presumptions: If the Trustees become aware that a Retiree and/or Participant is working in employment which would constitute Plan-Related Employment and if the Retiree and/or Participant has not complied with the Plan’s reporting requirements as to such employment, the Trustees may, unless it is unreasonable to do under the circumstances, act upon a rebuttable presumption that such employment constitutes Plan-Related Employment and suspend payment of benefits to such Retiree and/or Participant. Such suspension shall commence with the next regularly scheduled payment of benefits after the Trustees become aware of the employment which would constitute Plan-Related Employment.

In addition, if the Trustees become aware that a Retiree and/or Participant is working in employment at a construction site which would constitute Plan-Related Employment and if the Retiree and/or Participant has not complied with the Plan’s reporting requirements as to such employment, the Trustees may, unless it is unreasonable to do so under the circumstances, act on the basis of a rebuttable presumption that the Retiree and/or Participant engaged in such employment for so long as the employer of the Retiree and/or Participant performed work at the construction site at which the Retiree and/or Participant is working.

Notification: The Trustees shall notify each Retiree and/or Participant whose benefit payments are suspended pursuant to this Section of such suspension in writing, by personal delivery or first class mail, during the first calendar month in which suspension takes place. Such notification shall contain the following information:

(1) A description of the specific reasons why benefit payments are being suspended;

(2) A general description of the Plan provisions relating to the suspension of benefits;

(3) A copy of such Plan provisions;

(4) A statement referring to the applicable Department of Labor regulations concerning suspension of benefits;

(5) An explanation of the Plan’s procedures for affording a review of a Retired Participant’s suspension of benefits;

(6) An explanation of the requirements to file a notice of termination of Plan-Related Employment in order to resume benefit payments, including procedures and forms related to such notice; and

(7) If offset is applicable, an explanation of the offset procedures, identifying specifically the periods of employment in Plan-Related Employment, the suspendible amounts which are subject to offset and the manner in which the Plan intends to offset such suspendible amounts.

The Trustees may waive, in whole or part, the suspension aspect of this provision for a specified period of time by resolution, subject only to the condition that any such waiver be equally applicable to similarly situated retirees then receiving normal retirement benefits. All retirees who return to work when this suspension provision is waived by the Trustees must be referred for employment by Local 55.

ARTICLE XIII

PARTICIPATION UNDER ORIGINAL PLAN

SECTION 13.1 -- PROTECTION OF RIGHTS
In the event a Participant who is a Participant in the Plan as of May 1, 1976, in accordance with the provisions of Section 2.1 of Article II was a Participant in the Original Plan and was, as of April 30, 1976, eligible to receive benefits under the provisions of the Original Plan as they were in effect as of that date, becomes or remains eligible for benefits under the Plan, the benefit which he shall receive shall not be less than the benefit to which he was entitled under the Original Plan as of April 30, 1976.

ARTICLE XIV

CONFORMING PROVISIONS

SECTION 14.1 -- LATEST DATE FOR COMMENCEMENT OF BENEFITS
Notwithstanding anything to the contrary contained herein, payment of benefits under the Plan to a Participant shall commence no later than sixty (60) days after the close of the Plan Year in which occurs the latest of:

a) the date such person attains the Normal Retirement Date,
b) the Participant’s tenth (10th) anniversary of participation in the Plan, or
c) the Participant’s termination of service with an Employer;

provided, however, it is an express condition precedent to the commencement of payment of benefits that the Participant file a claim therefor consisting of an application as provided for in other Sections and Articles of the Plan and all information which the Trustees may reasonably require under other Sections and Articles of the Plan, and that the Trustees have determined that the Participant is

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