THE CALIFORNIA IRONWORKERS FIELD PENSION TRUST

THE CALIFORNIA IRONWORKERS FIELD PENSION TRUST SUMMARY PLAN DESCRIPTION

TO ALL COVERED EMPLOYEES: A Message from the Board of Trustees We are pleased to deliver to you this new edition of the Summary Plan Description (hereafter SPD ) that summarizes the terms of the Third Restatement of the Rules and Regulations of the Pension Plan for the California Ironworkers Field Pension Trust (hereafter Pension Plan ), effective as of June 1, 2015. The Pension Plan was established in 1958 and is in its 58th year. More than 8,300 Ironworkers are actively working and building pension benefits. Over 7,800 retirees receive monthly pension benefits from the Plan. The SPD is intended to explain the major provisions of the Pension Plan in simplified language. Nothing in the SPD is meant to interpret, extend, or change in any way the provisions expressed in the Pension Plan. If there is any discrepancy between the SPD and Pension Plan, the Pension Plan will govern. The information in this SPD is based on the Pension Plan in effect as of June 1, 2015. It replaces the prior SPD and any notices about changes to the prior SPD. Because many participants have long work histories, the SPD includes information about some of the provisions that have determined eligibility for benefits and benefit amounts in the past. However, no attempt has been made to cover all of the provisions that were in effect in the past. The SPD is intended to discuss primarily how the Plan works for currently active participants and those who will retire under the Pension Plan in effect as of the issue date. Your Pension Plan has become a more complex document than previous versions. Some of this complexity is due to compliance with the Pension Protection Act (PPA). When it was adopted in 2006, the PPA was intended to require better funding of pension plans. The significant downturn in investment markets in 2008 and 2009, and reduced work hours during the recession, hammered the funded status of most pension plans, including yours. These events required plans to adopt more severe contribution increases and benefit reductions than had been expected. Designing benefit reductions that do the least harm possible while satisfying PPA standards and other legal requirements has resulted in complex amendments to the Pension Plan. For example plan provisions concerning the age at which a participant becomes eligible for an Early, Regular, or Service Pension have changed, but only as to that portion of a participant s pension benefit earned after the effective date of the plan amendment. We have attempted to clearly explain such complex amendments in notices that were previously sent to you and in this SPD. However, it can be difficult for participants to clearly recall these changes and how and when they may be impacted by one of the new provisions. This makes it more important than before that you review your SPD and call the Trust Fund Office if you have questions or want to confirm your understanding. If you move, contact the Trust Fund Office immediately to report your change of address. It is your responsibility to keep the Trust Fund Office (800-527-4613 or 626-792-7337) informed of any address changes. This is very important because you do not want to miss receiving information about your benefits (or your pension checks, if you have already retired). Also, please advise the Trust Fund Office if your spouse or child dies or if you and your spouse divorce.

If you have any questions about your Pension Plan, please contact the Trust Fund Office: Ironworker Employees Benefit Corporation 131 North El Molino Avenue, Suite 330 Pasadena, CA 91101-1812 800-527-4613 or 626-792-7337 Please read this SPD carefully and keep it for future reference. If you are married, please share the SPD with your family. We hope that you will find this SPD helpful and that you and your family will enjoy the protection of the Pension Plan for many years to come. Sincerely, BOARD OF TRUSTEES

Only the full Board of Trustees is authorized to interpret the Pension Plan. Information you receive from the Union, individual Employers, or their representatives, or Trustees, should be regarded as unofficial. Any information or opinion concerning your rights under the Pension Plan, to be official, must be communicated to you in writing, signed on behalf of the full Board of Trustees. The Board of Trustees has the authority to decide all questions relating to eligibility, service credits, amount and kind of benefit, and similar and related questions in the administration of the Trust and the Pension Plan. The Board also has authority to make determinations not inconsistent with the Agreement and Declaration of Trust or with the Pension Plan, which determinations shall be final and binding upon all parties as to the rights of any Employee, or his or her beneficiary or other family member(s), to pension or retirement benefits, and the amount thereof. A NOTE ABOUT THE GLOSSARY The Glossary of Terms at the end of this Summary Plan Description contains definitions for a number of terms that are frequently used in this SPD. Please review the Glossary and bear in mind that defined terms that appear in this SPD with their initial letters capitalized have the meaning ascribed to them in the Glossary.

CALIFORNIA IRONWORKERS FIELD PENSION TRUST BOARD OF TRUSTEES Employee Trustees Rick Davis Johnny Galvan Charles Hernandez Hart Keeble Jeff McEuen Don Savory Michael Silvey Terry Wright Don Zampa Employer Trustees Richard Barbour Charles Krebs Greg McClelland Dave McEuen Ted Mize Joel Raschke Michael Vlaming Daniel Welsh Fund Administrator Ironworker Employees Benefit Corporation (A non-profit corporation) 131 North El Molino Avenue, Suite 330 Pasadena, CA 91101-1812 800-527-4613 or 626-792-7337

CONTENTS HIGHLIGHTS OF YOUR PENSION PLAN... 7 CHAPTER 1. STARTING YOUR PARTICIPATION... 8 WHO S ELIGIBLE TO PARTICIPATE... 8 WHEN YOU BECOME A PARTICIPANT... 8 CHAPTER 2. EARNING VESTING AND PENSION CREDITS... 10 HOW YOU EARN VESTING Credits... 10 HOW YOU BECOME VESTED... 11 HOW YOU EARN PENSION CREDITS... 11 CREDIT DURING MILITARY SERVICE... 13 CREDIT DURING PERIODS OF DISABILITY... 14 CHAPTER 3. IF YOU DON T MEET THE SERVICE MINIMUM EACH YEAR... 15 ONE-YEAR BREAK IN SERVICE... 16 REPAIRING ONE-YEAR BREAKS IN SERVICE... 17 PERMANENT BREAK IN SERVICE... 18 SEPARATIONS FROM SERVICE... 19 CHAPTER 4. IF YOU LEAVE COVERED EMPLOYMENT AFTER VESTING... 22 LOSS OF ACTIVE PARTICIPANT STATUS... 22 SEPARATION FROM SERVICE... 23 CHAPTER 5. IF YOU BECOME DISABLED... 24 MONTHLY DISABILITY PENSION AMOUNT... 24 ELIGIBILITY REQUIREMENTS FOR A DISABILITY PENSION... 24 WHAT IT MEANS TO BE DISABLED... 25 APPLYING FOR A DISABILITY PENSION... 25 CONVERTING AN EARLY RETIREMENT PENSION TO A DISABILITY PENSION... 26 HOW LONG YOU CAN RECEIVE A DISABILITY PENSION... 27 IF YOU RECOVER FROM YOUR DISABILITY... 27 CHAPTER 6. IF YOUR EMPLOYMENT IS DIVIDED AMONG DIFFERENT PLANS... 28 THE RECIPROCAL PENSION AGREEMENT... 28 COMBINING SERVICE FOR PRO-RATA PENSION... 28 TRANSFERRING OF CONTRIBUTIONS ( MONEY FOLLOWS THE MAN )... 29 AVOIDING A ONE YEAR BREAK IN SERVICE WHILE WORKING UNDER THE JURISDICTION OF ANOTHER PLAN... 30 CHAPTER 7. WHEN YOU WILL BE ELIGIBLE FOR A PENSION... 31 WHAT IT MEANS TO RETIRE... 31 PENSION ELIGIBILITY REQUIREMENTS... 32 CHAPTER 8. YOUR PENSION AMOUNT... 37 FACTORS THAT AFFECT YOUR PENSION AMOUNT... 37 HOW YOUR BASIC BENEFIT IS DETERMINED... 37 ADJUSTMENT FOR TYPE OF PENSION... 44 ADJUSTMENT FOR RETIREMENT AFTER NORMAL RETIREMENT AGE... 47 ADJUSTMENT FOR FORM OF PAYMENT... 48 13 th CHECKS... 48 WHAT TO DO IF YOU DISAGREE WITH THE AMOUNT OF YOUR PENSION... 49

CHAPTER 9. APPLYING FOR YOUR PENSION... 50 HOW TO APPLY FOR YOUR PENSION... 50 WHEN PAYMENT CAN START... 51 THE AVAILABLE FORMS OF PAYMENT... 51 HOW LONG YOU CAN RECEIVE A DISABILITY PENSION... 52 RIGHTS OF A FORMER SPOUSE... 58 RIGHT TO RECOVER ERRONEOUS PENSION PAYMENTS... 59 WITHHOLDING OF INCOME TAX FROM YOUR PENSION PAYMENTS... 59 RELATIONSHIP TO SOCIAL SECURITY BENEFITS... 59 IF YOUR APPLICATION FOR A PENSION IS DENIED... 59 CHAPTER 10. IF YOU WORK AFTER RETIREMENT OR AFTER AGE 65 WITHOUT RETIRING... 60 SUSPENSION OF BENEFITS... 61 IF YOU WORK AFTER NORMAL RETIREMENT AGE WITHOUT RETIRING... 62 DUTY TO NOTIFY THE TRUST FUND OFFICE... 63 PENSION PAYMENTS AFTER A SUSPENSION ENDS... 63 LIMITED EXEMPTION FOR WORK IN BUILDING & CONSTRUCTION INDUSTRY... 63 CHAPTER 11. IN THE EVENT OF YOUR DEATH... 66 IF YOU DIE BEFORE RETIRING... 66 IF YOU DIE AFTER RETIRING... 68 CHAPTER 12. OTHER IMPORTANT PENSION PLAN INFORMATION... 69 CLAIMS AND APPEALS PROCEDURES... 69 CIRCUMSTANCES THAT MAY RESULT IN THE LOSS OF BENEFITS... 73 YOUR RIGHTS UNDER ERISA... 74 GENERAL PENSION PLAN INFORMATION... 76 PLAN FACTS... 77 GLOSSARY OF TERMS USED IN THE SUMMARY PLAN DESCRIPTION... 82

HIGHLIGHTS OF YOUR PENSION PLAN Who s eligible When you become a participant Who pays for the benefits What determines your benefit amount You, if your Employer is required to contribute to the Pension Trust on your behalf, under the terms of a collective bargaining agreement or other agreement or resolution. The June 1 or December 1 after a period of 12 consecutive months in which you complete at least 1,000 Hours of Service for a participating Employer. Benefits are based on contributions made to the Pension Plan by your Employer. You are not required (or allowed) to make contributions to the Pension Plan. The number of pension credits you accumulate; When you earned the pension credits; The benefit formula(s) that apply to your pension credits (this is determined by when your pension credits are earned and when you have a Separation from Service or retire); and The type of pension you retire on and the payment form. When you vest (acquire rights to your accrued benefit) What pension types are available What forms of payment are available If you die before retiring After you accumulate 5 years of vesting credit (disregarding any credit you earned before a permanent break in service). You can also vest by reaching Normal Retirement Age while an Active Participant. You generally earn a year of Vesting Credit for each Plan Year you complete at least 1,000 Hours of Service in Covered Employment. Regular Pension: starting at age 62 or age 65 depending on when pension credits are earned. Early Retirement Pension: starting as early as age 45, with a reduced monthly benefit in exchange for the early start. Disability Pension: available at any age if you are totally disabled and meet other requirements. Service Pension: starting before age 62/age 65, but calculated like a Regular Pension, if you meet the service and other requirements. Vested Pension: available if you left Covered Employment after vesting and later apply for your pension. Pro Rata Pension: available if you are combining service under this Pension Plan and recognized related plans. You can also delay the start of your pension past Normal Retirement Age, in which case you may receive an increased benefit for delayed retirement. Vested and Pro Rata Pensions can be calculated as regular, early retirement, or delayed retirement pension amounts, depending on when you retire. Husband and Wife Pension: pays you a lifetime monthly benefit and pays a lifetime monthly benefit of 50%, 75%, or 100% of that amount to a surviving legal spouse. Single Life Pension with 36-month guarantee: pays you a lifetime monthly benefit; if you die before 36 monthly payments are made, payments for the remainder of the 36-month period are paid to your designated beneficiary. Level Income Option: helps even out retirement income by making your combined pension and Social Security payments roughly the same before and after Social Security starts. Your spouse or other beneficiary may be eligible for death benefits. 7

Chapter 1 STARTING YOUR PARTICIPATION Discussed in this chapter are: Who s eligible to participate When you become a participant WHO S ELIGIBLE TO PARTICIPATE You are eligible to participate in the Pension Plan if you perform field ironwork or work in the Metal Building, Light Gauge, Residential and Miscellaneous classification under a collective bargaining agreement that requires your Employer to make contributions to the Trust for your work. Under certain circumstances, Employees not covered by the collective bargaining agreement may participate if their Employer has agreed to make contributions on behalf of non-bargained Employees and is required to contribute on behalf of bargaining unit Employees. The following employees are also eligible to participate if the Board of Trustees has passed a resolution allowing their participation: officers and employees of Local Unions, employees of the Board of Trustees, and employees of other employers the Board of Trustees allows to participate. The last-named may be subject to special rules. NOTE: The Pension Plan does not allow participation by, and does not allow benefits to be earned for work done by, any owner-operator, partner, independent contractor, or selfemployed person. WHEN YOU BECOME A PARTICIPANT You become a participant in the Plan on the June 1 or December 1 following a period of 12 consecutive months in which you complete at least 1,000 Hours of Service in Covered Employment for a participating Employer. Hours you work in non-covered employment may also be used to meet the 1,000-Hour participation requirement if they are for the same Employer and are continuous with your Covered Employment, meaning you did not quit, you were not discharged, and your employment was not otherwise terminated between periods of work for that same Employer. To remain a participant, you will need to continue meeting certain service requirements until you are Vested have earned ownership of your benefit. See chapters 2 and 3 for more information on service requirements and vesting. Chapter 1 Starting Your Participation 8

Frequently Asked Questions Q Do I need to do anything to enroll in the Pension Plan? No, you will become a participant automatically when you meet the eligibility requirements. You should, however, complete a beneficiary designation form and submit it to the Trust Fund Office. Beneficiary designation forms are available from the Trust Fund Office. Q What happens if my employment isn t steady? Once you have become a participant, you will remain a participant as long as you complete at least 350 Hours of Service in Covered Employment each Plan Year. See chapter 2 and the Glossary for information on what constitutes Hours of Service in Covered Employment. Chapter 3 explains breaks in service, how you can repair breaks in service, and at what point you would need to re-establish eligibility as a new participant. Chapter 1 Starting Your Participation 9

Chapter 2 EARNING VESTING AND PENSION CREDITS Discussed in this chapter are: How You Earn Vesting Credits How You Become Vested How You Earn Pension credits Credit During Military Service Credit During Periods of Disability Your work time is measured for Pension Plan purposes in two types of units: Vesting Credits. These determine whether you are Vested in your benefit and are part of the eligibility requirements for certain types of pensions. Pension credits. These determine the basic amount of any pension you receive (before adjustment) and are also part of the eligibility requirements for certain types of pensions. Once you are Vested, you cannot lose the Vesting Credits and pension credits you have accrued, and you will have earned a right to a pension from the Plan even if you leave Covered Employment. HOW YOU EARN VESTING CREDITS You earn one year of Vesting Credit for each Plan Year you complete 1,000 or more Hours of Service (including periods before you became a Participant). Those 1,000 Hours can include hours you work in a job that is not Covered Employment if they are continuous with work in Covered Employment and for the same Employer, meaning that you did not quit, you were not discharged, and your employment did not otherwise terminate between periods of work for the same Employer. They also include hours for which you are granted credit on account of a qualifying disability. See Credit During Periods of Disability later in this chapter for details. You become Vested by earning 5 years of Vesting Credit. They can also include time in military or other uniformed service. See Credit For Military Service later in this chapter for details. Frequently Asked Questions Q If I have less than 1,000 Hours of Service, do I get a partial year of Vesting Credit? A No, you either qualify for Vesting Credit for a Plan Year or you do not. If you have less than 1,000 Hours of Service, you get no Vesting Credit for the Plan Year. If you have 2,000 Hours of Service in a Plan Year, you still get only one year of Vesting Credit. Chapter 2 Earning Credits 10

NOTE: You can lose your accumulated Vesting Credits if you have a break in service before you become Vested. See chapter 3 for more information. Once you are Vested, you cannot lose the Vesting Credits and pension credits you have accrued, and you will have a right to a pension even if you leave Covered Employment before retirement. HOW YOU BECOME VESTED Since June 1, 1998 If you are currently working in Covered Employment, or if you were an Active Participant after June 1, 1998, you will become Vested when you have accumulated 5 years of Vesting Credit (not counting any Vesting Credit you earned before a permanent break in service). (See chapter 3 for information on permanent breaks in service.) You can also become Vested by reaching Normal Retirement Age while you are a Participant, regardless of how many years of Vesting Credit you have. Normal Retirement Age generally means the older of: age 65, or your age on the fifth anniversary of the date you became a Plan participant (disregarding any participation before a permanent break in service). Before June 1, 1998 Participants whose active Plan participation ended before June 1, 1998, were subject to different vesting requirements. Such Participants became Vested by earning 10 years of pension credit (including at least one full year of pension credit since June 1, 1956) or 10 years of Vesting Credit. Participants not covered by a collective bargaining agreement who had at least one Hour of Service after May 31, 1989, could become Vested by earning 5 years of Vesting Credit. Participants could also vest by reaching Normal Retirement Age while a Participant. HOW YOU EARN PENSION CREDITS Currently, and since October 1, 2014, you earn 1/12 th of a pension credit for each 125 hours worked in Covered Employment in a Plan Year (1500 hours are required for one pension credit). For example, if you have 1800 hours of Covered Employment in a Plan Year, you will earn 1 and 2/12 th pension credit for the Plan Year. The number of hours you must work to earn a pension credit has varied over the years and is specified in the Plan s Rules and Regulations. The pension credit earned for any particular Plan Year is determined by the schedule in effect when the work was performed. Any credit earned since June 1, 1958, is called a future service pension credit. This is in contrast to past service pension credit, which participants may have received for work before June 1, 1958. Unless otherwise specified, this Summary Plan Description does not describe any rules pertaining to past service pension credits. Thus, the use of the term Chapter 2 Earning Credits 11

pension credit in this Summary Plan Description refers to pension credits earned since June 1, 1958. If you have questions about past service pension credits, i.e., those earned before June 1, 1958, please contact the Trust Fund Office. The chart below shows the different requirements for earning pension credits since June 1, 1958. Your credits may also be affected by your Employer s contribution rate, a nowdiscontinued hours bank provision, and whether you have military service or a period of disability that qualifies you for credit. These are discussed following the chart. NOTE: You can lose your accumulated pension credits if you have a break in service before you become Vested. See chapter 3 for more information. Earning Pension Credits Time Period Requirement Pension Credit Granted Currently (since October 1, 2014) You work at least 350 hours in Covered Employment in a Plan Year. You work less than 375 hours in Covered Employment but you earn a year of Vesting Credit for the Plan Year. 1/12 of a pension credit for each 125 hours worked. A prorated portion of a full pension credit (your hours of work in Covered Employment divided by 2,000 hours). From June 1, 1964 to September 30, 2014. From June 1, 1958 to May 31, 1964 You work at least 350 hours in Covered Employment in a Plan Year. You work less than 350 hours in Covered Employment but you earn a year of Vesting Credit for the Plan Year (applies only to Plan Years after May 31, 1976) Please contact the Trust Fund Office for more information. 1/12 of a pension credit for each 117 hours worked. A prorated portion of a full pension credit (your hours of work in Covered Employment divided by 2,000 hours). If Your Employer Contributes at a Lower Rate (Applies to service since June 1, 1972) If your collective bargaining agreement provides for a lower contribution rate than the highest rate specified in any collective bargaining agreement, each hour you work in Covered Employment will be adjusted for the difference. For example, if your employer s contribution equals 75% of the highest hourly contribution rate paid, you will be credited with 3/4 of an hour for each hour worked in Covered Employment for purposes of determining pension credits. This provision applies to Apprentices, effective October 1, 2014. Chapter 2 Earning Credits 12

NOTE: This adjustment will be made for pension credits used in determining pension benefit amounts. It will not apply to pension credits as they are used to satisfy eligibility requirements for a pension (for example, the requirement that a participant have accrued at least 10 years of pension credit for an early retirement pension). In the example above, you would be credited with 1 year of pension credit for purposes of eligibility for any type of pension. Hours Bank (Applied only to employment from June 1, 1983, to May 31, 1987). If you worked more hours in Covered Employment than were needed for a full year of pension credit in any Plan Year between June 1, 1983, and May 31, 1987, the excess hours were deposited in an hours bank. The hours in your hours bank could be added to hours worked in another Plan Year for the purpose of increasing your pension credit in that other year to a full year of pension credit, subject to certain conditions. For more information, please contact the Trust Fund Office. Credit During Military Service Currently (Since December 12, 1994) If you leave Covered Employment in order to perform military or other uniformed service, you may be entitled to receive pension credit and Vesting Credit for your military service, if you meet the requirements of the Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA). You will receive credit as if you had actually worked in Covered Employment for periods of absence after December 12, 1994, that are due to qualified military or other uniformed service. To be eligible, you must comply with the requirements of USERRA, including the following: Your separation from military service must not be disqualifying under USERRA (a disqualifying discharge includes, for example, a dishonorable or bad conduct discharge). The total length of your absence from Covered Employment due to military service may not exceed five years. You must report or submit an application for re-employment following military service within the time you retain reemployment rights under Federal law, as shown in the following chart: Time Frame for Returning to Work After Military Service Length of Military Service Reemployment Deadline Less than 31 days Within 1 day after discharge (allowing travel time plus 8 hours) 31 through 180 days Within 14 days after discharge More than 180 days Within 90 days after discharge or as otherwise required by law Chapter 2 Earning Credits 13

You will receive pension credits and Vesting Credit based on the average number of hours you worked per month during the 12-month period immediately preceding the military service (or your period of employment immediately preceding the military service, if shorter). If that number is less than 117 hours per month, 117 hours will be used instead. Up to 5 years of military service will be recognized. From June 1, 1958, to December 12, 1994 Pension credit (and years of Vesting Credit) may be granted for periods of absence before December 12, 1994, that were due to service in any of the Armed Forces of the United States in time of war or national emergency or because you were drafted. To be eligible, you must have made yourself available for Covered Employment within 90 days after release from active duty (unless you were disabled at the time, in which case you must have made yourself available for work within 90 days of recovery from the disability). If you have any questions regarding military service or your return to work after military service, contact the Trust Fund Office at 800-527-4613 or 626-792-7337. Credit During Periods of Disability If you timely notify the Trust Fund Office in writing of your disability, you can receive credit as if you had actually worked in Covered Employment for a period in which you have a qualifying disability. Specifically, you will be credited with up to 700 hours per qualifying disability, at a rate of not more than 125 hours per month that you are disabled. If the Board finds there were extenuating circumstances, up to 2,100 hours of credit may be granted. In no case will the credit granted result in you receiving more than one year of pension credit in any Plan Year. Disability credit can be applied only to a Plan Year in which you are disabled. For your disability to qualify: it must be a total disability, as determined by the Board of Trustees, it must continue for at least 14 days, you must have earned at least 350 Hours of Service in the Plan Year in which the disability occurs or in the previous Plan Year, and you must notify the Trust Fund Office in writing of the disability within one year of its onset (unless circumstances prevent this) and submit to examinations, as required. NOTE: Pension credit for periods of disability is not available under a Pro-Rrata pension unless at least 50% of the participant s combined pension credit was earned under this Plan. Such credit may be used only to qualify for a Pro-Rata pension. (Pro-Rata pensions are based on combined pension credit and are for Employees whose years of employment are divided between pension plans. See chapter 6 for more information). Chapter 2 Earning Credits 14

Frequently Asked Questions Q How can I find out how many credits I ve accumulated? Check your annual statement. If you would like a status letter between annual statements, you may request such a letter by writing to the Trust Fund Office. Q How can I be sure I m being credited correctly? You can protect yourself by reviewing your annual statement for accuracy and checking the other work records you receive. If you find any discrepancies or think that hours are missing, you should contact the Trust Fund Office immediately. You should also keep records of your work in Covered Employment. Try to keep pay vouchers, payroll check stubs, and other evidence of employment you may receive until you are sure you ve been credited for that work. This applies to your work under this Plan and related plans (see chapter 6, If Your Employment Is Divided Among Different Plans ). Q What if I move from Covered Employment with one participating Employer to Covered Employment with another Employer? That should not affect your Pension Plan participation, provided the change does not cause your hours to drop below the minimums required for crediting of service (see chapter 3 for more information). Check with the Trust Fund Office if you have any questions. Chapter 2 Earning Credits 15

Chapter 3 IF YOU DON T MEET THE SERVICE MINIMUM EACH YEAR Discussed in this chapter are: One-year breaks in service Repairing one-year breaks in service Permanent breaks in service Separations from service Failure to complete at least 350 Hours of Service during a Plan Year can affect you in four ways: If you are not yet Vested and you complete less than 350 Hours of Service in a Plan Year, you will cease being a Plan participant and have a one-year break in service at the end of the Plan Year. This will cause you to forfeit your years of Vesting Credit and pension credits if you don t repair the break before it becomes a permanent break in service. Regardless of whether you are Vested, if you complete less than 350 Hours of Service in a Plan Year, you will lose your status as an Active Participant. Loss of status as an Active Participant can affect your eligibility for certain benefits. If you fail to complete at least 350 Hours of Service for 2 consecutive Plan Years, you will have a Separation from Service. The date of your Separation will determine what formula is used to determine the amount of your pension benefit. For purposes of a Separation from Service, two Plan Years are considered consecutive unless they are separated by a Plan Year in which you earn a year of Vesting Credit (1,000 Hours of Service). If you are not yet Vested, and have five consecutive one-year breaks in service, you will incur a permanent break in service. This will generally cause you to permanently forfeit the Vesting Credits and pension credits you earned prior to the permanent break. ONE-YEAR BREAK IN SERVICE Since June 1, 1976 You incur a one-year break in service at the end of any Plan Year in which you do not complete at least 350 Hours of Service in Covered Employment. If you are not yet Vested and you incur a one-year break in service, you will cease being a Plan Participant and forfeit the Vesting Credits and pension credits you have already accumulated, unless you repair the one-year break in service before it becomes a permanent break in service. If you are Vested and you incur a one-year break in service, you will lose your status as an Active Participant, unless and until you repair the one-year break in service. For more information, see chapter 4. Hours of Service that are used to avoid a one-year break in service are the same hours that are used to determine your entitlement to Vesting Credit. (See Glossary definition of Hours of Service). However, a one-year break in service may also be avoided Chapter 3 If You Don t Meet the Service Minimum Each Year 16

during periods of excused absence for the following: hours of employment in work of the type covered by the collective bargaining agreements but performed outside the Plan s geographical area under an agreement between a union affiliated with the International Association of Bridge, Structural and Ornamental Ironworkers and your employer (unless you get credit for such work under a related plan see chapter 6, If Your Employment Is Divided Among Different Plans ), employment in work of the type covered by the collective bargaining agreements in the Plan s geographical area performed for an employer who is not signatory to the agreements but has a special agreement with the Union that is recognized by the Board of Trustees, employment as an employee of the California Labor Federation, AFL-CIO; a Building and Construction Trades Council of California, AFL-CIO; or the International Association, provided you were a salaried officer or employee of a local union or district council immediately before your termination of Covered Employment, employment as an employee of the Ironworker Employees Benefit Corporation, and (for Plan Years beginning on or after June 1, 1987) hours you are absent from Covered Employment on account of parental leave (for your own pregnancy, for the birth of your child, for placement of a child with you for adoption, or for care of a child immediately following birth or placement for adoption, including a trial period before adoption). Up to 350 hours will be credited to avoid a one-year break in service in the Plan Year in which the absence occurs or in the immediately following Plan Year, if you already have 350 hours in the Plan Year in which the absence occurred. Breaks in Service Before June 1, 1976 Before June 1, 1976, the Plan had no provision for a one-year break in service. A participant had a permanent break in service if he failed to earn 1/4 of a pension credit in a period of 2 consecutive Plan Years. REPAIRING ONE-YEAR BREAKS IN SERVICE If you are not Vested, you can repair a one-year break in service and again become a participant by earning a year of Vesting Credit (completing at least 1,000 Hours of Service in a Plan Year) before you incur a permanent break in service. If you repair a one-year break in service, you will regain the Vesting Credits and pension credits you forfeited when you incurred the one-year break in service. This applies if you have a succession of one-year breaks in service as well. If they have not yet added up to a permanent break in service, you can repair them all by completing at least 1,000 Hours of Service in a Plan Year. If you are already Vested, you can regain your status as an Active Participant by earning a year of Vesting Credit (completing at least 1,000 Hours of Service in a Plan Year). If you later incur another one-year break in service, you will again lose your status as an Chapter 3 If You Don t Meet the Service Minimum Each Year 17

Active Participant. See chapter 4 for more information. PERMANENT BREAKS IN SERVICE (Applies only to non-vested participants) Currently (since June 1, 1998), if you are not Vested, you have a permanent break in service if you have five consecutive one-year breaks in service. If you have a permanent break in service, you will lose all of your previous years of Vesting Credit and pension credit. You may become a Participant again by meeting the Plan s participation requirements (see chapter 1), but your years of Vesting Credit and pension credit earned before the permanent break in service will not be restored. An exception is made only for recovery of canceled pension credits by members of Iron Workers Local Union 844 (see the box before Separations from Service later in this chapter). From June 1, 1987 to May 31, 1998 From June 1, 1987, to May 31, 1998, a non-vested participant had a permanent break in service if he had five or more consecutive one-year breaks in service and the number of consecutive one-year breaks in service equaled or exceeded the number of years of Vesting Credit he had previously accumulated. From June 1, 1976 to May 31, 1987 From June 1, 1976, to May 31, 1987, a non-vested participant had a permanent break in service if he had at least two consecutive one-year breaks in service and the number of such consecutive one-year breaks in service equaled or exceeded the number of years of Vesting Credit he had previously accumulated. Before June 1, 1976 Before June 1, 1976, a non-vested participant had a permanent break in service if he failed to earn 1/4 of a pension credit in a period of 2 consecutive Plan Years. Grace periods were granted for qualifying disabilities, involuntary unemployment, employment with certain organizations, overseas employment, transfers to a shop ironworker local, and employment outside the area covered by the Plan. These grace periods extended the period during which participants could earn the required pension credit. They did not count toward pension credit. If you would like more information about these grace periods, please contact the Trust Fund Office. These rules, along with those for one-year breaks in service, are summarized in the chart below. Chapter 3 If You Don t Meet the Service Minimum Each Year 18

Breaks in Service (One-Year and Permanent) Time Period Since June 1, 1998 Situation Causing Break in Service You incur a one-year break in service for any Plan Year you fail to complete at least 350 Hours of Service. The break becomes permanent after you have five consecutive one-year breaks. From June 1, 1987, to May 31, 1998 You incurred a one-year break in service for any Plan Year you failed to complete at least 350 Hours of Service. The break became permanent if you had at least five consecutive one-year breaks and the number of consecutive one-year breaks equaled or exceeded the number of years of Vesting Credit you had previously accumulated. From June 1, 1976, to May 31, 1987 You incurred a one-year break in service for any Plan Year you failed to complete at least 350 Hours of Service. The break became permanent if you had at least two consecutive one-year breaks and the number of consecutive one-year breaks equaled or exceeded the number of years of Vesting Credit you had previously accumulated. Before June 1, 1976 You incurred a permanent break in service if, after June 1, 1958, you failed to earn 1/4 of a pension credit in a period of 2 consecutive Plan Years. SEPARATIONS FROM SERVICE (Applies to Vested and non-vested participants) Since June 1, 1976 Whether or not you are Vested in your pension benefit, you will have a Separation from Service if you fail to complete at least 350 Hours of Service in each of 2 consecutive Plan Years. Plan Years in which you have less than 350 hours will be considered consecutive unless they are separated by a Plan Year in which you earn a year of Vesting Credit (i.e., complete 1,000 Hours of Service in a Plan Year). Periods of absence due to qualified military service occurring on or after December 12, 1994, shall be excluded from determinations of whether you have incurred a Separation from Service. If you incur a Separation from Service, it has the effect of freezing your pension amount for pension credit you earned before the Separation from Service at the level in effect at the time of your Separation from Service. This means that the benefits you earned before the Separation will be based on the Plan s formula(s) in effect at the time of the Separation, and you will not benefit from any future improvements to the Plan s formula(s). If you later return to Covered Employment and again become an Active Participant, any benefit Chapter 3 If You Don t Meet the Service Minimum Each Year 19

payable for your later employment will be determined under the Plan benefit formula(s) in effect when you separate from that service. Before June 1, 1976 Before June 1, 1976, a participant was deemed to have had a Separation from Service if he would have incurred a permanent break in service under the Plan rules in effect at that time, had he not been Vested. Recovery of Canceled Pension Credits by Members of Iron Workers Local Union 844 (Effective June 1, 2002) Under certain specific circumstances, members of Iron Workers Local Union 844 may recover pension credits lost because of a permanent break in service. Please contact the Trust Fund Office if you would like more information about the specific rules you must satisfy to recover such pension credits. Frequently Asked Questions Q What happens to my one-year breaks in service if I work between 350 and 1,000 hours in a Plan Year say, 600 hours? A If you have at least 350 hours but less than 1,000 Hours of Service in a Plan Year, you will not incur a break in service for that year. However, you also will not repair a prior one-year break in service. A previous one-year break in service is repaired only when you have 1,000 or more Hours of Service within a Plan Year before you incur a permanent break in service. Q Will I incur a Separation from Service, if I work between 350 and 1,000 hours in a Plan Year say, 600 hours? A. No. In order to have a Separation from Service, you must have two consecutive Plan Years in which you have less than 350 Hours of Service. Note that, for purposes of determining Separations from Service, two Plan Years in which you have less than 350 Hours of Service are considered consecutive, unless they are separated by a Plan Year in which you earn a year of Vesting Credit (i.e., 1,000 Hours of Service). Thus, for example, if a Participant has 200 hours in the 2018 Plan Year, 600 Hours in the 2019 Plan Year, and no Hours in the 2020 Plan Year, the Participant will incur a Separation from Service at the end of the 2020 Plan Year. Chapter 3 If You Don t Meet the Service Minimum Each Year 20

Q Do I get pension credit for any years I have at least 350 Hours of Service? A Not if you re in break in service status. If you are not Vested, you will cease to be a participant on the last day of the Plan Year in which you incurred the one-year break. You cannot start receiving pension credit again until you again become a Plan participant, either by repairing the breaks in service or, if they have become a permanent break in service, by meeting the requirements for new participants. In either case, you would not get credit retroactively for service during a time you were not a participant. If you are already Vested, you will get the applicable pension credit for any Plan Years you work at least 350 Hours in Covered Employment. Q How can I find out if I m a Participant or have had a break in service? A You may submit a written request to the Trust Fund Office to find out what your status is. The staff can also tell you whether a break in service can be repaired and how to repair it. Q What if I stay in the industry but move to a job covered by another plan? A The Board of Trustees recognizes all other pension funds that have executed the Iron Workers International Reciprocal Pension Agreement and adopted Exhibit A of that Agreement as related plans. If your new job is covered by one of those related plans, you may be able to combine credited service from both plans to avoid breaks in service and achieve Vested status under the rules for a Pro-Rata Pension. Transfer of contributions from the related Plan to this Plan (under money follows the man ) may also be an option. See chapter 6 for more information. Chapter 3 If You Don t Meet the Service Minimum Each Year 21

Chapter 4 IF YOU LEAVE COVERED EMPLOYMENT AFTER VESTING Discussed in this chapter are: Loss of Active Participant Status Separations from Service If you leave Covered Employment after vesting, you will be entitled to a pension from the Plan when you retire. (Make sure you keep the Trust Fund Office informed of any address changes.) See chapter 7 for eligibility requirements for a Vested Pension. However, if you leave Covered Employment before you retire you may lose your status as an Active Participant and this could cause you to be ineligible for certain types of retirement benefits. You could also suffer a Separation from Service. This chapter discusses the consequences of leaving Covered Employment after becoming a Vested Participant and before retirement. LOSS OF ACTIVE PARTICIPANT STATUS How You Lose Active Participant Status Whether you are Vested or not, you will lose your status as an Active Participant any time you incur a one-year break in service (i.e., have less than 350 Hours of Service in a Plan Year). You can again become an Active Participant by earning a year of Vesting Credit (1,000 Hours of Service in a Plan Year). Effects of Losing Active Participant Status If you are Vested but not an Active Participant at the time you begin receiving retirement benefits (i.e., on your Annuity Starting Date), you will not be eligible for a Service Pension or an Early Retirement Pension. You will be eligible for a Vested Pension. Vested Pensions can generally be paid under the same terms as an Early Retirement Pension or a Regular Pension. However, the Vested Early Pension cannot be converted to a Disability Pension. Also, there is no Service Pension equivalent under the Vested Pension. The loss of Active Participant status could also impact your eligibility for a Disability Pension. To be eligible for a Disability Pension you must be an Active Participant in the Plan Year in which you became disabled or in either of the two Plan Years preceding the Plan Year in which you became disabled (your date of disability is determined by the Social Security Administration). Thus, if you cease being an Active Participant more than two Plan Years before the Plan Year in which you became disabled, you will not be eligible for the Disability Pension. How You Regain Active Participant Status Once you have ceased being an Active Participant, you can again become an Active Participant by earning a year of Vesting Credit (1,000 Hours of Service in a Plan Year) before you retire. Chapter 4 If You Leave Covered Employment After Vesting 22

Loss of Active Status Example: On May 31, 2016, Jim, a Vested participant, incurs a one-year break in service and ceases to be an Active Participant. Jim returns to Covered Employment in September 2017 and works more than 1,000 Hours of Service in the Plan Year that begins June 1, 2017. His status as an Active Participant is restored as of May 31, 2018, and he is considered to be an Active Participant for the entire Plan Year ending May 31, 2018. Jim incurs another one-year break in service on May 31, 2019, and again loses his status as an Active Participant. If Jim retires on January 1, 2020, after the one-year break in service, he will not be eligible for a Service Pension because he will not be an Active Participant on his Annuity Starting Date. (In order to qualify for a Service Pension, a participant must be an Active Participant on his or her Annuity Starting Date). However, if Jim retires on February 1, 2019, before incurring the one-year break in service, he will be an Active Participant on his Annuity Starting Date, and he can retire with a Service Pension, if he fulfills the other requirements for a Service Pension. SEPARATION FROM SERVICE If you incur a Separation from Service before retiring, any pension benefits you earned before the Separation will be determined using the Plan s formula in effect at the time of your Separation from Service. See chapter 3 for more information on Separations from Service and how they affect your benefit. Note that curing a one-year break in service will not cure or reverse a Separation from Service. Chapter 4 If You Leave Covered Employment After Vesting 23

Chapter 5 IF YOU BECOME DISABLED Discussed in this chapter are: Disability Pension amount Eligibility Requirements for a Disability Pension What it means to be disabled Applying for a Disability Pension Converting an Early Retirement Pension to a Disability Pension How long you can receive a D isability Pension If you recover from your disability If you become totally and permanently disabled before you reach retirement age for a Regular Pension, you may be eligible for a Disability Pension. DISABILITY PENSION AMOUNT The amount of a Disability Pension is determined the same way as the amount of a Regular Pension and is not reduced for your age at retirement. (See chapter 8, Your Pension Amount ). ELIGIBILITY REQUIREMENTS FOR A DISABILITY PENSION The eligibility requirements for a Disability Pension are slightly different for the portion of your pension attributable to work you performed (and pension credit earned) before September 1, 2011, than they are for pension credit you earned after August 31, 2011. For your pension credits earned before September 1, 2011, you may qualify for a Disability Pension if you are under age 62 and satisfy each of the following requirements: 1. You are totally and permanently disabled and have been awarded Social Security Disability benefits by the Social Security Administration. (You can apply for a Disability Pension even if you have not yet been awarded Social Security Disability benefits. See Applying For A Disability Pension below.) 2. You were both an Active Participant and you worked at least 350 Hours of Service in the Plan Year in which you became disabled or in either of the two Plan Years before the Plan Year in which you became disabled. Hours of pension credit for disability are counted for purposes of meeting these requirements (see chapter 2 for more information). 3. You have at least 5 years of pension credit under this Plan. 4. You do not qualify for a Service Pension. 5. You have filed an application for benefits and retired (as described on page ), For your pension credits earned on and after September 1, 2011, you may qualify for a Disability Pension if you are under age 65, satisfy requirements 1 through 5 above, and Chapter 5 If You Become Disabled 24

you have at least 5 years of Vesting Credit. If you have reached age 62 but are not yet age 65, you may qualify for a Regular or Vested Pension with respect to pension credits you earned before September 1, 2011, and a Disability Pension with respect to pension credits you earned on and after September 1, 2011. If you are age 65 or older, you are not eligible for a Disability Pension. You may qualify for a Regular or Vested Pension. A Regular or Vested Pension will not be less in amount than you would receive with a Disability Pension. WHAT IT MEANS TO BE DISABLED For purposes of eligibility for a Disability Pension, you will be considered totally and permanently disabled if: You have been awarded a Social Security disability benefit by the Federal Social Security Administration in connection with your Old Age, Survivor s, and Disability Insurance Coverage, and You are unable to engage in any substantial gainful activity by reason of a medically determinable physical or mental impairment that can be expected to result in death or to continue for your lifetime. This bodily injury or disease cannot be due to your committing or attempting to commit a felony, your engaging in any felonious activity or occupation, your infliction of an injury on yourself, habitual drunkenness, or the use of narcotics, unless these were administered pursuant to the orders of a licensed physician. As proof that you are disabled, you will need to submit to the Trust Fund Office the official determination from the Social Security Administration that you are entitled to Social Security disability benefits (Social Security Disability Award Letter). The Board of Trustees may at any time require evidence of your continued entitlement to Social Security disability benefits. APPLYING FOR A DISABILITY PENSION Because the effective date of your Disability Pension is based, in part, on the date you submit your pension application to the Trust Fund Office, you should apply to this Fund for a Disability Pension as soon as possible after you think you are disabled, even if you do not yet have your Notice of Award of Disability benefits from the Social Security Administration. Your Disability Pension cannot be paid for any time before you have met all of the requirements for a Disability Pension, including the filing of an application for a Disability Pension with the Trust Fund Office. Additionally, your Disability Pension cannot be paid for any time before the sixth month of your disability. The date of your disability is the date you were disabled, as determined by the Social Security Administration. To have your pension start as soon as possible, you should: Chapter 5 If You Become Disabled 25