Letter from theBoard of Trustees

Transcription

Letter from the Board of Trustees
Trustees
Dear Participant:
The Board of Trustees of the Boilermakers National Annuity Trust (the “Trust” or the “Fund”) is pleased to
provide you with this updated Summary Plan Description (“SPD”) explaining your Annuity Trust Benefits.
As you know, we have recently made many exciting improvements to the Annuity Trust which are more fully
This updated SPD is designed to help you understand the benefits available to you from the Trust. We ask that
described in this SPD. Here is a brief overview of the improvements:
you read this SPD and if you are married, share it with your spouse. We also recommend that you keep this
with
your important
papers so you
can refer
it when
•SPD
Daily
Valuation
of your Individual
Account
(see to
page
4-3) necessary. In addition to the printed SPD,
please remember that you have online access to the SPD and updated plan information just by clicking on
•www.bnf-kc.com.
A shorter Separation From Service requirement (see page 5-2)
• New automatic distribution rules for Individual Accounts with small account balances (see page 6-2)
We hope you find this SPD helpful, and that you and your family will enjoy the benefits of the Annuity Trust
•forImmediate
distribution
available
forany
Alternate
Payees
page this
5-2)SPD, please contact the Annuity Trust
many years
to come. If
you have
questions
after(see
reading
toll free
at (866)
342-6555,
or at 5-2)
the address listed on page 11-1 of this SPD.
•Office
Disability
benefits
for 342-6555
terminally or
ill (913)
participants
(see page
This
updated SPD is designed to help you understand the benefits available to you from the Trust. We ask that
Sincerely,
you read this SPD and if you are married, share it with your spouse. We also recommend that you keep this
SPD with your important papers so you can refer to it when necessary. In addition to the printed SPD,
please
remember
that you have online access to the SPD and updated plan information just by clicking on
The Board
of Trustees
www.bnf-kc.com.
We hope you find this SPD helpful, and that you and your family will enjoy the benefits of the Annuity Trust
for many years to come. If you have any questions after reading this SPD, please contact the Annuity Trust
Office toll free at (866) 342-6555 or (913) 342-6555, or at the address listed on page 11-1 of this SPD.
Sincerely,
The Board of Trustees
Boilermakers National Annuity Trust
®
AL
L I E D PR I N T I N G
T R A D E S UNION
LABEL COUNCIL
K AN
S A S CITY
31
i
Board of Trustees
Trustees
Board
MANAGEMENT TRUSTEES
MANAGEMENT TRUSTEES UNION TRUSTEES
UNION TRUSTEES
(Executive Committee)
(Executive Committee)
Richard J. Mooney, Chairman
Richard J. Mooney, Chairman Hayes Mechanical Inc.
Hayes Mechanical Inc. Joseph A. Stinger, Secretary
Lawrence J. McManamon, Secretary
Int’l. Brotherhood of Boilermakers
John Cammuso, Vice Chairman
John Cammuso, Vice Chairman Babcock Power Inc.
Babcock Power Inc. William J. Almond, Asst. Secretary
Edwin G. Vance, Asst. Secretary
Boilermakers Dist. 57
Eric A. Heuser APCom Power Inc.
Richard F. Crooke
APComPower Inc.
(Regular Board Members)
James H. McManamon
Boilermakers Local 744
George D. Rogers, IVP
(Regular Board Members)
Thomas H. O’Connor, Jr.
Neal J. Teeples
O’Connor Constructors
Industrial Services, Inc.
Sean P. Murphy, IVP
D. David Haggerty, Jr.
Kenneth E. Wasilewski
Jeff A. Hines Babcock & Wilcox Constr. Co., Inc.
Babcock & Wilcox Constr. Co., Inc. Robert W. Hall, IR
Gary Powers, AD-ISO
Michael P. Bray
Shelby Mechanical
Edwin G. Vance
Raymond Ventrone
Boilermakers Dist. 57
Brian Wimmer
Monarch Welding
Paul M. Maday
Timothy J. Thomas
EXECUTIVE ADMINISTRATOR:
Curtis G. Barnhill
754
Minnesota
753
State
Avenue,Avenue
Suite 106
Kansas City, Kansas 66101-2766
Phone: 866-342-6555
Phone:
LEGAL COUNSEL:
Blake & Uhlig, P.A.
CONSULTANT:
The Segal Company
ii
®
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LABEL COUNCIL
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Table of Contents
Contents
Trustees..............................................................................................................i
Letter from the Board of Trustees.............................................................................................................i
.......................................................................................................................................ii
Board of Trustees .....................................................................................................................................
ii
Section 1: Introduction ............................................................................................................................1-1
....................................................................................................................... 1-1
Important Note.......................................................................................................................................1-1
Section 2: Plan Highlights..................................................................................................................... 2-1
Assistance for Those Literate Only in a Non-English Language...............................................................1-2
Introduction ................................................................................................................................................ 2-1
Bilagaana Bizaad Il’iniigii Di yee’ Ba .......................................................................................................1-2
Individual Account ...................................................................................................................................... 2-1
Asistencia para Aquellos Instruidos en un Idioma Distinto al Inglés ........................................................1-2
Employer Contributions ............................................................................................................................. 2-1
Section
2: Plan
Highlights......................................................................................................................2-1
Individual
Account
Fee ............................................................................................................................... 2-1
Introduction
Fees
Charged ...........................................................................................................................................2-1
to Specific Individual Accounts .............................................................................................. 2-1
Individual
Account .................................................................................................................................2-12-2
Loans
..........................................................................................................................................................
Employer Contributions
.........................................................................................................................2-12-3
Retirement
Benefits......................................................................................................................................
Individual
Account
Fee ...........................................................................................................................2-12-3
Death
Benefits
.............................................................................................................................................
Fees Charged
to Specific
Individual Accounts .........................................................................................2-12-3
Mandatory
Benefit
Payments.......................................................................................................................
Loans ......................................................................................................................................................2-2
Section
3: Beginning
Work.................................................................................................................... 3-1
Retirement
Benefits.................................................................................................................................2-3
Becoming
a Participant
............................................................................................................................... 3-1
Death Benefits
........................................................................................................................................2-3
Naming a Beneficiary................................................................................................................................... 3-1
Section
3: Beginning
Work.....................................................................................................................3-1
If You Get
Divorced.....................................................................................................................................
3-1
Becoming a Participant
...........................................................................................................................3-1
Plan-Designated
Beneficiary
........................................................................................................................ 3-1
Naming aPayees
Beneficiary..............................................................................................................................3-1
Alternate
Under a QDRO................................................................................................................. 3-2
If You Get Divorced................................................................................................................................3-1
Section
4:Your
Individual
......................................................................................................
If You Die
Without
NamingAccount
a Beneficiary
..............................................................................................3-14-1
Establishing
YourUnder
Account
........................................................................................................................... 4-1
Alternate Payees
a QDRO............................................................................................................3-2
How Contributions Are Credited................................................................................................................. 4-1
Section
4: Your
Individual
Account
.......................................................................................................4-1
How You
Vest in
Your Account
...................................................................................................................
4-2
Establishing
Your Account
......................................................................................................................4-1
How
Your Account
is Valued.
....................................................................................................................... 4-2
How
Contributions
Are
Credited............................................................................................................4-1
Investment Yield – How Trust Income Gain or Loss is Allocated ................................................................. 4-3
You Vest
in Your
...............................................................................................................4-24-3
How Plan
Expenses
AreAccount
Paid........................................................................................................................
How Your
Account
Valued...................................................................................................................4-2
Credit
for Time
On isLeave
for Qualified Military Service ............................................................................. 4-4
Investment
Yield –Given
How Trust
Income
Gain or
is Allocated
............................................................4-3
Amount
of Credit
for Time
On Leave
forLoss
Qualified
Military
Service ................................................ 4-7
How
Plan
Expenses
Are
Paid...................................................................................................................4-3
Qualified Domestic Relations Orders........................................................................................................... 4-7
Credit forofTime
On Leave for Qualified Military Service ........................................................................4-44-8
Funding
Benefits......................................................................................................................................
Amount of Credit
Given
for Time
On Leave for Qualified Military Service ............................................4-74-8
Termination
of Your
Individual
Account......................................................................................................
Qualified Domestic Relations Orders......................................................................................................4-7
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Funding5:of
Benefits.................................................................................................................................4-8
Section
Retirement
Benefits............................................................................................................. 5-1
Termination
of YourAge
Individual
Account.................................................................................................4-8
Normal
Retirement
Under This
Plan .................................................................................................... 5-1
Payment of Your Accumulated Share............................................................................................................ 5-1
Section 5: Retirement Benefits ..............................................................................................................5-1
Eligibility for Benefits Before Your Death..................................................................................................... 5-1
Normal Retirement Age Under This Plan ...............................................................................................5-1
Option to Postpone Commencement of Benefits ........................................................................................ 5-2
Payment of Your Accumulated Share.......................................................................................................5-1
Alternate Payee’s Commencement of Benefits .............................................................................................. 5-2
Eligibility for Benefits Before Your Death................................................................................................5-1
Section
of Payment
– Retirement
Benefits.
.......................................................................... 6-1
Option6:toForms
Postpone
Commencement
of Benefits
....................................................................................5-2
Forms
of Payment
of Your Retirement
Benefits.........................................................................................5-2
........................................................................................... 6-1
Alternate
Payee’s Commencement
of Benefits
Small Amounts ............................................................................................................................................ 6-3
Section 6: Forms of Payment – Retirement Benefits............................................................................6-1
Forfeiture of Benefits for Missing Participants, Alternate Payees or Beneficiaries........................................... 6-3
Forms of Payment of Your Retirement Benefits .......................................................................................6-1
Eligible Rollover Distributions .................................................................................................................... 6-3
Small Amounts .......................................................................................................................................6-2
Mandatory Benefit Payments ...................................................................................................................... 6-3
Forfeiture of Benefits for Missing Participants.........................................................................................6-3
If You Become Incapacitated or Incompetent............................................................................................... 6-4
Eligible Rollover Distributions ................................................................................................................6-3
Non-Assignment of Benefits ........................................................................................................................ 6-4
Mandatory Benefit Payments ..................................................................................................................6-3
Section
7: Death
Benefits......................................................................................................................
If You Become
Incapacitated
or Incompetent ..........................................................................................6-47-1
If
You Die Before of
Your
Benefits
Commence................................................................................................. 7-1
Non-Assignment
Benefits
...................................................................................................................6-4
Surviving Spouse – Qualified Pre-Retirement Survivor Annuity................................................................... 7-1
Section
7:of
Death
Payment
QPSABenefits.......................................................................................................................7-1
....................................................................................................................................... 7-1
If
You
Die
Before
Your
Benefits
Rejection of QPSA Before
Your Commence............................................................................................7-1
Death ........................................................................................................ 7-2
Surviving
Spouse
–
Qualified
Pre-Retirement
Survivor
Annuity..............................................................7-1
If Your Surviving Spouse Dies After You, but Before
QPSA
Benefits Start.................................................... 7-2
Payment
of
the
QPSA
.............................................................................................................................7-1
Rejection of QPSA After Your Death .......................................................................................................... 7-2
RejectiontoofLocate
QPSAor
Before
YourSurviving
Death ....................................................................................................7-2
Inability
Identify
Spouse........................................................................................... 7-2
If
Your
Surviving
Spouse
Dies
After
You,
but Before QPSA Benefits Start...............................................7-27-2
Non-Spouse Beneficiary...............................................................................................................................
Rejection of
After Benefit
Your Death
......................................................................................................7-27-2
Forfeiture
of QPSA
Your Death
.................................................................................................................
Inability
to Locate
or Identify Surviving Spouse ......................................................................................7-27-2
Plan
Designated
Beneficiary.........................................................................................................................
Non-Spouse Beneficiary..........................................................................................................................7-2
Section
8: Requesting
............................................................................................................ 8-1
Forfeiture
of Your DeathBenefits.
Benefit .............................................................................................................7-2
Exceptions to When an Application for Benefits is Required........................................................................ 8-1
Section
8: Requesting
Benefits..............................................................................................................8-1
Your Right
to a Representative
.................................................................................................................... 8-1
Exceptions
to
When
an
Application
for Benefits is Required...................................................................8-18-1
Claim Filing Generally.................................................................................................................................
Your Right
to a Representative
................................................................................................................8-1
When
You Should
Request an Application
for Benefits ............................................................................... 8-1
Claim
Filing
Generally............................................................................................................................8-1
When You Should Submit the Completed Application ................................................................................ 8-2
When Your
You Should
Request
an Application
for Benefits ...........................................................................8-18-2
When
Application
is Considered
Filed.................................................................................................
WhenWhen
You Should
Submit the Will
Completed
Application
...........................................................................8-28-2
Time
Your Application
Be Decided.
...........................................................................................
When Your
Application
is Considered
Filed............................................................................................8-2
Notice
of Denial
(Adverse
Benefit Decision)
............................................................................................... 8-2
Time
When
Your
Application
Will
Be
Decided.......................................................................................8-2
Filing an Appeal of an Adverse Benefit Decision .......................................................................................... 8-2
Notice of Denial
(Adverse
Benefit Decision) ...........................................................................................8-28-3
Scheduling
of Appeal
...................................................................................................................................
Filing anProcedures
Appeal ofand
an Adverse
Benefit
Decision
Appeal
Rules You
Should
Know .....................................................................................8-2
.......................................................................................... 8-3
Scheduling
of
Appeal
..............................................................................................................................8-3
Notice of the Trustees’ Decision .................................................................................................................. 8-3
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Appeal 9:
Procedures
and Rules You Should Know .....................................................................................8-39-1
Section
Loans.....................................................................................................................................
Notice of the
Eligibility
andTrustees’
Basis forDecision
Approval..............................................................................................................8-3
of Loans .................................................................................................. 9-1
Spousal Consent Required ........................................................................................................................... 9-2
Section 9: Loans ......................................................................................................................................9-1
Minimum Loan Amount ............................................................................................................................. 9-2
Eligibility and Basis for Approval of Loans .................................................................................................9-1
Maximum Loan Amount ............................................................................................................................ 9-2
Spousal Consent Required .........................................................................................................................9-2
Interest Rate and Repayment Period ............................................................................................................ 9-2
Minimum Loan Amount ...........................................................................................................................9-2
Loan Application Procedure and Collateral ................................................................................................. 9-3
Maximum Loan Amount ...........................................................................................................................9-2
Rules Governing Loan Program ................................................................................................................... 9-3
Interest Rate and Repayment Period ..........................................................................................................9-2
Default......................................................................................................................................................... 9-3
Loan Application Procedure and Collateral ................................................................................................9-3
Plan Loan Offset When Your Accumulated Share Becomes Payable.............................................................. 9-3
Rules Governing Loan Program .................................................................................................................9-3
Section
10: How Benefits May Be Reduced,Delayed, Forfeited or Offset........................................ 10-1
Default.......................................................................................................................................................9-3
Plan Loan Offset if Your Loan is in Default When Your Accumulated Share Becomes Payable...................9-3
Section 11: General Information ....................................................................................................... 11-1
Name of
Your
Plan.....................................................................................................................................
11-1
Section
10:
How
Benefits May Be Reduced, Delayed, Forfeited or Offset........................................10-1
Plan Sponsor.............................................................................................................................................. 11-1
Section 11: General Information .........................................................................................................11-1
IRS Plan Identification Number and Plan Number.................................................................................... 11-1
Name of Your Plan................................................................................................................................11-1
Type of Administration and Plan Administrator......................................................................................... 11-1
Plan Sponsor.........................................................................................................................................11-1
Contributing Employers ............................................................................................................................ 11-1
IRS Plan Identification Number and Plan Number...............................................................................11-1
Collective Bargaining Agreement ............................................................................................................... 11-1
Type of Administration and Plan Administrator....................................................................................11-1
Type of Plan............................................................................................................................................... 11-2
Contributing Employers .......................................................................................................................11-1
Agent for Service of Legal Process .............................................................................................................. 11-2
Collective Bargaining Agreement ..........................................................................................................11-1
Source of Contributions............................................................................................................................. 11-2
Type of Plan..........................................................................................................................................11-2
Trust ......................................................................................................................................................... 11-2
Agent for Service of Legal Process .........................................................................................................11-2
Plan Year ................................................................................................................................................... 11-2
Source of Contributions........................................................................................................................11-2
Fraudulent Claims or Information ............................................................................................................ 11-2
Trust .....................................................................................................................................................11-2
Errors in Accounts ..................................................................................................................................... 11-2
Plan Year ...............................................................................................................................................11-2
Trustees Discretion to Interpret the Plan and Resolve Disputes ................................................................. 11-3
Fraudulent Claims or Information ........................................................................................................11-2
Conflict Between Summary Plan Description and Plan Document............................................................ 11-3
Errors in Accounts ................................................................................................................................11-2
Amendment or Termination of the Plan..................................................................................................... 11-3
Trustees Discretion to Interpret the Plan and Resolve Disputes .............................................................11-3
Section
Your ERISA
Rights
12-1
Conflict12:
Between
Summary
Plan............................................................................................................
Description and Plan Document.......................................................11-3
Statement
of or
ERISA
Rights........................................................................................................................
12-1
Amendment
Termination
of the Plan................................................................................................11-3
Section
Glossary
of Rights
Definitions....................................................................................................
13-1
Section 13:
12: Your
ERISA
.............................................................................................................12-1
Statement of ERISA Rights...................................................................................................................12-1
Section 13: Glossary of Definitions.....................................................................................................13-1
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Section 1: Introduction
Introduction
Section
This SPD is meant to be an easy-to-understand description of your Annuity Plan Benefits. We have tried to
organize the information in a way that will be useful to you. The SPD includes several sections containing
information you need to know including:
• Information you need to know about establishing an Individual Account, how your Individual Account will be
valued, and how expenses will be paid from your Individual Account;
• Information about the retirement benefits available from the Trust including information about the forms of
benefit available to you;
• Information about death benefits that may be available to your surviving spouse or beneficiary if you die while
you have an Individual Account;
• Information about how to request benefits from the Trust;
• Information about the plan loan program;
• Information about how your benefits may be reduced, delayed, lost or offset;
• General information regarding the administration of the Trust, including
important contact information you will need;
• Information about your rights under federal law;
• A glossary of terms that explains important terms used in this SPD.
You should pay special
attention to the
information about
when to request benefits
and how to file an
appeal if your request
for benefits is denied.
These issues are subject
to strict timelines that
must be followed.
Important Note
The rules in this SPD govern all distributions of benefits beginning January 1, 2013.
2007. However, if you do not
2013, then some of the old rules may still apply to you. You should contact
have at least one hour of work in 2007,
the Annuity Trust Office for more information at 1-866-342-6555.
®
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LABEL COUNCIL
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Introduction 1-1
Assistance for Those Literate Only in a Non-English Language
This Summary
SummaryPlan
PlanDescription
Description
contains
a summary
in English
of your
and benefits
contains
a summary
in English
of your
PlanPlan
rightsrights
and benefits
under under
the Plan.
theEnglish
Plan. If
English
not your
primary
you have
difficulty understanding
part ofPlan
this
If
is not
your isprimary
language
andlanguage
you haveand
difficulty
understanding
any part of this any
Summary
Summary
Plan
Description,
please
contact
the
Annuity
Trust
Office
at
866-342-6555
for
assistance.
Description, please contact the Annuity Trust Office at 866-342-6555 for assistance.
Ba.
Bilagaana Bizaad Il’iniigii Di yee’ Ba
Dii Summary Plan Description wolye’higii Bilaagaana bizaadjigii at’e. Doo Bilaagaana Bizaadigii doo
yik’idiitiihgo doo Summary Plan Description doo yit’iingo, nihi Annuity Trust Office beesh hane’ bichi’
yintaal, 866-342-6555.
Asistencia para Aquellos Instruidos en un Idioma Distinto al Inglés
Esta Descripción Resumida del Plan contiene un resumen en inglés de sus derechos y beneficios bajo el Plan.
Si el inglés no es su idioma primario y usted tiene dificultad para entender cualquier parte de resumende Plan,
por favor pongase en contacto con la oficina de Annuity en 866-342-6555.
1-2 Introduction
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Section
Section 2: Plan Highlights
Highlights
Introduction
• Established November 1, 1985, the Boilermakers National Annuity Trust is a defined contribution plan
administered
administered by
by the
the Board
Board of
of Trustees.
Trustees.
• From November 1, 1985 through December 31, 2006 the Plan was a Money Purchase Pension Plan and was
changed
changed to
to aa Profit
Profit Sharing Plan effective January 1, 2007.
Individual Account
• An Individual Account will be established in your name for accounting purposes when you become a
participant
(This means
means that
that for
for purposes
purposes of
of keeping
keeping records,
records, you
you have
have an
an individual
individual account,
account,
participant in
in the
the Plan.
Plan. (This
but
but there
there isis no
no actual
actual separate
separate account
account that
that has
has been
been established
established for
for you.)
you.)
• You are immediately 100% vested in your Account Balance when you become a participant
Participant in the Plan.
• Your Individual Account is valued each business day.
• This Plan is funded through employer contributions made on behalf of employees under the terms of a
collective bargaining
bargaining or
or participation
participation agreement,
agreement, as
as well
well as
as through
through investment
investment earnings.
earnings.
collective
• You will not be required or permitted to make contributions to the Plan, even if they come directly from
another
another plan.
plan.
• Two cents per hour worked is credited to the Crediting Account. The Crediting Account pays for certain
unfunded
unfunded amounts
amounts such
such as
as qualified
Qualifiedmilitary
Militaryservice
Serviceororunpaid
unpaidemployer
employercontributions.
contributions.
Individual Account Fee
• Expenses charged by the recordkeeper of the Fund, to the extent the amount of such charge is based solely on
the number
number of
of Individual
Individual Accounts.
Accounts. The
to Participant
the
The current
current per
per Participant
Participant recordkeeper
recordkeeper fee
fee isis charged
$29.00 per
year, charged
to
Participant
a rate
offee
$7.25
per quarter
(the feeInisthe
subject
to the
change).
In reserve
the future,
the Trustees
accounts
on a accounts
quarterlyatbasis
(the
is subject
to change).
future,
Trustees
the right
to charge
reserve
the administrative
right to charge fees
additional
directly
to Participant
accounts
fees are charged
additional
directlyadministrative
to Participant fees
accounts
if such
fees are charged
onifa such
per Participant
basis.
on a per Participant basis.
Fees Charged to Specific Individual Accounts
Fees Charged to Specific Individual Accounts
• QDRO Expenses.
If your Individual
• QDRO
Expenses.Account is subject to a QDRO, then expenses the Fund incurs to determine whether your
Domestic
Relations
Order isis asubject
qualified
maythen
be charged
your
Individual
Account.
If
your Individual
Account
to aOrder
QDRO,
expensestothe
Fund
incurs to
determine whether your
Domestic Relations Order is a qualified Order will be charged to your Individual Account.
• Plan Loan Expenses.
• Plan
If youLoan
take Expenses.
out a Plan Loan the fee (currently $100, subject to change) for processing that Plan Loan will either
If
take out
a Plan
the fee (currently
$100,
subject
change) for
processing that Plan Loan will either
beyou
deducted
from
the Loan
loan amount
or subtracted
from
your to
Individual
Account.
be deducted from the loan amount or subtracted from your Individual Account.
®
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Plan Highlights 2-1
Locator Expense.
• Missing Participant Expense.
If the Fund incurs charges to locate you
becauseyou
it no
longerithas
contact
information
for you, those
or identify
because
no valid
longer
has valid
contact information
for you,
expenses
will bemay
subtracted
fromtoyour
those expenses
be charged
yourIndividual
IndividualAccount.
Account.
• Calculation of Annuity Benefits.
If you request a calculation of benefits payable under the different benefit payment options then any charges
incurred to calculate the amount of benefits, such as actuarial calculations or broker fees to determine the
monthly amount payable under the various annuity options will be subtracted from your Individual Account
(currently the fee is $250, subject to change).
• Benefit Payment Expenses.
Expenses incurred in connection with the payment of a benefit, including, but not limited to, fees associated
with the purchase of an annuity contract to provide benefits under an annuity form of benefit, any automatic
rollover set-up fees, and any other optional services you request, such as charges for overnight delivery of a
benefits check or application materials, will be subtracted from your Individual Account.
Loans
• You must meet the Plan’s eligibility requirements to take out a loan.
- If you have had an Individual Account for at least five years you may apply to the Trustees for a loan from the
Plan. If you have previously withdrawn from the plan, your five years starts over with the first month you
Plan.
return
returnto
towork
workin
incovered
coveredemployment.
employment.
• If you are married, your spouse’s consent may be required to take out a loan.
• The minimum amount you can borrow is $1,000.
• The maximum amount you can borrow is the lesser of:
- 40% of your Individual Account Balance or
- $50,000, minus the highest outstanding balance of any Plan Loan you had in the one-year period preceding
the
thenew
newloan.
loan.
• You may take out a loan for the following reasons:
- Medical Expenses
- Purchase of Principal Residence
- Higher Education
- Imminent Foreclosure on Principal Residence: mortgage
mortgage foreclosure
foreclosure or
or tax
tax sale
sale foreclosure
foreclosure
- Funeral Expenses
- Repairs or Improvements to Principal Residence
• You must repay the entire amount of the loan and any accrued interest within the time period set forth in the
loan
loan agreement,
agreement, which
which will
will not
not be
be longer
longer than
than five
five (5) years from the date of the loan, or 10 years if the loan
was
was used
used to
to purchase
purchase your
your principal
principal place
place of
of residence.
residence.
• There is a $100 loan origination fee.
fee, subject to change.
• You may only have one (1) outstanding loan at a time.
2-2 Plan Highlights
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Retirement Benefits
• Eligibility for benefits before your death requires one of the following:
- Separation from Service (if you have not performed any work in Covered Employment for at least twelve (12)
consecutive
consecutivemonths)
months)
- Total and Permanent Disability
Disability/Terminal illness
- Retired and at least age 55
Normal Retirement
Retirement Age
Age under
under this
this Plan
Plan isis age
age 65,
65, but
but you
you may
may retire
retire and
and receive
receive aa distribution,
distribution, or
or begin
begin to
to
»» Normal
receive your distributions, at any time after you attain age 55, as long as you meet all of the eligibility
requirements for retirement.
- Still working in Covered Employment and at least age 70 ½
• Forms of Payment:
• Forms
Payment:
- LumpofSum
with applicable taxes withheld
Lump Sum
with
applicable
taxesplan
withheld
- Rollover
to an
IRA
or qualified
Rollover
to an IRA or qualified plan
- Life
Annuity
- Life Annuity
Death Benefits
Death Benefits
• There are specific rules that govern how death benefits will be paid if you die before your Individual Account
• There
aredistributed
specific rules
how death
benefits
be paid
if you
die beforeonyour
Individual
Account
has been
to that
you. govern
Distribution
of your
deathwill
benefits
varies
depending
when
you die and
who is
has beentodistributed
you. Distribution
of your death benefits varies depending on when you die and who is
entitled
receive thetobenefits
at your death.
entitled to receive the benefits at your death.
Mandatory Benefit Payments (forced distributions)
• In certain circumstances your benefits must be automatically paid out even if you have not filed an application
for benefits. The Plan will pay your benefits automatically when the following events occur:
- If your Accumulated Share is $5,000 or less when you separate from service;
- If an Alternate Payee’s share under a QDRO is $5,000 or less at the time he or she is eligible to receive a
benefit payment;
- If you die and the value of your Accumulated Share is $5,000 or less;
- If you separate from service any time after Normal Retirement Age;
- On your Required Beginning Date you will receive the minimum payment required by federal law; and
If you die and your surviving spouse does not elect to postpone payment of the QPSA, it will be paid/begin
to be paid by September 30 of the year after your date of death.
• Small Amount of $1,000 or less.
- If your Accumulated Share is $1,000 or less, then it will automatically be paid in a single lump sum payment
unless you, your surviving spouse, or beneficiary (as applicable) elects a direct rollover.
• Automatic Rollover of Small Amounts More than $1,000 but not More than $5,000.
- If your Accumulated Share is more than $1,000, but is not more than $5,000, and you do not elect either the
single lump sum payment or the direct rollover amount, then your Accumulated Share will automatically be
paid in a direct rollover to an individual retirement plan designated by the Board of Trustees.
NOTE: Mandatory benefits are paid when administratively feasible.
®
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Plan Highlights 2-3
Section 3: Beginning
Beginning Work
Section
Work
This section explains the rules governing how you become a Participant in this Plan and important information
about naming a beneficiary.
Becoming a Participant
You will become a Participant in the Plan when you first perform any work that requires Contributions to the
Plan.
Naming a Beneficiary
Beneficiary
Once you become a Participant in the Plan, you should designate a beneficiary
with the Annuity Trust Office for your Annuity benefit. You must name your
beneficiary on a form provided by the Annuity Trust Office. The Annuity Trust
Office must receive your beneficiary designation form before your death in order for
the designation to be valid.
Your designation of a
beneficiary does not
defeat your spouse’s
rights to a QJSA (as
explained on page 6-1
of this SPD) or QPSA (as
explained on page 7-1
of this SPD.)
If You Get Divorced
If your marriage is terminated through dissolution, annulment, or some other legal means, and your designated
beneficiary was your spouse, your beneficiary designation will be deemed null and void as of the date your
marriage was terminated. If you choose to designate your ex-spouse as your beneficiary you must fill out a new
designation form with the Annuity Trust Office after the date of your divorce.
Plan-Designated
If You Die WithoutBeneficiary
Naming a Beneficiary
If you die without naming a beneficiary, or your beneficiary predeceases
you, any
payment
at will
yourbedeath
dies, any payment
due
at your due
death
paid will
in
thepaid
following
to: order to:
be
in theorder
following
(1) Your surviving spouse, or, if none,
(2) Your surviving children (natural or legally adopted) in equal shares, or, if none,
(3) Your surviving grandchildren in equal shares, or, if none,
(4) Your surviving parents in equal shares, or, if none,
(5) Your surviving brothers and sisters in equal shares, or if none,
(6) Your estate.
Each beneficiary who claims entitlement to death or survivor benefits as a Plan-designated beneficiary must,
portion of your Individual Account will be paid to any person, or the estate of any person, whose intentional criminal
asNo
a condition
of entitlement to payments, complete a declaration form provided by the Annuity Trust Office.
conduct caused your death.
The Annuity Trust Office may not conduct a search for any individuals not named by you on a beneficiary designation
form, but may be entitled to a benefit as a Plan-designated beneficiary.
No portion of your Individual Account will be paid to any person, or the estate of any person, whose intentional criminal
conduct caused your death.
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Beginning Work 3-1
Alternate Payees Under a QDRO
For Participants who died before July 1, 2005, if no benefit payments have been made yet and there is no beneficiary
who survived
the Participant,
the payments
be madeAccount
to the Participant’s
surviving spouse,
or, if Relations
none,
Andesignated
AlternateorPayee
who is awarded
an interest
in your will
Individual
under a Qualified
Domestic
to
his
surviving
children
in
equal
shares,
or,
if
none,
to
his
surviving
parents
in
equal
shares
or,
if
none,
to
his
estate.
Order has the right to designate a beneficiary as if he or she were a Participant in the Plan.
Alternate Payees Under a QDRO
An Alternate Payee who is awarded an interest in your Individual Account under a Qualified Domestic Relations
Order has the right to designate a beneficiary as if he or she were a Participant in the Plan
3-2 Beginning Work
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Section 4: Your Individual
Individual Account
Section
Account
Refer to this section for an explanation of how your Individual Account is established and credited as well the
general rules governing expenses, military credit, and when your Individual Account may be terminated.
Establishing Your Account
An Individual Account will be established in your name for accounting purposes. This means that for purposes
of keeping records, you have an individual account, but there is no actual separate account that has been
established for you.
An Individual Account will also be established for each Alternate Payee who is entitled to an interest in your
Account Balance. Upon your death, Individual Accounts will be established for your beneficiaries.
How Contributions Are Credited
Your employer makes contributions on your behalf according to an agreement requiring contributions to the
Annuity Trust. Typically, the amount of contributions is based on the number of hours you work or a
percentage of your wages.
Participant Contributions
You will not be required or permitted to make contributions to the Plan, even if they come directly from
another Plan.
Allocation Amount Credited to Your Individual Account
The Allocation Amount credited to your Individual Account is equal to the difference between the full
negotiated contribution rate which your Employer is required to pay on your behalf minus the amount the Plan
requires to be contributed to the Crediting Account. [Currently $0.02 per hour goes into the Crediting Account.]
Example:
Example: Joe
Joe Boilermaker’s
Boilermaker’s agreement
agreement requires
requires his
his Employer
Employer to
to pay
pay $3
$3 per
per hour
hour to
to the
the Annuity
Annuity Fund
Fund for
for
each
In January,
January, Joe
Joe worked
worked 120
120 hours.
hours. His
His Employer
Employer owes
owes the
the Fund
Fund $360
$360 for
for the
the
each hour
hour that
that Joe
Joe works.
works. In
month
The Crediting
Crediting Account
Account receives
receives $0.02
$0.02 per
per hour
hour of
of
month of
of January
January (120
(120 hours
hours xx $3.00
$3.00 per
per hour
hour == $360).
$360). The
that
Joe’s Individual
Individual Account
Account isis credited
credited with
with the
the amount
amount left
left
that amount,
amount, or
or $2.40
$2.40 (120
(120 hrs
hrs xx $0.02
$0.02 == $2.40).
$2.40). Joe’s
after
the
Crediting
Account
receives
its
share.
This
means
that
Joe’s
Individual
Account
is
credited
with
after the Crediting Account receives its share. This means that Joe’s Individual Account is credited with
$357.60
This isis the
the Allocation
Allocation Amount
Amount credited
credited to
to
$357.60 ($360
($360 -- $2.40
$2.40 == $357.60)
$357.60) for
for the
the month
month of
of January.
January. This
Joe’s
Individual
Account.
Joe’s Individual Account.
Timing of Allocation to Your Individual Account
The Allocation Amount will be credited to your Individual Account as soon as practical after the Annuity Trust
Office receives the contributions from your Employer and the contribution reports have been processed and
reconciled.
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Your Individual Account 4-1
The deadlines for your Employer to submit monthly contribution reports and to pay the required amount of
contributions will not control the deadlines for the Annuity Trust Office to credit your Individual Account. The
Annuity Trust Office will determine the Allocation Amount, and account for the amount on its internal books
and records, as soon as reasonably practical once it receives sufficient information to calculate the Allocation
Amount. Your Individual Account shall be credited with the Allocation Amount as soon as reasonably practical
after the Annuity Trust Office receives your Employer’s contribution.
If your Employer has not paid the appropriate contributions on your behalf by September of the year following the year
that you performed work giving you the right to benefits under this Plan, the Annuity Trust Office will credit your
Individual Account at that time by transferring assets equal to your required Allocation Amount from the Crediting
Account to your Individual Account. The amount transferred will not include any earnings and will not be subject to any
losses. If the Crediting Account does not contain enough assets to fully credit all Individual Accounts, the available assets
will be divided proportionally among the Individual Accounts, and the remaining unfunded Allocation Amounts will be
credited as assets become available in the Crediting Account. For more information about how the Crediting Account
works, see page 4-4 of this SPD.
Example: Joe Boilermaker’s agreement requires his Employer to pay contributions to the Annuity Trust.
Example:
Joe Boilermaker’s
agreement
requires
hiswith
Employer
to pay contributions
Annuity
Trust.
Joe’s Individual
Account is entitled
to be
credited
contributions
for the monthtoofthe
January,
2007.
Joe’s
Individual
Accountdoes
is entitled
be amount
credited to
with
for the month
2007. has
However,
Joe’s Employer
not paytothis
the contributions
Fund. In September
of 2008,ofifJanuary,
Joe’s Employer
However,
Joe’sthe
Employer
not the
pay Annuity
this amount
to Office
the Fund.
September
of 2008,
if Joe’sfrom
Employer
still not paid
amountdoes
owed,
Trust
will In
transfer
the required
amount
the has
still
not paid
the amount
the Annuity
Trust Office will transfer the required amount from the
Crediting
Account
to Joe’sowed,
Individual
Account.
Crediting Account to Joe’s Individual Account.
Contributions if You Die or Are Disabled While in Military Service
Limitations Applicable to Individual Accounts
If you die or become disabled while performing Military Service, you will be entitled to credit for your period of
Military
Service
you do not
returnthat
to employment,
if you meet
all Individual
other requirements
the Uniformed
Federal law
limitseven
the ifmaximum
amount
can be contributed
to your
Account.ofEvery
year this
Services
Employment
Reemployment
Rights
Annuity
willcompensation.
treat you as if you
madefor
a timely
amount is
adjusted forand
inflation,
but will never
beAct.
moreThe
than
100% Plan
of your
For had
example,
the
request
forthe
re-employment
so you may receive
Annuity
contributions
for the
period
your Military
year 2007
amount of contributions
and other
additions
(as explained
in the
PlanofDocument)
thatService.
may be
credited to your Individual Account can not be more than the lesser of:
Limitations Applicable to Individual Accounts
• $45,000, or
Federal law limits the maximum amount that can be contributed to your Individual Account. Every year this
•amount
100% of
Your Compensation
is adjusted
for inflation, but will never be more than 100% of your compensation. For example, for the
year
2013 the amount
of contributions
and other
additions
in the
Planincome,
Document)
be
If
contributions
are made
to your Individual
Account
based (as
on explained
a percentage
of your
therethat
are may
also limits
credited
to
your
Individual
Account
can
not
be
more
than
the
lesser
of:
on the amount of compensation that can be considered. The maximum amount of compensation that can be
considered
• $51,000, for
or 2007 is $225,000, meaning that any amount you earn above $225,000 will not be considered for
purposes of determining how much is contributed to your Individual Account.
• 100% of Your Compensation
You should contact the Annuity Trust Office if you have further questions. These rules are also explained in
If contributions
arePlan
made
to your Individual Account based on a percentage of your income, there are also limits
more
detail in the
Document.
on the amount of compensation that can be considered. The maximum amount of compensation that can be
How
You Vest
in Your
Account meaning that any amount you earn above $255,000 will not be considered for
considered
for 2013
is $255,000,
purposes
of determining
how
muchinisyour
contributed
your Individual
You
are immediately
100%
vested
Accountto
Balance
when you Account.
become a Participant in the Plan.
You should contact the Annuity Trust Office if you have further questions. These rules are also explained in
How
is Document.
Valued
more Your
detail Account
in the Plan
The
of your
Account (meaning your Account Balance) shall be established as of each
Howvalue
You Vest
in Individual
Your Account
Valuation Date.
You are immediately 100% vested in your Account Balance when you become a Participant in the Plan.
How Your Account is Valued
The value of your Individual Account (meaning your Account Balance) shall be established as of each Valuation Date.
4-2 Your Individual Account
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Daily Valuation of Your Individual Account
The market value of all assets held in the Trust will be determined on each business
day. Each business day (Monday through Friday of each week, excluding holidays)
is a Valuation Date. Your Individual Account shall have an undivided interest in
the assets of the Trust (other than the Crediting Account). The value of your
Account Balance is the proportion of the market value of the Trust that your
Individual Account bears to the total balance of all Individual Accounts, plus the
outstanding balance of any Plan Loan for which your Individual Account was used
as collateral. The net credit balance of your Individual Account is your Account
Balance minus any outstanding balance of a Plan Loan.
For purposes of
valuation under the Trust
and valuation of
Individual Accounts,
funds or other assets
held in the Crediting
Account as well as any
earnings, gains, or losses
on those assets will be
disregarded.
Investment Yield – How Trust Income Gain or Loss is Allocated
Your Individual Account will share in the Fund’s investment earnings and losses. Your share of earnings and
losses is based on the proportion of net income, gain, or loss which the net credit balance in your Individual
Account bears to the total net credit balance of all Individual Accounts.
If you have a Plan loan, any interest that you pay on the Plan loan will be credited solely to your Individual
Account.
However, any administrative fees or charges that you pay in connection with the application, processing, or
repayment of a Plan loan will be treated as Trust income and, after any Trust expenses are paid, will be allocated
among all the Individual Accounts just like any other Trust income.
How Plan Expenses Are Paid
How Plan expenses will be paid depends on the type of expense. The
TheBoard
Boardof
ofTrustees
Trusteesmay
maydecide
decidethat
thataa
particular expense will be paid in a manner different than is set forth below.
General Administrative Expenses
All general administrative expenses shall be charged against Fund assets on a regular daily basis. A share of the
expenses paid by the Fund will be subtracted from your Individual Account. If the expense is based on the value
of your Individual Account, it will be subtracted from Individual Accounts on a pro rata basis, meaning that
Individual Accounts with higher balances are charged a higher share of the expenses. If the expense is based on
the number of accounts in the Plan, it will be subtracted on an equal basis from all Individual Accounts, regardless
of the amount in the Accounts. These methods of allocating expenses are explained in more detail below:
Expenses Subtracted
Subtracted From
From Your
Your Individual
Individual Account
Account on
on aa Pro
Pro Rata
Rata Basis.
Basis.
Expenses
Expenses
Expenses subtracted
subtracted on
on aa pro
pro rata
rata basis
basis include,
include, but
but are
are not
not limited
limited to,
to, the
the following:
following:
•• Expenses
Expenses paid
paid for
for the
the proper
proper administration
administration of
of the
the Annuity
Annuity Trust
Trust Office,
Office, including
including the
the compensation
compensation of
of
Annuity
Annuity Trust
Trust Office
Office employees,
employees, general
general overhead
overhead (such
(such as
as rent,
rent, utilities,
utilities, supplies,
supplies, office
office equipment,
equipment,
insurance,
insurance, etc.)
etc.) and
and similar
similar expenses.
expenses.
•• Trustee
Trustee expenses
expenses incurred
incurred in
in the
the course
course of
of carrying
carrying out
out their
their fiduciary
fiduciary duties
duties and
and administrative
administrative
responsibilities
responsibilities with
with respect
respect to
to the
the Plan.
Plan.
•• Fees
Fees and
and expenses
expenses charged
charged by
by the
the Fund’s
Fund’s professional
professional advisors
advisors and
and service
service providers
providers (such
(such as
as attorneys,
attorneys,
consultants,
consultants, actuaries,
actuaries, accountants,
accountants, auditors,
auditors, investment
investment advisors,
advisors, etc.).
etc.).
•• All
All other
other reasonable
reasonable and
and necessary
necessary expenses
expenses paid
paid in
in connection
connection with
with the
the administration
administration of
of the
the Fund
Fund and
and
the
the Plan.
Plan.
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Expenses Subtracted Equally from All Individual Accounts. Expenses
Expenses paid
paid by
by all
all Individual
Individual Accounts
Accounts in
in
equal shares include the following expenses:
• All expenses charged by the custodian of the Fund, third-party professional record-keeper, or other
administrative service provider, to the extent the amount of such charge is based solely on the number of
Individual Accounts.
Expenses Charged to Specific Individual Accounts. Reasonable expenses incurred by the Plan in connection
with a service provided solely for your benefit will be charged to your Individual Account, up to the amount
contained in your Individual Account. The following types of expenses will be charged to your Individual
Account only:
• QDRO Expenses.
If your Individual Account is subject to a QDRO, then expenses the Fund incurs to determine whether your
Domestic Relations Order is a qualified Order will be charged to your Individual Account. If the QDRO
sets forth the procedures for splitting the expenses between you and the Alternate Payee, the Plan will follow
that method. If the QDRO (or proposed QDRO) does not specify how the expenses will be split between
you and the Alternate Payee, then the expenses will be split in the same proportion as the total Account
Balance is divided between you and the Alternate Payee.
• Plan Loan Expenses.
If you take out a Plan Loan as described on page 9-1, the fee for processing that Plan Loan will either be
deducted from the loan amount or subtracted from your Individual Account.
• Missing Participant Locator
Expense.Expense.
If the Fund incurs charges to locate or
because
no valid
longercontact
has valid
contact information
for you,
youidentify
becauseyou
it no
longerithas
information
for you, those
those
expenses
be charged
yourIndividual
IndividualAccount.
Account.
expenses
will bemay
subtracted
fromtoyour
• Calculation of Annuity Benefits.
If you request a calculation of benefits payable under the different benefit payment options then any charges
incurred to calculate the amount of benefits, such as actuarial calculations or broker fees to determine the
monthly amount payable under the various annuity options will be subtracted from your Individual
Account.
• Benefit Payment Expenses.
Expenses incurred in connection with the payment of a benefit, including, but not limited to, fees
associated with the purchase of an annuity contract to provide benefits under an annuity form of benefit,
any automatic rollover set-up fees, and any other optional services you request, such as charges for overnight
delivery of a benefits check or application materials, will be subtracted from your Individual Account.
Expenses Paid from the Crediting Account
The Plan maintains a Crediting Account made up of Employer Contributions, forfeitures, and other
miscellaneous unallocated Plan assets to fund amounts the Plan pays for Qualified Military Service, unpaid
Employer contributions, or other similar unfunded amounts.
Credit for Time On Leave for Qualified Military Service
Your Individual Account will be credited with an Allocation Amount for a period of Qualified Military Service,
as required by the Uniformed Services Employment and Reemployment Rights Act (“USERRA”), even if no
Employer actually makes Contributions on your behalf during that period. See
Seethe
thedefinitions
definitionson
onpage
page13-2
13-1of
of
this Summary Plan Description for the definition of “Military Service.”
You must meet the following requirements in order for your military service to be considered “Qualified
Military Service,” as required by the Plan:
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• Advance Notice Requirement. You
You (or
(or an
an appropriate
appropriate officer
officer of the Uniformed Service in which you will
serve) must provide the Annuity Trust Office with some type of written or oral notification that you intend
or are obligated to perform Military Service prior to your period of Military Service, unless you cannot
provide notice due to military necessity or it is impossible or unreasonable to give advance notice under the
circumstances.
• Maximum Credit for the Qualified Military Service. You will not be credited for more than five (5) full
years of Military Service under the Plan. This five–year limit includes only the time you actually spend
performing Military Service. The period of absence from Covered Employment before or after the period of
Military Service does not count against the five-year limit (even if it may be considered for determining the
amount of credit to be given). The five-year limit also does not include any period of Military Service you
performed before you became a Participant in the Plan, or that otherwise would not be counted for
determining the Contributions to be credited to your Individual Account. Upon re-employment, the full
period of Qualified Military Service (up to five full years), the period of time between the end of the Military
Service and the request for re-employment (described below), and certain periods of service that don’t count
against the five year limit will be used to determine the amount of Contributions to be credited to your
Individual Account.
You must
must request
request re-employment
re-employment within
within the
the following
following time
time limits:
limits:
• Timely Request for Re-Employment. You
Report to Work / Apply for Reemployment /
Perform Hour of Work / Register for Work
Period of Uniformed Service
days
Less than 31 days
“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.
More than 30 days but less than 181 days
days
“Report to work” within 14 days after completion of your Service.
your own, you must “report to work” on the first full day on which
it is possible to do so.
More than 180 days
days
“Report to work” within 90 days after completion of your Service.
Any period if for the purposes of a physical
physical
or mental examination to determine fitness to perform Uniformed Service.
Service.
“Report to work” by the beginning of the first
first regularly
regularly scheduled
scheduled
work period on the day following the completion of your Service,
after allowing for safe travel home and an eight-hour rest period.
your own,“report
own, “report to work” as soon as possible.
Any period if you were hospitalized for or
“Report to work” as provided above depending on the length of
or
are recovering from an injury or illness
your service period. However, time periods begin when you have
illness
suffered or aggravated as a result of your
recovered from your injuries or illness rather than upon
your
Service.
completion of your Service. The maximum period for recovering
Service.
is limited to two years from the date you completed your Service
is
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.
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• How You Can “Report to Work”:
- Report to work for the last employer you worked for before your Uniformed Service or for any other employer
who contributes
contributes to
to the
the Annuity
Annuity Plan;
Plan;
who
- Apply for reemployment with the last employer you worked for before your Uniformed Service or with any
other employer
employer who
who contributes
contributes to
to the
the Annuity
Annuity Plan;
Plan;
other
- 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.
You, the Employer who re-employs you, or the Lodge that maintains the hiring hall must notify the Annuity Trust
Office within thirty (30) days following re-employment or your request for re-employment. While it is permissible
for the Employer or Union to provide the Annuity Trust Office with notice of your re-employment after a period of
Qualified Military Service, it is ultimately your responsibility to ensure that the Annuity Trust Office is notified of your
Qualified Military Service and to request credit under the Plan for that service. The Plan has no obligation to provide
credit for a period of Qualified Military Service unless and until you notify the Plan of the Qualified Military Service. If you
fail to timely notify the Annuity Trust Office you could lose your right to credit for the period of service!
• Character of Service Requirement. You must not have been:
- Separated from Uniformed Service with a “dishonorable” or “bad conduct” discharge;
- Separated from Uniformed Service under “other than honorable conditions” as characterized by the
regulations of the Uniformed Service in which you served;
- A commissioned officer dismissed by sentence of a general court-martial, in
If a military review board
commutation
commutation of
of aa sentence
sentence of
of aa general
general court-martial,
court-martial, or in time of war, by
prospectively or
order of
of the
the President
President of
of the
the United
United States;
States; or
or
order
retroactively upgrades a
disqualifying discharge or
- A commissioned officer dropped from the rolls due to absence without
release, credit will be
authority for
for at
at least
least three
three (3)
(3) months,
months, imprisonment
imprisonment after
after aa court-martial,
court-martial, or
authority
granted for any period of
imprisonment in
in aa federal
federal or
or state
state correctional
correctional institution.
institution.
imprisonment
• Absence From Covered Employment Because of Military Service.
The period of Military Service must begin within a reasonable amount of time
after your last hour of work in Covered Employment.
service that qualifies as
Qualified Military Service
as a result of the upgrade.
• Documentation Required. You will be required to provide the Annuity Trust Office with documentation of
the
the dates
dates of
of service
service and
and the
the character
character of
of your
your separation
separation or
or dismissal
dismissal from
from Military
Military Service
Service as
as soon
soon as
as
reasonably
reasonably possible
possible after
after returning
returning to
to Covered
Covered Employment.
Employment.
• Disability
or Trust
Death.
If you
dosend
not arequest
performing Military
Service
becausenotice
you die or
The Annuity
Office
will
writtenre-employment
request for thisafter
documentation
to you when
it receives
that
youdisabled
may qualify
credit for aMilitary
period of
Qualified
Service.
Credit
Allocation
Amount
became
whileforperforming
Service,
yourMilitary
Individual
Account
willfor
be the
credited
with an
Allocation
that
otherwise
wouldlater
haveinbeen
you will
had be
been
performing
during the period
Amount
as outlined
this earned
section.if You
treated
as if youCovered
made a Employment
request for re-employment
as ofofthe
Qualified
Service
willorbedisability
entered on
Plan’s
books and
records as soon
as possible
day beforeMilitary
your date
of death
andthe
then
terminated
employment
on your
date of after
deathdetermining
or disability.
the appropriate amount required.
The Annuity Trust Office will send a written request for this documentation to you when it receives notice that
may qualifyoffor
a period
Qualified
MilitaryisService.
Credit
for ninety
the Allocation
Amount that othIfyou
documentation
thecredit
dates for
of service
andof
the
type of discharge
not available
within
(90) days after
erwise would have
been earned
if youwill
had
been performing
Covered the
Employment
theAmount
period based
of Qualified
re-employment,
the Annuity
Trust Office
nonetheless
begin determining
appropriateduring
Allocation
on
the
information
available,
subject
to
the
amount
being
reduced
later
if
the
required
documentation
proves
that
you
Military Service will be entered on the Plan’s books and records as soon as possible after determining the
appropriwere
not
entitled
to
credit
for
the
full
period
of
Qualified
Military
Service
claimed.
For
purposes
of
determining
the
ate amount required.
amount of Contributions, the entire period of Qualified Military Service shall be treated as having been “worked” in the
Plan year in which you return to Covered Employment.
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Amount of Credit Given for Time On Leave for Qualified Military Service
Once the Annuity Trust Office has determined that you meet the requirements to
receive credit for your Military Service, your Individual Account will be credited
with an Allocation Amount based on the hours and contribution rates set forth
below. This
Thiswill
willbe
befigured
figuredusing
usingthe
theentire
entireperiod
periodbeginning
beginningwith
withthe
thefirst
firstday
dayofof
Qualified Military Service and ending with the date immediately preceding your
request for re-employment.
If you had a period of
military service at any
time after the Annuity
Trust began (November 1,
1985) and believe you
should be given credit
please contact the
Annuity Trust Office.
Your Individual Account will be credited with the Allocation Amount based on the
number of hours and rate determined below, but it will not be credited with any earnings or forfeitures and also
will not be charged for any losses for the period of service.
Hours to Be Credited
You will receive credit for the actual number of hours you would have worked during your period Qualified
Military Service if that number is reasonably certain. IfIfthe
thenumber
numberof
ofhours
hoursyou
youwould
wouldhave
haveworked
workedisisnot
not
reasonably certain, then you will be credited with hours based on the average number of hours you worked per
month in the twelve (12) month period before the period of Qualified Military Service. IfIfyou
youworked
workedless
lessthan
than
a full twelve (12) months before your period of Qualified Military Service, then the average number of hours per
month during that shorter period of time will be used to determine how many hours you will be credited with.
Contribution Rate to be Applied to the Hours Credited
The rate of contribution to be used in determining the amount of credit you will receive will be determined
as follows:
• If you only worked under one agreement during the full 12-month period before your period of Qualified
Military Service,
Service, then
then the
the amount
amount set
set forth
forth in
in that
that agreement
agreement will
will be
be the
the rate
rate used.
used.
Military
• If you worked under more than one agreement during the 12-month period before your period of Qualified
Military
Military Service
Service (or
(or ifif you
you worked
worked less
less than
than aa full
full twelve
twelve (12)
(12) months
months during
during that
that period),
period), then
then the
the Plan
Plan will
will
use
use aa formula
formula that
that takes
takes into
into consideration
consideration the
the contribution
contribution rates
rates set
set forth
forth in
in the
the agreements
agreements you
you worked
worked under
under
to
to determine
determine the
the rate
rate to
to be
be used.
used.
• If the contribution rate set forth in any agreement required to be used to determine the contribution rate
under
under this
this section
section isis based
based on
on aa percentage
percentage of
of compensation
compensation rather
rather than
than aa dollar
dollar amount,
amount, the
the amount
amount of
of
compensation
compensation used
used to
to determine
determine the
the hourly
hourly contribution
contribution amount
amount will
will be
be the
the
Any amount required to
amount
that
amount of
of compensation
compensation you
you would
would have
have received
received under
under that
that agreement.
agreement. IfIf that
be credited to your
amount
amount isis not
not reasonably
reasonably certain,
certain, the
the average
average of
of your
your hourly
hourly wages
wages earned
earned during
during
Individual Account for a
the
the 12-month
12-month period
period prior
prior to
to your
your period
period of
of Qualified
Qualified Military Service (or any
period of Qualified
shorter
shorter period
period ifif you
you worked
worked less
less than
than twelve
twelve (12)
(12) full
full months
months before
before the
the period
period
Military Service shall be
paid out of the Crediting
of
of Qualified
Qualified Military Service) will be used as the compensation amount the
Account, as explained on
percentage
percentage isis applied
applied to.
to.
page 4-4.
Qualified Domestic Relations Orders
A Qualified Domestic Relations Order (“QDRO”) is a domestic relations order generally issued by a state court
that divides your Individual Account between you and your ex-spouse or some other Alternate Payee. The
Alternate Payee is the person who receives a portion of or an interest in your Individual Account under a
QDRO. An Alternate Payee is treated as a Participant for all purposes under this Plan, including being able to
establish an Individual Account (if the QDRO requires it), having a right to receive all notices that must be sent
to Participants, and having the right to name a beneficiary to receive payment of the Alternate Payee’s share
upon his or her death.
®
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The Plan must review the domestic relations order and decide whether it is a “qualified” order under federal law.
The Plan has procedures in place for determining whether an order is a QDRO and you and your Alternate
Payee will be sent a copy of these procedures free of charge when you submit a copy of your divorce decree or
legal separation to the Annuity Trust Office.
An Alternate Payee is not entitled to receive payment in the form of a Qualified Joint and Survivor Annuity with the
Alternate Payee’s subsequent spouse.The
spouse. The Alternate Payee’s subsequent spouse is not entitled to a Qualified
Pre-Retirement Survivor Annuity. However, an Alternate Payee is entitled to elect any other optional form of payment.
Funding of Benefits
All benefits provided under the Plan will be paid from the Trust Fund, except for benefits paid in the form of an
annuity. If you select to receive your benefits in the form of an annuity, an annuity contract will be purchased
with your Accumulated Share.
Termination of Your Individual Account
If your benefits are paid in a lump sum, your Individual Account will be considered terminated in the month in
which your Accumulated Share is paid out in the lump sum. If your benefits are paid through an annuity, your
Individual Account will be considered terminated in the month in which your benefit payments start from the
purchased annuity contract.
If your Individual Account is terminated, you will no longer be a Plan Participant. If you return to Covered
Employment, you will be treated as a new Participant and a new Individual Account will be established for you.
Once your Individual Account has been terminated, the Fund and the Board of Trustees will no longer have any
obligations toward you and you will have no further rights or claims to any benefits under the Plan.
®
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Section 5: Retirement
Retirement Benefits
Section
Benefits
This section explains the benefits available to you upon retirement and how to go about requesting benefits
alsoexplains
explainscircumstances
circumstancesother
otherthan
thanretirement
retirementwhen
whenyou
youmay
maybe
be
when you are eligible to receive them. ItItalso
eligible to receive benefits such as in the event you become totally and permanently disabled or when you
separate from service.
Normal Retirement Age Under This Plan
Normal Retirement Age under this Plan is age 65, but you may retire and receive a distribution, or begin
to receive your distributions, at any time after you attain age 55, as long as you meet all of the eligibility
requirements for retirement.
Payment of Your Accumulated Share
The amount you will receive upon Retirement is your Accumulated Share, the
value of your Account Balance as of the most recent Valuation Date. Any expenses
incurred in paying your benefit to you will be subtracted from your Account
Balance prior to making the payment. In addition, if you have an outstanding
plan loan, the outstanding loan amount will be offset (paid off ) from your
Account Balance prior to making the payment and you will be required to pay
applicable taxes on the outstanding balance of your loan.
Eligibility for Benefits Before Your Death
You will be entitled to receive payment of your Accumulated Share beginning as of
your Annuity Starting Date if you have submitted an application for benefits and you
meet one of the following requirements:
• Retirement - If you have “retired”, as defined by the Plan, and reached age 55;
The Annuity Trust is
The Annuity
Trust is a
required
to withhold
required
to withhold
certain
amount
from a
certain amount
from
distributions
to be
forwarded
to to
thebeInternal
distributions
Revenue
Service
forwarded
to thefor
Internal
federal
income
tax.
Revenue
Service
forIn
addition,
state income
tax
federal income
tax. This
is
withheld
aslump
required
applies
to all
sumby
each
individual
This
distributions
of State.
an
applies
to
all
lump
sum
account (except a lump
distributions
of andirectly
account
sum distribution
(except
a
lump
sum
rolled over to the
distribution
participant’sdirectly
IRA or rolled
over to the participant’s
another qualified plan),
IRA or another qualified
even distributions under
plan), even distributions
a QDRO, as well as most
under a QDRO, as well as
monthly
annuity
most
monthly
annuity
distributions.
distributions.
You are considered “retired” once you have signed a “Retirement Declaration” that states that you intend to permanently
cease performing all work of the type covered by any collective bargaining agreement with the Union, regardless of
whether that work is actually covered by a collective bargaining agreement. If your employer contributes to the Plan
under a Participation Agreement, you must sign a “Retirement Declaration” that states that you intend to permanently
cease performing all work of the type covered by the Participation Agreement.
Example: Jane Boilermaker will attain age 60 on September 27, 2007.
2013. On October, 1, 2007,
2013, Jane files an
application for benefits with the Annuity Trust Office requesting that her benefit be paid in a lump sum.
Jane continued working through September 30, 2007.
2013. After Jane signs a Retirement Declaration stating
that she intends to permanently cease performing all work of the type covered by any collective bargaining
agreement and final contributions are received in her Account, her Annuity Plan benefit will be paid to her.
®
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Retirement Benefits 5-1
• Separation From Service - Regardless of your age, if you have not performed any work in Covered
Employment for
for at
at least
least twelve
twelve (12)
(12) consecutive
consecutive months;
months, and no additional hours or contributions are posted to
Employment
your account before a distribution is processed and approved.
Example: Joe Boilermaker is age 49. On July 1, 2007, Joe moves to Montana to become a fishing guide
Example:
Joe Boilermaker
is agein
49.covered
On July
1, 2013, JoeInmoves
to Montana
to an
become
a fishing
and
permanently
ceases all work
employment.
June 2008,
Joe files
application
forguide
benefits
and permanently
all work
in covered
employment.
Inpaid
Junein2014,
Joesum.
files an
benefits
with
the Annuity ceases
Trust Office
requesting
that
his benefit be
a lump
Joeapplication
is entitled for
to his
with
the
Annuity
Trust
Office
requesting
that
his
benefit
be
paid
in
a
lump
sum.
Joe
is
entitled
to
his
lump sum benefit effective July 1, 2008.
lump sum benefit effective July 1, 2014, providing no additional hours or contributions are posted to his
Prior
to January
1, 2007,
youhis
were
consideredapplication
separated from
service only
after a 24-month period in which
Individual
Account
before
distribution
is processed
and approved.
you performed no work in Covered Employment.
Prior to January 1, 2007, you were considered separated from service only after a 24-month period in which
• Total
and Permanent
Retirement
If you are found totally and permanently disabled by either the
you performed
no workDisability
in Covered
Employment.
United States Social Security Administration, Railroad Retirement Board, or the Canada Department of
• Total and Permanent Disability Retirement If you are found totally and permanently disabled by either the
Human
Resources
Social Administration,
Development (orRailroad
equivalent
government
agency)
Annuity
Trust will consider
United States
Socialand
Security
Retirement
Board,
or thethe
Canada
Department
of
you
to
be
totally
and
permanently
disabled.
Human Resources and Social Development (or equivalent government agency) the Annuity Trust will consider
you
toare
be totally and permanently disabled
disabled.and terminally ill but you have not been awarded disability benefits
If
you
from
above, you may
be eligible
to receive payment
yournot
Accumulated
Share
if you provide
If youanareagency
totallylisted
and permanently
disabled
and terminally
ill but youofhave
been awarded
disability
benefits
afrom
written
certification
from your
treatingtophysician
that states
following:
an agency
listed above,
you primary
may be eligible
receive payment
ofthe
your
Accumulated Share if you provide
-a That
thecertification
physician is from
your your
primary
treating
physician;
written
primary
treating
physician that states the following:
the physician
is yourdiagnosis
primaryof
treating
physician;
- That you
have a medical
a condition
from which there is little or no chance of cure or recovery
- and
Thatwill
youmost
havelikely
a medical
of a condition from which there is little or no chance of cure or recovery
causediagnosis
death; and
and
will
most
likely
cause
death;
and
- Your medical prognosis is a life expectancy of twelve months or less if your condition runs its normal course.
- Your medical prognosis is a life expectancy of twelve months or less if your condition runs its normal course.
Option
Commencement
Benefits If you have reached age 70 ½, you may receive a
• Age 70to
½Postpone
and still working
in Coveredof
Employment
ofBalance
your account
balance
the first day
thechoose
monthtofollowing
the month
in which
youatreached
age
If distribution
your Account
is greater
thanon
$5,000.00
you of
may
begin payment
of your
benefits
any
70 once
½ even
you are
time
youif have
metstill
oneworking.
of the requirements listed above, but you may postpone payment of your benefits
until your Normal Retirement Age. If you continue to work past your Normal Retirement Age then you can
Option tobenefits
Postpone
of Benefits
postpone
untilCommencement
your Required Beginning
Date as long as you are still performing work of the type
If your Account
Balance isbargaining
greater than
$5,000.00
you
choose
begin6-3
payment
of information
your benefitsabout
at anyyour
covered
by any collective
agreement
with
themay
Union.
(Seetopage
for more
time onceBeginning
you have met
one of the requirements listed above, but you may postpone payment of your benefits
Required
Date.)
until your Normal Retirement Age. If you continue to work past your Normal Retirement Age then you can
postpone benefits
until
your Required Beginning
Date as long as you are still performing work of the type
Alternate
Payee’s
Commencement
of Benefits
covered by any collective bargaining agreement with the Union. (See page 6-3 for more information about your
An
Alternate
Payee under
Required
Beginning
Date.)a QDRO will be entitled to receive his or her share of an Accumulated Share as set
forth in the terms of the QDRO. If the QDRO does not state when the Alternate Payee is to receive his or her
Alternate
Payee’s
Commencement
of Benefits
share
then the
Alternate
Payee will be entitled
to receive his or her share at any time after the Plan has approved
the
qualified status
the QDRO.
An Alternate
Payee of
under
a QDRO will be entitled to receive his or her share of an Accumulated Share as set
forth in the terms of the QDRO. If the QDRO does not state when the Alternate Payee is to receive his or her
Spouse or Former Spouse
share then the Alternate Payee will be entitled to receive his or her share at any time after the Plan has approved
If
Alternate
Payee
former spouse and his or her Account Balance is more than $5,000.00, he or she
thethe
qualified
status
of is
theyour
QDRO.
will not be required to receive his or her share of benefits before your Required Beginning Date if you are living
Spouse
or Former
at
that time.
If youSpouse
die, and the Alternate Payee will be treated as your surviving spouse, he or she will not be
If
the
Alternate
Payee
is yourofformer
and
his the
or her
Account
Balance
is more
than $5,000.00,
he or she
required to begin payments
his or spouse
her share
until
date
a surviving
spouse
is required
to begin payments.
will not be required to receive his or her share of benefits before your Required Beginning Date if you are living
at
thatortime.
you die, and the Alternate Payee will be treated as your surviving spouse, he or she will not be
Child
OtherIfDependent
required
to
begin
payments
his ororher
share
until theand
datehis
a surviving
spouseBalance
is required
to begin
If the Alternate Payee
is yourofchild
other
dependent
or her Account
is more
thanpayments.
$5,000.00,
then he
she will
not be required to receive payment of his or her share before your Required Beginning
Child
or or
Other
Dependent
Date
if
you
are
still
living
at that
time,
or until
payments
arehisrequired
to begin Balance
for a non-spouse
beneficiary
after
If the Alternate Payee
is your
child
or other
dependent
and
or her Account
is more than
$5,000.00,
your he
death.
then
or she will not be required to receive payment of his or her share before your Required Beginning Date if
you are still living at that time, or until payments are required to begin for a non-spouse beneficiary after your death.
5-2 Retirement Benefits
®
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Section
Payment ––
Section 6: Forms of Payment
Retirement
RetirementBenefits
Benefits
This section explains the forms of payment you may receive once you are eligible to receive your benefits. You
You
should know that under federal law certain forms of benefit payment are automatic unless you and your spouse
(if you are married) correctly waive your rights to these benefits. There
Thereare
arealso
alsocertain
certaintimes
times when the Trust is
required to automatically distribute your benefits. This is explained further in the following paragraphs.
Forms of Payment of Your Retirement Benefits
Your Retirement benefits will be paid to you automatically in certain forms depending on your marital status at
Theseare
areknown
knownasasthe
the“Automatic
“AutomaticForms”
Forms”of
ofpayment.
payment.IfIfyou
youfollow
followcertain
certainrules
rulesyou
youmay
may
the time you retire. These
reject the Automatic Form.
After your Annuity Starting Date (“ASD”) you cannot change the form of payment you have elected.
Within a reasonable time, but not more than 180 days, before your Annuity Starting Date, the Plan will provide you with a
written notice explaining the features and relative value of each form of payment.
Automatic Forms of Payment (For Account Balances of More Than $5,000)
• Married Participants – Qualified Joint and Survivor Annuity (“QJSA”). If you are married on your ASD,
then
Under aa QJSA
QJSA you
you will
will receive
receive aa certain
certain
then your
your Accumulated
Accumulated Share
Share will
will automatically
automatically be
be paid
paid in
in aa QJSA.
QJSA. Under
amount
amount every
every month
month until
until you
you die,
die, and
and after
after your
your death
death your
your spouse
spouse will
will receive
receive 50%
50% of
of the
the amount
amount you
you
received
your QJSA
QJSA has
has commenced
commenced and
and your
your spouse
spouse dies
dies before
before
received every
every month
month for
for the
the rest
rest of
of his
his or
or her
her life.
life. IfIf your
you
you die,
die, your
your monthly
monthly benefit
benefit amount will not be adjusted and there will be no additional payments due after
your
your death.
death.
• Rejection of the QJSA. You and your spouse may reject the QJSA by notifying
the
the Plan
Plan in
in writing
writing on
on aa form
form provided
provided by
by the
the Annuity
Annuity Trust
Trust Office.
Office. Your spouse’s
written
written consent
consent isis required
required and
and must
must be
be witnessed
witnessed by
by aa notary
notary public.
public. For
For more
more
information
information on
on this
this you
you should
should contact
contact the
the Annuity
Annuity Trust
Trust Office.
Office.
A fee will be subtracted
from your Individual
Account if your benefits
an
are paid in the form of
annuity.
an
annuity.
An Alternate Payee is not entitled to receive payment in the form of a Qualified Joint and Survivor Annuity with the
Alternate Payee’s subsequent spouse, and any subsequent spouse is not entitled to a Qualified Pre-Retirement Survivor
Annuity. However, an Alternate Payee is entitled to elect any other optional form of payment.
• Unmarried Participants – Single Life Annuity. If you are not married on your ASD then your Accumulated
Share
Share will
will automatically
automatically be
be paid
paid in
in the
the form
form of
of aa Single
Single Life
Life Annuity.
Annuity. Under
Under aa Single
Single Life
Life Annuity
Annuity you
you will
will
receive
receive aa certain
certain amount
amount every
every month
month for
for the
the rest
rest of
of your
your life.
life. No
No benefits
benefits will be payable after your death.
• Rejection of the Single Life Annuity. You may reject the Single Life Annuity by notifying the Plan in writing
on
on aa form
form provided
provided by
by the
the Annuity
Annuity Trust
Trust Office.
Office. For more information on this you should contact the
Annuity
Annuity Trust
Trust Office.
Office.
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Forms of Payment 6-1
Optional Forms of Payment
If you have rejected the Automatic Forms of payment discussed above, you can elect to receive payment of your
Accumulated Share in any one of the following optional forms:
as the
• Single Life Annuity. This is same
the same
as Single
a SingleLife
LifeAnnuity
Annuitydiscussed
discussedunder
underthe
theAutomatic
AutomaticForms
Formsforfor
unmarried
unmarried Participants.
Participants. If
If you
you are
are married,
married, you
you may
may elect
elect to
to have
have your
your benefit
benefit paid in the form of a Single
Life
Life Annuity,
Annuity, meaning
meaning you
you will
will receive
receive aa certain
certain amount
amount every
every month
month for
for the
the rest
rest of
of your
your life.
life. No
No benefits
benefits
will
will be
be payable
payable after
after your
your death.
death.
• Optional 50% or
100%
and Annuity.
Survivor Under
Annuities.
Underofthese forms of
Only an individual person
Joint
andJoint
Survivor
this form
and not any group, trust,
benefit
the restFollowing
of your life and after
benefit you receive a certain
lifetimeamount
monthlymonthly
benefit for
payment.
estate, charity, or any
your
50%monthly
or 100%benefit
your death,
death, your
your designated
designated beneficiary
beneficiary will receive either
a lifetime
other entity may be
(depending
on the
option
the amount
you If
received
for the rest of
payment equal
to 50%
of you
yourchoose)
monthlyofbenefit
amount.
your designated
named as a beneficiary
your
beneficiary’s
life. If
your
designated
beneficiary
dies
beforewill
you,not
then
beneficiary
dies before
you,
then
your monthly
benefit
amount
be your
under these forms of
monthly
amount
be adjusted
and there
will be
nodeath.
additional
adjusted benefit
and there
will bewill
no not
additional
payments
due after
your
benefits.
payments due after your death.
• Optional 75% or 100% Joint and Survivor Annuities. Under these forms of
• Ten-Year
Certain
Life Annuity.
option,Following
you will receive
a monthly
benefitwill
thatreceive
will last
at
benefit you
receiveand
a lifetime
monthly Under
benefitthis
payment.
your death,
your spouse
a lifetime
least
10 years
(120
months)equal
or until
you die,
whichever
later. If youonchoose
this option
you will
required
monthly
benefit
payment
to either
75%,
or 100%is(depending
the option
you choose)
of be
your
monthly
to
designate
a beneficiary
to 50%
receive
any remaining
you dieform
before
have received
for
benefit
amount.
Unlike the
optional
Joint andpayments
Survivor ifAnnuity
ofyou
payment,
the 75%payments
and 100%
10
years. Optional Joint and Survivor Annuities are only available if you name your spouse as the person who will
Qualified
continue
to receive benefit
payments
death; you
nameyour
a non-spouse
beneficiary.
If your
• Single
Lump-Sum
Payment.
Under after
this option,
youcannot
will receive
full Accumulated
Share
in onespouse
lump-dies
before
you,
then
your
monthly
benefit
amount
will
not
be
adjusted
and
there
will
be
no
additional
payments
due
sum payment.
after your death.
For more information about the forms of benefits available to you contact the Annuity Trust Office.
NOTE: The 75% and 100% Joint and Survivor Annuity options are only available to a spouse beneficiary.
All Forms of Payment are Actuarial Equivalents. The optional forms of payment are actuarially equivalent to
each
other and
to theand
automatic
forms ofUnder
payment.
This means
that receive
the actuarial
present
valuethat
of the
• Ten-Year
Certain
Life Annuity.
this option,
you will
a monthly
benefit
willforms
last atof
payment
the or
same
actuarial
the same.
will this
not option
receive you
an actuarially
least 10(calculated
years (120 using
months)
until
you die,assumptions)
whichever isislater.
If youYou
choose
will be required
greater
benefit
depending
on
the
form
of
payment
you
select;
all
of
the
forms
of
payment
pay
out
same for
to designate a beneficiary to receive any remaining payments if you die before you have received the
payments
amount
when looked at on an actuarial basis. The form of payment you select could, however, result in a
10 years.
greater actual amount paid to you, depending on the length of your life. For example, a Single Life Annuity
• Single Lump-Sum Payment. Under this option, you will receive your full Accumulated Share in one lumpand a Ten-Year Certain and Life Annuity are equivalent on an actuarial basis. However, if you die after six
sum payment.
months of receiving a Single Life Annuity, you and your beneficiaries will receive a lower actual amount than if
you had selected the Ten-Year Certain and Life Annuity.
For more information about the forms of benefits available to you contact the Annuity Trust Office.
Small Amounts
If
Accumulated
is $5,000 or
less when it The
becomes
payable,
it will beare
paid
in a Single
Lump Sum
Allyour
Forms
of PaymentShare
are Actuarial
Equivalents.
optional
formsthen
of payment
actuarially
equivalent
to
or
paid
in
a
direct
rollover
and
there
will
be
no
other
form
of
payment
available.
The
Automatic
and
Optional
each other and to the automatic forms of payment. This means that the actuarial present value of the forms of
forms
of benefit
do not
apply
Small
Amounts.
payment
(calculated
using
the to
same
actuarial
assumptions) is the same. You will not receive an actuarially
depending
on $1,000.
the form If
of your
payment
you select;Share
all ofisthe
formsorofless,
payment
the same be
•greater
Smallbenefit
Amounts
Less than
Accumulated
$1,000
then it pay
will out
automatically
amount
when
looked
at
on
an
actuarial
basis.
The
form
of
payment
you
select
could,
however,
result
a a
paid in a single lump sum payment unless you, your surviving Spouse, or beneficiary (as applicable), in
elect
greater
amount paid to you, depending on the length of your life. For example, a Single Life Annuity
directactual
rollover.
and a Ten-Year Certain and Life Annuity are equivalent on an actuarial basis. However, if you die after six
•months
Automatic
Rollover
of Small
than
$1,000
but Less
$5,000.
your Accumulated
of receiving
a Single
LifeAmounts
Annuity, More
you and
your
beneficiaries
willThan
receive
a lowerIfactual
amount than if
Share
more than
but
less than
and you do not elect either the single lump sum payment or
you
hadisselected
the $1,000
Ten-Year
Certain
and$5,000
Life Annuity.
the direct rollover amount, then your Accumulated Share will automatically be paid in a direct rollover to an
individual retirement plan designated by the Board of Trustees.
6-2 Forms of Payment
®
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T R A D E S UNION
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Forfeiture
of Benefits for Missing Participants
Small
Amounts
If the
yourTrustees
Accumulated
Sharetoislocate
$5,000
when
it becomes
payable,
then it will
paidpayment
in a Single
Lump Sum
are unable
youororless
your
beneficiary
within
a reasonable
timebeafter
is required
to
or
a direct
and there
willwill
be no
form
ofapplied
payment
TheAccount.
AutomaticIf and
be paid
made,inthen
yourrollover
Accumulated
Share
be other
forfeited
and
toavailable.
the Crediting
you Optional
later
forms
of benefit
domake
not apply
to for
Small
Amounts.
come forward
and
a claim
your
forfeited benefit then it will be reinstated in an amount equal to the
amount
forfeited
without
interest
or
other
earnings.
Any beneficiary
makingoraless,
claim
foritforfeited
benefits due
• Small Amounts Less than $1,000. If your
Accumulated
Share is $1,000
then
will automatically
be
because
of
your
death
must
come
forward
by
December
31
of
the
fifth
year
after
your
death.
No
person
shall
paid in a single lump sum payment unless you, your surviving Spouse, or beneficiary (as applicable), elect a
have
anyrollover.
right to receive any benefit payments from your account after this date.
direct
Example: Jane
Boilermaker
on March
20,than
2007$1,000
with abut
$6,500
share.
Jane’s
sister is her
• Automatic
Rollover
of Smalldies
Amounts
More
Lessaccumulated
Than $5,000.
If your
Accumulated
designated
does$5,000
not come
to claims
Jane’sthe
Annuity
Plan benefit.
Share
is morebeneficiary.
than $1,000Her
butsister
less than
and forward
you do not
elect either
single lump
sum payment or
Thedirect
Annuity
Planamount,
conducts
a reasonable
search forShare
Jane’swill
sister
and cannotbelocate
her.a direct
On orrollover
after to an
the
rollover
then
your Accumulated
automatically
paid in
Decemberretirement
31, 2012, plan
Jane’sdesignated
Accumulated
Share
willofbe
permanently forfeited.
individual
by the
Board
Trustees.
Eligible
Rollover
Distributions
Forfeiture
of Benefits
for Missing Participants, Alternate Payees or Beneficiaries
If theyour
Trustees
are unable
to or
locate
you or your
beneficiary
within
a reasonable
time
after
required
to
You,
surviving
spouse,
an Alternate
Payee
who is your
former
spouse can
elect
to payment
have any is
portion
of an
be made,Rollover
then your
Accumulated
willtobean
forfeited
appliedplan
to the
Account. If youtransfer.
later
Eligible
Distribution
paidShare
directly
eligibleand
retirement
in Crediting
a direct trustee-to-trustee
come
forward
and make your
a claim
for your forfeited
benefit
it will to
be rollover
reinstated
an amount
to the
In
certain
circumstances
non-spouse
beneficiary
may then
be eligible
anyindeath
benefitsequal
payable
amount
forfeited
withoutShare.
interest
or should
other earnings.
Any
beneficiary
a claim
forfeited
benefits due
from
your
Accumulated
You
contact the
Annuity
Trustmaking
Office for
morefor
details
on rollover
because of your death must come forward by December 31 of the fifth year after your death. No person shall
distributions.
have any right to receive any benefit payments from your account after this date.
Mandatory
Benefit
Payments
Example: Jane
Boilermaker
dies on March 20, 2012 with a $6,500 accumulated share. Jane’s sister is her
beneficiary.your
Herbenefits
sister does
come forwardpaid
to claim
Jane’sif Annuity
benefit.
In designated
certain circumstances
mustnot
be automatically
out even
you havePlan
not filed
an application
Annuity
a reasonable
for Jane’s
sister
cannotevents
locateoccur:
her. On or after
forThe
benefits.
ThePlan
Planconducts
will pay your
benefits search
automatically
when
theand
following
December 31, 2017, Jane’s Accumulated Share will be permanently forfeited.
• If your Accumulated Share is $5,000 or less when you separate from service;
Rollover
Distributions
•Eligible
If an Alternate
Payee’s
share under a QDRO is $5,000 or less at the time he or she is eligible to receive a
benefit
payment;
You, your surviving spouse, or an Alternate Payee who is your former spouse can elect to have any portion of an
Distribution
paidAccumulated
directly to anShare
eligible
retirement
plan in a direct trustee-to-trustee transfer.
•Eligible
If you Rollover
die and the
value of your
is $5,000
or less;
In certain circumstances your non-spouse beneficiary may be eligible to rollover any death benefits payable
•from
If you
separate
from service
time
after contact
Normalthe
Retirement
Age; Office for more details on rollover
your
Accumulated
Share.anyYou
should
Annuity Trust
•distributions.
On your Required Beginning Date you will receive the minimum payment
Your Required Beginning
required by federal law;
Date is April 1 of the
Mandatory Benefit Payments
calendar year following
• If you die and payment has not been made to your beneficiaries within 5 years
the
year in which
you
Inafter
certain
circumstances
your
benefits
must
be
automatically
paid
out
even
if
you
Your
Required
Beginning
your death; and
attain
age1 70
⁄2 (orcalendar
would
Date
is April
of 1the
have not filed an application for benefits. The Plan will pay your benefits
1
have
attained
age
70
⁄2 if
year
following
the
later
of:
•automatically
If you die and
your
surviving
spouse
does
not
elect
to
postpone
payment
of
the
when the following events occur:
youyear
had in
survived
to that
(1)
the
which
you
QPSA it will be paid/begin to be paid by September 30 of the year after your date
• If your Accumulated Share is $5,000 or less when you separate from service;
age).
attain
age 70 1/2 (or would
of death.
have attained age 70 1/2
• If an Alternate Payee’s share under a QDRO is $5,000 or less at the time
if you had survived to that
he or she is eligible to receive a benefit payment;
age), or (2) the year in which
The Trustees will conduct a good faith and diligent attempt to locate you and provide you notice of the automatic
you retire (as defined by the
Plan). If you own five percent
(5%) or more of an employer
• If you separate from service any time after Normal Retirement Age;
who makes contributions to
• On your Required Beginning Date you will receive the minimum payment
the Annuity Plan then your
required by federal law;
Required Beginning Date is
April 1 of the year following
• If you die and your surviving spouse does not elect to postpone payment of the
the year in which you attain
QPSA it will be paid/begin to be paid by September 30 of the year after your
age 70 1/2.
• commencement
If you die and the
value
of your Accumulated Share is $5,000 or less;
of your
benefits.
date of death.
®
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Forms of Payment 6-3
You Become
Incapacitated
or Incompetent
•IfRequired
Minimum
Distributions
- The Annuity Plan must start paying your benefits no later than your Required
Beginning Date. Your Required Beginning Date is April 1 of the calendar year following the later of:
If you (or your Beneficiary) become mentally or physically incapacitated and are unable to manage your affairs
(1) the calendar year in which you reach age 70 ½, or (2) the calendar year in which you retire, as defined by the
then any payment due may be made to your guardian, conservator, trustee, custodian, or your attorney-in-fact
Plan. If you own five percent (5%) or more of an Employer that makes contributions to the Annuity Plan, then
or other legal representative. Your representative must furnish sufficient evidence of your incapacity as well as
your Required Beginning Date is April 1 of the calendar year following the year you attain age 70 ½. You cannot
sufficient evidence of his status as your representative to the Trustees.
postpone the start of payments beyond your Required Beginning Date. If you reach age 70 ½, you may voluntarily
withdraw your Annuity Plan account balance even though you are continuing to work and have not yet retired.
Non-Assignment of Benefits
A QDRO is an exception
Except
as specifically
law,required
benefitsminimum
under thedistributions
Plan are not to
subject
to
The
Annuity
Plan didprovided
not pay by
2009
Participants
or Beneficiaries
absent a benefit
to the non-assignment
attachment,
garnishment,
execution
or any
other
legal process.
Neither
election,
as allowed
under levy,
the Worker,
Retiree
and
Employer
Recovery
Act ofyou
2008 (“WRERA”).
rules listed above. See
nor your beneficiary, or any other person shall have any right, title, or interest in or
page 4-7 of this SPD for
to any assets
of the Plan,
or any
or property
held in thefeasible.
Trust, except for the
NOTE:
Mandatory
benefits
are funds
paid when
administratively
more information on
QDRO’s.
right to receive benefits as specifically provided in the Plan Document.
The Trustees will conduct a good faith and diligent attempt to locate you or a Participant-designated beneficiary and
provide notice of the automatic commencement of your benefits. However, attempts will not be made to locate
potential Plan-designated beneficiaries (see page 3-1).
If You Become Incapacitated or Incompetent
If you (or your Beneficiary) become mentally or physically incapacitated and are unable to manage your affairs
then any payment due may be made to your guardian, conservator, trustee, custodian, or your attorney-in-fact
or other legal representative. Your representative must furnish sufficient evidence of your incapacity as well as
sufficient evidence of his status as your representative to the Trustees.
Non-Assignment of Benefits
Except as specifically provided by law, benefits under the Plan are not subject to
attachment, garnishment, levy, execution or any other legal process. Neither you
nor your beneficiary, or any other person shall have any right, title, or interest in or
to any assets of the Plan, or any funds or property held in the Trust, except for the
right to receive benefits as specifically provided in the Plan Document.
6-4 Forms of Payment
®
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A QDRO is an exception
to the non-assignment
rules listed above. See
page 4-7 of this SPD for
more information on
QDRO’s.
Section 7: Death Benefits
Benefits
Section
There are specific rules that govern how death benefits will be paid if you die before your Individual Account
has been distributed to you. Distribution of your death benefits varies depending on when you die and who is
entitled to receive the benefits at your death. This is explained in the paragraphs that follow.
If You Die Before Your Benefits Commence
be
If you die before your Annuity Starting Date, then your Accumulated Share will be
paid in the form of a Qualified Pre-Retirement Survivor Annuity to your surviving
spouse or in a single lump sum.
The Plan will provide you
with a written notice
explaining the terms and
conditions of the QPSA
and how to reject the
QPSA.
While your surviving spouse or beneficiary may automatically be entitled to death benefits, the Annuity Trust Office
requires that all beneficiaries file an application for death benefits and provide any additional documentation necessary
to pay the death benefits.
Surviving Spouse – Qualified Pre-Retirement Survivor Annuity (“QPSA”)
Eligibility
If you have been married throughout the twelve consecutive month period immediately before your death, then
your surviving spouse will receive your Accumulated Share in the form of a QPSA. The QPSA will override any
beneficiary designation you have made and will be paid in lieu of any other benefits, unless you have properly
waived the QPSA and your spouse has given his or her consent. (See pg. 7-2 for an explanation on how to reject
waive
the QPSA).
QPSA
The QPSA is an annuity that provides your surviving spouse with a fixed monthly payment beginning with the
Annuity Starting Date until the month of his or her death. No further benefits will be payable after your
spouse’s death. The value of the QPSA is the Actuarial Equivalent of your Accumulated Share.
Payment of QPSA
• Payment of your spouse’s monthly benefits will begin automatically after the Annuity Trust Office receives proof
of your
your death,
death, evidence
evidence that
that you
you were
were married
married for
for at
at least
least 12
12 consecutive
consecutive months
months at
at the
the time
time you
you died,
died, and
and proof
proof
of
of your
your surviving
surviving spouse’s
spouse’s identity
identity and
and age.
age. Your
Your surviving
surviving spouse
spouse can
can elect
elect in
in writing
writing to
to postpone
postpone starting
starting
of
monthly QPSA
QPSA benefits.
benefits. He
monthly
He or
or she
she must
must elect
elect to
to postpone
postpone benefits
benefits by
by September
September 30
30 of
of the
the calendar
calendar year
year
immediately following
following the
the year
year of
of your
your death.
death. IfIf your
your surviving
surviving spouse
spouse does
does not
not elect
elect to
to postpone
postpone benefit
benefit
immediately
payments then
then the
the Annuity
Annuity Starting
Starting Date
Date will
will be
be the
the first
first day
day of
of the
the first
first month
payments
after the
the date
date of
of your
your death.
death.
after
A fee will be subtracted
from your Individual
• If your spouse elects to postpone starting monthly benefits, then the QPSA
Account if your benefits
will not
not be
be paid
paid until
until your
your surviving
surviving spouse
spouse submits
submits aa written
written application
application for
for
will
are paid in the form of
benefits. In that case the Annuity Starting Date will be the first day of the month
benefits.
an annuity.
after the
the application
application isis submitted,
submitted, unless
unless the
the application
application specifies
specifies a different date.
after
Generally your spouse’s benefits must begin by December 31 of the calendar year that is five years after your death.
However, if your spouse chooses to postpone benefits, he or she may choose to have benefits begin by December 31 of
the calendar year following the calendar year in which you died, or by December 31 of the calendar year in which you
would have attained age 701⁄2, if later.
®
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Death Benefits 7-1
Rejection of QPSA Before Your Death
If
you are
are married
If you
married and
and your
your spouse
spouse consents,
consents, the
the Annuity
Annuity Trust
Trust allows
allows you
you to
to elect
elect to
to have
have your
your death
death benefits
benefits paid
in
the
form
of
a
lump
sum
and
to
designate
a
beneficiary
other
than
your
spouse.
If
you
make
such
an
election
paid in the form of a lump sum and to designate a beneficiary other than your spouse. If you make such
an
before
age
35,
it
becomes
invalid
on
January
1
of
the
Plan
Year
in
which
you
turn
age
35.
The
Plan
requires
election before age 35, it becomes invalid on January 1 of the Plan Year in which you turn age 35. The Plan all
married
to re-submittotheir
designation
of beneficiaries
form duringform
the year
in which
they
turn age 35.
requires participants
all married participants
re-submit
their designation
of beneficiaries
during
the year
in which
they
turn
age 35. Spouse Dies After You, but Before QPSA Benefits Start
If Your
Surviving
If the Annuity Trust Office determines that your Accumulated Share is payable to your surviving spouse but he
If Your Surviving Spouse Dies After You, but Before QPSA Benefits Start
or she dies before payment of the QPSA begins, then your Accumulated Share will be paid to your designated
If the Annuity
that Payment
your Accumulated
Share
payable to31your
surviving
spouse
but he
beneficiary
in aTrust
singleOffice
lump determines
sum payment.
will be made
by isDecember
of the
calendar
year that
is
or she
diesafter
before
payment
of spouse’s
the QPSA
begins, then your Accumulated Share will be paid to your designated
five
years
your
surviving
death.
beneficiary in a single lump sum payment. Payment will be made by December 31 of the calendar year that is
Rejection
of QPSA
After Your
Death
five years after
your surviving
spouse’s
death.
If you and your spouse do not reject the QPSA while you are living and the QPSA becomes payable, your
surviving
will After
have the
option
to reject the QPSA form of benefit and receive a single lump sum
Rejectionspouse
of QPSA
Your
Death
payment. Your surviving spouse will be informed about this option upon your death and will have ninety days
If
and
spouse
do not the
reject
the sum
QPSA
while you
areelection
living and
thebeQPSA
becomes
payable,
your
to you
make
anyour
election
to receive
lump
payment.
The
must
on a form
provided
by the
Annuity
surviving
spouse
will
have
the
option
to
reject
the
QPSA
form
of
benefit
and
receive
a
single
lump
sum
Trust Office and must be notarized. If your surviving spouse does not file an election with the Annuity Trust
payment.
Yourthesurviving
spouse
willthen
be informed
this option upon
your
andofwill
have ninety days
Office within
ninety day
period,
benefits about
will automatically
be paid
in death
the form
a QPSA.
to make an election to receive the lump sum payment. The election must be on a form provided by the Annuity
Trust Office
mustorbeIdentify
notarized.
If your surviving
Inability
to and
Locate
Surviving
Spouse spouse does not file an election with the Annuity Trust
Office
within
the
ninety
day
period,
then
benefits
will automatically
paid insearch
the form
QPSA. spouse
If the Annuity Trust Office cannot locate any surviving
spouse after abe
diligent
and of
noasurviving
claims a right to benefits or otherwise notifies the Annuity Trust Office that he or she intends to apply for a
Inability
Locate or30Identify
Surviving
benefit, byto
September
of the calendar
year Spouse
after the year of your death, then you will be treated as being
unmarried
at the
timeOffice
you died
andlocate
benefits
be paidspouse
to your
designated
described
below.
If the Annuity
Trust
cannot
anywill
surviving
after
a diligentbeneficiary
search andasno
surviving
spouse
Your
benefits
will
be
paid
as
soon
as
administratively
practical
(but
not
later
than
by
December
31
of
claims a right to benefits or otherwise notifies the Annuity Trust Office that he or she intends to applythe
for a
calendar
year
that
contains
the
fifth
anniversary
of
your
death).
benefit, by September 30 of the calendar year after the year of your death, then you will be treated as being
unmarried at the time you died and benefits will be paid to your designated beneficiary as described below.
Non-Spouse Beneficiary
Your benefits will be paid as soon as administratively practical (but not later than by December 31 of the
If
you areyear
not that
married
on the
your deathof
(oryour
married
for less than 12 months when you die), then your
calendar
contains
thedate
fifthofanniversary
death).
Accumulated Share will be paid to your designated beneficiary in a lump sum. The Annuity Trust Office will
pay
these benefits
automatically, as soon as practical after it receives proof of your death and satisfactory evidence
Non-Spouse
Beneficiary
that you were not married, or married less than twelve (12) months on the date of your death (but not later than
If you are not
married
on the year
date that
of your
deaththe
(or fifth
married
for less than
12 death).
months when you die), then your
December
31 of
the calendar
contains
anniversary
of your
Accumulated Share will be paid to your designated beneficiary in a lump sum. The Annuity Trust Office will
Forfeiture
of Your
Death Benefit
pay these benefits
automatically,
as soon as practical after it receives proof of your death and satisfactory evidence
If
you
diewere
without
a valid Annuity
Beneficiary
file with
the date
Annuity
Trust
Office,
due
that
you
not married,
or married
less thanDesignation
twelve (12) on
months
on the
of your
death
(butany
notbenefits
later than
after
your death
be paid toyear
thethat
Plan-designated
(pleaseofrefer
page 3-1). Each beneficiary who
December
31 of will
the calendar
contains the beneficiary
fifth anniversary
yourtodeath).
claims entitlement to death or survivor benefits as a Plan-designated beneficiary must, as a condition of entitlement
to
payments,ofcomplete
a declaration
Forfeiture
Your Death
Benefit form provided by the Annuity Trust Office.
If there is no suitableBeneficiary
beneficiary (either designated by you or under the Plan’s default rules listed on page 3-1
Plan-Designated
of
this
SPD)
identified
by September
30designated
of the yearby
following
the year
your death, thenBeneficiary
your entire provision
Account
If there is no suitable beneficiary
(either
you or under
theofPlan-Designated
Balance
considered
forfeited
and abandoned
by December
31 of
thefollowing
fifth year the
afteryear
yourofdeath.
No person
listed
onwill
pagebe3-1
of this SPD)
identified
by September
30 of the
year
your death,
then your
shall
have
any
right
to
receive
a
benefit
with
respect
to
your
account
after
this
date.
Forfeited
amounts
will be the
entire Account Balance will be considered forfeited and abandoned by December 31 of the calendar year containing
paid anniversary
into the Crediting
Account
on page
thistoSPD.
fifth
of your death.
Nodescribed
person shall
have 4-4
any of
right
receive a benefit with respect to your account after
this date. Forfeited amounts will be paid into the Crediting Account described on page 4-4 of this SPD.
It is very important that you and your beneficiary keep the Annuity Trust Office informed of your current contact
information to avoid forfeiture of your benefits!
It is very important that you and your beneficiary keep the Annuity Trust Office informed of your current contact
information to avoid forfeiture of your benefits!
7-2 Death Benefits
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Section 8: Requesting
Requesting Benefits
Section
Benefits
You should pay special attention to this section of the SPD. There are specific timeframes you must follow
when requesting benefits and specific documents you may be required to provide to the Trust depending upon
your circumstances. By following the required timeframes you can help to ensure that you receive your
benefits in a timely manner. This section also contains important information about how you can appeal if your
request for benefits is denied. There are also specific timeframes that apply to the appeal process you need to be
aware of.
Exceptions to When an Application for Benefits is Required
Generally, you must file an application for benefits with the Annuity Trust Office before you will receive any
benefits from the Plan. However, in some circumstances benefits may be paid without an application:
SPD)
• Mandatory Benefit Payments (see page 6-3 of the SPD)
Your Right to a Representative
Representative
You have the right to appoint an authorized representative to file an application or
appeal an adverse benefit decision. If your claim is denied in whole or in part, this
is known as an “adverse benefit decision.” Your authorized representative must
present written proof of authority to act on your behalf to the Annuity Trust Office.
Claim Filing Generally
Filing an application for benefits is the same thing as “making a claim” for benefits
under the Plan. You should keep the following information in mind when making a
claim for benefits:
Your authorized
representative may
submit proof such as
proof of guardianship,
custodianship, or other
legal authority in the
form of legal documents,
or a written declaration
signed by you that the
person has authority to
act on your behalf.
When You Should Request an Application for Benefits
You should not request an application for benefits more than 180 days prior to your Annuity Starting Date.
Federal law requires that the Annuity Trust Office send you a notice explaining the Plan’s optional payment
forms. This notice must be sent to you during a specific time period. The notice must be sent to you before
your Annuity Starting Date but it cannot be provided to you earlier than 180 days before your Annuity Starting
Date. Therefore, the Annuity Trust Office has a 180-day time frame within which it must make sure that the
notice is provided to you. If you get the notice too early, it is not effective, but if you get it too late, your
Annuity Starting Date must be postponed.
The Annuity Trust Office will send the notice to you when you request an application for benefits. A problem
occurs, however, if you request an application for benefits more than 180 days prior to the date you intend to
retire. Then the notice that was provided with the application becomes “stale.” Because it was provided to you
more than 180 days prior to your Annuity Starting Date, it is no longer any good and a new notice must be
provided. If the Annuity Trust Office is required to send you a new notice, it may delay the payment of your
benefit. As a result, you should not request an application for benefits earlier than 180 days prior to your Annuity
Starting Date.
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Requesting Benefits 8-1
When You Should Submit the Completed Application
You should complete and sign the application for benefits, including a consent to
distribution, any waiver form or election of form of benefit form and any other
legally required documents no more than 180 days before your Annuity Starting
Date. By law you have at least 30 days to consider the information in the notice
provided with your application for benefits before deciding which form of benefit
to elect. However, you will be allowed to elect your form of benefit earlier than
30 days from the date the notice was provided to you if you choose to do so.
When Your Application is Considered Filed
Your application is considered filed on the date the Annuity Trust Office receives it.
This is the date you are considered to have filed a “claim” for benefits.
Time When Your Application Will Be Decided
Your claim for benefits will normally be decided within ninety (90) days after it is
filed. In some cases, it may take longer for the following reasons:
Additional documentation you may need to
submit with your
application for benefits
includes proof of your
age, proof of your
spouse’s age, proof of
marital status, proof of
disability, or other
information as may be
necessary under the
circumstances. Refer to
your application for
benefits to find out the
exact documents
required. Contact the
Annuity Trust Office if
you have any further
questions.
• Extension of Time: If additional time is needed because of special circumstances, the Annuity Trust Office
will
will notify
notify you
you within
within the
the initial
initial 90-day
90-day period
period that
that an
an extension
extension of
of time
time isis necessary
necessary and
and will
will explain
explain the
the
reasons
reasons for
for the
the extension
extension as
as well
well as
as give
give you
you aa date
date the
the Plan
Plan expects
expects to
to make
make aa final
final decision. The extension
will
will not
not be
be more
more than
than 90
90 days.
days.
• Additional Information Needed: If the Plan needs you to provide additional information or documentation
the
the Annuity
Annuity Trust
Trust Office
Office will send you a written notice requesting the necessary information. Your application
will
will be
be processed
processed to
to the
the extent
extent possible
possible and
and will
will be
be completed
completed once
once the
the Annuity
Annuity Trust
Trust Office
Office receives the
additional
additional information
information from
from you.
you. If
If you
you need
need more
more time
time to
to provide
provide the
the information
information you
you should
should request
request an
an
extension
extension of
of time
time in
in writing.
writing. The
The final
final decision regarding your application will be made no later than 180 days
after
after your
your application
application isis initially
initially filed
filed unless you agree to a longer time in writing.
Notice of Denial (Adverse Benefit Decision)
If your claim is denied in whole or in part, this is known an “adverse benefit decision.” The Plan will mail you
or your authorized representative a written notice of its decision on your application for benefits explaining:
• The specific reasons for the adverse benefit decision;
• The specific Plan provision the decision is based on;
• A description of any additional information or material that you would need to provide before your
application could
could be
be approved,
approved, and
and an
an explanation
explanation about
about why
why the
the material
material or
or information
information isis necessary;
necessary;
application
• An explanation of the Plan’s appeal procedures; and
• A statement that you have a right to sue under Section 502(a) of ERISA after you have exhausted the Plan’s
appeal
appeal procedures.
procedures.
Filing an Appeal of an Adverse Benefit Decision
If you apply for benefits and the Plan finds you ineligible to receive benefit payments at the time you requested
it, if you believe you did not receive the full amount of benefits you are entitled to, or if you are otherwise
adversely affected by the Plan, you have the right to appeal to the Board of Trustees.
8-2 Requesting Benefits
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Your appeal must be made in writing and must be made within 60 days after you receive notice that your
claim has been denied! Your appeal must also state the reasons you believe you are entitled to relief.
If you do not file a written appeal within 60 days, the Plan considers you to have forfeited your right to appeal and no
further appeal or review will be available to you.
Your appeal will be decided by the Board of Trustees or by a committee of Trustees that has been given the
authority to make such decisions. The Trustees will give your appeal a full and fair review.
Scheduling of Appeal
Your appeal will be reviewed by the Trustees at the next regularly scheduled quarterly meeting after the Annuity
Trust Office receives your appeal. If your appeal is received within 30 days of the next meeting, then it will be
reviewed by the second quarterly meeting following receipt of your appeal. If there are special circumstances that
require more time for the Trustees to make their final decision they may take additional time but not longer than
the next quarterly meeting after they initially considered your appeal. You will be notified in writing if an extension of time is necessary to decide your appeal and will be told the date the final decision will be made.
Appeal Procedures and Rules You Should Know
• You are entitled to submit written comments, documents, records and other information related to your
application for
for benefits.
benefits.
application
• You may request to appear personally or have a representative present your appeal to the Trustees. If the
Trustees
Trustees grant
grant your
your request
request you
you will
will have
have the
the right
right to
to appear
appear personally
personally and
and you
you may
may have
have an
an attorney
attorney
represent
represent you
you at
at the
the hearing.
hearing.
• You have a right to request (free of charge) all documents, records, and other information relevant to your
claim
claim for
for benefits.
benefits.
• The Trustees will consider all comments, documents, records or other information you submit even if it was
not
not submitted
submitted at
at the
the time
time the
the initial
initial decision
decision was
was made
made by
by the
the Plan.
Plan.
Notice of the Trustees’ Decision
The Trustees will issue written notice of their decision within five days after the decision is made. The Trustees’
decision will be final and binding. The written notice you receive will include:
• The specific reasons for the decision;
• Reference to the specific Plan provision on which the decision is based;
• A statement that you are entitled to request and receive (free of charge) reasonable access to and copies of all
documents,
documents, records,
records, and
and other
other information
information relevant
relevant to
to your
your claim;
claim; and
and
• A statement that you have the right to bring a civil action under §502(a) of the Employee Retirement Income
Security
Security Act
Act (“ERISA”).
(“ERISA”).
• There is a two-year time limit on your right to file a lawsuit (for claims other than breach of fiduciary duty)
against the Annuity Trust, a Fund Employee, or a Plan Fiduciary. The time period does not start to run until the
later of the date of an adverse benefit determination by the Trustees or the date on which the claim or cause of
action arises.
If your claim for benefits was completely or partially denied and you followed the Plan’s appeals procedures, the two-year
time period during which you would have a right to file a lawsuit would not begin until the end of the appeals process.
®
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Requesting Benefits 8-3
Section 9: Loans
Section
The Annuity Trust provides you with the right to take out a loan from the Trust using your Individual Account
as collateral. You must meet certain eligibility requirements and there specific rules outlining the reasons you
may take out a loan. You should read this section carefully to make sure you understand your rights and
obligations under the loan program before taking out a loan.
Eligibility and Basis for Approval of Loans
If you have had an Individual Account for at least five years you may apply to the Trustees for a loan from the
Plan for one of the following reasons:
• Medical Expenses. If you are obligated to pay medical expenses because of sickness or injury suffered by you,
your
your spouse,
spouse, or
or your
your dependent,
dependent, and
and you
you do
do not
not have
have aa right
right to
to reimbursement
reimbursement for
for those
those expenses
expenses from
from any
any
other
other source
source (such
(such as
as Social
Social Security,
Security, Boilermakers
Boilermakers National
National Health
Health and
and Welfare
Welfare Plan,
Plan, any
any employer,
employer, union,
union, or
or
joint
joint employer-union
employer-union welfare
welfare plan
plan or
or program,
program, or
or Workers’
Workers’ Compensation).
Compensation).
• Higher Education. If you have incurred expenses for the payment of tuition, related educational fees, and/or
room
room and
and board
board at
at an
an educational
educational institution
institution beyond
beyond the
the high
high school
school level
level for
for yourself,
yourself, your
your spouse,
spouse, or
or
dependent
dependent child.
child.
A Dependent child is your unmarried child, regardless of age, who is dependent upon you for support and maintenance,
and who is regularly attending school on a full-time basis in an institution of learning. This child must be a natural or
legally adopted child, a stepchild who depends on you for support and maintenance and lives with you in a regular
parent-child relationship, or a child for whom you have legal responsibility for custody and support or maintenance
under a court order.
• Purchase of Principal Residence. If you are purchasing a dwelling that will be your principal place of
residence,
residence, you
you may
may take
take out
out aa loan
loan to
to pay
pay for
for the
the down
down payment,
payment, contract
contract or
or title
title expenses
expenses associated
associated with
with that
that
purchase.
purchase.
• Repairs or Improvements to Principal Residence. If you have made or will be
making
making improvements
improvements or
or repairs
repairs to
to your
your principal
principal place
place of
of residence
residence you
you may
may take
take
out
out aa loan
loan to
to pay
pay for
for the
the improvement
improvement costs
costs for
for work
work and/or
and/or materials.
materials.
• Imminent Foreclosure on Principal Residence. If you are threatened with
the
the loss
loss of
of your
your principal
principal place
place of
of residence
residence due
due to
to imminent
imminent foreclosure
foreclosure or
or aa
foreclosure
foreclosure proceeding
proceeding brought
brought against
against you
you or
or the
the county
county of
of your
your residence
residence will
will
take
take legal
legal action
action against
against your
your property
property because
because of
of failure
failure to
to pay
pay property
property taxes.
taxes.
This applies only to a
dwelling that will be
your principal place of
residence. For example,
vacation homes or
hunting cabins are not
eligible for the Plan
Loan Program.
Imminent foreclosure means you are at least three months delinquent on your mortgage payments and your mortgage
lender confirms in writing that foreclosure proceedings will begin shortly.
• Funeral Expenses. If you have incurred funeral expenses because of the death of your spouse, child or parent
you
you may
may take
take out
out aa loan
loan to
to pay
pay for
for those
those expenses.
expenses.
®
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Loans 9-1
Refer to your loan application to find out the exact documents required for your loan. Contact the Annuity Trust Office if
you have any further questions.
Spousal Consent Required
If you are seeking a loan that is more than $5,000, your spouse must give written consent before any portion of
your Individual Account may be used as security for the loan. Your spouse must consent in a writing that
acknowledges the effect of the loan, and it must be witnessed by a notary public. The consent may not be given
earlier than one hundred eighty days (180) days before the date your loan is to be secured by your Individual
Account.
Minimum
Loan Amount
Any renegotiation,
extension, renewal, or other revision of your original loan is considered a new loan and you will need a
new spousal consent for the renegotiation, extension or renewal.
The minimum amount you may borrow is $1,000.
Maximum
LoanAmount
Amount
Minimum Loan
You
only have
one outstanding
loan isat$1,000.
a time. If you had a previous loan that was treated as a “deemed
The may
minimum
amount
you may borrow
distribution” and that has not been repaid, that loan is considered an outstanding loan balance and will
Maximumyou
Loan
disqualify
fromAmount
receiving another Plan loan. (This includes any “deemed distribution” from any other qualified
planone
andoutstanding
is not limited
to loans
from Ifthis
You retirement
may only have
loan
at a time.
youPlan.)
had a previous loan that was treated as a “deemed
distribution”
and
that has
notcan
been
repaid,
thatlesser
loanof:
is considered an outstanding loan balance and will
The
maximum
amount
you
borrow
is the
disqualify
you from
receiving
another
Plan loan.
(This includes any “deemed distribution” from any other quali• 40% of your
Individual
Account
Balance
or
fied retirement plan and is not limited to loans from this Plan.)
• $50,000, minus the highest outstanding balance of any Plan Loan you had in the one-year period preceding
The
themaximum
new loan. amount you can borrow is the lesser of:
• 40%
of yourOn
Individual
or
Example:
January Account
1, 2012,Balance
Joe Boilermaker
had an outstanding Plan Loan in the amount of $15,000.
• $50,000,
minus
the highest
anyJanuary
Plan Loan
you had
the one-yeardecides
period preceding
He finished
paying
it off inoutstanding
December balance
of 2012.of On
1, 2013,
JoeinBoilermaker
to take out
the
new
loan.
a new loan. His Individual Account Balance is $150,000.00 on January 1, 2013. (You should assume Joe
has
had an On
Individual
least five years
is getting thePlan
loanLoan
for one
of the
reasons
Example:
JanuaryAccount
1, 2006,for
JoeatBoilermaker
hadand
an outstanding
in the
amount
of allowed
$15,000.
by
the
Trust
as
outlined
above.)
He finished paying it off in December of 2006. On January 1, 2007, Joe Boilermaker decides to take out
a new loan. His Individual Account Balance is $150,000.00 on January 1, 2007. (You should assume Joe
Calculation:
has had an Individual Account for at least five yeas and is getting the loan for one of the reasons allowed
C.
D.
B.
E.
by theA.Trust as outlined above.)
$50,000 Minus
Highest Outstanding Highest Outstanding
Loan Balance in
Loan Balance in
40% of Account
B. Months Previous 12
C.Months
D.
AccountA.
Balance Previous 12
Balance
$50,000 Minus
Highest
Outstanding Highest
Outstanding
$15,000
$35,000
$150,000
$60,000
Loan Balance in
Loan Balance in
40% of Account
Account
Balance
Previous
12 Months
Balance
Joe is eligible
to borrow
$35,000.00
from Previous
the Trust.12 Months
Calculation:
$150,000
$15,000
$35,000
$60,000
Interest
Rate and Repayment
Period
The
will bear
the outstanding
balance
at a rate equivalent to
Joeloan
is eligible
tointerest
borrowon
$35,000.00
from the
Trust.
the prime interest rate plus one point as published in the Wall Street Journal
Interest
Rate
and Repayment
Period
as
of the last
business
day of the month
prior to the month in which the loan
is
requested.
You
must
repay
the
entire
of the loan balance
and anyataccrued
The loan will accrue compound interest amount
on the outstanding
a rate
interest
within
the
time
period
set
forth
in
the
loan
agreement,
which
will
equivalent to the prime interest rate plus one point as published in the Wallnot
Street
be
longer
five the
(5) years
the dateYou
of the
loan,
or 10
if amount
the loan of the
Journal
at than
the time
loan isfrom
approved.
must
repay
theyears
entire
was
to purchase
principal
of residence.
loanused
and any
accrued your
interest
withinplace
the time
period set forth in the loan agreement,
which will not be longer than five (5) years from the date of the loan, or 10 years if
the loan was used to purchase your principal place of residence.
9-2 Loans
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Maximum Loan
Amount Available
(lesser amount of
E. D)
C and
Maximum Loan
Amount
Available
$35,000
(lesser amount of
C and D)
$35,000
Your Loan Payments are
suspended during a
period of Qualified
Military Service.
Your Loan Payments are
suspended during a
period of Qualified
Military Service.
Loan Application Procedure and Collateral
You must fill out a loan application form. When you apply, you must acknowledge that any payment made to
you under the Plan Loan program is a bona fide loan and is not a payment of any part of your Account Balance.
When you sign your loan application you are signing a legally binding agreement.
Rules Governing Loan Program
There
is an administrative
fee to loan
process
a loan.
Currently
the fee
is $100
per loan origination;
however, of
this fee is
The amount
of any outstanding
balance
will
be deducted
from
your Account
Balance for purposes
subject
to income,
change. gains, and losses to your Individual Account. Your loan must satisfy the conditions stated in
allocating
this Summary
as well
other conditions
Trustees
establish
under theofPlan
The
amount ofPlan
any Description
outstanding (“SPD”)
loan balance
willasbeany
deducted
from your the
Account
Balance
for purposes
Loan
Program.
allocating income, gains, and losses to your Individual Account. Your loan must satisfy the conditions stated in
this
Summary Plan Description (“SPD”) as well as any other conditions the Trustees establish under the Plan
Default
Loan Program.
Your loan agreement will specify the conditions that constitute a default on your loan. If your loan goes into
Default
default then the entire outstanding amount of the loan as of the date of default, plus any outstanding accrued
interest,
be treated
as specify
a “deemed
distribution”
and
will be includible
in your
required
by
Your
loanwill
agreement
will
the conditions
that
constitute
a default on
your gross
loan. income
If your as
loan
goes into
Federal then
tax laws.
The Trustees
will still
haveof
thethe
discretion
pursue
other legal
available to
recover
default
the entire
outstanding
amount
loan as oftothe
date any
of default,
plusremedy
any outstanding
accrued
payment
in
full
of
the
loan
and
accrued
interest.
interest, will be treated as a “deemed distribution” and will be includible in your gross income as required by
Federal tax laws. The Trustees will still have the discretion to pursue any other legal remedy available to recover
A “deemed distribution” means that the amount of your loan, plus any outstanding interest, will be treated as though it was
payment
in full ofofthe
loan
and accrued
interest.
an early payment
your
benefits
under Federal
tax laws. This means that you will be required to pay federal income taxes
on the outstanding amount of your loan plus any outstanding interest. If you are under age 591⁄2 and have not yet
A
“deemedfrom
distribution”
that theyou
amount
of your
loan, plus
anyadditional
outstanding
will be treated
asaddition,
though it was
separated
Coveredmeans
Employment,
may also
be subject
to an
10%interest,
early withdrawal
tax. In
an
payment
of your
benefits
under
Federal tax laws.
Thisofmeans
thatand
youthe
willloan
be required
to paytofederal
youearly
will still
be liable
to the
Plan for
the outstanding
balance
your loan
will continue
accrueincome
interest.taxes
on the outstanding amount of your loan plus any outstanding interest. If you are under age 591⁄2 and have not yet
separated from Covered Employment, you may also be subject to an additional 10% early withdrawal tax. In addition,
you will
stillOffset
be liableIftoYour
the Plan
for is
theinoutstanding
balanceYour
of your
loan and the loan
will continue
to accrue
interest.
Plan
Loan
Loan
Default When
Accumulated
Share
Becomes
Payable
If you still owe on an outstanding Plan Loan at the time your Accumulated Share becomes payable to you or a
Plan
Loan Offset
Your will
Accumulated
Payable
beneficiary,
then theWhen
Plan Loan
be paid out Share
of yourBecomes
Accumulated
Share. The full amount of the outstanding
balance,
plus
interest
date
of any priorShare
deemed
distribution
be or a
If
you still
oweany
onoutstanding
an outstanding
Planaccruing
Loan at through
the time the
your
Accumulated
becomes
payablewill
to you
deducted
from
your
Accumulated
Share
before
any
of
your
Accumulated
Share
is
paid
to
you
or
a
beneficiary.
beneficiary, then the Plan Loan will be paid out of your Accumulated Share. The full amount of the outstanding
This is called
a “Plan
Loan Offset.”
balance,
plus any
outstanding
interest accruing through the date of any prior deemed distribution will be
deducted
from
your Accumulated
Accumulated Share
Share isbefore
anytoofanyour
Accumulated
Share
you orConsent
a beneficiary.
is not
If a portion
of your
payable
Alternate
Payee then
theis paid toSpousal
needed
for
a
Plan
Loan
This
is
called
a
“Plan
Loan
Offset.”
Plan Loan Offset will only be deducted from the Alternate Payee’s share to the
Offset. This is an
extent
that your
outstanding
loan Share
balance
exceeds the
amount
payable
you,the
your
Spousal
Consent
not
If
a portion
of your
Accumulated
is payable
to an
Alternate
Payeetothen
automatic
event ifisyour
surviving
spouse,
or
another
beneficiary.
needed
for
a
Plan
Loan
Plan Loan Offset will only be deducted from the Alternate Payee’s share to the
loan is in default when
extent that your outstanding loan balance exceeds the amount payable to you, your
surviving spouse, or another beneficiary.
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Offset.
This is an Share
your Accumulated
automatic
event if your
becomes payable.]
loan is in default when
your Accumulated Share
becomes payable
Loans 9-3
Section 10: How Benefits
Section
Benefits May Be
Delayed, Forfeited
Forfeited or
or
Reduced, Delayed,
Offset
There are certain situations under which your Annuity Benefits may be reduced, delayed, lost or offset. Most of
these circumstances are detailed throughout this Summary Plan Description. 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 Annuity Trust Office.
Office
• You, your spouse, or your beneficiary do not furnish the information or documentation necessary to process
your claim
claim for
for benefits.
benefits.
your
• Your
You do
not have
a valid Annuity
Designation
of Beneficiary
on of
filethis
in the
Annuity Trust Office and no one
Account
is charged
with Plan
expenses. (See
pages 4-3 form
and 4-4
SPD.)
who would qualify as a beneficiary makes a claim by December 31 of the calendar year that contains the fifth
• You request estimates of your benefits.
anniversary of your death.
• You choose an annuity form of benefit.
• Your Account is charged with Plan expenses. (See pages 4-3 and 4-4 of this SPD.)
• You take out a Plan Loan.
• You request estimates of your benefits.
• You default on a Plan Loan.
• You choose an annuity form of benefit.
• You obtain a Qualified Domestic Relations Order that divides your Individual Account.
• You take out a Plan Loan.
• You, your spouse, or your beneficiary provide false information to the Trust, file a false claim for benefits, or
• You default on a Plan Loan.
take any action to intentionally defraud the Trust.
• You obtain a Qualified Domestic Relations Order that divides your Individual Account.
• You, your spouse, or your beneficiary provide false information to the Trust, file a false claim for benefits, or
take any action to intentionally defraud the Trust.
Top-Heavy Provisions
A plan is considered top-heavy when a certain percentage of the total benefits have accumulated for officers or
highlypaid employees. Determination of whether this Plan is top-heavy is made on an Employer-by-Employer
basis. If any portion of this Plan is considered to be top-heavy with respect to one Employer it shall not affect
any other part of this Plan. If the Plan is considered top-heavy with respect to one Employer, certain employees
will be granted minimum benefit accrual of no less than 3% of such Participant’s compensation; in addition, a
supplement to this Summary Plan Description explaining the rules in more detail will be provided to you. The
top-heavy provisions have been amended to comply with Internal Revenue Code § 415 and Internal Revenue
Code § 416(g)(3) as amended by the Economic Growth and Tax Relief Reconciliation Act of 2001.
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How Benefits May Be Reduced 10-1
Section 11: General
General Information
Information
Section
The following general information is to help you understand the administration of the Trust as well as to provide
you with certain information required by federal law.
Name of Your Plan
The Boilermakers National Annuity Trust
Plan Sponsor
The Plan is sponsored by the Board of Trustees. Please refer to page ii of this SPD for a complete listing of the
Board of Trustees.
IRS Plan Identification Number and Plan Number
The Plan Identification Number (EIN) is 48-1029345.
The Plan Number is 001.
Type of Administration and Plan Administrator
The Plan Administrator is the Board of Trustees of the Boilermakers National Annuity Trust. The Plan is
administered by a professional administrator employed by the Board of Trustees, at the direction of the Board of
Trustees. The Board has delegated the authority and discretion to carry out the day-to-day duties of running the
Plan to this administrator. References to Plan Administrator in this booklet are to the Board of Trustees and,
to the extent the Board of Trustees has delegated authority and discretion to the administrator, to that
administrator also. You may contact the Plan Administrator at the following address:
The Boilermakers National Annuity Trust
753
Ave, Suite
754 State
Minnesota
Ave. 106
Kansas City, KS 66101-2762
Phone: (866) 342-6555 (toll free)
Phone: (913) 342-6555
Contributing Employers
You may obtain a complete list of employers (and employee organizations) contributing to the Plan upon
written request to the Plan Administrator, or you may examine the list at the Annuity Trust Office. For further
information, see the section describing how you may obtain access to and copies of Plan documents.
You may receive from the Plan Administrator, upon written request, information as to whether a particular
employer (or employee organization) contributes to the Plan and, if so, that entity’s address.
Collective Bargaining Agreement
The Plan is maintained pursuant to Collective Bargaining Agreements (CBA’s). You can get a copy of any of the
CBA’s by making a written request to the Plan Administrator. You may also examine a copy of any of the CBA’s
at the Annuity Trust Office.
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General Information 11-1
Type of Plan
This Plan is a collectively bargained, multi-employer, defined contribution profit sharing plan. Prior to
January 1, 2007, this Plan was a defined contribution money purchase pension plan. The Annuity Plan is not
insured under the Pension Benefit Guaranty Corporation, a federal insurance agency, because only defined
benefit pension plans are eligible for this insurance.
Agent for Service of Legal Process
Richard
Calcara, Esq.
Fund
Counsel
Fund Counsel
Blake
& Uhlig, PA
BlakeState
& Uhlig,
PA 475
753
Ave., Suite
753 State
Ave.,
475
Kansas
City,
KSSuite
66101
Kansas City, KS 66101
Service of Legal Process may also be made on the Plan Administrator or any Plan Trustee at the Annuity Trust
Office.
Service of Legal Process may also be made on the Plan Administrator or any Plan Trustee at the Annuity Trust
Office.
Source of Contributions
Source of Contributions
This Plan is funded through employer contributions made on behalf of employees under the terms of a
collective
or participation
as well
as through
earnings.
This Plan bargaining
is funded through
employeragreement,
contributions
made
on behalfinvestment
of employees
under the terms of a
collective bargaining or participation agreement, as well as through investment earnings.
Trust
Trust
Contributions to this Plan are made to the Boilermakers National Annuity Trust, established by the Trust
Contributions
to thisthe
Plan
are made toNational
the Boilermakers
National
Annuity Trust, established by the Trust
Agreement Creating
Boilermakers
Annuity Trust
Agreement.
Agreement Creating the Boilermakers National Annuity Trust Agreement.
Plan Year
Plan Year
The Plan’s records are maintained on a calendar year basis with each Plan Year beginning January 1 and ending
The
Plan’s records
are maintained
on a calendar year basis with each Plan Year beginning January 1 and ending
the following
December
31.
the following December 31.
Fraudulent Claims or Information
Fraudulent Claims or Information
If any Participant or beneficiary provides false or fraudulent information or documents to the Annuity Trust
If any Participant
beneficiary
provides
false
fraudulent
or documents
to the
Trust
Office
or Trustees,orany
application
or claim
fororbenefits
may information
be denied. The
Trustees have
the Annuity
right to recover
Office
or
Trustees,
any
application
or
claim
for
benefits
may
be
denied.
The
Trustees
have
the
right
to
recover
any benefit payment made on the basis of the false or fraudulent information or documents.
any benefit payment made on the basis of the false or fraudulent information or documents.
Errors in Accounts
Errors in Accounts
If an error in any Individual Account or record (including the amount of any benefit payment) is discovered that
If an error
in in
any
Individual
Account
oror
record
(including
the amount
anyit benefit
payment)
discovered
would
result
any
Individual
Account
payment
being more
or less of
than
would have
been is
had
the errorthat
would
result inthe
any
Individual Account
or payment
being
than it would
have been
the error
not
occurred,
Administrator
or Trustees
will correct
themore
errororbyless
adjusting,
or instructing
thehad
professional
not occurred,to
theadjust,
Administrator
or Trustees
willorcorrect
by adjusting,
instructing
thepractical.
professional
recordkeeper
the Individual
Account
recordthe
to error
the extent
necessaryorand
reasonably
Any
recordkeeper
to shall
adjust,
Account
record to the
necessary and reasonably practical. Any
such
correction
bethe
finalIndividual
and binding
on allorParticipants
andextent
beneficiaries.
such correction shall be final and binding on all Participants and beneficiaries.
11-2 General Information
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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 any
findings of fact needed to administer the Plan and make decisions on benefit claims. Any dispute about
eligibility for benefits, the form of benefit payment, the amount of benefits, the duration of benefit
benefit payments
payments or
or
any right to payments from the Fund will be resolved by the Board of Trustees or by a person 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 in this Summary Plan Description, you should make a written request to the
Annuity Trust Office for a copy of the Plan document and review the more detailed and complete provisions in
the Plan document.
Amendment or Termination of the Plan
Although this Plan is intended to exist indefinitely, the Trustees reserve the right to amend or modify the Plan or
terminate the Plan at any time and for any reason they decide is necessary or desirable.
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General Information 11-3
Section 12: Your
Your ERISA
ERISA Rights
Section
This section contains important information for you about your rights under federal law as a Participant in the
Boilermakers National Annuity Trust. These include rights to request information and documents from the
Trust. You should read this section to help you understand your rights and how to enforce them.
Statement of ERISA Rights
As a participant in the Boilermakers National Annuity Trust you are entitled to certain rights and protections
under the Employee Retirement Income Security Act of 1974 (“ERISA”). ERISA provides that all plan participants shall be entitled to:
Receive Information About Your Plan and Benefits
Examine, without charge, at the plan administrator’s 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.
Obtain, upon written request to the plan administrator, copies of documents governing the operation of the
plan, including insurance contracts and collective bargaining agreements, and copies of the latest annual report
(Form 5500 Series) and updated summary plan description. The administrator may make a reasonable charge
for copies.
Receive a summary of the plan’s annual financial report. The plan administrator is required by law to furnish
each participant with a copy of this summary annual report.
Obtain a statement 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 twelve (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 do so prudently and in the interest of you and other plan participants and beneficiaries. No
one, including your employer, your union, or any other person, may fire you or otherwise discriminate against
you in any way to prevent you from obtaining a pension benefit or exercising your rights under ERISA.
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.
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Your ERISA Rights 12-1
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 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
order or
a medical
may
thereof concerning the qualified status of a domestic relations order,
you
may file child
suit insupport
Federalorder,
court.you
If it
should
file suit in
Federal
court. If itmisuse
shouldthe
happen
planorfiduciaries
the plan’s
money,
if you are
happen
that
plan fiduciaries
plan’s that
money,
if you are misuse
discriminated
against
for or
asserting
your rights,
discriminated
against forfrom
asserting
yourDepartment
rights, you may
seek assistance
from
Labor,
or will
you
may seek assistance
the U.S.
of Labor,
or you may
file the
suitU.S.
in a Department
Federal court.of The
court
you may
fileshould
suit in pay
a Federal
court.and
The
court
willIfdecide
should pay
costsorder
and legal
fees. Ifyou
youhave
are
decide
who
court costs
legal
fees.
you arewho
successful,
the court may
the person
successful
court
mayand
order
youthe
have
sued
to order
pay these
fees.costs
If you
mayif it
sued
to paythe
these
costs
fees.theIfperson
you lose,
court
may
you costs
to payand
these
andlose,
fees,the
for court
example,
order your
you to
pay isthese
costs and fees, for example, if it finds your claim is frivolous.
finds
claim
frivolous.
Assistance with Your Questions
If you have any questions about your plan, you should contact the plan administrator. If you have any questions
about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from
the plan administrator, you should contact the nearest office of the Employee Benefits Security Administration,
U.S. Department of Labor, listed in your telephone directory or the Office of Participant Assistance, Employee
Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, DC
20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling
the publications hotline of the Employee Benefits Security Administration.
12-2 Your ERISA Rights
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Section 13: Glossary of Definitions
Definitions
Section
The terms listed below are important terms that are used throughout this SPD and they are listed with capital
letters
wherever
areare
used
in this SPD.
youthroughout
see one of these
terms
capitalized
in thewith
SPDcapital
it means
The terms
listedthey
below
important
terms Whenever
that are used
this SPD
and
they are listed
that
thewherever
term hasthey
the are
veryused
specific
meaning
defined below.
letters
in this
SPD. Whenever
you see one of these terms capitalized in the SPD it means
that
the term
has the
verythe
specific
meaning
defined
below.
Account
Balance
means
amount
(or value)
of your
Individual Account as of any Valuation Date. An
Account Balance may be determined only as of a Valuation Date, and is calculated as explained on page 4-3 of
this SPD.
Account
Balance
means
thethe
amount
(orpayable
value) of
youryour
Individual
Account
as ofand
anyapplies
Valuation
An
Accumulated
Share
means
amount
from
Individual
Account,
onlyDate.
for purposes
of
Account
Balance
may beamount
determined
a Valuation
Date, and isThe
calculated
as explained
oncalculated
page 4-3 of
determining
the proper
to beonly
paidastoofyou
or your beneficiary.
Accumulated
Share is
as
explained
on
page
5-1
of
the
SPD.
this SPD.
Alternate Payee means the spouse, former spouse, child, or other dependent of a Participant who is designated
Accumulated
means
the amount
from to
your
Individual
Account,
only
for purposes
of
by a Qualified Share
Domestic
Relations
Orderpayable
(“QDRO”)
receive
benefits,
or whoand
has applies
any other
rights
with
respect
to
the
Individual
Account
of
that
Participant.
determining the proper amount to be paid to you or your beneficiary. The Accumulated Share is calculated as
explained
on page Date
5-1 ofmeans
the SPD.
Annuity Starting
the first day of the month that benefits will start if paid in the form of an
annuity. If you, an Alternate Payee, or beneficiary is entitled to payment in a form other than an annuity, the
Alternate
Payee means
former
spouse,
child, oris other
of a Participant
who
designated
Annuity Starting
Date isthe
thespouse,
first day
after the
application
filed. dependent
If an application
for benefits
is is
denied,
you
will
have
to
submit
a
new
application
for
benefits
and
establish
a
new
Annuity
Starting
Date
before
benefits
by a Qualified Domestic Relations Order (“QDRO”) to receive benefits, or who has any other rights with can
be paid.to the Individual Account of that Participant.
respect
Covered Employment means any work performed by an Employee for an Employer who is required by an
agreementStarting
to makeDate
contributions
theday
Planoffor
work.
Annuity
means thetofirst
thethat
month
that benefits will start if paid in the form of an
annuity.
you, anany
Alternate
Payee, or beneficiary
is entitled to payment
in a form
other
than an to
annuity,
EmployeeIfmeans
person performing
Covered Employment
for an Employer
who
is required
make the
Annuity
Starting
Date
is theIndividuals
first day after
the application
filed. employees
If an application
for benefits
is denied,are
you
contributions
to the
Plan.
performing
work asisleased
or independent
contractors
not
will
have toeligible
submitto
a new
application
benefits and establish a new Annuity Starting Date before benefits can
Employees
participate
in thefor
Plan.
be
paid. means a person who makes contributions to the Fund under a written collective bargaining agreeEmployer
ment or participation agreement and who employs Employees who are covered under this Plan.
Covered Employment means any work performed by an Employee for an Employer who is required by an
Individual Account means the account established on the books and records of the Plan for each Participant
agreement to make contributions to the Plan for that work.
(including an Alternate Payee).
Military Service
the performance
of duty on
a voluntary for
or involuntary
in time
of peace
Employee
means means
any person
performing Covered
Employment
an Employerbasis,
who whether
is required
to make
or war, in the Armed Forces of the United States, the Army or Air National Guard (for either training or
contributions to the Plan. Individuals performing work as leased employees or independent contractors are not
full-time duty), the commissioned corps of the Public Health Service or any other category of persons designated
Employees
eligible
in the
by the President
of to
theparticipate
United States
in Plan.
time of war or national emergency. Military Service includes active duty,
training, and any period from which you are absent from Covered Employment for purposes of a physical
Employer
means a person
who makesfitness
contributions
to for
the purposes
Fund under
a written collective
bargaining
or mental examination
to determine
for duty or
of performing
funeral honors
duty.agreeIn
addition,
certain
types
of
service
as
an
intermittent
disaster-responder
will
be
treated
as
Military
ment or participation agreement and who employs Employees who are covered under this Plan. Service.
Participant means any person who has an Individual Account and whose entire Accumulated Share has not yet
Individual
Account means the account established on the books and records of the Plan for each Participant
been fully distributed.
(including an Alternate Payee).
Plan Year means the twelve consecutive month period from January 1 through December 31 of any calendar
year.
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Glossary of Definitions 13-1
ValuationService
Date means
on which of
theduty
value
Individual
Account isbasis,
established
theofterms
Military
meansany
the day
performance
onofa your
voluntary
or involuntary
whetherunder
in time
peace
of
the
Plan.
Effective
January
1,
2007,
each
business
day
(Monday
–
Friday
excluding
legal
holidays)
is
a
or war, in the Armed Forces of the United States, the Army or Air National Guard (for either training or
Valuation
Date. the
Prior
to January 1,corps
2007,
occurred
31,category
June 30,ofSeptember
30 and
full-time duty),
commissioned
ofValuation
the PublicDates
Health
Service on
or March
any other
persons designated
December 31 of each calendar year. The Fund’s annual valuation occurs on the last day of each Plan Year.
by the President of the United States in time of war or national emergency. Military Service includes active duty,
training, and any period from which you are absent from Covered Employment for purposes of a physical
or mental examination to determine fitness for duty or for purposes of performing funeral honors duty.
In addition, certain types of service as an intermittent disaster-responder will be treated as Military Service.
Participant means any person who has an Individual Account and whose entire Accumulated Share has not yet
been fully distributed.
Plan Year means the twelve consecutive month period from January 1 through December 31 of any calendar
year.
Valuation Date means any day on which the value of your Individual Account is established under the terms
of the Plan. Effective January 1, 2007, each business day (Monday – Friday excluding legal holidays) is a
Valuation Date. Prior to January 1, 2007, Valuation Dates occurred on March 31, June 30, September 30 and
December 31 of each calendar year. The Fund’s annual valuation occurs on the last day of each Plan Year.
13-2 Glossary of Definitions
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Richard J. Mooney Chairman John Cammuso Vice Chairman DATE: TO:
Lawrence J. McManamon
Secretary
Edwin G. Vance
Assistant Secretary
December 2013
All Annuity Plan Participants, Beneficiaries, Alternate Payees,
Local Lodges, Contributing Employers and the IBB
FROM: Boilermakers National Annuity Trust
RE: Important Changes to the Annuity Plan Effective January 1, 2014
We are pleased to announce the Board of Trustees has recently made important changes to the Annuity Plan through
the adoption of Plan Amendment 12, effective January 1, 2014. Among other changes, the Amendment provides an
expanded list of optional forms of benefit and greater flexibility in the availability of loans from the Plan.
Please read this notice carefully and keep it with your Summary Plan Description for future reference. This notice
summarizes Plan Amendment 12, which affects your rights under the Plan through plan design changes in the
following substantive areas:
•
•
•
•
•
•
•
Elimination of the “force-out” from the Plan at age 65
The addition of new optional forms of benefit available under the Plan
More flexibility in the availability of loans from the Plan
A higher loan maximum which may be borrowed from your Individual Account
A change in the loan interest rate reference utilized by the Plan
The addition of “eviction” as grounds for a loan from the Plan
Extended repayment periods for principal residence Plan loans
Elimination of the Age 65 Force-Out
Old Rule: A Participant who was separated from service at a point following age 65 without beginning payment
of his benefits would be “forced out” of the Plan and subject to an automatic commencement of benefits from
his Individual Account. The Fund would automatically begin payment of the benefit, through the purchase of an
annuity contract, in the form of a Qualified Joint and Survivor Annuity if the Participant was married, or through
a Single Life Annuity for unmarried Participants.
New Rule: Participants who have reached age 65 and have an account balance in excess of $5,000 now have the
option of remaining in the Plan beyond age 65, even if they have separated from service. This amendment does
not affect the obligation to commence Required Minimum.
Distributions upon the Participant’s Required Beginning Date (generally, April 1st of the calendar year following the later
of the calendar year in which the Participant attains age 70-1/2 or the calendar year in which the Participant Retires).
Example 1: Tom Boilermaker retires at age 68 in February 2014, and has a balance of $40,000 in his
Individual Account. Because Tom is now permitted to remain in the Plan despite separating from service
after reaching Normal Retirement Age (65), he chooses not to have any portion of his account distributed
at the time of his retirement. In fact, Tom is not required to take any distribution until April 1 of the year
after that in which he reaches age 70 ½, in accordance with the IRS’s required minimum distribution rules.
Page 1 of 4
UN
I ON
Addition of Installment Payments as an Optional Form of Benefit
Old Rule: The Annuity Plan limited the distribution options for Participants to either a single lump sum payment
or an annuity form of payment through the purchase of an annuity contract. Beneficiaries were generally limited
to a lump sum distribution (surviving spouses meeting certain Plan requirements were entitled to a Qualified PreRetirement Survivor Annuity form of payment in the event they did not elect a lump sum).
New Rule: Effective for distributions on or after January 1, 2014, installment payments are added as an
optional form of benefit available to both Participants and Beneficiaries. Benefits will be paid in the form of
equal installments on a monthly, quarterly, annual, or semi-annual basis over a fixed reasonable period of time,
subject to the IRS’s Required Minimum Distribution Rules. You or your beneficiary may, at any time, change or
revoke an earlier installment payment election with respect to an unpaid account balance, provided such change/
revocation does not violate IRS required minimum distribution rules. This will generally allow you to change the
frequency of payment or the amount received at any time while there is an unpaid balance of your accumulated
share. NOTE: An election to receive a lump sum or an annuity form of payment (through the purchase of
an annuity contract) is irrevocable once payment has commenced.
Installment payments will be discontinued in the event additional hours or contributions are posted to your
Individual Account before a scheduled payment is processed and approved. You may re-apply for installment
payments once you re-establish a separation from service, which requires completion of a new 12 consecutive
month period in which you perform no work in Covered Employment.
Addition of Partial Distributions for Greater Flexibility in Benefit Options
Old Rule: A single benefit election (whether a lump sum distribution or an annuity) applied to the entire account
balance. A Participant could not choose to take a partial distribution of the balance in his Individual Account.
New Rule: Effective January 1, 2014, upon becoming entitled to the payment of benefits, you or your beneficiary
may elect to receive distribution of all or any portion of the Individual Account in any available form of payment
under the Plan, provided the Plan’s spousal consent requirements are satisfied.
Example 2: Bill Boilermaker retires in February 2014 with an Individual Account balance of $100,000.
He may choose to take $50,000 in the form of a single lump sum payment. The remaining $50,000
may be left in his Account, distributed through installment payments over a fixed term, or paid through
any of the annuity options available under the Plan. Bill retains the right to change a prior election to
receive installment payments. For instance, if Bill elects to receive the remaining $50,000 in installment
payments but encounters financial difficulties in 2015 and requires immediate access to the remainder of
his Individual Account, he may forgo the future installments and elect to receive the remainder in a lump
sum. However, an election to receive a lump sum or an annuity form of payment (through the purchase
of an annuity contract) is irrevocable once payment has commenced.
Eligibility for a Plan Loan – Elimination of the 5-Year Requirement
Old Rule: The Plan required a Participant to have an Individual Account for five years or more before he or
she could qualify for a Plan loan. If you had taken a distribution of your account balance upon leaving Covered
Employment and later return to Covered Employment, you were required to again satisfy the 5-year requirement
in order to be eligible for a Plan loan.
Page 2 of 4
New Rule: Effective January 1, 2014, as long as you have a balance of at least $2,000 in your Individual
Account, you will be eligible for a Plan loan regardless of the length of time you have held your Individual
Account, provided you satisfy the other loan requirements summarized in the Plan Document and Section 9 of
the Summary Plan Description.
Increase in the Maximum Plan Loan Available from your Individual Account
Old Rule: The Plan previously limited the maximum loan amount which could be taken to the lesser of 40% of
the amount in your Individual Account, or $50,000 minus the highest outstanding balance of any plan loan you
had in the 12 month period preceding the new loan.
New Rule: Under the new rule, the Plan has increased the maximum loan amount to reflect the maximum
permissible by federal law. Effective January 1, 2014, the maximum amount which may be borrowed from your
Individual Account shall be the lesser of 50% of the amount in your Individual Account or $50,000, minus the
highest outstanding balance of any plan loan you had in the 12 month period preceding the new loan.
Change in the Benchmark Used to Determine the Interest Rate of Plan Loans
Old Rule: The Plan provided that the interest rate assessed on Plan loans would be the prime interest rate plus
one point, as published in the Wall Street Journal, on the last business day of the month prior to the month in
which the loan is requested.
New Rule: To make the Plan language consistent with the operations of the Plan’s new recordkeeper, effective
January 1, 2014, the interest rate assessed on Plan loans shall be the prime interest rate plus one point, as published
on www.federalreserve.gov, on the last business day of the month prior to the month in which the loan is requested.
Addition of Eviction as Grounds for a Plan Loan
Old Rule: The Plan would allow for a Plan loan in the event of an imminent foreclosure on a Participant’s
principal place of residence, but did not address or provide for loans where a Participant was threatened with the
loss of his residence through eviction.
New Rule: In addition to allowing for a Plan loan where you are faced with the loss of your principal place
of residence through a foreclosure proceeding, effective January 1, 2014, a loan may also be taken where you
have been threatened with the imminent loss of your residence through an eviction notice. In order to qualify
as grounds for a Plan loan, the threatened eviction must be documented by a formal written notice from or on
behalf of the property owner, stating that eviction proceedings will be initiated if overdue rent is not received by
a specified date.
Extended Repayment Period for Principal Residence Plan Loans
Old Rule: The Annuity Plan provided for a maximum of ten years to repay a loan taken for the purpose
of acquiring any dwelling unit which, within a reasonable time, is to be used as the Participant’s
principal residence (a “principal residence Plan loan”).
New Rule: Effective for loans issued on or after January 1, 2014, the Annuity Plan provides for a
maximum repayment period of twenty years for principal residence Plan loans.
Page 3 of 4
For More Information
If you have questions concerning these amendments, please contact Prudential Retirement toll free at
1-855-611-BNAT (2628).
•
•
Automated system available 24 hours a day, seven days a week
Representatives are available Monday through Friday 8 a.m. to 9 p.m. ET
To access your account online go to www.bnf-kc.com and click the “Check Your Annuity” link to
access your individual account.
Sincerely,
The Board of Trustees
Page 4 of 4
Richard J. Mooney
Chairman
Lawrence J. McManamon
Secretary
John Cammuso
Vice Chairman
DATE:
TO:
FROM:
RE:
Edwin G. Vance
Assistant Secretary
JANUARY 2015
PARTICIPANTS IN THE BOILERMAKERS NATIONAL ANNUITY
TRUST
BOILERMAKERS NATIONAL ANNUITY TRUST
NOTICE OF AMENDMENT NO. 13 TO THE PLAN DOCUMENT,
AMENDED AND RESTATED AS OF JANUARY 1, 2007
To comply with IRS rules requiring qualified retirement plans to recognize the Supreme Court’s
decision in United States v. Windsor that legally married same-sex couples must be treated as married
under federal law, the Trustees adopted Amendment No. 13 to the Annuity Plan, effective June 26,
2013. This notice summarizes Amendment No. 13 and highlights the treatment of same-sex marriages
under the Annuity Plan. Please read this notice and keep it with your Summary Plan Description for
future reference.
ADDITION OF A DEFINITION OF “SPOUSE” TO COMPLY WITH FEDERAL LAW
A new Plan Section 1.44, labeled “Spouse,” has been added to clarify that the term “Spouse” is to
include same-sex spouses, in accordance with the Windsor decision and subsequent IRS guidance for
qualified retirement plans.
Pursuant to guidance issued by the IRS, effective September 16, 2013, the Annuity Plan will recognize a
marriage between same-sex spouses as valid if the marriage was celebrated in a state which recognizes
same-sex marriage, regardless of the married couple’s state of domicile. Between June 26, 2013 and
September 15, 2013, the Annuity Plan will recognize a marriage between same-sex spouses as valid if:
1) the marriage was celebrated in a state which recognizes same-sex marriage; and 2) the married couple
is domiciled in a state which recognizes same-sex marriage. This treatment will not apply to registered
domestic partnerships, civil unions, and other formal relationships under state law, as these
arrangements are not deemed to be “marriage” for purposes of the qualified retirement plan rules.
Any references in the Plan to “surviving spouse” and “Husband and Wife,” such as those found in any
Plan language discussing survivor annuity benefits, shall be interpreted as including same-sex spouses if
the parties satisfy the legal requirements stated above.
                                                                                         
754 Minnesota Avenue |
Kansas City, KS 66101-2766 | 866.342.6555 | 913.342.6555
| bnf-kc.com

Letter from theBoard of Trustees

Transcription

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