PLASTERERS LOCAL 8 ANNUITY FUND PLAN DOCUMENT

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1 PLASTERERS LOCAL 8 ANNUITY FUND PLAN DOCUMENT Amended and restated Effective May 1, 2008

2 TABLE OF CONTENTS Page ARTICLE I - DEFINITIONS...1 Section Accumulated Share 1 Section Adjustment Factor 1 Section Annuitant.1 Section Annuity Starting Date 1 Section Beneficiary 2 Section Code 2 Section Compensation 2 Section Contributions 4 Section 1.9 Delinquent Contribution Cost... 4 Section Employee 4 Section Employer 5 Section ERISA 5 Section Fund 5 Section Husband and Wife 5 Section 1.15 Individual Account... 5 Section Investment Fund 6 Section Investment Manager 6 Section Limited Number of Leased Employees 6 Section Non-Bargaining Employee 6 Section Normal Retirement Age 6 Section Participant 6 Section Plan 7 Section Plan Administrator 7 Section Plan Year 7 Section Qualified Default Investment Alternative or QDIA 7 Section Qualified Domestic Relations Order or QDRO 7 Section Qualified Military Service 7 Section Qualified Pre-retirement Survivor Annuity 7 Section Retires 8 Section Total and Permanent Disability 8 Section Trust Agreement 8 Section Union 8 Section Valuation Date 8 Section 1.34 Qualified Optional Survivors Annuity...8 Section Restorative Payment 9 Section Rollover Contributions 9 ARTICLE II - INDIVIDUAL ACCOUNTS...9 Section Creation of Accounts 9 Section Investment of Individual Accounts 9 Section Valuation of Individual Accounts 10

3 Section 2.4 Vesting...11 ARTICLE III - BENEFITS AND ELIGIBILITY...11 Section Amount of Accumulated Share 11 Section Benefit upon Retirement 12 Section Death Benefit 12 Section Pre-Retirement Survivors Annuity 13 Section Benefit in Case of Total and Permanent Disability 13 Section Purchase of Annuity Contract 13 Section Pre-Retirement Death Benefit Payments for Non-Spouse Beneficiaries 14 Section Notice Requirements 14 Section Loans 15 Section Restrictions on Immediate Distributions 19 Section Cash Out of Benefits 20 Section Inservice Withdrawals 20 Section Hardship Withdrawals 21 ARTICLE IV - GENERAL PROVISIONS...23 Section Application for Benefits 23 Section Information Required 24 Section Standards of Proof 24 Section Designation of Beneficiary 24 Section Incapacity 24 Section Merger, Consolidation or Transfer 25 Section Commencement of Benefits 25 Section Limitations on Allocations 26 Section Assignment of Benefits Prohibited 30 Section Amendments 32 Section Termination 33 Section Investment Manager 33 Section Veterans Reemployment Rights 34 Section 4.14 Effective Date ARTICLE V - REQUIRED MINIMUM DISTRIBUTIONS...36 Section General Rules 36 Section Time and Manner of Distribution 37 Section Required Minimum Distributions during Participant s Lifetime 38 Section Required Minimum Distributions after Participant s Death 39 Section Definitions 40 ARTICLE VI - ROLLOVERS...41

4 Section 6.1 Rollovers on and after January 1, Section Rollovers before January 1, Section Direct Transfers Generally Prohibited 44 ARTICLE VII - CLAIMS PROCEDURE...44 Section Claims for Benefits 44 Section Claims Review Procedure 44 Section 7.3 Compliance with Regulations ARTICLE VIII - TOP HEAVY...47 Section Top Heavy Definition 47 Section Minimum Allocation 50 Section Non-forfeitability of Minimum Allocation 51 Section Minimum Vesting Schedule 51 Section Non-applicability in Certain Cases 51

5 PLASTERERS LOCAL 8 ANNUITY FUND PLAN DOCUMENT (Amended and Restated Effective May 1, 2007) WHEREAS, the Plasterers Local 8 Annuity Plan was adopted by the Board of Trustees effective May 1, 1988 as a Money Purchase Pension Plan, and WHEREAS, the Plan was amended and restated as of May 1, 2001, and WHEREAS, the Trustees amended and restated the Plan effective May 1, 2007 in order to convert the plan to a profit sharing plan and to conform to any required amendments under the Internal Revenue Code. WHEREAS, the Trustees amended the Plan effective October 1, 2009 to revise the loan and hardship withdrawal provision, and WHEREAS, the Trustees now desire to amend and restate the Plan in its entirety, NOW THEREFORE, pursuant to the authority set forth in said Agreement and Declaration of Trust, the Trustees by resolution, have adopted the following amended and restated Plan effective December 31, 2009 (except as otherwise provided herein). Section Accumulated Share ARTICLE I - DEFINITIONS The term Accumulated Share means Accumulated Share as such term is defined in Section 3.1 of the Plan. Section Adjustment Factor The term Adjustment Factor means the cost-of-living adjustment factor prescribed by the Secretary of the Treasury under Code Section 415(d) and in such manner as the Secretary shall provide. Section Annuitant The term Annuitant as used herein means a Participant who Retires and who receives a benefit under the Plan. Section Annuity Starting Date The term Annuity Starting Date means the first day of the first period for which an amount is paid as an annuity or any other form.

6 Section Beneficiary The term Beneficiary means a person designated by a Participant or former Participant who may receive or is receiving benefits under the Plan because of his or her designation for such benefits by a Participant or former Participant all effected in accordance with the provisions of Section 4.4. Notwithstanding the foregoing or any other provision of the Plan to the contrary, in the case of a divorced Participant who named his or her former spouse as his or her Beneficiary prior to his or her divorce and who dies without changing such Beneficiary designation, unless a Qualified Domestic Relations Order specifically provides to the contrary, such deceased Participant s former spouse shall be deemed to have predeceased the Participant. In that event, but subject to the spousal consent requirements of Article III to the extent applicable, (a) the deceased Participant s current surviving spouse shall be deemed to replace his or her former spouse as his or her Beneficiary in accordance with the terms of his or her Beneficiary designation form and the remainder of his or her Beneficiary designation form shall continue in effect in accordance with its terms, or (b) if there is no current surviving spouse, the deceased Participant s Beneficiary shall be the deceased Participant s surviving primary Beneficiary (ies) as designated on, and in accordance with the terms of, his or her Beneficiary designation form, or (c) if there is no current surviving primary Beneficiary, the deceased Participant s Beneficiary shall be the deceased Participant s surviving secondary Beneficiary (ies) as designated on, and in accordance with the terms of, his or her Beneficiary designation form, or (d) if there is no surviving secondary Beneficiary, the deceased Participant s Beneficiary shall be his or her surviving children in equal shares, or if none, his or her surviving parent or parents in equal shares, or if none, the Executor of the deceased Participant s will or the Administrator of his or her estate. The Plan Administrator may require the execution and delivery of any documents, papers, and receipts that the Plan Administrator deems reasonably necessary in order to be assured that the payment of any death benefit is made to the person or persons entitled to payment. Section Code The term Code as used herein means the Internal Revenue Code of 1986, as amended. Section Compensation The term Compensation means Limitation Compensation, as such term is defined in Section 4.8(e)(4) of the Plan. For any self-employed individual covered under the Plan, Compensation means earned income within the meaning of Code section 401(c)(2), Code section 414(s) and Treas. Reg (s)-1. Except as provided elsewhere in the Plan, Compensation shall include only that compensation which is actually paid to the Participant during the Plan

7 Year. Notwithstanding the above, Compensation shall include any amount which is contributed by an Employer pursuant to a salary reduction agreement and which is not includible in the gross income of the Participant under Code sections 125, 132(f)(4), 402(e)(3), 402(h)(1)(B) or 403(b). For any Plan Year beginning after December 31, 2001, the annual compensation of each Participant taken into account in determining allocations shall not exceed $200,000, as adjusted for cost-of-living increases in accordance with Code section 401(a)(17)(B). Annual compensation means compensation during the Plan Year. The cost-of-living adjustment in effect for a calendar year applies to annual compensation for the determination period that begins with or within such calendar year. If a determination period consists of fewer than 12 months, the annual compensation limit is an amount equal to the otherwise applicable annual compensation limit multiplied by a fraction, the numerator of which is the number of months in the short determination period, and the denominator of which is 12. If compensation for any prior determination period is taken into account in determining a Participant s allocations for the current Plan Year, the compensation for such prior determination period is subject to the applicable annual compensation limit in effect for that prior determination period. Compensation paid after a Participant s separation from employment with the Employer shall include the following amounts: (i) regular pay for services during the Participant s regular working hours or payment for service outside regular working hours (such as overtime or shift differential), commissions, bonuses, or other similar payments and the payment would have been paid to the Participant prior to severance if he would have continued employment; (ii) leave cash outs for unused accrued bona fide sick, vacation or other leave, if such amounts would have been included in Compensation had the Participant been paid prior to his termination of employment and he would been able to use the leave if employment had continued; (iii) amounts paid to the Participant if he does perform services for the Employer by reason of qualified military service to the extent those payments do not exceed the amounts he would have received had he remained employed; and (iv) amounts paid to the Participant if he is permanently and totally disabled as defined under Code Section 22(e)(3). For Compensation to include regular pay and leave cash outs, amounts must be paid by the later of 2-1/2 months after severance of employment or by the end of the Limitation Year that includes the date of such severance from employment. Effective for plan years beginning after

8 12/31/2008 the definition of compensation shall include differential wage payments as defined in 3401(h)(2) of the Code and applicable regulations. Section Contributions The term Contributions as used herein means the payments by an Employer that are required to be made to the Fund on behalf of Employees as defined in Section The contribution rate shall be the rate set forth in the applicable collective bargaining agreement or, with respect to Non-Bargained Employees, the applicable agreement between such Employees and their Employer or their Employer and the Fund as set forth in Section Section Delinquent Contribution Cost The term Delinquent Contribution Cost as used herein shall mean, and shall be equivalent in dollar amount to, Contributions not made by an Employer or Employers. Section Employee The term Employee as used herein means any person working within the jurisdiction of the Union, employed by an Employer and for whom a contribution is required to be made to the Fund pursuant to the collective bargaining agreement between the Employer and the Union, the terms of which are incorporated herein by reference, and shall include any individual who is an owner of an unincorporated Employer provided such individual is also a member of the Union and has not executed an agreement with the Union opting out of making contributions on his or her behalf to the Union s Pension, Welfare, and Annuity Funds. The term Employee as used herein shall also mean salaried Non-Bargained Employees of the Union and of the Pension, Welfare, Annuity, and Apprentice Funds for whom contributions are made to the Fund, pursuant to the participation agreement(s) between the Non-Bargained Employees and the Union or Fund as applicable, the terms of which are incorporated herein by reference. The term Employee includes a Leased Employee (as such term is defined below) of an Employer who otherwise meets the conditions for participation, vesting and/or benefit accrual under the Plan. Effective for Plan Years beginning after December 31, 1996, Leased Employee shall mean any person other than an employee of the employer for whom services are being performed (the recipient ), who pursuant to an agreement between the recipient and any other person ( leasing organization ) has performed services for the recipient (or for the recipient and related persons determined in accordance with Code section 414(n)(6)) on a substantially full-time basis for a period of at least one year, and such services are performed under primary direction or control by the recipient. Contributions or benefits provided a Leased Employee by the leasing organization which are attributable to services performed for the recipient shall be treated as provided by the recipient. A Leased Employee shall not be considered an employee of the recipient if: (a) Employee Covered by Money Purchase Plan Such employee is covered by a

9 money purchase pension plan providing for: (1) a nonintegrated employer contribution rate of at least 10% of compensation, as defined in Code section 415(c)(3), but including amounts contributed by the employer pursuant to a salary reduction agreement which are excludable from the employee s gross income under Code sections 125, section 402(e)(3), section 402(h)(1)(B) or section 403(b), (2) immediate participation, and (3) full and immediate vesting; and (b) Limit On Number of Leased Employees. Leased Employees do not constitute more than twenty percent (20%) of the recipient s non highly compensated workforce. Section Employer The term Employer as used herein means an employer who is required to contribute to the Fund pursuant to the terms of a collective bargaining agreement between the Union and the Employer. The term Employer as used herein also means the Union and the Pension, Welfare, Annuity, and Apprentice Funds with respect to their salaried employees for whom contributions are made to the Plan but only to the extent that they contribute to the Fund on behalf of their employees. Section ERISA The term ERISA as used herein means the Employee Retirement Income Security Act of 1974, as amended. Section Fund The term Fund means the PLASTERERS LOCAL 8 ANNUITY FUND established under the Agreement and Declaration of Trust and shall generally mean the monies or other things of value which comprise the corpus and additions to the Fund. Section Husband and Wife Annuity The term Husband and Wife Annuity means a qualified joint and survivor annuity that is an immediate annuity for the life of the Participant with a survivor annuity for the life of the spouse which is 50 percent of the amount of the annuity which is payable during the joint lives of the Participant and his or her spouse all as described in Section 3.2 of the Plan and which is the amount of the benefit which can be purchased from a commercial insurance company with the Participant s Accumulated Share. Section Individual Account The term Individual Account as used herein means the account established for each Participant pursuant to the Plan. Each Participant s Individual Account shall be comprised of one or more separate subaccounts, as follows:

10 (a) Profit Sharing Subaccount The term Profit Sharing Subaccount means the subaccount maintained to record Contributions contributed on behalf of a Participant for Plan Years beginning on and after May 1, 2007, and the gains and losses thereon. (b) Money Purchase Subaccount The term Money Purchase Subaccount means the subaccount maintained to record Contributions contributed on behalf of a Participant for Plan Years beginning prior to May 1, 2007, and the gains and losses thereon. Section Investment Fund The term Investment Fund means one of the funds selected by the Trustees and maintained for the investment of Fund assets and such other fund or funds as the Trustees may, from time to time, select. Section Investment Manager The term Investment Manager means the investment manager, if any, appointed by the Trustees to manage and invest all or any portion of the assets of the Fund. Such Investment Manager shall (a) have the power to manage, acquire or dispose of any Fund assets remitted to it; (b) be registered as an investment adviser under the Investment Advisers Act of 1940, if applicable; and (c) acknowledge in writing that it is a fiduciary with respect to the Plan as defined by section 3(21) of ERISA and maintain a bond as and to the extent required by ERISA. Section Non-Bargained Employee The term Non-Bargained Employee means an Employee not covered by a collective bargaining agreement. Section Normal Retirement Age The term Normal Retirement Age as used herein means age 60. Section Participant The term Participant means any Employee or former Employee who has an account balance under the Plan. Section Plan The term Plan as used herein means the Plasterers Local 8 Annuity Fund, which is comprised

11 of this Plasterers Local 8 Annuity Plan and all Rules and Regulations adopted by the Trustees of the Fund. Prior to May 1, 2007, the Plan was a money purchase pension plan. Effective May 1, 2007, the Plan is intended to qualify as a profit sharing plan for purposes of Code section 401(a)(27) and of all other applicable provisions of the Code and ERISA. No profits shall be required for Employer contributions to the Plan. Section Plan Administrator The term Plan Administrator means the Trustees. Section Plan Year The term Plan Year means the fiscal year of the Plan which runs from May 1 st through April 30 th. Section Qualified Default Investment Alternative or QDIA The term Qualified Default Investment Alternative or QDIA means a qualified default investment alternative meeting the requirements of section 404(c)(5)(A) and the Department of Labor regulations thereunder. Section Qualified Domestic Relations Order or QDRO The term Qualified Domestic Relations Order or QDRO means a qualified domestic relations order as described in Code section 414(p). Section Qualified Military Service. The term Qualified Military Service means Qualified Military Service as such term is defined in Section 4.13(e) of the Plan. Section Qualified Preretirement Survivor Annuity. The term Qualified Preretirement Survivor Annuity means a single life annuity for the life of the spouse of a Participant all as described in, and subject to the terms and conditions of, Section 3.3 of the Plan and which is the amount of the benefit which can be purchased from a commercial insurance company with the Participant s Accumulated Share in the event of the Participant s death before his or her Annuity Starting Date. Section Retires The term Retires as used herein means the complete withdrawal by a Participant on or after age 60 from work of the kind and nature usually performed by persons who are members of the Union or, if not members of the Union, their termination of employment by reason of retirement

12 on or after age 60. Section Total and Permanent Disability The term Total and Permanent Disability as used herein means an individual is permanently and totally disabled if he is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months. An individual shall not be considered to be permanently and totally disabled unless he furnishes proof of the existence thereof in such form and manner, and at such times, as the Trustees may require. Section Trust Agreement The term Trust Agreement as used herein means the Agreement and Declaration of Trust entered into as of May 1, 1988, as amended from time to time, establishing the PLASTERERS LOCAL 8 ANNUITY FUND Section Trustees. The term Trustees as used herein means the Board of Trustees established by the Trust Agreement and the persons who at any time are acting in such capacity pursuant to the provisions of the Trust Agreement. Section Union The term Union as used herein means Operative Plasterers and Cement Masons International Association of the United States and Canada, Local Union No. 8 Section Valuation Date The term Valuation Date as used herein means April 30 th of each year and such other date or dates as the Plan Administrator may determine in a uniform, non-discriminatory manner. The fiscal year of the Fund and Plan runs from May 1 st through April 30 th. Section 1.34 Qualified Optional Survivors Annuity The term Qualified Optional Survivors Annuity means an annuity: (1) for the life of the participant with a survivor annuity for the life of the spouse which is equal to the applicable percentage of the amount of the annuity which is payable during the joint lives of the Participant and the spouse, and (2) which is the actuarial equivalent of a single annuity for the life of the participant. Such term also includes any annuity in a form having the effect of an annuity described in the preceding sentence. For purposes of this Section 1.34, the applicable percentage is based on the Husband and Wife Annuity percentage as follows: if the Husband and Wife Annuity

13 percentage is less than 75 percent, then the applicable percentage is 75 percent; otherwise, the applicable percentage is 50 percent. Section Restorative Payment The term Restorative Payment as used herein means a payment made to restore losses to the Plan resulting from actions by a fiduciary for which there is a reasonable risk of liability for breach of fiduciary duty under ERISA or under other applicable federal or state, where participants who are similarly situated are treated similarly with respect to the payments. Generally, payments are Restorative Payments only if the payments are made to restore some or all of the Plan s losses due to an action (or failure to act) that creates a reasonable risk for liability for such a breach of fiduciary duty (other than a breach for fiduciary duty arising from failure to remit contributions to the Plan). This includes payments to the Plan made pursuant to a Department of Labor order, the Department of Labor s Voluntary Fiduciary Correction Program, or a court-ordered settlement, to restore losses to the Plan on account of a breach of fiduciary duty (other than a breach of fiduciary duty arising from failure to remit contributions to the Plan.) Payments made to the Plan to make up for losses due merely to market fluctuations and other payments that are not made on account of a reasonable risk of liability for breach of a fiduciary duty under ERISA, are not restorative payments and generally constitute contributions that are considered annual additions. Section Rollover Contributions The term Rollover Contributions as used herein means an eligible rollover distribution (as defined in Section 6.1(b)(1)), provided such eligible rollover distribution is transferred to the Plan within 60 days of the date received by the Participant or is made in the form of a direct trustee-to-trustee transfer described in Code section 401(a)(31) as set forth in Section 6.1(b)(4) below. Section Creation of Accounts ARTICLE II - INDIVIDUAL ACCOUNTS As of each Valuation Date, following the adoption of this Plan, an Individual Account shall be established for each Participant for whom contributions are received unless an Individual Account has already been established. As of each Valuation Date, an Individual Account shall be established for each Employee on whose behalf contributions should have been made but on whose behalf no contributions have been received unless an Individual Account has already been established. Section Investment of Individual Accounts (a) Investment Elections (1) Future Contributions. A Participant or a Beneficiary may elect to have contributions which are credited to his or her Individual Account in the future invested in any

14 one or more of the Investment Funds. Such investment election must be in whole percentages of the future contributions to be invested in the Investment Fund(s) so selected. Such investment election shall be made by following the procedures established by the Trustees. An investment election made by a Participant or a Beneficiary under this Section 2.2(a)(1) shall remain in effect until changed by the Participant or the Beneficiary or until such Investment Fund(s) is (are) no longer available for investment selection under the Plan. If a Participant fails to make such an investment election or such investment election is not valid for any reason, future contributions allocated to the Participant s Individual Account shall be invested in the Plan s Qualified Default Investment Alternative. (2) Account Balance. A Participant or a Beneficiary may elect that the balance in his or her Individual Account be reapportioned to any one or more of the Investment Funds. Such reapportionment election must be in whole percentages of the Individual Account balance the Participant or the Beneficiary elects to have invested in each Investment Fund selected. Such reapportionment election shall be made by following the procedures established by the Trustees. (b) Frequency of Elections A Participant or a Beneficiary may make elections as frequently as permitted by the procedures established by the Trustees but in no event less frequently than required by 29 CFR c-1. (c) ERISA Section 404(c) Plan The Plan is intended to be an ERISA section 404(c) Plan within the meaning of 29 CFR c-1(b)(1). As such, the Trustees shall establish or, in their name, cause to be established procedures intended to satisfy 29 CFR c-1. (d) Relief from Fiduciary Responsibility To the extent that investments are directed by Participants pursuant to Section 2.2 hereof, the Trustees shall be relieved of fiduciary responsibility for such investments to the extent provided in ERISA section 404(c). Section Valuation of Individual Accounts. (a) Valuation of Accounts As of each Valuation Date, the Trustees shall adjust the Individual Account of each Participant to reflect: Participant, (1) Any contributions made or that should have been made on behalf of the (2) The earnings or losses incurred on the amounts in the Account, (3) Any distributions or loans paid out of the Account,

15 (4) Any loan repayments made to the Account, and (5) The Account s share of the administrative expenses incurred by the Plan. In addition to the above, as of each Valuation Date, the Trustees shall adjust the Individual Account of each Participant to reflect the Account s share of the Delinquent Contribution Cost incurred by the Plan. (b) Account Statements Each Participant or Beneficiary shall receive, no less frequently than quarterly, statements showing all activity in his or her Individual Account since the preceding statement. Section 2.4 -Vesting Each Participant shall acquire a nonforfeitable right to the amount in his or her Individual Account immediately upon establishment of such Individual Account. Section Amount of Accumulated Share ARTICLE III - BENEFITS AND ELIGIBILITY Upon the happening of any event calling for the payment of a lump sum amount or any other benefit from this Plan, the amount to be paid, subject to the specific provisions of the following Section, shall be the amount of the Participant s Individual Account as of the last preceding Valuation Date, plus any additional Employer contributions made on behalf of the Participant not included in his or her Individual Account on the last preceding Valuation Date. This total shall be known as the Accumulated Share. Section Benefit upon Retirement When a Participant Retires, he or she shall be eligible to receive his or her Accumulated Share. If he or she is married, he or she shall receive his or her Accumulated Share in the form of a lifetime Husband and Wife Annuity. The Husband and Wife Annuity provides a monthly benefit (actuarially calculated) to the Participant for life and, upon the Participant s death, a monthly benefit, at half the amount paid to the Participant during his or her lifetime, to the Participant s surviving spouse, if any, for life. An unmarried Participant shall receive his or her Accumulated Share in the form of a single life annuity. A Participant may waive the above annuity forms of benefit payment and elect another form of payment in writing, subject to all of the conditions of this Section. No waiver shall be effective unless the spouse of the Participant has consented, in writing, and with knowledge, to such waiver and the form of payment elected and such consent is witnessed by a notary public. The spouse s consent shall be irrevocable. No consent shall be required if it has been established to the satisfaction of the Trustees that: (1) the Participant and spouse are legally separated; (2) there is no spouse; (3) the spouse cannot be located; or (4) the Participant has been abandoned by the spouse as confirmed by court order, or (5) for some other reason as may be prescribed in

16 regulations issued by the Secretary of the Treasury. If the spouse is legally incompetent, consent may be given by his/her legal guardian, including the Participant if authorized to act as spouse s legal guardian. All waivers, elections, and consents thereto must be made within the 180-day period ending on the Annuity Starting Date. Provided the above requirements are met, the Participant may choose to receive his or her Accumulated Share in the form of a fixed monthly annuity in substantially equal installments, for a period not in excess of fifteen years until his or her Accumulated Share is exhausted, or in one lump sum, or in any combination of the two, at his or her option. The Participant may, therefore, request the payment of a fixed monthly sum which, together with the earnings thereon but less any losses thereon, shall be paid until exhaustion of the Accumulated Share. In the event that the Annuitant dies before the exhaustion of his or her Accumulated Share, the remainder of the monthly payments, until the exhaustion of his or her Accumulated Share, shall be made to his or her designated Beneficiary or otherwise distributed on his or her behalf in accordance with the provisions of Article IV, Section 4.4 of the Plan. A married Participant may also elect a single life annuity provided he or she effectively waives (with the consent of his or her spouse) the Husband and Wife Annuity as provided above. Notwithstanding anything to the contrary in this Section 3.2, beginning May 1, 2008, a Participant who waives the Husband and Wife Annuity shall be entitled to elect a Qualified Optional Survivors Annuity. As used herein, a Husband and Wife Annuity shall mean an annuity for the life of the participant with a survivor annuity for the life of the spouse which is fifty percent (50%) of the amount of the annuity which is payable during the joint lives of the participant and the spouse, and which is the actuarial equivalent of a single annuity for the life of the participant. Effective May 1, 2009, there shall be created a Qualified Optional Joint and Survivor Annuity, which shall provide, as an alternative to the 50% continuation described herein, that a Participant may elect that 75% of the benefits payable to him, be continued to his Spouse upon his death. Any Participant waiver or spousal consent hereunder must state the specific nonspouse beneficiary (including any class of beneficiaries or contingent beneficiaries) and the particular optional form of benefit, neither of which may be further modified (except back to a Husband and Wife Annuity) without subsequent spousal consent (unless expressly permitted by the spouse); and the spouse s consent must acknowledge the effect of the election. Any benefit payable pursuant to this Section shall commence on the first day of the month following the month in which the Trustees approved his or her application. Section Death Benefit In the event that a Participant dies before his or her Annuity Starting Date and was a Participant (as defined in Article I Section 1.20) for one hour or more after August 22, 1984, his or her spouse, if he or she is married on the date of his or her death, shall receive the full value of the Participant s Accumulated Share to be paid monthly in the form of a single life annuity, referred to hereinafter as the Qualified Preretirement Survivor Annuity. The Participant s surviving spouse may direct the commencement of payment under the Qualified Preretirement Survivor

17 Annuity within a reasonable time after the Participant s death but in no event shall payment commence later than the Valuation Date coincident with or next following the later of the Participant s Normal Retirement Age or the Participant s death. However, if the spouse so chooses, the spouse may reject, in writing, this payment form and elect either to have the Accumulated Share paid in a lump sum, or monthly installments, or a combination of both under the same terms and conditions provided in Section 3.2 of this Article. A Participant may waive the Qualified Preretirement Survivor Annuity and select a Beneficiary other than his or her spouse as of the first day of the Plan Year in which he or she attains age 35 or, if later, his or her date of hire. His or her spouse must consent in writing to the waiver and the specific Beneficiary selected and the spouse s written consent must be witnessed by a notary public. The spouse s consent shall be irrevocable. The Participant may revoke his or her election, however, without the consent of the spouse, and thus restore the Qualified Preretirement Survivor Annuity. The number of elections and revocations shall not be limited. If the Participant is not married or if he or she has waived the Qualified Preretirement Survivor Annuity as provided above, his or her designated Beneficiary shall be entitled to receive the Participant s Accumulated Share in accordance with Section 3.7. In the case of a death occurring on or after January 1, 2007, if a Participant dies while performing qualified military service, the designated beneficiaries or other survivors of the Participant are entitled to any additional benefits (other than benefit accruals relating to the period of qualified military service) provided under the Plan as if the Participant had resumed and then terminated employment on account of death. Section Benefit in Case of Total and Permanent Disability A Participant shall be eligible to receive his or her Accumulated Share under the Plan on the same terms and conditions provided in Section 3.2 of this Article in the event of his or her Total and Permanent Disability. Section Benefit upon Separation. In the event that a Participant has not worked in a job covered by a collective bargaining agreement requiring Employer contributions on his or her behalf to the Plan, or, in the event that a Participant who is a Non-Bargained Employee has performed no services for an Employer, for at least twelve (12) consecutive months, he or she shall be considered to have withdrawn from the type of work normally performed by Participants covered by the Plan, or, notwithstanding the foregoing, any Non-Bargained Employee who can establish that he has permanently left the employ of his employer, and they shall be considered to have severed their employment within the meaning of the Code. The amount of his or her Accumulated Share, if any, may be paid to the Participant upon application for benefits on the same terms and conditions provided in Sections 3.1 and 3.2 of this Article. Section 3.6 -Purchase of Annuity Contract.

18 If a benefit is to be paid in the form of an annuity, an annuity contract shall be purchased from a commercial insurance company of the Trustees choice provided the purchase of such annuity contract from such insurance company meets the fiduciary requirements of ERISA. Section Pre-Retirement Death Benefit Payments for Non-Spouse Beneficiaries If, upon the Participant s death before retirement, the death benefit under Section 3.3 is to be paid to someone other than the Participant s surviving spouse, payments must either (a) be completed by December 31 of the fifth calendar year following the year of the Participant s death, or (b) begin by December 1 of the year following the year of the Participant s death and be paid out over a period no longer than the beneficiary s life or life expectancy, as determined under Table V of Treas. Reg as of the date payments commence, except that they may continue until the end of the fifth calendar year following the year of the Participant s death if longer. Section Notice Requirements Where benefits are to be distributed in the form of a Husband and Wife Annuity, the Plan Administrator shall, no less than thirty (30) days and no more than one hundred and eighty (180) days prior to the Annuity Starting Date, provide each Participant a written explanation of: (a) Annuity Options. The terms and conditions of a Husband and Wife Annuity or a Qualified Optional Survivor Annuity as applicable; (b) Election. The Participant s right to make and the effect of an election to waive the Husband and Wife Annuity; (c) Spousal Rights. The rights of a Participant s spouse; (d) Revocation of Election. The right to make, and the effect of, a revocation of a previous election to waive the Husband and Wife Annuity; and (e) Optional Forms of Benefit Distributions. The Participant s eligibility for, and material features and relative financial values of, the various optional forms of benefit distribution. With respect to the Qualified Preretirement Survivor Annuity as described in Section 3.3, the Plan Administrator shall provide each Participant within the applicable period for such Participant (described below) a written explanation of the Qualified Preretirement Survivor Annuity in such terms and in such manner as would be comparable to the explanation provided for meeting the requirements of the foregoing Section applicable to a Husband and Wife Annuity. The applicable period for a Participant is whichever of the following periods ends last:

19 (1) The period beginning with the first day of the Plan Year in which the Participant attains age 32 and ending with the close of the Plan Year in which the Participant attains age 35; (2) A reasonable period ending after the individual becomes a Participant; and (3) A reasonable period ending after this Section first applies to the Participant. Notwithstanding the foregoing, notice must be provided within a reasonable period ending after separation from service in the case of a Participant who separates from service before attaining age 35. For purposes of applying the preceding paragraph, a reasonable period ending after the enumerated events described in (2) and (3) is the end of the two-year period beginning one year prior to the date the applicable event occurs, and ending one year after that date. In the case of a Participant who separates from service before the Plan Year in which age 35 is attained, notice shall be provided within the two-year period beginning one year prior to separation and ending one year after separation. If such a Participant thereafter returns to employment with the Employer, the applicable period for such Participant shall be redetermined. Section Loans (a) Eligibility for Loans A Participant or a former Participant who is a party-in-interest (as defined in section 3(14) of ERISA) and who has had an Individual Account for three (3) years or more may apply to the Plan Administrator for a loan in accordance with the following provisions: (1) Maximum Loan Account. The amount of the loan may not exceed the lesser of: (I) $50,000 reduced by the excess (if any) of the highest balance of loan(s) from the Plan during the one-year period ending on the day before the date on which the loan is made over the outstanding balance of loans from the Plan on the date on which such loan is made, or (ii) 50% of the lesser of (A) the amount of the Participant s Individual Account valued as of the last business day of the Plan Year quarter immediately preceding the date the loan is made, or (B) the amount of the Participant s Individual Account valued as of the last business day of the month immediately preceding the date the loan is made. (2) Circumstances under Which Loan Permitted. A loan may only be granted to a Participant or former Participant who is a party-in-interest (as defined in section 3(14) of ERISA) for one or more of the following reasons: (I) Expenses incurred by such Participant or his or her covered spouse or dependent because of sickness or injury which have not been reimbursed by benefits payable from Plasterers Local 8 Health and Welfare Fund ( Health and Welfare Fund ) and other

20 insurance plans or welfare funds. (ii) Expenses incurred in connection with the payment of tuition, room, board, and books to maintain a dependent child, spouse or Participant at an educational institution, or a school or institution for physically or mentally disabled children. (iii) Down payment, contract, and title expenses contracted for or incurred in connection with the purchase of a principal residence (including a cooperative or condominium apartment) in which the Participant will reside; provided, however, that the Plan Administrator shall deny more than one loan to the same Participant for such purpose. (iv) Down payment, contract, and title expenses contracted for or incurred in connection with the refinancing of an existing mortgage loan with respect to a principal residence (including a cooperative or condominium apartment) in which the Participant resides; provided, however, that the Plan Administrator shall deny more than two loans to the same Participant for such purpose. (v) Expenses incurred by the Participant for capital improvements, renovation, or expansion to his or her principal residence (including a cooperative or condominium apartment). (vi) Funeral expenses incurred as a result of the death of a spouse, child, parent or parent-in-law, or dependent. (vii) Expenses incurred because of illness, injury, disability, or other reason recognized by the Plan Administrator in its sole discretion as a source of extraordinary hardship. This provision generally applies to emergency economic assistance and will be administered on a non-discriminatory basis. (viii) Expenses related to the purchase of a motor vehicle to be used by the Participant for transportation incidental to his or her employment as a Plasterer. Plan Administrator to Determine Satisfaction of Contingencies (b) The Plan Administrator shall determine whether or not these contingencies have occurred and, if the Plan Administrator has determined that they have occurred, the Plan Administrator shall grant a loan from the Plan. The Plan Administrator s judgment in this connection shall be final and binding on all parties. Effective Date of Loans (c) Loans shall be effective on the date the loan is approved. (d) Term of Loans. Loans may be granted for up to 5 years (up to 10 years for the purchase of a principal residence). Repayment dates shall be established at the commencement of each loan, will be determined by the amortization schedule for the loan, and may not be renegotiated after the commencement of a loan (except as set forth in Section 3.9(p)). Substantially equal amortization of the loan is required.

21 (e) Repayment of Loans. Loans must be repaid in monthly installments. All loan payments shall be due on the first day of the month (or if such day is not a business day, then on the first business day thereafter) but in no event shall the date of the last payment be more than five years (ten years in the case of a loan used to purchase a principal residence) from the date the loan is made. (f) Consent of Spouse. Notwithstanding any other provision in this Section 3.9, if a Participant is legally married on the date he or she applies for a loan, the Participant s spouse must sign a consent form provided by the Plan Administrator in which the spouse attests that the granting of a loan may reduce or entirely eliminate the amount to which he or she may someday be entitled to from this Plan. The spouse s signature must be separately witnessed by a notary public in order to be acceptable. Failure to provide a properly executed consent form will prevent a loan request from being considered by the Plan Administrator. (g) Bona Fide Loan and Promissory Note. Upon making application for a loan, the Participant shall acknowledge and consent that any payment made by the Plan pursuant to this Section constitutes a bona fide loan and not a distribution of money from his or her account. In addition, the Participant shall execute and deliver to the Plan Administrator a promissory note, in a form acceptable to the Plan Administrator that shall designate a portion of his or her Accumulated Share, not to exceed 50%, as collateral to secure repayment of the loan and accrued interest. Said promissory note shall also contain a provision for the confession of judgment in the event of default. (h) Interest Rate. Each loan shall bear a reasonable rate of interest, which shall be equal to one percent above the prime rate as published in The Wall Street Journal on the first business day of the month in which application for the loan was made. Such rate shall be the interest rate on the loan for its duration. (i) Failure to Make Loan Repayments; Plan Administrator s Actions; Default Procedures. If the Participant fails to make a required installment repayment to the Plan, the Plan Administrator may take any action necessary, including, but not limited to offsets of defaulted loan amounts and/or accumulated interest as described in Section 3.9(j) and suits at law to enforce such repayment; in addition, any and all expenses of collection, including, but not limited to, counsel fees and court costs, shall be borne by the Participant. If the Participant fails to make a required installment repayment on a timely basis and if the Participant does not submit an amount that is sufficient to satisfy the required repayment by the last day of the calendar quarter following the calendar quarter in which such required installment repayment was due, the loan will be defaulted. Interest will continue to accrue on the amount of the defaulted loan until the defaulted loan is repaid in accordance with the applicable provisions of this Section 3.9. (j) Eligibility for Plan Distribution (1) If the Participant s loan is not in default upon the happening of any event permitting the Participant (or his or her Beneficiary) to receive a distribution from this Plan, the Participant may elect to continue to repay the loan in accordance with its existing repayment schedule until the earlier of the date the Participant (i) repays the loan in full, (ii)

22 defaults on the loan, or (iii) requests a distribution from the Plan. (2) If the Participant s loan is in default upon the happening of any event permitting the Participant (or his or her Beneficiary) to receive a distribution from this Plan, the then remaining loan principal and/or accumulated interest shall be deducted from the Participant s Individual Account if such action is not prohibited by law or government regulations then in effect. (3) Whether or not the Participant s loan is in default, if a Participant, or his or her Beneficiary, elects to receive a distribution from this Plan, the then remaining loan principal and accumulated interest shall be deducted from the Participant s Individual Account, or Accumulated Share, as the case may be. (k) Only One Outstanding Loan Permitted. Only one loan may be outstanding from the Plan at any time; provided, however, that if a Participant has once defaulted on a loan and seeks a second loan, a second loan may be granted where (i) the Participant has a history of at least five years of continual weekly employment with the same employer and (ii) the employer agrees to make at least monthly deductions from the wages of the Participant and remit the same to the Fund or its designee for the regular re-payment of the loan. Should the Participant fail to have the required payroll deductions made for any reason said second loan shall be automatically defaulted. (l) Refinancing of Loans. Effective February 1, 2005, an existing Plan loan may be refinanced and replaced by a loan (the replacement loan ) if, under the facts and circumstances, the loans collectively satisfy the following provisions: (1) The sum of the amount of the replacement loan plus the outstanding balance of the existing loan on the date of the transaction must satisfy the limitations of Section 3.9(a)(1). (2) If the term of the replacement loan ends after the latest permissible term of the existing loan it replaces, the outstanding amount of the existing loan at the time of the refinancing must be repaid over the outstanding loan s original repayment term (plus any additional period of suspension previously applied to the outstanding loan under Section 3.9(o)(1)) and the loan amount of the replacement loan exceeding the outstanding loan s outstanding balance at the time of the refinancing must be repaid in accordance with Sections 3.9(d) and (e). (3) The replacement loan is administered in accordance with all other provisions of this Section 3.9 and Treas. Reg cps-1. (m) Loan as an Individual Investment Until a loan to a Participant or a former Participant who is a party-in-interest (as defined in section 3(14) of ERISA) is repaid, the outstanding balance of the loan shall be treated as an investment by such Participant or former Participant for his or her Individual Account only, and

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