LOUISIANA CARPENTERS PENSION FUND

LOUISIANA CARPENTERS PENSION FUND SUMMARY PLAN DESCRIPTION Effective July 1, 2011

LOUISIANA CARPENTERS PENSION FUND FUND OFFICE 8875 Greenwell Springs Road Baton Rouge, Louisiana 70814 (225) 927-6068 (888) 922-3002 Fax (225) 927-9704 Employee Trustees Jason B. Engels, Co-Chairman Edward Gautreaux Employer Trustees William T. Firesheets II, Chairman Don J. Matherne ADMINISTRATIVE MANAGER Joseph M. Ardoin, Jr. FUND COUNSEL Robein, Urann, Spencer, Picard & Cangemi, APLC CONSULTANT AND ACTUARY BHA Consulting LLC

LOUISIANA CARPENTERS PENSION FUND To All Eligible Participants: We are pleased to provide you with this new updated description of the benefits provided by the Louisiana Carpenters Pension Fund. This booklet summarizes the eligibility requirements, the types of pensions and examples of the benefit amounts for different types of benefits under the Pension Plan. The Pension Plan is governed by a Plan Document, and we describe the benefits here just as they are written in that document. However, if there is any difference between the terms of this booklet and those of the Plan Document, the provisions in the Plan Document will govern. You have the right to review the Plan document, upon request, and during regular office hours, and may request a copy of all or any portion of the Plan document upon payment of the allowable copy charges. The Fund made significant changes effective July 1, 2009 and September 1, 2009 in accordance with the provisions of the Pension Protection Act of 2006 and the certification of its Critical Status effective January 1, 2009. For many Participants, including actives and those with a deferred vested benefit, changes in the eligibility rules for retirement benefits will be significantly different than previously established. You should review this summary and any notices previously distributed carefully to determine what impact these changes may have had on your benefits. Upon your death, it is important that your spouse or other family members contact the Fund Office to ask about any death benefits, if any, that are available. Keep this booklet in a safe place for future reference after you have read it. Of course, if you have any questions about your eligibility or the benefits to which you are entitled, please contact the Fund Office. Please be sure to keep the Fund Office up to date on your current address in order to receive all required communications. Sincerely, Board of Trustees i

TABLE OF CONTENTS DEFINITIONS... 11 ABOUT THE PLAN... 55 PARTICIPATION... 66 PENSION CREDITS... 66 VESTING... 88 BREAK IN SERVICE... 99 NORMAL PENSION... 1111 VESTED PENSION... 1212 DISABILITY PENSION... 1212 ELECTION UPON RETIREMENT... 1414 50% JOINT AND SURVIVOR PENSION... 1414 SINGLE LIFE PENSION... 1515 75% JOINT AND SURVIVOR PENSION... 1515 DEATH BENEFIT... 1616 LUMP SUM PENSION BENEFIT... 1717 ROLLOVER OF YOUR PENSION... 1818 RETIREMENT AND SUSPENSION OF BENEFITS... 2020 PARTIAL PENSION... 2222 HOW TO APPLY FOR BENEFITS... 2424 PROVISIONS APPLICABLE TO YOUR PLAN... 2626 IMPORTANT INFORMATION ABOUT THE PLAN... 3131 STATEMENT OF RIGHTS... 3333 HISTORICAL PAST SERVICE PENSION CREDIT TABLE... 3535 HISTORICAL FUTURE SERVICE PENSION CREDIT TABLES... 3636 HISTORICAL FUTURE SERVICE PENSION CREDIT TABLES... 3737 HISTORICAL VESTING TABLE... 3838 JOINT AND SURVIVOR BENEFIT FACTORS TABLE... 3939 ii

DEFINITIONS The following are some general definitions of terms used in explaining the Pension Plan. All capitalized terms contained in this document are defined in this section. The Plan Document includes these and other definitions in greater detail. Annuity Starting Date This is the date your pension payments are scheduled to begin. Even if you do not receive your first payment until a later date, your Annuity Starting Date is the date on which the payment should have started, and is the first day of the month following the later of: Beneficiary a. 30 days after the Administrative Manager receives from you a properly completed and signed application for a pension, and after you fulfill all terms and conditions for a pension; or b. 30 days after you are provided with a detailed explanation of your benefit options and their financial impact. Participants are permitted to waive the 30 day period in lieu of a 7 day waiting period. For example, you want to retire on June 1. The Administrative Manager receives your completed and signed application on May 7. Your Annuity Starting Date is July 1. In no case will your Annuity Starting Date be later than your Required Beginning Date. The term Beneficiary means your Qualified Spouse at time of retirement or as designated in a Qualified Domestic Relations Order. Break In Service A Break in Service is the last day of a Plan Year in which you did not work enough hours to maintain your participation in the Plan. A Break in Service can be either a One Year Break in Service or a Permanent Break in Service. This is discussed later in the section entitled Break in Service. Council The term Council means the Central South Carpenters Regional Council. 1

Covered Employment Covered Employment refers to the hours you worked with an Employer for which contributions are required to be made to the Fund. For any employment before the Plan began, Covered Employment means employment in work covered by a Collective Bargaining Agreement, which would have resulted in contributions to the Fund if contributions had been required at that time. Employee If you work for an Employer that is required to make contributions to the Pension Fund on your behalf, you are considered an Employee. The term Employee includes full-time Employees of the Union and full-time Employees of the Fund and Related Funds. Employer The person or entity you work for that is required to make contributions to the Pension Fund on your behalf. The term Employer also includes the Union, the Board of Trustees and Related Funds. Family and Medical Leave A leave of absence, intermittent leave or leave on a reduced schedule, as determined and certified by an Employer or Related Fund pursuant to the Family and Medical Leave Act of 1993, the regulations issued thereunder, and the Fund s Policies and Procedures pertaining to such leave. Hour of Service An hour for which you are paid or entitled to payment, either directly or indirectly, including vacation, sick leave, holidays, etc. Hour of Work An Hour of Service for which a contribution is required to be made to the Fund. Non-Bargained Employee If you are eligible to be covered under the Plan, but your participation is not covered by a Collective Bargaining Agreement, you are considered a Non-Bargained Employee. 2

Normal Retirement Age Your Normal Retirement Age is the date you reach age 65. If you were first employed after July 31, 2004, your Normal Retirement Age is your 65 th birthday or, if later, the earlier of the 3 rd anniversary of your becoming a Participant and the date you earn three (3) Pension Credits. For the purpose of reaching Normal Retirement Age, you must be a Participant in the Plan at that time, and you must not have incurred a Permanent Break in Service. Participant If you meet the participation requirements described in this booklet, you are considered a Participant. If you are a pensioner or a beneficiary of a deceased Participant who is receiving a pension or is entitled to a pension, or if you are a terminated Employee who is eligible for a vested deferred pension (see Vesting section), you are also considered a Participant. Pension Credits Pension Credits are the credits you earn for work in Covered Employment recognized by the Plan, which determine the amount of your pension payable by the Plan. Pension Credits can include both Past Service (for service before April 1, 1970) and Future Service (for service on or after April 1, 1970). Plan or Fund The term Plan or Fund means the Louisiana Carpenters Pension Fund. Plan Year The Plan Year is the 12-month period beginning on January 1 and ending on December 31. Related Funds A Related Fund includes any Fund of a participating Union that elects to participate and is approved for participation by the Board of Trustees. Required Beginning Date Your Pension Benefit must begin on your Required Beginning Date. The term Required Beginning Date means the date that you or a Beneficiary must begin receiving benefit payments from the Plan, and is April 1 of the year following the later of (A) the Calendar Year you reach age 70-1/2 or, in the case of a deceased Participant, would have reached age 70-1/2, and (B) the Calendar Year in which you retire from Covered Employment. If you 3

are still working in Covered Employment, you may begin to receive your Pension Benefit on the April 1 following the Calendar Year in which you attain age 70-1/2, and the Plan s Suspension of Benefit Rules will not apply. Union The term Union or Council refers to any participating local union that is affiliated with the Central South Carpenters Regional Council. Vested Vested means you have a permanent right under the Pension Plan to those benefits for which you otherwise qualify, and none of the Break in Service rules can deprive you of the Pension Credits you have earned. Vesting Service Vesting Service is the credit you earn by working in Covered Employment recognized by the Plan toward eligibility for a pension benefit from this Plan. 4

ABOUT THE PLAN What is the Pension Plan? The Pension Plan is one of the benefits provided for you under the Collective Bargaining Agreement between your Employer and the Union or Council. The Plan will provide you with a defined benefit upon retirement. Who is Eligible for Coverage under the Plan? Only Employees of contributing Employers who work under Collective Bargaining Agreements with the Union or Council are eligible for coverage under the Plan. Also included in the Plan are the full-time salaried Employees of the Union, Fund, and the Related Funds. The Plan does not cover any owner-operator, partner, sole proprietor, or self- employed person. Do the Pensions Provided by the Plan Affect Social Security Benefits in Any Way? No. The benefits payable under this Plan are in addition to benefits paid under the Social Security Administration. What are my responsibilities as a Participant in the Plan? As a Plan Participant, you are responsible for: 1. preserving records of employment with any Employer in case, at some future date, you find it necessary to present such employment records as proof of Covered Employment to support a claim for Pension Credit or a Pension Benefit; 2. providing the Fund Office your new address if you move; 3. filing with the Fund Office a written election of how and when you want your benefit payments in advance of your expected retirement date; 4. notifying the Fund Office if you return to work after retirement; and 5. notifying the Fund Office when you stop working after retirement. 5

Becoming a Participant in the Plan PARTICIPATION You become a Participant in the Pension on the first day that you work one (1) hour in Covered Employment. Retired or terminated vested Employees and beneficiaries receiving or entitled to receive benefits from the Plan are also considered Participants. Continuation of Participation Once you meet the initial participation requirements, you will continue to be a Participant as long as you earn at least 500 hours of service in a Plan Year. Termination of Participation Your participation in the Plan will terminate on the last day of the Plan Year in which you incur a one-year Break in Service (see Break in Service section), unless you are receiving pension benefits, or you are Vested in your accrued benefit. Reinstatement of Participation If your participation terminates and you have not incurred a permanent Break in Service, you will again become a Participant as of the date you return to work in Covered Employment. If you have incurred a Permanent Break in Service, you will again become a Participant by meeting the initial requirements as set forth in the Becoming a Participant in the Plan section. Pension Credits PENSION CREDITS Pension Credits are determined based on your work history. Carpenters Local Union No. 1098 Participants can earn Pension Credits for work both before and after Employers began contributing to the Pension Fund on April 1, 1970, and should refer to the Historical Past Service Pension Credit Table to determine their Past Service Pension Credits. Millwrights Local Union No. 729 Participants can earn only Future Service Pension Credits from April 1, 2000. Pension Credits for hours of work for which contributions are made are called Future Service Credits. Future Service Credits are calculated differently depending on when you last worked in Covered Employment. Participants who retire before January 1, 1984, may earn a 6

lifetime maximum of 25 years of Pension Credits. There is no 25-year maximum on Pension Credits for those Participants who retire after January 1, 1984. Future Service Pension Credits The amount of Pension Benefit Credit for each year of Future Service Pension Credits will be determined according to the following schedules: 1. If you retired before January 1, 1984, see the applicable provisions of the Plan prior to January 1, 1984. 2. If you retired or will retire on or after January 1, 1984, the amount for each year of Future Service Pension Credits shall be credited as follows: a. For service during the period of January 1, 1976 through January 1, 2007, see the Historical Future Service Pension Credit Table; b. For service on or after January 2, 2007, the following table will determine the amount of your credit: Hours Worked in Year of Pension Covered Employment Benefit Amount During a Calendar Year Benefit Credits Region 1 Union Region 2 Union Less than 500 No credits $0.00 $0.00 500 999 ½ Year 24.50 15.50 1000-1499 1 Year 32.50 20.50 1500-1999 1 Year 49.00 31.00 2000-2499 1 Year 65.50 41.50 2500-2999 1 Year 74.00 47.00 3000 and above 1 Year 83.00 52.50 Region 1 Union Participants are those members of Carpenters Local 1098 and Millwrights Local 729. All other Participants are classified as belonging in the Region 2 Union. Each hour worked at a contribution rate different from the agreed rate as specified in the applicable Collective Bargaining Agreement (currently $3.59) shall earn a proportionate benefit credit to the rate in effect at that time. 7

VESTING Your years of Vesting Service determine your right to a benefit, not the amount of the benefit. You will earn Vesting Service for work performed in Covered Employment according to the following schedules: A. For service from April 1, 1970 through December 31, 1975, see the Historical Vesting Table found in the back of the booklet. B. For service on and after January 1, 1976: Hours Worked in Covered Employment During a Calendar Year Years of Vesting Service Less than 500 0 500-999 1/2 Year 1000 or more 1 Year C. Other Vesting Service If you work for a Contributing Employer in a job not covered by this Plan and such work immediately follows your employment with another Employer in Covered Employment, your hours of employment in such non-covered jobs starting January 1, 1976 for Carpenters Local 1098 and after April 1, 2000 for Millwrights Local No. 729 will be counted only for Vesting Service and the accrual of Pension Benefit Credit for the purpose of benefit eligibility only. Such accrual of Pension Benefit Credit will not be used to increase your Pension benefit amount. Beginning January 1, 1998, you are Vested in a benefit from this Plan once you earn (five) 5 years of Vesting Service without incurring a Permanent Break in Service. In the case of any Non-Bargained Employees only, if you earn at least one hour of Vesting Service on or after January 1, 1989, you are Vested once you have five (5) years of Vesting Service without incurring a Permanent Break in Service. The term Vested means you have a nonforfeitable right to a pension. Regardless of the rules described above, you will become 100% Vested upon your attainment of Normal Retirement Age, provided you have not had a Permanent Break in Service as of that date. 8

BREAK IN SERVICE A Break in Service occurs if you fail to earn any Pension Credit during certain specified periods of time. In general, if you have a Permanent Break in Service, you lose your status as a Participant in the Plan, and your accumulated Pension Credits and years of Vesting Service are cancelled. However, if you are eligible for any type of pension under the Plan, you cannot have a Permanent Break in Service or lose your pension rights. There are different Break in Service rules for periods before and after January 1, 1976, and after December 31, 1986. Break in Service for the Period April 1, 1970 through December 31, 1975 During this period, you will incur a Break in Service and any Vesting Service and Pension Credits you accumulated will be cancelled if you are not Vested and you fail to earn at least ½ year of Pension Credit during any three (3) consecutive calendar year periods before January 1, 1976. Break in Service on or after January 1, 1976 As of January 1, 1976, there are one-year breaks and permanent breaks. A one-year break is temporary and can be repaired. You have a one-year break in any calendar year that you do not work at least 500 hours in Covered Employment. However, in some cases, if you continue to work for the same Employer in Non-Covered employment after working in Covered Employment, there would not be a Break in Service. You can repair a one- year break by having 500 hours of work or earning at least ½ year of Pension Credit in a subsequent calendar year which precedes a Permanent Break in Service as described below. You have a permanent break after December 31, 1975 and before January 1, 1986, if your consecutive one-year breaks equal or exceed your years of Vesting Service unless you have met the requirements for a pension. On and after January 1, 1986, you will have a Permanent Break in Service if you have less than 5 years of Vesting Service and you incur 5 consecutive one-year Breaks in Service. If you have 5 years but less than 10 years of Vesting Service, you will have a Permanent Break in Service if your number of consecutive one-year Breaks in Service equal your years of Vesting Service prior to January 1, 1998. If you have a Permanent Break in Service before you are Vested, your previous years of Vesting Service and Pension Credits will be cancelled, as will your participation in the Plan. Important Break in Service years are not added together unless they are consecutive (i.e., come one right after one another), without interruption by years in which you work 500 hours or more in Covered Employment. 9

Example: A Participant has 3 years of Vesting Service, then stops working and incurs a Break in Service but returns to work after 4 years away and earns 1 year of Vesting Service. In this example, the Participant has avoided a Permanent Break in Service, 3 years of Vesting Service are restored, and the Participant s newly earned Vesting Service gives him a total of 4 Years of Vesting Service. Exceptions to Break in Service You will be granted a grace period, and the Break in Service rules will not apply to you if you are not working in Covered Employment for any of the following reasons: 1. absence due to service in the Armed Forces if you return or are available to return to work in Covered Employment within the time prescribed by law, provided you give advance notice of such absence as soon as reasonably possible; 2. absence due to having achieved Pensioner status; 3. absence due to (a) pregnancy, (b) birth of a child, (c) placement of a child with you in connection with an adoption of the child, (d) care for such child for a period beginning immediately after such birth or placement, or (e) a qualified leave of absence pursuant to the Family Medical Leave Act. Any such absence will be credited as Hours of Service to the extent that Hours of Service would have been credited but for such absence (or, where that cannot be determined, eight Hours of Service per day of absence) to a maximum of 501 hours for each such pregnancy, child-birth, placement or period of leave under the Family Medical Leave Act. The hours will be applied in the Plan Year in which your absence begins if it will prevent you from incurring a Break in Service for that year. Otherwise, the hours will be applied in the following Plan Year. However, you will not earn Vesting Service or Pension Benefit Credits during your absence. You should contact the Fund Office and inform them of your leave of absence. 4. for service prior to January 1, 1976 only, absence due to total disability during which you fail to earn one-half (1/2) year of Pension Credit in three consecutive calendar years. This grace period shall consist of up to two consecutive calendar years for which you failed to earn Pension Credit because of such disability, but in no event will the grace period be less than the period for which you were receiving a Disability Pension, as described in this Plan; or 5. absence due to disability for which you are entitled to Social Security Disability Benefits, provided you did not have a Permanent Break in Service prior to January 1, 1995. This grace period will continue for as long as you remain disabled. If you remain disabled until you reach Normal Retirement Age, you will be entitled to a Normal Pension. If you recover from the disability at any time prior to retirement, 10

the grace period will end and you will be subject to the Break in Service rules under the Plan. Note: The granting of grace periods does not increase your Pension Credits or Vesting Service, but rather is a recognition of circumstances that may be disregarded in determining whether you have incurred a Break in Service. Eligibility NORMAL PENSION You are eligible to retire on a Normal Pension when you reach Normal Retirement Age. Your retirement at Normal Retirement Age is voluntary. In no event, however, may you postpone your Normal Pension beyond the date on which you reach your Required Beginning Date. Pension Amount The amount of your monthly pension will be determined by adding the amounts of Pension Benefit Credits that you have earned in each Plan Year you worked in Covered Employment (as described in the section Pension Credits ). Form of Normal Pension Your Normal Pension will be paid beginning on your Annuity Starting Date. If you are married, your Normal Pension will be paid in the form of a 50% Joint and Survivor Pension (as described in the section 50% Joint and Survivor Pension ), unless you and your spouse jointly reject it in writing in favor of either a Single Life Pension (as described in the section Single Life Pension ) or a 75% Joint and Survivor Pension (as described in the section 75% Joint and Survivor Pension ). To reject the 50% Joint and Survivor Pension, you and your spouse must sign a written election before a Notary Public or Fund Office personnel no earlier than one hundred eighty (180) days before your Annuity Starting Date. Please see the 50% Joint and Survivor Pension section for more information. When either the 50% Joint and Survivor Pension or the 75% Joint and Survivor Pension is in effect, the amount of your monthly pension during your lifetime will be less than if the pension had been payable as a Single Life Pension. Rule of Eighty-Five (85) The Rule of Eighty-Five benefit is not available for Annuity Starting Dates after September 1, 2009. 11

Early Retirement Pension The Early Retirement Pension benefit is not available for Annuity Starting Dates after September 1, 2009. Eligibility VESTED PENSION If you leave Covered Employment, you are eligible for a Vested Pension if you have credit for at least five (5) years of Vesting Service beginning January 1, 1998. Your benefits will be payable when you reach Normal Retirement Age. Pension Amount The amount of your Vested Pension will be the same as the Normal Pension you had earned at the time you left Covered Employment. The pension amount is based on your work history when you terminate your employment. Form of Vested Pension If you are married, your Vested Pension will be paid in the form of a 50% Joint and Survivor Pension unless you and your Spouse jointly reject it in favor of a Single Life Pension or a 75% Joint and Survivor Pension. To reject the 50% Joint and Survivor Pension, you and your spouse must sign a written election before a Notary Public or Fund office personnel no earlier than one hundred eighty (180) days before your Annuity Starting Date. When the 50% Joint and Survivor Pension or the 75% Joint and Survivor Pension is in effect, the amount of your monthly pension during your lifetime will be less than if the pension had been payable as a Single Life Pension. Your reduced benefit will be determined as described in the 50% Joint and Survivor section. Eligibility DISABILITY PENSION The Disability Pension benefit is not available for Annuity Starting Dates after September 1, 2009. If you were already receiving Disability Pensions Benefits prior to July 1, 2009, you will not be considered Totally and Permanently Disabled unless you were receiving Social Security Disability Benefits on July 1, 2009. Additionally, if you stop receiving Social Security Disability Benefits after July 1, 2009, you will no longer be eligible to receive a Disability Pension. You must notify the Fund Office in the event you stop receiving Social Security Disability Benefits. 12

Amount of Disability Pension The amount of your Disability Pension will be the same as the Normal Pension that you would have received at age 65, based on the amount of Pension Benefit Credits you earned up to the date you became disabled. When Your Disability Pension Begins Your Disability Pension will be payable beginning on your Annuity Starting Date. With regard to a Disability Pension only, Annuity Starting Date means the first day of the first calendar month after you have fulfilled all terms and conditions under the Plan for entitlement to benefits, and after the later of: a. First day of the seventh month from the date you are considered Totally and Permanently Disabled, provided you submit a Social Security Administration award letter within 180 days of receipt of such award letter, or b. First day of the month following the submission of a completed application for Disability Benefits, which includes all necessary evidence of entitlement to a Disability Pension as determined by the Board of Trustees. Earnings by a Disability Pensioner Any earnings you receive from employment or gainful pursuit of employment must be reported to the Trustees in writing within fifteen (15) days after the end of the month in which you had such earnings. What Happens if You Recover From Your Disability If you are no longer totally disabled, your Disability Pension will stop. You may then: a. apply for a Normal Retirement Pension if you have met the age and service requirements for a Normal Retirement Pension. Your Normal Retirement benefit will begin on your Annuity Starting Date and will be determined as if you were retiring for the first time; or, b. return to Covered Employment and resume earning Pension Credits. If you return to work and retire later, your pension will be recalculated as though it was being determined for the first time, taking into account any additional Pension Credits earned. 13

ELECTION UPON RETIREMENT At the time of your retirement, you must decide how you want your retirement benefit paid. If you are married at the time you retire, your benefit will be paid in the form of a 50% Joint and Survivor Pension unless both you and your Qualified Spouse jointly elect to reject the 50% Joint and Survivor Pension in favor of one of the Plan s optional forms of benefits no earlier than one hundred eighty (180) days before your Annuity Starting Date. 50% JOINT AND SURVIVOR PENSION Earlier portions of this booklet refer to the 50% Joint and Survivor Pension, which is the standard form for receiving Normal, Early, Disability and Vested Benefits. The 50% Joint and Survivor Pension provides a lifetime pension for you, plus a lifetime pension for your Qualified Spouse. To be considered a Qualified Spouse, your spouse must have been married to you for at least one (1) year before the earlier of your Annuity Starting Date or your date of death. The monthly amount payable to your Qualified Spouse in the event of your death is one-half (1/2) of whatever monthly amount you were receiving immediately prior to your death. The 50% Joint and Survivor Pension form will apply to the pension benefits of all married Vested Participants, unless both you and your Qualified Spouse elect otherwise. You and your Qualified Spouse may reject the 50% Joint and Survivor Pension no earlier than one hundred eighty (180) days before your Annuity Starting Date. The Fund Office will provide you with a detailed explanation of the terms and conditions of a 50% Joint and Survivor Pension no less than thirty (30) days and no more than one hundred eighty (180) days before your Annuity Starting Date. You may waive (with your spouse s consent) the 30-day minimum waiting period after you have received a written explanation of the terms and conditions of a joint and survivor annuity. The waiver is allowed only if the distribution begins more than 7 days after the written explanation is provided. Reduction for the 50% Joint and Survivor Pension When the 50% Joint and Survivor Pension is in effect (that is, if you and your spouse do not reject it at the time of your retirement), the amount of your monthly benefit is less than what it would have been if the pension were payable for the rest of your life only. The amount of your reduced monthly benefit is calculated by multiplying the amount of Normal Pension by a factor in the Joint and Survivor Benefit Factors Table, which are based on your age and the age of your spouse. For example, suppose you retire at age 65 with a Normal Pension amount of $2,000.00, and your spouse is age 62. Your reduced monthly benefit in the form of the 50% Joint and Survivor Pension is determined as follows: 14

1. Your Normal Pension amount is $2,000.00 2. The factor in the Joint and Survivor Benefit Factors Table for an Employee age 65 with a Spouse age 62 is 0.910 3. Your reduced monthly benefit in the Employee-and Spouse form is therefore $1,820($2,000 x 0.910) SINGLE LIFE PENSION If you are single at the time you retire, or if you are married and you and your spouse jointly reject the 50% Joint and Survivor Pension, your benefit will be paid in the form of a Single Life Pension and you will receive monthly benefits for your lifetime only. Benefits cease at the end of the month in which your death occurs. If you are married and you and your spouse jointly reject the 50% Joint and Survivor Pension, you may elect either the 75% Joint and Survivor Pension or the Single Life Pension with no guaranteed pension payments after death. If you elect the Single Life Pension and die, your spouse will receive no future payments. Note that the thirty-six (36) month guarantee is not available for Annuity Starting Dates after September 1, 2009. 75% JOINT AND SURVIVOR PENSION If you and your spouse jointly reject the 50% Joint and Survivor Pension, and instead elect the 75% Joint and Survivor Pension, you will receive a pension for your lifetime, plus a lifetime pension for your Qualified Spouse. To be considered a Qualified Spouse, your spouse must have been married to you for at least one (1) year before the earlier of your Annuity Starting Date or your date of death. The monthly amount payable to your Qualified Spouse in the event of your death is 75% of whatever monthly amount you were receiving immediately prior to your death. You may elect the 75% Joint and Survivor Pension when you retire, even if you and your spouse have not been married for one year before your Annuity Starting Date. However, if you die after beginning to receive benefits before you have been married for one year, your spouse will not receive the 75% Survivor Pension. The Plan will pay to your spouse the difference between the amount you received and the amount you would have received if you had elected the Single Life Pension during that period, with no guaranteed pension payments after death. If you die, the Single Life Pension does not provide future payments to your spouse. See Single Life Pension section and note that the thirty-six (36) month guarantee is not available for Annuity Starting Dates after September 1, 2009. Reduction for the 75% Joint and Survivor Pension When the 75% Joint and Survivor Benefit is in effect (that is, when you and your spouse reject the Employee and Spouse Pension at the time of your retirement and elect the 75% Joint and Survivor Pension), the amount of your monthly benefit is also less than what it 15

would have been if the pension were payable for the rest of your life only. The amount of your reduced monthly benefit is figured by multiplying the amount of Normal Pension by a factor in the Joint and Survivor Benefit Factors Table, which depends on your age and the age of your spouse. For example, suppose you retired at age 65 with a Normal Pension amount of $2,000.00, and your spouse is age 62. Your reduced monthly benefit in the form of the 75% Joint-and Survivor Benefit is calculated as follows: 1. Your Normal Pension amount is $2,000.00 2. The factor in the Joint and Survivor Benefit Factors Table for an Employee age 65 with a Spouse age 62 is 0.868 3. Your reduced monthly benefit in the 75% Joint and Survivor form is therefore $1,736.00 ($2,000 x 0.868) Death Before Retirement DEATH BENEFIT If you were unmarried at the time of your death, there is no benefit payable to anyone. If you are a married Participant and you are vested in a pension payable from this Plan, your Qualified Spouse may be eligible for a Pre-retirement Surviving Spouse Pension if you die after August 22, 1984, but before your Annuity Starting Date (unless both you and your Qualified Spouse have previously rejected this coverage). Your Qualified Spouse will begin receiving a monthly benefit on the first day of the month after what would have been your 65th birthday, if you had lived. The amount of the benefit will be determined as though you had retired on a Normal Retirement Pension with the 50% Joint and Survivor Pension form on the day before your death, and your Qualified Spouse will receive 50% of the amount you would have received. If you were over age 65 at the time of your death, your Qualified Spouse will begin receiving a monthly benefit on the first day of the month following your death. The amount of the benefit will be determined as though you had retired on a Normal Retirement Pension with a 50% Joint and Survivor form in effect on the day before your death, and your spouse will receive 50% of the amount you would have received. If desired, your Qualified Spouse may elect, in writing, to defer receiving a monthly Pre- Retirement Surviving Spouse Pension beyond the date you would have been eligible to retire. In no event, however, may the commencement of your spouse s benefit be postponed beyond December 31 of the calendar year you would have reached age 70 ½ or December 31 of the calendar year of your death, if later. 16

Death After Retirement If you die after retiring and the 50% Joint and Survivor Pension form is in effect and if you have been married for at least 1 year, your eligible Qualified Spouse will receive a monthly benefit equal to one-half of the benefit you had been receiving before your death. These payments will continue for the rest of your spouse s life. You may elect the 50% Joint and Survivor Pension when you retire, even if you and your spouse have not been married for one year before your Annuity Starting Date. However, if you die after beginning to receive benefits but before you have been married for one year, your spouse will not receive the 50% Survivor Pension. The Plan will pay to your spouse the difference between the amount you received and the amount you would have received if you had elected the Single Life Pension during that period, including the remainder of the 36 months guarantee (for Annuity Starting Dates on or before September 1, 2009) payable in connection with the Single Life Pension (see Single Life Pension section). If the 50% Joint and Survivor Option was rejected, your Qualified Spouse will receive no benefits from the Plan upon your death after your retirement, unless (1) there is a number of months remaining to be paid under the Single Life Pension with a guaranteed pension payment of 36 months (for Annuity Starting Dates on or before September 1, 2009) or (2) you elected the 75% Joint and Survivor Pension (see 75% Joint and Survivor Pension section). Pre-retirement Death Benefit for Non-Vested Participants The Pre-retirement Death Benefit is not available for non-vested Participants for deaths after September 1, 2009. LUMP SUM PENSION BENEFIT If the actuarial present value of a Pre-Retirement Surviving Spouse Pension, the 50% Joint and Survivor Pension, the 75% Joint and Survivor Pension or a Single Life Pension payable is $1,000 or less as of your Annuity Starting Date or that of your Beneficiary, the value of the pension will be payable in a mandatory single lump sum. Payment of the lump sum benefit will not apply after your Annuity Starting Date, unless you consent in writing to the single sum. Such a lump sum payment discharges the Fund of any further payments in regard to your pension benefit. You may wish to contact the Fund Office to determine whether this provision applies to your benefits. 17

ROLLOVER OF YOUR PENSION Certain pension distributions from this Plan are eligible for rollover treatment. This means that you can roll over all or a part of these types of pension distributions to an individual retirement account ( IRA ) or to another qualified retirement plan that accepts rollovers, and you may do so by having your pension paid either to a direct rollover or to you. Your choice either to roll over the below referenced pension distributions or not roll over your pension will significantly affect the amount of taxes you owe. Generally, you can roll over the following types of pensions from this Plan, which are considered eligible rollover pensions : 1. Any lump sum payment made: a. to you upon retirement; or b. to a Beneficiary upon your death. 2. A lump sum cash out of $1,000 or less. Generally, you cannot roll over a payment if it is part of a series of equal (or almost equal) payments that are made at least once a year and that will last for your lifetime (or life expectancy), your lifetime and your beneficiary s lifetime (or life expectancies), or a period of 10 years or more. Generally, the following types of pensions from this Plan cannot be rolled over: 1. A Single Life Pension, a Pre-Retirement Survivor Pension, a 50% Joint and Survivor Pension or a 75% Joint and Survivor Pension. These payment types cannot be rolled over because they are made to you for your life or the life expectancy of you and your spouse. 2. Mandatory Distributions: The portion of your pension that is paid to you because you attained age 70 ½ (your Required Beginning Date). If You Choose A Direct Rollover: 1. Your pension payment will not be taxed in the year it is distributed and no federal income tax will be withheld. 2. Your pension payment will be transferred directly to your IRA or, if you choose, to another qualified retirement plan that accepts your rollover. 3. Your pension will be taxed when you take it out of the IRA or the qualified retirement plan. You should consult with your tax advisor for specific details 18

regarding the potential tax effects of your decision to roll over your Pension. You may directly rollover all or a portion of your pension; however, your direct rollover amount must be at least $200. If You Choose To Have Your Pension Paid Directly To You: 1. You will receive only 80% of your pension payment, because the Administrative Manager is required to withhold 20% of the payment and send it to the IRS as income tax withholding, to be credited against your federal income taxes. 2. Your pension payment will be taxed in the current year unless you roll it over. You may be able to use the special averaging tax rules that could reduce the tax you owe. However, if you receive the payment before age 59 ½, you may also have to pay an additional 10% early distribution tax. 3. You can roll over all or a portion of your pension by paying it to your IRA or to another qualified retirement plan that accepts your rollover within 60 days of receiving your pension from this Fund. The amount rolled over will not be taxed until you take it out of the IRA or qualified retirement plan. 4. If you want to roll over 100% of your pension to an IRA or a qualified retirement plan, you must find other money to replace the 20% that was withheld. If you roll over only the 80% that you received, you will be taxed on the 20% that was withheld and that was not rolled over. If you have any questions concerning how to roll over your eligible rollover pension, or if you are unsure whether your pension distribution is an eligible rollover pension; please contact the Fund Office. 5. You should consult with your tax advisor prior to making a decision regarding whether to have your pension paid directly to you or to have it rolled over to another qualified retirement plan, as your decision could have significant tax implications for you. Neither the Trustees nor the Fund s Administrative Manager will provide you with tax advice. 19

RETIREMENT AND SUSPENSION OF BENEFITS Retired To be considered retired prior to age 65, you must withdraw and refrain from any work in Disqualifying Employment. Disqualifying Employment Disqualifying Employment means work in which you are: a. Employed with any Employer contributing to the Fund; b. Employed with any employer in the same or related business as any Employer contributing to the Fund; c. Self-employed in the same or related business as any Employer contributing to the Fund; or d. Employed or self-employed in any state in any craft which may be under the occupational jurisdiction of the Union or Council. Your pension will be suspended (not paid to you) for any month in which you are employed in Disqualifying Employment before you reach Normal Retirement Age. After you have reached Normal Retirement Age, your monthly benefit will not be suspended for any month in which you work past your Normal Retirement Age, even if you work in Disqualifying Employment. Suspension of Benefits - Before Normal Retirement Age If after you retire and begin receiving monthly pension benefits from this Plan, you return to and are paid for any of the work described above, you must notify the Trustees within thirty (30) days after you start work. Your pension benefits will be suspended (not paid to you) for each month you are employed in such employment. Then, when you retire again, you must notify the Trustees on a form obtained from the Fund Office. Your benefits will again become payable no later than the third month after the last month for which your benefits were suspended, provided you have notified the Trustees, as described above. Temporary Waiver of Suspension of Benefits If your retirement benefits began on or before October 1, 2006, you may return to work in Covered Employment for up to 1,000 hours during the 2007 calendar year only without having your benefits suspended. However, your benefits will be subject to suspension for any work in Disqualifying Employment (including Covered Employment) in the months 20

following the month in which you accumulated 1,000 hours of Covered Employment in 2007. Benefit Payments Following Suspension - Prior to Age 65 If you originally retired before age 65 and you then return to work in Disqualifying Employment, upon your subsequent retirement, your pension benefit will be recalculated as though it were being determined for the first time. The recalculated pension benefit will be based on the age at which you again retired, reduced by the number of months you received benefits before your return to Disqualifying Employment and reduced by the number of months for which your benefits were suspended for work in Disqualifying Employment. Any additional Pension Credits earned during the suspension period (for any work in Covered Employment you may have performed) will be paid as a separate pension in addition to your resumed benefit, and will be subject to a new and separate Annuity Starting Date. Payment of your benefits will begin on your new Annuity Starting Date. If you owe reimbursement to the Plan for any months in which you were working in Disqualifying Employment and received your Pension benefits, the amount of such payments will be deducted from your pension benefits when they resume. Notices You must notify the Trustees if you have returned to work in Disqualifying Employment. If you fail to notify the Trustees that you have returned to work, the Trustees will presume that you have been working for as long as your Employer has been and remains actively engaged at the construction or work site. You have the right to overcome that presumption by providing sufficient proof that your work was not cause for suspension of your pension. The Trustees will inform all retirees at least once every 12 months of the reemployment notification requirements. The Trustees will notify you of any suspension during the first calendar month in which your benefits are withheld. The notice will include the reasons for the suspension, a copy of the relevant provisions of the Plan, reference to applicable regulations of the U.S. Department of Labor, and the procedures for a review by the Board of Trustees of your suspension. Additionally, the notice will describe the procedure for you to notify the Plan when your Disqualifying Employment ends. If your resumed payments are to be offset by the amount of any overpayments, this notice will explain that procedure and state the amount to be offset. You are entitled to a review if your pension is suspended. The procedure for a review is the same as for an appeal of denied benefits (see How to Apply for Benefits section). If you are considering working at a job that might be Disqualifying Employment, you may request the Trustees determination as to whether your work will be considered Disqualifying Employment. Any such request should be addressed to the Trustees in writing. 21

PARTIAL PENSION A number of pension funds in the Carpenters and Millwrights industries have signed reciprocal agreements with each other. By doing so, they have agreed, under certain circumstances, to give an Employee credit in one fund for service accumulated under the jurisdiction of another fund. This is termed a Partial Pension. The funds that are signatory to such reciprocal agreements are called Related Plans. If you would like information concerning Related Plans, you should contact the Fund Office. Eligibility You are eligible for a Partial Pension if: a. you would be eligible for a Pension under this Plan if your combined Pension Credits (credit earned under the Plan added to those earned under Related Plans) were treated as credit under this Plan; b. you have earned at least one year of Pension Credit under each of the plans based on employment since January 1, 1955; c. you have met the minimum age requirements in each of the plans that will be paying a Partial Pension, if you are applying for a pension based on age; and d. at least two Related Plans will be paying a Partial Pension. Related Pension Credits Related Pension Credits are credits that are granted for periods of service in a Related Plan for benefit accrual purposes, and that are accumulated and maintained on your behalf under a Related Plan. Related Pension Credits shall be recognized by this Plan for purposes of determining your eligibility for a Partial Pension. Pension Credits earned under each Related Plan shall be based on the rules in effect in that Plan at the time you were employed. Combined Pension Credit The Pension Credit granted under this Plan and each of the Related Plans together comprise your Combined Pension Credit. In no case will more than one year of Pension Credit be counted for any 12 consecutive calendar months. In a calendar year, if you have worked under 2 or more Related Plans and accumulated fractional years of Pension Credit, which together add up to more than one year of credit for that calendar year, then the Pension Credit recognized shall be limited to one year. Pension Credit will first be counted under the Plan that provides the highest benefit accrual rate. The other Related Plan(s) shall count as 22

Pension Credit the necessary fractional year(s), in a declining benefit accrual rate order, which will bring the total to exactly one year of Pension Credit for you. Breaks in Service Any Related Pension Credit shall be considered when determining whether there has been a permanent Break in Service, and can be used to prevent a permanent Break in Service. Election of Pension If you are eligible for more than one type of pension or optional form of pension under this Plan, you are entitled to elect the type of pension you will receive. Amount of Partial Pension The amount payable by each Related Plan under which you qualify for a pension shall be the benefit amount to which you are entitled under that plan during the period you earned Pension Benefit Credit under that plan. Benefit Increases Your benefit from this Plan will be calculated at the benefit level in effect at the time you last earned Pension Benefit Credits under this Plan, or the level at the time the pension is effective, at the option of each Plan. Form of Partial Pension If you are married, your Partial Pension shall be paid in the form of a 50% Joint and Survivor Pension, as described in that section, unless you and your spouse validly reject it in favor of another form of pension payment. If your Partial Pension is suspended by one Plan, it may be suspended by the other plan(s). 23