THE BOILERMAKER-BLACKSMITH

Transcription

1 TRUST AGREEMENT Creating THE BOILERMAKER-BLACKSMITH NATIONAL PENSION TRUST (As Amended Effective January 12, 1983)

2 TABLE OF CONTENTS Page ARTICLE I Creation of Trust... 1 ARTICLE II Board of Trustees... 2 ARTICLE III Powers and Duties of Board of Trustees... 2 Sec. 1. Management and Control... 2 Sec. 2. Records and Audit... 4 Sec. 3. Surety Bonds... 4 Sec. 4. Deposit and Withdrawal of Funds... 4 ARTICLE IV Contributions to Fund... 4 Sec. 1. Rate of Contributions... 4 Sec. 2. Payment and Enforcement... 4 Sec. 3. Default in Payment... 5 Sec. 4. Examination of Records... 5 Sec. 5. Nonresponsibility for Contributions by Others... 6 ARTICLE V Administration of Fund... 6 Sec. 1. Powers... 6 Sec. 2. Title to the Fund... 8 Sec. 3. Status of Invesment Agent and Insurance Company... 8 ARTICLE VI Plan of Benefits... 8 Sec. 1. Benefits and Eligibility... 8 Sec. 2. Written Plan of Benefits... 8 ARTICLE VII Amendment and Termination... 8 Sec. 1. Power to Amend... 8 Sec. 2. Restrictions on Right to Amend or Terminate... 9 Sec. 3. Liquidation on Termination... 9 Sec. 4. Internal Revenue Service Approval... 9 ARTICLE VIII Miscellaneous... 9 Sec. 1. Construction... 9 Sec. 2. Savings Clause... 9 Sec. 3. Dealings with Trustees Sec. 4. Execution of Counterparts Sec. 5. Duration of the Trust Sec. 6. Reliance on Documents Sec. 7. Execution of Documents Sec. 8. Reciprocal Arrangements Sec. 9. Effect of Making Contributions Without Agreement ARTICLE IX Definitions... 11

3 TABLE OF CONTENTS Page APPENDIX A Sec. 1. Employer Trustee Areas Sec. 2. Employer Industry-Area Trustees Sec. 3. Manner of Appointing Employer Trustees Sec. 4. Union Trustees Sec. 5. Effective Date of Appointment Sec. 6. Term of Office Sec. 7. Resignation Sec. 8. Removal Sec. 9. Voting Sec. 10. Vacancy or Absenteeism Sec. 11. Officers Sec. 12. Meetings Sec. 13. Quorum Sec. 14. Action Without a Meeting Sec. 15. Executive Committee Sec. 16. Expenses of Trustees Sec. 17. Arbitration APPENDIX ARTICLE I Definitions ARTICLE II Participation Sec. 1. Participation Sec. 2. Termination of Participation Sec. 3. Reinstatment of Participation ARTICLE III Pension Eligibility and Amounts 26 A. Age Pension (At Age 64 or later) Sec. 1. General Sec. 2. Eligibility for Basic Pension Sec. 3. Amount of Basic Pension Sec. 4. Eligibility for Past Service Pension Sec. 5. Amount of Regular Past Service Pension Sec. 6. Amount of Special Past Service Pension B. Early Retirement Pension Sec. 7. Eligibility for Early Retirement Pension Sec. 8. Amount of Early Retirement Pension... 30

4 TABLE OF CONTENTS Page C. Disability Pension Sec. 9. Eligibility for a Disability Pension Sec. 10. Amount of the Monthly Disability Pension Sec. 11. Disability Pension Payments Sec. 12. Recovery by a Disability Pensioner Sec. 13. Return to Covered Employment by a Disability Pensioner D. Vested Pension Sec. 14. Eligibility for Vested Pension Sec. 15. Amount of Vested Pension Sec. 16. Alternative Vested Pension Sec Certain Payments Option Sec. 18. Rules for Election of Option ARTICLE IV Husband-and-Wife Pension Sec. 1. General Sec. 2. Effective Date Sec. 3. Upon Retirement Sec. 4. After Normal Retirement Age but Before Retirement Sec. 5. Before Normal Retirement Age and Before Retirement Sec. 6. Retirement on a Disability Pension Before Age Sec. 7. Adjustment of Pension Amount Sec. 8. Additional Conditions Sec. 9. Continuation of Husband-and-Wife Pension Form ARTICLE V Death Benefit Sec. 1. Eligibility for and Amount of Death Benefit Sec. 2. Designation of Beneficiary Sec. 3. Failure to Designate Beneficiary or Death of Beneficiary ARTICLE VI Pensions Credits and Years of Vesting Service Sec. 1. Pension Credit for Periods Prior to Contribution Date (Past Service Credit)... 40

5 TABLE OF CONTENTS Page Sec. 2. Pension Credit for Periods After the Contribution Date (Future Service Credit)...42 Sec. 3. Years of Vesting Service...42 Sec. 4. Breaks in Covered Employment and Cancellation of Pension Credit and Vesting Service...43 ARTICLE VII ARTICLE VIII ARTICLE IX Claim Procedures, Determination of Disputes, Benefit Payments, and Retirement...45 Sec. 1. Advance Written Applications Required...45 Sec. 2. Information and Proof...46 Sec. 3. Action of Trustees...46 Sec. 4. Right of Appeal and Determination of Disputes...46 Sec. 5. Benefit Payments Generally...48 Sec. 6. Duplication of Pensions...49 Sec. 7. Lump Sum Payment in Lieu of Monthly Pension...49 Sec. 8. Retirement...49 Sec. 9. Suspension of Benefits...50 Sec. 10. Pension Payments Following Suspension...52 Sec. 11. Nonforfeitability and Vested Status...53 Sec. 12. Incompetence or Incapacity of a Pensioner or Beneficiary...53 Sec. 13. Non-Assignment of Benefits...54 Sec. 14. No Rights to Assets...54 Sec. 15. Maximum Pensions...54 Miscellaneous...56 Sec. 1. Administration...56 Sec. 2. Trustees Records...56 Sec. 3. Limitation on Vesting...56 Sec. 4. Non-Reversion...56 Sec. 5. Gender...56 Sec. 6. Limitation of Liability...56 Amendment and Termination...57 Sec. 1. Amendment...57 Sec. 2. Termination of Participation by an Employer...57 Sec. 3. Termination of Plan...57

6 TRUST AGREEMENT CREATING BOILERMAKER-BLACKSMITH NATIONAL PENSION TRUST This Trust Agreement is between (1) International Brotherhood of Boilermakers, Iron Ship Builders, Blacksmiths, Forgers and Helpers, (2) the Employers as defined in Article IX (b) of this Trust Agreement, and (3) the Trustees who execute this Trust Agreement and their successors. PREAMBLE This instrument (using certain terms defined in Article IX is the Sixth Restatement of the Trust Agreement originally dated June 2, 1960, establishing the Boilermaker-Blacksmith National Pension Trust, and incorporates Amendments 1 through 18, adopted by the Trustees, acting on behalf of the Employers and the Union, in accordance with Article VII of said Trust Agreement, the last of which Amendments was effective as of April 1, The Trust created by this Trust Agreement is intended to be tax exempt under Sections 401 (a) and 501 (a) of the Internal Revenue Code, and the contributions thereto are intended to be tax deductible by the Employers under Section 404 (a) of the Internal Revenue Code, as such Sections now exist or hereafter may be amended; and The Union and the Employers, individually or through their authorized representatives, have entered into Collective Bargaining Agreements under the terms of which the Employers are obligated to contribute certain amounts for pension purposes to this Trust. THEREFORE, It is agreed as follows: ARTICLE I Creation of Trust There is hereby created for the purposes set forth in this Trust Agreement, a trust to be known as the BOILERMAKER-BLACKSMITH NATIONAL PENSION TRUST (herein called the Trust ). All property contributed to the Trust by the Employers as well as all property which may be merged into the Trust from time to time from other pension trusts covering employees represented by the Union, together with the income and increment thereof, and all investments made therewith, less disbursements there from, shall constitute the trust fund covered -1-

7 by this Trust Agreement (herein called the Fund ). The Trustees accept the Trust and agree to hold and administer the Fund and to execute the Trust in accordance with this Trust Agreement. ARTICLE II Board of Trustees This Trust and the Fund shall be administered by a Board of Trustees (sometimes herein called the Board ) composed of Trustees representing the Employers (herein called Employer Trustees ) and Trustees representing the Union and the Employees (herein called Union Trustees ). Provisions regarding the number of such Trustees, their appointment, resignation and removal, term of office, officers, meetings, voting, arbitration, and certain related matters are set forth in Appendix A attached and made a part hereof. ARTICLE III Powers and Duties of Board of Trustees Section 1. Management and Control. The Board of Trustees shall have the exclusive management and control of the Trust, and shall have the following powers, in addition to all powers elsewhere set forth herein or conferred upon the Board by law, which powers may be exercised as the Board in its discretion deems necessary or appropriate in the performance of its duties hereunder. (a) Agents and Counsel. To retain accountants, actuaries, investment counsel, insurance counsel, legal counsel, and contract with administrative, accounting, actuarial, clerical and other employees or independent contractors, to administer the Trust and the Plan; (b) Office. To establish an office, and branch or subordinate offices, and for this purpose to lease or purchase premises and to lease or purchase materials, supplies and equipment; which lease or purchase of premises, materials, supplies, or equipment may be from any person, firm, association, partnership or corporation; (c) Mergers. To acquire and merge into the Fund the assets of any other pension fund or funds which cover Employees represented by the International Union, provided that the report of the independent consulting actuary employed by the Board of Trustees in the evaluation of the Fund certifies that such merger shall not adversely affect the actuarial soundness of the Fund, upon such terms and conditions, including, but not limited to, the assumption of the obligations of such other fund or -2-

8 funds, as they deem advisable in their sole and absolute discretion to extend the scope of this Fund throughout the United States, the District of Columbia, and the territories and possessions of the United States and the Dominion of Canada; (d) Expenses. To pay from the Fund all reasonable or appropriate expenses of preparing, executing, and putting into effect this Trust Agreement, actuarial and other expenses in connection with the development and establishment of the Plan, and expenses, taxes, and charges incurred in connection with the administration and operation of the Trust and the Plan, including but not limited to the expenses of securing any ruling or rulings from any federal or state governmental agency and of collecting and enforcing contributions to the Trust; (e) Settlement. To compromise, settle, arbitrate, and release claims or demands in favor of or against the Trustees, the Trust, or the Fund; (f) Rules. To make, adopt, amend and repeal rules, regulations, and by-laws for the administration of the Trust, the Fund, and the Plan not inconsistent with the terms hereof; such rules and regulations shall be finding upon all persons dealing with the Trust, those making contributions thereto, and all persons claiming benefits hereunder; (g) Litigation. To begin, maintain, or defend any litigation in connection with the administration of the Trust or the assets thereof, and the litigation with respect to contributions specified in Section 2 of Article IV; (h) Construction. To construe the provisions of this Trust Agreement and the Plan, and any construction adopted by the Board in good faith shall be binding upon the Union, Employers, Employees and all persons claiming by or through them; provided, however, that (except as provided in Section 1 and 4 of Article VII) the Board shall have no power to add to, subtract from, or modify any of the terms of this Trust Agreement; (i) Information. To require each Employer to furnish such payroll and employment information from time to time as may be deemed advisable by the Board for the proper administration of the Trust; (j) Business Name. To transact business of the Trust in the name of the Boilermaker-Blacksmith National Pension Trust and to sign contracts, agreement, and other obligations in such name; -3-

9 (k) Other Acts. To do all acts, execute all instruments, institute all proceedings, and exercise all rights and privileges with respect to the Trust which the Board may in good faith deem proper to carry out the purposes of this Trust Agreement. Section 2. Records and Audit. The Trustees shall keep accurate books of account and records of all their transactions, which shall be audited not less frequently than once a year by a certified public accountant selected by the Board. A copy of each such audit shall be furnished to each Trustee, the International Union, the Chairman of the Employer Committees named in the then current Collective Bargaining Agreements, and to those Employer Associations which execute Collective Bargaining Agreements. A copy of such audit shall be kept available at all times for inspection by interested persons at the principal office of the Board. Section 3. Surety Bonds. Each Trustee, employee or other representative of the Trust who handles funds or other property of the Trust shall be bonded by such surety company and in such amount as determined from time to time by the Board. The premium on such bonds shall be paid out of the Fund. Section 4. Deposit and Withdrawal of Funds. The Trustees shall deposit all moneys received by them in such bank or banks as they may designate for that purpose. All checks drawn on such account or accounts shall be signed by one Union Trustee appointed by the Union Trustees and one Employer Trustee appointed by the Employer Trustees, or if so authorized by the Board, by the agent or other representative, if any, appointed under Section 1(a) of Article III or Section 1 of Article V. ARTICLE IV Contributions to the Fund Section 1. Rate of Contributions. Each Employer shall promptly contribute to the Fund the amounts required by, and commencing at the date specified in, the applicable Collective Bargaining Agreement. Section 2. Payment and Enforcement. All contributions shall be payable to the Trustees of the Boilermaker-Blacksmith National Pension Trust and shall be paid at such regular periods of time and in the manner and form as shall be determined by the Board from time to time. The Board shall have authority to receive, demand and collect contributions and payments from any source whatsoever due the Trust or Fund, to the extent permitted by law, and to take such steps, including institution and -4-

10 prosecution of or the intervention in any proceedings at law, in equity, or in bankruptcy, as are deemed necessary or appropriate by the Board to collect such contributions and payments. Any overpayments made by an Employer in error may in the discretion of the Board be refunded or credited against future contributions. Section 3. Default in Payment. Nonpayment by an Employer of any contributions when due shall not relieve any other Employer of his obligations to make payments. In addition to such other remedies or relief allowed by this Trust Agreement, applicable collective bargaining agreement or by law, the Employer agrees to pay the amounts, damages, fees and costs as specified in this Article for any failure to remit contributions on or before the date due. In recognition of the difficulty of ascertaining actual damages, the amount of such damages, in addition to the unpaid contributions, shall be presumed to be an amount not in excess of twenty per cent (20%) of the contributions due, but in no event less than ten dollars ($10.00) for each delinquent reporting period, which amount shall become due and payable as liquidated damages and not as a penalty as of the day following the day on which the delinquency occurred. In addition, the Employer shall pay interest at the rate of twelve per cent (12%) per annum on the principal and liquidated damages from the date due (unless applicable and not preempted State or Federal law prohibits this rate, then the maximum rate permitted by law shall be imposed), plus all reasonable attorneys fees, costs of any action or collection and other expenses incurred by the Trust in any examination or audit of Employer records or other documents made in accordance with Section 4 of this Article which discloses nonpayment of contributions when due. The Board of Trustees, in its sole discretion, may waive all or part of the payment of such additional amounts as described herein, including unpaid contributions, under circumstances the Board of Trustees deem appropriate. Any Employer who has been in default with respect to contributions owing to the Trust may, in the discretion of the Board, be required to furnish the Board a payment bond, with security satisfactory to the Board, conditioned upon faithful performance by the Employer of his obligation to make payment of future contributions to the Fund required by the applicable collective bargaining agreement. Section 4. Examination of Records. Any Trustee, or any agent or representative of the Board, when authorized by the Board, shall have the right at reasonable times during regular business hours, to call at the office of any Employer obligated to contribute to the Fund and to examine and to copy such of the payroll and employment records of said Employer as may be necessary to determine the hours of work of Employees in order that the -5-

11 Board of Trustees may determine whether the Employer is making full payment to the Fund of the amount required by the Collective Bargaining Agreement with the Employer; provided, however, any Employer may, in lieu of permitting such examination, furnish to the Board an audit of the records in question by an independent certified public accountant provided such audit is furnished within 30 days after notification to the Employer of the initial request for examination of records, and at the expense of the Employer. Section 5. Nonresponsibiity for Contributions by Others. No Employer shall be responsible in any way for contributions from, or obligations of, other Employers to the Fund, the Trust, or the Board of Trustees. No Employer Committee or Employer Association shall be responsible in any way for contributions due from or obligations of Employers to the Fund, the Trust, or the Board of Trustees. ARTICLE V Administration of Fund Section 1. Powers. The Board of Trustees shall appoint a bank, trust company, insurance company or investment counselor, or any combination of them, to hold and invest the Fund as investment agent of the Trustees, with such rights, powers and duties with respect thereto as shall be agreed upon between the Board and such agent. The Board of Trustees, and its investment agent to the extent authorized by the Board, are authorized to exercise the following powers in the administration of the Fund, in addition to such other powers as are conferred upon the Board by law: (a) Investment. To hold, invest, and reinvest, as it may deem advisable, the principal and income of the Fund, without distinction, in any bonds or other securities of the United States of America or the Dominion of Canada, or of any state, province, municipality, or political subdivision, or agency or instrumentality of either of said countries; in bonds, notes, debentures, mortgages, preferred or common stocks, equipment trust certificates, or other securities, of any corporation or association located within the United States of America or the Dominion of Canada, in savings accounts or certificates of deposit; in improved income-producing real property located within the United States of America or in first mortgages thereon; or in first mortgages guaranteed by the Veterans Administration or insured by the Federal Housing Administration; or in participating interests in Farmers Home Administration insured mortgages; -6-

12 (b) Cash. To hold any portion of the Fund in cash, without liability for interest thereon, pending investment or to meet anticipated current payments; (c) Insurance Contracts. To purchase from any insurance company annuity contracts, group annuity contracts, deposit administration contracts or other insurance contracts for the purpose of providing some or all of the benefits under this Trust; (d) Transfer. To sell, exchange, convey, transfer, or dispose of any property at any time held by the Board on such terms as it deems best; (e) Management. To retain, manage, operate, repair, improve, partition, mortgage, or lease, for any period, any real estate held by the Board, acquired by foreclosure, or otherwise, upon such terms and conditions as the Board deems proper, using other Trust assets for any such purpose, if deemed advisable; (f) Reorganizations. To join in and support, or dissent from and oppose, any consolidation, merger, reorganization, liquidation, or other capital adjustment of any company whose securities are held in trust, and to accept and retain, for so long as the Board deems prudent, any securities, including stocks or other property issued as a result of any such consolidation, merger, reorganization, or other capital adjustment; (g) Vote. To vote, for any purpose, either in person or by general or limited proxy, or to refrain from voting, any stocks or other securities held in the Fund; (h) Rights. To exercise, transfer, or sell any subscription rights, option, or conversion privileges appurtenant to any stocks, bonds or other securities held in the Fund; (i) Nominees. To cause any securities or other property in the Fund to be registered in, or transferred into, the name of the Board or the Trust, or in the name of the Board s nominee or nominees, or to retain them unregistered, or in form permitting transfer by delivery, without disclosing the Trust; but the books and records of the Board shall, at all times, show that all such securities or property are part of the Fund; (j) Borrowing. To borrow money with or without interest to avoid forced liquidation of investments, and for any sums so borrowed, may issue its promissory note and secure the repayment thereof by pledging any securities or other property of the Fund. -7-

13 In exercising the foregoing powers, the Board may deal with any person, firm, association, partnership or corporation. Except as authorized by law the indicia of ownership of any assets of the Trust Fund shall be maintained within the jurisdiction of the District Courts of the United States. Section 2. Title to the Fund. All title in and to the assets comprising the Fund shall at all times be vested exclusively in the Board of Trustees and no other person shall have any title therein or thereto. No Employee, or other person claiming under him, shall have any right to, or interest in, any part of the Fund, except the right to receive benefit payments which have been determined in accordance with the Plan to be payable to such Employee, or other person claiming under him. Section 3. Status of Investment Agent and Insurance Company. In no event shall any investment agent or insurance company appointed or contracted with under Section 1 of this article be considered a party to this Trust Agreement, nor as having any additional obligations or liabilities which it would not otherwise have in the absence of such Trust Agreement. ARTICLE VI Plan of Benefits Section 1. Benefits and Eligibility. The Board of Trustees shall have authority to determine the nature, amount, duration, and eligibility for pension benefits to be provided from the Fund. Said determination shall be based upon estimates prepared by an independent consulting actuary as to benefits which can be provided with funds available to the Trust; provided, however, that the Fund shall not be used for any purpose other than paying pension benefits within the meaning of Section 302(c) of the Labor Management Relations Act, 1947, as amended, and expenses properly payable under the terms of this Trust Agreement. Section 2. Written Plan of Benefits. The detailed basis on which payment of benefits is to be made is specified in Appendix B attached and made a part hereof ARTICLE VII Amendment and Termination Section 1. Power to Amend. This Trust Agreement may be amended or terminated (except as provided in Section 2 of this Article) by an instrument in writing executed by Union Trustees having at least a majority of the votes of the -8-

14 Union Trustees and by Employer Trustees having at least a majority of the votes of the Employer Trustees, and such action shall be binding upon the Union, the Employers, and the Trustees. Section 2. Restrictions on Right to Amend or Terminate. It shall be and it hereby is made impossible upon the termination of this Trust Agreement or pursuant to any amendment, modification, or alteration of this Trust Agreement, or otherwise, for all or any part of the corpus or income of the Fund to be used for or diverted to any purpose other than pension benefits for the exclusive benefit of Employees and their beneficiaries and for the payment of expenses properly payable under the terms of this Trust Agreement or the Plan. No assets of the Fund shall be returned under any circumstances to any Employer or to the Union, (but this provision shall not prevent the return to an Employer pursuant to Section 2 of Article IV of contributions made in error and not a part of the assets of the Trust). Section 3. Liquidation on Termination. In the event of termination of this Trust Agreement and the Trust, the Fund shall be distributed as provided by the Plan. Section 4. Internal Revenue Service Approval. The Board of Trustees shall make prompt application to the Internal Revenue Service for approval of the Plan and the Trust as constituting a Plan and Trust qualified under Section 401 (a) of the Internal Revenue Code and a Trust exempt under Section 501(a) of the Internal Revenue Code. In the event that any amendments in this Trust Agreement or the Plan are necessary to obtain such approvals or to obtain deduction under Section 404(a) of the Internal Revenue Code of contributions to the Fund, the Board of Trustees shall make such amendments in the manner provided in Section 1 of this Article. ARTICLE VIII Miscellaneous Section 1. Construction. This Trust Agreement shall be construed according to the laws of the State of Kansas. Section 2. Savings Clause. Should any provision of this Trust Agreement be held to be unlawful, such fact shall not adversely affect the other provisions contained herein, unless such illegality shall make impossible the operation of this Trust Agreement or the Plan. -9-

15 Section 3. Dealings with Trustees. No party dealing with the Trustees shall be obliged to see to the application of any money or property of the Trust or to see that the terms of the Trust have been complied with. Section 4. Execution of Counterparts. This Trust Agreement and any amendments hereto may be executed in one or more counterparts or duplicates and all such counterparts or duplicates shall constitute one and the same instrument. The signature of a party on any counterpart or duplicate shall be sufficient evidence of his execution of this Trust Agreement. Section 5. Duration of the Trust. Unless sooner terminated in accordance with Article VII, this Trust Agreement and the Trust shall continue for such time as the Plan shall be in existence, and as long thereafter as may be necessary for liquidation or distribution of the Fund, or so much of such time as allowed by applicable law. Section 6. Reliance on Documents. Each of the Trustees shall be fully protected when acting in good faith upon any document believed by him to be genuine. Neither the Trustees nor any of them shall be under any duty to make any investigation or inquiry as to any such document. Section 7. Execution of Documents. The Trustees may authorize an Employer Trustee and a Union Trustee, or any group equally composed of Employer and Union Trustees, jointly to execute any contract or other document of any kind, or may authorize any investment agent or custodian of the Fund appointed or retained by the Trustees to execute any contract, assignment, power or other document of any kind in connection with the acquisition, sale, assignment, transfer or retention of investments of the Fund. All persons, partnerships, corporations, associations, or trusts may rely thereon that such document has been duly authorized by the Board of Trustees and is binding upon the Trust and the Fund, provided that any such document shall not create any liability against or obligation upon such person executing the same, but shall create an obligation only against the Trust and the Fund. Section 8. Reciprocal Arrangements. The Trustees may enter into reciprocal arrangements, on such terms as they deem appropriate, with other pension trusts covering employees represented by the Union existing at the time of execution of this Trust Agreement, for the purpose of providing continuity in the funding of pension benefits for Employees moving into or out of the geographic area covered by this Trust. -10-

16 Section 9. Effect of Making Contributions Without Agreement. Any employer who makes contributions to this Trust on behalf of Employees which are accepted by the Board shall be deemed to be an Employer within the meaning of Article IX (b) and shall be bound by all of the obligations and entitled to all of the rights of an Employer under this Trust Agreement whether or not such Employer is a party to any Collective Bargaining Agreement or has agreed in writing to be bound by this Trust Agreement. ARTICLE IX Definitions The following terms as used in this Trust Agreement shall have the meanings set forth below unless the context clearly indicates otherwise: (a) Union. The term International Union shall mean the International Brotherhood of Boilermakers, Iron Ship Builders, Blacksmiths, Forgers and Helpers, and the term Union shall mean the International Union and such of its Local Lodges as have members with respect to whom Employers are required to make contributions to the Trust. (b) Employer. The term Employer shall mean and include any person, firm, association, partnership or corporation who or which: (1) has executed or hereafter executes, or on whose behalf an Employer Committee has executed or hereafter executes a Collective Bargaining Agreement; (2) is or becomes a member of an Employer Association which has executed or hereafter executes a Collective Bargaining Agreement; (3) does not have a Collective Bargaining Agreement and is not a member of an Employer Association that has such Collective Bargaining Agreement, but who employs employees represented by the Union and who or which agrees to be bound by this Trust Agreement and to contribute to the Fund at a rate agreed to by the Union; or (4) makes Contributions to this Trust on behalf of Employees which are accepted by the Board. -11-

17 The Term Employer shall also include: (i) any Local Lodge of the Union which extends coverage under the Plan to all its full-time salaried officers and assistants by making Contributions to the Fund in the amounts specified by the Board of Trustees; (ii) the International Union upon coverage of all full-time employees of the International Union under the Plan by making Contributions to the Fund in the amounts specified by the Board of Trustees; and (iii) The Board of Trustees upon coverage of employees of the Trust under the Plan by making Contributions to the Fund in the amounts specified by the Board of Trustees. (c) Employer Committee. The term Employer Committee shall mean the committee of Employers named in and authorized by a Collective Bargaining Agreement to execute this Trust Agreement and to perform certain other functions with respect thereto on behalf of Employer covered thereby. (d) Employer Association. The term Employer Association shall mean a corporation or unincorporated association the membership of which includes Employers and which has executed or hereafter executes a Collective Bargaining Agreement. (e) Employee. The term Employee shall mean and include: (1) All persons represented in collective bargaining by the Union and employed by an Employer in a class of work for which the Employer has agreed to contribute, or does contribute, to the Trust; (2) Any other employees of an Employer who, pursuant to resolution adopted by two-thirds vote of the Board of Trustees present at the meeting, is included under the Plan and for whom contributions are made to the Trust in the amounts specified in such resolution; or (3) All full -time employees of the International Union when said International Union has become an Employer within the meaning of paragraph (b) of this Article, and all full-time salaried officers and assistants of a Local Lodge of the Union which has become an Employer within the meaning of paragraph (b) of this Article. -12-

18 (f) Collective Bargaining Agreement. The term Collective Bargaining Agreement shall mean an agreement in effect at the time of reference between the International Union andlor any of its Local Lodges and an Employer, an Employer Committee or an Employer Association which requires the Employers covered thereby to contribute to the Trust. IN WITNESS WHEREOF, the undersigned have executed this Trust Agreement this day of, 19. INTERNATIONAL BROTHERHOOD OF BOILERMAKERS, IRON SHIP BUILDERS, BLACKSMITHS, FORGERS AND HELPERS. By By International President International Secretary-Treasurer FOR AND ON BEHALF OF THE EMPLOYERS COVERED BY THE AGREEMENT. By Employers Committee under Agreement By Chairman By (Execution below by individual Employer not a party to a Collective Bargaining Agreement executed by an Employer Committee or Employer Association.) Name of Employer By Authorized Officer or Agent -13-

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20 BOILERMAKER-BLACKSMITH NATIONAL PENSION TRUST APPENDIX A Procedural and Related Matters Concerning Trustees The following Appendix is a part of the Trust Agreement establishing the Boilermaker-Blacksmith National Pension Trust. Terms used in this Appendix which are defined in Article IX of the Trust Agreement shall have the same meaning as set forth therein. References herein to Sections shall refer to Sections of this Appendix unless otherwise stated. Section 1. Employer Trustee Areas. The following shall be considered Employer Trustee Areas: (a) Eight Western States and New Mexico. Washington, Oregon, California, Utah, Nevada, Arizona, Idaho, Alaska and New Mexico.) (b) South Central States. (Texas, Louisiana, Oklahoma and Arkansas.) (c) Missouri River Basin. (Wyoming, Montana, Colorado, North Dakota, South Dakota, Minnesota, Wisconsin, Nebraska, Iowa, Kansas and Missouri.) (d) Great Lakes. (Michigan, Illinois, Indiana, and Ohio except Belmont, Monroe, Washington, Columbiana and Jefferson Counties; and the Counties of Erie and Crawford in Pennsylvania.) (e) Northeastern States. (Massachusetts, Vermont, New Hampshire, Maine, Rhode Island, Connecticut, New York, New Jersey, Pennsylvania, excluding Erie and Crawford Counties, the Counties of Hancock in West Virginia and Columbiana and Jefferson in Ohio.) (f) Southeastern States. (North Carolina, South Carolina, Tennessee, Alabama, Mississippi, Georgia, Florida, Virginia, West Virginia, except Hancock County, Kentucky, Maryland, Delaware, District of Columbia, and Counties of Belmont, Monroe and Washington in Ohio.) Section 2. Employer Industry-Area Trustees. One Trustee representing Employers (called Employer Trustees ) and one Alternate shall be appointed from each of the possible 24 Industry-Area groups specified below under the circumstances specified below: -15-

21 (a) Construction. (i) One each from construction Employers in each of the six Employer Trustee Areas specified in Section 1(a) through (f) above, whenever a majority of the Employer bargaining groups in such area are covered by Collective Bargaining Agreements requiring contributions to this Trust; and (ii) one from all Employers in the United States signatory to the National Construction Agreement (except with respect to work performed in the Eight Western States.) (b) Construction and Tank Work. One from all Employers in the United States under the Construction and Tank Work Area Agreement (except with respect to work performed in the Eight Western States), whenever such Employers are covered by a Collective Bargaining Agreement requiring contributions to this Trust. (c) Shipbuilding. One each from shipbuilding Employers in each of the following whenever there are at least 1,000 Employees in such area covered by Collective Bargaining Agreements requiring contributions to this Trust: (i) West Coast (ii) East Coast (iii) Gulf Coast (iv) Great Lakes and Inland Waterways. (d) Shops and Forging. One each from: (i) shops and manufacturing Employers, and (ii) forging Employers, in each of the six Employer Trustee Areas specified in Section 1(a) through (f) above, whenever there are at least 1,000 Employees of such Employers in such Area covered by Collective Bargaining Agreements requiring contributions to this Trust. The Trustees by two-thirds vote of the entire Board may change the boundaries of the Employer Trustee Areas. The Employers in any two or more Industry-Area groups may elect to reduce the number of Employer Trustees from such groups, by voting for such action in each such Industry-Area group in the same manner as voting for appointment of a Trustee under Section 3. Section 3. Manner of Appointing Employer Trustees. In each Employer Industry-Area group entitled to appoint a Trustee under Section 2 which is covered -16-

22 by one Collective Bargaining Agreement, the Employer Committee designated by the applicable Collective Bargaining Agreement shall appoint the Employer Trustee and Alternate on behalf of all Employers within such group. In each Employer Industry-Area group entitled to appoint a Trustee under Section 2 within which there are two or more separate Collective Bargaining Agreements, each chairman of an Employer Committee, if any, designated by an applicable Collective Bargaining Agreement, or his designee, and each Employer Association designated in a Collective Bargaining Agreement, if any, and each separate Employer not represented by such a Committee or Association, if any, as the case may be, shall be entitled to vote on appointment of the Employer Trustee and Alternate on behalf of all Employers within such group. In such voting each such Employer Committee, Employer Association or Employer, as the case may be, shall have one vote for each $100 of monthly contributions which would be required in the preceding month with respect to Employees covered by the applicable Collective Bargaining Agreements. Section 4. Union Trustees. One Trustee representing the Union and the Employees (called Union Trustee ) shall be appointed by the International Union for each Employer Trustee; provided that such appointment may be made without regard to the Employer Industry-Area groups specified in Section 2; and provided further that there shall be a Union Trustee-at-large at all times. When there are six or more Union Trustees, the International Union may in its discretion elect to appoint no further Union Trustees to correspond with Employer Trustees, but in such event the Union Trustee, shall nevertheless have equal voting power with the Employer Trustees in the manner provided in Section 9. Section 5. Effective Date of Appointment. The appointment of a Union Trustee or Employer Trustee or Alternate (other than those who execute the original of this Trust Agreement) shall become effective when written notice thereof has been served on the remaining Trustees by the group making such appointment and the Trustee or Alternate in question has executed an acceptance of such appointment and the terms of this Trust Agreement. Thereupon such Trustee shall become a party to this Trust Agreement and shall have the same powers and duties conferred upon the other Trustees, except that such powers and duties shall apply to an Alternate only when serving in place of his regular Trustee. Section 6. Term of Office. The term of office of the first Employer Trustee or Alternate appointed from each Industry-Area group pursuant to Section 2 shall be 12 calendar months, and until a successor is appointed. Thereafter, each such Employer Trustee or Alternate shall serve until his death, resignation or removal. Each Union Trustee shall serve until his death, resignation or removal. -17-

23 Section 7. Resignation. Any Trustee or Alternate may resign by tendering his written resignation to the remaining Trustees and to the party or group appointing him. Section 8. Removal. Any Trustee or Alternate may be removed at any time and at will by the party or group appointing him by action taken iri the same manner as appointment. Such removal shall be effective when written notice of such removal has been served on such Trustee or Alternate and the remaining Trustees. Section 9. Voting. A majority vote of the Trustees present at a meeting of the Board at which there is a quorum shall be required for any action or decision by the Board, except that amendment of the Trust Agreement or any Appendix thereto shall be made in the manner provided in Section 1 of Article VII of the Trust Agreement, and any action or decision with respect to investment of the Fund, selection of ~ny investment agent or the acquisition and merger of other funds, shall require a two-thirds vote of the Trustees present at a meeting of the Board at which there is a quorum. The number of votes of each Trustee shall be determined in accordance with the following rules: (a) Votes of Employer Trustees. Each Employer Trustee shall (subject to the special rules set forth below in this subsection) have a number of votes equal to the nearest whole number of percentage points obtained by dividing: (i) (ii) The contributions made to the Fund during the fiscal year of the Trust preceding the vote, by those Employers on whose behalf such Trustee was appointed, with respect to work performed in the Industry-Area from which he was appointed; by The total contributions by all Employers to the Fund during such period from all Industry-Areas. The following special rules shall also apply: (1) Special Rule for Construction Employers. Contributions by Employers signatory to the National Construction Agreement shall be deducted from the contributions by Construction Employers with respect to construction work in any Area except the Eight Western States, and the total of the amounts so deducted shall establish the number of votes of the Trustee for the National Construction Agreement, which votes shall be divided equally between such Trustee and his Alternate if both -18-

24 are present at the meeting, or if only one is present shall determine the number of votes of the one present. The vote of the Construction Employer Trustee from any Area shall be determined by the contributions with respect to construction work in such area remaining after the foregoing deduction. (2) Special Rule for Construction and Tank Work Employers. The votes of the Trustee from Construction and Tank Work Employers shall be divided equally between such Trustee and his Alternate if both are present at the meeting, or if only one is present he shall have all of such votes. (3) Alternates. Any Alternate (except for the National Construction Trustee and the Construction and Tank Work Trustee) shall have the votes of his regular Trustee only when serving in place of his regular Trustee, but he may attend any Board meeting as an observer. (4) Special Rule Where Contributions Have Been Made For Less Than One Year. If the Employers represented by the Trustee have not contributed for such entire fiscal year, the contributions used for this purpose shall be determined (i) in the case of a Trustee selected by Construction Employers, by multiplying the hourly rate of required contributions as of the end of the preceding fiscal year by the number of hours of contributions to the Boilermakers National Health and Welfare Fund by such group of Employers, or (ii) in the case of a Trustee selected by any other Employers, by annualizing the contributions to this Trust in the preceding month. (b) Votes of Union Trustees. The Union Trustees as a group shall have a total number of votes equal to the total number of votes of the Employer Trustees present at the meeting, which total shall be divided equally among the Union Trustees present at the meeting. Section 10. Vacancy or Absenteeism. No vacancy in any of the trusteeships, nor the absence of any Trustee, shall impair the power of the remaining Trustees to administer the affairs of the Trust, provided there is a quorum for the transaction of business. Section 11. Officers. The Board of Trustees shall elect a Chairman and a Secretary-Treasurer from among the Trustees, who shall serve for such periods as the Board may determine. One of such office shall be filled by a Union Trustee and the other by an Employer Trustee. The Board may elect such other officers as it deems advisable. -19-

25 Section 12. Meetings. Meetings of the Board of Trustees shall be held from time to time, but not less than once a year, at such times and at such places as shall be established by the Board. A meeting of the Board may be called by the Chairman or upon the request of a majority of the members of the Board, or a majority of the members of the Executive Committee, upon ten days written notice stating the time and place of the meeting, but such notice may be waived by consent in writing. Section 13. Quorum. To constitute a quorum for the transaction of business at any meeting there shall be present (a) a number of Employer Trustees holding at least a majority of the total votes then available to all Employer Trustees and (b) at least two of the Union Trustees. Section 14. Action Without A Meeting. Any action which the Trustees are authorized to take at a meeting, whether by majority vote or otherwise, may be taken without a meeting by unanimous written agreement. Section 15. Executive Committee. The Board of Trustees, by resolution adopted at a meeting of the Board by a majority vote of all the then Trustees shall establish an Executive Committee consisting of four Employer Trustees and four Union Trustees, including the Chairman and Secretary-Treasurer of the Board, the vote on selection of such committee to be in accordance with the regular voting procedure provided in Section 9. The Executive Committee, between meetings of the Board and to the extent provided in such creating or any subsequent resolution of the Board, shall have and exercise all the powers and authorities and be subject to all of the duties and obligations of the Board in the management of this Trust and the Fund; provided that the Executive Committee shall not act contrary to any direction contained in any resolution of the Board, nor exercise the powers of the Board to (a) acquire other pension funds (Section 1(c) of Article III of the Trust Agreement), (b) establish the nature, amount, duration and eligibility requirements for pension benefits (Section 1 of Article VI of the Trust Agreement), or (c) consent to or sign an amendment to or termination of this Trust Agreement (Sections 1 and 4 of Article VII of the Trust Agreement). Each Employer member of the Executive Committee shall be entitled to one vote; the Union members as a group shall have a total number of votes equal to the total number of votes of the Employer members, which total shall be divided equally among the Union members present at the meeting. A majority vote of the members present at a meeting of the Executive Committee at which there is a quorum shall be required for any action or decision by the Executive Committee. To constitute a quorum for the transaction of business at any meeting of the Executive Committee there shall be present (a) at least three Employer Trustees and (b) at least three Union Trustees. -20-

26 Section 16. Expenses of Trustees. Each Trustee (not to include an Alternate unless serving in place of his regular Trustee) shall be reimbursed for all reasonable and necessary expenses incurred by him in the performance of his duties as Trustee, and as a member of the Executive Committee. Section 17. Arbitration. In the event of a deadlock between the Union Trustees and the Employer Trustees, a majority of either the Employer Trustees or the Union Trustees may request the Board to appoint an impartial umpire empowered to break such deadlock. In the event the Board is unable to agree upon such impartial umpire within a period of 15 days after such request, a majority of either the Union or the Employer Trustees may petition the District Court of the United States for the district where the Trust has its principal office, to appoint an impartial umpire as provided in Section 302(c) of Labor Management Relations Act, 1947, as amended. The decision of the impartial umpire shall be final and binding on all persons. The impartial umpire shall have no power to add to, subtract from, or modify any of the terms of the Trust Agreement or the Plan. The fees and expenses of the impartial umpire selected to break a deadlock in accordance with this Section and all reasonable expenses which are incurred by the Trustees on each side of the matter in dispute (including fees of their respective attorneys, if any) shall be a proper charge against the Fund. -21-

27 BOILERMAKER-BLACKSMITH NATIONAL PENSION TRUST APPENDIX B Pension Plan (Seventh Restatement, effective Including Amendments 1 through 11) ARTICLE I Definitions Unless the context clearly indicates otherwise the following definitions shall govern in the Plan: Section 1. The terms Board of Trustees or Board shall mean the Board of Trustees established by the Trust Agreement. Section 2. The term Collective Bargaining Agreement shall mean an agreement in effect at the time of reference between the International Union and/or any of its Local Lodges and an Employer, an Employer Committee or an Employer Association which requires the Employers covered thereby to contribute to the Trust. Section 3. The terms Contribution or Contributions shall mean the amount paid to the Fund for an Employee, as established by a Collective Bargaining Agreement or by the Board of Trustees, whichever is applicable. Section 4. The term Contribution Date shall mean: (a) the first date for which an Employer was or shall be obligated with respect to a particular collective bargaining unit to make Contributions to this Pension Trust, or (b) the first date for which the Employer makes Contributions to this Pension Trust, if payments are not required by a Collective Bargaining Agreement. The Contribution Date to be applied to each Employee shall be the date applicable to the unit in which he was employed when Contributions on his account first commenced. Section 5. The term Covered Employment shall mean work as an Employee as defined in Section 9 of this Article. Section 6. The term Pension Credit shall mean the years of service which are accumulated and maintained for Employees in accordance with Article VI. -22-

28 Section 7. The term Past Service Credit shall mean periods of employment prior to the Contribution Date to the extent credited in accordance with Article VI of this Plan. Section 8. The term Future Service Credit shall mean periods of employment on and after the Contribution Date, credited in accordance with Article VI of this Plan. Section 9. The term Employee shall mean and include: (a) all persons represented in collective bargaining by the Union and employed by an Employer in a class of work for which the Employer has agreed to contribute, or does contribute, to the Trust; (b) any other employees of an Employer who, pursuant to resolution adopted by two-thirds vote of the Board of Trustees present at the meeting, is included under the Plan and for whom Contributions are made to the Trust in the amounts specified in such resolution; (c) all full-time employees of the International Union when said International Union has become an Employer within the meaning of Section 10 of this Article, and all full-time salaried officers and assistants of a Local Lodge of the Union which has become an Employer within the meaning of Section 10 of this Article. Section 10. The term Employer shall mean and include any person, firm, association, partnership or corporation who or which: (a) has executed or hereafter executes, or on whose behalf an Employer Committee has executed or hereafter executes a Collective Bargaining Agreement; (b) is or becomes a member of an Employer Association which has executed or hereafter executes a Collective Bargaining Agreement; (c) does not have a Collective Bargaining Agreement and is not a member of an Employer Association that has such Collective Bargaining Agreement, but who employs employees represented by the Union and who or which agrees to be bound by this Trust Agreement and to contribute to the Fund at a rate agreed to by the Union; or (d) makes Contributions to this Trust on behalf of Employees which are accepted by the Board. The term Employer shall also include: (i) any Local Lodge of the Union which extends coverage under the Plan to all its full-time salaried officers and assistants by making -23-

29 contributions to the Fund in the amounts specified by the Board of Trustees; (ii) the International Union upon coverage of all full-time employees of the International Union under the Plan by making Contributions to the Fund in the amounts specified by the Board of Trustees; and (iii) the Board of Trustees upon coverage of employees of the Trust under the Plan by making Contributions to the Fund in the amounts specified by the Board of Trustees. An organization shall not be deemed an Employer simply because it is part of a controlled group of corporations or of a trade or business under common control, some other part of which is an Employer. Section 11. The term Employer Association shall mean a corporation or unincorporated association, the membership of which includes Employers and which has executed or hereafter executes a Collective Bargaining Agreement. Section 12. The term Employer Committee shall mean the Committee of Employers named in and authorized by a Collective Bargaining Agreement to execute the Trust Agreement and to perform certain other functions with respect thereto on behalf of Employers covered thereby. Section 13. The term International Union shall mean the International Brotherhood of Boilermakers, Iron Ship Builders, Blacksmiths, Forgers and Helpers, and the term Union shall mean the International Union and such of its Local Lodges as have members with respect to whom Employers are required to make Contributions to the Trust. Section 14. The term Pensioner shall mean a person who is receiving pension benefits under this Plan. Section 15. The terms Pension Fund or Tund shall mean the trust fund created and established by the Trust Agreement. Section 16. The term Plan Year shall mean the period of twelve consecutive months between October 1 of any year and September30 of the succeeding year. For purposes of ERISA and ERISA regulations, the Plan Year shall serve as the vesting computation period and benefit accrual computation period and after the initial period of employment or of reemployment following a break in Covered Employment, the computation period for eligibility to participate in the Plan. -24-

30 Section 17. The term Participant means a Pensioner, Beneficiary, or an Employee who meets the requirements for participation in the Plan as set forth in Article II, or a former Employee who has attained Vested status under this Plan. A beneficiary is a person (other than a pensioner) who is receiving benefits under this Plan because of his or her designation for such benefits by a Pensioner or Participant. Section 18. The term Vested Participant means an Employee who qualifies for a Vested Pension in accordance with the provisions of Article III, Section 14. Section 19. The term Normal Retirement Age means age 65 or, if later, the age of the Participant on the tenth anniversary of his participation. Section 20. The term Hour of Work or hours worked means hours for which an Employee is paid, or entitled to payment for the performance of duties for an Employer during the applicable computation period, and hours for which back pay, irrespective of mitigation of damages, is awarded or agreed to by an Employer, to the extent that such award or agreement is intended to compensate an Employee for periods during which the Employee would have been engaged in the performance of duties for the Employer. Section 21. The term Continuous Non-Covered Employment means employment for an Employer in a job not covered by this Plan which is continuous with a Participant s Covered Employment with the same Employer. A period of Non-Covered Employment will be considered to be continuous with Covered Employment only if there is no quit, discharge, or other termination of employment between the period of Covered and Non-Covered Employment. ARTICLE II Participation This Article contains definitions to meet certain requirements of the Employee Retirement Income Security Act of 1974 (otherwise referred to as ERISA). Once an Employee (as defined in Section 9 of Article I) has become a Participant, he receives Pension Credits in accordance with the provisions of Article VI for employment before he became a Participant. -25-

31 Section 1. Participation. The initial eligibility computation period is the twelve (12) consecutive month period following an Employee s initial date of employment in Covered Employment. An Employee who works in Covered Employment following his Contribution Date shall become an Active Participant in the Plan on the earliest October 1 or April 1 next following a twelve (12) consecutive month period during which he completes at least 1,000 Hours of Work. The required hours may be completed by Continuous Non-Covered Employment. Section 2. Termination of Participation. A Participant who incurs a One Year Break in Service (defined in Article VI) shall cease to be a Participant as of the last day of the Plan Year which constituted the One Year Break in Service, unless he is a Pensioner or Vested Participant. Section 3. Reinstatement of Participation. An Employee who has lost his status as a Participant in accordance with Section 2 of this Article shall again become a Participant by meeting the requirements of Section 1 of this Article in any period of twelve consecutive months, which begins after the Plan Year during which participation terminated. ARTICLE III Pension Eligibility and Amounts This Article sets forth the eligibility conditions and amounts for the pensions provided by the Plan. The accumulation and retention of Pension Credits for eligibility are subject to reduction on account of the Husband-and-Wife Pension (Article IV). Entitlement of an eligible Participant to receive pension benefits is subject to his retirement and application for benefits, as provided in Article VII. Eligibility depends on Pension Credits, which are defined in Article VIand take into account creditable employment both before and after an Employee s Contribution Date, except that eligibility for Vested Pensions depends on Years ofvesting Service which are also defined in Article VI. A. Age Pension (at age 65 or later) Section 1. General. Each Participant who meets the eligibility requirements under Section 2 of this Article shall be entitled to a Basic Pension under Section 3 of this Article, and if he also meets the applicable eligibility requirements under Section 4(a) or Section 4(b) of this Article, he shall in addition be entitled to a Regular or a Special Past Service Pension under Section 5 or 6 of this Article, as the case may be. -26-

32 Section 2. Eligibility for Basic Pension. A Participant who is retired shall be entitled to a Basic Pension if: (a) he has attained age 65; and (b) has credited to his account at least 1,000 hours of work in Covered Employment; provided, however, that the foregoing minimum requirement of contributory hours shall be waived for a Participant who has at least 15 years of Pension Credit, has had a contribution made on his behalf, and who after his Contribution Date becomes totally and permanently disabled. The Board of Trustees in its sole discretion shall determine the existence of such disability, and a Participant claiming such disability shall submit to such examinations as the Board may require as a condition to establishing such disability. Section 3. Amount of Basic Pension. The amount of the monthly Basic Pension shall be 29 per cent of the total Contributions credited to the Participant s account, divided by 12, for Basic Pensions that become effective on and after September 1, Section 4. Eligibility for Past Service Pension. A Participant who is retired and who has met the requirements for a Basic Pension under Section 2 of this Article shall also be entitled to either a Regular Past Service Pension or a Special Past Service Pension if he meets the applicable eligibility requirements set forth below: (a) A Regular Past Service Pension if he has at least 15 years of Pension Credit (Past and Future). (b) A Special Past Service Pension if he has less than 15 years of Pension Credit (Past and Future) and: (i) he was compensated during the five-year period immediately preceding his Contribution Date for at least 3,000 hours of work (1) in ajob classification of the type now included in any collective bargaining agreement with the Union, or (2) by a contributing Employer; (ii) he was compensated during the five-year period immediately preceding his Contribution Date for at least 1,000 hours of the 3,000 hours required above (1) in a collective bargaining unit at any time represented by the Union, or (2) by a contributing Employer; and -27-

33 (iii) contributions for him commenced within the two-year period following his Contribution Date. Section 5. Amount of Regular Past Service Pension. The monthly Regular Past Service Pension shall be equal to: (a) the number of years of the Participant s Past Service Credit multiplied by (b) the product of $2.00 and his Average Contribution Factor; provided, however, that in no event shall said product exceed $5.00 for any Participant in a collective bargaining unit which first becomes covered by this Plan after July 1, The Average Contribution Factor is the number obtained by: (i) dividing the total Contributions made for the Participant during either: (1) the twenty whole Plan Years following his Contribution Date; or (2) if shorter, the period beginning with the October 1, following or coinciding with his Contribution Date and ending with the date of his retirement, by the total number of hours reported for him by Employers during the applicable period in sub-paragraph (1) or (2) above, and (ii) multiplying the quotient by 10. If the Participant s Contribution Date was prior to October 1, 1963, the period to be used in obtaining the Average Contribution Factor shall begin on October 1, 1963, and end with the earliest of: September 30, 1983 or the date of retirement. The Average Contribution Factor for a Participant whose record of Contributions does not make it possible to obtain such Factor in the foregoing manner (but who is otherwise eligible for a Regular Past Service Pension) shall be determined by multiplying by 10 the hourly contribution rate in effect on October 1, 1961, or on the October 1 following the Contribution Date, whichever is later, for the collective bargaining unit in which he was last employed. -28-

34 Section 6. Amount of Special Past Service Pension. The monthly Special Past Service Pension shall be the applicable amount derived from the following tables, divided by 12: (1) (2) (3) If Contributions during the two-year period following the Age of Employee when month Contributions first Contributions commenced commenced for him totaled Annual amount of for him at least; Special Pension is: 73 and over $ 30 to $ $ and over to to and over to to and over 120 (1) (2) (3) If Contributions during If Contributions during the the two-year period two-year period following the following the month month Contributions first Contributions first commenced for him totaled commenced for him Age of Employee when at least $100 to $199.99, the totaled at least $200, Contributions first annual amount of Special the annual amount of Commenced for him Pension is: Special Pension is: 50 to 62 $60 $ and under 0 0 B. Early Retirement Pension Section 7. Eligibility for Early Retirement Pension. A Participant who is retired shall be entitled to an Early Retirement Pension (a) he has attained age 55 but not age 65; (b) he has at least 15 years of Pension Credit (Past and Future); -29-

35 (c) he has credited to his account at least 1,000 hours of work in Covered Employment. Section 8. Amount of Early Retirement Pension. (a) if the Participant is under age 62 or is 62 years or older, but has less than 25 years of Pension Credit (Past and Future), the monthly Early Retirement Pension shall be equal to: (i) the amount of the Age Pension (Basic Pension plus Past Service Pension) to which the Participant would be entitled if he were 65 years of age on the effective date of his Early Retirement Pension, reduced by: (ii) 1/4 of 1% for each month by which the Participant is younger than age 65 but not younger than age 62 and 1/2 of 1% for each month by which the Participant is younger than age 62, on the effective date of his Early Retirement Pension. (b) If the Participant is at least age 62, and has 25 years or more of Pension Credit (Past and Future), the monthly Early Retirement Pension shall be equal to the amount of the Age Pension (Basic Pension plus Past Service Pension) to which the Participant would be entitled if he were 65 years of age on the effective date of his Early Retirement Pension. If the Participant is under age 62, and has 25 years or more of Pension Credit (Past and Future), the monthly Early Retirement Pension shall be equal to the amount of the Age Pension (Basic Pension plus Past Service Pension) to which the Participant would be entitled under this Section if he were 62 years of age on the effective date of his Early Retirement Pension reduced by 1/2 of 1% for each month by which the Participant is younger than age 62 on the effective date of his Early Retirement Pension. C. Disability Pension Section 9. Eligibility for a Disability Pension. A Participant who is retired shall be entitled to a Disability Pension if he is totally and permanently disabled prior to attaining age 65 provided he: (a) has been awarded a Social Security Disability Benefit under Title II of the Social Security Act, or a Railroad Retirement Annuity because of disability under the Railroad Retirement Act; and -30-

36 (b) has credited to his account at least 1,000 hours of work in Covered Employment; provided; however, that the foregoing minimum hours worked requirement shall be waived for a Participant who has at least 15 years of Pension Credit, has had a contribution made on his behalf, and who becomes totally and permanently disabled in accordance with Subsection (a) after his Contribution Date. Section 10. Amount of the Monthly Disability Pension. The monthly Disability Pension shall be equal to the Basic Pension and Regular or Special Past Service Pension, if any, the Participant would receive if he were age 65 at the time he became totally and permanently disabled. Section 11. Disability Pension Payments. Payment of the Disability Pension shall commence with the sixth month of disability (subject to the provisions of Sections 1 and 5 of Article VII) and shall continue thereafter for so long as such disability continues and the Pensioner remains entitled to a Social Security or a Railroad Retirement Disability Benefit, except that upon attainment of age 65 a Disability Pensioner shall have his pension continued regardless of whether or not he remains totally and permanently disabled. Section 12. Recovery by a Disability Pensioner. If a Disability Pensioner loses entitlement to a Social Security or Railroad Retirement Disability Award, he shall report such fact in writing and supply a copy of his notice of termination from the Social Security Administration or Railroad Retirement Board to the Board of Trustees within 60 days after the date he receives such termination notice. If the Pensioner fails to notify the Board or fails to supply the notice of termination to the Board within such 60-day period, he shall, upon his subsequent retirement, not be eligible for benefits for the number of months in which he received a Disability Pension under this Plan after he received notice of termination of the Social Security or Railroad Retirement Disability Award plus a period of 12 months following the date of his subsequent retirement. In no event, however, will such 12 months additional postponement extend beyond his Normal Retirement Age. If a Disability Pensioner loses entitlement to a Social Security Disability Award and he (1) notifies the Board of Trustees in writing and supplies the Board with a copy of his termination notice from the Social Security Administration within 60 days as specified in the preceding paragraph and (2) files his appeal with the Social Security Administration within 60 days of the date of the notice of termination, his Disability Pension under this Plan may be continued for four months immediately following the month in which he lost entitlement to his Social Security Disability Award. The Board of Trustees will require evidence that -31-

37 the appeal to the Social Security Administration has been filed on a timely basis. After such four-month period his Disability pension under this Plan will be discontinued unless his Social Security Disability Award has been reinstated. If the appeal to the Social Security Administration subsequently results in reinstatement of his Social Security Disability Award, his Disability Pension under this Plan will be reinstated as of the effective date of reinstatement of the Social Security Disability Award, provided he files his Social Security reinstatement notice within 90 days of the date of such notice. If the Social Security reinstatement notice is filed more than 90 days after the date of the notice, the Disability Pension under this Plan will be effective the first of the month following the date such notice is filed with the Board of Trustees. Section 13. Return to Covered Employment by a Disability Pensioner. A Disability Pensioner who is no longer totally and permanently disabled may reenter Covered Employment prior to age 65 and will thereupon resume the accrual of Pension Credit and Contributions to his account. D. Vested Pension Section 14. Eligibility for Vested Pension. Beginning January 1, 1976 a Participant shall have the right to a Vested Pension if he has credit for at least 10 years of Vesting Service. A Vested Pension shall be payable upon retirement: (a) after the Participant has attained Normal Retirement Age (age 65), or (b) after the Participant has attained age 55 if he has fulfilled the service requirements for an Early Retirement Pension as set forth in Section 7 of this Article. The right to a Vested Pension (Termination of Service Pension) payable to a former Employee who incurred a break in Covered Employment prior to January 1, 1976 shall be determined in accordance with the rules of the Pension Plan as in effect prior to January 1, Section 15. Amount of Vested Pension. Beginning January 1, 1976, the Vested Pension payable to a Participant who has attained his Normal Retirement Age shall be calculated in the same manner as the Age Pension. If the payment of the Vested Pension is to commence before the Participant s Normal Retirement Age but after age 55, and the Participant has met the service requirements of an Early Retirement Pension, the Vested Pension shall be calculated in the same manner as the Early Retirement Pension. -32-

38 The amount of Vested Pension (Termination of Service Pension) payable to a former Employee who incurred a break in Covered Employment prior to January 1, 1976 shall be determined in accordance with the rules of the Pension Plan as in effect prior to January 1, Section 16. Alternative Vested Pension. A Participant who does not meet the requirements for a Vested Pension as set forth in Section 14 and 15 of this Article, shall be entitled to the Termination of Service Pension (as in effect prior to January 1, 1976) if he meets the requirements for such a pension in accordance with the rules of the Pension Plan as in effect prior to January 1, These rules are restated below: (a) Eligibility for Termination of Service Pension. (i) An Employee who has incurred a break in Covered Employment under Section 4 of Article VI at a time when he has at least 10 years of Future Service Credit shall be entitled to a Termination of Service Pension beginning on the first day of the month following his 65th birthday, provided he meets the requirements for advance application in Section 1 of Article VII. (ii) An Employee who has incurred a break in Covered Employment under Section 4 of Article VI at a time when he has at least 15 years of Pension Credit, including at least 10 years of Future Service Credit shall, upon application, be entitled to a Termination of Service Pension following his attainment of age 55. The amount of monthly Termination of Service Pension determined under subsection (b) of this Section 16 shall be adjusted for the earlier benefit commencement date as provided in Section 8 of this Article. (b) Amount of Monthly Termination of Service Pension. The monthly amount of the Termination of Service Pension shall be equal to the product of: (i) the Basic Pension and Regular or Special Past Service Pension, if any, the Employee would receive if he were age 65 at the time of his break in Covered Employment, multiplied by -33-

39 (ii) the following percentage appropriate to the years of Future Service Credit accumulated by the Employee at the time he incurs the break in Covered Employment: Years of Future Years of Future Service Credit Percentage Service Credit Percentage 10 50% 16 80% 11 55% 17 85% 12 60% 18 90% 13 65% 19 95% 14 70% % 15 75% (c) Return to Covered Employment Prior to Age 65 by an Employee Eligible for a Termination of Service Pension. If a former Employee who has met the eligibility requirements for a Termination of Service Pension returns to Covered Employment prior to age 65, his Pension, upon his subsequent retirement from, or termination of, Covered Employment, shall be the sum of: (i) The amount of the Termination of Service Pension which had been established for such Employee at the time of his break in Covered Employment, and (ii) the amount of Basic Pension earned as a result of Contributions credited to his account subsequent to his return to Covered Employment. Section Certain Payments Option. Instead of the pension and death benefit otherwise payable, a Participant entitled to an Age, Early Retirement or Vested Pension may elect to receive an actuarially adjusted payment under a 120 Certain Payments Option provided that such option shall not be effective in any case in which the commencement date of the pension is subsequent to the Participant s 70th birthday. Such option shall provide a reduced monthly pension payable to him for his lifetime, with the guarantee that if he dies before receiving 120 monthly pension payments, such reduced monthly pension shall continue to be paid to his designated beneficiary until a total of 120 such payments (including both the payments to the Pensioner and his beneficiary) have been made. The provisions of Section 2 of Article V concerning designation of beneficiary and of Section 3 of Article V concerning failure to designate or death of beneficiary shall also be applicable for purposes of determining the person entitled to any balance of the 120 payments after the death of the Pensioner. The amount of reduced pension -34-

40 payable to the Pensioner and his beneficiary under this option shall be determined on the basis of appropriate actuarial tables adopted from time to time by the Board of Trustees and uniformly applied. This benefit is not available when a Husband-and-Wife Pension is in effect. Section 18. Rules for Election of Option. Election of this optional form of payment shall be subject to the following conditions: (a) It must be made in writing on a form prescribed by the Board of Trustees and filed at the Trust Office before the Participant s 65th birthday and at least 12 months before the first of the month for which a pension will be payable to him, provided that for any groups of Employees admitted to participation in the Plan after July 1, 1967, the pre-election periods shall be waived for six months from the effective date of such participation. (b) The option shall take effect with the first pension payment only if the Pensioner is then alive. (c) Once elected, this option may not be revoked except under the following conditions: (i) Revocation must be made by the Participant in writing on a form prescribed by the Board of Trustees and filed at the Trust Office before the first calendar month for which a pension has become payable to him. (ii) Revocation shall not become effective until 12 months after it has been filed, and until then any pension payable shall be paid in the amount determined under the option (without retroactive adjustment of such payments once revocation takes effect). BENEFITS PROVIDED BY THIS SECTION SHALL NOT BE PAYABLE IF PAYMENTS WERE DUE UNDER THE HUSBAND-ANDWIFE PENSION. ARTICLE IV Husband-and-Wife Pension Section 1. General. The Husband-and-Wife Pension provides a lifetime pension for the married Participant plus a lifetime pension for his (or her) surviving legal spouse, starting after the death of the Participant. The monthly amount to be paid to the surviving legal spouse is one-half the monthly amount paid to the Participant. When a Husband-and-Wife Pension is in effect, the monthly amount of the Participant s pension is reduced in accordance with the provisions of Section 7 from the full amount otherwise payable. -35-

41 Section 2. Effective Date. The provisions of this Article apply only to pensions which are effective on or after January 1, Section 3. Upon Retirement. (a) A pension shall be paid in the form of a Husband-and-Wife Pension to a married Participant unless the Participant has filed with the Trustees in writing a timely rejection of that form of Pension, subject to all the conditions of this Section. (b) A married Participant may reject the Husband-and-Wife Pension (or revoke a previous rejection) at any time before the first pension payment is made to him; except that any election made by September 30, 1976 shall be deemed timely. A Participant shall in any event have the right to exercise this choice up to 90 days after he has been advised, by the Trustees, of the effect of such choice on his pension. Section 4. After Normal Retirement Age but Before Retirement. If a married Participant who has attained Normal Retirement Age dies at a time when he was eligible for a pension, but before retirement and/or pension payments commenced, a pension shall be paid to his surviving legal spouse, if any, as if the Husband-and-Wife Pension had been in effect on the day before the Participant died. Section 5. Before Normal Retirement Age and Before Retirement. (a) A Participant younger than the Normal Retirement Age may choose to protect his (or her) spouse by a Husband-and-Wife Pension to be effective upon the death of the Participant after he has attained age 55 but before the effective date of his pension, if at the time of his death he was eligible for a pension. (b) A Participant may make this choice (or revocation of a previous choice) by written election filed with the Trustees at any time, but his choice is not to be effective until twenty-four months after it is filed with the Trustees, except if he dies as the result of an accident occurring after his election and application of the 24-month waiting period would deny the pension to his legal spouse. However, any such choice made in writing filed with the Trustees by September 30, 1976 shall be deemed timely and the 24- month period of delay shall not be applicable. -36-

42 (c) The benefit amount for the surviving legal spouse shall be determined as if the Participant s pension had been effective on the day before he died. Section 6. Retirement on a Disability Pension Before Age 55. If the effective date of a married Participant s pension occurs before he attains 55, payment shall be made in the form of a Husband-and-Wife Pension, unless the Participant has rejected such form of payment in writing in a rejection filed with the Trustees before the first pension payment has been made to him. In such cases, the Husband-and-Wife Pension shall provide payment to the surviving legal spouse, if any, starting on the later of(a) the first of the month following the death of the Participant or (b) the first of the month following the date when the Participant would have attained age 55 had he lived. Section 7. Adjustment of Pension Amount. When a Husband-and-Wife Pension becomes effective, the amount of the Participant s monthly pension shall be reduced in accordance with a formula or formulas adopted by the Trustees, based on the principles of overall actuarial equivalence and equitable adjustment for the cost of such annuities. A formula or formulas adopted by the Trustees may be made applicable by them from year to year, that is, the amount of reduction from the full single-life pension on account of the Husband-and-Wife Pension may be fixed in accordance with the adopted formula or formulas for: (a) any such Pension, the Effective Date of which falls within the year, and (b) any election (or failure to reject) such Pension which is exercised by the Participant within the year as his final choice. However, the formula is not otherwise in any respect to be deemed a vested right of any Participant nor part of his accrued benefit, and is subject to change by the Trustees for pensions commencing later or for elections (or rejections or revocations of either) which the Participant has the option to make later. Section 8. Additional Conditions. A Husband-and-Wife Pension shall not be effective under any of the following circumstances: (a) The Participant and spouse were not married to each other when pension payment began. (b) The Participant and spouse were married to each other for less than a year before the Participant died. -37-

43 (c) The spouse died before the Participant s pension began or before his death, if he died before a pension was payable to him. (d) The Participant and the spouse were divorced from each other before the Participant s pension began or before his death, if he died before a pension was payable to him. (e) The Trustees shall be entitled to rely on the written representation last filed by the Participant before his pension payments conunenced as to whether he or she is married. This reliance shall include the right to deny benefits to a person claiming to be the legal spouse of a Participant in contradiction to the aforementioned representation of the Participant. (f) Election or revocation may not be made or altered after payment of the pension has commenced, except as provided in Section 3(b) of this Article and as follows: In the event a Pensioner is granted a Social Security Disability Award or Railroad Retirement Disability Pension effective during the 12- month period immediately following the commencement of his Early Retirement Pension from this Plan, he will be allowed to change his previous election or rejection of the Husband-and-Wife Pension if the form of his benefit is changed to a Disability Pension, provided the change is elected at the time the type of Pension is changed. Section 9. Continuation of Husband-and-Wife Pension Form. The monthly amount of the Husband-and-Wife Pension, once it has become payable, shall not be increased if the spouse is subsequently divorced from the Pensioner or if the spouse predeceases the Pensioner. ARTICLE V Death Benefit Section 1. Eligibility for and Amount of Death Benefit. (a) Death Before Retirement. (i) If an Employee dies on or after August 1, 1977, and prior to meeting the eligibility requirements for an Early Retirement Pension, Age Pension or Vested Pension, the total amount of Contributions credited to his account, up to a maximum of $6,000 ($3,000 prior to August 1, 1977), shall be paid in a lump sum to his designated beneficiary. -38-

44 If the amount of the lump sum payment is less than $10.00, no death benefit shalt be payable under this Section. (ii) If a Participaflt who has fulfilled the age and service requirements for An Age Pension, Early Retirement Pension or Vested Pension, dies prior to being awarded a pension under this Plan, his designated beneficiary or the person or persons selected in accordance with Section 3 of this Article shall, upon application, be entitled to 60 monthly payments in an amount equal to the monthly pension which the deceased Participant would have received had he retired on the date of his death. If the deceased Participant is under age 55 at the time of his death, the monthly benefit will be determined as if he were age 55 on the date of his death. The total value of the Pension payments, if any, received by the deceased Participant during a previous period of retirement shall be deducted from the total value of the 60 monthly payments otherwise due the deceased Participant s beneficiary. The monthly payments described herein will begin with the first month following the death of the Participant. This benefit shall be payable instead of, and not in addition to, the benefit described in paragraph (i) above. Benefits provided by this Section shall not be payable, however, if payments were due under the Huband-and-Wife Pension (Article IV) at the time of death. (b) Death After Retirement. (i) If a Pensioner dies before receiving a total of 60 monthly pension payments from the Trust, his monthly pension payments shall be continued until a total of 60 such payments have been made to such Pensioner and his designated beneficiary, or the person or persons selected in accordance with Section 3 of this Article, and shall thereupon cease. Benefits provided by this Section shall not be payable if payments were due under the Husband-and-Wife Pension (Article IV) at the time of death. (ii) Upon the death of a Pensioner on and after July 1, 1981, a Death Benefit of $1,000 will be paid to his designated beneficiary or to the person or persons selected in accordance with Section 3 of this Article, if the Pensioner was receiving a Pension based on at least 10 years of Pension Credit. This benefit is in addition to the payments, if -39-

45 any, provided by section (i) of this Subsection (b) the 120 Certain Payment Option or the Husband-and-Wife Pension. In the event that the benefit provided in Sections (a) (ii) and (b) (i) above is less than the total amount of Contributions up to a maximum of $6,000 credited to the Participant s account, then a lump-sum payment equal to the total amount of such Contributions, up to a maximum of $6,000, less any pension payments made to the Participant or Pensioner shall be made to the designated beneficiary. Section 2. Designation of Beneficiary. A Participant may designate a beneficiary to receive any benefits provided under Section 1 of this Article by filing such designation ~it the Trust Office on a form prescribed by the Board of Trustees. A Participant shall have the right to change his designation of beneficiary without the consent of the beneficiary, but no such change shall be effective or binding on the Board unless it is received by the Board prior to the time any payment is made to the beneficiary whose designation is on file at the Trust Office. Section 3. Failure to Designate Beneficiary or Death of Beneficiary. If no beneficiary is designated by a Participant or if a designated beneficiary predeceases the Participant or survives him but dies prior to receipt of any benefits under this Article, the benefits provided under Section 1 of this Article may be paid to the surviving spouse or such other relative or person who in the discretion of the Trustees may be equitably entitled thereto. Any such payment shall to the extent thereof be a complete discharge of all liability under the Plan with respect thereto. ARTICLE VI Pension Credits and Years of Vesting Service Section 1. Pension Credit for Periods Prior to Contribution Date (Past Service Credit). (a) A Participant shall be entitled to Past Service Credit for each Plan Year, or portion thereof, during the period of26 consecutive full Plan Years immediately preceding his Contribution Date, in which he performed work in any of the following categories: (i) Work in the Trades. All work in the trades of Boilermaker, Blacksmith, Forger or Helper, in field construction, railroad, shipbuilding, or shop work, for any employer, which work was in a bargaining unit at any time represented by the Union, including -40-

46 any such work in such a unit prior to such representation but not after such representation ceased. (This includes all work by a Participant prior to his Contribution Date in these trades within any bargaining unit represented by the Union, regardless of whether the employer for whom it was performed ever makes Contributions to the Trust for such unit. It excludes all work in a group or unit not represented by the Union, such as (1) work of the type performed in these trades but which was for an employer who has not recognized the Union as bargaining agent for employees performing such work, and (2) work for a contributing Employer but which was performed in some other trade or job classification not included within the bargaining unit represented by the Union.) (ii) Other Shop Work. All work in a shop, plant, or factory which: (1) was for a contributing Employer and performed in a job classification of the type included within the bargaining unit represented by the Union and within which he is employed on his Contribution Date, including any such work in such a unit prior to such representation. (This includes all work in any trade, craft, or job classification which may be included in such bargaining unit on such date. It excludes all work for a noncontributing employer, and all work for a contributing Employer which was performed in a trade, craft, or job classification not included in such bargaining unit on such date); or (2) was for a non-contributing employer in a collective bargaining unit represented by the Union prior to his Contribution Date, but which as of such Contribution Date is no longer represented by the Union because the unit is no longer in existence, or otherwise, but excluding any work in such unit after it ceased to be represented by the Union. (iii) Work for International Union or Local Lodges. All work as a fulltime employee of the International Union, or as a full-time salaried officer or assistant of a Local Lodge of the Union which makes contributions to this Trust. (iv) Foreign Work in the Trade. All work in the Boilermaker trade for a contributing Employer, or an employer affiliated with a contributing Employer, performed outside the United States of America by an -41-

47 Employee who prior to such foreign service was employed in the Boilermaker trade by an employer who after October 1, 1960, became a contributing Employer. Nothing in the foregoing shall include (1) any work in a supervisory capacity of the type not includible in a collective bargaining unit represented by the Union, (2) any work as a sole proprietor or a partner, nor (3) any work for a non-contributing employer which is credited for benefits for which the Employer qualified under any governmental pension program (other than benefits under the Social Security Act). (b) A Participant shall be entitled to a full year of Past Service Credit for each Plan Year in which he was so employed for 1,200 hours, and he shall receive one-quarter year of Past Service Credit for each 300 hours of such employment in any Plan Year in which he was so employed for less than 1,200 hours, up to a maximum of 25 years. (c) In making the necessary determinations as to the Past Service Credit, the Board of Trustees may, in its discretion, consider and rely upon any relevant and material evidence, including without limitation, any or all of the following: (i) Records or statements of employers. (ii) Records or statement of the Union. (iii) Records of the Federal Social Security Administration. (iv) Records of any health and welfare fund to which contributions were made for an Employee. Section 2. Pension Credit for Periods After the Contribution Date (Future Service Credit). After his Contribution Date, a Participant shall receive one year of Future Service Credit for each 1,200 hours of work in Covered Employment. A Participant shall receive one quarter year of Pension Credit for each remaining 300 hours of Covered Employment. Section 3. Years of Vesting Service. (a) General Rule. A Participant shall be credited with one year of Vesting Service for each Plan Year following his Contribution Date (including periods before he became a Participant) in which he worked in Covered Employment for 1,000 hours or more in that Plan Year. -42-

48 If a Participant works for an Employer in Continuous Non-Covered Employment, his Hours of Work after December 31, 1975, shall be counted toward a year of Vesting Service. (b) Exceptions. A Participant shall not be entitled to credit toward a year of Vesting Service for the following periods: (i) Years preceding a break in Covered Employment in accordance with the rules of the Pension Plan as in effect prior to January 1, 1976, for periods prior to October 1, (ii) Years preceding a break in Covered Employment as defined in Section 4 of this Article. Section 4. Breaks in Covered Employment and Cancellation of Pension Credit and Vesting Service. If a person has a break in Covered Employment before he has become a Vested Participant, it has the effect of cancelling his participation, his previous years of Pension Credit and his previously credited years of Vesting Service. However, a break in Covered Employment may be temporary, subject to repair by a sufficient amount of subsequent service. A longer break may be permanent. The break in Covered Employment rules do not apply to a Pensioner or a Vested Participant. (a) Permanent Breaks in Covered Employment Before January 1, Before January 1, 1976, a person shall have incurred a permanent break in Covered Employment and his Pension Credits and Vesting Service cancelled if he failed to meet the requirements for continuity of employment in accordance with the rules of the Pension Plan as in effect prior to January 1, (b) One Year Break in Covered Employment. (1) A person has a One Year Break in Service in any Plan Year after September 30, 1975 in which he fails to complete 500 hours of service. (2) The following time is to be counted as an hour of service for the purpose of this Section only: (a) hours of compensated work in Covered Employment; (b) time of Employment with an Employer in Continuous Non- Covered Employment after December 31, 1975, if creditable under Section 3(a) of this Article, shall be counted as if it -43-

49 were Covered Employment in determining whether a Break in Covered Employment has been incurred. (c) hours worked in a supervisory position with a contributing Employer which would exclude him from the bargaining unit representated by the Union; or work outside the United States of America in the Boilermaker trade with a contributing Employer, or an employer affiliated with a contributing Employer; (d) hours worked as a full-time salaried officer or assistant of a Local Lodge which does not elect to become a contributing Employer, or (e) Military Service in the Armed Forces of the United States in time of war or national emergency, provided the Employee makes himself available for Covered Employment within 90 days after release from active duty, or within 90 day s after recovery from a disability continuing after his release from active duty, but not exceeding a period of four years of such service, or such longer period during which he has employment rights with a contributing Employer pursuant to Federal Law; (f) work as a Coordinator by an Area Apprenticeship Committee established and operating under the Agreement and Declaration of Trust governing the Boilermakers Area Apprenticeship Funds; (g) work for an employer signatory to a collective bargaining agreement with the Union which does not require contributions to this Trust. (h) work in the Boilermaker trade with a state, county, municipality, or political subdivision thereof, which does not make contributions to this Trust. (i) In order for the hours of work described in (b) through (h) above to be considered as hours of service for the purpose of meeting the One Year Break in Covered Employment test, an Employee must furnish the Board with such written notice and written evidence as the Board may require. (3) A One Year Break in Covered Employment is repairable, in the sense that its effects are eliminated if, before incurring a Permanent Break in Covered Employment, the Employee subsequently earns a year of Vesting Service (1,000 hours). More specifically, -44-

50 (a) Participation is restored in accordance with the provisions of Article II, and (b) previously earned years of Pension Credit and years of Vesting Service are restored; (c) nothing in this paragraph (3) shall change the effect of a Permanent Break in Covered Employment. (c) Permanent Break in Covered Employment After A person has a Permanent Break in Covered Employment if he has consecutive One Year Breaks in Service, including at least one after September 30, 1975, that equal or exceed the number of years of Vesting Service which he had previously accumulated. (d) Effect of a Permament Break in Covered Employment If a person who has not achieved status as a Vested Participant has a Permanent Break in Covered Employment: (1) his previous Years of Credited Service and Years of Vesting Service are cancelled, and (2) his participation is cancelled; new participation is subject to the provisions of Article II. ARTICLE VII Claim Procedures, Determination of Disputes, Benefit Payments, and Retirement Section 1. Advance Written Applications Required. An application for a pension shall be made in writing on a form and in the manner prescribed by the Board of Trustees, and shall contain such information as the Trustees may deem necessary, and shall be addressed to the Trust Office. A claim shall be deemed filed when such application is received by the Trust Office. Such application shall be a condition for payment of a pension and must be filed with the Board prior to the first month for which benefits are payable. If an application for a Disability Pension is filed within 60 days after a determination by the Social Security Administration or the Railroad Retirement Board of entitlement to a Social Security or Railroad Retirement disability benefits, such application shall be considered timely, and payment of the Disability Pension shall commence as of the effective date of such award. -45-

51 Section 2. Information and Proof. Every Participant or Pensioner shall furnish, at the request of the Trustees, any information or proof reasonably required to determine his benefit rights. If a person willfully makes a false statement material to an application or furnishes fraudulent information or proof, or fails to provide the notifications required, benefits under this Plan may be denied, suspended, or discontinued. The Trustees shall have the right to recover any benefit payments made in reliance on any willfully false or fraudulent statement, information or proof submitted by a Participant or Pensioner. Section 3. Action of Trustees. The Trustees shall, subject to the requirements of the Law, be the sole judges of the standard of proof required in any case and the application and interpretation of this Plan, and decisions of the Trustees shall be final and binding on all parties. Wherever in the Plan the Trustees are given discretionary powers, the Trustees shall exercise such powers in a uniform and nondiscriminatory manner. Section 4. Right of Appeal and Determination of Disputes. (a) No Employee, Participant, Pensioner, Beneficiary, eligible dependent, or other person shall have any right or claim to benefits under the Trust and the Plan, or any right or claim to payments from the Fund, other than as specified herein. Any dispute as to eligibility, type, amount or duration of benefits or any right or claim to payments from the Fund shall be resolved by the Board under and pursuant to the Trust and the Plan, and its decision of the dispute, right or claim shall be final and binding upon all parties thereto. No action may be brought for benefits under the Trust or the Plan or to enforce any rights there under until after the claim therefore has been submitted to and determined by the Trustees, and only subject to such judicial review as may be required by applicable law. (b) Any person whose application for benefits under the Trust and the Plan has been denied in whole or in part, or whose claim to benefits or against the Fund is otherwise denied, shall be notified in writing of such denial, within 90 days after receipt of such application or claim. An extension of time not exceeding 90 days may be required by special circumstances. If so, notice of such extension, indicating what special circumstances exist therefore and the date by which a final decision is expected to be rendered, shall be furnished the claimant prior to the expiration of the initial 90 day period. The notice shall set forth in a manner calculated to be understood by the claimant (1) the specific reason or reasons for the denial, (2) specific reference to pertinent Plan provisions on which the denial is based, (3) a description of any additional material or information necessary for the -46-

52 claimant to perfect the claim and any explanation of why such material or information is necessary, and (4) appropriate information as to the steps to be taken if the claimant wishes reconsideration of the Board decision. (c) Any such person may petition the Board of Trustees for a review of the denial. A petition for review shall be in writing, shall state in clear and concise terms the reason or reasons for disputing the denial, shall be accompanied by any pertinent documentary material not already furnished to the Fund, and shall be filed by the petitioner or his duly authorized representative with or received by the Trust Office within 60 days after the petitioner received notice of the denial. The petitioner or his duly authorized representative shall be permitted to review pertinent documents and submit issues and comments in writing. (d) Upon good cause shown, the Board of Trustees shall permit the petition to be amended or supplemented and shall grant a hearing on the petition before a Committee appointed by the Board of Trustees to act on such petitions, to receive and hear any evidence or argument which cannot be presented satisfactorily by correspondence. The failure to file a petition for review within such 60 day period, or the failure to appear and participate in any such hearing, shall constitute a waiver of the claimant s right to review of the denial, provided that the Board may relieve a claimant of any such waiver for good cause if application for such relief is made within one year after the date shown on the notice of denial. (e) A decision by the Committee shall be made promptly and not more than 60 days after receipt of the petition for review, unless special circumstances require an extension of time for processing, in which case notice of such extension shall be furnished to the claimant prior to the expiration of the 60-day period. A decision shall be rendered as soon as possible, but not later than 120 days after receipt of the petition for review. The petitioner shall be advised of the Committee s decision in writing. The decision shall include specific reasons for the decision, written in a manner calculated to be understood by the petitioner, and specific references to the pertinent Plan provisions on which the decision is based. (f) The decision of the Board with respect to a petition for review, including a decision resulting from a waiver of claimant s right to review as provided -47-

53 in Section 4(d) of this Article VII, shall be final and binding upon all parties, including the applicant, claimant or petitioner, subject only to judicial review as provided in subsection (a). The provisions of this Section shall apply to and include any and every claim to benefits from the Fund, and any claim or right asserted under the Trust and the Plan or against the Fund, regardless of the basis asserted for the claim, and regardless of when the act or omission upon which the claim is based occurred, and regardless ofwhether or not the claimant is a participant or beneficiary of the Plan within the meaning of those terms as defined in ERISA. Section 5. Benefit Payments Generally. (a) A Participant who is eligible to receive benefits under this Plan and makes application in accordance with the rules of this Pension Plan shall be entitled upon retirement to receive the monthly benefits provided for the remainder of his life, subject to the provisions of this Plan. Benefit payments shall be payable commencing with the first day of the month following the month in which the Participant has fulfilled all the conditions of entitlement to benefits, including the filing of an application. Such first day is the meaning of the term, the Effective Date of the Participant s pension. However, in no event, unless the Participant elects otherwise, shall the payment of benefits begin later than the 60th day after the later of the close of the Plan year in which: (a) the Participant attains Normal Retirement Age, or (b) the Participant terminates his Covered Employment and retires, as that term is defined in Section 8 of this Article. Nevertheless, no pension payments shall be made with respect to any months more than 24 months preceding application by or on behalf of a Participant or Beneficiary, except if the Trustees find that the Participant or Beneficiary, as the case may be, was unable to make timely filing because of disability, incompetence, or comparable extenuating circumstances. Pension payments shall end with the payment for the month in which the death of the Pensioner occurs except as provided in accordance with a Husband-and-Wife Pension, or if applicable, upon the completion of the guaranteed payments provided for in Article V, Section

54 (b) Total Disablement of a Pensioner Receiving an Early Retirement Pension. If a Pensioner receiving an Early Retirement Pension is granted a Social Security Disability award or a Railroad Retirement Disability Pension with an effective date prior to the commencement of his Early Retirement Pension from this Plan or during the immediate 12-month period following, he will be allowed, should he so elect, to receive a Disability Pension. The request to change the form of pension must be filed with the Trust Office within 90 days of the date of the award letter issued by the Social Security Administration or the Railroad Retirement Disability Board. If the request is filed later no change will be granted. Section 6. Duplication of Pensions. A Pensioner shall not be entitled to the payment under this Plan of more than one type of pension at any one time. Section 7. Lump Sum Payment in Lieu of Monthly Pension. If at the time a monthly pension payable to a Participant, the actuarial value of the lifetime pension payable to the Participant is $1,750 or less, the Trustees at their discretion may pay to the Participant the lump sum amount of such actuarial value, in lieu of the monthly pension otherwise due him. Section 8. Retirement. (a) Before Normal Retirement Age. To be considered retired and entitled to a pension under this Plan, a person must withdraw completely and refrain from any employment for wages or profit in a job classification of the type included in a Collective Bargaining Agreement anywhere in the United States. (b) After Normal Retirement Age. To be considered retired and entitled to a pension under this Plan after he has attained Normal Retirement Age, a Participant must withdraw and refrain from employment for wages or profit in excess of forty (40) hours in a calendar month, including hours paid but not worked, in the same industry, in the same trade or craft, anywhere in the United States. For the purposes of this sub-section: (i) The same industry means any business activity of an employer, including self-employment, that includes any employment which -49-

55 was covered by the Plan when the Participant s pension payments commenced. (ii) The same trade or craft means an occupation in which the Participant was employed or could have been employed at any time under the coverage of the Plan and any self-employment involved in such occupation. (iii) The Normal Retirement Age means age 65, or if later, the age of the Participant on the tenth anniversary of his participation. Section 9. Suspension of Benefits (a) Except as provided herein, if a Pensioner who is younger than Normal Retirement Age subsequently becomes employed in work of the type described in Section 8(a) of this Article, his pension payments shall be suspended for any calendar month in which he is so employed and for up to three additional months after ceasing such employment but not beyond Normal Retirement Age. After that period, his pension shall again become payable subject to Section 8(b) above. However, if a Disability Pensioner becomes employed in the type of work described in Section 8, subsequently retires and is again awarded a pension, he shall not be required to satisfy the foregoing three-month waiting period before his pension is effective. (b) If a Pensioner who has attained Normal Retirement Age subsequently becomes employed in work of the type and for the duration described in Section 8(b) of this Article, his pension payments shall be suspended for any calendar month in which he is so employed. After that period, his pension shall again become payable. (c) If a Pensioner becomes employed in work of the type described in Section 8 of this Article, he must notify the Trustees, in writing, within 21 days following commencement of such employment. If he fails to give such written notice within such 21-day period and: (i) he is younger than Normal Retirement Age, his pension may be suspended at the discretion of the Trustees for an additional period of 12 months over and above the suspension period specified in the preceding subsection (a) but not beyond Normal Retirement Age; or if -50-

56 (ii) he has attained Normal Retirement Age and the Trustees become aware that he may be employed in work of the type described in Section 8(b) of this Article, it will be presumed, unless and until the Pensioner provides evidence to the contrary that: (A) he was employed in excess of forty (40) hours for that month, and (B) if such employment is at a construction site, he was employed for as long as the employer for whom he is employed has been engaged at that site. (d) A Pensioner shall provide the Trustees with such information as they may request in order to establish the nature and extent of any employment by the Pensioner after the date of commencement of his benefits. Any pension payments otherwise due shall be withheld pending adequate response by the Pensioner to such request. (e) A Participant whose pension has been suspended shall advise the Trustees in writing when disqualifying employment has ended. Benefit payments shall be held back until such notice is filed with the Trustees. (f) A Participant may, in writing, request of the Trustees a determination whether contemplated employment will be disqualifying and the Trustees shall provide the Participant with their determination. (g) Notice of Suspension The Trustees shall inform a Participant of any suspension of benefits by notice given by personal delivery of first class mail during the first calendar month in which his benefits are withheld. Such notice shall include a description of the specific reasons for the suspension, a description and a copy of the relevant plan provisions, reference of the applicable regulations of the U.S. Department of Labor, and a statement of the procedure for securing a review of the suspension. -51-

57 (h) Review A Participant shall be entitled to a review of a determination suspending his benefits by written request filed with the Trustees within 60 days of the notice of suspension of benefit. The same right of review shall apply, under the same terms, to a determination by or on behalf of the Trustees that contemplated employment will be disqualifying. (i) Waiver of Suspension The Trustees may, upon their own motion or on request of a Participant, waive suspension of benefits subject to such limitations as the Trustees in their sole discretion may determine, including any limitations based on the Participant s previous record of benefit suspensions or noncompliance with reporting requirements under this Article. Section 10. Pension Payment Following Suspension (a) Pension payments to a Pensioner, who has ended his disqualifying employment, shall be resumed beginning no later than the third month after the last calendar month for which his benefit was suspended, provided the Participant has complied with the notification requirements of this Plan. (b) A Pensioner who returns to Covered Employment after Normal Retirement Age shall not be entitled to a higher pension amount on his subsequent retirement. (c) A Pensioner who returns to Covered Employment before Normal Retirement Age shall, upon his subsequent retirement, be entitled to receive an increased pension based upon his age, Pension Credit and Contributions accumulated during his subsequent period(s) of work in Covered Employment, except that the pension payable upon his subsequent retirement(s) shall be reduced by the actuarial equivalent of any Early Retirement Pension payments he received during his previous period(s) of retirement and prior to the Normal Retirement Age. (d) Suspension before Normal Retirement Age in accordance with Section 9(a) of this Article because of employment of a type or of a duration for which benefits could not be suspended after Normal Retirement Age, shall not have the effect of reducing the value of the Participant s pension for payment at his Normal Retirement Age and to the extent necessary to avoid such reduction, the monthly amount of the pension shall be -52-

58 adjusted so as not to deprive the Pensioner of the value of his benefits which became payable following his Normal Retirement Age. (e) If a Participant received pension payment to which he was not entitled in accordance with Section 9 of this Article, the Trustees may recover the amount of such payments by deducting the amount of the overpayments from the Participant s future monthly payments until such overpayment is fully recovered. If a Participant has attained Normal Retirement Age, the amount of such offset shall be limited to 100% of the amount due to the Participant for the first payment upon resumption of benefits and 25% of the monthly pension benefit amount thereafter, until all overpayments are fully recovered. This provision shall not limit the right of the Trustees to recover an overpayment by means other than deduction from the pension. (f) A Disability Pensioner who recovers from his total disability and returns to Covered Employment shall be entitled, upon his subsequent retirement, to a pension in an amount calculated at the time of his subsequent retirement, including any additional Pension credit earned during his period of subsequent employment. Section 11. Nonforfeitability and Vested Status. The benefits to which an Active Participant or Vested Participant is entitled under this Plan upon his attainment of Normal Retirement Age is nonforfeitable, subject, however, to retroactive amendment made within the limitation of Section 411(a)(3)(C) of the Internal Revenue Code and Section 302 (c) (8) of ERISA. The benefits to which a surviving Spouse is entitled shall likewise be nonforfeitable. Participants and beneficiaries shall be entitled to any of the other benefits of this Plan subject to all of the applicable terms and conditions. An Active Participant attains status as a Vested Participant when he has fulfilled the service requirements for receipt after retirement of a nonforfeitable pension. Section 12. Incompetence or Incapacity of a Pensioner or Beneficiary. In the event it is determined to the satisfaction of the Trustees that a Pensioner or Beneficiary is unable to care for his affairs because of mental or physical incapacity, any payment due may be applied, in the discretion of the Trustees, to the maintenance and support of such Pensioner or Beneficiary or to such person as the Trustees in their sole discretion find to be an object of the natural bounty of the Pensioner or Beneficiary in the manner decided by the Trustees, unless, prior -53-

59 to such payment, claim shall have been made for such payment by a legallyappointed guardian, committee, or other legal representative appropriate to receive such payments on behalf of the Pensioner or Beneficiary. Section 13. Non-Assignment of Benefits. No Participant, Pensioner or Beneficiary entitled to any benefits under this Pension Plan shall have the right to assign, alienate, transfer, encumber, pledge, mortgage, hypothecate, anticipate, or impair in any manner his legal or beneficial interest, or any interest in assets of the Pension Trust, or benefits of this Pension Plan. Neither the Pension Trust nor any of the assets thereof, shall be liable for the debts of any Participant, Pensioner or Beneficiary entitled to any benefits under this Plan, nor be subject to attachment or execution or process in any court or action or proceeding. Section 14. No Right to Assets. No person other than the Trustees of the Pension Trust shall have any right, title or interest in any of the income, or property of any funds received or held by or for the account of the Pension Trust, and no person shall have any vested right to benefits provided by the Pension Plan except as expressly provided herein. Section 15. Maximum Pensions. Anything to the contrary notwithstanding, a Pension computed under this Plan shall be subject to the following: (a) Maximum Pensions: When expressed as a monthly pension, a benefit shall not exceed the lesser of $6,250 or the Participant s average monthly compensation during the three years when his compensation was highest, subject to the following: (i) The maximum shall apply to the single-life Pension computed under Article III. (ii) If benefits begin prior to age 65, the maximum will apply to such reduced Pension. (iii) If the Participant has fewer than 10 years of Pension Credit at retirement, the applicable maximum shall be multiplied by a fraction, of which the numerator is his Pension Credit and the denominator is 10. (iv) The maximum amount of $6,250 shall be increased as permitted by Internal Revenue Service regulations to reflect cost-of-living adjustments. -54-

60 Notwithstanding the foregoing, the otherwise permissible annual benefits for any Participant under this Plan may be further reduced to the extent necessary, as determined by the Board of Trustees, to prevent disqualification of the Plan under Section 415 of the Internal Revenue Code, which imposes the following additional limitations on the benefits payable to Participants who also may be participating in another tax qualified pension, profit sharing, savings or stock bonus plan of the employers described in Article I, Section 10: If an individual is a Participant at anytime in both a defined benefit plan and a defined contribution plan maintained by the employers, the sum of the defined benefit plan fraction and the contribution plan fraction for any Plan may not exceed 1.4. The defined benefit plan fraction for any Plan Year is a fraction, the numerator of which is the Participant s projected annual benefit under the Plan (determined at the close of the Plan Year) and the denominator of which is the Participant s projected annual benefit (determined as of the close of the Plan Year) if the Plan provided the maximum benefit allowable under Section 415(b) of the Code. The defined contribution plan fraction for any Plan Year is a fraction, the numerator of which is the sum of the annual additions to the Participant s accounts in such Plan Year and for all prior Plan Years and the denominator of which is the maximum amount of annual additions which could have been made under Section 415(c) of the Code for such Plan Year and for all prior years of such Participant s employment (assuming, for this purpose, that said Section 415(c) had been in effect during such prior years). For purposes of this limitation, all defined benefit plans of the employers, whether or not terminated, are to be treated as one defined benefit plan and all defined contributions plans of the employers, whether or not terminated, are to be treated as one defined contribution plan. The Board of Trustees may decide, in its sole discretion, under which of said Plans such a Participant s benefits are to be limited and, if it is under this Plan, shall advise affected Participants of any additional limitation on their annual benefits required by this paragraph. (b) The Trustees shall be entitled to rely on a representation by an Employer that the pension payable to a Participant under this Plan, to the extent attributable to employment with that Employer, does not, together with any other pension payable to him under any other plan maintained by that Employer (and to the extent attributable to employment with that Employer) exceed the limitations as specified in this Section. -55-

61 ARTICLE VIII Miscellaneous Section 1. Administration. This Plan shall be administered by the Board of Trustees, who may delegate this responsibility to an Administrator retained or employed pursuant to Section 1(a) of Article III of the Trust Agreement. The Board may adopt such rules and regulations consistent with the provisions of the Trust Agreement and Plan as may be necessary or desirable for such administration. The Board, or the Administrator on its behalf, shall have the power to determine the eligibility for, and the amount of benefits payable to each applicant for benefits, and to pay or cause to be paid benefits from the Fund to eligible applicants. Any such determination by the Board, or Administrator on its behalf, shall be final and binding on all persons unless appealed to the Board as provided by Section 4 of Article VII. The decision of the Board on such appeal shall be final and binding on all persons. Section 2. Trustees Records. The regularly kept records of the Board of Trustees shall be conclusive evidence of the Contributions on a Participant s account, his status as a Participant, and all other matters contained therein applicable to the Plan. Section 3. Limitation on Vesting. Except as specifically provided in Article III, no Employee prior to retirement in accordance with this Plan shall have any vested rights to benefits under this Plan. Section 4. Non-Reversion. It is expressly understood that in no event shall any of the corpus or assets of the Pension Trust revert to the Employers or be subject to any claims of any kind or nature by the Employers, except for the return of an erroneous contribution within the time limits prescribed by law. Section 5. Gender. Wherever any words are used in this Pension Plan in the masculine gender, they should be construed as though they were also used in the feminine gender in all situations where they would so apply; wherever any words are used in this Pension Plan in the singular form they should be construed as though they were also in the plural form in all situations where they would so apply, and vice versa. Section 6. Limitation of Liability. This Pension Plan has been established on the basis of an actuarial calculation which has established, to the extent possible, that the contributions will, if continued, be sufficient to maintain the Plan on a permanent basis, fulfilling the funding requirements of ERISA. Except for liabilities which may result from provisions of ERISA, nothing in this Plan shall be construed to impose any obligation to contribute beyond the obligation of the -56-

62 Employer to make contributions as stipulated in its collective bargaining agreement with the Union and this Trust Agreement. There shall be no liability upon the Trustees individually, or collectively, or upon the Union to provide the benefits established by this Pension Plan, if the Pension Trust does not have assets to make such payments. ARTICLE IX Amendment and Termination Section 1. Amendment. This Plan may be amended at any time by the Trustees, consistent with the provisions of the Trust Agreement. However, no amendment may decrease the accrued benefit of any participant, except: (a) As necessary to establish or maintain the qualification of the Plan or the Trust under the Internal Revenue Code and to maintain compliance of the Plan with the requirements of ERISA, or (b) If the amendment meets the requirements of Section 302 (c) (8) of ERISA and Section 412 (c) (8) of the Internal Revenue Code, and the Secretary of Labor has been notified of such amendment and has either approved of it or, within 90 days after the date on which such notice was filed, he failed to disapprove. Section 2. Termination of Participation by an Employer. If an Employer terminates its participation in the Trust with respect to a bargaining unit within 48 months after the date said Employer first became obligated to contribute to the Trust or did in fact make contributions to the Trust with respect to said group, the Trustees are empowered to reduce or cancel that part of any pension for which a person was made eligible because of employment in such bargaining unit prior to the Contribution Date with respect to that unit. Section 3. Termination of Plan. (a) Right to Terminate. The Trustees shall have the right to discontinue or terminate this Plan in whole or in part. The rights of all affected Participants to benefits accrued to the date of the termination, partial termination, or discontinuance to the extent funded as of such date shall be nonforfeitable. (b) Priorities of Allocation. In the event of termination, the assets then remaining in the Plan, after providing for any administrative expenses, -57-

63 shall be allocated among the Pensioners, Beneficiaries, and Participants in the following order: (1) First, in the case of benefits payable as a pension: (a) in the case of the pension of a Participant or Beneficiary which was in pay status as of the beginning of the three-year period ending on the termination of the Plan, to each such pension, based on the provisions of the Plan (as in effect during the fiveyear period ending on such date) under which such pension would be the least. The lowest pension in pay status during the three-year period shall be considered the pension in pay status for such period. (b) in the case of a pension of a Participant or Beneficiary which would have been in pay status as of the beginning of such threeyear period if the Participant had retired prior to the beginning of the three-year period and if his pension had commenced (in the standard form) as of the beginning of such period, to each such pension based on the provisions of the Plan (as in effect during the five-year period ending on such date) under which the pension would be the least. (2) Second, to all other benefits (if any) of individuals under the Plan guaranteed under Title IV of ERISA. (3) Third, to all other vested benefits under this Plan. (4) Fourth, to all other benefits under this Plan. (c) Allocation Procedure. For purposes of Subsection (b) hereof: (1) The amount allocated under any paragraph of Subsection (b) with respect to any benefit shall be properly adjusted for any allocation of assets with respect to that benefit under a prior paragraph of that subsection. (2) If the assets available for allocation under any paragraph of Subsection (b) (other than paragraphs (3) and (4) are insufficient to satisfy in full the benefits of all individuals which are described in that paragraph, the assets shall be allocated pro-rata among such individuals on the basis of the present value (as of the termination date) of their respective benefits described in that paragraph. -58-

64 (3) This paragraph applies if the assets available for allocation under Subsection (b)(4) are not sufficient to satisfy in full the benefits of individuals described in that paragraph. (a) If this paragraph applies, except as provided in subparagraph (b), below, the assets shall be allocated to the benefits of individuals described in Subsection (b) (3) on the basis of the benefits of individuals which would have been described in such Subsection (b)(3) under the Plan as in effect at the beginning of the five-year Period ending on the date of Plan termination. (b) If the assets available for allocation under subparagraph (a), above, are sufficient to satisfy in full the benefits described in such paragraph (without regard to this subparagraph), then for purposes of subparagraph (a), benefits of individuals described in such paragraph shall be determined on the basis of the Plan as amended by the most recent Plan amendment effective during such five-year period under which the assets available for allocation are sufficient to satisfy in full the benefits of individuals described in subparagraph (a) and any assets remaining to be allocated under subparagraph (a) on the basis of the Plan as amended by the next succeeding Plan amendment effective during such period. -59-

65 INTERNAL REVENUE SERVICE P.O. BOX CASE NO EP DALLAS, TX CONTROL DATE FORM NO 5303 EMP ID NO PLAN NO 001 FILE NO PLAN NAME BOILERMAKER-BLACKSMITH NATIONAL PENSION TRUST DATE OF THIS LETTER JUN BOARD OF TRUSTEES BOILERMAKER-BLACKSMITH NATL PENSION TRUST 522 BROTHERHOOD BLDG KANSAS CITY, KS Dear Applicant: Based on the information supplied, we have made a favorable determination on your application identified above. Please keep this letter in your permanent records. Continued qualification of the plan will depend on its effect in operation under its present form. (See section (b)(3) of the Income Tax Regulations.) The status of the plan in operation will be reviewed periodically. The enclosed Publication 794 describes some events that could occur after you receive this letter that would automatically nullify it without specific notice from us. The publication also explains how operation of the plan may affect a favorable determination letter, and contains information about filing requirements. This letter relates only to the status of your plan under the Internal Revenue Code. It is not a determination regarding the effect of other Federal or local statutes. Please see Form 5616, enclosed, which is an integral part of this determination letter. Sincerely yours, DISTRICT DIRECTOR Enclosures: Publication 794 Form 5616 FORM 5869 (REV. 4-77)

66 SOilERMAi<f:.R-eLACi<SiV\iiH NA TlONAL fension i1~c::'t ihf;! tqilowing Q~cll\HO:' to thlll Trust Agre.o~fl!' d<j1!'d jl.;':l";) 2" 1\161.1 c~~ir:-g tt:2t SQil~!"!llo..ker-ejacbm~th N'~~kIi1t21 Pet'.llon Tr.ut G'\: h~!"~b)' 'Jdop~~: "(c) r.k~.. To '.lccr"inl t"~ ~e in!":) tm f:md th c:r.~ts cf :If))' othi!ii pem! f,;nd,")j" r"''nds,... hicn c:.oy'ii!: E.mp!oYO!e5 r"pl'(!s..etl~'5d ht tn." lr\.~urnq~jond Uil~OO, pro.. ~. k-1 thc.t t+~ ~~rt oi 'lh4t,u<i,'lpf!nd~'ll»:uuiting a.;;hlc,}, e't\fl!ay~d bl' th4) eo(mj.n T!~].t<e~ in tn. i!o"'~"lat~'i,~ t.)f ttt rl'm ~ ~hat ~c:h nwrn~f ::hall (K't advsl$!ily Q.f~t th, ocru~i(d t.)ljn;ine:-l of thi! Fund, vpon such ternu and condi!"iolu 1 jrn;lud,og, bu~ m::t lirrji-ed tt> she QSSulT'ption of the i}bbgohoru of sucll oth~r fund /.:~r ~'ncj" cs they d~m advisable in thoir wle c;md ob:!olvje dhcketion t:> tt.xtand t1. $C.9P~ of thh Fund 'throughout th,. United St'otN 1 ttl.211 Dbrrid of C'lIUMHC"4, C1~d fh~ trm' rih:>rie,. C!l)d PO$S~k~11 of th" Urtitefi S~m md t}). OQr,:iuk-.\!3f Cc;nQdo~" "Section 2. ~cymttnt end E.'lfoi'eemen!,: Ail Q'.mttib\Jii'I~""$ ~~fi be!->oyci>fa to tfl-a Tru~t"G$ of ff.a Boilefmtl1Cor-er~~,'"it.h Nct;'.lt~;IPt.~JJor. T~'Ulit Md w.ou PC paid at :\,IC!, ;.'egu!ar perf~ elf ~J~ IJnQ in f'm mw.nw :::nd form tls lh-lh be d"tewjned by the Bocn-d from tir-~ to!';l7jl. " (3) Restate Section 4 of Article W to ~d os follom: ""Section.4. Ex(!min(7ti~ of R«ol'th. A..y TtV$t~1 (,:,1' C:ll' ~,gen~,:>r npnts.entatlv';of t~e Booft:i, ",fhlf'i oufuorb:0d by tt~ eood,.hc11 h-;;r/tt tho rt~ht at recuonable times during ~gulor b~i~e~ houl's, ~c cdi ct th " :lffi,:~ of Qrly Employer obligot:ad to contribtjt;) to the Fund (".rid f,)!)';ctlnine GIld ~ copy such of :he payioll md emplo~t "-'Cords af SCliJ Enpio~er \ro cmry bo oactwciry t.> Oet~l~ the hovp of work of Empby~e:; h order thct th~ Boord of TJ\llt~ I1I4WI)" det~lno whethar?he fmployer -;s rn:;o. ị dil9 full poyr.1ent to the Fund of tho orrount required by the Coliodive Ik:rgfllnillg Agreeow.ot with the Employer; p;ovidod, how(3vw, any Employ~ r,yjy._ ji'l ieiu flf' p~nninin9 such examination, furnish to ~C:l{l,J4!flOJ,ii;' Qf th,~ records in qu~;-ion by on i"~doo~ certified public ~<:(;ounl'onr- liro... ickd SIJdt <:a.ic!a i~ fvmi~ within 30 days aft.ar notific:otion to ';-h9 ErnpJoy~ of ~~ initial requ~t for e;c~minqtion of r9<:ords, and at the E'.xpeme of the EntpIQy~lI. (4) Rostato Section 1 (0) of Artide V to read os follows: II (0)!nvostment. To hold, invest, and reiovelt, (J!i it nxr" ~em a~isoble, tho principal and incom-a of the Fund._ witrout distit'\cticn.. ~d without b0ing limi~ed hy r.ny toru~e or ru~of law regarding i.1'fest;rents br T",.;~t-&9I, in any bcmds or $~uritjes of tho tjnil'ed Sto;-~ of Americil or th.:l Dominion of C(;Oodo, or coy state Of mvnicip<:lity or Nodivision thereof; in tho bonds, notes, doben~ras, roortgcgs" prnbm:.>d or common stocks of o."y c01"?xatton or o.uociation within the UnH'ed States of America or Ihe Dominion of Can ado; in equipment trust certifjcato~; or in improved inco/'llq-proo.,cing relci estate located in tho United $tatss of Amocicc:1 or in tint morl'gagus thfjreon; or in participating inter~ts in FHA-inSJJrod mortgages:...

67 (5) Re3t~ Section 10 of Artic:le VIII to reed as folio... : "Sec:tion 10. e~ct of Making Contributiom Without Agntement. hry el1"~ioy$r who mdce, contributions to thlt Trus~ on be;l<ilf of Emplo~ 'tvhick are occept~ by the Boad shall be dmmod ~o be en E!I'1pl~er within the meoninpof Artiel. IXCb) and ~oll be bo&.rnd by ~n of the QbHgotions and Ifl1mled to all of the rights of en E~loyer ;,mdet thh TtvSt Agreement whethw or not such Employer is a pcrty to any Coill!lcti'M Bargaining Agrettmeilf or has agreed in writing to be bound by th is Trost ~r~nt. u (6) Rsst<n SectiOl':S 2(Q) or.d (b) of Appendix A to read as follo~: "Section 2. EmplO:1f)r li1dul~-aroa Tnnt9es. Ona Trustee repmsen~jng Emplo)'Ml (;;olled 'Employer rustees') ana 009 Alternat'.! sholl be appointed from oach of the popible 24 Indwtry-Area grnups specified below unddr the circumstances specified below: H(a) Construction. (I) One each from cor.shvctbn Emp!oyers in each of the srx Employer Trustee Arecs specified In Saction 1(0) through (f) chove, whenever a mala"lty of the Employer bcrgainill9 groypi in such area are coverad by Collective Bargaining ~rnenb requiring contributions to this trust; c:nd (ii) One from all Employers ill the United States!dgnatory to the National Consh'uc;tion Agreement, (9xcept with r.mpect to work performed in the Eight Western States). "(b) Steel P1cto Construction. Oile hom all EI1".plo)"m in the United S"tGtes una; t& Stge( P[9t. COI1$h'vction.(Ul(/ Tank Work Area Agreement (flxcept with respect to work performed in the EiQht Western States)1 whell4/lver such Employen are covered by a Collective Borgoining Agreement requiring conttibutiofl$ to tm, TI'Vlt. (7) Delete Section 4 of J\~ndjx A ClOd del«tta from SectIon 6 the words "~t he shall hoys no 'IOt3 in rmttltit19s of tha eoord until an Emp!c)'-ar Tn::stee..c.t-.\CIlg8 has been appointed. II (8) In Sadion a of Appendix A insert (mtl'\lbdk:tely following the words II 1:2 calendar months" th~ words"cnd until 1;1 svc~ is oppoin}ed./i (9) Restl;l~ Section 11 of ftp~ndix A to reod c.i follo~: "Section J 1. Voting. A majority von. 0; trn. TNitees ~"t at a I1"lIteting of the BOard at which there is a quorum shall be req'.jked for any octlen cr decision by the Bocrd, except thd c:mendment of tin Trwt Agrsement or my Appendix tmntto sholl be mode in the monner provided in Section 1 of Article VfJ of the TnJtt AgrMment, and any actioo Of decisial with ""peet to InVMtment of the Fund, salsction of em inv1l:ltment agent or the acquisition and rtje!rger of other funds, shall reqt.ti~ a two-thirds vote of the Trustees present at a rmhliting of tm Bocrd at which there is Q quorum. The number of votes of each T :-ustee sholl be det~rmir.e.:j in a<:cordcmc:" with the following Nles: (0) Votes of Employer Tf1.:s~. Each Empioy'!r Trulrott ~h~1i (~~..bject to the speclal rvles ~t forth &'10'1'1 In thh sum.ction) hqvfl a nvmber or vot"s ecpol to the r.ecl'1»t w+,ol~ number of percentage points obtained by dividing: (i) The contributions mode to thft Fund during the fiscqi year of the Trult preceding the vote, by those Employen on whose b9half such Trust-ee was appoinl'ed, with re~pect to work performed in th9 Industry-Area fram which he was Oppoinhtoi by -2-

68 -(Ii) n.1ctqi cc:mri~ h:1 au Emplo)'en to rn. Fund d&.:dng~ pericci &om en butry-.aregl. "The fouowino ~ol NI.. sholl oj.o CfPI)'i '10 ~loi RuJ. fot CcnIt1uctl~. CcntrillutJcna by ~ea IfsI'dClY to & NCilcnDJ en AQrM... Moll be ~ frcnt tt. ccntributlen by CcnhvctJcn EmpIoran with I'ISpItd to ~ awl ~ waic In fiif'/ hm exeept the. EJ-# w...". s... the ~ 01 the cmounb.. cwrclocl sftail-=llth tm ".",., of Yet.- j ~ T~,. the.~knai ~()ft AgeertWlt, which ~ snail bt dl~dm ~Iy b1he h I&.lCh TMtN end h. A1JoamaN It bchs t. ~.~d at if. tmetlng, or If cnly ani fa IjftMftt shall ciahmii". tn. hurd; ti ~ 01 ~ CIne ~. the WiM of IN ea.tructfal EmpIa,w TMIM,.. any AiM ~j be da~ by tn. c:ontrihutkn whh...,... to corwtnc:ticn..uk In such cna remalntftl a1w tn. ~ng cw&ictlcn. q(2) ~.. Ie for S_I PI. Ccntructtcn Emplrz:. 1M we. ci MiN ;an S... ffcft CQihUCtJcn tmp O)WS ihall be djviiw ec;uaijy bet n auch T~ _ h& Altwnote If both eft,..11'" at the mmti"8, «If cnly CN Is ~... nt he.hajj ho e au of auch va.. -(3) AJMmates. Any AI,.",. (except;' thi Natfgwd c.cr.tnctjcft TruaM end the Steel PI. CcNtrvctfcn TrwIM) shoji haw the vctw of his regulcr Trustee only whift -mng In ploce el hja... TNIMe, but he ~ atiiind f:iij Beard meeting a cnaa.nw. 11(4) SpecioJ Rule ~ Contributicn HCMI Been Mode fer La. Than ~ Yea. II the EiiPJO'fMI rap;.nhmi by ffie Tn*M &n; not -c;;;;rj--&iied... fer euch entl.. itteal ye«, It. contributicna.-tor this ~ shall be dehtrmlned (I) In... CCN of a Tft:iItM celed.cl by CcnhvctJcn Efr1)lcye", by MlltJplying the hcmfy rcn of I9C'pJred ccntrfcutiont ca c:l the end of!be prsc:eding fbcal ye«by the r.umber of houn of ccntributlcftl to the Bol1ermafQI" NatIonal HcDQItb cnci Walfan Fund by IUCh srcup of EmpJo,oers, cr (Ii) In the CCM of a TrwtM selected by Otrf cthw ~, by ~Izing It. c:cdributicna to thb Trwt in tn. ~ng mcntfr. '"(b) V«etI 01 UHcn TrustMI. The \Won TMtMI ca a group sjdl hwa a total ~ CI va.. e",qi to itm total runbw ci vetil of tbe ~O)W TNAMI p.ent ct tha."..tlng, which tctd.nall be dlvtded eqjcl1ly amcngb UtIOft TrwheI piiint d' the mnting." "SectIon 17. EMcutS.. CcMmIHM. 1he Boclrd of Trum-, by ftiiiolutlcn cac;pt;d at a mntlng Of tfie 8Oa'd by a majaity vot. of all the then T".,... ~alj establish an b.ecutlw. ~ttm coralsting of four EmplO)'W TMtNI and fcur Union TrustMs, including the ChaIrmen ~ Secntary.. TlKIUIW of the Been, the YCta en saledlen of such c:anmjtth to be In ccc:crda1ce with thi regul«voting proc:edun provided In Section 11. n. ex.cutiw Ccmmhtee, bttween mntinga of thtt Coord and to the emnt prcwf&sd In DUdt cr.atjn~ ell' orry _ra..quentre.olutlcn of the Board, sholl how Qnd axerclse ell the powerscnd authcritms and be aubf eet to all of the dutl. and cbltgotlcu of the BOicrd In thil mcncgement of thll Tn.:at mel en. Func; pr'o"tic!i!ki that the ec.cuti... c:on.httte sholl not act CClnIJay to art diredfcn contoi..-d In 0Irf rasoiutjcn of tt. Board, nor ~b. the powet's of the Boc.d to (a) acc;ujrw ether perwjon funds (Sectlcn 1 (c) 'of Article III of the Trust ~), (b) ostcbjbh the ndure, amount, duration and eligibility requu.m.ms for penakln benefits (5.ctlcn 1 of Artlcl. VI of the TMt ~), c. (c) ccnaent to or sisi' at amndrn.nt to 01 termination of this Trult AgrM...,... (SectioN 1 and -4 of Articl. VII of the TNit ~.) Each E~ "li

69 ".rr.omhtw of-the fxecvth., Commithe sholl be entitled to one vote; the Union ~ CIS a fpo'p shall.hcrw a total number of...ohis.epa' to th total number of votes of the Employer membed, which total 'shall be divided equally among I'M Union members present at tn. meeting. A majority vote of the mell'1ben -present at a meeting of the Exac:utive Committe. at which there is a qucrum shall be required for any action or dec.islcn by the Executive Commitbe. To constime a quorum for the h'c:poction of business at Q'ly meeting of the Executive Committee, there shall be present a maiority of both Employer end U,lon members. (11) Re#c:n Section 13 of Appendix A to reed CI follows: "Section 13. Expenses of Trustees. Eoc:h Trustee (not to include an Altamat. unlesa serving in place of his regular Trustee) shall be reimbursed fer all rec:sonoble and necesscry expenses incurred by him In tm perfcnnalc8 of his duties os Trustee, and CIS a member of the Executi... Committee. II (12) Restata lastsentenc:e of Section 1 of Article III of Appendi" B to reoci CIS follows.: "An E~loyee shajl be deemed to be totally end permanently disabled only If he is eligible to J'ltceive g dbcbility benefit under Title II of the Social Security Act. II (13) Restate second sentence of Section 1 of Article VI of Apper.clj" 8 to reed CII follows: "The Board moy adept such Nles and regulotions consistent with the provistons of the Trust Agre.ment and Plan as may be necesuzry Qf desirable for such cdministraticlf'l. " (14) Restute s.,ction 2 of Article VI of Appendix B to read as follows: "Sadlon 2. ApplicattOf".s. Each Employee who desires to retire shall fumlsh to the Trustees such cpplicotiqfu and other information as the Trustees may deem necessory or dasirabls, and such applications and Information shall be a condition fer payment of p9nsicns. No benefits shell be pcid with respect to any period prior to the first day of the first month after the Employee's c:pplicdlon hcs been 'PPf'Oved. Application for Q termination of service pension provided under Article IV shall be filed not 8C1'Uer than /IJ do)'s prior to the formar EmpIO)"'!t. s 65th birthday and not loter than his 70th birthday. (15) Such other chcng.n in references, wmbering of SectiOl'1l end ether changes In form as may be neqtslclr)' to incorporate the forogoing amendments shall be mode end the Trust Agreement shall be rastated In<:apOloting all of the foregoing changes. Executed S.ptambe, 29, EMPlOYER TRUSTEES: '~b~~if'/ UNION TRUSTEES:

70 AMENDMENT NUMBER 2 BOllERMAKER-BLAC:{SMITH NATIONAL PENSION TRUST The foliowirtj amendments to the Trust Agreement doted June 2, 1960, creating the Boilermaker-Blacksmith Notional Pension Trust are hereby adopted: (I) Restate Article IX (e) to reed as follows: nee) Employee. The term 'Employee' shall mean and include "(1) All persons represented in collective bargaining by the Union and employed by an Employer in a class of work for which the Employer has aereecl to contribute, or does contribute, to the TrUst; n(2) Any other employees of an Employer who, punuant to resolution adopted by two-thirds vote of the Board of Trustees present at the meeting, is included under the Plan and for whom contributions oro' made to tho Trust in the amounts specified in such resolution. -(3) Full-time salaried officers and assistants of a Local Lodge of the Union which has become an Eqaloyer within the meaning of paragraph (b) of this Article... (2) Delete Section 3 of Appendix A and references to Interim Trustee in Section B. (3) Restate the first sentence of Section 3 of Article II of Appendix B to read as follows: "Section 3. Initial Pension Credit. An inttial Pension Credit shall be payable to eadlemployee who: "(a) Has been compensated by any employer or employers, for at least 3,000 hours of employment in the trade, or in a collective bargaining unit at any time represented by the Union, 1,000 hours of which must hove been either "(i) (or an employer who is, or becomes, an Employer, or "(ii) in a collective bargainirig unit at any time represented by the Union, "during the five years prior to the effective date of the Plan with respect to the collective bargaining unit in which he is employed; II (b) Has had contributions on his account commence within two years after an Employer by whom he was employed first commenced contributions to the Fund with respect to a bargaining unit of the Employer in which he has been employed; "(c) Has hod contributions made on his account during the two years following the dote contributions on his account first commenced of ot least the amount shown in column (2) of the following table, and "(d) Has met the eligibility requirements in Section I of this Article.

71 "No employee under coe 36 at the time contributions to the Fund on his account lint commence, shall ever b$ entitled to an In.itial Pension Credit at any later time under any circumstances." (4) Restate Section 3 of Artidel of Appendix 8 to reod as follows: "Section 3. Coverage of Persons in Aetive Employment. This Plan sholl cover all Employees in Active Employment in the Trade. For purposes of this Plan on Employee shall be deemed to be in Active Employment in the Trade if during the 36 months preceding the time of reference he has received wages for Employment by an Employer for at least 1,000 hours; provided, however, that any Employee who is trans-. ferred to 0 supervisory position with an Employer which would put him outside the bargaining unit represented by the Union, shall be deemed to be an Employee in Active Employment in the Trade so long as he is employed by an Employer. The benefits, If any, payable on termination of Active Employment in the Trade for any reason shall be determined in aceordance with Articles II, III, and IV.II (5) Appropriate changes in reference and in form to ~comrnodate the foregoing ch~!" shall be made and 0 restatement of the Trust Agreement shall be prepared incorporating the Joregoing amendments and all prior amendments. Executed as of November II, 1960 EMPLOYER TRUSTEES: R. A. Mlmay ( Wil J. Ray I~ UNION TRUSTEES: c :_~~ ~owe ~.~~ Thomas t. WandS, Sr. J.$ Oloeale R. A. Nooter spencer s. Holsman leon EVerett.

72 NATIONAL PENSION TRUST BOILE~lAKER-BLACKSMITH AMENDMENT NUI>rnER 3 The Trust Agreement dated June 2, 1960 creating the Boilermaker-Blacksmith National Pension Trust as amended by Amendments Nos. 1 and 2 is hereby further amended -effective as of June 2, 1960, as follows: (1) The following is added to Article IX(b): "and shall include the Board of Trustees upon coverage of employees of the Trust under the Plan. 1I (2) Section l(f) of Appendix A is restated to read a-s follows: 11 Cr) Southeastern States (North Carolina, South Carolina, Tennessee, Alabama, MissisSippi, Georgia, Florida, Virginia, West Virginia except Hancock County; Kentucky; Maryland, Delaware, District of Columbia, and,counties of Belmont, Monroe and Washington in Ohio). (3) The last sentence of Section 15 of Appendix A is restated to read as fol10\'is: lit o constitute a quorum for the transaction of business at any meeting of the Executive Committee there shall be present (a) at least three Employer Trustees and (b) at least three Union Trustees. "

73 - 2 - (4) Section 3 of Art-icle I of Appendix B is restated to read as folio\-js: "Section 3. Coverage of Persons in Active Employment in the Trade. This Plan shall cover all Employees in Active Employment in the Trade. (a) (b) (c) For purposes of this Plan, an Employee shall be deemed to be in Active Employment in the Trade if no period of three consecutive Fiscal Years (October 1 - September 30) shall have elapsed wherein the Employee failed to work at least 1,000 hours for \'lhich contributions are payable by a contributing Employer. When an Employee ceases to be in Active Em~loyment in the Trade his coverage under the Plan and his previously accumulated pension credit shall be cancelled unless he has met the eligibility requirements for benefits under Articles II, III, or IV. Subsection (a) of this Section shall not apply during any period in which an Employee: (1) is transferred to a supervisory position with a contributing ~ ployer which would exclude hijn Of rom the bargaining unit represented by the Union; (2) becomes a full-time salaried officer or assistant of a Local Lodge which does not elect to become an Employer;

74 - 3 - (3) is in any of the Armed Forces or the United States in time of war or national emergency, provided. the Employee makes himself available for work for a contributing Employer within 90 days after release from active duty, or within 90 days after recovery from a disability continuing after his release from active duty, but not exceeding a period of four years of such service, or such longer period during which he has employment rights with a contributing Employer pursuant to Federal Law. (d) In order to secure the grace period provided in Subsection (c) of this Section, an Employee must furnish the Board such written notice and written evidence as the Board may require~ including in the case of Subsection (CJ (3) notice and evidence of his availability for work with a contributing Employer. After January 1, 1963, an Employee shall not be granted the grace period: (1) for time in a supervisory position under Subsection (c) (1) or for time with a Local Lodge under.subsection (c)(2), for more than one year prior to his filing the required notice and evidence, for time in the Armed Forces under Subsection (c) (3), unless he files the required notice and evidence within 90 days after release from active duty, Qr within 90 days after recovery from a disability continuing after his release from active duty, unless in any of such cases the Board finds there \'Jere extenuating circumstances. II

75 - 4 - (5) Sections 1 and 2 of Article V of Appendix Bare restated to read as :follows: "Section 1. Benefit Payments Generally. Benefits shall be payable commencing as of the first calendar month in which the Employee has fulfilled all of the eligibility requirements for benefits, including the requirement of Section 2 of Article VI for advance application. Benefits shall be payable for each month thereafter ending with the payment for the calendar month in which the death of the retired Employee occurs, subject to all of the provisions of this Plan includin~ Section 2 and Section 5 of this Article. "Section 2. Re-Employment After Retirement. In the event a retired Employee receiving a pension under this Plan is re-employed in a job classification of the type included in a Collective Bargaining Agreement, or for a contributing Employer, he shall not be entitled to receive a pension for any calendar month in which he was so employed and for three additional months. Such retired Employee shall notify the Trustees in writing \'iithin 21 days of such reemployment. If a retired Employee fails to give such notice for more than one such instance of re-employment he shall forfeit all rights to pensions under this Plan. 1I (6) Section 2 of Article VI of Appendix B is restated to read as follows: "Section 2. Advance Written Applications Required. An application :for a pension shall be made in writing on a form and in the manner prescribed by the Board of Trustees, and shall contain such information as the Trustees may deem necessary. Such application shall be a condition for payment of a pension and must be

76 - 5 - filed with the Board at least 30 days prior to the first month for \'ihich benefits are payable. Application for a termination of service pension provided under Article IV shall be filed not earlier than 60 days prior to the former Employee'S 65th birthday and not later than his 70th birthday." (7) The Trust Agreement shall be restated incorporating the foregoing amendments and such other changes In form as may be necessary for this purpose. Dated July 12, lsi A.

77 BOILERMAKER-BIACKSMITH NATIONAL PENSION TRUST AMENDMENT Nm.ffiER 4 The Trust Agreement dated June 2, 1960, creating the Boilermaker Blacksmith National Pension Trust, as amended by Amendments Nos. 1, 2 and 3, is hereby further 'amended effective as of October 1, 1963, by restating Appendix B thereof to read as follows: APPENDIX B Pension Plan The following Pension Plan (herein call.ed "the Plan") has been adopted by the Trustees of the Boilermaker-Blacksmith National Pension Trust and constitutes a part of the Trust Agreement establishing said Trust (herein called "the Trust Agreement"). Certain terms used in the Plan are defined in Article IX. ARTICLE I. AGE BENEFITS Section 1. General. Each Employee who meets the eligibility requirements under Section 2 of this Article shall be entitled to a Basic Pension under Section 3 of this Article, and if he also meets the applicable eligibility requirements under Section 4(a) or Section 4(b) of this Article, he shall in addition be entitled to a Regular or a Special Past Service Pension under Section 5 or 6 of this Article, as the case may be. Section 2. Eligibility for Basic Pension. An Employee who is retired shall be entitled to a Basic Pension if: (a) He has attained age 65; - 1 -

78 (b) Contributions credited to his account total at least: Age When Contributions First Commenced for Him 73 and over and under Minimum Contributions $ Section 3. Amount of Basic Pension. The amount of the monthly Basic Pension shall be 18% of the total Contributions credited to the Employee's account, divided by 12, but excluding any Contributions credited to his account after: (a) (b) the end of the Plan Year in which his 65th birthday occurs; or the end of the Plan Year in which he has met the requirements for a Regular Past Service Pension under Section 4(a) of this Article whichever occurs later. Section 4. Eligibility for Past Service Pension. An Employee who is retired and who has met the requirements for a Basic Pension under Section 2 of this Article shall also be entitled to either a Regular Past Service Pension or a Special Past Service Pension if he meets the applicable eligibility requirements set forth below: (a) A Regular Past Service Pension - if he has at.least 15 years of Pension Credit (Past and Future). (b) A Special Past Service Pension - if he has less than 15 years of Pension Credit (Past and Future) and: (i) He was compensated during the 5-year period immediately preceding his Contribution Date for at least 3,000 hours of work (I) in a job classification of the type now included in any collective bargaining agreement with the Union, or (2) by a contributing Employer

79 (ii) He was compensated during the five-year period immediately preceding his Contribution Date for at 1east 1,000 hours of the 3,000 hours required alove (1) in a collective bargaining unit at any ti;.:e represented by the Union, or (2) by a contributing Employer. (iii) Contributions for him commenced within the two-year ~eriod following his Contribution Date. Section 5. Amount of Regular Past Service Pension. The monthly Regular!':lst Sen'ice Pc~"!sion s}1..all be equal to: (a) The number of years of his Past Service Credit, multiplied by (b) The product of $1.50 and the Average Contribution Factor. The Average Contribution Factor is the number obtained by: (1) Dividing the total Contributions made for the Er:tployee during ei"ther: (1) The four-year period beginning with the October I following his Contribution Date, or (2) If shorter, the period beginning with the October I following his Contribution Date and ending with his retirement, by th '~ total number of hours reported for him by Employe:::-s during the applicable period in subparagraph (1) or (2) above, and (ii) Multiplying the quotient by 10. I.!' the Employee's Contribution Date was prior to October 1, 1960, IL! periods referred to in subparagraph (1)(1) and (2) above shall llc..;iu on October 1,

80 S~ction 6. Amount of Special Post Service Pension. The monthly Special Past Service Pension shall be the applicable amount derived from the rollowing tables, divided by 12: (1) Age of ~mployee ;.rh(~n Contribution.. Commenced for Him (2 ) If Contrlbt:tions durint:; the two-year pel"iod fo1lo'wine; the month Contributions first commenced for him totaled A:~~u:J.l AtlOu...t of' at least: Spe~ial Pension is: 13 and aver 68 to to 67 (1) Age of Employee \olhen Contributions First Cor.menced for Him 50 to and under An Employee youn~er $30 to $59.99 $60 and over $40 to $79.99 $80 and over $80 to $ $160 and over (2) If Contributions"during the tifo-year period fol- 10winB the mont.h Contributions fil"st commenced for him totaled at least $100 to $199.99j the Annual Amount of Special Pension i.s: $60 $56 $52 $l~8 :/144 $40 ~36 $32 $28 $24 :ji20 $16 $12.$ 8.$ 4 o $ 6c $120 $ 60 $120 $ 60 $120 (3 ) If Contributions during' the tvlo-year period following the month Contribu-, tions first commenced for ' him totaled at least $200, the Annual Amount of Special Pension is: $12;) $112 $~j)4 $96 $88 $80 $72 $64 $56 $48 ~;40 ~d2 ~i24 $16 $ 8 o than 36 at the time Contributions to the Furta first commenced for him, shall never be entitled to a Special Age Pension at any later time, under any circumstances.

81 ARTICIE II. DISAB!LITY PENSION Section 1. Eligibility for a Disability Pension. An Employee who is retired shall be entitled to a Disability Pension if he is totally and permanently disabled at a time when he: (a) Has attained age 50, but before he bas attained age 65; and (b) has been awarded a Social Security Disability Benefit under Ti tle II of the Social Se.:!uri ty Act; and (c) has Contributions credited t~ his account without a break in employment as defined in Section 3 of Article IV, which total at least: (i) $80, if he had attained age 63 when Contributions first commenced for himj or (ii) $100, if he was younger than age 63 when Contributions firs t commenced for h:i.m. Section 2. Amount of the Monthly Disability Pension. The monthly Disability Pension shall be equal to the Basic Pension and Regular or Special Past Service Pension, fr any, he would receive if he were age 65 at the time he became totally and permanently disabled. Section 3. Disability Pension Payments. Payment of the Disability Pension shall commence with the seventh month of disability, but not prior to age 50, and shall continue thereafter for so long as such disability continues and the Pensioner remains entitled to a Social Security Disability Benefit except that upon attainment of age 65 a Disability Pensioner shall have his benefits continued regardless of whether or not he remains totally and permanently disabled

82 Section 4. Recovery by a DisaQili!y Pensi~~E~ If a Disability Pensioner loses entitlement to a Social Security Disability Pension, such f'act shall be reported by him in writing to the Board of Trustees within 21 days of' the date he receives notice from the Social Security Administration. If' such written notice is not provided, he ~ill, upon his subsequent retirement, not be eligible f'or benef'its f'or a period of' 12 months f'ollowing the date of' his retirement, in addition to t-he months in which he received a Disability Pension f'rom this Pension Plan which elapsed a.f'ter he received notice of the termination of the Social Security Disability Pension. Section 5. Return tq Covered Employment by a. Disability Pensioner. A Disability Pensioner who is no longer totally -and permanently disabled may re-enter Covered Employment prior to age 65 and will thereupon resume the accrual of Pension Credit and Contributions to his accounto

83 ARTICLE Ill; TEFMINATION OF SERVTCE PENSION Section 1. Eligibility for Termination of Service Pension, An Employee who has incurred a break in Covered Employment und.er Section 3 (a) of Article IV at a time when: (a) he is at least age 55 but not age 62; and (b) he has worked sufficient hours in Covered Employment to maintain the Contributions credited to his account in effect for at least 10 whole consecutive Plan Years, without a break 1n Covered Employment under Section 3(a) of Article IV, shall be entitled to a Termination of Service Pension beginning on the first day of the month following his 65th birthday, providing he meets: (1) the filing requirements in Section 3 of this Article, and (2) the requirements for advance application in Section 1 of Article VI. Section 2. Amount of t.hemonthly Termin9.tion of Service Pension, The amount of the Termination of Service Pension shall be equal to the product of: (a) the Basic Pension and Regular or Special Past Service Pension, if any, he would receive if he were age 65 at the time he incurs the break in Covered Employment under Section 3(a) of Article IV, multiplied by (b) the following percentage appropriate to the Employee's attained age at the time he incurs the break in Covered Employment under Section 3(a) of Article IV: - 1 -

84 Attained Age Section 3. Filing Requirements for Mainta1.ning Eligibility for a Termination c~ Service Pension. In order to preserve his right to a Termination of Service Pension, a former Employee who has met the eligibility requirements under Section 1 of this Article must give written notice to the Board of his intent to apply for a Pension and must furnish, in writing, such information concerning his continued existence as the Board may, in its diseretion, determine. Such a former Employee must file the written info~ation requireq by this Section prior to the end of the year following the break ' in Covered Employment under Section 3(a) of Article IV and within each two': year period thereafter until he ma~es application for a Pension or returns to Covered Emploj~ent. Unless the Board finds that there were extenuating circumstances which prevented a timely filing" a former Employee I s rights to a Termination of Service Pension shall be cancelled if he fails to comply with the requirements of this Section. Section 4. Return to Covered Employme~Prior to Age 65 by an,employee Eligible for a Termination of Service l'ension. If a 1'O::"l:.er El:lploy~c who has net t~~ eligibility requirements for a Termination of Service Pension returns to Covered Employment prior to age 65, his Pension upon his subsequent retirement from, or termination of, Covered Employment shall be - 8 -

85 dete~ined on the basis of the total Contributions credited to his account at the time of his subsequent retire~ ~t from, or termination of~ Covered Employment. If a former Employee who has not met the eligibility requirements for a Termination of Service Pension returns to Covered Employment, he shall be treated as a new Employee for whom no previous Contributions have been made

86 ARTICLE IV ~ ACCL1-!ULAT.IDrz AND CANCELLATION OF PENSION CREDIT -. -~ Section 1. Pension Credit for Periods Prier tv the Contribution Date. (Past Service Cred~ (a) An Employee shall be entitled to Past Service Credit for each Plan Year, or portion thereof, that he was employed from October 1, 1934 to his Contribution Date (1) for a contributing Employer or" (2) in a job classification of the type now included in any collective bargaining agreement with the Union, An Employee shall be entitled to a full year of Past Service Credit for each Plan Year, up to a max i mlli~ of 25 years, in which he was so employed for 1200 hour's or more) and he shall receive onequarter of a year of Past Ser'rice Credit for each 300 hours of such employment in any Plan Year in which he -..ras so employed for less than 1200 hours. (b) In making the necessary detenninat.ic ns as to Past Service Credit, the Board of Trustees may. in its discretion> consider and rely upon auy relevant and material evidence, including without limitation, a:ny or all of the following: (i) Records or statement of employers. (ii) Records or statement of the Union. (iii) Records of the Federal Social Security Administration. (iv) Records of' any h~91th and ~elfare fund to which C.Jntributions were made for an Employee

87 Section 2. Pension Credit fo!" Period.s After t.he Contribu"tion Date. (Future Service credit) After his Contributicn Date} the Employee shall receive one year of Future Service Credit for each 1200 h;;;u::::s of y.ork ix; Covered Employment for which Contributions are received by the Fund. &~ Employee shall receive one quarter year of Pension Credit for each remaining 300 bours of Covered Employment ~or which Contributions are received by the Fund. Section 3. Breaks in Covered Employment and Cancellation of Pension Credit and Contributions. (a) General Rule. An Eu.ployee shall incur a break in Covered Employment, and the Contributions previct:sl)' credited to his account as well as his accumulated Pension Credit svail be cancelled if, after his Contribu.tion Date and pr.ier to the Plan Year in which he becomes age 62, he fa.ils to wo:k at lec.st. 1,000 hours in Covered Employment in any period of three c.onsecuti ve whole Plan Yea.rs ~ (b) Exception Upon Sa. tis fyi.!!g th.: E ligibili ty Requirements for Any 'Iype of Pension. If an EmplOyee has met the requirements for any type of pension in Article3 I j II 0= III, Subsection (a) of this Section shall not operat.e to depr1.ve him of his previously accumulated Pension Credit or Contributions. (c) Grace Periods. Subsection (a) of thi.s Section shall not apply, and an Employee shall be entitled to a grace period, for any period in which he: (1) is disabled and unable to work in Covered Employment, but not to exceed two years; (2) is trans:f :rred. to 8. supar.-visory l)osition with a contributing Employer which would exclude him :from the bargaining unit represented by the Union;

88 (3) becomes a f'lll time sai..~n.;: :l officer or assistant of' a Loc::!l Lodge 1.lhi :h d.oes not e.lect to bec.:-me a contributing Employer: (4) is in any cf the Arrr:ed. forces of the United States in time ot" "War or national ei:",ergerky.i provided the E!llployee makes himself' ay~ilable for Covered Employment within 90 days after release from active duty: or within 90 days after recovery from a oil [; ;;:bi"1 i ty con tinl.lir.g after his release :from :t(!tl.'.'e duty, bu.t n : t. exceeding a period. of four years of such sen-i::e, or Eu('h lgnger period. during which he has employment rights with Ei con.tributing E."1i.ployer pursuant to fcc.eral. Lal.f~ Filing Fequj remente. for Grace Peric;i~. In order to secure the grace pe:-iod provir'l.ed in Sub!?e::t.ion (,:) of thi.s Section, an Employee must furnish t.he Board such ;.tritt-en ngti:::e and wri"tten evidence as the Boa.rd may require, including.in the case of Subsection (c) (4) notice ani evidence of bi.s avai.labilit~' f':)t Covered Employment" Unless the Board finds there were extenua.ting circumstances, an Ebployee shal~ not be granted a grace period after January 1, 1963: (1) for a period of disability tmder Subsect10L (c)(l); employment in a supervisory posit.ion under Subsection (c)(2); or employment "'i th a Local I.odge under Subsection (c) (3), which commenceti more than one year prior to his filing the required notice and evidence. (2) for a period of service in the Arr,~rl r.-:n'ces under Subsection (c) (4.), unles s he file2 'J ie required notices and evidence wi thin 90 days after release fr:>rn a.ctive duty, or within 90 days after recover.y from a. disability continuing af'ter his release from

89 ARTICLE V 0 BENEFIT PAYMEN.TS Section 1. Benefit Paynents Generally. Benefits shall be payable commencing as of the first calendar month in which the Employee has fulfilled all of the eligibility requirements for benefits, including the requirenent of Section 1 of Article VI for advance application. Benefits shall be payable for each month thereafter ending with the payment for the calendar month in which the death of the Pensioner occurs, subject to all of the provisions of this Plan including Section 5 and Section 9 of this Article. Section 2. Commencement of Benefit payments. Benefits under this Plan shall first be payable for the month of October, 1962 for Pensioners whose Contribution Date was on or before October 1, Benefits for all other Pensioners shall first be payable for the month following the e~piration of two years from their respective Contribution Dates. Section 3. Duplication of Pensions. A Pensioner shall not be entitled to the payment under this ~lan of more than one type of Pension at anyone tine. Section 4. Retirement. To be considered retired and entitled to a pension under this Plan, a person must withdraw completely and refrain from any employment for wages or profit in a job classification of the type included in a Collective Bargaining Agreement, or for a contributing Employer. Section 5. Return to Employment by a Pensioner. (a) In the event a Pensioner (other than a Disability Pensioner) is employed for "rages or profit in a Job classification of the type included in a Collective.Bargaining Agreement, or for a contributing Employer, he shall not be entitled to receive a Pension for any

90 calendar month in ~~ich he w~s so employed and for three additional months. Such a Pen~ioner shall notify the Trustees in writing within 21 days of such re-employment. If a Pensioner fails to give such notice for more than one such instance of re-emplo)~ent he shall forfeit all rights to pensions ~~der this Plan. (b) A Pensioner who is over 65 years of age and who returns to Covered Employment and subsequently ceases such employment shall not be entitled to a higher pension amount based on additional Contributi~ns made on his behalf than had been previously. received by him. Section 6. Payment to Others. In the event any pension hereu.nder becomes payable to any Pensioner under lega.l. d.isability, or who, in the opinion of the Trustees, would be unable to properly administer such payments, such payments may be paid for the benefit of such Pensioner to the legally appointed guardian or conservator, or to t.he legal representative of any institution to,.,hjch he ma.:." be committed, or to any spouse, children, or dependents of such Pensioner for his benefit, or directly for the benefit of such Pensioner, as the Trustees may determine. Any pension check not cashed at the time of the death of the Pensioner shall be paid to his personal representative, or such other person who in the opinion of the Trustees is enti.tled thereto. 'Section 7. Protection Against Cred.i.tors. No pension payable at any time under this Plan shall be subject in 9.ny manner to alienation, sale, transfer, assignment, pledge, attachment, garni.shment, or encumbrance of any kind. If there shall be any attempt to alienate or otherwise encumber benefits under

91 this Plan, or if for any reason su.ch pen:: i 0:"', would devol.ve upon any person other than the Pensioner entitled. tht=teto under this Plan, the Trustees in their discretion Ill.::!)' terminate his interest 1.n such pension and hold or apply it to or for the benefit of such Pensioner or the spouse, children, or depetldents of the Pensioner in such manner as the Trustees may deem proper. Section 8. Mailing of Benefit Checks. It shall be the responsibility of the Pensioner to keep the' Board advised. cf his correct address. 11' any pension check mailed by regular United States Mail to the last address or the person entitled thereto as it appears on the Board's records, is returned because the addressee is not at that ~d~ess, the mailing of pension checks shall stopo Thereafter, if within a period of three years, the Board receives. notice of the proper ad.dress, all amounts t.hen d.ue shall be rorwarded to that address. If the person entitled to the pen.sion, or someone on his behalr, does not contact the Beard for a peri :d of three years after the mailing of the pension checks has stopped j all cla1ms to pension payments shall be rorrei ted, beginning with the first pa.yment which was returned. Section 9. Small Payments. If monthly installments of any pension shall be $10 or less, payment may be made in insta.llments less frequently than monthlyj or in a lump-sum of equivalent actuarial value, as determined by the actuar,y employed by the Trustees in the actuarial evaluation of the Plano Section 10. B~,nefi ts Only From Fund. All pensions provided by this Plan shall be paid solely out of the Fund, and neither the ~rustees nor the Employers, nor any agent or represen.tati.ve of the Tru.stees or &lployers, shull be liable in any manner for any such benefits. Pensions may be provided by th~ purchase of annuity contracts from one or more insurance companieso

92 Section 1. Advance Written Applications Required. JL~ application for a Pension shall be made in writing on a form a~d in the rr~~er prescribed by the Board of Trustees, and shall contain such information as the Trustees may deem necessary. Such application shallobe a condition for payment or a pension and must be filed with the Board at least 30 days prior to the first month for which benefits are payabl.eo; provided that application for a Termination of Service Pension shall be filed not earlier than 60 days prior to the former Employee's 65th birthday, and not later than his 70th birthday. Section 2. Information Required. Each Employee and Pensioner shall furnish the Board of Trustees any in:f'orma.tion or proof requested by it and reasonably required to administer the Plano Failure on the part of any Employee or Pensioner to comply with such request promptly and in good faith shall be sufficient grounds for denying, suspending or discontinuing benefits to such person. If any Employee or Pensioner or other claimant to benefits hereunder makes a false statement IDAterial to his claim for benefits~ the Board shall offset or recover any amount paid to such Employee or Pensioner or other claimant to which he was not rightfully entitled under the Planj and in addition, the Trustees shall have the right, in their discretion, to deny benefits under this Plan to such Employee or Pensioner or other claimant up to a rraximum of 18 monthly benefit payments. _ 16 -

93 ARTICLE VII. thscellaneous Section 1. - Administration. This Plan shall be 8il~inistered by the Board of Trustees, who may delegate this responsibility to a~ Administrator retained or e~loyed pursuant to Section 1 (a) of Article III of the Trust Agreement. The Board may adopt such rules and regulations consistent with the provisions of the Trust Agreement and Plan as may be necessary or desirable for such administration. The Board, or the Administrator on its behalf, shall have the power to d~termine the eligibility for) and the amount of) benefits payable to each applic~~t for benefits, and to payor cause to be paid benefits froii!. the Fund to eligible applicants. /my such determination by the Board, or the Administ.rator on its behalf) shall be final and binding on all persons lulless appealed to the Board within 90 days after notification to the Employee or ~orrner Employee of the initial determination. The decision of the Board on such appeal shall be final and binding on all persons. Section 2. Trustees' Records. The regularly kept records of the Board of Trustees shall be conclusive evidence of the Contributions on an Em- - - ployee's account) his status as an Employee, and all-other matters contained therein applicable to the Plan; pro'rided, however, that the Board shall from. time to time provide each Employee with a statement of the amount of Contributions in his account, and unless a question concerning this statement is filed in writing with the Board within 90 days after mailing of such statement, it shall be deemed correct and final; any question regarding amounts of Contributions shall be limited to review of Contributions involved within the period of time covered by the last statemente

94 Section 3. Limitation on Vesting. R~cept as specifically provided in Article III and Section 3 (b) of Article IV, no Employee prior to retirement in accordance with this Plan shall have any vested rights to benefits under this Plan

95 ARTICLE VIII. P.!'-!ElICMEI rr p.j:.;tj TEl~rrNATIOl'l Section 1. Power to JuIIl:!IlU OJ.:.L:erminete. 'l'his Plan.l.~ intended to be permanent but may be amended or terminated by the Trustees In the manner provided in Article VII of the Trust Agree~ent. Section 2. Disposition of Fund on Termination. In the event of ternrl-~ation of the Pla.n th~ assets then remaining in t-he Fund, after providing for the expenses of the Fund, shall be allocated, to the extent that they shall be sufficient, in the following o~er of precedence! (a) To provide pensions to Pensioners, ~~thout reference to the order of their eligibility for such pensions; (b) To provide pensions for Employees eligible for Age Benefits or a Disability Pension under Article I or II on the date of the termination of the Plan, without reference to the order in which they shall have become so eligible; (c) To provide pensions at age 65 under the terms of the Plan, as if it were in effect, to Employees age 55 or over but-less than 65 on the date of termination of the Plan, and to former Employe~s who have fulfilled the eligibility require~ents for a Termination of Service Pension without reference to the order in which they shall reach age 65. (d) To provide pensions at B.ge 65 under the terms of the Plan, as if it were in effect, to Employees below the age of 55 on the date of termination, without reference to the order in which they shall reach age

96 In the event th~t after making pro ;is10~! 5.for p ~. stcr.s :it! cr:f' o:f the fore~ going ca.tegories as provided abcl'le, t he assets in H:,;: Fu::.i?d:'e not sufficient to provide :fuj.l Pensions :for the next C9.t ~: gor.fj pens.ions for Employees in such next category shall be provided on a pro.l"3.~-=d oa3:!.s. The a.l~oc.a.tion. provided in this Section m:9.y be effected. l::y eo:ltl1:1':~.:l::'~ of t,he Fu..""ld, or by est,ablishir.ent of a n :":-1 trust;o or b:" ir..:: t.r~,,,/.!= r:.c'~?9.ny contracts, or a:!ly combination thereof'. The righ"t.s of all Employees, Penaionera, and :former Employees to the benefits provjded by thl.3 Section upon 1:erm.i.nation of the Plan shall be nonforfeitable J to tr~e extellt tl:.e assets in the Fund are suf:ficient to provide such benefits

97 ARTICLE 1X. DEF.TIHTIONS Unless the context clearly indicates otherwise 1 the 1'ollm!inG definitions shall govern in the Plan; Section L The terms "Bo3.rd of Trustees" or "Board" shall mean the Board of Trustees established by the Trust Agreement. Section 2. The term "Collective Bargaining Agreement" shall mean an agre.ement in effect at the time of reference between the International Union and/or any of its Lcx:al LOOges and an E:ilpl oye r 1 an Employer C on:mi ttee or an Employer Association which requires the Employers covered thereby to contribute to the Trust. Section 3. The terms "Contribution" or IiContributions" shall ru::;an the amount paid to the ~~nd for an Employee, as established by a Collective Bargaining Agreement or by the Boore:' of Trustees, whichever is applicable. Section 4. The term "Contribution r.a:.e" shall mean: (a) the first date; for which an Employer was or s:b..ail be obligated with respect to eo particular collectiye bargaining unit to make ContributJoDs to this Pension Trust, or (b) the first date for which the Employer makes Co~tributions to this Pension Trust, if payment.s are not required by a Collective Bargaining Agreement. The Contri~ution Date to be appl1.ed to ea::h Employee shall be the date applicable to the unit in which he was employed When Contributions on his account first COIDmt'n" Section 5. The term "Covered Employment-" shall mean work as an "Employer: '; as defined in Section 9 of this Article. Section 6. The term "Pension Credit" shall mean the years of service whicb are accumulated and maintained for Employee3 in accorda.nce with Article IV

98 Section 7. The term Itpast Se!"Vice Credit" shall mean periods of e;npl~jcment prior to the Contribution Date to the extent credited in accordance with Article IV o~ this Plan. Section 8. The term "Future Service Credit" shall mean periods of employment on and a~ter the Contribution Date, credited in accordance with Article IV o~ this Plan. Section 9. The term "Employee" shall mean and include: (a) All persons represented in collec.tive bargaining by the, Union and employed by an Employer in a class o~ work'for which the Employer has agreed to contribute, or does contribute, to the Trust; (b) Any other employees of an Employer who 7 pursuant to resolution adopted by tw'o-thirds vote o~ the Board of Trustees present at the meeting, is included under the Plan and ~or whom Contributions are made to the Trust jn the amounts specified in such resolution; (c) Full-time s~laried officers and assistants o~ a Local Lodge of the Union which has become an Employer within the meaning o~ Section 10 of this Article. Section 10. The term "Employer" shall mean and include any person, firm, association, partnership or corporation who or which: (a) has executed or hereafter executes, or on whose behalf an Employer Committee has executed or hereafter executes a Collective Bargaining Agreement; (b) is or becomes a member of an Employer Association which has executed or hereafter executes a Coliective Bargaining Agreement; -?~ -

99 (c) does not have a Collective Bargaining Abreement and is not a' member of an Employer Associat.ion that has such Collective Bargaining Agreement, but who employes employees represented by the Union and who or which agrees to be bolli~d by this Trust Agreement and to contribute to the Fund at a rate agreed to by the Union; or (d) makes Contributions to this Trust on behalf of Employees which are accepted by the Board. The term "Employer" shall also include any Local Lodge of the Union which extends coverage to its full-time salaried officers and assistants by making Contr.ibutions to the Fund in the amounts specified by the Board of Trustees. Section 11. The term "Employer AssocIation" sha~l mean a corporation or unincorporated ass'~':: iatl.on, the membership of which includes Employers and which ha.s executed or hereafter executes a Collective Bargaining Agreement. Section 12. The term "Employer Couunittee" shall mean the committee of Employers named in and authorized by a Co~lective Bargaining Agreement to execute the Trust Agreement and to perform certain other functions with respect thereto on behalf of Employers covered thereby. Sect_ion 13. The term "International Union" shall mean the International Brotherhood of BOilermakers, Iron Shipbuilders, Blacksmiths, Forgers and Helpers, and the term "Union" sha.ll mean the International Union and such of its Local Lodges as have members with respect to whom Employers are required to make Contributions to the Trust

100 BOILERI v 'lak2r-rlacksi\li r fh Nr'\TIONAL PENSION AMENDMENT NO.5 The Trust Agreement dated June 2, 1960, creating the Boilermaker-Blacksmith National Pension Trust, as amended by Amendments Nos. 1, 2, 3 and 4, is hereby further amended effective as of January 1, 1965, as follows:.follows: 1. By restating Section 3 of Article IV to read as "Section 3. Default in Payment. Nonpayment by an Employer of any contributions when due shall not relieve any other Employer of his obligations to make payments. In addition to any other remedies to t1hich the Board may be entitled, an Employer in default for 15 working days may be required at the discretion of the Board to pay such reasonable rate of interest as the Board may fix on the moneys due to the Trust from the date \-lhen the payment was due tq the date when payment is made, together with all expenses of collection incurred by the Board, and may in the discretion of the Board be required to furnish the Board a payment bond, with surety satisfactory to the Board, conditioned upon faithful performance by the Employer of his obligation to ma~e payment o.f future contributions to the Fund required by the applicable Collective Bargaining Agreement." 2. By adding the following proviso to Section 1 o.f Article I of Appendix.B: "provided, however, that in no event shall any person who prior to October 1, 1960, had attained age 65 and retired, as evidenced by his receipt of or application for benefits' under any other private or governmental pension or

101 -2- retirement program, be eligible or any bene its under this Plan, notvrithstanding the f'act that he might otherviise become an Employee and meet the aforesaid eligibility requirements." 3. By adding the f'ollowing proviso to Section 2(b) of Article I of' Appendix B: "provided, hovlever, that the f'oregoing minimum contributions requirement shall be waived f'or an Employee who has at least 15 years of' Pension Credit, has had a contribution made on his behalf, and who af'ter his Contribution Date becomes totally and permanently disabled. The Board of' Trustees in its sole discretion shall determine the existence of' such disability, and an Employee claiming such disability shall submit to such examination as the Board may require as a condition to establishing such disability." 4. By restating Section 5(b) of Article- I of' Appendix B to read as follows: "(b) The product of $1.50 and the Average Contribution Factor. The Average Contribution Factor is the number obtained by: (i) Dividing the total Contributions made f'or the Employee during either: (l) The five \'lhole Plan Years following his Contribution Date, or (2) If shorter, the period beginning with the October 1 f'ollowing or coinciding with his Contribution Date and ending with his retirement, by the total number of hours reported f'or him by Employers during the applicable period in subparagraph (1) or (2) above, and

102 -3- (ii) fl1ultiplying the quotient by 10. If the E'11ployee I s Contribution Date l'las prior to October 1, 1963, the period to be used in obtaining the Average Contribution Factor shall begin on October 1, 196~and end on September 30, 1968, or l'lith his retirement, if earlier. The Average Contribution Factor for an Employee whose record of Contributions does not make it possible to obtain such Factor in the foregoing manner (but who is otherwise eligible for a Regular Past Service Pension) shall be determined by multiplying by ten the hourly contribution rate in effect on October 1, 1961, or the October 1 following the Contribution Date, whichever is later, for the collective bargaining unit in which tie was last employed. 1t 5. By adding the following proviso to Section ICc) of Article II of Appendix B: "provided, however, that the foregoing mj.nlltlum contributions requirement shall be vlaived for an Employee who has at least 15 years of Pension Credit, has had a contribution made on his behalf, and who becomes totally and permanently disabled in accordance with Subsection (b) after his Contribution Date.1t 6. By restating Section lca) of Article IV of Appendix B to read as follows: ItSection 1. Pension Credit for Periods Prior to Contribution Date {Past Serv.ice Credit}. (a) An Employee shall be entitled to Past Service Credit for each Plan Year, or portion thereof, during the period of 26 consecutive full Plan Years immediately preceding his Contribution Date, in which he performed work in any of the following categories:

103 -4- (i) Work in the Trades. All work in - the trades of Boilermaker, Blacksmith, Forger or Helper, in field construction, railroa~ shipbuilding, or shop work, for any employer, which work \'las in a bargaining unit at any time represented by the Union, including any such work in such a unit prior to such representation but not. after such representation ceased. (This includes all work by an. Employee prior to his Contribution Date in these trades within any bargaining unit represented by the Union, regardless of whether the employer for whom it was performed ever makes contributions to the Trust for such unit. It excludes all work in a group or unit not represented by the Union, such as (1) work of the type performed in these.trades but which was for an employer who has not recognized the Union as bargaining agent for employees perfo.rming such wqrk, and (2) work for a contributing Employer but which was performed in some other trade or job classification not included within the bargaining unit represented by the Union) (ii) Other Shop Work. All work in a shop, plant, or factory which: (1) Was for a contributing Employer and performed in a job classification of the type included within the bargaining unit represented by the Union and within which he is employed on his Contribution Date, including any such work in such a unit prior. to such representation. (This includes all work in any trade, craft, or job classification which may be included in such bargaining unit on such date. It excludes all work for a non-contributing employer, and all work for a contributing Employer which was performed in a trade, craft or job classification not included in such bargaining unit on such date).

104 -5- (2) Was ror a non-contributing em~loyer in a collective bargaining uni~ represented by the Union prior to his Contribution Date, but \-lhich -as of such Contribution Date is no longer represented by the Union because the unit is no longer in existence, or otherwise, but excluding any work in such unit after it ceased to -be represented by the Union. (iii) All work as a full time salaried orficer or assistant of a Local Lodge of the Union which makes contributions to this Trust; provided, however, that nothing in the foregoing shall include (1) any work in a supervisory capacity of the type not includible in a collective bargaining unit represented by the Union, (2) any work as a sole proprietor or a partner, nor (3) any work for a non-contributing employer which is credited for benefits for which the Employee qualifies under any governmental pension program (other than benefits under the Social Security Act). An Employee shall be entitled to a full' year or Past Service Credit for each Plan year in which he was so employed for 1200 hours, and he shall receive one-quarter year or Past Service Credit, ror each 300 hours of such employment in any Plan Year in which he was so employed for less than 1200 hours" up to a maximum of" 25 years. II 7. By deleting the last sentence of Section 6 or Article V of Appendix B and substituting the following therefor: "Any pension check not cashed at the time or the death of the PenSioner" or any unissued pension check o\'ling to a Pensioner at the time of his death, may be made payable to his personal representative" or if none, to his widm'l or such other rela ti ve or person who in the discretion of the Trustees may be equitably entitled thereto. Any payments under this Section shall to the extent thereof be a complete discharge of all liability under the Plan to the Pensioner or any person claiming under him. "

105 -6- The Trust Agr8ement (ane Appendices) shall,be restated incorporating the foregoing amendments and all prior amendments" together.. ~ith such changes in i"orm as may be necessary i"or this PUl' 90~c. Dated December 9, 1961!..., IwJl~~

106 BOILERMAKER-BLACKSMITH NATIONAL PENSION TRUST JUN - -'l 1965 AMENDMENT NO.6 The Trust Agreement dated June creating the Boilermaker-Blacksmith National Pension Trust, as amended by Amendments Nos. 1, 2. 3, 4 and 5, is hereby further amended effective as of June 1, as follows: 1. By restating Section 3 of Article IV to read as follows: "Section 3. Default in Payment. Nonpayment by an Employer of any contributions when due shall not relieve any other Employer of his obligations to make payments. In recognition of the difficulty of accurately determining the actual damage to the Trust resulting from failure of an Employer to make contributions when due, the amount of such damages (in addition to the principal amount due) shall be presumed to be 5% of the contributions due. but in no event less than $10. which amount shall become due and payable as liquidated damages and not as a penalty as of the day following the day on which the delinquency occurred. In addition. the Board in its discretion may require the payment of interest at the rate of 60/0 per annum an the principal and liquidated damages from the date due. plus all. reasonable attorney's fees and other expenses of collection incurred by the Board. and the expenses incurred by the Board in any examination of Employer records made in accordance with Section 4 of this Article which discloses nonpayment of contributions when due. " 2. By renumbering Articles II and III of Appendix B as Articles III and IV, respectively, and by adding the following Article II to Appendix B: "Article II. Early Retirement Pension "Section 1. Eligibility for Early Retirement Pension. An Employee who is retired shall be entitled to an Early Retirement Pension if: (a) He has attained age 55 but not age 65; and (b) He has at least 15 years of Pension Credit (Past and Future) ; and (c) Contributions credited to his account total at least $100.

107 -2- "Section 2. Amount of Early Retirement Pension. The monthly Early Retirement Pension shall be equal to: reduce:! by (a) The amount of the Age Pension (Basic Pension plus Past Service Pension) to which the Employee would be entitled under Article I if he were 65 years of age on the effective date of his Early Retirement Pension.. (b) 1/2 of 1 % for each month by which the Employee is younger than age 65 on the effective date of his Early Retirement Pension. II 3. By renumbering Articles IV.. V, VI, VII.. VIII and IX of Appendix B as Articles V.. 'VI, VII.. VIII" IX and XI respectively. and by adding the following Article IV to )\ppendix B: II Article IV. Death Benefit "Section 1. Eligibility for and Amount of Death Bene (a) If an Employee dies prior to being awarded a n under this Plan.. the total amount of 60ntributions c d to his account. up to a maximum of $ shall b in a lump-sum to his designated beneficiary. (b) If a Pensioner dies prior to receiving pensio fits from this Pension Plan equal to the amount of Cont ns credited to his account. up to'a maximum of $ the difference between the amount received and s ount of c.ontributions shall be paid in a lump-sum to ignated beneficiary. (c) In determining the amount of the lump-sum pa under this Section.. only Contributions subsequent to mployee's or Pensioner's last break in Covered Employ s defined in Section 3 of Article V shall be considered. "Section 2. Designation of Beneficiary. An Employ ensioner may designate a beneficiary or beneficiaries to receive any be provided under Section 1 of this Article by filing such designation a rust Office on a form prescribed by the Board of Trustees. An Emplo Pensioner shall have the right to change his designation of beneficiar ut the consent of the beneficiary. but no such change shall be effective or ng on the Board unless it is received by the Board prior to the time any pa is made to

108 renumbered): -3- the beneficiary whose designation is on file at the Trust Office. "Section 3. Failure to Designate or Death of Beneficiary. If no beneficiary is designated by an Employee or Pensioner, or if a designated beneficiary predeceases the Employee or Pensioner, or survives him but dies prior to receipt of any benefit under this Article, the benefits provided under Section 1 of this Article may be paid to the Employee's surviving spouse or such other relative or person who in the discretion of the Trustees II}ay be equitably entitled thereto. Any such payment shall to the extent thereof be a complete discharge of all liability under the Plan with respect thereto. " 4. By adding the following to Section 3 (c)(3) of Article V (as herein Iter becomes an Employee of the International Union; If 5. By adding the following Sections to Article VI (as herein renumbered) of Appendix B: "Section Certain Payments Option. Instead of the pension and death benefit otherwise payable, an Employee entitled to an Age, Early Retirement, or Termination of Service Jension, may elect to receive an actuariallyadjusted payment undeia 120 Certain Payments Option. Such option shall provide a reduced monthly pension payable to him for his lifetime, with the guarantee that if he dies before receiving 120 monthly pension payments, such reduced monthly pension shall continue to be paid to his designated beneficiary until a total of 120 such payments (including both the payments to the Pensioner and his beneficiary) have been made. The provisions of Section 2 of Article IV concerning designation of beneficiary and of Section 3 of Article IV concerning failure to designate or death of beneficiary shall also be applicable for purposes of determining the person entitled to any balance of the 120 payments after the death of the Pensioner. The amount of reduced pension payable to the Pensioner and his Co ahhuitant 61' beneficiary under this option shall be determined on the basis of appropriate actuarial tables adopted from time to time by the Board of Trustees and uniformly applicable. "Section 12. Rules for Election of Option. Election of the optional form of payment specified in Section 11 of this Article shall be subject to the following conditions: (a) It must be made in writing on a form prescribed by the Board

109 -4- as follows; of Trustees and filed at tht:: Trust Office at least 12 months before the first month for which a pension will be payable to the Pensioner. Exception: Employees who plan to retire prior to June 1~ 1966 may elect the option at any time prior to June 1~ 1966~ but such option shall not take effect until the Pensioner has received 12 monthly payments in the normal amount. If the option is elected and the Pensioner does not survive at least 12 months of retirement for which payments have been made" the option shall not take effect. (b) The option shall take effect with the first pension payment only if the Pensioner is then alive. (c) Once elected" this option may not be revoked except under the following conditions: (1) Revocation must be made by the Employee in writing on a form prescribed by the Board of Trustees and filed at the Trust Office before the first calendar month for which a pension has become payable to him. (2) Revocation shall not become effective until 12 months after it has been filed" and until then any pension payable shall be paid in the amount determined under the option (without retroactive adjustment of such payments once revocation takes effect). 5. By restating Section 3 of Article III (as herein renumbered) to read "Section 3. Disability Pension Payments. Payment of the Disability Pension shall commence with the seventh month of disability (subject to the provisions of Section 1 of Article VI and Section 1 of Article III) but not prior to age 50, and shall continue thereafter for so long as such disability continues and the Pensioner remains entitled to a Social Security Disability Benefit except that upon attainment of age 65 a Disability Pensioner shall have his pension continued regardless of whether or not he remains totally and permanently disabled. " and by adding the following proviso to Section 1 of Article VII ( as herein re- ""'lmbered);

110 -5- II and provided further that if an application for a Disability Pension is filed within 60 days of the determination by the Social Security Administration of entitlement to a Social Security Disability Benefit l it shall be considered timely and the payment of the Disability Pension shall commence on the effective date of the Social Security award. " The Trust Agreement ( and Appendices ) shall be restated incorporating the foregoing amendments and all prior amenciments l together with such changes in form as may be necessary for this purpose.

111 -f,- Dated April,jD, _ UnIon 'Trustees.. _-. n

112 Draft of 6/9/66 BOILERMAKER-BLACKSMITH NATIONAL PENSION TRUST AMENDMENT NO.7 The Trust Agreement dated June 2, 1960, creating the Boilermaker-Blacksmith National Pension Trust, as amendeq by Amendments Nos. 1, 2, 3, 4, 5 and 6, 1s hereby further amended as of July 1, 1966, as follows: 1. By adding the following sentence to Section 3 of Article IV: "Any Employer who has been in default with respect to contributions owing to the Trust may in the discretion of the Board be required to furnish the Board a payment bond, with security satisfactory to the Board, conditioned upon faithful performance by the Employer of his obligation to make payment of future contributions to the Fund required by the apptlicable collective bargaining agreement. I 2. By adding the following Section 3 to Article II of Appendix B: "Section 3. Return to Employment by an Early Retirement Pensioner. If a Pensioner who has received an Early Retirement Pension returns to Covered Employment and again meets the requirements for a pension, he shall upon such subsequent retirement receive whichever of the following 1s applicable: (a) if he has accumulated less than one year of Future Service Credit after such return to Covered Employment, -- a monthly amount equal to his original pension.

113 -2- (b) if he has accumulated at least one year of Future Service Credit after such return to Covered Employment, -- a monthly amount equal to his original pension until the difference between such original pension and the subsequent pension otherwise payable to him has amounted to the total paid him previously as an Early Retirement Pension; thereafter, the monthly pension payable under applicable provisions of the Plan, based upon his age, Pension Credit and Contributions made on his behalf as of the date of such subsequent retirement (subject to the limitations of Section 3 of Article 1) By adding the following Sections to Article X of Appendix B: IISection 3. Termination of Participation by an Employer. If an Employer ceases to be obligated, or in fact does permanently cease, to make contributions to the Trust for a group of Employees of said Employer within 48 months after the date said Employer first became obligated to contribute to the Trust or did in fact make contributions to the Trust, with respect to said group, the Trustee shall have the right to: (a) (b) terminate or reduce pensions thereafter payable to Pensioners who formerly were employed by said Employer if the total amount contributed by said Employer, less benefit payments already made to such Pensioners, is less than the actuarially determined value of the pension benefits thereafter payable with respect to such Pensioners; and terminate or alter the rights under this Plan of Employees of said Employer, who are not receiving a pension, in such manner as the Trustees consider necessary to preserve an actuarially sound

114 -3- relationship between the liability or bene its anticipated for said Employees and the contributions of said Emp~oyer, after taking into account the existing liability to Pensioners who ormerly were employed by said Employer." The Trust Agreement (and Appendices) shall be restated incorporating the foregoing amendments and all prior amendments, together with such changes in o~ as may be necessary for this purpose. Dated 6A:~ f I 7, EMPLOYER TRUSTEES

115 BOILEru1Al~-BLACKSMITH NATIONAL PENS:S TRUST ~- AHENDMENT No.8 The Trust Agreement dated June 2, 1960, creating the Boilermaker-Blacksmith National Pension Trust, as amended by Amendments 1, 2, 3, 4, 5, 6 and 7, is hereby further amended effective as of January 1, 1967, as follows: 1. By restating Section 1 of Article I of Appendix B to read as follows: "Section 1. General. Each Employee who meets the eligibility requirements under Section 2 of this Article shall be entitled to a Basic Pension under Section 3 of this Article, and if he also meets the applicable eligibility requirements under Section 4(a) or Section 4(b) of this Article, he shall in addition be entitled to a Regular or a Special Past Service Pension under Section 5 or 6 of this Article, as the case may be; provided, however, that in no event shall any person who prior. to October 1, 1960, had attained age 65 and retired, as evidenced by his receipt of or application for benefits under any other private or governmental pension or retirement program, be eligible for any such pension under this Article or any Disability Pension under Article III, notwithstanding the fact that he might otherwise bec0me an Employee and meet the aforesaid eligibility requirements." 2. By restating Section 3 of Article I of Appendix B to read as follows: "Section 3. Amount of Basic Pension. The amount of the monthly Basic Pension shall be 20 per cent of the total Contributions credited to the Employee's account, divided by 12, but excluding any Contributions credited to his account after: (a) (b) the end of the Plan Year in which his 65th birthday occurs; or the end of the Plap Year in which he has met the requirements for a Regular Past Service Pension under Section 4(a) of this Article; whichever o~curs later."

116 -2-3. By restating Section 1 of Article III of Appendix B to read as follows: "Section 1. Eligibility for a Disability Pension. An Employee \'lho is retired shall be entitled to a Disability Pension if he is totally and permanently disabled prior to attaining age 65 provided he: Ca) (b) has been awarded a Social Security Disability Benefit under Title II of the Social Security Act; and has Contributions credited to his account without a break in Covered Employment as defined in Section 3 of Article VI, which total at least: (i) $80, if he had attained age 63 when Contributions first commenced for him; or (ii) $100, if he \'las younger than age 63 when Contributions first commenced for him; provided, however, that the foregoing minimum contributions requirement shall be waived for an Employee \'lho has at least 15 years of. Pension Credit, has had a contribution made on his behalf, and who becomes totally and permanently disabled in accordance with Sub-section (a) after his Contribution Date." 4. By restating Section 3 of Article III of Appendix B to read as follows: "Section 3. Disability Pension Payments. Payment of the Disability Pension shall commence with the seventh month of disability' (subject to the provisions of Section ~ of Article VII and Section I of Article VIII), and shall continue thereafter for so long as such disability continues and the Pensioner remains entitled to a Social Security Disability Benefit except that upon attainment of age 65 a Disability Pensioner shall have his 'pension continued regardless of whether or not he remains totally and permanently disabled." 5. By restating Section 1 of Article V of Appendix B to read as follows: "Section 1. Eligibility for and Amount of Death Benefit. {a} If an Employee dies prior to being a\'larded a pension under this Plan, the total amount of

117 -3- Contributions credited to his account, up to a maximum of $2,000, shall be paid in a lump-sum to his designated beneficiary (b) (c) (d) If a Pensioner dies prior to receiving pension benefits from this Plan equal to the amount of Contributions credited to his account, up to a maximum of $2,000, the difference between the amount received and such amount of Contributions shall be paid in a lumpsum to his designated beneficiary. In determining the amount of the lump-sum payment under this Section, only Contributions subsequent to the Employee's or Pensioner's last break in Covered Employment as defined in Section 3 of Article VI shall be considered. If the amount of the lump-sum payment under Subsection (a) or (b) of this Section is less than $10, no death benefit shall be payable under this Section." 6. By adding the following as Section l(a) (iv) of Article VI of Appendix B: "(iv) Foreign Work in the Trade. All work in the Boilermaker trade for a contributing Employer, or an employer affiliated with a contributing Employer, performed outside the United States of America by an Employee who prior to such foreign service was employed in the Boilermaker trade by an employer who after October 1, J.960, became'a contributing Employer." 7. By adding the following to Section 3{c) (2) of Article VI of Appendix B: "or to ''lork outside the United States of America in the Boilermaker trade with a contributing Employer, or an employer affiliated with a contributing Employer. II 4nd by deleting the word "supervisory" from Section 3{d) (1) of Article VI of Appendix B. 8. By restating Section 1 of Article VII of Appendix B to read as follows:

118 -4- "section 1. Benefit Payments Generally. Benefits shall be payable commencing as of the first calendar month in \.,hich the Employee has fulfilled all the eligibility requirements for benefits, including the requirement of section 1 of Article VIII for advance application. Benefits shall be payable for each month thereafter ending wi th the payment for the calendar month in \'lhich the death of the Pensioner occurs, subject to all the provisions of this Plan including Section 5 and Section 9 of this Article, or, if applicable, upon the expiration of the 120 month period provided for in Section.11 of this Article." 9. By restating Section 12 of Article VII of Appendix B to read as follows: "Section 12. Rules for Election of Option. Election of the optional form of payment specified in Section 11 of this Article shall be subject to the following conditions: (a) (b) (c) (d) It must be made in writing on a form prescribed by the Board of Trustees and filed at the Trust Office at least 12 months before the first month for which a pension will be payable to the Pensioner. The form referred to in Subsection Ca) of this Section must be received in. the Trust Office prior to the Employee's 65th birthday. The option shall take effect with the first pension payment only if the Pensioner is then alive. Once elected, this option may not be revoked except ynder the follmving conditions: (i) Revocation must be made by the Employee in writing on a form prescribed by the Board of Trustees and filed at the Trust Office before the first calendar month for which a pension has become payable to him. (ii) Revocation shall not become effective until 12 months after it has been filed, and until then any pension payable shall be paid in the amount determined under the option (without retroactive adjustment of such payments once revocation takes effect)."

119 -5- The Trust Agreement (and Appendices) shall be restated incorporating the foregoing amendments and all prior amendments, together with such changes in form as may be necessary for this purpose. Dates, UNION TRUSTEES Er 1PLOYER TRUSTEES

120 BOILERMAKER-BLACKSMITH NATIONAL PENSION TRUST AMENDMENT NO.9 The Trust Agreement dated June creating the Boilermaker- Blacksmith National Pension Trust, as amended by Amendments I through 8. is hereby further amended as follows: 1. By restating Section lea) of Article V thereof effective as of February 1, 1967, to read as follows: "(a) Investment. To hold, invest, and reinvest, as it may deem advisable, the principal and income of the Fund, without distinction, and without being limited by any statute or rule of law regarding investments by Trustees, in any bonds or other securities of the United States of America or the Dominion of Canada, or of any state, province, municipality, political subdivision, or agency or instrumentality of eithe r of said countries; in bonds, notes, debentures, mortgages, preferred or common stocks, equipment trust certificates, or other securities, of any corporation or association located within the United States of America or the Dominion of Canada; in savings accoun ts or certificates of deposit; in improved income-producing real property located within the United States of America or in first mortgages thereon; or in first mortgages guaranteed by the Veterans Administration or insured by the Federal Housing Administration; or in participating interests in Farmers Home Administration insured mortgages;" 2. By restating Article IX(b) thereof effective as of June 1, 1967, to read as follows: "(b) Employer. The term "Employer" shall mean and include any person, firm, association, partnership or corporation who or which: (l) has executed or hereafter executes, or on whose behalf an Employer Committee has executed or hereafter executes a Collective Bargaining Agreement; (2) is or becomes a member of an Employer Association which has executed or hereafter executes a Collective Bargaining Agreement;

121 - 2 - (3) does not have a Collective Bargaining Agreement and is not a member of an Employer Association that has such Collective Bargaining Agreement. but who employs employees represented by the Union and who or which agrees to be bound by this Trust Agreement and to contribute to the Fund at a rate agreed to by the Union; or (4) makes Contributions to this Trust on behalf of Employees which are accepted by the Board. The term 'Employer' shall also include: (i) any Local Lodge of the Union which extends coverage under the Plan to all irs full-time salaried officers and assistants by making Contributions to the Fund in the amounts specified by the Board of Trustees; (ii) the International Union upon coverage of all full-time employees of the International Union under the Plan by making Contributions to the Fund in the amounts specified by the Board of Trustees; and (iii) the Board of Trustees upon coverage of employees of the Trust under the Plan by making Contributions to the Fund in the amounts specified by the Board of Trustees. II 3. By restating Article IX (e) (3) thereof effective as of June I, 1967, to read as follows: "(3.) All full-time employees of the International Union when said International Union has become an Employer within the meaning of paragraph (b) of this Article, and all full-time salaried officers and assistants of a Local Lodge of the Union which has become an Employer within the meaning of paragraph (b) of this A~ticle. " 4. By restating Section 9 (c) of Article XI of Appendix B thereof effective as of June I, to read as follows: "(C) All full-time employees of the International Union when said International Union has become an Employer within the meaning of Section 10 of this Article. and all full-time salaried officers and assistants of a Local Lodge of the Union which has become an Employer within the rneaning of Section 10 of this Article. "

122 -3-5. By re stating the last sentence of Section 10 of Article XI of Appendix B thereof effective as of June 1, 1967, to read as follows: lithe term!employer' shall also include: (i) any Local Lodge of the Union which extends coverage under the Plan to all its full-time salaried officers and assistants by making Contributions to the Fund in the amounts specified by the Board of Trustees; (ii) the International Union upon coverage of all full-time employees of the International Union under the Plan by making Contributions to the Fund in the amounts specified by the Board of Trustees; and (iii) the Board of Trustees upon coverage of employees of the Trust under the Plan by making Contributions to the Fund in the amounts specified by the Board of Trustees." 6. By restating the last sentence of Section Z of Article X of Appendix B effective as of October 1, 1967, to read as follows: "The rights of all Employees, Pensioners, and former EmployeE to the benefits provided by this Section upon termination of the Plan, or upon permanent discontinuance of all Contributions, shall be nonforfeitable, to the extent the assets in the Fund are sufficient to provide such benefits. " 7. By adding a new Article XII to Appendix B effective as of October 1, 1967, to read as follows: ARTICLE XII Merger of the CMTA - Boilermakers Western Pen~ion Trust and the Boilermaker - Blacksmith National Pension Trust "Section 1. General. In connection with the merger of the CMTA - Boilermakers Western Pension Trust into the Boilermaker - Blacksmith National Pension Trust, effective as of October I, 1967, this: Article describes the manner in which Active Employees as defined in Section Z (f) of this Article become eligible for the benefits provided under this Pension Plan, and the m anne r in which Pensioners as defined in Section Z (e) of this Article continue to receive the benefits provided under this Pension Plan. Unless stated to the contrary in this Article, all of the rules and provisions of this Pension Plan shall apply to Active Employees as defined in Section Z (f) and Pensioners as defined in Section Z (e).

123 -4 - "Section 2. Unless the context or subject matter otherwise requires, the following definitions shall govern in this Article: (a) (b) (c) (d) (e) (f) The term 'Western Trust' means the Pension Trust establishedby the Agreement and Declaration of Trust establishing the CMT A - Boilermakers Western Pension Trust, dated April 1, The term 'Western Pension Plan' means the Rules and Regulations of the Pension Plan adopted by the Board of Trustees of the Western Trust by resolution dated July I, 1960, as amended, through and including Amendment No.4. The term 'National Trust 1 means the Boilermaker-Blacksmith National Pension Trust created by' the Trust Agreement dated June 2, 1960, including any modification, amendment, exten 'sion or renewal thereof. The term 'National Pension Plan' means this Plan of benefits adopted by the Board of Trustees of this Trust, including any modifications, amendments, extensions or renewals thereof. The term 'Pensioner' means an Employee who was retired and yvho was receiving pension benefits under the Western Plan and was on the pension rolls of the Western Plan on September 30, The term 'Active Employee 1 means an Employee who was engaged in Covered Employment as defined in Article 1. Section 6, of the Western Plan, other than a Pensioner or an Employee who had incurred a break in service pursuant to the provisions of Article IV, Section 5, of the Western Plan. (g) The terms lcontrihu-tion Date' and lmerger Date 1 shall mean the date of the,merger set forth in the Merger Agreement which is October 1, (h) (i) (j) The term lwestern Pension Credit 1 means the years of employment accumulated and maintained for Employees under Article IV of the Western Plan and is the total of Past Service Credit and Future Service Credit under the Western Plan. The term 'Western Past Service Credit' shall mean periods of employment prior to April 1, 1960, to the extent credited in accordance with Article IV of the Western Plan. The term 'Western Future Service Credit' shall mean the period of employment on or after April 1, 1960, credited in accordance with Article IV of the Western Plan.

124 -5- I1Section 3. Terms and Conditions Whereunder the National Plan Will Extend Pension Benefits to Employees Covered Under the Western Plan: (a) (b) (c) (d) Effective October , the National Trust as sumes the liability for all Pensioners under the Western Plan. and guarantees the payxnent of all pension benefits for the lives of all Pensioners on the pension rolls of the Western Plan on September and at the monthly benefit amount in effect under the Western Plan on September The National Trust shall provide all Pensioners the Three Year Guarantee or Certain Features to which they were entitled under Article V. Section 2, of the Western Plan. In the event, subsequent to October the Board of Trustees of the National Trust increases the benefits provided to Pensioners who retired under the National Plan prior to October the Trustees will provide comparable increased benefits to Pensioners retired under the Western Plan. The National Trust shall grant full credit to all Active Employees for each year and portion thereof of Western Pension Credit said Active Employees earned under the rules and regulations of the Western Plan up to October at the monthly benefit rate in effect on September 30, 1967 ~ Upon the retirement of an Employee who was an Active Employee under the Western Pension Plan on September 30, a calculation shall be made of: (i) the Pension Credit earned by the Employee under the Western Plan up to October and (ii) the amount of "past servic;e pension" the Employee would have earned up to October I, 1967, under the National Plan as then in effect. The Employee will be entitled to receive the higher of the two benefits for such service prior to October 1, To this amount shall be added the pension benefit amounts earned on and after October 1, under the National 'Plan. Those Employees on September who have vested under Article IV, Section 7, of the Western Plan and Article VI, Section 3 (b). of the National Plan will receive upon retirement a m.onthly pension benefit amount of the sum of (i) the monthly benefit amount vested under the Western Plan in effect on September and

125 -6- (ii) the monthly benefit amount that would have been paid to the Employee under the National Plan if no merger had taken place. (e) On and after October I, 1967, all Active Employees previously covered by the Western Trust, including those who retire subsequent to 'October I, 1967, will accumulate Pension Credit for service on and after October I, 1967, toward eligibility for a Pension under, and be governed by, the rules and regulations of the National Plan and the National Trust, with the following exceptions: (1) All Western Pension Credit earned prior to October I, 1967, will be computed pursuant to the provisions of Parag17aph (c) hereof. (2) The provisions of Article VII, Section 2, of this Plan are not applicable. (3) Contributions made on behalf of Employees to the Western Trust will be used to meet all minimum contribution requirements of Article I, Section 2(b), Article II, Section ICc) and Article III, Section 1 (b) of this Plan. (4) Article VI, Section 3, of this Plan will not be applicable to any Pension Credits accumulated under the Western Plan ~nd ve sted on September 30, 1967, under Section 1, of Article IV of the Western Plan. (5) The application of.the provisions of Article vn, Section 12, including the age or waiting period requirement, relating to the election of the 120 Certain Payments Option will be waived for one year from October I, (6) The death benefit set forth in Article V, Section 1(a) of this Plan for Active Employees who die prior to retirement, whether or not they are vested, will be computed solely on the basis of contributions to this Trust for such former Active Employees subsequent to October I, (7) The provisions of Article V, Section 1 (b) of this Plan will not be applicable to any Employee vested under the Western Plan but who has not retired prior to October I, 1967; however, the se Employees will retain the 36- month guarantee of pension benefits provided in Article V. Section 2, of the Western Plan computed on the basis of the benefit vested prior to October 1, 1967.

126 -7- (8) The provisions of Article V. Section l(bhf this Plan will be applicable to those pensioners retiring on and after October , but who were not vested under the Western Plan on September 30, The amount of the death benefit will be computed pursuant to the provisions of Section 1 of Article V of this Plan; however, contributions to both the Western Trust and this Trust on the Employeels behalf will be taken into account. "Section 4. Carpenters, Electricians and Painters. All carpenters. electricians and painters presently engaged in Covered Employment under the Western Plan will be covered under this Plan. No further extensions of coverage of this character to additional employer units will be permitted. Replacements for these employees, as well as additions to the specific employer units not participating in the Western Plan, will be covered under this Plan. II The Trust Agreement (and Appendices) shall be restated incorporating the for.egoing amendments and all prior amendments, together with such changes. in form as may be necessary for this purpose. Dated, ~ UNION TR UST~ES EMPLOYER TRUSTEES /(;f~.a.,y );}. (91*

127 AMENDHENT NO. 10 BOILERr,lAKER-BLACKsrUTH NATIONAL PENSION TRUST The Trust Agroement dated June 2, 1960, creating the Boilermaker-Blacksmith National Pension Trust, as amended by Amendments Nos. 1 through 9, is hereby further amended effective Decembar 1, 1967, as follows: 1. By restating Section l{a) of Article III of Appendix B thereof to read as follows: "(a) has been awarded a Social Security Disability Benefit under Title II of the Social Security Act, or a Railroad Retirement Annuity because of disability under the Railroad Retiremen-t J1ct; and" 2. By restating sections 3 and 4 of Article III of Appendix B thereof to read as follows: "Section 3. Disability Pension Payments. Payment ofthe Disability Pension shall commence with the seventh month of disability (subject to the provisions of section 1 of Article VII and Section 1 of Article VIII), and shall continue thereafter for so long as such disability continues and the Pensioner remains entitled to a Social Security or a Railroad Retirement Disability Benefit, except that upon attainment of age 65 a Disability Pensioner shall have his pension continued regardless of \,lhether or not he remains totally and permanently disabled. "Section 4. a Disability Pensioner. If a Disabi 1ty PenS10ner oses ent1t emont to a SOC1a Security or a Railroad Retirement Disability Pension, such fact shall be reported by him in writing to the Board of Trustees \iithin 21 days after the d~te he receives notice thereof from the Social Security fidministration or the Railroad Retirement Board. If such _written notice is not provided by the Pensioner, he shall, upon his subsequent retirement r not be eligible for benefits for a period of 12 months following the date of his retirement, plus the number of months in which he received ~ Disability Pension under this Plan after he received notice of termination of the Social Security or Railroad Retirement Disability Pension."

128 3. By restating Section 11 of Article VII of Appendix B thereof to read as follows:- "Section Certain Payment Option. Instead of the pension and death benefit otherwise payable, an Emp10yee entitled to an Age, Early Retirement or Termination of Service Pension may elect to receive an actuarially adjusted payment under a 120 Certain Payments Option, provided that such option shall not be effective in any case in which the commencement date of the pension is subsequent to the Employee's 70th birthday. Such option shall provide a reduced monthly pension payable to him for his lifetime, with the guarantee that if he dies before receiving 120 monthly pension payments, such reduced monthly pension shall continue to be paid to his designated beneficiary until a total of 120 such payments (including both the payments to the Pensioner and his beneficiary) have been made. The provisions of Section 2 of Article V concerning designation of beneficiary and of Section 3 of Article V concerning failure to designate or death of beneficiary shall also be applicabl-e for purposes of determining the person entitled to any balance of the 120 payments after the death of the Pensioner. The amount of reduced pension payable to the Pensioner and his beneficiary under this option shall be determined on the basis of appropriate actuarial tables adopted from time to time by the Board of Trustees and uniformly applicable. II 4. By substjtuting the following for subsections (a) and (b) of Section 12 of Article VII of ~ppcndix B thereof: Pea) It must be made in writing on a form prescribed by the Board of Trustees and filed.at the Trust Office before the Employee's 65th birthday and at least 12 months before the first of the month for which a pension will be payable to him, provided that for any groups of Employees admitted to participation in the Plan after July 1, 1967, the preelection periods shall be waived for six months from the effective date of such participation. 1I and by relettering subsections (c) and (d) thereof as subsections (b) and (c), respectively. The Trust Agreement (and Appendices) shall be restated incorporating the fo~egoing amendments and all prior amendments,

129 together with such changes in form as may be necessary, for this purpose. Dated November il", 1967 UNION TRUSTEES EMPLOYER TRUSTEES ~w~,~" AO~o.~~ ~e~

130 t..:l j -.:~ 1968 AHENDNENT NO. 11 BOILE~mKER-BLACKS~ITTH NATIONAL PENSION TRUST The Trust Agreement dated June 2, 1960, creating the Boilermaker-Blacksmith National Pension Trust, as amended by Amendments 1 through 10, is hereby further amended effective as of July 1, 1968, as follows: follows: 1. By restating Section 8 of Article VIII to read as nsection 8. Execution of Documents. The Trustees may authorize an Employer Trustee and a Union Trustee, or any group equally composed of Employer and Union Trustees, jointly to execute any contract or other document of any kind, or may authorize any investment agent or custodian of the Fund appointed or retained by the Trustees to execute any contract, assignment, power or other document of any kind in connection with the acquisition, sale, assignment, transfer or retention of investments of the Fund. All persons, partnerships, corporations, associations, or trusts may rely thereon that such document has been duly authorized by the Board of Trustees and is binding upon the Trust and the Fand, provided that any such document shall not create any liability against or obligation upon such person executing the same, but shall create an obligation only against the Trust and the Fund." 2. By deleting New 11exico from the South Central States Employer Trustee Area in Section l(b) of Appendix A and by adding New Nexico to the Eight Western states Employer Trustee Area specified in Section l(a) of Appendix A, which Area shall be redesignated as the IIEight Western States and New!-lexico" wherever it appears. 3. By restating Section 3 of Article I of Appendix B to read as follows: "Section 3. Amount of Basic Pension. The amount of the

131 -2- monthly Basic Pension shall be 22 per cent of the total Contributions credited to the Z~ployee's account, divided by 12, but excluding any Contributions cradited to his account after~ (a) The end of the Plan Year in ullich his 65th birthc1ay occurs; or (b) the end of the Plan year in ~1hich he has I:let the requir~~ents for a Uegular Past Service Pension under Section 4(a) of this Article;,.,hicl"lever occurs later. II 4. ily restating Section 5 of Article I of Appendi~ n to read as follons: "section 5. Amount of Regular Past Service Pension. The ;nonth!y Regular Past Service Pension shall be equal to: (a) (b) the nunber of years of the Employee's Past Service Credit multiplied by the product of $1.75 and his Average Contribution Factor; provided, ho':.v'ever, that in no event silall. said product exceell $4.50 for any E!:lployee in a collective bargaining unit \"hich first becomes covered by ~~is Plan after July 1, The Average Contribution Factor is the number obtained by; (i) dividing the total Contributions made for the R~ployee during either: (1) the eight \'lhole Plan Years fol10\ 11ng his Contribu tion Date, or (2) if shorter, the period beginning,"1ith the October 1 follo~... ing or coinciding ''lith his Contribution Date and ending \'li th his retirement, by the total number of hours reported for hi~.l by Employers uuring the applicable period in subparagraph (1) or (2) above, and (ii) ~Llultil?lying the quotient by 10.

132 -3- If the I:~nployee I s Contribution Dai:e \"las prl.or "Co October 1, 1963, the period to be used in obtaining the Average Contribution Factor shall begin on October I, 1963, and end on Septe!ilber 30, 1971, or \.,it~l his re... tir~~ent, if earlier. The Average Contribution Factor for an E~~loyee whose record of Contributions does not,i;ake it possible to ob-::'ain such Factor in the foregoing nanner (but \'li"1o is otlle~.,ise eligible far" a Regular Past Service Pension) shall be deterr:\ined by multiplying by 10 the hourly contribution rate in effect on October 1, 1961, or the October 1 follo\'ling the contribution Date I t'lhichever is later, for the collective bargaining unit in \'ll"1ich he t"las last employed. II 5. By restating Section 3 of Article V of i\.ppendb~ & to read as ollo\'is ~ "Section 3. Failure to Designate 13eneficiary or Death of Beneficiary. If no beneficiary is designated by an D.nployee or Pensioner, or if a designated beneficiary predeceases the Employee or Pensioner, or survives him but dies prior ~o receipt of any benefit under tllis Article, the benefits provided under section 1 of this Article!'.1ay be :nade payable to his personal representative I or if none, to his \"lido~'1 or such other relative or person \'lho in the discretion of the Trus'cees nay be equitably entitled thereto. Any such payment shall to the extent thereof be a cor:tplete discharge of all liability under the Plan 't"lith respect thereto. 1I 6. Dy restating Section l(a) (iii) of Article VI of Appendix B to read as follo~'ls: "(iii) Hork for International Union or Local Louges. All '-Iork as a full-tii!le e:nployee of the International Union, or as a full-time salaried officer or assistant of a Local Lodge of the Union t'l~lich makes contributions to this Trust." 7. By adding a ne':1 clause (5) to Section 3 (c) of Article VI of Appendb~ ;3 to read as follm'ls:

133 -4- "(5) is er.lployeu as a Coordinator by an Area Apprenticeship Comnittee established and operating under the Ag~eement and Declaration of Trust governing the iloilerwakers Area Apprenticeship Funds. ' a. By restating Section 1 of Article VIII of Ap!?enC:i:~ B to reau as follo~ls; "Section 1. Aclvance :"1ri tten Applications :Required. An application for a pension silall be ~ade in "t'lriting on a forn and in the nanner prescribed by the Board of Trustees, and shall contain such infornation as the Trustees nay de~u necessary. Such application shall be a condition for pay::tent of a pension w""ld must be filed \'lit:i1 the. Uoard at least 30 days prior to the first month for ~~hich benefits are payable; provided t..'1at application for a 'l'errjination of Service Pension shall be filed not earlier than 60 clays prior to the forner Employee's 65th birthday, and not later than his 70th birt.l}day i and provided further that if an application for a Disability Pension is filed l/ithin 60 clays after a deternination by the Social Security Adr:tinistration or the Railroad Retire:;]ent :i:3oard of entitlenent to a Social Security or Railroad Retirement disability benefit. such a"":-lica tion shall be consiu.ered tir:lely I ancl paynent of the Disability Pension s~lall comraence as of the effective cate of such at-lard. II The Trust Agreement (and Appendices) shall be restated incorporating the foregoing ru~end~ents and all prior amendnents, together \ li th such changes in form as l"lay be necessary for this purpose. Dated ilay 24, 19GB. U~UON TRUSTEES E~lPLOYER TRUSTEES ~ /~

134 AMENDMENT NO. 12 BOILERMAKER-BLACKSMITH NATIONAL PENSION TRUST The Trust Agreement dated June 2, 1960, creating the Boilermaker-Blacksmith National Pension Trust, as amended by Amendments 1 through 11, is hereby further amended effective as of October I, 1969, as follows: to read as follows: 1. By restating section 2 of Article I of Appendix B "section 2. Eligibility for Basic Pension. An Employee who is retired shall be entitied to a Basic Pension if: (a) (b) he has attained age 65; and has Contributions credited to his account, subsequent to his last break in Covered Employment, if any, for at least 1000 hours; provided, however, that the foregoing minimum requirement of contributory hours shall be waived for an Employee who has at least 15 years of Pension Credit, has had a contribution made on his behalf, and who after his Contribution Date becomes totally and permanently disabled. The Board of Trustees in its sole discretion shall determine the existence of such disability, and an Employee claiming such disability shall submit to such examinations as the Board may require as a condition to establishing such disability." to read as follows: 2. By restating section 3 of Article I of Appendix B "Section 1.. Amount of Basic Pension. The amount of the monthly Basic Pension shall be 25 per cent

135 - 2 - of the total Contributions credited to the Employee's account, divided by 12. but excluding any Contributions credited to his account after: (a) (b) the end of the Plan Year in which his 67th birthday occurs: or the end of the Plan Year in which he has met the requirements for a Regular Past Service Pension under section 4(a) of this Article: to read as follows: whichever occurs later." 3. By restating section 5 of Article I of Appendix B "section 2.. The monthly equal to: Amount of Regular Past Service Pension. Regular Past Service Pension shall be (a) (h) the number of years of the Employee's Past Service Credit multiplied by the product of $2.00 and his Average contribution Factor: provided, however, that in no event shall said product exceed $5.00 for any Employee in a collective bargaining unit which first becomes covered by this Plan after July 1, The Average Contribution Factor is the number obtained by: (i) dividing the total contributions made for the Employee during either: (1) the eight whole Plan Years following his Contribution Date, but excluding the period following the Plan Year in which his 67th birthday occurs: or (2) if shorter, the period beginning with the Octobel 1 following or coinciding with his Contribution Date and ending with the earlier of: the end of the" Plan Year in which his 67th birthday occurs, or the date of his retirement,

136 - 3 - by the total number of hours reported for him by Employers during the applicable period in sub-paragraph (1) or (2) above, and (ii) multiplying the quotient by 10. If the Employee's Contribution Date was prior to October 1, 1963, the period 'to be used in obtaining the Average Contribution Factor shall begin on October 1, 1963, and end with the earliest of: September 30, 1971, the date of retirement, or the end of the Plan Year in which his 67th birthday occurs. In no event shall an Employee's Average contribution Factor under this Section as amended effective October I, 1969, be lower than his Average Contribution Factor computed as of September 30, 1969, in accordance with this Section as then in effect. The Average Contribution Factor for an Employee whose record of contributions does not make it possible to obtain such Factor in the foregoing manner (but who is otherwise eligible for a 'Regular Past ' Service Pension) shall be determined by multiplying by 10 the hourly contribution rate in effect on October , or on the October l following the contribution Date, whichever is later. for the collective bargaining unit in which he was last employed." 4. By restating section l{c} of Article II of Appendix B to read as follows: "(c) he has contributions credited to his account for at least 1000 hours subsequent to his last break in Covered Employment, if any." 5. By restating section l(b) of Article III of Appendix B to read as follows: "(b) has Contributions credited to his account for at least 1000 hours subsequent to his last break in Covered Employment, if any, provided, however, that the foregoing

137 - 4 - minimum contribution requirement shall be waived for an Employee who has at least 15 years of Pension Credit, has had a contribution made on his behalf, and who becomes totally and permanently disabled in accordance with Subsection (a) after his Contribution Date." 6. By restating Sections 1 and 2 of Article IV of Appendix B to read as follows: "Section 1.. Eligibility for Termination of Service Pension. An Employee who has incurred a break in Covered Employment under section 3(a) of Article VI at a time when: (a) (b) he is at least age 45, and he has at least 10 years of Future Service Credit, shall be entitled to a Termination of Service Pension beginning on the first day of the month following his 65th birthday, provided he meets: (1) the filing requirements in Section 3 of this Article, and (2) the requirements for advance application in Section 1 of Article VIII. II "Section l. Amount of Monthly Termination of Service Pension. The monthly amount of the Termination of Service Pension shall be equal to the produ.ct of: (a) (b) the Basic Pension and Regular or Special Past Service Pension, if any, the Employee would receive if he were age 65 at the time of his break in Covered Employment, multiplied by the following percentage appropriate to the Employee's attained age at the time he incurs the break in Covered Employment: Attained Age Percentage 50% 55% 60% 65% 70%

138 - 5 - Attained Age Percentage 50 75% 51 80% 52 85% % 55 10OO/a 7. By restating Section lea) and (b) of Article V of Appendix B to read as follows: "(a) If an Emplbyee,or former Employee who has fulfilled the eligibility requirements for a Termination of Service Pension under section 1 of Article Iv, dies prior to being awarded a pension under this Plan, the.total amount of contributions credited to his account,up to a maximum of $3,000, shall be paid in a lump sum to his -designated beneficiary. II II (b) If a Pensioner dies prior to receiving pension benefits from this Plan equal to the amount of contributions credited to his account, up to a maximum of $3,000, the difference between the amount received and such amount of Contributions shall be paid in a lump sum to his designated beneficiary." 8. By restating Sections 2 and 3 of Article V of Appendix B to read as follows: "Section 2. Desiqnation of Beneficiary. An Employee, former Employee, or Pensioner may designate a beneficiary to receive any benefits provided under section 1 of this Article by filing such designation at the Trust Office on a form prescribed by the Board of Trustees. An Employee, former Employee, or Pensioner shall have the right to change ~is designation of beneficiary without the consent of the beneficiary, but no such change shall be effective or binding on the Board unless it is received by the Board prior to the time any payment is made to the

139 - 6 - beneficiary whose designation is on file at the Trust Office." "Section 3. Failure to Designate Beneficiary!:. Death of Beneficiary. If no beneficiary is design'ated by an Employee~ former Employee, or Pensioner, or if a designated beneficiary predeceases the Employee, former Employee, or Pensioner, or survives him but dies prior to receipt of any benefits under this Article, the benefits provided under Section 1 of this Article may be paid to the surviving spouse or such other relative or person who in the discretion of the Trustees may be equitably entitled thereto. Any such payment shall to the extent thereof be a complete discharge of all liability under the Plan with respect thereto." 9. By adding the following subsection (6) to Section 3(c) of Article VI of Appendix B: "(6) is employed by an employer signatory to a collective bargaining agreement with the Union which does not require contributions to this Trust." The Trust Agreement (and Appendices) shall be restated incorporating the foregoing amendments and ail prior amendments, together with such changes in form as may be necessary for this purpose. Dated August 15, TRUS'Dri?S '_J "

140 - 7 - UNION TRUSTEES EMPLOYER TRUSTEES,i or=7

141 AMENDMENT NO. 13 BOILERMAKE R-BLACKSMI-TH NATIONAL PENSION TRUST The Trust Agreement dated June 2, 1960, creating the Boilermaker-Blacksmith National Pension Trust, as amended by Amendments 1 through 12, is hereby further amended effective as of October 1, 1971, by restatinq Section 5 of Article I of Appendix B to read as follows: "Section 5. Amount of Regular Past Service Pension. The monthly Re.gular Past Service Pension shall be equal to: (a) (b) the number of years of the Employee's Past Service Credit multiplied by the product of $2.00 and his Average Contribution Factori provided, hm"t1ever, that in no event shall said product exceed $5.00 for any Employee in a collective bargaining unit which first becomes covered by this Plan after July 1, "The Average Contribution Factor is the number obtained by: (i) dividing the total Contributions made for the Employee during either: (1) the eleven whole Plan Years following his Contribution Date, bat excluding the period following the Plan Year in which his 67th birthday occurs; or (2) if shorter, the period beginning with the October 1 fo1lm"t1ing or coinciding with his Contribution Date and ending with the earlier of: the end of the Plan Year in '''hich his 67th birthday occurs, or the date of his retirement, by the total number of hours reported for him by Employers during the applicable period in sub-paragraph (I) or (2) above, and (ii) multiplying the quotient by 10. "If the Employee's Contribution Date was prior to October 1, 1963, the period to be used in obtaining the Average contribution Factor shall begin on October 1, 1963,

142 - 2 - and end with the earliest of: September 30, 1974, the date of retirement, or the end of the Plan Year in which his 67th birthday occurs. In no event shall an Employee's Average Contribution Factor under this Section as amended effective October 1, 1969, be lower than his Average Contribution Factor computed as of September 30, 1969, in accordance with this Section as then in effect. "The Average Contribution Factor for an Employee whose record of Contributions does not make it possible to obtain such Factor in the foregoing manner (but who is otherwise eligible for a Regular Past Service Pension) shall be determined by multiplying by 10 the hourly contribution rate in effect on October 1, 1961, or on the October 1 following the Contribution Date, whichever is later, for the collective bargaining unit in which he was last employed. The Trust Agreement (and Appendices) shall be restated incorporating the foregoing amendments and all prior arnendments, together with such changes in form as may be necessary for this purpose. Dated June 16, UNION TRUSTEES ~YER T~USTEES I. I~'.l... c_;. \, --"L k"'--

143 -,-. c}. -' AMENDMENT NO. 14 BOILERMA.ER-BLACKSHITH NATIONAL PENSION TRUST The Trust Agreement dated June 2, 1960, creating the Boilermaker-Blacksmith National Pension Trust, as amended by Amendments 1 through 13, is hereby further amended effective as of January I, 1972, as follows: 1. By restating Section 2 of Article II of Appendix B to TP:=In :=IS -follows: Section 2. Amount of Early Retirement Pension. The monthly Early Retirement Pension shall be equal to: Ca) the amount of the Age Pension (Basic Pension plus Past Service Pension) to which the Employee would be entitled under Article I if he were 65 years of age on the effective date of his Early Retirement Pension; reduced by (b) 1/4 of 1% for each month by \.,hich the Employee is younger than age 65 but not younger than age 62 and 1/2 of 1% for each month by' which the Employee is younger than 62, on the effective date of his Early Retirement Pension." 2. By restating Section 1 of Article IV of Appendix B to read as follows: Section 1. Eligibility for Termination of Service Pension. An Employee who has incurred a break in Cov~red Employment under Section 3(a) of Article VI at a time when he has at least 10 years of FutUre Service Credit shall be entitled to a Termination of Service Pension beginning on the first day of the month following his 65th birthday, provided he meets: (1) the filing requirements in Section 3 of this Article, and (2) the requirements for advance application in Section 1 of Article VIII.n

144 By restating Section 2 of Article IV of Appendix B to read as follows: "section 2. Amount of Monthly Termination of Service Pension. The monthly amount of the Termination of Service Pension shall be equal to the product, of: (a) the Basic Pension and Regular or Special Past Service Pension, if any, the Employee would receive if he were age 65 at the time of his break in Covered Employment, multiplied,by (b) the following percentage -appropriate to the Years of Future Service Credit accumulated by the Employee at the time he incurs the break in Covered Employment: Years of Future Service Credit Percentage 50% 55% 60% 65% 70% 75% 80% 85% 90% 95% 100% 4. By restatirg Section 4 of Article IV of Appendix B to read as follows: "Section 4. Return to Covered Employment Prior to Age 65 by an Employee Eligible for a Termination of Service Pension. If a former Employee who has met the eligibility requir'ements for a Termination of Service Pension returns to Covered Employment prior to age 65, his Pension, upon his subsequent retirement from, or termination of, Covered Employment shall be the sum of: (a) the amount of the Termination of Service Pension which had been established for such Employee at the time of his break in Covered Employment, and which he has protected by meeting the requirements of Section 3 of this Article; and

145 - 3 - (b) the amount of Basic Pension earned as a result of Contributions credited to his account subsequent to his return to Covered-Employment. If a former Employee who has not met the eligibility requirements for a Termination of Service Pension returns to Covered Employment, he shall be treated as a new Employee for,.,hom no previous Contributions have been made." 5. By adding the following subsection (7) to Section 3(c) of Article VI of Appendix B: "(7) is employed in the Boilermaker trade with a state, county, municipality, or political subdivision thereof, which does- not make Contributions to this Trust." The Trust Agreement (and Appendices) shall be restated incorporating the foregoing Amendments and all prior Amendments, together with such changes in form as may be necessary for this purpose. Dated December 1, UNION TRUSTEES EMPLOYER TRUSTEES

146 Al-1ENI)l-1ENT NO. 15 BOILERMAKER - BLACKSMITH NATIONAL PENSION TRUST The Trust Agreement dated June 2, 1960, creating the Boilermaker-Blacksmith National Pension Trust, as amended by Amendments 1 through 14, is hereby further amended effective August 1, 1974, as follo"t1s: 1. B,y restating Section 5 of Article I of Appendix B to read as follows: "Section 5. A."TlOunt of Regular Past Service Pension. The monthly Regular Past Service Pension shall be equal to: (a) the number of years of the Employee's Past Service Credit multiplied by (b) the product of $2.00 and his Average Contribution Factor; provided, however, that in no event shall said product exceed $5.00 for any Employee in a collective bargaining unit ",hich first becomes covered by this Plan after July 1, The Average Contribution Factor is the number obtained by: (i) dividing the total Contributions made for the Employee during either: (1) the fifteen whole Plan Years following his Contribution Date, but excluding the period following the Plan Year in which his 67th birthday occur~; or (2) if shorter, the period beginning with the October 1 following or coinciding with his Contribution Date and ending "lith the earlier of: the end of the Plan Year in "1hich his 67th birthday occurs, or the date of his retirement, by the total number of hours reported for him by F~IIIl'loyers durine the applicable period in sub-paragraph (1) or (2) above, and

147 (11) multiplying the quotient by ~O. If' the Emp~oyee I s Contribution Date was prior to October 1, 1963, the period to be used in obtaining the Average Contribution Factor shall begin on October 1, 1963, and end with the earliest of: September ~O, 1978, the date of retirement, or the end of the Plan Year in which his 67th birthday occurs. The Average Contribution Factor for an Employee whose record of Contributions does not make it possible to obtain such Factor in the foregoing manner (but who is otherwise eligib~e for a Regular Past Service Pension) shall be determined by multiplying by 10 the hourly contribution rate in effect on October 1, 196~, or on the October 1 following the Contribution Date, whichever is later, for the collective bargaining unit in which he was last employed. II 2. By restating Section 1 of Article II of Appendix B to read as follows: "Section 1. Eligibility for Early Retirement Pension. An Employee "Tho is retired shall be entitled to an Early Retirement Pension if: (i) he has attained age 55 but not age 65; (ii) he has at least 15 years of Pension Credit (Past and Future); and (iii) he has Contributions credited to his account for at least 1,000 hours subsequent to his last break. in Covered Employment, if any. II 3. By restating Section 2 of Article II" of Appendix B to read as follows: "Section 2. Amount of Early Retirement Pension (a) If the Employee is under age 62 or is 62 years or older, but has less than 25 years of Pension Credit (Past and Future), the monthly Early Retirement Pension shall be equal to: (i) the amount of the Age Pension (Basic Pension plus Past Service Pension) to which the Employee would be entitled under Article I -2-

148 if he were 65 years of age on the effective date of his Early Retirement Pension, reduced by: (ii) 1/4 of 110 for each month by which the Employee is younger than age 65 but not younger than age 62 and 1/2 of li for each month by which the Employee is younger than age 62, on the effective date of his Early Retirement Pension. (b) If the Employee is at least age 62, and bas 25 years or mre of Pension Credit (Past and Future), the monthly Early Retirement Pension shall be equal to the amount of the Age Pension (Basic Pension plus Past Service Pension) to which the Employee would be entitled under Article I if he were 65 years of age on the effective date of his Early Retirement Pension. If the Employee is under age 62, and has 25 years or more of Pension Credit (Past and Future), the monthly Early Retirement Pension shall. be equal to the amount of the Age Pension (Basic Pension plus Past Service Pension) to which the Employee would be entitled under this Section if he were 62 years of age on the effective date of his Early Retirement Pension reduced by 1/2 of li for each month by which the Employee is younger than age 62 on the effective date of' his Early Retirement Pension." 4. By restating Section 1 of Article V of Appendix B to read as follows: "Section 1. Eligibility For and Amount of Death Benefit (a) Death Before Retirement. (i) If an Employee dies prior to meeting the eligibility requirements for an Early Retirement Pension, Age Pension or Termination of Service Pension, the total amount of Contributions -3-

149 credited to his account subsequent to his last break in Covered Employment, as defined in Section 3 of Article VI, if any, up to a maximum of $3,000, shall be pa.i d in a.lump sum to his designated beneficiary. If' the amount of' the lump sum payment is less than $10.00, no death benefit shall be payable under this Section. (ii) If an Employee, or former Employee, who has f'ulf'illed the age and service requirements for an Age Pension, Ear~ Retirement Pension or a Termination of Service Pension, dies prior to being awarded a pension under this Plan, his designated beneficiary or the person or persons selected in accordance with Section 3 of this Article, shall, upon application, be entitled to 60 mont~ payments in an amount equal to the monthly pension which the deceased Employee would have received bad he retired on the date of his death. If the deceased Employee is under age 55 at the time of his death, the monthly benefit will be determined as if he "Tere age 55 on the date of his death. The total value of the Pension payments, if any, received by the deceased Employee during a previous period of' retirement sha.j..1. be deducted from the total value of' the 60 lldnthly payments otherwise due the deceased Employee r s beneficiary. The ronthly payments described herein will begin with the first month following the death of the Employee. This benefit sha.j..1. be payable instead of, and not in addition to, the benefit described in paragraph (i) above. -4-

150 (b) Death Af'ter Retirement. If' a Pensioner dies before receiving a totaj. of 60-Dxmtbly pension payments from the Trust, his monthly pension payments shall be continued until a total of 60 such payments have been made to such Pensioner and his designated beneficiary, or the person or persons selected in accordance with Section 3 of this Article, and shall thereupon cease. In the event that the benefit provided in Sections (a)(ii) and (b) a.bove is less than the total amount of Contribut:iDns credited to the Employee's account subsequent to the Employee's last break in Covered Employment as defined in Section VI, then a lump-sum payment equal to the total amount of such Contributions, up to a maximum of $3,000, less any pension payments made to the Employee or Pensioner shall be made to the designated beneficiary. 5. By restating Section 2 of Article VIII of Appendix B to read: "Section 2. Information Required. Each Employee, Pensioner, and beneficiary shall furnish the Dcard of Trustees any information or proof requested by it and reasonably required to administer the PJ..an. Fa.ilure on the part of any Employee, Pensioner, and beneficiary to comply with such request promptly and in good faith shall be sufficient grounds for denying, suspending, or discontinuing benefits to such person. If any Employee, or -Pensioner, or other claimant to benefits hereunder makes a faj.se statement -5-

151 material to his claim for benefits, the Board sha:ll offset or recover any amount paid to such Employee or Pensioner or other claimant t.o which he was not right:f'uj..1y entitled under the PJ..an; and in addition, the Trustees shall. have the right, in their discretion, to deny benefits under this PlAn to such Employee or Pensioner or other claimant up to a maximum of 18 monthl:y benefit payments." 6. By deleting from Section 3(e), sub-sections (6), (7) and (8) of Article XII in their entirety. The Trust Agreement (and Appendices) shall be restated incorporating the foregoing amendment and all prior amendments, together with such changes in form as may be necessary for this purpose. Dated Union Trustees Employer Trustees -6-

152 AlvlEIIDlOOlT NO. 16 TO APPENDIX B OF THE BOILERMAKER-BLACKS}ITTH NATIONAL PENSION TRUST Tbe Trust.tlgreement dated June 2, 1960, creating the Boilermaker-Blacksmith Natiol"..al Pension Trust, as amended by Amendne nts 1 throug."1. 15, is hereby 1'urther amended effective January 1, 1975, as follows: 1. ~J restating Sections 1 and 2 of Article IX of Appendix B to read as 1'ollo,,;s: "Section 1. Ad.lJ"..l.nistration. This Plan shall be administered by the Board of Trustees, "Tho may delegate this responsibility to an Administrator retained or employed pursuant to Section lea) of Article III of the Trust Agreement. The Board may adopt such rules and regulations consistent with the provisions of the Tru~t Agreemcnt and Plan as may be necessary or desirable for such administration o The Board, or the Administrator on its bchalf, shall have the po'\'lcr to determine the eligibility for, and the amount of benefits payable to each a.pplicant for benefits, and to payor cause to be paid benefits from the Fund to eligible applicants. Any such determination by the Board, or Administrator on its behalf, shall be final and binding on all persons unless appealed to the Board as provided by Section 3 of this Articlc. The decision of the Board on such appeal shall be final and binding on all persons. Section 2. Trustees' Records. The regularly kept records of the Board of Trustees shall be conclusive evidence of the Contributions on an Employee's account, his status as an Employee, and all other matters contained therein applicablc to the Plan; provided, hol-tcver, that the Board shall from time to

153 time provide each Employee,dth a statement of the amount of Contributions in his account, and unless a question concerning this statement is filed in writing with the Board as provided by Section 3 of this Article, it shall be deemed correct and final; any question regarding amounts of Contributions shad. be limited to reviel" of Contributions involved '\o.i..thin the period of time covered by the last statement. II 2. By renumbering Section 3 of Article IX of Appendix B to Section 4 of Article IX of Appendi..."{ B. 3. By adding the following Section 3 to Article IX of Appendix B: flsection 3. Determination of Disputes. (n) No Employee, Pensioner, beneficiary or other person shall have ar.y right or claim to benefits under the Pension Plan, other than as specified in the Pension Plan. If any person shad. have a dispute i'rith the Board of Trustees as to eligibility, type, amount or duration of such benefits, the dispute shall be resolved by the Board of Trustees under and pursuant to the Pension Plan, and its decision of the dispute shall be final and binding upon all parties thereto. (b) Any person '\'Th03e application for benefits under the Pension Plan has been denied in whole or in part by the Board of Trustees, or i'lhose claim to benefits is otherl-rise denied by the Board of Trustees, shall be notified of such decision, in writing by the Board of Trustees and may petition the Board of Trt~tees to reconsider its decision. A petition for reconsideration shall be in writing, ~ha11 state in clear and concise terms the reason or reasons for disagreement with the decision of the Board of Trustees, and shall be filed i-lith or received by the A clministrativt Office within 60 days af'ter the date sho'\otn on the notice to the petitioner of the decidon of the Board of Trustees.

154 Upon good cause shmm, the Board of Trustees may permit the petition to be amended or supplemented. The failure to file a petition for reconsideration within such 60 day period shall constitute a waiver of the claimant's right to reconsideration of the decision on the basis of the information and evidence submitted prior to the decision. Such failure shall. not, how'ever, preclude the applicant or claimant from establishing his entitle~ent at a later date based on additional information and evidence rmich w~s not available to him at the time of the decision of the Board of Trustees. (c) Upon receipt of a petition for reconsideration the Board of Trustees, a Comrrdttee appointed by the Board or the Administrator on its behalf, authorized to act on such petitions, shall proceed to review the administrative file, including the petition for reconsidcration and its contents. A decision by the Board of Trustees, its Committee or its Administrator shall be ~de promptly and not later than 60 days after receipt of the petition by the Administrative Office unless special circumstances required an extension of' time for processing, in which case a decision shall be rendered as soon as possible, but not later than 120 days after receipt of the request for review. The petitioner shall be advised of the decision 6f the Board of Trustees in writing. (d) The decision of the Board of Trustees ",>lth respect to petition for reconsid.cration shall be final and binding upon all parties, including the petitioner and any perzon claiming under the petitioner. The provisions of this Section shall apply to and include any and every claim to benefits from the Fund, and any claim or right asserted under the Pension Plan or against the ~1lnd, regardless of the basis asserted for the claim and rc!3ardless of when the act or omission upon, fiich the claim is based ocu!'red. II

155 2. By adding the following Section 17 to Article XI of Appendix B: "Section 17. The term "Participant II means any pensioner, any person receiving benefits as the beneficiary of a deceased participant, any person "'rho has completed the requirements for a vested benefit, and any employee who worked in covered employment for at least 300 hours in the previous plan year and who has worked in covered employment for at least 1000 hours not followed by a break in service. Prior to becomming a participant, an employee shall not in any event be credited with service; hmiever this shall not preclude credit for service prior to participation, to the extent provided by this plan, once an employee has become a participant." The Trust Agreement (and Appendices) shall. be restated incorporating the foregoing amendment and all prior amendments, together with such changes in form as rre:y be necessary for this purpose. Dated Union Trustees Employer Trustees

156 AMENDMENT NO. 17 Originally, Amendment 117 was proposed at the January 11-13, 1977 Pension Full Board Meeting. The Amendment was changed to a Resolution at the June 24-26, 1980 Pension Full Board Meeting.

157 AMENDMENT NO. 18 BOILERMAKER-BLACKSMITH NATIONAL PENSION TRUST The Trust Agreement dated June 2, 1960, creating the Boilermaker-Blacksmith National Pension Trust, as amended by Amendments 1 through 17, is hereby further amended effective as of April 1, 1981, as follows: By restating Section 3 of Article IV of the Trust Agreement as follows: "Section 3. Default in Payment. Nonpayment by an Employer of any contributions when due shall not relieve any other Employer of his obligations to make payments. In addition to such other remedies or relief allowed by this Trust Agreement, applicable collective bargaining agreement or by law, the Employer agrees to pay the amounts, damages, fees and costs as specified in this Article for any failure to remit contributions on or before the date due. In recognition of the difficulty of ascertaining actual damages, the amount of such damages, in addition to the unpaid contributions, shall be presumed to be an amount not in excess of twenty per cent (20%) of the contributions due, but in no event less than ten dollars ($10.00) for each delinquent reporting period, which amount shall become due and payable as liquidated damages and not as a penalty as of the day following the day on which the delinquency occurred. In addition, the Employer shall pay interest at the rate of twelve per cent (12%) per annum on the principal and liquidated damages from the date due (unless applicable and not preempted State or Federal law prohibits this rate, then the maximum rate permitted by law shall be imposed), plus all reasonable attorneys' fees, costs of any action or collection and other expenses incurred by the Trust in any examination or audit of Employer records or other documents made in accordance with Section 4 of this Article which discloses nonpayment of contributions when due. The Board of Trustees, in its sole discretion, may waive all or part of the payment of such additional amounts as described herein, including unpaid contributions, under circumstances the Board of Trustees deem appropriate. Any Employer who has been in default with respect to contributions owing to the Trust may, in the discretion of the Board, be required to furnish the Board a payment bond, with security satisfactory to the Board, conditioned upon faithful performance by the Employer of his obligation to make payment of future contributions to the Fund required by the applicable collective bargaining agreement."

158 The Trust Agreement (and Appendices) shall be restated incorporating the foregoing Amendment No. 18 and all prior Amendments, together with such changes in form as may be necessary for this purpose. Dated:

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187 AMENDMENT NO. 3S TO THE TRUST AGREEMENT CREATING THE BOILERMAKER-BLACKSMITH NATIONAL PENSION TRUST The Trust Agreement dated July 1, 1960, as amended, creating the Boilermaker Blacksmith National Pension Trust is hereby amended effective June I'd.., Section 1 of Appendix A to the Trust Agreement shall be deleted in its entirety and the following substituted: Section I.Employer Trustee Areas.Employer Trustee Areas from which an Employer Trustee shall be selected shall correspond directly with the Vice Presidential geographical areas as determined by the International Union, which may from time to time be changed by the International Union. In the event the International Union eliminates a particular geographical Vice Presidential area, the Employer Trustees(s) from said area shall immediately become Trustee(s)-at-Large. In the event the International Union creates a new geographical Vice Presidential area, corresponding Employer Trustee(s) shall be selected consistent with the provisions of this Trust Agreement. 2. Section 3 of Appendix A to the Trust Agreement shall be amended by adding the following language as a new subparagraph (t): (t) In the event the foregoing manner of appointing Employer Trustees produces less than six Employer Trustees, the Employer Trustees by majority vote shall appoint Trustees-at-Large until there are a total of six Employer Trustees. The Trust Agreement and Appendices shall be restated incorporating the foregoing Amendment No. 35 with such changes in form as may be necessary to effectuate the Trustees' intents and purposes. Dated: June ~, 2013 Union Trustees

188 PENSION TRUST AMENDMENT No. 35

189 AMENDMENT NO. 36 TO THE TRUST AGREEMENT CREATING THE BOILERMAKER-BLACKSMITH NATIONAL PENSION TRUST The Trust Agreement dated July as amended. creating the Boilermaker Blacksmith National Pension Trust is hereby amended effective June L Section 2 of Article IV to the Trust Agreement shall be deleted in its entirety and the following submitted: Section 2. Payment and Enforcement. All contributions shall be payable to the Trustees of the Boilermaker-Blacksmith National Pension Trust and shall be paid at such regular periods of time and in the manner and form as shall be determined by the Board from time to time. Unless provided otherwise by the Board. payment of monthly contributions. together with completed reporting forms. shall due on the 15,h day of the month following the end of the month for which they are payable. and any contributions received after the 15,h day of the month shall be considered delinquent. The Board shall have authority to receive. demand and collect contributions and payments from any source whatsoever due the Trust or Fund. to the extent permitted by law. and to take such steps. including institution and prosecution of or the intervention in any proceedings at law. in equity. or in bankruptcy. as are deemed necessary or appropriate by the Board to collect such contributions and payments. Any overpayments made by an Employer in error may in the discretion of the Board be refunded or credited against future contributions. The Trust Agreement and Appendices shall be restated incorporating the foregoing Amendment No. 36 with such changes in form as may be necessary to effectuate the Trustees' intents and purposes. Dated: June _i_i_. 2014

190 PENSION TRUST AMENDMENT No. 36

191 AMENDMENT NO. 37 TO THE TRUST AGREEMENT CREATING THE BOILERMAKER-BLACKSMITH NATIONAL PENSION TRUST The Trust Agreement dated July I, 1960, as amended, creating the Boilermaker Blacksmith National Pension Trust is hereby further amended, effective April 1, 2015, as follows. Article V, Section 1. Powers, Subsection (a) Investment, as previously amended by Trust Amendment No. 22, is hereby further amended by inserting the following language at the end of existing Subsection I(a); in all other respects Subsection I(a) of Article V to the Trust Agreement shall remain unchanged: "Notwithstanding any other provisions of this Trust Agreement, the assets of the Fund may be invested in any collective investment fund or funds, including common and group trust funds presently in existence or hereafter established which are maintained by a bank or trust company supervised by a state or federal agency, notwithstanding that the bank or trust company is the Trustee, Investment Manager, or is otherwise a party-in-interest with respect to the Plan. The assets so invested shall be subject to all the provisions of the instruments establishing such funds as they may be amended from time to time. Such instruments of group trusts as they may be amended from time to time are hereby incorporated and made a part of this Trust Agreement as if ful1y set forth herein. The combining of money and other assets of this Trust with money and other assets of other trusts and accounts in such fund or funds is specifical1y authorized." The Trust Agreement and Appendices shall be restated incorporating the foregoing Amendment No. 37 together with such changes in form as may be necessary to effectuate the Trustees' intents and purposes. Adopted: ~\\ a, 2015 / I 1

192 /fi1vr4 ~ q.lcl4d.-e 06= ~ ~rj~...lj..i4$fk'~~ ~Jj.~ Pension Trust Amendment No. 37 2

193 AMENDMENT NO. 38 TO THE TRUST AGREEMENT CREATING THE BOILERMAKER-BLACKSMITH NATIONAL PENSION TRUST The Trust Agreement dated July 1, 1960, as amended, creating the Boilermaker Blacksmith National Pension Trust is hereby amended effective January 1, Section 3 of Article IV to the Trust Agreement shall be deleted in its entirety and the following substituted: Section 3. Default in Payment. Nonpayment by an Employer of any contributions when due shall not relieve any other Employer of his obligations to make payments. In addition to such other remedies or relief allowed by this Trust Agreement, applicable collective bargaining agreement or by law, the Employer agrees to pay the amounts, damages, fees and costs as specified in this Article for any failure to remit contributions on or before the date due, and further, the Employer agrees that the Trust may collect all such amounts, damages, fees and costs by filing suit under federal and/or state law, and without regard to whether any delinquent contributions are owed at the time suit or other legal action is filed or initiated. In recognition of the difficulty of ascertaining actual damages, the amount of such damages, in addition to the unpaid contributions, shall be presumed to be an amount not in excess of twenty per cent (20%) of the contributions due, but in no event less than ten dollars ($10.00) for each delinquent reporting period, which amount shall become due and payable as liquidated damages and not as a penalty as of the day following the day on which the delinquency occurred. In addition, the Employer shall pay interest at the rate of twelve per cent (12%) per annum on the principal and liquidated damages from the date due (unless applicable and not preempted State or Federal law prohibits this rate, then the maximum rate permitted by law shall be imposed), plus all reasonable attorneys' fees, costs of any action or collection and other expenses incurred by the Trust in any examination or audit of Employer records or other documents made in accordance with Section 4 of this Article which discloses nonpayment of contributions when due. The Board of Trustees, in its sole discretion, may waive all or part of the payment of such additional amounts as described herein, including unpaid contributions, under circumstances the Board of Trustees deem appropriate. Any Employer who has been in default with respect to contributions owing to the Trust may, in the discretion of the Board, be required to furnish the Board a payment bond, with security satisfactory to the Board, conditioned upon faithful performance by the Employer of his obligation to make payment of future contributions to the Fund required by the applicable collective bargaining agreement.

194 2. A new Section 6 shall be added to Article IV to the Trust Agreement as follows: Section 6. Presumptions Applicable Where Records are Insufficient. Employers bonnd to this Trust Agreement are required to maintain records snfficient to allow the Fund's representative and/or auditor to determine: (a) which employees performed work for which Contributions were required to be made to the Fund by the Employer and (b) how many hours of such work were performed by each employee. In the event that the Fund's representative and/ or auditor determines that the Employer's records are insufficient for either of these purposes, it will be conclusively presumed, at the sole discretion of the Trustees or their designees, that all compensation paid or hours worked, as reflected on the Employer's payroll or other records, are attributable to work for which Contributions were required to be made to the Fnnd by the Employer during the period covered by the audit, regardless of whether the employee in question actually performed any work for which Contributions were required to be made to the Fund. The Trust Agreement and Appendices shall be restated incorporating the foregoing Amendment No. 38 with such changes in form as may be necessary to effectuate the Trustees' intents and purposes. Dated: Januaryll, 2016 Union Trustees PENSION TRUST AMENDMENT No. 38

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