ITPE Pension Plan

1. An Employee has been working for an Employer since January 1, 2003. The Employer signs his first Collective Bargaining Agreement, which calls for the Employer to be bound by the terms and provisions of the Plan, on April 1, 2003. The Employee becomes a Participant on April 1, 2003.
   
   
2. An Employee starts work on June 1, 2003. The Employer signed a Collective Bargaining Agreement, which caused him to be bound by the terms and provisions of the Plan on April 1, 2001. The Employee becomes a Participant on June 1, 2003 (the first day of employment).

1. Your Employer is required to make contributions to the Plan on your behalf in accordance with the provisions of the Collective Bargaining Agreement. This normally means that your Employer contributes a fixed amount for such hours specified in the Collective Bargaining Agreement.


2. Your Employer is required to submit contributions to the Plan each month. With those contributions, your Employer submits a report listing all its Employees, their Social Security numbers and the amount of hours for each Employee for which it is making contributions.


3. When a report is received indicating that contributions are being made on your behalf, the Plan establishes an "Individual Account" in your name and the contributions made on your behalf are credited to your Individual Account.


4. Once your Individual Account is established, your share of the net investment results is also applied to your Individual Account through a Valuation made every six months by the Plan. Net investment results constitute your share of the investment income or loss of the Plan, less your share of the administrative expenses of the Plan.


5. The amount of money which is in your Individual Account at the time you become entitled to the payment of any benefit from the Plan is known as your "Accumulated Share".


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1. You complete one "Year of Service". There are several ways to attain a "Year of Service". They are as follows:
   1. Start with the date you become a Participant and, if within one year from that date, you perform at least 1,000 hours of service (600 hours if your employment began before April 1, 2001), you have completed one Year of Service and you are vested.
   2. You work for an Employer for some time before it signs a Collective Bargaining Agreement with the Union. You will be immediately vested if you had 1,000 hours of service (600 hours if your employment began before April 1, 2001) in the employ of that Employer in any calendar year prior to the signing of the Collective Bargaining Agreement.
   3. You work at an Installation just before a Collective Bargaining Agreement is signed covering that Installation. The Collective Bargaining Agreement is signed and you are employed on that date. If you performed 1,000 hours of service (600 hours if your employment began before April 1, 2001) at that Installation in a consecutive twelve month period immediately prior to the effective date of the Collective Bargaining Agreement, you are vested.
   
   
2. You are permanently laid off from employment because of the closing for a period of not less than 120 days of the Installation where you are employed, or because of a determination by the appropriate Procurement Agency to terminate or suspend for a period of not less than 120 days, the contracting out of work pursuant to service contract at the Installation where you are employed.


3. You die during any period of employment with an Employer or as a result of any condition which commenced during such period of employment.


4. You complete 1,000 hours of service during any consecutive three year period of "Seasonal Employment". Please refer to the definition of "Seasonal Employment" set forth at page 26 in Part III of this booklet.


5. You attain the age of 62 (normal retirement age) while employed pursuant to a Collective Bargaining Agreement.

These examples should help you:


1. You go to work for an Employer who is party to a Collective Bargaining Agreement with the Union which requires contributions to the Plan. You earn at least 1,000 hours of service in the year which starts on your first day of employment (600 hours if your employment began before April 1, 2001). If you do this, you are vested.


2. You have been employed for some time by an Employer. The Employer first signs a Collective Bargaining Agreement with the Union in late 2003. You have over 1,000 hours of service in calendar year 2002. You are immediately vested.


3. You have been employed at an Installation for some time. There have been various employers at that Installation. A new Employer signs a Collective Bargaining Agreement with the Union in late 2003. In the twelve-month period prior to the signing of the Collective Bargaining Agreement you had performed more than 1,000 hours of service for your prior employer. On the date of the signing of the Collective Bargaining Agreement (on which date you are employed) you are vested.


4. You start work with a contributing Employer on November 1, 2001. You work twenty hours per week prior to October 31, 2002. This is over 1,000 hours. You are vested.

IMPORTANT: Once you are vested, you have earned a benefit and it will be paid to you or your beneficiary at a future date. But you must apply for this benefit.

Remember, you will receive benefits only for those hours for which contributions are actually made on your behalf. You do not receive benefits for hours for which you received credit for vesting purposes only – since no contributions were received for such hours.

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1. Permanent and total disability; or


2. Permanent layoff from employment arising out of the closing for a period of not less than 120 days of the Installation where you were employed, or a determination by the procurement agency to terminate or suspend for a period of not less than 120 days the contracting out of work pursuant to a service contract at the Installation where you were employed;


3. In addition, the one year waiting provision will not apply if you have achieved 15 years of continuous service and are at least 50 years of age, but have not reached age 62. In such event you will be entitled to receive payment after 120 days from termination from employment.


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1. The terms and conditions of a Qualified Joint and Survivor Annuity if you are married, or a Life Annuity if you are single;
   
   
2. The Participant's right to make, and the effect of, an election to waive the annuity form of benefit;
   
   
3. The rights of a Participant's spouse, and
   
   
4. The right to make, and the effect of, a revocation of a previous election to waive the qualified joint and survivor annuity.

1. Annuity – Monthly Payments for life.
   
   
2. One Lump Sum – Only with a qualified election signed.

1. The Board of Trustees of the ITPE Pension Fund has determined that if an Accumulated Share is payable that amounts to less than $1,000, it will be paid in one lump sum.
   
   
2. If any annuity payment on a monthly basis is less than $20 per month, the Trustees may combine these monthly payments into one quarterly, semi-annual, or annual payment.

1. If you are married, and have named your spouse as your beneficiary, your Accumulated Share will be paid to your spouse.
   
   
2. If you and your spouse have validly waived the Pre-Retirement Survivor Annuity, and another beneficiary(s) is named, that beneficiary(s) will be paid the Accumulated Share.
   
   
3. If you have named another beneficiary(s) and you have a spouse who has not validly waived the Pre-Retirement Survivor Annuity, your spouse will be paid one half of your Accumulated Share and the balance of your Accumulated Share will be paid to your beneficiary(s).
   
   
4. If you are married, but have no dependent children, and have not named any beneficiary(s), your spouse will be paid one half of your Accumulated Share and the balance of your Accumulated Share will be forfeited.
   
   
5. If you are married, with dependent children, and have not named any beneficiary(s), your spouse will be paid one half of your Accumulated Share and your dependent children will share the other half.
   
   
6. If you are single and have validly named a beneficiary(s), that beneficiary(s) will be paid your Accumulated Share.
   
   
7. If you are single and have no dependent children and have not named a beneficiary(s), your Accumulated Share shall be forfeited.
   
   

1. The Plan is obligated to begin distributing your benefit to you not later than April 1st of the calendar year after you reach age 70-1/2, regardless of whether you are still working. However, you may elect to forego this distribution by so indicating on a form designated by the Trustees.
   
   
2. If you are due a payment in April or October, payment will be made in the next month. This occurs so that you will receive investment income (if any) for the preceding six months.

1. If you are vested and die without having a validly designated beneficiary and no surviving spouse or dependent children who can be located in the exercise of due diligence, the amount of money in your Individual Account will be forfeited;
   
   
2. The Accumulated Share in your Individual Account will be deemed forfeited if:
   
   No contributions have been made to your Individual Account for eighteen (18) consecutive months and no application for payment of your benefit has been received by the Plan by the end of that eighteen (18) month period, and
   1. The Accumulated Share in your Individual Account is $5,000 or less or you are age 62 or older; and
   2. The Trustees, in the exercise of due diligence, have been unable to locate you or your beneficiary.