Summary Plan Description

Boilermaker-Blacksmith National Pension Trust 754 Minnesota Avenue Kansas City, KS 66101-2766
www.bnf-kc.com 866.342.6555

Letter from the Board of Trustees

Dear Participants: We are pleased to present you with this Summary Plan Description (SPD) explaining the updated version of the Boilermaker-Blacksmith National Pension Trust (the Twelfth Restatement of the Plan). All changes made to the Plan since the last SPD was printed in December 2003 are included in this new SPD. This SPD also includes all amendments to the restated Plan through July 1, 2010. We urge you to read this SPD carefully to understand your benefits. We tried to explain all sections of the Plan clearly. Your retirement benefits are important for your financial planning. We urge you to show the SPD to your family. It is important they are aware of your retirement benefits and the survivor protection offered. After you read this SPD, please keep it in a safe place for future reference. The purpose of this Plan is to provide you with retirement benefits. Your Plan is a defined benefit Pension Plan designed to provide a lifetime benefit for you and, if you are married, a survivor benefit for your Spouse. Contributions to the Plan are made by Employers as required by a Collective Bargaining Agreement and/or Participation Agreement and according to the Plan rules and the Trust Agreement. When reading this SPD, please remember, if the facts and circumstances of a particular situation occurred before October 1, 2009, Plan provisions in effect at the relevant date may be applied. Those provisions may be different from the Plan now in effect and summarized in this SPD. Please keep the Fund Office informed of changes in your mailing address so you will receive all communications. When writing to the Fund Office, always include your correct Social Security number with your communication. We will continue to let you know about changes in the Plan, and we will continue our commitment to helping you create a financially secure retirement. Please keep in mind, for your protection, only the Board of Trustees is authorized to interpret the Plan. If there is a conflict between the Plan and this booklet, the rules of the Plan will prevail. You may access the Plan at www.bnf-kc.com. While you may receive Plan information from the Union or your Employers, this information is not official. Only communications sent to you in writing and signed on behalf of the Board of Trustees or the Fund Office is considered official Plan information. Future Plan changes will be sent to you and should be kept with this document. We hope you find this SPD helpful and you and your family will enjoy the protection of the Plan for many years to come. If you have questions after reading this SPD, you may contact the Fund Office toll free by telephone at 866-342-6555, 7 a.m. to 5 p.m. CST, Monday through Friday, or in writing at 754 Minnesota Avenue, Kansas City, Kansas, 66101-2766. Sincerely, The Board of Trustees i

The Board of Trustees

Employer Trustees
Michael G. Morash Terry AnCel David J. Zach Larry Jansen Scott Anderson Jeff A. Sizer Jeff Brown Ronnie L. Traxler

Union Trustees
Warren Fairley John J. Skermont Sean P. Murphy Edwin G. Vance Lawrence J. McManamon B. Allen Meyers Mark Vandiver Raymond Ventrone Paul Maday J. Tom Baca James A. Pressley

Executive Administrator
Richard L. Calcara Boilermaker-Blacksmith National Pension Trust 754 Minnesota Avenue Kansas City, KS 66101-2766 Phone: 866-342-6555

Legal Counsel
Blake & Uhlig, P.A. 475 New Brotherhood Bldg. 753 State Avenue Kansas City, KS 66101 Phone: 913-321-8884

Consultant
The Segal Company

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Table of Contents
Letter from the Board of Trustees ................................................................................ i The Board of Trustees .................................................................................................. ii Table of Contents ......................................................................................................... iii Section 1: Introduction ................................................................................................. 1 Important Note...................................................................................................... 1 Assistance for Those Who Do Not Read English ................................................. 1 Section 2: Plan Highlights ............................................................................................ 3 Section 3: Things for You to Do................................................................................... 4 Save this SPD ...................................................................................................... 4 Inform the Fund Office of Changes....................................................................... 4 If You are Thinking about Retirement ................................................................... 4 If You are Terminating Covered Employment....................................................... 4 Check Your Benefit Options ................................................................................. 4 Keep Your Records .............................................................................................. 4 Designate a Beneficiary........................................................................................ 5 Questions ............................................................................................................. 5 Section 4: Beginning Work........................................................................................... 6 Becoming a Participant in the Plan....................................................................... 6 Permanent Break in Covered Employment .......................................................... 6 Participation in the Plan may be Terminated ........................................................ 6 Participation after a Permanent Break in Covered Employment........................... 6 Your Contribution Date ......................................................................................... 6 Section 5: Vesting and Pension Credit........................................................................ 7 Plan Credit Year ................................................................................................... 7 Vesting Service and Pension Credit are Different................................................. 7 Vesting for Benefits .............................................................................................. 7 Credit Earned for Work Performed before Contribution Date ............................... 7 Past Service Credit............................................................................................... 8 Figuring Past Service Credit ................................................................................. 8 Limits on Past Service Credit................................................................................ 8 Information the Plan Considers to Determine Past Service Credit ....................... 8 Future Service Credit............................................................................................ 8 Section 6: Breaks in Covered Employment .............................................................. 10 Permanent Break in Covered Employment before January 1, 1976................... 10 Permanent Break in Covered Em ployment after 1975 through September 30, 1985 .............................................................................................................. 10 Permanent Break in Covered Employment on and after October 1, 1985.......... 10 Effect of a Permanent Break in Covered Employment ....................................... 10 Grace Periods..................................................................................................... 10 You Can Only Incur a Permanent Brea k in Cover ed Employ ment before Vesting for Benefits ....................................................................................... 12 iii

Your Pension Statement Reflects Permanent Breaks in Covered Employment . 12 Section 7: Pension Benefits ....................................................................................... 13 Pension Types .................................................................................................... 13 Basic Pension ..................................................................................................... 13 Past Service Pension.......................................................................................... 15 Early Retirement Pension ................................................................................... 20 Vested Pension................................................................................................... 23 Alternative Vested Pension................................................................................. 24 Disability Pension................................................................................................ 25 Section 8: Applying for Benefits ................................................................................ 33 How to Apply for Benefits.................................................................................... 33 Time Line for Applying for Pension Benefits ....................................................... 33 When Your Application is Considered Filed........................................................ 35 Payment of Benefits Accrued after an Initial Annuity Starting Date .................... 37 Section 9: Forms of Payment Pension Benefits .................................................... 40 How Your Pension will be Paid ........................................................................... 40 Married Participants ............................................................................................ 40 When a Husband and Wife Pension is Not Effective .......................................... 42 Unmarried Participants ....................................................................................... 43 All Participants .................................................................................................... 43 How to Elect an Optional Form of Payment ........................................................ 45 Other Distributions .............................................................................................. 45 Section 10: Service in the Uniformed Service........................................................... 47 Pension Credit during Periods of Uniformed Service .......................................... 47 Types of Uniformed Service Covered ................................................................. 47 Earning Pension Credit during Uniformed Service.............................................. 47 When Your Service in the Uniformed Service Must Begin .................................. 48 Discharges or Dismissals that Disqualif y You from R eceiving Credit during Uniformed Service ......................................................................................... 48 Reporting to Work ............................................................................................... 48 Deadlines for Reporting to Work ......................................................................... 49 Documentation You Must Submit to the Fund Office upon Your Return ............. 50 Vesting Service ................................................................................................... 50 Break in Covered Employment ........................................................................... 50 Figuring a Contribution Rate for the Period of Uniformed Service ...................... 50 Payment of Contributions.................................................................................... 50 Death or Disability during Uniformed Service ..................................................... 50 Section 11: Death Benefits ......................................................................................... 51 Death before Retirement..................................................................................... 51 Death after Retirement........................................................................................ 53 Section 12: Designation of Beneficiary ..................................................................... 55 If Your Spouse is Your Beneficiary and You Become Divorced.......................... 55 If You Do Not Designate a Beneficiary................................................................ 55 If Your Beneficiary Dies before Receiving all Payable Benefits .......................... 55 How Benefits Due to You at the Time of Your Death Will be Paid ...................... 56 iv

If the Plan Cannot Find You or Your Beneficiaries ............................................. 56 If You are Divorced, Your Ex-Spouse may Have a Right to Benefits.................. 56 Section 13: Pension Benefit Limits............................................................................ 57 Dollar Limits........................................................................................................ 57 Dollar Limit Reductions....................................................................................... 57 Reduction for Benefit Form................................................................................. 57 Adjustment of Dollar Limit for Early or Late Retirement...................................... 58 Cost of Living Adjustment ................................................................................... 58 Plan Adjustment ................................................................................................. 59 No Employer-by-Employer Testing for Benefits Accrued after 2007................... 59 Practical Suggestions for Dollar Limits ............................................................... 60 Section 401(a)(17) Compensation Limit ............................................................. 61 Section 14: Claims and Appeals ................................................................................ 62 Claim Filing......................................................................................................... 62 If Your Claim for Benefit is Denied...................................................................... 62 How to File an Appeal ........................................................................................ 62 When Your Appeal is Reviewed and Decided .................................................... 63 Information the Appeals Committee Considers .................................................. 63 You Will be Notified of the Appeals Committees Decision................................. 63 The Trustees Decision is Final........................................................................... 63 Legal Action........................................................................................................ 63 Section 15: Qualified Domestic Relations Orders .................................................... 65 Benefits may be Divided under State Domestic Relations Law .......................... 65 A Qualified Domestic Relations Order ................................................................ 65 If the Plan Receives a QDRO ............................................................................. 65 If a QDRO is Pending ......................................................................................... 65 If You Get Remarried.......................................................................................... 65 If You Divorce after Starting Your Pension ......................................................... 66 If You Need Additional Information ..................................................................... 66 Section 16: Retirement and Disqualifying Employment .......................................... 67 Retirement .......................................................................................................... 67 Disqualifying Employment .................................................................................. 67 Employment After Reaching Age 70 ............................................................... 68 Suspension of Benefits....................................................................................... 68 Determination of Disqualifying Employment ....................................................... 69 Special Retiree Work Rules................................................................................ 69 If You Return to Work after Retiring on a Disability Pension .............................. 70 Pension Payment following Suspension or Recalculation of Benefits ................ 70 Recalculated Monthly Benefits ........................................................................... 70 No Reduction in Value........................................................................................ 71 Section 17: Plan Amendment and Termination ........................................................ 72 Plan Amendment ................................................................................................ 72 Employers Termination of Participation ............................................................. 72 Plan Termination ................................................................................................ 72 Section 18: How Benefits may be Reduced, Delayed, Forfeited or Offset ............. 74 v

Section 19: Recent Pension Funding Changes ........................................................ 75 The Economic Downturn Impacted the Plan ....................................................... 75 Supplemental Contributions................................................................................ 75 Base Contribution Rate....................................................................................... 75 Minimum Contribution Rate ................................................................................ 75 Section 20: General Information ................................................................................ 77 Plan Name .......................................................................................................... 77 Plan Sponsor ...................................................................................................... 77 Plan Administration Type .................................................................................... 77 Plan Administrators Name, Address, and Telephone Number........................... 77 Agent for Service of Legal Process..................................................................... 77 Plan Identification Numbers ................................................................................ 78 Pension Plan Type.............................................................................................. 78 Plan Financing Source........................................................................................ 78 Collective Bargaining Agreements ...................................................................... 78 Funding Medium ................................................................................................. 78 Plans Fiscal Year ............................................................................................... 78 Titles ................................................................................................................... 79 Gender and Number ........................................................................................... 79 Trustees Discretion to Interpret the Plan and Resolve Disputes ........................ 79 Conflict between Summary Plan Description and Plan Document...................... 79 Plan Amendment or Termination ........................................................................ 79 Section 21: Your ERISA Rights .................................................................................. 80 Statement of ERISA Rights................................................................................. 80 Section 22: Glossary ................................................................................................... 82

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Section 1: Introduction
This SPD is meant to be an easy-to-understand description of your Pension Plan benefits. Selected terms used throughout this SPD are capitalized and defined in the glossary which can be found in Section 22. We tried to organize the information in a useful way. This SPD includes information on: How you begin to participate and accrue benefits in the Plan The forms of retirement benefits available to you Death benefits that may be available to your surviving Spouse or Beneficiary if you die before retirement Death benefits that may be available to your surviving Spouse or Beneficiary if you die after retirement How to apply for Plan benefits Plan administration including important contact information Your rights under Federal law

Important Note
This SPD reflects Plan provisions in effect as of October 1, 2010. Different rules may apply to conditions, circumstances, and applications for benefits before October 1, 2010. Please contact the Fund Office for more information at 866-342-6555, 7 a.m. to 5 p.m. CST, Monday through Friday. If there is conflict between the Plan Document and the SPD, the Plan Document will take precedence.

Assistance for Those Who Do Not Read English

This SPD contains a summary in English of your Plan rights and benefits under the Plan. If English is not your primary language or if you have difficulty understanding this Summary Plan Description, please contact the Fund Office at 866-342-6555, 7 a.m. to 5 p.m. CST, Monday through Friday, for assistance. Bilagaana Bizaad Iliniigii Di yee Ba Dii Summary Plan Description wolyehigii Bilaagaana bizaadjigii ate. Doo Bilaagaana Bizaadigii doo yikidiitiihgo doo Summary Plan Description doo yitiingo, nihi Pension Office beesh hane bichi yintaal, 866-342-6555. Asistencia para Aquellos Instruidos en un Idioma Distinto al Ingles Esta Descripcion Resumida del Plan contiene un resumen en ingles de sus derechos y beneficios bajo el Plan. Si el ingles no es su idioma primario y usted tiene dificultad para 1

entender cualquier parte de resumende Plan, por favor pongase en contacto con la oficina de pensiones en 866-342-6555.

Section 2: Plan Highlights

This Plan provides retirement benefits for you and, if you are married, survivor benefits for your Spouse. The Plan offers the following types of Pension: Basic Pension Past Service Pension Early Retirement Pension Vested Pension Alternative Vested Pension

Disab ility Pension You may receive pension benefits in the following forms of payment: 50% Husband and Wife Pension - automatic benefit form for married Participants 75% Husband and Wife Pension - optional benefit form for married Participants 100% Husband and Wife Pension - optional benefit form for married Participants Single Life Annuity 60-Months Certain - automatic benefit form for single Participants Single Life Annuity 120-Months Certain - optional benefit form Level Income Option - optional benefit form

The Plan also provides Death Benefits, payable to your Beneficiary, if you meet certain eligibility requirements.

Section 3: Things for You to Do

Save this SPD
Keep this SPD in a safe place. If you lose your copy, you may request another copy from the Fund Office. Tell your family, particularly your Spouse, about this SPD and its location.

Inform the Fund Office of Changes

Keep the Fund Office informed of changes to your mailing address, telephone number, or marital status. This helps us make sure you and your Beneficiaries receive all information and notices. Include your full Social Security number with all letters or documents you send to the Fund Office so we can correctly file your information.

If You are Thinking about Retirement

Get the information you need from the Fund Office and file your application in plenty of time. We suggest you apply three months before you want benefits to begin. You will need copies of certain documents such as birth certificates, marriage certificates, divorce decrees, Qualified Domestic Relations Orders (QDROs), or death certificates. If you have questions, the Fund Office can let you know what you need to submit with your completed application.

If You are Terminating Covered Employment

Contact the Fund Office for information on your pension status. We will tell you if you are vested, if you meet eligibility requirements for pension benefits, and/or if you have Breaks in Covered Employment. Make sure the Fund Office has your most recent employment, marital status, and Beneficiary designation.

Check Your Benefit Options

Contact the Fund Office if you have questions, especially when you have a change in your family status such as a marriage, divorce, or death. Deadlines apply to certain benefit options.

Keep Your Records

Accurate Covered Employment work records are important to correctly determine your eligibility and benefit amount. By checking the annual benefit statements against your 4

records, you may avoid delays in processing your benefit. Keep pay vouchers, payroll check stubs and other evidence of employment until you are credited with that work.

Designate a Beneficiary
Designate your Beneficiary by completing the Plans Designation of Beneficiary Form. The original Beneficiary Form must be received in the Fund Office prior to your death. If your Beneficiary dies before you, or you want to change your Beneficiary, promptly request a Designation of Beneficiary Form from the Fund Office. For more information refer to Section 12 of this SPD.

Questions
You should contact the Fund Office about questions you have about the Plan or any disagreement you have concerning your records. Remember, only information in writing, signed on behalf of the Trustees, can be considered official. Address and phone number: The Boilermaker-Blacksmith National Pension Trust 754 Minnesota Ave. Kansas City, KS 66101-2766 Toll free phone number: 866-342-6555 or 913-342-6555

Section 4: Beginning Work

Becoming a Participant in the Plan
You become a Participant in the Plan once you have completed one Hour of Work in Covered Employment for which a Contribution to the Pension Plan is required. Covered Employment is work for which your Employer is required to make Contributions to this Plan under a Participation Agreement or a Collective Bargaining Agreement with the International Union, affiliated districts, or Local Lodges.

Permanent Break in Covered Employment

If you have a Permanent Break in Covered Employment, all Pension Credit earned before the Permanent Break is cancelled and all Contributions made on your behalf are forfeited. Remember, you can only incur a Permanent Break if you have not vested for benefits. Once you have vested for benefits, your right to benefits from the Plan is nonforfeitable.

Participation in the Plan may be Terminated

Your participation in the Plan can be terminated if you incur a Permanent Break in Covered Employment. Information about Permanent Breaks in Covered Employment is found in Section 6 of this SPD. You can only have a Permanent Break in Covered Employment if you are not a Pensioner or vested for benefits. If you have a Permanent Break in Covered Employment, you will stop being a Plan Participant on the last day of the Plan Credit Year in which the Permanent Break occurs.

Participation after a Permanent Break in Covered Employment

If you have a Permanent Break in Covered Employment, you will become a Participant again when you complete one Hour of Work in Covered Employment for which a Contribution is required. While you will again become a Participant, your participation and Pension Credit will only be calculated on a go-forward basis. Pension Credit earned before the Permanent Break in Covered Employment will not be used to calculate your benefit.

Your Contribution Date

Your Contribution Date is the first date your first Employer was obligated to make Contributions to the Plan under a Collective Bargaining Agreement or Participation Agreement. If there is no Collective Bargaining Agreement or Participation Agreement, your Contribution Date is the first date an Employer makes Contributions on your behalf. Your Contribution Date may change after a Permanent Break in Covered Employment. 6

Section 5: Vesting and Pension Credit

Plan Credit Year
A Plan Credit Year is the period of 12-consecutive calendar months from October 1 of any year through September 30 of the next year. The Plan Credit Year is used to determine vesting and benefit accrual.

Vesting Service and Pension Credit are Different

Vesting Service A year of Vesting Service is any Plan Credit Year in which you earn at least 1,000 Hours of Work in Covered Employment after your Contribution Date. Vesting Service is used to determine your eligibility for a vested benefit and to avoid Breaks in Covered Employment. Pension Credit Pension Credit is a combination of Past and Future Service Credit. Pension Credit is used to determine your eligibility and monthly pension benefit amount. Past Service Credit is credit for periods of employment in the Boilermaker trade prior to your Contribution Date. Future Service Credit is credit for periods of employment in Covered Employment on and after your Contribution Date.

Vesting for Benefits

You vest for Plan benefits if you: Were a Plan Participant before December 31, 1988, have not worked any hours since then, and have accumulated at least ten years of Vesting Service. Are a Plan Participant, have at least one Hour of Work in Covered Employment after December 31, 1988, and have five years of Vesting Service. Are a Plan Participant, have at least one Hour of Work in Covered Employment and you reach Normal Retirement Age.

Credit Earned for Work Performed before Contribution Date

Work in the Boilermaker trade before your Contribution Date may entitle you to Past Service Credit. If your participation in the Plan started before January 1, 1998, your Past Service Credit will be based on your employment with any Employer(s) who had a Collective Bargaining Agreement with the International Brotherhood of Boilermakers or one 7

of its Local Lodges. If your participation started after January 1, 1998, your Past Service Credit will be based solely on your employment with the Employer for whom you were working on your Contribution Date.

Past Service Credit

Past Service Credit is usually based on work in the trades of Boilermaker, Blacksmith, Forger, or Helper or work in field construction, railroad and shipbuilding or shop work for any Employer. For work to count, it must be in a bargaining unit that was at any time represented by the Union. Work performed in the unit before Union representation will count. If for some reason Union representation of the unit ended, work after the end of Union representation will not count towards Past Service Credit.

Figuring Past Service Credit

You are entitled to a year of Past Service Credit for each calendar year you were employed for 1,200 hours. During years you were employed for less than 1,200 hours, you will receive year of Past Service Credit for each 300 hours. You do not receive additional Past Service Credit for years you had more than 1,200 hours.

Limits on Past Service Credit

You may receive a maximum of one full credit per calendar year. If you first became a Participant in the Plan before January 1, 1998, you may receive a maximum of 25 years of Past Service Credit. If you first became a Participant in the Plan on or after January 1, 1998, or rejoined the Plan after a Permanent Break in Covered Employment on or after January 1, 1998, you may receive a maximum of 15 years of Past Service Credit. If you began participation in the Plan on or after October 1, 2003, Past Service Credit will not count toward eligibility requirements for early retirement benefits payable before you reach age 65 unless you also have at least 6,000 Hours of Work in Covered Employment.

Information the Plan Considers to Determine Past Service Credit

The Board of Trustees may, in its discretion, consider and rely on relevant evidence, including but not limited to, records and statements of Employers, union membership, the Social Security Administration, and any health and welfare fund to which Contributions were made on your behalf.

Future Service Credit

Work performed after your Contribution Date is Future Service Credit. If you have 1,200 Hours of Work in Covered Employment, you will receive one year of Pension Credit. 8

If you work less than 1,200 Hours of Work in Covered Employment, you will receive year of Pension Credit for each 300 Hours of Work in Covered Employment. If you work more than 1,200 Hours of Work in Covered Employment, you will receive year of Pension Credit for each 300 Hours of Work in Covered Employment in excess of 1,200.

Section 6: Breaks in Covered Employment

Permanent Break in Covered Employment before January 1, 1976
Before January 1, 1976, you had a Permanent Break in Covered Employment if you failed to work 1,000 hours in Covered Employment during any period of three whole consecutive Plan Credit Years. However, the Permanent Break in Covered Employment did not cancel your Pension Credits if you met requirements for a Basic, Early Retirement, Disability, or Alternative Vested Pension or if you reached age 62 before the Break.

Permanent Break in Covered Employment after 1975 through September 30, 1985
After September 30, 1975, you had a One Year Break in Covered Employment in any Plan Credit Year during which you failed to complete at least 500 hours of service. You had a Permanent Break in Covered Employment if you had consecutive One Year Breaks, if the number of consecutive One Year Breaks equaled or exceeded your years of Vesting Service and if at least one of the One Year Breaks occurred after September 30, 1975.

Permanent Break in Covered Employment on and after October 1, 1985

Beginning October 1, 1985, you have a Permanent Break in Covered Employment if you have at least five consecutive One Year Breaks in Covered Employment and the number of such consecutive One Year Breaks in Covered Employment equals or exceeds the years of Vesting Service which you have previously accumulated.

Effect of a Permanent Break in Covered Employment

If you have a Permanent Break in Covered Employment, you stop being a Participant in the Plan. Your Pension Credit and years of Vesting Service are cancelled. Contributions made by your Employer on your behalf are forfeited. However, if you meet the eligibility requirements for Past Service Credit, you may be eligible for credit based on hours worked in the period before your Permanent Break in Covered Employment.

Grace Periods
A grace period extends the time you have to earn the required hours. You may be eligible for a grace period if you did not earn the required credit for specific reasons. A grace period does not add to Pension Credit.

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Grace Periods after September 30, 1975 Your record may be protected if you did not earn 500 hours of work in a Plan Credit Year for specific reasons. Non-Covered Employment Credit (NCEC) may be used to meet the 500 hour test to avoid a One-Year Break in Covered Employment. NCEC does not add to your Pension Credit or benefit accrual. NCEC is granted for work or leave of absence as follows: Work in non-covered employment if the non-covered employment comes immediately before or after Covered Employment with the same Employer and occurs while the Employer participates in the Pension Plan. Work in a supervisory position with a contributing Employer which excludes the individual from the bargaining unit represented by the Union. Work outside the United States of America in the Boilermaker trade with a contributing Employer or an employer affiliated with a contributing Employer. Work as a full-time salaried officer or assistance of a Local Lodge which does not elect to become a contributing Employer. Work for an Employer signatory to a Collective Bargaining Agreement with the Union which did not require Contributions to this Plan. Military service in the Armed Forces of the United States for up to five years of service, or longer period during which the individual has employment rights with a contributing Employer pursuant to Federal law, if: The individual was a Participant in the Plan before the military service. The discharge was not dishonorable. The Participant returns to Covered Employment within the applicable time period after release from active duty. See Section 10 for more information.

Work as a Coordinator for an Area Apprenticeship Committee established and operating under the Agreement and Declaration of Trust governing the Boilermakers Area Apprenticeship Funds. Work in the Boilermaker trade with a state, county, municipality, or political subdivision thereof which does not make Contributions to this Trust. Periods of disability for which the Participant receives workers compensation benefits or is paid for the hours of disability for an injury incurred while working in Covered Employment with an Employer. Beginning on or after October 1, 1987, a Participant may be granted NCEC if the Participant was absent from Covered Employment due to parental leave. Parental leave is if the Participant is absent from work in Covered Employment because of: Pregnancy Birth of his or her child 11

Placement of a child for adoption with the Participant Caring for a child of the Participant during the period immediately following the birth or placement for adoption, including the time involved for a trial period prior to adoption.

NCEC for parental leave as described above will be granted in the Plan Credit Year of the absence or, if the Participant already has 500 or more hours during that Plan Credit Year, in the Plan Credit Year immediately following the absence. To be granted NCEC, you must notify the Board of Trustees in writing, and submit written evidence as required by the Board.

You Can Only Incur a Permanent Break in Covered Employment before Vesting for Benefits
You are only subject to a Permanent Break in Covered Employment if you have not yet vested for benefits. Rules regarding Permanent Breaks in Covered Employment do not apply if you are vested for benefits.

Your Pension Statement Reflects Permanent Breaks in Covered Employment

If you have Permanent Breaks in Covered Employment, they will be reflected in your Annual Pension Statement.

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Section 7: Pension Benefits

There are several types of Pension benefits available through the Plan. To receive any benefit from the Plan, you must do all of the following: Meet the eligibility requirements Separate from service, if you are younger than Normal Retirement Age. This means that, at the time of your retirement, you both: Terminate your employment relationship with any and all Employers contributing to the Plan Have the present intent to refrain from returning to work for any such contributing Employer

Get an application for benefits from the Fund Office Sign the application for benefits in front of a notary public Application must be signed and notarized on the same day Notary public must include his or her seal or stamp

File your completed, notarized application for benefits with the Fund Office

No benefit will be paid without a signed, notarized application being submitted to the Fund Office. For a complete list of required documents to submit with your Pension Application, refer to Section 8.

Pension Types
There are Age, Early Retirement, and Disability Pensions. All Pensions are calculated by first figuring the Basic Pension.

Basic Pension
The standard pension is the Basic Pension. A Basic Pension is the benefit amount determined by a formula using the Contributions made on your behalf. The Basic Pension provides the foundation to calculate your pension which then may be adjusted by age, Pension Credits, and payment options.

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Eligibility for a Basic Pension You may receive a Basic Pension if you meet at least one of the following: You are at least age 65 and have at least 1,000 Hours of Work in Covered Employment. The 1,000 hour work requirement will be waived if all the following are met: You have at least 15 years of Pension Credit You have had a Contribution made on your behalf You become totally and permanently disabled after your Contribution Date

You have reached Normal Retirement Age.

The Basic Pension Amount if Your First Hour of Work is before October 1, 2008 If payment of your pension benefit is starting on or after October 1, 2003, the monthly amount is equal to: 1. 51.5% of the total Contributions made on your behalf for Plan Credit Years before October 1, 2003, divided by 12 plus 2. 33% of the total Contributions made on your behalf for Plan Credit Years beginning on or after October 1, 2003, and before October 1, 2008, divided by 12 plus 3. 33% of the total Regular Contributions made on your behalf for Plan Credit Years beginning on or after October 1, 2008, divided by 12 Example 1: You retire as of July 1, 2003, and y ou have total Contributions c redited on your behalf of $45,000.00. The first step is to multiply $45,000.00 by 51.5%, whic h equals $23,175.00. The sec ond step is to divide $23,175. 00 by 12, which equals $1,931.25. This is the monthly amount of your Basic Pension. Example 2: Now assume you retire as of July 1, 2006, with Contributions on your behalf up until your Annuity Starting Date. Your benefit will be determin ed in two segments . Assume the total Contributions on your behal f that accumulated through Se ptember 30, 2003, are $45,000.00, and the total Contributions on your behalf beginning October 1, 2003, through your Annuity Starting Date ar e $10,500.00. The monthly benefit would be calculated as follows: 51.5% of $45,000.00 equals $2 3,175.00 and 33% of $10,500.00 equals $3, 465.00. The sum of t hese two amounts is $26,640.00, which, divided by 12, equals $2,220.00. This is the monthly amount of your Basic Pension.

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If your first Hour of Work is on or after October 1, 2008, the monthly amount of the Basic Pension is equal to: 1. 25% of the total Regular Contributions made on your behalf and attributable to your first 18,000 Hours of Work in Covered Employment, divided by 12 plus 2. 33% of the total Regular Contributions made on your behalf and attributable to your Hours of Work in Covered Employment after your first 18,000 hours, divided by 12 Example: Your first Hour of Work is afte r October 1, 2008, and yo u have tot al Contributions credited on your behalf for t he first 18,000 Hours of Work in Cover ed Employment of $25,000. 00. You have total Contributions credited on your behalf for Hours of Work in Covered Em ployment a fter the 18,000 Hours of Work in Covered Employment through your Annuity Starting Date of $10,000.00. The monthly benefit would be calculated as follows: 25% of $25,000.00 equals $6 ,250.00 and 33% of $10,000.00 equals $3,300.00. T he sum of these two amoun ts is $9,550.00, which divided by 12, equals $795.83. This is the monthly amount of your Basic Pension. Adjustment of Benefits for Delayed Retirement Effective as of October 1, 1989, if your Annuity Starting Date is after your Normal Retirement Age, your monthly benefit shall be the greater of: The benefit payable at your Annuity Starting Date based on all Pension Credit earned. The accrued benefit at your Normal Retirement Age actuarially increased for each complete calendar month between your Normal Retirement Age and your Annuity Starting Date for which benefits were not suspended. The actuarial increase is 1% per month of the first 60 months after your Normal Retirement Age and 1.5% for each month thereafter.

This amount will be converted on the Annuity Starting Date to the benefit payment form you elect on your Pension Application or the applicable automatic form if no other form is elected.

Past Service Pension

A Past Service Pension is based on Past Service Credit. There are two types of Past Service Pension: Regular Past Service Pension and Special Past Service Pension. Eligibility for a Regular Past Service Pension You may be eligible for a Regular Past Service Pension if you meet requirements for a Basic Pension, and have at least 15 years of Pension Credit, including both Past and Future Service Credit. If you elect an Early Retirement Pension and your first Hour of Work in Covered Employment was on or after October 1, 2003, the Regular Past Service 15

Pension will only be payable if you have also performed at least 6,000 Hours of Work in Covered Employment. Eligibility for a Special Past Service Pension If you meet requirements for a Basic Pension, but have less than 15 years of Pension Credit, including both Past and Future Service Credit, you will be entitled to a Special Past Service Pension provided you meet all requirements below: During the five year period immediately before your Contribution Date, you were compensated for at least 3,000 Hours of Work in either: A job classification of the type now included in any Collective Bargaining Agreement or By a contributing Employer

During the five year period immediately before your Contribution Date, you were compensated for at least 1,000 Hours of Work, out of the 3,000 Hours of Work required above either: In a collective bargaining unit at any time represented by the Union or By a contributing Employer

Contributions on your behalf began within two years immediately following your Contribution Date

Regular Past Service Pension Amount For pensions effective on and after October 1, 1998, the Regular Past Service Pension will be equal to: 1. The number of years of your Past Service Credit multiplied by 2. The product of 30 times the Average Contribution Factor If you are in a collective bargaining unit which first became covered by the Plan after July 1, 1968, the product cannot be greater than $7.50. If you first began participation on or after January 1, 1998, the multiplier is the product of ten times the Average Contribution Factor. No Past Service credit will be granted if your Average Contribution Factor is less than $0.25. The product cannot be greater than $7.50. The Average Contribution Factor The Average Contribution Factor is the number obtained by dividing the total Contributions made for you during all Plan Credit Years beginning with the first whole Plan Credit Year after the Contribution Date and before February 1, 2009, and the Regular Contributions made for you after January 31, 2009, by the total number of hours reported by Employers. 16

If your Contribution Date was before October 1, 1963, the period to be used in figuring your Average Contribution Factor will begin on October 1, 1963. Time Period Contribution Date before July 1, 1968 Contribution Date on or after July 1, 1968 & Participant before January 1, 1998 Participant on or after January 1, 1998 Maximum Past Service Pension Credit Allowed 25 Not Maximum* Average Contribution Factor Applicable Fixed Multiplier 30

25 $0.25

30

15 $0.75

10

* This is only the maximum Average Contribution Factor. The actual Average Contribution Factor may be lower. Past Service Credit Calculation - Contribution Dates Prior to July 1, 1968 Example: Brenda Boilermakers Contribution Date was on December 1, 1964, and she has 25 years of Past Servic e Credit. The Average Contribution Factor is $0. 40. What is the monthly amount of Brendas Regular Past Service Pension? 25 years Past Service Credit x $0.40 Average Contribution Factor x 30 Fixed Multiplier = $300.00 Regular Past Service Pension per month for Brenda Past Service Credit Calculation - Contribution Dates on or after July 1, 1968 and before January 1, 1998 Example: Bobby Boilermakers Contribution Date was May 1, 1992, and he has 25 years of Past Servic e Credit. T he Average C ontribution Factor is $0.25. What is the monthly amount of Bobbys Regular Past Service Pension? 25 years Past Service Credit x $0.25 Average Contribution Factor x 30 Fixed Multiplier = $187.50 Regular Past Service Pension per month for Bobby Past Service Credit Calculation - Contribution Dates on or after January 1, 1998 Example: Brad Boilermakers Contribution Date was April 1, 1999, and he has 15 years of Past Service Credit. The Av erage Contribution Fact or is $0.75. What is the monthly amount of Brads Regular Past Service Pension? 15 years Past Service Credit x $0.75 Average Contribution Factor x 10 Fixed Multiplier = $112.50 Regular Past Service Pension per month for Brad

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Special Past Service Pension Amount The Special Past Service Pension is calculated by considering your age at the time Contributions were first received on your behalf and the Contribution amount received in the first two years of your participation in the Plan. The monthly Special Past Service Pension will be the applicable amount from the tables on the following pages, divided by 12. Age = Age of Employee when Contributions first started for you 2-Year Contribution = Contributions during the two-year period following the month Contributions first started for you Pension = Annual amount of Special Past Service Pension Age 73 and over 2-Year Contribution $30 to $59.99 $60 and over 68 to 72 $40 to $79.99 $80 and over 63 to 67 $80 to $159.99 $160 and over Pension $60.00 $120.00 $60.00 $120.00 $60.00 $120.00

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Age = Age of Employee when Contributions first started for you 2-Year Contributions = Contributions during the two-year period following the month Contributions first started Pension = Annual amount of Special Past Service Pension Age of Employee 50 to 62 49 $56.00 48 $52.00 47 $48.00 46 $44.00 45 $40.00 44 $36.00 43 $32.00 42 $28.00 41 $24.00 40 $20.00 39 $16.00 38 $12.00 37 $8.00 36 $4.00 35 and under $0.00 Pension Two-Year Contributions $100.00 - $199.99 $60.00 Two-Year Contributions $200.00 or more $120.00 $112.00 $104.00 $96.00 $88.00 $80.00 $72.00 $64.00 $56.00 $48.00 $40.00 $32.00 $24.00 $16.00 $8.00 $0.00

For purposes of column two in each of the tables, only Regular Contributions will be included for periods on or after February 1, 2009.

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Early Retirement Pension

Eligibility for an Early Retirement Pension To qualify for an Early Retirement Pension, you must meet all of the following requirements: Be at least age 55, but younger than age 65. Have at least 15 years of Pension Credit, including both Past Service Credit and Future Service Credit. If your first Hour of Work in Covered Employment is on or after October 1, 2003, your Past Service Credit will only be considered towards eligibility for the Early Retirement Pension if you have at least 6,000 Hours of Work in Covered Employment. Have at least 1,000 Hours of Work in Covered Employment credited to your account. Have filed a written application for benefits.

Early Retirement Pension Amount Your monthly Early Retirement Pension will be calculated by taking the amount of the Basic Pension and Past Service Pension to which you would be entitled at age 65 and adjusting that amount based on your age, Pension Credit, and when you performed your first Hour of Work (before or after October 1, 2008). The following examples and charts illustrate how the adjustments work. If Your First Hour of Work was before October 1, 2008: Age on Effective Date of Pension Pension Credits 15-24 25-29 30-34 35+ 55 56 57 58 59 73% 82% 60 61 62 63 64 65 100% 100% 100% 100%

49% 55% 61% 67% 58% 64% 70% 76% 82% 88% 94% 100% 91% 94% 97% 100%

79% 85% 91% 94% 97% 88% 94% 100% 100% 100%

100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Percentages in the table represent the portion of the Pension you will receive, not the reduction amount.

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Your monthly amount will be calculated based on your age. 15-24 Pension Credits Age 62-65 Your monthly amount is reduced by 0.25% for each month you are younger than age 65, but not younger than age 62. Less than Age 62 Your monthly amount is reduced by 0.5% for each month you are younger than age 62 on the effective date of your Early Retirement Pension. 25-29 Pension Credits Age 62 or More Your monthly amount will be equal to the amount of the Basic Pension and Past Service Pension you would be entitled to at age 65. Less than Age 62 Your monthly amount is reduced by 0.5% for each month you are younger than age 62 on the effective date of your Early Retirement Pension. 30-34 Pension Credits (If Your Pension was Effective on or after October 1, 2001) Age 58 or More Your monthly amount will be equal to the amount of Basic Pension and Past Service Pension you would be entitled to at age 65. Less than Age 58 Your monthly amount will be reduced by 0.5% for each month you are younger than age 58 on the effective date of your Early Retirement Pension. 35 or More Pension Credits (If Your Pension was Effective on or after October 1, 2001) Age 58 or More Your monthly amount will be equal to the amount of Basic Pension and Past Service Pension you would be entitled to at age 65. Less than Age 58 Your monthly amount will be reduced by 0.25% for each month you are younger than age 58 on the effective date of your Early Retirement Pension.

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Example: Bridget Boilermakers First Hour of Wo rk in Covered Employm ent was in January of 1975. Bridget will have 36 Pension Credits when s he retires on August 1, 2010, six months after her 55 th birthday. Her nonreduced monthly retirement benefit is $3,500 per month. Because she will have 36 Pension Credits, her monthly retirement benefit must be reduced by 0.25% for each mont h she is retired prior to age 58. At the time of her retirement, she is 30 months short of a ge 58. As a result, her monthly pension benefit must be reduced by a total of 7.5%. He r monthly pension benefit will be $3,237.50, after it is reduced by $262.50 ($3,500 x 0.075 = $262.50).

If Your First Hour of Work was on or after October 1, 2008: Age on Effective Date of Pension Pension Credits 15-24 25-29 30+ 55 56 57 58 59 64% 60 61 62 63 64 65

40% 46% 52% 58%

70% 76% 82% 88% 94% 100% 100% 100% 100% 100%

58% 64% 70% 76% 82% 88% 94% 100% 82% 88% 94% 100%

100% 100% 100% 100% 100% 100%

Percentages in the table represent the portion of the Pension you will receive, not the reduction amount.

15-24 Pension Credits Your monthly amount is reduced by 0.5% for each month you are younger than age 65. 25-29 Pension Credits Age 62 or Older Your monthly amount will be equal to the amount of Basic Pension and Past Service Pension you would be entitled to if your were 65 years of age on the effective date of your Early Retirement. Less than Age 62 Your monthly amount will be reduced by 0.5% for each month you are younger than age 62 on the effective date of your Early Retirement Pension.

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30 or More Pension Credits Age 58 or Older Your monthly amount will be equal to the amount of Basic Pension and Past Service Pension you would be entitled to if you were 65 on the effective date of your Early Retirement Pension. Less than Age 58 Your monthly amount will be reduced by 0.5% for each month you are younger than age 58 on the effective date of your Early Retirement Pension. Example: Brandon Boilermaker is a new Participant w hos first Hour of Work in Cov ered Employment was on January 1, 2009. Brandon will have 36 Pension Credits when he retires six months after his 55 th birthday. His nonreduced monthl y retirement benefit is $3,500 per month. Because he will have 36 Pensio n Credits, his monthly retirement benefit must be reduced by 0.50% for each mont h that he is ret ired prior t o age 58. At the time of his retirement, he is 30 months short of age 58. As a result, his monthly pension benefit must be reduced by a total of 15%. His m onthly pension be nefit will be $2,975.00, after it is reduced by $525.00 ($3,500 x 0.15 = $525.00).

Vested Pension
Eligibility for a Vested Pension A Vested Pension is a Pension for former Employees who incurred a Break in Covered Employment and may be eligible for a Pension based on the Plan rules in effect at the time of the Break in Covered Employment. If Your Break in Covered Employment Occurred before January 1, 1976 Your eligibility for a Vested Pension is determined by Pension Plan rules in effect before January 1, 1976. If Your Break in Covered Employment Occurred between January 1, 1976 and October 1, 1989 You are eligible for a Vested Pension if you have credit for at least ten years of Vesting Service. If Your Break in Covered Employment Occurred on or after October 1, 1989 You are eligible for a Vested Pension if you have credit for at least five years of Vesting Service and have at least one Hour of Work in Covered Employment after December 31, 1988, or you have credit for at least ten years of Vesting Service. A Vested Pension will be payable after you have retired, have filed a written application for benefits with the Fund Office, and after you either: 23

Have reached Normal Retirement Age Have reached age 55 if you have fulfilled the service requirements for an Early Retirement Pension

Vested Pension Amount If Your Break in Covered Employment Occurred before January 1, 1976 Your Vested Pension amount is determined by Pension Plan rules in effect before January 1, 1976. If Your Break in Covered Employment Occurred on or after January 1, 1976 Your Vested Pension amount, if you have reached Normal Retirement Age, is calculated the same way as the Age Pension. If payment of your Vested Pension starts before your Normal Retirement Age but after age 55, and you have met the service requirements of an Early Retirement Pension, the Vested Pension is calculated the same way as the Early Retirement Pension.

Alternative Vested Pension

Eligibility for an Alternative Vested Pension An Alternative Vested Pension may be available if you do not meet requirements for a Vested Pension. You must meet at least one of the following requirements to be eligible for an Alternative Vested Pension: If you incur a Break in Covered Employment when you have at least ten years of Future Service Credit, you are entitled to an Alternative Vested Pension beginning on the first day of the month after your 65th birthday, if you meet requirements for advance application. If you incur a Break in Covered Employment when you have at least 15 years of Pension Credit, including at least ten years of Future Service Credit, you will, upon application, be entitled to an Alternative Vested Pension following the date you reach age 55. Regardless of age, if you are permanently and totally disabled and are awarded a Social Security Disability Benefit under Title II of the Social Security Act, Social Security Supplemental Income Award, a Railroad Retirement Annuity because of disability under the Railroad Retirement Act, or a disability award from the Canadian Pension Plan offered by the Department of Human Resources and Skills Development, your Alternative Vested Pension may become payable. The amount of monthly Alternative Vested Pension will be adjusted for the earlier benefit start date.

Alternative Vested Pension Amount The monthly Alternative Vested Pension amount will be equal to:

24

The Basic Pension and Regular or Special Past Service Pension, if any, you would receive if you were age 65, based upon the multiplier factor in effect at the time of your Break in Covered Employment multiplied by The following percentage appropriate to the years of Future Service Credit you have accumulated at the time you incur the Break in Covered Employment: Years of Future Service Credit 10 11 12 13 14 70% 15 75% Percentage 50% 16 80% 55% 17 85% 60% 18 90% 65% 19 95% 20 Not Applicable 100% Not Applicable Years of Future Service Credit Percentage

If you met the eligibility requirements for an Alternative Vested Pension and return to Covered Employment, your Pension, upon your later retirement from, or termination of, Covered Employment, will be: The Alternative Vested Pension amount which had been established for you at the time of your Break in Covered Employment plus The Basic Pension amount earned as a result of Contributions credited to your account after your return to Covered Employment

Disability Pension
If you become totally and permanently disabled before age 65, a Disability Pension may be available to you. Disability Pension Eligibility You are entitled to a Disability Pension if you are totally and permanently disabled before reaching age 65 and if you meet all of the following Disability Pension requirements: You are awarded one of the following: Social Security Disability Benefit under Title II of the Social Security Act Social Security Supplemental Income Award for disability

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Railroad Retirement Annuity because of disability under the Railroad Retirement Act Canadian Pension Plan disability benefits offered by the Department of Human Resources and Skill Development

You have at least 1,000 Hours of Work in Covered Employment*. You have at least 120 Hours of Covered Employment in the Plan Credit Year you become totally and permanently disabled or in the Plan Credit Year immediately before you become totally and permanently disabled if you are filing an application after October 1, 2008. You have provided the Fund Office with: A written application for benefits. A copy of your disability benefits Notice of Award from the Social Security Administration, Railroad Retirement Board, or the Canadian Pension Plan offered by the Department of Human Resources and Skills Development.

If your first Hour of Work in Covered Employment is on or after October 1, 2008, you must have at least ten years of Future Service Credit. If your first Hour of Work was before October 1, 2008, you do not have to meet this requirement.

*This does not include the Hours of Work in Covered Employment after your Entitlement Date. This requirement will be waived if all of the following are met: Your first Hour of Work in Covered Employment is before October 1, 2003 You have at least 15 years of Pension Credit At least one Contribution has been made on your behalf You have become permanently and totally disabled after your Contribution Date You meet all the other requirements for Disability Pension listed

Disability Pension Application Application for a Disability Pension must be in writing on a form in the manner required by the Board of Trustees. All information the Trustees consider necessary must be provided and addressed to the Fund Office. Disability payment continues as long as your disability continues and you remain entitled to a Social Security, Railroad Retirement Disability Benefit, or Canadian Pension Plan Disability Benefit. When you turn 65, your Pension will continue regardless if you are totally and permanently disabled. Disability Pension Amount and Form of Payment The monthly Disability Pension amount will be equal to the Basic Pension and Regular or Special Past Service Pension amount, if any, you would receive if you were 65 at the time you became totally and permanently disabled. The form of payment for a Disability Pension depends on your marital status on your Disability Pension Annuity Starting Date. 26

Disability Pension Form of Payment Married This section contains general information about a Disability Pension. There are additional requirements that apply to all Husband and Wife forms of payment. Please refer to Section 9. Automatic Form If you are married your Disability Pension will automatically be paid as a 50% Husband and Wife Pension unless you specifically reject this form of payment. A Disability Pension paid as a 50% Husband and Wife Pension is calculated by multiplying the pension amount by 82%, then taking that result and either subtracting 0.4% for each year your Spouses age is less than your age, or adding 0.4% for each year your Spouses age is greater than yours. The resulting percentage will not be greater than 100 percent. 50% Husband and Wife Per each year your Spouse is younger than you Pension Pension Amount x 82% Optional Forms You may reject the automatic form of a 50% Husband and Wife Pension and elect either the 75% Husband and Wife Pension or the 100% Husband and Wife Pension. If you elect the 75% Husband and Wife Pension, the pension amount is multiplied by 75%, then 0.5% is subtracted from that result for each year your Spouse is younger than you, or 0.5% is added to that result for each year your Spouse is older than you. The resulting percentage will not be greater than 100 percent. 75% Husband and Wife Per each year your Spouse is younger than you Pension Pension Amount x 75% - 0.5% x years younger Per each year your Spouse is older than you + 0.5% x years older - 0.4% x years younger Per each year your Spouse is older than you + 0.4% x years older

If you elect the 100% Husband and Wife Pension, the pension amount is multiplied by 67%, then 0.5% is subtracted from that result for each year your Spouse is younger than you, or 0.5% is added to that result for each year your Spouse is older than you. The resulting percentage will not be greater than 100 percent.

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100% Husband and Wife Pension Pension Amount x 67%

Per each year your Spouse is younger than you - 0.5% x years younger

Per each year your Spouse is older than you + 0.5% x years older

If you are married and want to receive your benefits in a Single Life Annuity form, you must have your Spouses written consent. Refer to Section 9 for information on the Single Life Annuity Options. Please note the reduction factors for the Single Life Annuity 120-Months Certain are different for a Disability Pension. When Your Spouse Receives Payment If your Disability Pension Annuity Starting Date was before July 1, 1988, your surviving Spouse may begin receiving payment on the later of: The first month after your death The first of the month after you would have turned 55

If your Disability Pension Annuity Starting Date was on or after July 1, 1988, your surviving Spouse will begin receiving payment starting the first of the month after your death. Disability Pension Form of Payment Unmarried Automatic Form - Single Life Annuity 60-Months Certain A Single Life Annuity pays a lifetime monthly pension for you, with monthly benefits stopping at your death. Under the Plans automatic form of payment, the Single Life Annuity 60-Months Certain, you will receive a minimum of 60 monthly pension payments. If you die before you have received 60 monthly payments, the balance of the payments will be distributed to your designated Beneficiary until a total of 60 payments have been made to you and your Beneficiary. Optional Form - Single Life Annuity 120-Months Certain The Plan also offers an optional Single Life Annuity 120-Months Certain, which provides a minimum of 120 monthly pension payments. This is an optional benefit form, and you must elect to receive your benefits in this form. Please understand the monthly benefit amount will be lower under the Single Life Annuity 120-Months Certain than the monthly benefit amount paid under the Single Life Annuity 60-Months Certain because the guarantee period is longer. Please note the reduction factors for the Single Life Annuity 120-Months Certain are different for a Disability Pension.

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Auxiliary Disability Benefit You will be entitled to an Auxiliary Disability Benefit if: Your Annuity Starting Date for your Disability Pension payments is after your Entitlement Date. The Entitlement Date is the date you are entitled to start receiving your Social Security Disability Benefit, Railroad Retirement Disability Benefit, or Canadian Pension Plan Disability Benefit. You filed your Disability Pension Application and Disability Award on time.

The Auxiliary Disability Benefit is an amount, payable in a lump sum, equal to the monthly benefit which would have been payable under your Disability Pension (in the payment form elected for that pension) between your Entitlement Date and the Annuity Start Date of your Disability Pension. A written application for benefits and a disability benefits Notice of Award from the Social Security Administration, Railroad Retirement Board, or Canadian Pension Plan must be filed with the Fund Office to be eligible for an Auxiliary Disability Benefit. Filed is defined as the earlier of the legible postmark date or the date the Fund Office receives the application and Notice of Award. If an application is filed more than 90 days after the mailing date of the Notice of Award issued by the Social Security Administration, Railroad Retirement Board, or Canadian Pension Plan, an Auxiliary Disability Benefit will not be payable. However, if your disability determination from the Social Security Administration, Railroad Retirement Board, or Canadian Pension Plan is made on or after July 1, 2002, the 90 day rule does not apply and you may be eligible for an Auxiliary Disability Benefit. If You Lose Entitlement to a Disability Award If you lose entitlement to a Social Security Disability Award, Railroad Retirement Disability Award, or Canadian Pension Plan Disability Award, you must report it in writing and supply a copy of your notice of termination from the Social Security Administration, Railroad Retirement Board, or Canadian Pension Plan to the Board of Trustees within 60 days after the date you receive your termination notice. Except as described below, if you lose entitlement to disability benefits, you will not be eligible for Disability Pension benefits from the Plan for any months after you lose entitlement. If you do not notify the Board or do not supply the notice of termination to the Board within 60 days, a three month suspension of benefits will occur following the date of your later retirement. The three months suspension of benefits will not extend beyond your Normal Retirement Age.

29

If You Appeal the Loss of Entitlement If you lose entitlement to a Social Security Disability Award, Railroad Retirement Disability Award or Canadian Plan Disability Award and file an appeal, your Disability Pension under the Plan may continue for up to four months if you: Notify the Board of Trustees in writing. Supply the Board with a copy of your termination notice from the appropriate agency within 60 days after you receive the termination notice. File your appeal with the appropriate agency within 60 days of the date of the notice of termination. Provide the Board of Trustees evidence that your appeal to the appropriate agency has been filed on time.

After the four month period, your Disability Pension under this Plan will be discontinued unless your Disability Award has been reinstated. If the appeal to the appropriate agency results in reinstatement of your Disability Award, you must file your reinstatement notice from the appropriate agency within 90 days of the date on the notice. Your Disability Pension under this Plan will be reinstated on the effective date of reinstatement of the Disability Award, minus the four continuation months, if granted. If the reinstatement notice is filed more than 90 days after the date on the notice, the Disability Pension under this Plan will be effective the first of the month after the date the notice is filed with the Board of Trustees. If You Return to Covered Employment and Remain Entitled to a Disability Award Benefits under this Plan will not be suspended if you return to Covered Employment and remain entitled to Social Security Disability, Railroad Retirement Disability, or Canadian Pension Plan Disability Benefits. You will continue to accrue benefits during Disability Trial Work. Disability Trial Work* is work performed in Covered Employment after your Date of Entitlement to Disability Benefits. The benefits attributable to Contributions accrued on or after October 1, 2002, for such Covered Employment performed before Normal Retirement Age will be offset by the value of benefits payable from the Plan for the period the Covered Employment was performed. Benefits accrued before October 1, 2002, become payable with an Annuity Starting Date established no earlier than Normal Retirement Age. Only one Annuity Starting Date may be established after Normal Retirement Age. Benefits accrued after October 1, 2002, become payable as of a new Annuity Starting Date. Only one new Annuity Starting Date may be established in any Plan Credit Year. On the new Annuity Starting Date, additional benefits accrued as Disability Trial Work you performed after your preceding Annuity Starting Date, will begin to be paid.
*Trial Work is defined by the agency issuing your disability entitlement. If you want to return to work and still receive your disability benefits, please verify Trial Work requirements with the appropriate agency.

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If You Return to Covered Employment after Losing Entitlement to a Disability Award If you lose entitlement to a Social Security Disability Award, Railroad Retirement Disability Award, or Canadian Pension Plan Disability Award, you may re-enter Covered Employment and resume benefit accrual under the Plan terms. You may be entitled to retirement benefits under the Plan terms. These benefits are not affected by the fact you previously received a Disability Pension. Conditional Disability Pension If you believe you are permanently and totally disabled, but have not yet received a Social Security Disability Award, Railroad Retirement Disability Award, or Canadian Pension Plan Disability Award, you may elect to begin receiving a Conditional Disability Pension, provided you satisfy eligibility requirements for an Early Retirement Pension. If you begin receiving a Conditional Disability Pension and are granted a Social Security Disability Award, Railroad Retirement Disability Award, or Canadian Pension Plan Disability Award with a date of entitlement before the start of your Conditional Disability Pension from this Plan, or during the immediately following 12-month period, you can elect to receive a Disability Pension, if you satisfy the eligibility requirements of a Disability Pension. Conditional Disability Pension Amount Your Conditional Disability Pension amount will initially be calculated and paid as an Early Retirement Pension, including adjustments for form of payment. A pension calculated as an Early Retirement Pension is generally lower than a pension calculated as a Disability Pension. After you are determined eligible for a Disability Pension, your benefit will be recalculated as a Disability Pension. You will receive the amount of the Disability Pension and be considered a Disability Pensioner. Although the benefit amount is recalculated, your form of payment will remain the same. If your Social Security Disability Award Entitlement Date, Railroad Retirement Disability Award Entitlement Date, or Canadian Pension Plan Retirement Disability Award Entitlement Date is later than the effective date of the Conditional Disability Pension, the benefit amount will be adjusted to the Disability Pension amount beginning with the Social Security Disability Award Entitlement Date, Railroad Retirement Disability Award Entitlement Date, or Canadian Pension Plan Disability Award Entitlement Date and the payments before that date will remain the same. If your Social Security Disability Award Entitlement Date, Railroad Retirement Disability Award Entitlement Date, or Canadian Pension Plan Disability Award Entitlement Date is earlier than the effective date of the Conditional Disability Pension, you will be entitled to an Auxiliary Disability Benefit.

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If you elected to receive your Conditional Disability Pension with the Level Income Option, when it is converted to a Disability Pension, the Plan will recover, by offset, the amount of Level Income Option paid to you. See Section 9 for Level Income Option information. When the change from a Conditional Disability Pension to a Disability Pension occurs, your Annuity Starting Date and the form of payment elected as a Conditional Disability Pension will not change. Conversion of the Conditional Disability Pension to an Early Retirement Pension Upon notification that you did not receive a Social Security Disability Award, Railroad Retirement Disability Award, or Canadian Pension Plan Disability Award, the Conditional Disability Pension will be automatically converted, retroactively, to the Annuity Starting Date of the Conditional Disability Pension, to an Early Retirement Pension. This conversion will only impact how your benefits are titled and classified by the Plan and will cause no change in your monthly benefit. If You Die before Receiving a Social Security Disability Award, Railroad Retirement Disability Award or Canadian Pension Plan Disability Award If you die before the date a notice of award for a Social Security Disability Award, Railroad Retirement Disability Award, or Canadian Pension Plan Disability Award is received by the Plan, you will be treated as an Early Retirement Pensioner regardless if you received a Social Security Disability Award, Railroad Retirement Disability Award, or Canadian Pension Plan Disability Award.

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Section 8: Applying for Benefits

How to Apply for Benefits
To apply for Pension benefits you must fill out, sign in front of a notary public, and return the Pension Application provided by the Fund Office. If you are married and electing a form of payment other than a Husband and Wife Pension, your Spouse must also sign the Pension Application in front of a notary public. A telephone call or other verbal request for pension benefits will not be considered a claim for Pension benefits under the Plan. If you have questions about the Pension Application, contact the Fund Office as soon as possible. Once the Fund Office receives your Pension Application, we will send you a letter acknowledging your application was received.

Time Line for Applying for Pension Benefits

Date At least 180 days before your Annuity Starting Date Action Decide on your Annuity Starting Date (the first day of the month your pension benefits will be effective). Start gathering the following documents: 180 to 90 days before your Annuity Starting Date Proof of Age Birth certificate, baptismal certificate, immigration papers, etc. Proof of Marital Status Marriage certificate, divorce decree, etc.

Call or write the Fund Office and request a Pension Application. Do not request an Application more than 180 days before your Annuity Starting Date. Do not get a Pension Application from anywhere other than the Fund Office. Fill out the Pension Application and all other forms from the Fund Office. Get the documents needed to process your Pension Application.

180 to 30 days before your Annuity Starting Date

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Date No later than the month before your Annuity Starting Date

Action Mail your Pension Application, and all required documentation to the Fund Office no later than the 14th day of the month before your Annuity Starting Date. Be sure to include all other forms sent to you by the Fund Office. If you do not have several of the documents the Fund Office requires, and expect to get those documents in the next few days, you may want to send in your application without the missing documents. Be sure to send the required documents to the Fund Office as soon as possible. If you receive a letter from the Fund Office requesting additional information or documents, mail the requested information or documents to the Fund Office as soon as possible. If it is not possible to gather the requested information or documents within 90 days after the legibly postmarked date or the date you delivered your Pension Application to the Fund Office, contact the Fund Office and ask for additional time. If you fail to respond to the Fund Office within the 90 day period, your Pension Application will be denied. The Fund Office will send you a letter granting or denying your Pension Application or stating there will be an extension of time of up to 90 additional days to grant or deny your Pension Application. If you received a letter from the Fund Office: Requesting additional information or documents and Stating there will be an extension of up to 90 additional days to grant or deny your Pension Application

As soon as possible after you receive a letter from the Fund Office requesting information or documents

Within 90 days from the legibly postmarked date or the day you delivered your Pension Application to the Fund Office Within 150 days of the legibly postmarked date or the day you delivered your Pension Application to the Fund Office

You must provide the Fund Office with all requested information and documents within150 days after the legibly postmarked date or the date you delivered your Pension Application to the Fund Office. Within 180 days of the legibly postmarked date or the date you delivered your Pension Application to the Fund Office If the Fund Office did not previously grant or deny your Pension Application (within the first 90 days of the legible postmarked date or the day you delivered the application to the Fund Office), the Fund Office will send you a letter granting or denying your Pension Application.

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Date Within 60 days after you receive a letter from the Fund Office denying your Pension Application

Action If your Pension Application is denied, you may file an appeal of the denial with the Board of Trustees. Explain why you think the decision was wrong and provide documents that support your argument. If you file an appeal after the 60-day period, your appeal will be denied as untimely. If you chose not to file an appeal, you lose the right to challenge the denial of pension benefits for that particular Pension Application. You may start the process over by filing a new Pension Application with a new (later) Annuity Starting Date.

When Your Application is Considered Filed

Effective January 1, 1999, an application for benefits will be considered filed on the earlier of the date it is legibly postmarked or the date it is received by the Fund Office. You are Required to Provide the Following Information Your application must include proof of your age and marital status. We may need additional information, depending on the type of benefit and form of payment you elect. The following table describes the documents required for various forms of benefit payment. If you do not provide necessary documents, your application and claim for benefits will be denied. Form of Benefit Payment All forms of benefit payment Husband and Wife Pension Documents Needed Your birth certificate or other acceptable proof of your date of birth Proof of marital status*

The documents listed above, plus Marriage certificate or other acceptable proof of your marriage Your Spouses birth certificate or other proof of Spouses date of birth

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Form of Benefit Payment Disability Pension

Documents Needed The documents listed above, plus A Social Security Notice of Award of Disability Benefits or A Railroad Retirement Notice of Award of Disability Benefits or An Award of Disability Benefits from the Canadian Pension Plan offered by the Department of Human Resources and Skills Development

Level Income Option

All documents listed in the first two boxes, plus Current estimate of your Social Security retirement benefit payable at Social Security Normal Retirement Age

* Proof of Marital Status is a marriage certificate, a divorce decree, or if widowed, your Spouses death certificate.

You Can have Someone Help you Apply for Benefits You may designate a person as your authorized representative to help you file a claim for benefits or appeal a denied claim. To designate an authorized representative, you must provide a written request to the Fund Office stating your name, Social Security number, current address, and telephone number. You must also provide the name, current address, and telephone number of your authorized representative. Your authorized representative will then receive all communications and may take action regarding your benefit claim. This means the Plan will send your authorized representative all documents and communications that would otherwise be sent to you. Your authorized representative will have authority to make all decisions regarding your claim for benefits. You may revoke your designation of an authorized representative at any time by providing written notice to the Trustees. The notice must contain your name, Social Security number, correct address, and telephone number. You should also include the name, correct address, and telephone number of the person who was serving as your authorized representative. If You Submit Incorrect Information to the Fund Office In making decisions to approve or deny your claim for benefits, the Fund Office is entitled to rely on written statements, consents and revocations submitted by you, your Spouse, or other parties. This means the Fund Office will use all information you submit in processing your application. Should you submit false statements or documents, the Pension Plan has the right to recover benefit payments made in reliance on those false statements, documents, or other false proof. Withholding important facts about your situation will be 36

considered false proof. The Fund Office has the unlimited right to recover benefit payments, interest, and costs from you.

Payment of Benefits Accrued after an Initial Annuity Starting Date

How additional accrued pension benefits are determined depends on whether your initial retirement effective date (Annuity Starting Date) occurred before or after you reach Normal Retirement Age. If Your Initial Annuity Starting Date Occurred before Reaching Normal Retirement Age If your Annuity Starting Date occurred before you reach Normal Retirement Age, your additional benefits are determined after you re-retire and submit a new Pension Application. You will have a new Annuity Starting Date that applies only to the additional Pension benefits you accrued. If you are married, any additional pension benefits you accrue will be paid as a 50% Husband and Wife Pension unless you and your Spouse properly elect another form of payment and reject the Husband and Wife Pension. You are limited to one new Annuity Starting Date in any Plan Credit Year. The monthly pension payable upon the new Annuity Starting Date will be reduced by the product of one percent and the total of the Early Retirement Pension payments you received during your previous period(s) of retirement and prior to Normal Retirement Age. Remember, if you initially retired before reaching Normal Retirement Age, you must submit a new Pension Application to apply for these additional pension benefits. Example: Joe Boilermaker retired at age 60 and began receiving pension benefits effective January 1, 2005, his initial Annuity Starting Date. On April 25, 2006, he returned to full-time Covered Employment and began to accrue additional pension benefits. Because the job he returned to was Disqualifying Employment, (see Section 16 for Disqualifying Employment information) his retirement benefits were suspended starting May 1, 2006. Joe continued working in Covered Employment until November 30, 2007, when he let the Fund Office know he re-retired. The monthly pension benefits Joe received after his first retirement were re-instated, effective December 1, 2007. He must submit a new Pension Application for the Fund Office to determine if he is entitled to additional benefits for the period from April 25, 2006, through November 30, 2007. Your Initial Annuity Starting Date Occurred on or after Reaching Normal Retirement Age If your initial Annuity Starting Date occurred on or after the date you reached Normal Retirement Age, the benefit form you elected when you initially retired will apply to pension benefits you accrued after you returned to Covered Employment. If, for example, when you initially retired, you elected to receive your pension benefits in the 75% Husband and Wife Pension form, the additional pension benefits you accrued during your return to Covered 37

Employment will also be paid out as a 75% Husband and Wife Pension. The additional benefits you accrued during your return to Covered Employment will be calculated at the end of each Plan Credit Year (September 30) and become payable effective October 1 following the end of the Plan Credit Year in which the benefits were accrued if you are no longer working in Disqualifying Employment. If you continue to work in Disqualifying Employment, your additional benefits will be paid after your retirement benefits are reinstated. Example: Jane Boilermaker retired at Normal Retirement Age and began receiving pension benefits effective January 1, 2005, her initial Annuity Starting Date. On April 25, 2007, she returned to full-time Covered Employment and began to accrue additional pension benefits. Because the job she returned to was Disqualifying Employment in excess of 40 hours per month, her retirement benefits were suspended effective May 1, 2007, the month immediately after her return to Disqualifying Employment. Jane continued working in Covered Employment until November 30, 2007, when she let the Fund Office know she re-retired. The monthly pension benefit Jane received from her first retirement was reinstated effective December 1, 2007. The additional benefits she accrued from April 25, 2007, through September 30, 2007, were also payable as of December 1, 2007. The additional benefits Jane accrued in October and November 2007 are not payable until October 1, 2008, because they were accrued in the Plan Credit Year that started on October 1, 2007, and ended on September 30, 2008. If You Never Apply for Benefits If the Plan can locate you and you fail to file a timely application for benefits, your benefit payments will begin on your Required Beginning Date. Your Required Beginning Date is the date Federal law requires the Plan to begin paying out your pension benefit. Your Required Beginning Date occurs on April 1 of the year following the calendar year in which you reach 70 years of age. If You Receive Benefits to which You Were Not Entitled If you work in Disqualifying Employment and receive a pension payment to which you were not entitled, the Trustees may recover such payment amounts by deducting the overpayment amount from your future monthly payments until the overpayment is fully recovered. If you have reached Normal Retirement Age, the offset amount will be limited to 100% of the amount due to you for the first payment and 25% of the later monthly pension payments, until all overpayments are fully recovered. If for any reason other than work in Disqualifying Employment, you, your surviving Spouse, or your Beneficiary receive a pension payment to which you, your surviving Spouse, or Beneficiary were not entitled, the Trustees can deduct the entire overpayment amount from any benefits due to you, your surviving Spouse, or your Beneficiary, until the overpayment is fully recovered. 38

The Trustees have the right to recover an overpayment by means other than a deduction from pension benefits. In other words, the Trustees can pursue other remedies, including filing a lawsuit against you. If You Become Unable to Handle Your Own Affairs If you are unable to handle your own affairs due to mental or physical incapacity, payments due will be paid to your legally-appointed guardian, the person to whom you granted a power of attorney over your financial affairs, or other legal representative.

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Section 9: Forms of Payment Pension Benefits

The forms of payment/benefit discussed below apply only to pensions which became effective on or after January 1, 1976. To receive any benefit from the Plan, you must file a written application for benefits with the Fund Office.

How Your Pension will be Paid

If you are married, the automatic form of payment is the 50% Husband and Wife Pension. If you are unmarried, the automatic form of payment is the Single Life Annuity 60-Months Certain. There are also optional benefit forms available as detailed below.

Married Participants
50% Husband and Wife Pension Automatic Form The automatic benefit form is the 50% Husband and Wife Pension. Under this benefit form, you will receive a lifetime monthly pension and, upon your death, your surviving Spouse will also receive a lifetime monthly pension. Your surviving Spouses benefit following your death will be equal to 50% of the monthly benefit you received during your lifetime. Your benefit will automatically be paid in this form unless you choose a different benefit form. 75% Husband and Wife Pension Optional Form Under the 75% Husband and Wife Pension, your surviving Spouses benefit following your death will be equal to 75% of the monthly benefit you received during your lifetime. 100% Husband and Wife Pension Optional Form Under the 100% Husband and Wife Pension, your surviving Spouses benefit following your death will be equal to 100% of the monthly benefit you received during your lifetime. Difference Between the Husband and Wife Pension Options The total amount paid under each pension form is essentially the same value. However, the monthly payments under each option will be different. When you receive your pension in a Husband and Wife form, your lifetime monthly benefit is reduced to provide a lifetime survivor pension for your surviving Spouse. If you choose to leave your surviving Spouse a larger lifetime survivor pension such as the 75% or the 100% Husband and Wife form, it reduces your lifetime monthly benefit amount.

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How Your Benefits are Reduced for a 50% Husband and Wife Pension For the 50% Husband and Wife Pension, the pension amount is adjusted by multiplying it by 95% minus 0.4% for each year your Spouses age is less than your age or plus 0.4% for each year your Spouses age is more than your age. Even if your Spouse is significantly older, the resulting percentage is not allowed to be more than 100%. Your pension will not be reduced for the 50% Husband and Wife Pension if you meet all the following: Your pension is effective on or after October 1, 2001 You have at least 30 years Pension Credit You are at least age 58 when you retire Per each year your Spouse is older than you + 0.4% x years older

50% Husband and Wife Per each year your Spouse is younger than you Pension Pension Amount x 95% - 0.4% x years younger

Please refer to Section 7 for disability factors.

How Your Benefits are Reduced for the 75% and 100% Husband and Wife Pensions For the 75% Husband and Wife Pension, your pension amount is adjusted by multiplying it by 93% minus 0.6% for each year your Spouses age is less than your age or plus 0.6% for each year your Spouses age is greater than your age. 75% Husband and Wife Per each year your Spouse is younger than you Pension Pension Amount x 93% - 0.6% x years younger Per each year your Spouse is older than you + 0.6% x years older

Please refer to Section 7 for disability factors.

For the 100% Husband and Wife Pension, your pension amount is adjusted by multiplying it by 90%, minus 0.7% for each year your Spouses age is less than your age or plus 0.7% each year Spouses age is greater than your age. 100% Husband and Wife Per each year your Spouse is younger than you Pension Pension Amount x 90% - 0.7% x years younger Per each year your Spouse is older than you + 0.7% x years older

Please refer to Section 7 for disability factors.

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For both the 75% Husband and Wife Pension and the 100% Husband and Wife Pension, the resulting percentage is not allowed to be more than 100%. If You Dont Want to Receive Your Benefits as a 50% Husband and Wife Pension If you are married and want to receive your benefits in a 75% or 100% Husband and Wife form, spousal consent is not required. If you are married and want to receive your benefits in a Single Life Annuity form, you must have your Spouses written consent. Your benefit election must designate a Beneficiary. That Beneficiary election may not be changed without spousal consent. Additionally, your Spouses written consent must acknowledge that your choice of a Single Life benefit form will mean your Spouse will not receive a survivor pension. Your Spouses written consent to the form provided by the Fund Office as part of the Pension Application must be witnessed and authenticated by a notary public. If You Cannot Locate Your Spouse If you cannot locate your Spouse, you will be required to complete a form which establishes, to the satisfaction of the Trustees, that your Spouse cannot be located.

When a Husband and Wife Pension is Not Effective

The Husband and Wife Pension is not effective under any of the following circumstances: You and your Spouse were not married to each other on your Annuity Starting Date. You and your Spouse were married to each other for less than a year before your death. Your Spouse died before your Annuity Starting Date or died before your death (if you died before a pension was payable to you). You and your Spouse were divorced from each other before your Annuity Starting Date or before your death (if you died before a pension was payable to you).

If You Receive a Husband and Wife Pension and Your Spouse Dies before You If your pension began on or after October 1, 1997, under a Husband and Wife form, and your Spouse dies before you, your monthly benefit will be increased to the amount that would have been payable in the form of a Single Life Annuity 60Months Certain. If you provide the Fund Office with your Spouses certified Death Certificate within 12 months of your Spouses death, your pension may be increased the first of the month after your Spouses death. If you provide the Fund Office with your Spouses certified Death Certificate more than 12 months following your Spouses death, your pension may be increased for the first of the month after the date the certified Death Certificate was received by the Fund Office. You 42

will not receive retroactive payments covering the period between your Spouses date of death and the date the certified Death Certificate was received. If you are eligible for an increased monthly pension upon your Spouses death, be sure to send your Spouses certified Death Certificate to the Fund Office as soon as possible. If You Receive your Pension in a Husband and Wife Form and You and Your Spouse Get Divorced after Your Retirement If you receive your pension in a Husband and Wife form and you and your Spouse divorce after your retirement, your ex-Spouse will still be entitled to receive a lifetime monthly pension upon your death. You may not change your benefit form, or name another person to receive the lifetime survivor pension, on or after your Annuity Starting Date. More information about divorce and your pension can be found in Section 15 of this booklet.

Unmarried Participants
Single Life Annuity 60-Months CertainAutomatic Form A Single Life Annuity pays a lifetime monthly pension for you, with monthly benefits stopping at your death. Under the Plans automatic form of payment, the Single Life Annuity with 60-Months Certain, you will receive a minimum of 60 monthly pension payments. If you die before you have received 60 monthly payments, the balance of the payments will be distributed to your designated Beneficiary until a total of 60 payments have been made to you and your Beneficiary. Single Life Annuity 120-Months CertainOptional Form The Plan also offers an optional Single Life Annuity 120-Months Certain, which provides a minimum of 120 monthly pension payments. This is an optional benefit form, and you must make an election to receive your benefits in this form. Please understand the monthly benefit amount will be lower under the Single Life Annuity 120-Months Certain than the monthly benefit amount paid under the Single Life Annuity 60-Months Certain because the guarantee period is longer.

All Participants
Level Income OptionOptional Form Available to Married and Unmarried Participants If your pension becomes effective on or after October 1, 2001, and you are receiving any pension other than a Disability Pension, you have the option to receive your benefits under the Level Income Option. The Level Income Option is intended to level out the benefits you receive during your retirement. It pays you more than your normal pension payments up until the time you are 43

eligible to begin your Social Security payments and less than your normal pension payment once your Social Security payments begin. Benefits Adjusted under the Level Income Option The benefit adjustment amount will be determined by multiplying a factor by your estimated Social Security benefit at age 65, 66, or 67, whichever is closest to your Social Security Normal Retirement Age as defined by the Social Security Administration. The factor will be based on your age at retirement and on your Social Security Normal Retirement Age. The factors come from certain interest rates set by the Federal government and are subject to change from year to year, so the factors are not included in this booklet. The Fund Office can provide you a sample calculation of the benefits you would receive under this option. Reaching Social Security Normal Retirement Age Once you reach Social Security Normal Retirement Age, your benefits from the Plan are reduced by the estimated Social Security benefit which was used in the initial calculation of your Plan benefit. If You Dont Apply for Social Security Benefits When You Reach Social Security Normal Retirement Age Your Plan benefits will be reduced once you reach Social Security Normal Retirement Age, regardless of whether you have actually applied for and begun receiving Social Security benefits. You Do Not Have to Elect a Certain Benefit Form to Choose the Level Income Option You may select the Level Income Option along with any form of payment the Plan provides except the Disability Pension. Your monthly benefit under your chosen benefit form will be calculated and then adjusted for the Level Income Option. If You Elect the Level Income Option and Die before Reaching Social Security Normal Retirement Age If you are receiving your benefit in one of the Husband and Wife forms, your Spouse will continue to receive the Level Income Option upon your death. However, the amount your Spouse receives will be adjusted based on the level of Husband and Wife benefit selected (i.e. 50%, 75%, 100%). That amount will be reduced on the date you would have reached Social Security Normal Retirement Age. If you are receiving your benefit as a Single Life Annuity with either 60-Months or 120Months Certain, and you die before receiving the guaranteed number of payments, the remaining payments to your Beneficiary will be reduced in an amount equal to the net amount of Level Income Option payments paid to you divided by the number of remaining payments. If the total benefit amount paid to you before your death is greater than the face 44

value of the benefits due under your chosen benefit form without application of the Level Income Option, no benefit will be payable to your Beneficiary.

How to Elect an Optional Form of Payment

If you wish to receive your benefit in an optional form of payment (the 75% Husband and Wife, the 100% Husband and Wife, the Single Life Annuity 120-Months Certain, or the Level Income Option) you must elect on your Pension Application the form of payment you prefer. You must elect your form of payment during the 180-day period which ends on your Annuity Starting Date. You may revoke an earlier election if you do so within the same 180day period. You cannot change your election on or after your Annuity Starting Date. Example: Jane Boilermaker is eligible to retire and wishes to do so on January 1, 2008. She is unmarried and wishes to have her monthly pension benefit paid under the 120-Months Certain Payments Option. She may file the written election of the 120Months Certain Payments Option anytime during the 180-day time period from July 5, 2007, through January 1, 2008. If, for example, she files the written election of the 120-Months Certain Payments Option on September 27, 2007, she may revoke that election anytime from that date through January 1, 2008.

The Fund Office Will Send You Information Explaining Your Payment Options The Plan is required to furnish a detailed explanation of available forms of payment no more than 180 days before your Annuity Starting Date and no less than 30 days before your Annuity Starting Date. Your Annuity Starting Date may occur before the end of the 30 day period if you receive the explanation before electing a form of payment, you elect and your Spouse (if any) consents to a form of payment, and you are informed you have a right to at least 30 days to consider whether to reject the Husband and Wife Pension and to elect another form of payment. If you request a Pension Application too early and the information explaining optional forms of payment is sent to you more than 180 days before your Annuity Starting Date, the Annuity Starting Date you requested may not be possible. Your Annuity Starting Date will not occur until after a timely explanation of the forms of payment is provided to you. Your benefit payments cannot start before the expiration of the seven day period after the written explanation of benefits is provided to you.

Other Distributions
Small Amounts If the value of the benefit payable to you is a small amount, it will be paid in a lump sum. Currently, the small amount value is $5,000.00. The small amount value is set by law and is subject to change. 45

Eligible Rollover Distributions You may request the Plan to directly roll over a benefit of $500.00 or more to an IRA or Eligible Retirement Plan, if the benefit qualifies as an Eligible Rollover Distribution. The Plan will not roll over a benefit of less than $500.00. The following Pension benefits may not be rolled over: Substantially equal periodic payments over your life (or life expectancy) or joint lives (or joint life expectancies) of you and your Beneficiary; or over a scheduled period of at least ten years or Required Minimum Distributions after age 70

Prior to the payment of an Eligible Rollover Distribution, Federal law requires the Fund Office to provide you with a timely notice explaining your rollover options and the tax consequences associated with each rollover option. You should consult with your own financial and/or tax advisor when evaluating any rollover options you may have. Mandatory Benefit Payments You must receive or begin receiving your benefits from this Plan as of your Required Beginning Date: April 1 of the calendar year following the year you reach age 70. Additionally, following your death, any benefits payable to your Beneficiary must satisfy the Plans minimum distribution requirements. For more information on required minimum distributions, please contact the Fund Office.

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Section 10: Service in the Uniformed Service

Pension Credit during Periods of Uniformed Service
If you perform Uniformed Service, vesting, benefits, and service credit will be provided as required by the Uniformed Services Employment and Re-Employment Rights Act of 1994, (USERRA), the Heroes Earnings Assistance and Relief Tax Act of 2008 (HEROES), and other relevant laws and regulations.

Types of Uniformed Service Covered

Covered Uniformed Service includes: Active and reserve military training and service Military fitness exams Funeral honors duty National Guard service under Federal authority (being called up for active duty or for training) Service in the commissioned corps of the Public Health Service Attending a military service academy Participating in a ROTC active or inactive duty training program Service performed as an intermittent disaster response appointee upon activation of the National Disaster Medical System

USERRA does not cover National Guard duty under state orders, for example disaster relief, riots or similar duties.

Earning Pension Credit during Uniformed Service

You can receive up to five years of Future Service Credit, if your period of Service in the Uniformed Service began within a reasonable period of time after your last Hour of Work in Covered Employment and if, upon your release from military service, you reapply or report for work in Covered Employment within the time period specified in USERRA. You are not entitled to USERRA rights if your Uniformed Service is longer than five cumulative years. This means your current period of service and prior periods cannot total more than five years. There are certain exceptions to the five-year limit. Check with the Fund Office if your cumulative service has exceeded five years. You will receive up to five years of Past Service Credit provided your period of Service in the Uniformed Services started within a reasonable time after the last Hour of Work in

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Covered Employment provided you reapplied or reported for work in Covered Employment within the time period provided under USERRA. You will receive one year of Future Service Credit for each full year of Service in the Uniformed Service (1,200 hours), up to a maximum of five years. If you have less than a year of Service in the Uniformed Service the Future Service Credit amount you receive will be prorated based on the 1,200 hours/one-year standard.

When Your Service in the Uniformed Service Must Begin

Your service in the Uniformed Service must begin within a reasonable time after your last Hour of Work in Covered Employment. In deciding what is a reasonable time, the Pension Plan will consider any reasonable period to rest, any reasonable period to ensure you are fit for duty, any reasonable period to put your affairs in order, any delay in the beginning date of your service or a cancellation of your mobilization due to no fault of your own, and other relevant circumstances.

Discharges or Dismissals that Disqualify You from Receiving Credit during Uniformed Service
You will not receive credit for your period of Uniformed Service if you leave Uniformed Service with: A dishonorable or bad conduct discharge A discharge under other than honorable conditions A dismissal by sentence of a general court-martial or a commutation of a sentence of a general court-martial, if you are a commissioned officer or A dismissal or drop from the rolls because of an absence without authority for at least three months, imprisonment after a court-martial or imprisonment in a Federal or state correctional institution, if you are a commissioned officer

If you receive a retroactive upgrade of your discharge status, you will be entitled to certain USERRA rights.

Reporting to Work
You will forfeit the right to earn Future Service Credit under USERRA if you do not report to work by the deadlines specified by USERRA following the completion of your Uniformed Service. You will be considered to have reported to work if you: Report to work for the last Employer you worked for before your Uniformed Service or for any other Employer who contributes to the Pension Plan Apply for re-employment with the last Employer you worked for before your Uniformed Service or with any other Employer who contributes to the Pension Plan 48

Perform one or more Hours of Work in Covered Employment or Register for work on an out of work list or similar list with any Boilermakers hiring hall

Deadlines for Reporting to Work

The deadline for reporting to work depends on how long you were in the Uniformed Service, as follows: Period of Uniformed Service Less than 31 days Report to Work / Apply for Re-Employment / Perform Hour of Work / Register for Work Report to work at the beginning of the first regularly scheduled work period on the day following the completion of your Service, after allowing for safe travel home and an eight-hour rest period. If that deadline is unreasonable or impossible through no fault of your own, you must report to work as soon as possible. Report to work within 14 days after completion of your Service. If that deadline is unreasonable or impossible through no fault of your own, you must report to work on the first full day it is possible to do so. Report to work within 90 days after completion of your Service. Report to work by the beginning of the first regularly scheduled work period on the day following the completion of your Service, after allowing for safe travel home and an eight-hour rest period. If that deadline is unreasonable or impossible through no fault of your own, report to work as soon as possible. Report to work as provided above depending on the length of your service period. However, time periods begin when you have recovered from your injuries or illness rather than upon completion of your Service. The maximum period for recovering is limited to two years from the date you completed your Service but may be extended if circumstances beyond your control make it impossible or unreasonable for you to report to work within the above time periods.

More than 30 days but less than 181 days

More than 180 days Any period if for the purposes of an examination for fitness to perform Uniformed Service

Any period if you were hospitalized for or are convalescing from an injury or illness incurred or aggravated as a result of your Service.

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Documentation You Must Submit to the Fund Office upon Your Return
Make sure you notify the Fund Office of your Uniformed Service following the date you report for work, apply for re-employment, perform an Hour of Work, or register with the hiring hall. You must provide the Fund Office with documentation of the beginning and ending dates of your service and the character of your discharge, separation, or dismissal from Uniformed Service. This will usually be a Form DD214. The Fund Office will send a written request for the documentation upon receiving notice that you may qualify for Uniformed Service credit.

Vesting Service
You will be credited with one hundred hours of service for Vesting Service purposes for each calendar month of Service in the Uniformed Service up to a maximum of five years.

Break in Covered Employment

You will be credited with sufficient hours of service to avoid a Break in Covered Employment for up to five years of Service in the Uniformed Service if your period of Uniformed Service began within a reasonable period of time after your last Hour of Work in Covered Employment and if, upon your release from military service, you reapply or report for work in Covered Employment within the time period specified in USERRA.

Figuring a Contribution Rate for the Period of Uniformed Service

Your Contribution rate will be based on the average rate of Contributions during the 12 months immediately before your military service or the average rate of Contributions during the 12 months immediately before and the 12 months immediately after your service. The Plan will base your Contribution rate on the higher of these average rates.

Payment of Contributions
The Contributions for your period of Uniformed Service are considered an expense of the Plan and are not charged back to your Employer.

Death or Disability during Uniformed Service

If you cannot request re-employment after your service because of death or you become disabled as a result of your Uniformed Service, the Plan will treat you as if you had made a request for re-employment as of the day before the date of death or disability and then terminated employment on the date of death or disability. In other words, you will be granted all applicable USERRA benefits even though you did not come back to work.

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Section 11: Death Benefits

Plan death benefits vary based on if you die before or after retirement.

Death before Retirement

If You Die before Vesting If you die before you have vested for benefits, and you have not incurred a Permanent Break in Covered Employment, the total Contributions credited to your account, up to a maximum of $15,000.00, will be paid in a lump sum to your designated Beneficiary. If the lump sum payment amount would be less than one hundred dollars ($100.00), no death benefit will be payable. If you have previously had a Permanent Break in Covered Employment, Contributions made before the Permanent Break will not be payable. If You are Not Married and Die after Vesting If you have vested for benefits, but die before receiving a pension under the Plan, your Beneficiary will be entitled to 60 monthly payments in an amount equal to the monthly pension you would have received had you retired upon your date of death. If you are under age fifty-five at the time of death, the monthly benefit will be calculated as if you were age fifty-five on the date of your death. Calculated Benefit is Less than the Contributions which were Credited to Your Account If the benefit due to you is less than the total amount of Contributions credited to your account, then a lump-sum payment equal to the total amount of those Contributions, up to a maximum of $15,000.00, will be made to your designated Beneficiary. This amount will be in place of, not in addition to, the 60 monthly payments. Death during the Waiting Period for a Disability Pension If you are entitled to a Disability Pension, have completed an application for a Disability Pension which is received by the Fund Office, and you die during the waiting period for your Disability Pension, or if you die before you begin receiving benefits from the Plan but after becoming entitled to Social Security Disability benefits, Railroad Retirement Disability benefits, or Canadian Pension Plan Disability benefits, the benefit will be calculated as if you had retired on a Disability Pension on the date of death, if that calculation provides a greater monthly benefit. If you are entitled to an Auxiliary Disability Benefit, your Beneficiary will be entitled to receive the Auxiliary Disability Benefit which would have been payable to you. See Section 7 for more information on Disability Pensions.

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Death as a Result of Workplace Injury Incurred during Covered Employment If you die before Normal Retirement Age within 90 days of a workplace injury incurred while working in Covered Employment, and your death is a direct result of that injury, the monthly benefit amount payable to your Beneficiary will be calculated as if you were age 65 on the date of your death. Previous Periods of Retirement If you previously had periods of retirement, benefits you received during those periods will be deducted from the total value of the monthly payments due to your Beneficiary. If You are Married and Die after Vesting (Qualified Pre-Retirement Survivor Annuity) If you are married and vested for benefits, have worked in Covered Employment at least one hour since August 22, 1984, and die before retirement, your surviving Spouse can apply for and receive a Qualified Pre-Retirement Survivor Annuity (QPSA) at any time following your death. The QPSA is the Survivor Annuity portion of a 50% Husband and Wife Pension. Your surviving Spouse may elect to defer this benefit, but must begin receiving payment no later than December 1 of the calendar year in which you would have reached age 70 , or if later, December 1 of the calendar year following the year of your death. Timeframe for your Surviving Spouse to Apply for QPSA Benefit An application for the QPSA filed by your surviving Spouse will be considered timely if it is filed within 24 months following your death. Unless your Spouse elects to postpone receiving benefits, payment to your Spouse will be effective the first month after your death occurred. If the application is filed more than 24 months following your death, your Spouses benefit will begin the first of the month after the filing date of the application. Benefit Amount for Your Surviving Spouse The monthly benefit amount payable to your surviving Spouse under the QPSA will be calculated as if you had retired on a 50% Husband and Wife Pension on the day before your death. If you are younger than age 55 on the date of your death, the benefit will be calculated as if you were age 55 on the date of your death. Waiving the QPSA for Your Surviving Spouse You and your Spouse may choose to waive the automatic QPSA coverage in writing, before your death. The election period you may waive this benefit begins on the first day of the Plan Credit Year in which you reach age 35 and ends on the date of your death. If you become vested for benefits and then separate from service prior to the beginning of this election period, the election period will begin on the date you separated from service. Once you reach the period the benefit may be waived, the Plan will provide you with a written explanation of this benefit and how it may be waived.

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Death during the Waiting Period for a Disability Pension If you are entitled to a Disability Pension, have completed an application for a Disability Pension which is received by the Fund Office, and you die during the waiting period for your Disability Pension, or if you die before you begin receiving benefits from the Plan but after becoming entitled to Social Security Disability, Railroad Retirement Disability, or Canadian Pension Plan Disability benefits, the benefit will be calculated as if you had retired on a Disability Pension on the date of death, if that would provide a greater monthly benefit. If you would have been entitled to an Auxiliary Disability Benefit, your Spouse will be entitled to receive 50% of the Auxiliary Disability Benefit which would have been payable to you. See Section 7 for more information on Disability Pensions. Death as a Result of Workplace Injury Incurred during Covered Employment If you die before Normal Retirement Age within 90 days of a workplace injury incurred while working in Covered Employment, and your death is a direct result of that injury, the monthly benefit amount payable to your surviving Spouse will be calculated as if you were age 65 on the date of your death.

Death after Retirement

When you die following retirement, the benefit amount, if any, payable to your survivor(s) is based on the benefit option selected at the time of retirement. If You Elect a Single Life Annuity 60-Months Certain If you die before receiving a total of 60 monthly pension payments from the Plan, monthly pension payments will continue to your Beneficiary until a total of 60 payments have been made to you and your Beneficiary. If You Elect a Single Life Annuity 120-Months Certain If you die before receiving a total of 120 monthly pension payments from the Plan, monthly pension payments will continue to your Beneficiary until a total of 120 payments have been made to you and your Beneficiary. If you Elect any Form of Husband and Wife Pension If you die while receiving your pension benefit in the form of a Husband and Wife Pension, the person you named as your Spouse on the Pension Application will receive a monthly benefit for the rest of his or her life. The monthly benefit amount will be based on the type of Husband and Wife Pension you elected. If you elected a 100% Husband and Wife Pension, your Spouses benefit will be equal to the monthly benefit you received during your lifetime.

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If you elected a 75% Husband and Wife Pension, your Spouses benefit will be equal to 75% of the monthly benefit you received during your lifetime. If you elected a 50% Husband and Wife Pension, your Spouses benefit will be equal to 50% of the monthly benefit you received during your lifetime.

Lump-Sum Post-Retirement Death Benefit If you have retired, are receiving pension benefits, and die on or after October 1, 2001, a death benefit of $6,000.00 will be paid to your designated Beneficiary, if you are receiving a pension based on at least ten years of Pension Credit. If you first began participation in the Plan on or after January 1, 1998, ten years of Future Service Credit are required to qualify for the Post-Retirement Death Benefit. This lump-sum benefit is in addition to benefits that may be due based upon the benefit option you elected at retirement. This benefit is not payable unless you are retired and entitled to monthly benefits.

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Section 12: Designation of Beneficiary

You may designate a Beneficiary to receive benefits remaining at your death by completing the Designation of Beneficiary Form provided by the Fund Office. No change in your designation of Beneficiary is effective or binding unless the original Designation of Beneficiary Form is received in the Fund Office before your death.

If Your Spouse is Your Beneficiary and You Become Divorced

If your marriage is dissolved by divorce, your designation of your Spouse as Beneficiary will be voided as of your divorce date. Your ex-Spouse can only be your Beneficiary if you redesignate your ex-Spouse as Beneficiary following your divorce. If a Qualified Domestic Relations Order (QDRO) has been entered by the divorce court and accepted by the Plan, the QDRO may take precedence over your Beneficiary designation.

If You Do Not Designate a Beneficiary

If you do not designate a Beneficiary, or if you designate a Beneficiary who dies before you do, benefits will be paid according to the following order of precedence: 1. First, to your surviving Spouse. 2. If you do not have a surviving Spouse, then benefits will be paid to your surviving children. 3. If there are no surviving children, then benefits will be paid to your surviving grandchildren. 4. If there are no surviving grandchildren, then benefits will be paid to your surviving parents. 5. If you do not have surviving parents, then benefits will be paid to your surviving brothers and sisters. 6. If there are no surviving brothers or sisters, benefits will be paid to your estate. The persons listed in this order of precedence must file a Beneficiary Declaration Form to receive payment. This is not the same as a Designation of Beneficiary Form.

If Your Beneficiary Dies before Receiving all Payable Benefits

If your Beneficiary dies after your death, any benefits payable following your Beneficiarys death will be payable according to your order of precedence. Any benefits payable to your Beneficiary before the Beneficiarys death will be considered payable to the Beneficiarys estate. Only benefits which first become payable after the Beneficiarys death will be paid under your order of precedence. 55

How Benefits Due to You at the Time of Your Death Will be Paid
Benefits owed to you at the time of death, such as payments due for past months, will be payable to your estate rather than to your Beneficiary.

If the Plan Cannot Find You or Your Beneficiaries

The Plan will make diligent efforts to find missing Participants or named Beneficiaries. However, the Plan will not attempt to locate potential beneficiaries under the order of precedence. If death benefits (other than benefits due under a Husband and Wife Pension, QPSA, or Single Life Annuity 60/120 Months Certain) are payable to a designated Beneficiary or under the order of precedence, and no party comes forward to claim the benefit by December 31 of the calendar year containing the fifth anniversary of your death, the benefit will be deemed abandoned and forfeited to the Trust. No person has any right to receive a benefit, with respect to your pension benefits, after December 31 of the calendar year containing the fifth anniversary of your death if no claim, request, or application for the benefit was made before that date. No death benefit will be paid to a person or his or her estate if you or your Beneficiarys death is caused by the persons intentional felonious conduct.

If You are Divorced, Your Ex-Spouse may Have a Right to Benefits

Your ex-Spouse will have a right to some or all of your benefits if those rights have been established by a Qualified Domestic Relations Order (QDRO). For more information on QDROs, see Section 15. The rights of your ex-Spouse or other family member to any share of your benefit, as stated in a QDRO, take priority over any claims of the Beneficiary at the time of your death. If you become divorced after your Annuity Starting Date, you cannot change your benefit election made at retirement. Your ex-Spouse remains entitled to a survivor benefit if you and your Spouse elected a Husband and Wife benefit option.

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Section 13: Pension Benefit Limits

Dollar Limits
Internal Revenue Code Section 415 and Plan rules place a dollar limit on the annual amount of pension benefits the Boilermaker-Blacksmith National Pension Trust (the Plan) is allowed to pay to a Participant. The dollar limit that applies to you will depend on many factors such as your age at retirement, the form of benefit elected, and your number of years of plan participation. However, the starting point for determining the applicable dollar limit is the standard annual dollar limit issued by the Internal Revenue Service (IRS). The standard annual dollar limit usually changes each year. For 2010, the standard annual dollar limit is $195,000 per year. Most Participants will not be affected by the annual dollar limit when they retire. We are providing this information to help you with retirement planning.

Dollar Limit Reductions

The IRS standard annual dollar limit applies to a benefit paid in the form of a single life annuity, under which a pensioner receives a monthly benefit for his life with no guaranteed number of payments, and with no survivor benefit. This Plan does not offer this form of benefit. The benefit forms offered by the Pension Plan are more valuable than a single life annuity. Therefore, the Plan adjusts the dollar limit to the actuarial equivalent of the standard annual dollar limit for a single life annuity. Under Plan rules the standard annual dollar limit is reduced if: You receive a benefit form other than a single life annuity You start receiving pension benefits before your Social Security Normal Retirement Age (SSNRA), if your employer is not a tax-exempt organization* You start receiving pension benefits before age 62, if your employer is a tax-exempt organization, or You have less than ten years of Plan participation

*Note: The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) changed the actuarial reduction for early retirement (applicable to employers that are not tax-exempt organizations) so that the dollar limit is reduced for benefit commencement prior to age 62, rather than for benefit commencement prior to a participants Social Security Normal Retirement Age. However, the BoilermakerBlacksmith National Pension Trust has not adopted this change. Therefore, the Plan continues to apply the pre-EGTRRA actuarial reductions for early retirement.

Reduction for Benefit Form

The Plan reduces the dollar limit for any benefit form you receive from the Pension Plan. Even the automatic benefit form if you are not married, a Single Life Annuity with 6057

Months Certain, is more valuable than a single life annuity because the 60-Months Certain feature guarantees benefits will be issued for the specified number of months to you, or, if you die, to a Beneficiary. Example: If your Social Security Normal Retirement Age is 65 and you start receiving benefits in the first month following your 65th birthday, the 2009 dollar limit is $193,188 ($16,099 per month) if you receive the Single Life Annuity 60Months Certain. The dollar limit is $187,871 ($15,655.91 per month) if you elect a Single Life Annuity 120-Months Certain. The standard annual dollar limit is reduced from the $195,000 maximum for 2009 because the 60-Months and 120Months Certain guarantees make these forms of benefit more valuable than a straight single life annuity with no guarantee. The 50%, 75% and 100% Husband and Wife Pensions are also more valuable than a single life annuity because these forms of benefit are actuarially equivalent to a Single Life Annuity 60-Months Certain and because your surviving Spouse continues to receive a percentage of your monthly benefit after your death. However, the Internal Revenue Code provides an exception for Husband and Wife Pensions; the dollar limit is not decreased to take into account the actuarial value of the surviving Spouse portion of the benefit.

Adjustment of Dollar Limit for Early or Late Retirement

The $195,000 standard annual dollar limit for 2010 is also reduced if you retire before your Social Security Normal Retirement Age (SSNRA) (if you work for an employer which is not a tax-exempt organization), or if you retire before age 62 (if you work for a tax-exempt organization such as a Local Lodge). Likewise, the dollar limit is increased if you retire late. Participants born before 1938 have a SSNRA of 65. If you were born in the years 1938 through 1954, your SSNRA is 66. If your date of birth is after 1954, your SSNRA is 67.

Cost of Living Adjustment

Keep in mind the IRS usually raises the standard annual dollar limit each year because of inflation. For example, the standard annual dollar limit was $175,000 in 2006, $180,000 in 2007, and $185,000 in 2008. The standard annual dollar limit increased $5,000 each of those years. For 2009, the standard annual dollar limit increased by $10,000 to $195,000. The standard annual dollar limit was not increased for 2010. If your pension benefit is limited, then before the beginning of each calendar year, the Fund Office will determine whether your pension benefit can be increased to reflect the increase, if any, in the IRSs standard annual dollar limit. This means if, on your retirement date, your accrued benefit exceeded the applicable annual dollar limit, your benefit limitation might increase each year until the point in the future when your accrued benefit under the Pension Plan is equal to or less than the applicable annual dollar limit, as adjusted for cost

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of living increases. In calculating the annual cost of living adjustment, your age as of the date you retired is used in each of the following years.

Plan Adjustment
When the Plan reviews the IRS cost of living adjustment, we also review other factors that can impact the dollar limit including, but not limited to, changes in the mortality tables.

No Employer-by-Employer Testing for Benefits Accrued after 2007

Before 2008, the IRS allowed the Pension Plan to apply the dollar limits on an Employerby-Employer basis. Under Employer-by-Employer testing, a Participants total accrued benefit was allowed to exceed the applicable dollar limit, so long as no portion of the benefit attributable to any single Employer exceeded that dollar limit. Under new IRS rules, effective for benefits accrued after 2007, a Participants total benefit from all Employers must not exceed the applicable dollar limit. The IRS made an exception, however, for Participants who start receiving pension benefits after December 31, 2007. Under the IRSs grandfather rule, the Fund Office is allowed to pay the greater of: 1) the benefits accrued by a Participant before 2008 (using Employer-by-Employer testing) or 2) the Participants total benefits, as reduced after applying the applicable dollar limit to the Participant's total benefit from all Employers. Under this method, Participants will get the benefit of Employer-by-Employer testing for all benefits accrued before 2008. Because the grandfather rule only applies to benefits accrued before 2008, you cannot avoid dollar limit problems by starting work for a different Employer in 2008 or later.

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Example: Maria Boilermaker has a total annual accrued benefit of $102,000. This means if the Fund Office was allowed to pay Maria her annual accrued benefit, she would receive monthly pension payments of $8,500.00. Maria worked for three Employers during her career as a Boilermaker. Her annual accrued benefit from the Contributions made by those Employers is: Employer A Employer B Employer C $ 80,000.00 $ 12,000.00 $ 10,000.00 Before 2008 Before 2008 During 2008, 2009 and 2010

Maria began receiving pension payments under the Single Life Annuity 60-Months Certain in August 2010 after reaching age 55. The dollar limit that applied to Maria is $82,211.00. Under the grandfather rule for benefits accrued before 2008, the dollar limit is applied on an Employer-by-Employer basis. Because the benefits Maria accrued from Employers A and B are each less than $82,211.00, Maria is entitled to receive all of those benefits even though the $92,000.00 in total benefits accrued from Employers A and B is more than the 2010 dollar limit of $82,211.00. However, benefits accrued after 2007 may not be used when applying the grandfather rule. As a result, the Fund Office may not pay Maria the $10,000 benefit based on 2008, 2009 and 2010 Contributions from Employer C. The grandfather rule does help Maria by allowing her to receive a larger benefit ($92,000.00) than she would otherwise be able to receive if the 2010 dollar limit ($82,211. 00) was applied to her total benefit from all Employers, but the Fund Office cannot pay Maria her total accrued benefit of $102,000. Maria may eventually be able to receive her full $102,000.00 annual accrued benefit if annual cost of living adjustments raise the dollar limit above that amount. Remember, you cannot avoid dollar limit problems by starting work for a different Employer in 2008 or later because the grandfather rule only applies to benefits accrued before 2008.

Practical Suggestions for Dollar Limits

If you suspect you may face a dollar limit, you may request a pension estimate from the Pension Plan. If possible, inform the Pension Plan of the date you are considering retiring and provide your current marital status and your Spouses date of birth if applicable. The Pension Plan will estimate your monthly pension benefit based on your total accrued benefits as of the date of your request. We can tell you what your dollar limit will be if you plan on retiring in the year you request the estimate. However, we cannot tell you the dollar limit for later years because each October or November, the IRS issues the standard annual dollar limit for the following year. Start planning your retirement now by working with a qualified tax or retirement consultant. Remember, dollar limits are one of many factors to consider in determining which benefit form and retirement age is best for you. 60

Section 401(a)(17) Compensation Limit

Internal Revenue Code Section 401(a)(17) limits your annual compensation amount during each Plan Credit Year that the Plan may consider in calculating your accrued benefit. For Plan Credit Years beginning on or after October 1, 2009, the Section 401(a)(17) annual compensation limit is $245,000. However, the Section 401(a)(17) annual compensation limit is subject to cost of living adjustments and could change in the future.

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Section 14: Claims and Appeals

Claim Filing
Any dispute as to eligibility, type, amount, duration of benefits or as to any right or claim to payments from the Plan will be resolved by the Plans Board of Trustees or its designated representative. No action may be brought for benefits or rights under the Plan until after the claim has been submitted to and determined by the Board of Trustees or its designated representative, and the denial has been upheld on review by the Board of Trustees or a designated Committee of Trustees possessing authority to make a final decision on appeal. You may initiate a claim by filing a completed and signed application form furnished by the Fund Office. You may pursue a benefit claim through an authorized representative.

If Your Claim for Benefit is Denied

If your claim is wholly or partially denied, the Plan Administrator will provide you with written denial notification no later than 90 days after the Plan receives the claim, unless special circumstances require an extension of time for processing the claim. You will receive notification of any extension. No extension will be more than 90 days. A written denial notice includes: The specific reason or reasons for denial. Reference to the Plan provisions on which the decision is based. A description of additional material or information required to complete your claim along with an explanation of why the additional material or information is necessary. A description of the Plans appeal procedures and a statement of your right to bring a lawsuit under ERISA if your claim is denied on appeal.

How to File an Appeal

All appeals must be in writing. You may file an appeal by mailing or delivering to the Fund Office a letter which states you wish to appeal the denial of your claim for pension benefits and the reasons you believe you are entitled to the benefit or why you think the Pension Department made a mistake in denying your claim. You may include written comments, documents, records, or other information relating to your benefit claim that you wish to be considered by the Trustees in deciding your appeal. If you are appealing a decision on a claim for Pension or Death Benefits, your appeal must be received within 60 days of your receipt of the denial notice. If you fail to file your appeal within 60 days, your claim will not be reviewed by the Appeals Committee. 62

When Your Appeal is Reviewed and Decided

The Appeals Committee of Trustees, reviews and decides all appeals at scheduled quarterly meetings. The appeal will be addressed no later than the first meeting following the Fund Offices receipt of the appeal. However, if the appeal was received within the 30 days before the scheduled quarterly meeting, the Appeals Committee will decide the appeal no later than the second regularly scheduled meeting following the Fund Offices receipt of the appeal, unless there are special circumstances requiring further extension of time, in which case a benefit determination will be rendered not later than the third quarterly appeals meeting following the Trustees receipt of the notice of appeal. If such an extension of time is required because of special circumstances, the Fund Office will notify you in writing of the extension, describing the special circumstances and the date as of which the benefit determination will be made.

Information the Appeals Committee Considers

The Appeals Committee takes into account all comments, documents, records, and other information you submit regarding your claim. The Appeals Committee will fully and fairly review your claim and make an independent decision.

You Will be Notified of the Appeals Committees Decision

The Appeals Committee will send a written notice of its decision to you within five days. If your appeal is not granted, this notice will include: The specific reason for the denial. Reference to the Plan provisions on which the decision is based. A statement that you are entitled to receive free of charge upon request, reasonable access to and copies of all documents, records, and other information relevant to your benefit claim.

The Trustees Decision is Final

The Trustees have complete discretion to construe, interpret, and apply all terms and provisions of the Plan in resolving any dispute, including the discretion to determine the standard of proof required. The Trustees decision is final and binding upon all parties to the dispute.

Legal Action
If your appeal has been denied, you may bring a legal action under ERISA Section 502(a). Any legal action, other than an action for breach of fiduciary duty, must be filed within two years of the date your appeal was denied. 63

If you need additional information on claims and appeals, please contact the Plan for a complete copy of the claims and appeals procedures.

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Section 15: Qualified Domestic Relations Orders

Benefits may be Divided under State Domestic Relations Law
If you get divorced or are ordered to pay child support, the court may divide your Plan benefits with a Qualified Domestic Relations Order (QDRO).

A Qualified Domestic Relations Order

A Qualified Domestic Relations Order (QDRO) is a court order based on state domestic relations law. A QDRO must relate to marital property settlement, child support, or spousal support and must assign your Spouse, ex-Spouse, child, or other dependent, called an alternate payee, a right to receive all or a portion of your retirement funds. A QDRO is a court order and the Plan is bound by its terms. Any benefits the Plan is required to pay pursuant to a QDRO will reduce the benefits available to you. A court order is not automatically a Qualified Domestic Relations Order. To be a Qualified Domestic Relations Order certain requirements of the Plan and Federal law must be met. The Plan only pays benefits for Qualified orders.

If the Plan Receives a QDRO

The Plan will promptly notify you and any named alternate payee of receipt of a QDRO. This notice will include the Plans procedures for determining whether the Order is qualified. Within a reasonable time after receipt of a Domestic Relations Order, the Plan will determine whether the Order is a QDRO. You will be notified of the Plans determination.

If a QDRO is Pending
If you have applied for or are receiving benefits, the Plan Administrator must separately account for the amount that would be payable to the alternate payee under the QDRO. The alternate payee has 18 months from the date the first payment would be due under the initial QDRO to achieve a qualifying Order. If a qualifying Order is not achieved within the 18-month period, the separately accounted for amount will be returned to you. Any future QDROs may only be applied prospectively.

If You Get Remarried

Rights granted to an alternate payee by a QDRO will be given priority over the rights of any later Spouse.

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If You Divorce after Starting Your Pension

Once you begin receiving your pension benefits, the form of benefit you elected cannot be changed. If you divorce after beginning to receive your pension in one of the Husband and Wife Pension forms, your ex-Spouse will retain the right to the survivor benefits granted under that pension form. The divorce court may also award your Spouse a portion of your monthly benefit. A QDRO may not change your benefit form.

If You Need Additional Information

If you need additional information about QDROs, you should contact the Plan for a complete copy of the Plans QDRO procedures and a model QDRO.

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Section 16: Retirement and Disqualifying Employment

Retirement
The Plan pays benefits to eligible Participants who have retired and apply for them. To be retired prior to Normal Retirement Age, you must have separated from service* with any and all Employers contributing to the Pension Plan, and you must withdraw and refrain from work in Disqualifying Employment. To be retired after Normal Retirement Age, you must withdraw and refrain from work in Disqualifying Employment.
* To separate from service you must, at the time of retirement both: Terminate your employment relationship with any and all Employers contributing to the Plan Have the present intent to refrain from returning to work for any such contributing Employer

Disqualifying Employment
Before Normal Retirement Age Effective June 16, 1999, once you have separated from service with any and all Employers contributing to the Pension Plan, to be considered retired and entitled to a pension under this Plan before Normal Retirement Age, you must: Withdraw completely and refrain from any employment or self-employment in a job classification of the type included in a Collective Bargaining Agreement anywhere in the United States, or any direct supervision of such a job classification in the construction industry.

Effective July 1, 2010, once you have separated from service with any and all Employers contributing to the Pension Plan, to be considered retired and entitled to a pension under this Plan before Normal Retirement Age, you must: Withdraw completely and refrain from any employment or self-employment for an employer which performs work in an industry traditionally covered by a Collective Bargaining Agreement: Where the employment or self-employment is in a job classification of the type included in a Collective Bargaining Agreement anywhere in the United States or Where the employment or self-employment includes any direct supervision of a job classification of the type included in a Collective Bargaining Agreement anywhere in the United States in the construction industry.

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After Normal Retirement Age To be considered retired and entitled to a pension under this Plan after Normal Retirement Age, you must withdraw and refrain from employment for wages or profit in excess of 40 hours in a calendar month, including hours paid but not worked, in the same industry, in the same trade or craft, anywhere in the United States. For the purposes of this subsection: The same industry means any business activity of an employer, including selfemployment, that includes any employment which was covered by the Plan when the Participants pension payments started. The same trade or craft means an occupation in which the Participant was employed or could have been employed at any time under the coverage of the Plan and any self-employment involved in such occupation.

Employment After Reaching Age 70

Beginning with the month after you reach age 70, you may be employed in any capacity and be considered retired and entitled to a pension under this Plan.

Suspension of Benefits
If you are younger than Normal Retirement Age and retired, and you subsequently become employed in Disqualifying Employment, your pension payments will be suspended for any calendar month in which you are so employed. In addition, if you have been suspended previously, your pension payments may be suspended for twelve additional months after ceasing such employment, but not beyond Normal Retirement Age. Following suspension, your pension will again become payable. If you are between Normal Retirement Age and age 70 and you become employed in Disqualifying Employment, your pension payments will be suspended for any calendar month in which you are so employed. After that period, your pension will again become payable. You Must Notify the Fund Office You are Working in Disqualifying Employment If you begin working in Disqualifying Employment following your retirement, you must notify the Fund Office in writing within 21 days of beginning employment. If you are younger than Normal Retirement Age, it is the first time your benefits have been suspended, and you do not provide the required notice within the 21 day period, your benefits may be suspended for an additional three months. However, your benefits will not be suspended past your Normal Retirement Age. If you are Normal Retirement Age or older, and do not provide the required notice within the 21 day period, the Trustees will assume you are working more than 40 hours per month. If you are working on a construction job site, the Trustees will assume you have been employed on the job site for the entire time your Employer has been performing work on 68

the job site. The Trustees are entitled to make these assumptions unless and until you prove otherwise. If the Trustees request information from you regarding your Disqualifying Employment, you must provide the requested information. If you do not provide the requested information, your pension payments will be withheld until the Trustees receive the information. Right of Review If your pension is suspended, you have the right to appeal to the Trustees. The appeal must be in writing and must be filed with the Trustees within 60 days of the date of the notice of suspension. The same right of review willl apply, under the same terms, to a determination that contemplated employment will be disqualifying.

Determination of Disqualifying Employment

You may, in writing, request a determination whether contemplated employment will be disqualifying. For the Fund Office to determine if you are working in Disqualifying Employment, you must submit a letter from your Employer including: The date you returned to work or the date you plan to return to work A clear and complete job description A listing of job duties

You can reduce your chances of accidently accepting Disqualifying Employment by having this information reviewed by the Fund Office before accepting any position.

Special Retiree Work Rules

Since February 1, 1999, the Board of Trustees has adopted Special Retiree Work Rules allowing retirees to engage in work for up to 999.5 hours per computation period in areas under the Unions jurisdiction where there exists a bona fide labor shortage. The current Special Retiree Work Rule is effective through September 30, 2011, and will expire on that date unless extended by the Board of Trustees. To qualify under the Special Retiree Work Rule, you must have been retired on an Age Pension or Early Retirement Pension and must have received benefits for at least three months prior to the start of your employment under the Special Retiree Work Rule. If you elect to return to work under the Special Retiree Work Rule, you must give written notice of that election to the Fund Office within 45 days following the start of such employment. You may finish out a job after the defined rule period is over, so long as you do not exceed 999.5 hours. Contact the Fund Office if you need more information regarding the Special Retiree Work Rule. If the Special Retiree Work Rule does not apply, and you return to work, you could be subject to suspension of benefits.

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If You Return to Work after Retiring on a Disability Pension

If you are a Disability Pensioner, engage in Covered Employment, and remain entitled to Social Security Disability Benefits, your Disability Benefits will not be subject to the suspension rules. If you are a Disability Pensioner and you lose entitlement to disability benefits, your benefit will be terminated. If you become employed in Disqualifying Employment, later retire, and are again awarded a pension you will not be required to satisfy the 12-month waiting period before your pension is effective. If you retire on a Disability Pension, recover from your total disability and return to Covered Employment, you are entitled, upon your later retirement, to have your pension benefit recalculated at the time of your later retirement. This calculation will include additional Pension Credit earned during your period of later employment.

Pension Payment following Suspension or Recalculation of Benefits

If your Disqualifying Employment has ended, pension payments will be resumed the month after your Disqualifying Employment ends. Your actual benefit may not be paid right away if the Fund Office must recover overpayments or if you are subject to penalty months. However, penalty months will not be imposed beyond your Normal Retirement Age. Refer to Section 8 for more information on recovery of overpayments.

Recalculated Monthly Benefits

If you return to Covered Employment and are suspended, or return to Covered Employment that meets the requirements of the Special Retiree Work Rule, or engage in post-retirement employment that is not Disqualifying Employment, you will be entitled to receive a recalculated monthly benefit. This recalculation may or may not result in an increased benefit. If your original Annuity Starting Date occurred on or after you reached Normal Retirement Age, benefits you earn as a result of returning to work after the original Annuity Starting Date will be payable as of October 1 of the year following the Plan Credit Year the benefits were earned. If your original Annuity Starting Date occurred before you reached Normal Retirement Age, you will have a new Annuity Starting Date for benefits earned as a result of your return to work after your original Annuity Starting Date. You must file a new application to receive these additional benefits. Benefits will be paid in the automatic benefit form of a 50% Husband and Wife Pension or Single-Life Annuity with 60-Months Certain. The recalculated monthly benefit will be based upon your age on the applicable date and will account for the Pension Credit and Contributions accumulated during your later period(s) of work in Covered Employment. The recalculated monthly pension payable will 70

be reduced by the product of one percent and the total Early Retirement Pension payments you received during your previous period(s) of retirement and before Normal Retirement Age. The monthly amount payable after you have been reinstated following a suspension of benefits will never be less than the monthly amount payable at the time you returned to Covered Employment.

No Reduction in Value
If your retire early, return to Disqualifying Employment, and have your benefits suspended before your Normal Retirement Age, the suspension of your benefits will not reduce your monthly benefit amount. However, payment will not be made to you while you are working and you will not be entitled to receive payment for the months your pension was suspended due to Disqualifying Employment. The monthly amount of your pension will be adjusted, if necessary, to ensure you will not be deprived of the value of benefits which would become payable following your Normal Retirement Age.

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Section 17: Plan Amendment and Termination

Plan Amendment
The Trustees reserve the right to modify, alter, amend, and otherwise revise the Plan at any time the Trustees may determine necessary and desirable. However, no amendment may decrease the accrued benefit of any Participant, except as permitted under applicable law.

Employers Termination of Participation

If an Employer ends participation in the Plan within 48 months of beginning Plan participation, the Trustees may reduce or cancel the Past Service Credit for Employees of that Employer. This may result in losing eligibility for a pension.

Plan Termination
The Trustees intend for this Plan to continue indefinitely. Nevertheless, they reserve the right, subject to the provisions of the Trust Agreement, to terminate or amend the Plan. To terminate the Plan they must notify and get approval from the Pension Benefit Guarantee Corporation (PBGC). The PBGC is a Federal corporation established under the Employee Retirement Income Security Act of 1974 (ERISA), which insures the vested benefits of pension plan participants. If the Plan is terminated, you will be notified as soon as possible. You will be told the pension benefit amount, if any, you will be entitled to with an explanation of elections you may have to make. If the Plan is terminated, the Plans administrative expenses will be paid and all remaining funds will be allocated as follows: 1. First, to pension benefits that have been in pay status for the three years immediately before the Plans termination and to pension benefits that have been in pay status during the three year period had the Participant chosen to retire. 2. Second, to all other benefits guaranteed under Title IV of ERISA. 3. Third, to all other vested benefits under the Plan. 4. Fourth, to all other benefits under the Plan. Loss of Your Benefits upon Termination of the Plan In the event of a partial or total termination of the Plan, the rights of all affected Participants to benefits then accrued, to the extent then funded, shall thereupon become 100% vested and nonforfeitable. 72

Plan Merger If the Plan merges or consolidates with another plan, you and all Participants, alternate payees, and Beneficiaries will be entitled to receive a benefit, immediately after the merger or consolidation, that is equal to or greater than any benefit you were entitled to receive before the merger or consolidation. In other words, if the Plan merges or consolidates, it will not negatively impact your benefit.

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Section 18: How Benefits may be Reduced, Delayed, Forfeited or Offset

There are certain situations under which your Pension Benefits may be reduced, delayed, lost or offset. Most of these circumstances are discussed throughout this Summary Plan Description (SPD). To summarize, benefits may be reduced, delayed, forfeited, or offset in the following situations: You, your Spouse, or your Beneficiary do not file a claim for benefits properly or on time. You, your Spouse, or your Beneficiary do not have your current address on file with the Fund Office. You, your Spouse, or your Beneficiary do not furnish the information or documentation necessary to process your claim for benefits. Your Beneficiary, under the order of precedence, never files a claim to establish he or she is entitled to your benefit. A Qualified Domestic Relations Order (QDRO) divides your Pension benefits. You, your Spouse, or your Beneficiary provide false information to the Fund Office, file a false claim for benefits, or take action to intentionally defraud the Pension Plan. You have a Permanent Break in Covered Employment. Your annual pension benefits are greater than the applicable annual dollar limits. You, when retiring prior to Normal Retirement Age, fail to separate from service with any and all Employers contributing to the Pension Plan. You engage in Disqualifying Employment after retiring. You fail to give notice of your return to work in Disqualifying Employment. You previously had your benefits suspended for working in Disqualifying Employment, re-retire, and then later return to work in Disqualifying Employment. You return to work under the Special Retiree Work Rule without giving proper notice. Your pension benefit is actuarially reduced because you retired before Normal Retirement Age. Your pension benefit is paid in a lower monthly Husband and Wife benefit form because you failed to obtain your Spouses written, notarized signature on the Spousal Consent Form. There is a correction in your hours or Contributions. Your benefits are subject to an IRS levy or a criminal garnishment. Your monthly payments do not stop with your death and the overpayment must be recovered from your surviving Spouse/Beneficiary. You elected the Level Income Option and reach Social Security Normal Retirement Age. 74

Section 19: Recent Pension Funding Changes

The Economic Downturn Impacted the Plan
The economic downturn which began in 2007 impacted the Pension Plans assets and funding status. As a result, the Plan Trustees took action to insure the Pension Plan will maintain sufficient funding.

Supplemental Contributions
February 1, 2009, the Trustees enacted a Plan provision under which 15% of all Contributions were designated as non-accruing. This requirement was commonly referred to as a 15% carveout. The effect of this requirement was to reduce the amount of Contributions credited to you by 15%. Effective January 1, 2010, the 15% carveout was replaced with a Supplemental NonAccruing Contribution that is equal to the difference between the Base Contribution Rate and the Minimum Contribution Rate, as those terms are defined by the Plan. Both the 15% non-accruing Contributions and the Supplemental Non-Accruing Contributions go directly towards improving the financial health and stability of the Plan.

Base Contribution Rate

Your Base Contribution Rate is the Contribution rate that was in effect for your job classification under your Employers applicable Collective Bargaining Agreement or Participation Agreement on September 30, 2008. Or, if the applicable Collective Bargaining or Participation Agreement was signed after September 30, 2008, the Base Contribution Rate is rate set forth in the applicable Collective Bargaining Agreement or Participation Agreement. Base Contributions will continue to accrue benefits for you.

Minimum Contribution Rate

Beginning on January 1, 2010, the Minimum Contribution Rate required to be paid on your behalf by your Employer is equal to your Base Contribution Rate multiplied by the following factors over the next five years:

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Dates of Work in Covered Employment January 1, 2010 December 31, 2010 January 1, 2011 December 31, 2011 January 1, 2012 December 31, 2012 January 1, 2013 December 31, 2013 On or after January 1, 2014

Minimum Contribution Rate Factor 135% 170% 205% 240% 275%

Example 1: The Pension Contribution r ate e ffective on Septem ber 30, 2008, for journeyman boilermakers under the ABC Construction Company Collectiv e Bargaining Agreement was $4.50 per hour. Effective January 1, 2009, ABC Constructi on Company and the Unions new Collective Bargaining Agreement raised the Pension C ontribution rate to $5.00 per hour. As a result of the 15% Supplement al Contribution, effective F ebruary 1, 2009, the first $4.25 per hour was subject to benefit accrual, and t he remaining $.75 per hour was treated as supplemental and not subject to benefit accrual. Effective January 1, 2010, Pension Contribut ions must be made by ABC Construction Company f or journeyman boiler makers at the rate of $6.08 per hour ($4.50 x 13 5% = $6.08). This is the Minimum Contribution Rate . However, only an additional $1.08 will be contributed on behalf of t he ABC Construction Co mpany journeymen, because t he Pension Contribution rate wa s previously raised by 50 on January 1, 2009. Therefore, effective January 1, 2010, the first $4.50 per hour (i.e., the Base Contribution Rate) will be subject to benefit accrual, and the remaining $1.58 per hour (50 of old money and $1.08 of new money) will be treated as Su pplemental Non-Accruing Co ntributions. The $1.58 will be treated as supplemental and will not be subject to benefit accrual. From January 1, 2010, through December 31, 2014, all Contributions above the Minimum Contribution Rate will be treated as supplemental, meaning they will not be subject to benefit accrual. However, on and after January 1, 2015, all Contributions above the Minimum Contribution Rate then in effect will be deemed Regular Contributions, meaning they will accrue benefits. Example 2: The Pension Contribution r ate e ffective on Septem ber 30, 2008, for journeyman boilermakers under the ABC Construction Company Collectiv e Bargaining Agreement was $5.00 per hour. Effective J anuary 1, 2015, the Minimum Contributio n Rate payable by ABC Construction Company on behalf of its journeyman boilermakers is $13.75 per hour. Contributions up to $5.00 (i .e., the Base Contribution Rat e) and above $13.75 will be subjec t to benefit accrual. C ontributions between $5.00 and $13.75, or $8.75, will be treated as supplemental and will not be subject to benefit accrual.

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Section 20: General Information

The following general information is to help you understand how the Pension Plan is administered and provide certain information required by Federal law.

Plan Name
The Boilermaker-Blacksmith National Pension Trust

Plan Sponsor
The Plan is sponsored by the Board of Trustees. Please refer to the front of this SPD for a complete listing of the members of the Board of Trustees.

Plan Administration Type

This Plan is a collectively bargained, jointly trusteed, Labor-Management Trust.

Plan Administrators Name, Address, and Telephone Number

The Trustees are the formal Plan Administrator; however, they have delegated important administrative responsibilities to third parties. Important third parties are: General Administration Richard L. Calcara, Executive Administrator 754 Minnesota Avenue Kansas City, KS 66101-2766 Legal Counsel Blake & Uhlig, P.A. 475 New Brotherhood Building 753 State Avenue Kansas City, KS 66101

Agent for Service of Legal Process

Service of legal process may be made upon any Plan Trustee, the Executive Administrator, or Legal Counsel.

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Plan Identification Numbers

The Plans identification number with the Internal Revenue Service (IRS) is 48-6168020. The Plan number is 001.

Pension Plan Type

The Plan is a multi-employer, defined benefit pension plan. The level of benefits is determined actuarially considering Contribution income, mortality rates, turnover of Employees, general economic conditions and other factors affecting Plan income and costs. Actuarial valuations are performed by enrolled actuaries retained by the Trustees. Cost projections and determination of benefit levels are done in consultation with the actuary. Although the Trustees and professional advisors make every effort to fix benefit levels accurately, benefit levels are subject to adjustments depending on changes in economic conditions, results of collective bargaining, and other necessary changes related to actuarial assumptions.

Plan Financing Source

This Plan is funded through Contributions by the Employers on behalf of their Employees under the terms of a Collective Bargaining or Participation Agreement, and by investment income earned on a portion of the Plans assets. The Plan is subject to periodic actuarial review to assure that the relationship between income and benefits costs meets the funding standards required by ERISA.

Collective Bargaining Agreements

This Plan is maintained pursuant to Collective Bargaining Agreements (CBA). Copies of Collective Bargaining Agreements may be obtained upon written request to the Plan Administrator and are available for examination at the Fund Office.

Funding Medium
Assets are held in trust by the Board of Trustees and benefits are provided by the Trust Fund. Some Plan assets are invested. These investments are made by professional investment managers employed by the Trust.

Plans Fiscal Year

January 1 - December 31

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Titles
The titles are for reference only. In the event of a conflict between a title and the content of a Section, the content of the Section will control.

Gender and Number

Except as the context may require otherwise, use of the masculine gender includes both the masculine and feminine genders. Use of the singular and plural tense includes both the singular and plural tense.

Trustees Discretion to Interpret the Plan and Resolve Disputes

The Trustees have complete discretion to interpret and apply all terms of the Plan document, the Trust Agreement, and this Summary Plan Description. The Trustees also have complete discretion to make findings of fact needed to administer the Plan and make decisions on benefit claims. Any dispute about eligibility for benefits, form of benefit payment, benefit amount, duration of benefit payments or right to payments from the Pension Plan will be resolved by the Board of Trustees or by a person or persons designated by the Board of Trustees and will be final and binding on all persons.

Conflict between Summary Plan Description and Plan Document

This Summary Plan Description is intended to summarize the Plan document. In the event of a conflict between this Summary Plan Description and the Plan document, the Plan document controls. If you have questions about any provision of this Summary Plan Description, you should make a written request to the Fund Office for a copy of the Plan document and review the more detailed and complete provision in the Plan document.

Plan Amendment or Termination

Although this Plan is intended to exist indefinitely, the Trustees reserve the right to amend, modify, or terminate the Plan at any time for any reason they decide is necessary or desirable.

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Section 21: Your ERISA Rights

This section contains important information for you about your rights under Federal law as a Participant in the Boilermaker-Blacksmith National Pension Trust. These include rights to request information and documents from the Pension Plan. Read this section to help you understand your rights and how to enforce them.

Statement of ERISA Rights

As a Participant in the Boilermaker-Blacksmith National Pension Trust, you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974 (ERISA). ERISA provides all plan participants are entitled to: Receive Information about Your Plan and Benefits You may examine, without charge, at the Fund Office and at other specified locations, such as worksites and union halls, all documents governing the plan, including insurance contracts and collective bargaining agreements, and a copy of the latest annual report (Form 5500 Series) filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration. You may obtain, upon written request to the plan administrator, copies of documents governing plan operation, including insurance contracts and collective bargaining agreements, and copies of the latest annual report (Form 5500 Series) and updated Summary Plan Description. The administrator may charge a reasonable amount for the copies. You may obtain a statement telling you whether you have a right to receive a pension at Normal Retirement Age (age 65) and if so, what your benefits would be at Normal Retirement Age if you stop working under the plan now. If you do not have a right to a pension, the statement will tell you how many more years you have to work to get a right to a pension. This statement must be requested in writing and is not required to be given more than once every 12 months. The plan must provide the statement free of charge. Prudent Actions by Plan Fiduciaries In addition to creating rights for plan participants, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people who operate your plan, called fiduciaries of the plan, have a duty to act prudently and in the interest of you and other plan participants and beneficiaries. No one, including your employer, your union, or other person, may fire you or otherwise discriminate against you in any way to prevent you from getting a pension benefit or exercising your rights under ERISA.

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Enforce Your Rights If your claim for a pension benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules. Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of plan documents or the latest annual report from the plan and do not receive them within 30 days, you may file suit in a Federal court. In such a case, the court may require the plan administrator to provide the materials and pay you up to $110.00 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the administrator. If you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or Federal court. In addition, if you disagree with the plan's decision or lack thereof concerning the qualified status of a domestic relations order, you may file suit in Federal court. If it should happen that plan fiduciaries misuse the plan's money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a Federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous. Assistance with Your Questions If you have questions about your Plan, you should contact the Plan Administrator. If you have questions about this statement or about your rights under ERISA, or if you need assistance in getting documents from the Plan Administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. You may also get certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration.

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Section 22: Glossary

The selected terms listed below are important terms used throughout this SPD. These selected terms are capitalized as they are used throughout the SPD to indicate the specific meaning of the word as defined below. Annuity Starting Date: Your Annuity Starting Date is the first date your pension benefits become payable. Annuity Starting Dates are the first day of a calendar month. If your application is legibly postmarked or received before the fifteenth day of the month, your Annuity Starting Date will be the first day of the first calendar month after you have completed all requirements to receive a benefit (such as submitting a completed application to the Fund Office and providing additional information requested by the Fund Office), unless you designate a later date. If you apply for benefits on or after the fifteenth day of the month, your Annuity Starting Date will be no earlier than the first day of the second calendar month after your application was received or legibly postmarked. Your Annuity Starting Date may be subject to other requirements including, but not limited to, spousal consent. Base Contribution Rate: The Base Contribution Rate is the contribution rate in effect on September 30, 2008. Or, if the applicable Collective Bargaining Agreement was signed after September 30, 2008, the rate set forth in the applicable Collective Bargaining Agreement. Beneficiary: Your Beneficiary is the person designated by you or by the terms of the Plan to receive benefits upon your death. The only way you may designate a Beneficiary is by completing the Plans Designation of Beneficiary Form. Collective Bargaining Agreement (CBA): An agreement in effect at the time of reference between the International Union and/or any of its Local Lodges and an Employer, Employer Committee, or an Employer Association which requires the Employer(s) covered contribute to the Fund. Contiguous Non-Covered Employment: Employment for an Employer in a job not covered by this Plan, but which occurs adjacent to Covered Employment with the same Employer. For the employment to be considered contiguous, there can be no quit, discharge, or other termination of employment between the periods of Covered Employment and Non-Covered Employment. Contribution Date: The first date for which an Employer was or will be obligated by a particular collective bargaining unit to make Contributions to the Plan, or the first date for which the Employer makes Contributions to the Plan, if payments are not required by a Collective Bargaining Agreement. Your Contribution Date is the date applicable to the unit in which you were employed when Contributions first started on your behalf. Contribution(s): The amount paid to the Fund for an Employee, as established by a Collective Bargaining Agreement, a Participation Agreement, or by the Board of Trustees. 82

Covered Employment: Work for which your Employer is required to make Contributions to this Plan under a Participation Agreement or a Collective Bargaining Agreement with the International Union, affiliated districts, or Local Lodges. Employee: Any person who is represented in collective bargaining by the Union and employed by an Employer in a class of work for which the Employer has agreed to contribute or does contribute to the Pension Plan. An Employee can also be any other Employee for whom Contributions are made to the Pension Plan pursuant to a Participation Agreement, or a full-time Employee of the International Union or of a Local Lodge of the Union. Employer: Any person, partnership, corporation, or other business entity who makes Contributions or has agreed to contribute to the Pension Plan on behalf of its Employees under a Collective Bargaining Agreement, Participation Agreement, or other written agreement. Entitlement Date: The first month for which you are eligible to receive a Social Security Disability Benefit, Railroad Retirement Disability Benefit, or Canadian Pension Plan Disability Benefit regardless of the date payment is made. Future Service Credit: Work performed in Covered Employment after your Contribution Date. Hour of Work: Each hour for which an Employee is paid or is entitled to payment from an Employer. No more than 501 Hours of Work will be credited in any continuous period during which you are entitled to payment, but no duties are performed. An Hour of Work will also include each hour for which back-pay is awarded or agreed to by an Employer. Husband and Wife Pension: A form of benefit payment available to married Participants which provides a lifetime monthly pension for the Participant and, beginning after the Participants death, a lifetime monthly pension for the Participants surviving Spouse. The 50% Husband and Wife Pension is the automatic form of benefit for married Participants. Additional details about the Husband and Wife Pension may be found in Section 9. International Union: The International Brotherhood of Boilermakers, Iron Ship Builders, Blacksmiths, Forgers, and Helpers. The term Union will mean both the International Union and its Local Lodges. Minimum Contribution Rate: The Minimum Contribution Rate is equal to the Base Contribution Rate (the Base Contribution Rate is the September 30, 2008 contribution rate), multiplied by the following factors: 135% in 2010; 170% in 2011; 205% in 2012; 240% in 2013; and 275% on and after January 1, 2014. Normal Retirement Age: The later of: age 65, or the earlier of the fifth anniversary of the Participants Plan participation (ignoring participation before October 1, 1988), or the tenth anniversary of the Participants Plan participation.

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Participant: A Pensioner, an Employee, or a former Employee who has not terminated participation under the Plan, or a former Employee who is vested for benefits under the Plan. Participation Agreement: Any written agreement, including an alumni agreement, between the Trust and an Employer Setting forth the detailed basis on which the Employer will pay contributions to the Trust in order to provide for participation in the Plan by individuals who are not covered under the terms of a Collective Bargaining Agreement, Binding the Employer to the terms and conditions set forth in the Trust Agreement, and In a form prescribed by the Board of Trustees or its designee. A Participation Agreement is not effective unless and until it is expressly approved by the Board of Trustees or its designee.

Past Service Credit: Employment in the Boilermaker Trade before your first Hour of Work in Covered Employment. Refer to Section 7 for limitations on Past Service Credit. Pension Credit: A unit of credit which is accumulated and maintained for Employees in accordance with the Plan terms. One unit of Pension Credit is 1,200 Hours of Covered Employment. Pensioner: A person receiving pension benefits under the Plan terms. Plan Credit Year: The period of 12 consecutive calendar months from October 1 of any year through September 30 of the next year. The Plan Credit Year is the period used to determine vesting and benefit accrual. Regular Contributions: All Contributions made to the Plan on behalf of an Employee for Hours of Work in Covered Employment on and after February 1, 2009, which are not Supplemental Contributions. Contributions made at the Base Contribution Rate are Regular Contributions. See the definition of Base Contribution Rate above. Spouse: A person who is legally married to the Participant, pursuant to the requirements of Federal Defense of Marriage Act, (DOMA) which currently requires Spouses to be of the opposite sex. Supplemental Contributions: The portion of Contributions made, due, or credited on behalf of an Employee which is excluded from benefit accruals under the Plan. All Contributions considered Supplemental Contributions are added as a general asset of the Trust and not credited to any Plan Participant. February 1, 2009, through December 31, 2009 - The amount of a Participants Supplemental Contributions is equal to 15% of all Contributions made, due, or credited on the Participants behalf for Hours of Work in Covered Employment performed on or after February 1, 2009, and through December 31, 2009.

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January 1, 2010, through December 31, 2014 All Contributions other than Contributions attributable to the Base Contribution Rate will be Supplemental Contributions. On and after January 1, 2015 The difference between the Base Contribution Rate and the Minimum Contribution Rate will be a Supplemental Contribution.

Uniformed Services: The U.S. Armed Forces, the Coast Guard, the Army National Guard and the Air National Guard when engaged in active duty for training, inactive duty training, or full-time National Guard duty, the commissioned corps of the Public Health Service, and other categories of people designated by the President in time of war or national emergency. Vested Participant: An Employee who has fulfilled the service requirements to receive a nonforfeitable pension after retirement. Vesting Service: Hours of Work used to determine vesting status. To accumulate one year of Vesting Service you must work a minimum of 1,000 Hours of Work in Covered Employment in a Plan Credit Year after your Contribution Date.

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The material in this booklet was prepared to explain as clearly as possible your rights, benefits, and other important features of the Boilermaker-Blacksmith National Pension Trust. For clarity, some of the rules and regulations have been summarized. The Trustees emphasize that nothing in this explanation is intended to change in any way the rules and regulations of the Plan itself. If any question is raised, your rights will be determined in accordance with the text of the rules and regulations of the Plan Document and by the procedures prescribed by the Plan. Although the Trustees attempt to keep this SPD up-to-date, changes in the Plan procedures and the rules and regulations do occur. The current rules and regulations are kept on file in the Fund Office and notification of changes are supplied as soon as practicable. Only the Board of Trustees is authorized to interpret the Plan. The Union, Employer, or any of their representatives are not authorized to interpret the Plan or act as an agent of the Board of Trustees. If you have questions about the Plan, contact the Fund Office. The staff has up-to-date information on Plan operations and your rights and responsibilities under it. Fund Office address and phone number: Boilermaker-Blacksmith National Pension Trust 754 Minnesota Avenue Kansas City, KS 66101-2766 Telephone: 866-342-6555 or 913-342-6555

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