ASBESTOS WORKERS LOCAL UNION NO. 32

PENSION TRUST FUND

PLAN RULES AND REGULATIONS

As Amended through January 1, 2014Favorable determination by the IRS October 8, 2015

Restatement Effective JANUARY 1, 2016

ASBESTOS WORKERS LOCAL UNION NO. 32

PENSION TRUST FUND

RULES AND REGULATIONS FOR THE PENSION PLAN

As Amended and Restated

Effective January 1, 2016

Table of Contents

ARTICLE I - Definitions 3

ARTICLE II - Credited Service 7

ARTICLE III - Eligibility for Normal or Eariy Retirement Benefits 8

ARTICLE IV- Eligibilityfor Disability Benefits 9

ARTICLE V - Amount of Benefits 10

ARTICLE VI - Miscellaneous Provisions 11

ARTICLE VII - Vesting 17

ARTICLE VIII - Death Benefit 18

ARTICLE IX- Beneficiary 19

ARTICLE X - Eligible Rollover Distributions 19

ARTICLE XI - Partial Pensions 20

ARTICLE XII - Administration 21

ARTICLE XIII - Amendment, Modification or Discontinuance of the Plan 22

ARTICLE XIV - Statement of Policy 24

ARTICLE! - Definitions

The following terms have the meanings specified below:

(1) "Effective Date" means September 1,1957.

(2) "Restatement Date" means January 1, 2016.

(3) "Union" means Local Union 32 of the international Association of Heat and Frost Insulatorsand Asbestos Workers, AFL-CIO.

(4) "Association" means The Heat and Cold Insulation Contractors of New Jersey, a New Jerseycorporation.

(5) "Agreement and Declaration of Trust" means the Agreement and Declaration of Trust ofAsbestos Workers Local 32 Pension Fund (including any amendments thereto andmodifications thereof) made and entered into on March 24th, 1959 by the Union, theAssociation, two individual employers who were not members of the association and theTrustees as designated in the Agreement and Deciaration of Trust.

(6) "Trustees" means the persons designated as trustees by the appointing parties in theAgreement and Declaration of Trust and their alternates and successors as provided therein.

(7) "Pension Fund" means the trust estates created by and as defined in the Agreement andDeclaration of Trust.

(8) "Emplover" means the following:

(a) Any empioyer who is a contractor engaged in the heat and cold insulation industry and whoenters into and maintains a collective bargaining agreement with the Union and, inaccordance therewith, assents and consents to participate and contribute such sums ofmoney as determined in the coilective bargaining agreements in effect to the PensionFund.

(b) Any employer who is a member of the Association and on whose behalf the Associationbecame a party to the Agreement and Declaration of Trust.

(c) Any employer who has a collective bargaining agreement in existence with the IntemationalAssociation of Heat and Frost Insulators and Asbestos Workers, AFL-CIO and does nothave a collective bargaining agreement with the Union but whom however, on behalf of hisemployees represented by the Union adheres to the hours of work, working conditions,rates of pay and contributions to the Pension Fund required by the collective bargainingagreement which the Union then has in effect with other Employers.

(d) The Union on behalf of its regular, full-time employees provided it agrees to paycontributions into the Pension Fund for which such regular full-time employees on the samebasis as other Employers pay for their covered employees.

(e) The Trustees.

(9) "Employee" means the following:

(a) All employees of an Employer who constitutes a bargaining unit represented by the Unionand on whose behalf the Employer makes contributions to the Pension Fund.

(b) Regular, full-time employees of the Union provided the Union makes contributions on theirbehalf to the Pension Fund.

(c) The regular, full-time employees of the Trustees, provided contributions are made on theirbehalf to the Pension Fund.

For the purpose of the Plan, a regular, full-time employee is one who normally works 1,000 ormore hours in a year.

(10) "Pension Plan" means these Rules and Regulations with any amendments thereto as adoptedfrom time to time.

(11) "Pensioner" means any person formerly an Employee who has retired under this Pension Planand who is receiving pension benefits provided for herein.

(12) "Plan Year" means the period of twelve consecutive months beginning on any January 1.

(13) "Credited Service" means service for which credit is given as provided in Article II.

(14) "Participating Service" means Credited Service in Plan Years commencing on or afterJanuary 1, 1958 and during the period from September 1, 1957 to January 1, 1958 for whichcontributions have been made to the Pension Fund according to the Schedules in Section (1)and (7) of Article II.

(15) "Vesting Service" means any Plan Year after the Effective Date for which an Employee has atleast 1,000 Hours of Service.

(16) "Industry" means the heat and cold insulation industry and, for the purposes of the PensionPlan, shall include work as an employee of the Union, the Trustees or the New Jersey StateBuilding and Construction Trades Council.

(17) "Participant" means an Employee in the active employment of an Employer for at least oneHour of Service since the later of his or her date of first employment in the Industry and thedate immediately following their latest Break in Service, if any. "Participant" shall include anyEmployee of the Trustees and of the Union who have at least one Hour of Service after thelater of their date of employment by the Trustees or the Union and the date immediatelyfollowing their latest Break in Service, if any. It shall include any Pensioner, Beneficiary orspouse receiving monthly benefits as of the beginning of the Plan Year and any VestedEmployee who is entitled to deferred vested benefits.

(18) "Vested Employee" means an Employee as defined in Article I, Paragraph (9)(a) who has atleast 5 years of Vested Service (10 years of Vested Service if he last worked prior to January1, 1999) and an Employee as defined in Article I, Paragraph (9)(b) or (c) who has at least 5years of Vesting Service.

(19) "Beneficiary" means a person designated as provided in Article VIII to receive benefits in theevent of the death of an Employee or Pensioner.

(20) "Spouse" means a wife or husband who Is lawfully married to an Employee on the earlier ofthe Employee's retirement or death.

(21) "Break in Service" means a period of time during which an Employee does not work in theindustry within the territorial jurisdiction of the Union as provided in Article II.

(22) "Full Annuity Form" means a manner of making pension payments for life such that if theEmployee dies before pension payments have been made for at least 120 months, the Pensionpayments shall continue to be paid to a Beneficiary until a total 120 monthly payments havebeen made. This will not apply if the Participant is in receipt of the fourth (4"^) optional form ofbenefit that provides a reduced 75% Joint & Survivor that is actuarial equivalent to the FullAnnuity Form.

(23) "Accrued Benefit" means the pension payments that would normally commence on theNormal Retirement Date, to which an Employee would be entitled under the Plan as in effecton the date of determination based upon the number of years of Credited Service andParticipating Service to the date of determination subject to the limits then in effect and inaccordance with the following schedule where, when a limit on the number of years isapplicable, the best years are counted.

Rate of Monthly Pension in EffectDetermination Maximum Credited Participating Service

(24)

Date Years Service 09/57 - 12/73 01/74 - Later

Thru 08/31/73 25 $6.25 $ 6.25 $ -09/73-12/79 25 6.25 7.75 12.00

01/80-12/81 30 7.00 8.00 13.00

01/82-12/83 30 8.00 9.00 26.00

01/84-12/84 30 9.00 10.00 34.75

01/85-12/86 30 9.90 11.00 38.25

01/87-12/89 No Limit 9.90 11.90 40.00

01/90-12/93 No Limit 9.90 13.00 45.00

01/94-12/96 No Limit 10.89 14.30 49.50

01/97-12/97 No Limit 10.89 14.30 55.50

01/98-12/98 No Limit 11.98 15.73 61.05

01/99 - 12/99 No Limit 14.38 18.88 73.26

01/00 - 12/06 No Limit 14.77 18.88 75.23

01/07-12/15 No Limit 15.75 20.14 80.25

01/16-Later No Limit 15.75 84.25 84.25

Additionally, any Pensioner who retires on or after January 1, 2007 will receive an additional$75.00 per month added to the accrued benefit. This does not apply to a participant whoincurred a Break in Service and was not Active on January 1, 2007(add to restatement). The$75.00 will also be provided to any beneficiaries in receipt of a survivor benefit."

Effective June 6, 1996, if a vested Employee incurs six (6) or more consecutive breaks-in-service and returns to employment and again earns service under the Plan, the benefit forservice earned prior to the breaks is calculated at the rate in effect prior to the 1®' break-in-service and the benefit for the service earned after the breaks is calculated at the then current

rate when the Employee again incurs a break-in-service. However, all service is aggregatedand calculated at the latest benefit rate if the Employee returns to work after six (6) or moreconsecutive breaks and earns a minimum of ten (10) years of service.

"Actuarial Equivalent" means a benefit determined to be of equal value to another benefit onthe basis of the RP 2015 Table at 6 percent interest.

(25) "Normal Retirement Date" means the later of the 62nd birthday or the 5th anniversary of theirdate of participation in the Plan.

(26) "Hour of Service" means:(a) Each Hour for which an Employee is paid or entitled to payment by an Employer for the

performance of duties during a Plan Year.(b) Each hour for which an Employee is paid or entitled to payment by an Employer on account of a

period of time during which no duties are performed (irrespective of whether the employmentrelationship has terminated) due to vacation, holiday, illness, incapacity (including disability), layoff,jury or military duty. The method of determining the number of hours and the method of creditingsuch hours to computation periods shall conform to Section 2640.200b-2(b) and (c) of theDepartment of Labor regulations and shall include service granted by the IJniformed ServicesEmployment and Reemployment Rights Act of 1994. For the purposes of this Subsection (b), apayment shall be deemed to be made by or due from an Employer regardless of whether suchpayment is made by or due from the Employer directly or indirectly through, among others, a trustfund, or insurer, to which the Employer contributes or pays premiums and regardless of whethercontributions made or due to the trust fund, insurer or other entity are for the benefit of particularemployees or are on behalf of a group of employees in the aggregate. In accordance with theHeroes Earnings Assistance and ReliefAct (HEART) the plan will also provide that, in the case of aparticipant who dies on or after January 1, 2007 while performing Qualified Miiitary Service (asdefined in section 414(u)(5) of the Internal Revenue Code), the survivors of the participant areentitled to any additional benefits (other than benefit accruals relating to the period of QualifiedMilitary Service) that would have been provided under the plan had the participant resumedemployment and then terminated employment on account of death. The participant will also becredited with service for vesting purposes, upon reemployment, for the period of Qualified MilitaryService.

(c) Each hour for which back pay, irrespective of mitigation of damages, is awarded or agreed to by anEmployer. The same hours of service shall not be credited under Subsection (a) or (b), as the casemay be, and under Subsection (c).

(d) Each hour (up to a maximum of 501 hours) for which an employee is absent due to (1) theindividual's pregnancy, (2) childbirth, (3) adoption of a child or (4) childcare immediately after thebirth or adoption of a child. These hours would be credited in the year in which an absence beginsonly ifnecessary to preventa break, otherwise the hours would be credited to the following year. Ifthe number of hours of absence cannot be determined, then each day of absence shall equal 8hours of service.

(e) Hours of Service shall be computed and credited in accordance with paragraph (b) and (c) ofSection 2530 (b) - 2 of the Department of Labor Regulations.

(26) "Joint Annuitv" appiies to Empoyees who are married at retirement and means a Joint and SurvivorAnnuity payable throughout the lifetime of the Employee and, upon his or her death, one-half (50%) ofthe annuity payments continue to the spouse for life, such Joint and Survivor annuity being theActuarial Equivalent of the Full Annuity Form of benefit otherwise payable. Effective January 1, 2008,the Employee will be given the option of receiving a benefit that is further reduced with three-quarters(75%) of their annuity payments to continue to their spouse for life. Such Joint and Survivor annuitybeing the Actuarial Equivalent of the Full Annuity Form of benefitothenwise payable. If the Employeelast eamed Credited Service on or after January 1, 1994, and if the Employee did not receive 120monthly annuity payments, the balance of 120 monthly annuity payments, shall continue to theirspouse, and thereafter the survivor annuity payments shall continue to their spouse for life.Additionally, effective January 1, 2008, a married Employee will be given a fourth option of receiving areduced benefit with three-quarters (75%) of the payment continuing to their surviving spouse for life.Under this Actuarial Equivalent option, the benefit is not guaranteed for 120 monthly payments.If the Spouse predeceases the Pensioner, their benefit shall revert to the full amount of pension towhich he would have been entitled in the absence of the election of a Joint and Survivor AnnuityBenefit. Such increased benefit shall become payable for the month in which the death of theSurvivor Annuitant occurs and shall continue during the lifetime of the Pensioner and the Full AnnuityForm of Benefit as described in paragraph (22) of this Article I, shall become operative.

In calculating the reduced pension benefit payable to the Pensioner when the Pensioner's spouse isstill alive, the value of the increase in monthly pension payable, if the Survivor Annuitant predeceasesthe pensioner, shall not be taken into account.

A Pensioner who is in receipt of a joint and survivor annuity pension, who is thereafter divorced maychoose, with the former spouse's consent to waive their rights to said member's pension, to have theamount of their pension increased to the amount he or she would have received had he not chosenthe Joint and Survivor option. This increase in the amount of the pension would only apply on oneoccasion for each member. However, in the event that a proper court order has been enteredallowing the divorced spouse to participate in the member's pension, the member's pension would notbe increased.

ARTICLE I! - Credited Service

(1) An Employee shall receive Credited Service for each Plan Year on the basis of the hours whichhe worked in the Industry within the territoriai jurisdiction of the Union in accordance with the foiiowingschedule:

Hours Worked in Year Credited Service

1500 or more 1.00 Year

1,125 but less than 1,500 .75 Year750 but less than 1,125 .50 Year375 but less than 750 .25 YearLess than 375 .00 Year

(2) Proof of an Employee's work record shall be determined as follows:

(a) For service on and after September 17, 1957 the record of contributions to the Pension Fundshall be used except that, for employees of the Trustees, Credited Service shall be based onhours worked to January 1, 1976 and thereafter based on the record of contributions to thePension Fund. For any employee of the Trustees who was formerly employed solely by theNew Jersey Slate Building and Construction Trades Counsel, Credited Service prior toJanuary 1, 1976 shall be granted provided contributions are received by the Trustees fromthe New Jersey State Buiiding and Construction Trades Council for hours worked on thesame basis as paid for Employees of the Union.

(b)For services or after September 1, 1951 but prior to September 17, 1957 the record ofcontributions to the Union's Welfare Fund shall be used.

(c) For services prior to September 1, 1951 each Employee must submit evidence of the timethat he worked on the Industry within the territorial jurisdiction of the Union which issatisfactory to the Trustees.

Proof of work records shaii be established according to rules to be administered by the Trusteesin a non-discriminatory and uniform fashion.

(3) If a non-vested Employee has a Break in Service as hereinafter defined, all of their CreditedService and Participating Service earned prior to such Break in Service shall be forfeited until theEmployee completes at least 1,000 hours of Vesting Service in a Plan Year within five plan yearsfollowing Break in Service or, if greater, within the period of Vesting Service earned prior to the Breakin Service. Breaks in Service will be determined as foliows:

(a) A Break in Service after January 1. 1958 shall mean any Plan Year during which theEmployee does not have at least 375 hours of service or does not have a period of grace asprovided in Section (4) of this Article II or, after January 1, 1979, does not have acomparable period of Related Service.

(b) A Break In Service prior to January 1, 1958 shall mean any period of two consecutive PlanYears during which the Employee did not work in the Industry within the territorial jurisdictionof the Union, and

(4) Time during which an Employee did not work in the Industry within the territorial jurisdiction ofthe Union shall not be considered in determining whether the Employee had a Break in Service if hefailed to work for the following reasons:

(a) if the Employee was unable to work because of sickness or disability,

(b) if the Employee was available for work but was unable to work because of lack of workin the Industry within the territorial jurisdiction of the Union.

(c) if the Employee was in the active service of the armed forces of the United States, and

(d) if the Employee was employed outside of the bargaining unit by an Employer providedthat no more than a total of three such years shall be allowed to any Employee exceptas provided in Section (3)(b) of this Article II.

The Employee shall provide the Trustees with proof of the reason that he failed to work which issatisfactory to the Trustees. The Trustees may require proof of the reason for an Employee'scontinued failure to work at such time or times as they consider reasonable and necessary.

(5) If an Employer was required to make contributions to the Pension Fund or the Welfare Fund,as the case may be, but failed to make these payments, an Employee shall receive credited for timeworked as if required payments had been made.

(6) Employees who do not work for an Employer for at least 1,500 hours in any Plan Year mayreceive additional hours of work for the purpose of meeting the eligibility requirements set forth inSection (2) of Article III (Early Retirement) and Section (1) of Article IV (Disability) that an Employeehave at least 5 years of Credited Service in the 10 Plan Years immediately preceding retirement andfor the purpose of determining the death benefit payable in accordance with Section (1) of Article VII(s/b (VIII). The additional hours are not for the purpose of computing the amount of any retirementbenefit or meeting other eligibility requirements for retirement benefits and do not add to the pensioncredits of the Employee. An Employee shall be granted additional hours according to the standardnumber of hours work per day for time during which he did not work in the industry within the territorialjurisdiction of the Union for any of the reasons outlined in Section (4) if this Article II.

ARTICLE III - Eligibility for Normal or Early Retirement Benefits

(1) Normal Retirement Pension - An Employee shall be eligible to retire in a normal pension on orafter their Normal Retirement Date.

(2) Earlv Retirement Pension - An Employee shall be eligible to retire on an early retirementpension provided he or she has attained their 55th birthday but not their 62nd birthday and has:

(a) at least 10 years of Credited Service, and(b) at least 5 years of Credited Service in the 10 Plan years immediately preceding

retirement or preceding the Plan Year during which they attained their 55th birthday.

(3) An Employee who Is eligible to retire shall be retired on a pension provided the Employee:(a) files application for retirement with the Trustees on a form provided by the Trustees

for that purpose,(b) submits to the Trustees proof of their date of birth which is satisfactory to the

Trustees, and(b) ceases similar type work in the Industry.

ARTICLE IV- Eligibility for Disability Benefits

(1) An Employee who becomes totally and permanently disabled shall be retired on a disabilitypension provided that, on the date of becoming disabled he or she has not incurred a break-in-serviceand he has either (a) & (b), or (c) below:

(a) at least 10 years of Credited Service, and(b) at least 5 years of Credited Service in the 10 Plan Years immediately preceding

retirement or preceding the Plan Year during which they have attained their 55th birthday, or(c) at least 10 years of Participating Service (for which contributions are due).

(2) An Employee shall be considered totally and permanently disabled if the total disability shallhave continued for a period of five consecutive months and he is either:

(a) currently receiving Federal Social Security Disability Pension payments, or he is(b) certified by a physician, chosen by the Trustees, to have an illness or disability, which will

i) result in the Employee's death, orii) effective December 12,1994, provided he or she did not incur a break-in-service prior to

becoming disabled, prevent the member from working in the industry.

If directed, the Employee shall submit to a medical examination by a physician chosen by the Trusteeswho shall pay the cost of such examination. The physician shall certify to the Trustees whether or not,in his opinion, the Employee will be prevented for life from pursuing work in the industry. Thedetermination of the Trustees shall be final and binding on the Employee.

(3) The Trustees may require a Pensioner who is receiving a disability pension to submit to aphysical examination by a physician chosen by the Trustees but not more often than once in any sixmonth period. A Pensioner is no longer subject to physical examinations if he has attained age 62. If,in the opinion of the physician, the Pensioner is no longer totally and permanently disabled, theTrustees may terminate the disability pension payments.

(4) An Empioyee may qualify for disabiiity retirement under the terms of this Article IV, if he isdisabled as the result of bodily injury or disease, either occupational or non-occupational in cause,except that the following cases of disability shall be excluded:

(a) disability suffered or incurred while the Employer was engaged in, or resultingfrom their having engaged in, a criminal enterprise;

(b) disability resulting from habitual drunkenness or addiction to narcotics;(c) disability resulting from self-inflicted injury, or(d) disability resulting exclusively from military service for which the Employee

receives a government pension.

(5) Commencement of Disabilitv Benefits - Monthly disability pension payments shall be made toan Employee who is totally and permanently disabled or on his or her behalf beginning as of the firstday of the month following the completion of five months of total and permanent disability provided anapplication for a disability pension in writing has been received by the Trustees either from theEmployee or on their behalf from their Spouse or a member of their family and satisfactory evidenceof their totai and permanently disability has been provided. Effective November 2, 1995, monthlydisability benefits will begin the later of:

(a) The Social Security Disability Award Date of Entitlement, or, in the event that theEmployee has been certified by a physician, chosen by the Trustees to have an illness ordisability which will prevent the member from working in the industry, the date that thephysician has determined to be the disability date, or,

(b) six (6) months prior to the first (1st) of the month following receipt by the Trustees ofsatisfactory proof of such Disability.

The monthly payments shall continue until the last payment prior to the Employee's death orrecovery from his or her disability.

ARTICLE V - Amount of Benefits

(1) Normal Retirement Benefit - Except as provided in Section (5) of this Article, an Employeewho is retired and has earned service under the Plan on or after January 1, 2016, or whoinitially retires on or after January 1, 2016, shall receive an Accrued Benefit monthly pensionwhich is equal to the sum of (a) plus (b) as follows:

(a) $15.75 times the number of years of Credited Service,(b) $84.25 times the number of years of Participating Service.

The benefit will be subject to a reduction for an Employee who retires on an Early Retirementor Trustees' Disability Award Retirement Benefit. The amount of $75.00 will be added forEmployees who initially retire on or after January 1, 2007. The monthly amount of pensionshall be determined by the rates of pension applicable to participants who initially retired duringthe year during which you last received at least 1/4 year of credited service.

(2) Early Retirement or Deferred Vested Benefit - Except as provided in Section (5) of thisArticle, an Employee who is retired on or after January 1, 1984 on an Early Retirement Benefitor a Deferred Vested Retirement Benefit with payments to commence before age 62 shallreceive a monthly pension on the Full Annuity Form as described in Section (1) of this Articlebut reduced by 1/2% of itself for each full month up to 24 months by which the starting date ofthe pension payments precedes the Employee's 62nd birthday and by 1/3% of itself for eachfull month by which the starting date precedes the Employee's 60th birthday. In addition, if theEmployee has at least 25 years of Credited Service and at least 20 years of ParticipatingService when he retires, he shall receive an additional $350.00 per month to the first day of themonth in which his or her 62nd birthday occurs.

(3) Total and Permanent Disability Retirement Benefit - Except as provided in Section (5) ofthis Article, an Employee who is retired on a Disability pension and is in receipt of a FederalSocial Security Disability Award Pension on or after January 1, 2000 shall receive a monthlypension on the Full Annuity Form as described in Section (1) of this Article. Additionally, theEmployee will receive $15.75 times the number of years of Credited Service he would haveeamed if he had worked to his or her Normal Retirement Date. The Employee will be awarded190 hours per month up to a maximum of 1500 hours per year. The benefit will be subject to areduction (Section (4) of this Article) for an Employee who retires on a Trustees' DisabilityAward Retirement Benefit and is not in receipt of a Federal Social Security Disability AwardPension.

In the event an applicant who has applied for a Federal Social Security Disability AwardPension Benefit on or after January 1, 1983, but is not in receipt of a Federal Social SecurityPension, is also eligible for an Early Retirement Benefit which shall be converted to a DisabilityAward Pension Benefit effective no earlier than five months before the Trustees receive proofof receipt of a Social Security Disability Pension.

(4) Trustees' Disability Award Retirement Benefit - Except as provided in Section (5) of thisArticle, an Employee who is retired on a Trustees' Disability Award Retirement Benefit(paragraph (6) of Article IV) with payments to commence before age 62 shall receive a monthly

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pension on the Full Annuity Form as described In Section (1) of this Article but reduced 1/2%of Itselffor each full month up to 24 months by which the starting date of the pension paymentsprecedes the Employee's 62nd birthday and by 1/3% of Itself for each full month by which thestarting date precedes the Employees 60th birthday. However, regardless of the Employeesage at retirement, the reduction of the monthly pension shall not exceed 32% of the monthlypension on the Full Annuity Form.

(5) Breaks of Six (6) or More Years. Effective June 6, 1996, If a vested Employee incurs six (6)or more consecutive breaks-ln-servlce and returns to employment and again earns serviceunder the Plan, the benefit for service earned prior to the breaks is calculated at the rate ineffect prior to the 1®' break-in-servlce and the benefit for the service earned after the breaks Iscalculated at the then current rate when the Employee again incurs a break-In-service.However, all service is aggregated and calculated at the latest benefit rate If the Employeereturns to work after six (6) or more consecutive breaks and earns a minimum of ten (10) yearsof service.

(6) Permanent 13'" Check - Effective January 1, 2000, all Retirees and survivor beneficiaries Inreceiptof a monthly pension check on December 1®' of each year will receive a IS*" check eachyear for life.

(7) Permanent $75.00 Supplement. Effective January 1, 2007, all Retirees and SurvivorBeneficiaries In receipt of a monthly pension check on December 1, 2006 will receive anadditional $75.00 per month. The $75.00 will continue to any contingent beneficiary followingthe Retiree's death.

ARTICLE VI - Miscellaneous Provisions

(1) Joint Annuity benefit. If after the Restatement Date an Employee has a Spouse on the datepension payments are to commence, and If such Employee has not elected to receive thereduced Joint Annuity benefit with the written consent of their spouse (If payments commenceon or after January 1, 1985), (a) during the period of at least 180 days following the fumlshingby the Trustees, on or about 9 months priorto the firstdate that a Participant becomes eligibleto retire (other than because of disability), to the Participant (I) a written explanation of theJoint Annuity, (II) the circumstances In which it would be provided, (III) the availability of thealternative election, and (iv) the relative financial effect of both choices (This explanation willabide by the rules of Treas. Reg. 1.c(3)-1 thru 1.417(a)(3)-3 concerning relative value.), and(b) prior to the date such payments are to commence, the amount of pension payments on theFull Annuity Form shall be converted automatically into reduced pension payments on theJoint Annuity basis.

(2) Benefit Denial and Appeal Process. Any Participant whose claim for benefits under thisPension Plan Is denied will be advised by the Trustees in writing of the denial, and the specificreasons therefor. Upon receipt by the Trustees of a written request within 75 days after beingso advised of the denial, such Participant will be afforded an opportunity to meet with theTrustees for a full and fair review of both the claim and the decision rendered, including theright to review the Pension Plan and any other pertinent documents and to submit issues andcomments in writing. The results of such review by the Trustees shall be furnished to theParticipant In writing within 60 days after the request for a review Is received and shall Includespecific reasons for the decision.

(3) Pensioners' Benefit Improvements.(a) Each Participant whose pension commenced before January 1, 1984 shall receive pension

payments on and after January 1,1984 equal to 110% of the December 1,1983 payment basisexcept that any additional, temporary monthly $250 benefit payable prior to age 62 shall be soincreased.

II

(b) Each Participant whose pension commenced before January 1, 1999 shall receive pensionpayments on and after January 1,1999 equal to 105% of the December 1,1998 payment basisexcept that any additional, temporary monthly $350 benefit payable prior to age 62 shall be soincreased.

(c) Effective January 1, 2000, all Retirees and survivor beneficiaries in receipt of a monthly pensioncheck on December 1 of each year will receive a 1S*" check each year for life.

(d) Effective January 1, 2007, all Retirees and Survivor Beneficiaries in receipt of a monthlypension check on December 1, 2006 will receive an additional $75.00 per month. The $75.00will continue to any contingent beneficiary following the Retiree's death.

(4) Incapacitation of Pensioner. In the event it is determined that a Pensioner is unable to carefor his or her affairs because of illness, accident or incapacity, either mental or physical, anypayments due may, unless claim shall have been made therefor by a duly appointed guardian,committee or other legal representative, be paid to the Spouse or such other object of naturalbounty of the Pensioner or such person or municipal state or county authorities have care andcustody of the Pensioner as the Trustees shall determine in their sole discretion.

(5) Benefit Suspension. No Pension Benefit will be paid for any month during which thePensioner who is under age 70 1/2, is employed for 40 or more hours in an industry in whichemployees accrued benefits under the Plan at a trade or craft in which the Pensioner wasemployed at any time under the Plan and in the geographic area covered by the Plan. NoPensioner receiving an Early Retirement Benefit will be paid such Early Retirement Benefit forany month prior to the attainment of age 62 during which the Pensioner is so re-employed for 1or more hours. However benefits will be actuarially recalculated in order to compensate for themonths of suspension of the Early Retirement Benefit beginning with the first month in which abenefit is payable.

(6) If an Employee has recovered from disability prior to age 62 so that his or her pensionpayments have stopped, he shall thereafter notwithstanding any other provision of the Plan beable to apply for and receive any pension payments for which he is othen/vise eligible.

(7) Maximum Benefits.(a) In no event shall the Annual Benefitof a Participant in the form of a straight life annuity

for any year exceed $185,000.(b) If a Participant begins to receive a benefit prior to age 62, the $185,000 limitation shall

be reduced by adjusting such benefit so that it is the actuarial equivalent of $185,000 atage 62.

(c) Ifa Participant begins to receive a benefit after age 65, the $185,000 limitation shall beincreased by adjusting such benefit so that it is actuarial equivalent of $185,000beginning at age 65.

(d) In the case of a Participant who has less than 10 years of service with the employer atthe time the benefits commence, the maximum limitations shall be reduced bymultiplying such limitations by a fraction, the numerator of which is the number of yearsof service with the Employer and the denominator is 10.

(e) The limitation on the maximum amount of benefit shall be subject to adjustment byreason of changes in the cost of living in accordance with regulations by the Secretaryof Treasury.

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(8) Section 415 Actuarial Equivalence. Effective for distributions in plan years beginning afterDecember 31, 2003, the determination of actuarial equivalence of forms of benefit other thana straight life annuity shall be made in accordance with Paragraph (8)(a) or (8)(b).

(a) Benefit Forms Not Subject to Code section 417(e)(3). The straight life annuity that isactuarially equivalent to the participant's form of benefit shall be determined under thisParagraph 5.A if the form of the participant's benefit is either; (1) a nondecreasingannuity (other than a straight life annuity) payable for a period of not less than the lifeof the participant (or, in the case of a qualified pre-retirement survivor annuity, the lifeof the surviving spouse), or (2) an annuity that decreases during the life of theparticipant merely because of (a) the death of the survivor annuitant (but only if thereduction is not below 50% of the benefit payable before the death of the survivorannuitant), or (b) the cessation or reduction of Social Security supplements or qualifieddisability payments (as defined in Code section 401(a)(11)).

i) Limitation Years beginning before July 1, 2007. For Limitation Years beginningbefore July 1, 2007, the actuarially equivalent straight life annuity is equal to theannual amount of the straight life annuity commencing at the same annuitystarting date that has the same actuarial present value as the participant's formof benefit computed using whichever of the following produces the greaterannual amount: (a) the straight life annuity determined using the Plan rate andPlan mortality table for adjusting benefits in the same form; and (b) a 5 percentinterest rate assumption and the applicable mortality table for that annuitystarting date.

ii) Limitation Years beginning on or after July 1, 2007. For Limitation Yearsbeginning on or after July 1, 2007, the actuarially equivalent straight life annuityis equal to the greater of (a) the annual amount of the straight life annuity (ifany) payable to the participant under the plan commencing at the same annuitystarting date as the participant's form of benefit; and (b) the annual amount ofthe straight life annuity commencing at the same annuity starting date that hasthe same actuarial present value as the participant's form of benefit, computedusing a 5 percent interest rate assumption and the applicable mortality table forthat annuity starting date.

(b) Benefit Forms Subject to Code section 417(e)(3). The straight life annuity that isactuarially equivalent to the participant's form of tienefit shall bedetermined under thisparagraph if the form of the participant's benefit is other than a benefit form describedin Paragraph 5.A. In this case, the actuarially equivalent straight life annuity shall bedetermined as follows:

i) Annuity Starting Date in Plan Years Beginning After 2005. If the annuity startingdate of the participant's form of benefit is in a plan year beginning after 2005,the actuarially equivalent straight life annuity is equal to the greatest of: (a) theannual amount of the straight life annuity commencing at the same annuitystarting date that has the same actuarial present value as the participant's formof benefit, computed using the Plan rate and the Plan mortality table foradjusting benefits in the same form; (b) the annual amount of the straight lifeannuity commencing at the same annuity starting date that has the sameactuarial present value as the participant's form of benefit, computed using a5.5 percent interest rate assumption and the applicable mortality table; and (c)the annual amount of the straight life annuity commencing at the same annuitystarting date that has the same actuarial present value as the participant's formof benefit, computed using the applicable interest rate and the applicablemortality table, divided by 1.05.

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ii) Annuity Starting Date in Plan Years Beginning in 2004 or 2005. If the annuitystarting date of the participant's form of benefit is in a plan year beginning in2004 or 2005, the actuarially equivalent straight life annuity is equal to theannual amount of the straight life annuity commencing at the same annuitystarting date that has the same actuarial present value as the participant's formof benefit, computed using whichever of the following produces the greaterannual amount: (a) the Plan rate and the Plan mortality table for adjustingbenefits in the same form; and (b) a 5.5 percent interest rate assumption andthe applicable mortality table.

iii) Transition Rule. This subparagraph B.3 shall apply to the extent provided inParagraph 3. If the annuity starting date of the participant's benefit is on or afterthe first day of the first plan year beginning in 2004 and before December 31,2004, the application of Paragraph 5.B.2 shall not cause the amount payableunder the participant's form of lienefit to be less than the benefit calculatedunder the plan, taking into account the limitations of this Paragraph, except thatthe actuarially equivalent straight life annuity is equal to the annual amount ofthe straight life annuity commencing at the same annuity starting date that hasthe same actuarial present value as the participant's form of benefit, computedusing whichever of the following produces the greatest annual amount: (a) thePlan interest rate and the Plan mortality table for adjusting benefits in the sameform; (b) the applicable interest rate and the applicable mortality table; and (c)the applicable interest rate (as in effect on the last day of the last plan yearbeginning before January 1, 2004, under provisions of the plan then adoptedand in effect) and the applicable mortality table.

(9) Limitations on Benefit Accruals. Except as otherwise expressly provided, this Paragraphshall be effective for limitation years beginning on or after July 1, 2007.

(a) Benefit accruals prior to the effective date of this Paragraph under Plan provisionsadopted and effective before April 5, 2007 shall be preserved pursuant to Treas. Reg.1.415(a)-1 (g)(4).

(b) In the case of a participant who has had a severance from employment with theemployer maintaining the Plan and who is subsequently rehired by that employer, theperiod of the participant's high three years of service is calculated by excluding anyyears for which the participant performs no services for and receives no compensationfrom the employer (the break period), and by treating the year of service immediatelyprior to and the year of service immediately after the break period as if the years wereconsecutive.

(c) The rules at Treas. Reg. 1.415(b)-1(d) and (e) shall be used to adjust the dollarlimitation for commencement before age 62 or after age 65. For purposes of adjustingthe doliar iimit for commencement prior to age 62, the plan shall not make a mortalityadjustment for ages below 62, if the plan does not provide for a forfeiture upon theparticipant's death before the annuity starting date where it is before age 62.

(d) If a participant has or will have distributions commencing at more than one annuitystarting date, the limitations of Code section 415 must be satisfied as of each annuitystarting date, taking into account the benefits that have been or will be provided at allof the annuity starting dates pursuant to Treas. Reg. 1.415(b)-1(b)(1)(iii).

(e) Pursuant to 1.415(b)-1 (c)(5), certain automatic cost-of-living increases to a form ofbenefit that is not subject to Code section 417(e)(3) are not taken into account indetermining the annual benefit that is actuarially equivalent to the form of benefit.

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(f) The employer aggregation shall be determined pursuant to the rules at Treas. Reg.1.415(f)-1.

(g) Any changes to the dollar limitation for a participant in pay status shall be made inaccordance with Treas. Reg. section 1.415(d)-1.

(10) Actuarial Assumptions. Effective for plan years beginning on or after January 1, 2008, thevalue of a lump sum distribution for IRC Section 415 purposes will be determined inaccordance with the Actuarial Equivalent determination described in this plan.

(a) The term "applicable interest rate" means the adjusted first, second, and third segmentrates applied under rules similar to the rules of Code section 430(h)(2)(C) for themonth of November in the calendar year preceding the calendar year of the distributionthe plan year date of the distribution or such other time as the Secretary of theTreasury may by regulations prescribe. The adjusted first, second, and third segmentrates are the first, second, and third segment rates which would be determined underCode section 430(h)(2)(C) if:

i) Code section 430(h)(2)(D) were applied by substituting the average yields forthe month described in clause (ii) for the average yields for the 24-monthperiod described in such section;

ii) Code section 430(h)(2)(G)(i)(ll) were applied by substituting "section417(e)(3)(A)(ii)(ll)" for "section 412(b)(5)(B)(ii)(ll)"; and

iii) The applicable percentage under Code section 430(h)(2)(G) were determinedas follows: 2008, 20 percent; 2009, 40 percent; 2010, 60 percent; 2011, 80percent.

(b) The term "applicable mortality table" means a mortality table, modified as appropriateby the Secretary of the Treasury, based on the mortality table specified for the planyear under Code section 430(h)(3)(A) (without regard to subparagraph (C) or (D) ofsuch section).

(11) Actuarial Reviews.

These Regulations have been adopted by the Trustees on the basis of an actuarial estimate,which has established that the income and accruals of the Fund will be fully sufficient tosupport this benefit plan on a permanent basis. However, it is recognized as possible that, inthe future, the income and/or the liabilities of the Fund may be substantially different fromthose previously anticipated. The Trustees shall have prepared annually an actuarial valuationof the Fund.

If the plan Actuary certifies that the plan is Critical pursuant to Internal Revenue Code432(bX2), any reduction in the future rate of accruals shall not reduce the rate of futureaccruals below-

(a) a monthly benefit (payable as a single life annuity commencing at the participant's normalretirement age) equal to 1 percent of the required contributions to be made with respect toa participant, or the equivalent standard accrual rate for a participant or group ofparticipants under the collective bargaining agreements in effect as of the first day of theinitial critical year, or

(b) if lower, the accrual rate under the plan of such first day.

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(12) Participant's Right to Defer a Distribution. A Participant, who reaches Normal RetirementAge under the Plan, and is otherwise eligible to commence the receipt of benefits from thePlan, may elect to defer receipt of such benefits to a later date. As required by the PPA of2006, the Plan will notifythe Participant of the financial effect of deferring receipt of the benefitdistribution(s). In accordance with IR Notice 2007-7 it should be noted that benefits will not beincreased during the period beginning with the date a Participant attains Normal RetirementAge through the date benefits commence, except for any additional credits earned during thatperiod.

(13) Use of Non-Work Credits for Eligibility for Normal, Early or Disability Benefits.Notwithstanding any other provisions of this Pension Plan, time that an Employee did not workbecause of the reasons (a), (b), and (c) listed in Section (4) of Article II shall be considered astime worked for the purposes of meeting requirement (b) in Section (2) of this Article III andrequirement (b) in Section (1) of Article IV, but for no other purpose.

(14) Application Requirement and Required Beginning Date. A Pensioner shall receive pensionpayments monthly beginning on the first day of the month coinciding with or next following thedate as of which the retirement is approved by the Trustees and continuing thereafter until thelast monthly payment prior to his or her death except as otherwise provided in this PensionPlan. Monthly benefits must commence by April 1st of the calendar year following the calendaryear in which the participant attains age 70 1/2.

(15) Minimum Distribution Requirements(a) General Rules

(i) Effective Date. The provisions of this article will apply for purposes of determiningrequired minimum distributions for calendar years beginning with the 2003calendar year.

(ii) Precedence. The requirements of this section will take precedence over anyinconsistent provisions of the plan.

(iii) Requirements of Treasury Regulations Incorporated. All distributions requiredunder this section will be determined and made in accordance with the Treasuryregulations under section 401(a)(9) of the Internal Revenue Code.

(iv)TERRA Section 242(b)(2) Elections. Notwithstanding the other provisions of thissection, other than section (a)(iii), distributions may be made under a designationmade before January 1, 1984, in accordance with section 242(b)(2) of the TaxEquity and Fiscal Responsibility Act (TERRA) and the provisions of the plan thatrelate to section 242(b)(2) of TERRA even if they are not consistent with therequirements of this Section 7.

(b) Time and Manner of Distribution.(i) Required Beginning Date. The participant's entire interest will be distributed or begin

to be distributed to the participant no later than the participant's required beginningdate specified in Article III section 6.

(ii) Death of Participant Before Distributions Begin. If the participant dies beforedistributions begin, the participant's entire interest will be distributed, or begin to bedistributed, to the surviving spouse no later than December 31 of the calendar yearimmediately following the calendar year in which the participant died, or byDecember 31 of the calendar year in which the participant would have attained age7014, if later.

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(iii) Form of Distribution. Unless the participant's interest is distributed in a singie sumon or before the required beginning date, distributions will be made as of the firstyear a minimum distribution is required to be made in accordance with section (c).

(c) Determination of Amount to be Distributed Each Year.(i) General Annuity Requirements. If the participant's interest is paid in the form ofannuity distributions, payments under the annuity will satisfy the following requirements:

(I) the annuity distributions will be paid monthly;

(II) the distribution period will be over the surviving spouse's lifetime;

(III) payments will either be nonincreasing or increase only as follows:

(1) by an annual percentage increase that does not exceed the annualpercentage increase in a cost-of-living index that is based on prices ofall items and issued by the Bureau of Labor Statistics;

(2) to the extent of the reduction in the amount of the participant'spayments to provide for a survivor benefit upon death, but only if thesurviving spouse dies or is no longer the participant's beneficiarypursuant to a qualified domestic relations order within the meaning ofsection 414(p);

(3) to pay increased benefits that result from a plan amendment.

ARTICLE VII - Vesting

(1) The Credited Service and Participating Service of a Vested Employee shall not be subject tocancellation. Credited service and Participating Service shall continue to accumulate without regard toany Breaks in Service.

(2) if a Vested Employee shall leave the industry or leave the territorial jurisdiction of the Union forany reason other than death before he is eligible for a normal, early, or disability retirement benefit, heshall be eligible for a deferred vested pension to commence on his or her normal retirement date. Inlieu of the above, a Vested Employee who has at least 10 years of Credited Service, including at least5 years of Credited Service in the 10 Plan Years immediately preceding the Plan Year during which heattains their 55th birthday, shail be eligible for a deferred vested pension to commence on or after their55th birthday. The monthly pension, commencing on or after their Normal Retirement Date, shail bethe Accrued Benefit determined as of their last Hour of Service as an Employee in a Plan Year inwhich he received at least 1/4 year of Credited Service subject to Article V(5) (Breaks of six (6) ormore years). If he elects to receive their pension payments commencing on or after their 55th birthdaybut before their 62nd birthday, the monthly pension shall be determined in accordance with Section (2)of Article V except that the additional, temporary monthly $350 benefit payable prior to age 62 shail notbe payable if the Employee last worked prior to the attainment of age 55.

(3) A Vested Employee who is eligible for a deferred vested pension shall receive a pensioncommencing on or after earlier retirement date provided:

(a) he shall file an application for the deferred vested pension in writing with the Trusteesat any time prior to his or her earliest retirement date, and

(b) he shall submit proof of his or her date of birth which is satisfactory to the Trustees.

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ARTICLE Vlli - Death Benefit

(1) In the event than an Employee dies while not on retirement either:

(a) before he has at least 10 years of Participating Service, or(b) after he has at least 10 years of Participating Service if he does not have at least one year

of Credited Service in the two full Plan Years immediately preceding their date of death,

his named Beneficiary shaii receive a benefit which is $500 times the number of years of theirCredited Service in the 10 full Plan Years immediately prior to the Employee's date of death.This benefit shall be paid in monthly installments of $100 or, at the discretion of the Trustees,may be paid in one lump sum.

In lieu of the above Death Benefit, the surviving spouse of a vested Employee, who has onehour of service on or after January 1, 1976, who dies prior to his or her earliest retirement age but afterAugust 22, 1984, and is not eligible under Section (2) of this Article, shall be eligible for a SurvivorAnnuity Pension payable the month following the month the Employee would have attained the earliestage he could have been entitled to receive a monthly benefit, calculated by assuming the Employeeretired on such earliest date with a Joint Annuity and died on the following day. The spouse has theoption of electing the Survivor Annuity Pension or the Death Benefit as calculated above ($500 peryear).

(2) In the event that an Employee shall die after the Restatement date while not on retirement buteither after he has satisfied all of the requirements for an Early or Normal Retirement Pension or afterhe has at least 10 years of Participating Service and at least one year of Credited Service in the two fullPlan Years immediately prior to the Employee's date of death, one of the following benefits shall bepaid:

(a) A monthiy benefit shall be paid to their spouse for life equal to one-half of the Accrued Benefitof the Employee on their date of death. This monthly benefit shall commence on the first dayof the month coincident with or next foiiowing the Employee's date of death, or

(b) If the Employee does not have a Spouse living on their date of death or if the Spouse if theBeneficiary and elects to receive this benefit in lieu of that set forth in Subsection (a) ofSection (2) of this Article, a monthly benefit shall be paid to their named Beneficiary for 120months equal to the Accrued Benefit of the Employee on their date of death.

The Plan will provide the applicant with a written explanation of the options and the relativefinancial effect of both choices and will state the relative value of the choices, if appropriate, incompliance with the rules of Treas. Reg. 1.c(3)-1 thru 1.417(a)(3)-3.

(3) In the event that a Pensioner who first retired on or after the Restatement date and who haselected to receive pension payments on the Full Annuity Form or who did not have a Spouse living ontheir date of retirement shall die before he has received at least 120 monthly pension payments, therate of pension payments which he or she is then receiving shall be paid in installments until 120monthly payments in all have been made to the Pensioner and their Beneficiary or the balance ofmonthly payments due may be paid in a lump sum as provided in Article IX. In the event that aPensioner who retired and who had not elected to receive pension payments on the Full Annuity Formshall die before his Spouse dies, one-half of their rate of pension payments will be continued to theSpouse for Life, or if he last earned Credited Service on or after January 1, 1994, benefits will be paidin accordance with the Joint & Survivor Annuity Benefit as described in paragraph 27 of Article I.

(4) The death benefits payable on behalf of a Pensioner who first retired prior to the RestatementDate shall be on accordance with the provisions of the Plan in effect immediately prior to theRestatement Date.

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Anything herein to the contrary notwithstanding, in lieu of the monthly pension payments provided inparagraphs 2(b) and (3) of this Article, the commuted value of 120 months of the Accrued Benefit, minusany pension payments received, may be paid in a lump sum to the named Beneficiary. For distributionsmade after December 31, 1999, present values will be calculated using the applicable interest rates andmortality table. The applicable interest rate for a distribution In a calendar year is the interest rate on 30year Treasury Securities for the month of November in the calendar year preceding the calendar year of thedistribution. The applicable mortality table is the mortality table prescribed by the Intemal RevenueCommissioner used to determine reserves for group annuity contracts. For distributions after 2007 refer toArticle VI Section (10).

ARTICLE IX - Beneficiary

(1) Each Employee and each Pensioner shall designate on a form provided by the Trustees, thenames of a Beneficiary and a contingent Beneficiary to receive any payments provided under Article VII inthe event of the death of the Employee or Pensioner, other than those payable to the Spouse. TheBeneficiaries so designated may be changed by the Employee or Pensioners at any time, or from time totime by signing and filing with the Trustees a written notification of change of Beneficiaries on a formprovided by the Trustees for that purpose. Facts shown by the record of the Trustees at the time of deathof the Employee or Pensioner shall be conclusive as to the identity of the proper payee and the amountproperly payable and payment made in accordance with such stated facts shall constitute a completedischarge of any and all obligations under the Pension Plan.

However, the Beneficiary of a married Employee shall be the Spouse unless the spouse consentsIn writing to the designation of another Beneficiary.

(2) If, at the date of death of the Employee or Pensioner a payment or payments are due but thenamed Beneficiary is not then living or, if living, does not live to receive all payments due, the remainingpayments shall be paid to the contingent Beneficiary. If the named Beneficiary and contingent Beneficiarydo not live to receive all payments still due, the balance of any payments due shall be paid in an amountequal to the commuted value of 120 months of the Accrued Benefits, minus any pension paymentsreceived, to the estate of the last remaining of the Beneficiary and contingent Beneficiary. If there is nonamed Beneficiary or contingent Beneficiary living at the death of the Employee or Pensioner, thebalance of any payments still due shall be paid in one sum to the estate of the Employee or Pensioner.

(3) If as provided in Section (2) of this Article a sum shall be payable to the estate of any personand a legal representative of such estate shall not have been appointed within three months after thedeath of such person, then payments of such sum shall be made to and among such one or more ofthe Spouse and blood relatives of such deceased person as the Trustees may in their sole discretionappoint.

ARTICLE X - Eligible Rollover Distributions

This paragraph applies to distributions made on or after January 1, 1993. Notwithstanding anyprovisions of the plan to the contrary that would othenvise limit a distributee's election under this paragraph,a distributee may elect, at the time and in the manner prescribed by the plan administrator, to have anyportion of an eligible rollover distribution paid directly to an eligible retirement plan specified by thedistributee in a direct rollover.

(1) Eligible Rollover Distribution. An eligible rollover distribution of all or any portion of the balanceto the credit of the distributee, except that an eligible rollover distribution does not include: hardshipdistribution or any distribution that is one of a series of substantially equal periodic payments (not lessfrequently than annually) made for the life (or life expectancy) of the distributee or the joint lives (or Joint lifeexpectancies of the distributee and the distributee's designated beneficiary, or for a special period of tenyears or more; any distribution to the extent such distribution is required under section 401 (a) (9) of theCode; and the portion of any distribution that is not includible in gross income (determined without regard tothe exclusion for net unrealized appreciation with respect to employer securities).

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(2) Eligible Retirement Plan. An eligible retirement plan Is an individual retirement accountdescribed In section 408(A), 408 (a) of the Code, an Individual retirement annuity described In section408 (b) of the Code, an annuity plan described in section 403 (a) of the Code, a qualified trustdescribed In section 401 (a) of the Code, an annuity contract under section 403(b) of the Code, or aneligible deferred compensation plan under section 457 of the Code that accepts distributee's eligiblerollover distribution. However, In the case of an eligible rollover distribution to the surviving spouse, aneligible retirement plan Is an Individual retirement account or Individual retirement annuity.

(3) Distributee. A distributee Includes an employee or former employee. In addition, theemployee's or former employee's surviving spouse or non-spouse beneficiary and the employee's orformer employee's spouse or former spouse who is the alternate payee under a qualified domesticrelations order, as defined In section 414 (p) of the Code, are distributees with regard to the Interest ofthe spouse or former spouse.

(4) Direct Rollover. A direct rollover Is a payment by the plan to the eligible retirement planspecified by the distributee.

ARTICLE XI - Partial Pensions

(1) Partial Pensions are provided under the Pension Plan after January 1, 1979 for Employeeswho would otherwise lack sufficient Credited Service to be eligible for pension payments because theiryears of employment were divided between different pension plans or. If eligible, whose pensionpayments would be less than the full amount because of such division of employment.

(2) An Employee shall be eligible for a Partial Pension under the Pension plan If he satisfies all ofthe following requirements:

(a) He would be eligible for a pension under the Pension Plan (other than a PartialPension) If their Combined Service Credits were treated as Credited Service.

(b) He has some Related Service Credit under each Related Plan for periods afterJanuary 1,1979.

(c) If he Is applying for a Disability Pension, he Is eligible for a disability pension under thePension Plan.

(d) If he Is applying for a early retirement pension or normal pension, he Is eligible for apension based on age and service under the Pension Plan.

(3) Ifan Employee Is eligible for more than one type of pension or optional form of benefit from thePension Plan, he shall be entitled to elect to receive the type and form of pension he Is to receiveregardless of the type and form of pension he receives from a Related Plan. Provisions of this Articleshall not apply with respect to any Plan Year for which any other reciprocal agreement between thePension Plan and any other pension plan Is In effect for an Employee.

(4) The amount of the Partial Pension from the Pension Plan shall be the Accrued benefit aslimited by Combined Service Credit and excluding Related Service Credit from this Pension Plan forperiods prior to January 1,1979.

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(5) The payment of a Partial Pension shall be subject to all of the conditions contained in thePension Plan applicable to any type of pension including, but not limited to retirement as hereindefined, timely application and suspension. Partial Pension payments subject to this Article shall belimited to monthly pension payments payable to a Pensioner, Spouse or Beneficiary entitled to monthlypension payments after the death of a Pensioner. Any Death benefit from the Pension Plan payableasa result of death before an Employee becomes a Pensioner shall not be subject to this Article and noPartial Pension shall become payable from the Pension Plan as a result of any such death beforeretirement.

(6) The following capitalized terms used herein have the meanings specified below:

(a)"Combined Service Credit" means the sum of Credited Service, and Related Service Creditfrom Related Plans, such that not more than one year of Combined Service Credit shall becounted in any one calendar year whereby Related Service Credit in a year will first becounted under the Plan which provides the highest benefit level with other plans counting thenecessary fractional part of a year of Related Service Credit earned in a descending benefitaccrual rate order until the Combined Service Credit is reached for such year and alsoprovided that Combined Service Credit shall not include any credit for service that wouldotherwise be counted as Related Service Credit except for the Fact that prior to January 1,1979 such credit was cancelled due to a break in service rule.

(b)"Partial Pension" means pension payments payable under the Pension Plan as provided inthis Article.

(c) "National Reciprocal Agreement" means an agreement executed by the Trustees and bythe trustees of a Related Plan to provide for Partial Pension payments from the respectiveplans.

(d) "Related Service Credit" means Credited Service and corresponding credit for service,maintained and accumulated for benefit accrual purpose by an Employee under a RelatedPlan, computed on the basis on which such credit is earned and accounts for under theRelated Plan based on the rules in effect in each plan at the time the employment occurred.

(e) "Related Plan" means another pension plan, sponsored by one or more local unions of theInternational Association of Heat and Frost Insulators and Asbestos Workers, those Trusteeshave executed the National Reciprocal Agreement with the Trustees.

ARTICLE XII - Administration

(1) The Trustees shall have the responsibility for administering the Pension Plan and makingdeterminations as to its effective application. They shall in such administration, act in accordance withthe terms and provisions of the Agreement and Declaration of Trust.

(2) Every Employee and Pensioner, or their duly constituted representative or guardian if required,shall fumish to the Trustees all such information in writing as may be required by them for the purposeof establishing, maintaining and administering the Pension Plan. The failure on the part of any suchperson to comply with such requests promptly and in good faith shall be sufficient grounds for denyingbenefits to such Employee or Pensioner. The Trustees shall be the sole judges of the standards ofproof required in any case, and they may from time to time adopt such reasonable formulas, methodsand procedures as they consider advisable.

(3) The Trustees have the power under the Agreement and Declaration of Trust to demand, collectand receive contributions due to the Pension Fund.

(4) The Trustees shall make the premium payments imposed on the Plan by the Pension BenefitGuaranty Corporation.

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ARTICLE XII! - Amendment, Modification or Discontinuance of the Plan

(1) The Pension Plan may be modified, altered or amended by the Trustees at any time subject tothe following conditions:

(a) Prior to the satisfaction of all liabilities for benefits under the Plan, no part of the assetsof the Trust Fund shall, by reason of any modification or amendment, be used for ordiverted to, purposes other than the exclusive benefits of Employees, Pensioners,Spouses or Beneficiaries under the Plan including administrative expenses of the Planand Trust Fund.

(b) Such amendments shall not reduce the vested benefits that any Employee has on thelater of the date such amendments are adopted or are effective as provided in Article VII.

(c) Ifsuch amendment modifies the vesting provision in Article VII, each Employee whohas at least 5 years of Participating Service on the later of the date such amendmentis adopted or is effective may elect to have the existing vesting provisions apply to himrather than any new vesting provisions, provided that such elections made within 90days after he is informed of such choice.

(d) No amendment or modification may reduce any accrued benefit or any pension benefitwhich may have been awarded prior to amendment, (other than an amendmentdescribed in ERISA Section 302(d)(2) relating to retroactive adjustments approved theSecretary of the Treasury)

(2) It is the intention of the Union and the Employers that the Pension Plan shall be continuedindefinitely. However, the Pension Plan shall be discontinued whenever the Pension Fund isterminated in accordance with the Agreement and Declaration of Trust subject to the applicablerestrictions of the Employee Retirement Income Security Act of 1974 or any other similar law andsubject to provision (a) of Section (1) of this Article. No part of the Pension Fund shall revert to theUnion or the Employers. Upon the termination or partial termination of the Pension Plan, the rights ofeach Participant to their Accrued Benefit or amount or pension payments that the Participant orspouse or Beneficiary is receiving or eligible to receive as of the date of such termination or partialtermination, in the case of rights which are not already non-forfeitable under other provisions of thePension Plan, are non-forfeitable to the extent funded. However each such person shall have norecourse toward the satisfaction of such non-forfeitable rights other than from the assets of thePension Fund or the Pension Benefit Guaranty Corporation. The assets of the Pension Fund, afterproviding for the payment of administrative expenses of the Pension Plan and Pension Fund, shall beallocated for the benefit of each individual entitled to benefits under the Pension Plan in the followingorder of priority:

FIRST among persons in (A) and (B) as follows:

(A) with respect to each Pensioner (including the Spouse or Beneficiaryof a deceased Pensioner)to whom pension payments were being made three years before the date of discontinuance, anamount shall be allocated equal to (or proportionate to, if the funds are insufficient)an amount which isthe Actuarial Equivalent of the Pension payments to which such persons was entitled based on theprovisions of the Plan on a date during the 5-year period ending on the date of discontinuance underwhich such pension payments would be the least;

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(B) with respect to each Employee and Pensioner (including the Spouse or Beneficiary of suchdeceased Employee or Pensioner but excluding all persons included in (A) above) who could haveretired at least three years before the date of discontinuance, an amount shall be allocated equal to (orproportionate to, if the funds are insufficient) an amount which is the Actuarial Equivalent of thePension payments to which such person would have been entitled three years before the date ofdiscontinuance based on the provisions of the Plan on a date during the 5-year period ending on thedate of discontinuance under which such pension payments would be the least; SECOND, withrespect to each Pensioner (including the Spouse or Beneficiary of such deceased Pensioner,) eachEmployee who is eligible to retire pursuant to Article III or IV on the date of discontinuance, or who isvested pursuant to Article VI on the date of discontinuance, an amount shall be allocated which, inaddition to the amount in FIRST, shall be equal to (or proportionate to, if the funds are insufficient) anamount which is the Actuarial Equivalent of the pension payments to which such Employee would beentitled at their Normal Retirement Date assuming he retired or terminated employment on the date ofdiscontinuance, and which is the Actuarial Equivalent of the pension payments which each suchPensioner (including the Spouse or Beneficiary) is receiving on the date if discontinuance, providedthat such pension payments are limited to the sum of the amount guaranteed by the Pension BenefitGuaranty Corporation.

THIRD, with respect to each Employee including in SECOND above an amount shall be allocatedequal to (or proportionate to, if funds are insufficient) an amount which is the Actuarial Equivalent ofany pension payments excluded under SECOND above solely because they were not guaranteed bythe Pension Benefit Guaranty Corporation;

FOURTH, with respect to each Employee who was not vested pursuant to Article VI on the date ofdiscontinuance, an amount shall be allocated equal to (or proportionate to, if the funds are insufficient)an amount which is the Actuarial Equivalent of the Employee's Accrued benefit at the date ofdiscontinuance.

FIFTH, if after satisfaction of all liabilities with respect to Pensioners, Employees, Spouses andBeneficiaries under the Plan there is any balance remaining in the Trust Fund, the balance shall beallocated to each Pensioner (including Spouse or Beneficiary of a deceased Pensioner) and Employeeon the basis of their total allocations under FIRST, SECOND, THIRD and FOURTH.

(3) Upon approval by the Pension Benefit Guaranty Corporation, the amount allocated for thebenefit of each person in accordance with Section (2) of this Article XII shall be applied for their benefitby:

(a) a single lump sum cash payment.

(b) the purchase of an insurance company annuity contract provided that, if the Employee has aSpouse living on the date the annuity payments are to commence, the annuity will providebenefits payable to the Employee for life and upon their death, one-half of the benefit payableto the Employee will continue to the Spouse, if living, for the balance of his or her life unlessthe Employee elects othenvise. If a life annuity is elected, it shall not include a period certainthat is greater than the normal life expectancy of the insured.

(c) the continuation of the Trust Fund and the payment of pension payments therefrom, or

(d)the transfer of all assets of the Trust Fund after deducting administrative expenses to thePension Benefit Guaranty Corporation.

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ARTICLE XIV - Statement of Policy

(1) It shall be the policy of the Trustees to devote the full amount of contributions bythe Employersto the Pension Fund, less administrative expenses, to the payment of pensioners for eligibleEmployees (including Spouses or Beneficiaries). The Trustees shall have annual actuarial valuationsmade. In determining the amount of pensions to be paid it is. and will continue to be the policy tomake such payments on an actuarially sound basis, as the same may be determined by the Trusteesupon the advice of the actuary and legal counsel of the Trustees, keeping in reserve adequate fundsto meet commitments to Pensioners, Spouses and Beneficiaries and to meet payments due in futureyears to those who may retire subsequently. Determinations made bythe Trustees as aforesaid shallbe final and binding.

(2) Employer contributions will be used for the exclusive benefit of Employees, Pensioners andtheir Spouses or Beneficiaries and in no event shall any of the assets of the Pension Fund revert to orbe paid to any Employer or the Union.

(3) In the case of any merger or consolidation with, or transfer of assets or liabilities to, any otheremployee benefit plan, each Participant shall be entitled to a benefit status immediately after themerger, consolidation or transfer which is not less favorable than the benefit status to which he wouldhave been entitled immediately before the merger, consolidation, or transfer as if the Pension Plan hasbeen terminated.

(4) To the end of making it impossible for Employees, Pensioners, Spouses, or Beneficiariescovered by this Pension Plan improvidently to imperil the provisions made for their support and welfareby directly or indirectly anticipating, pledging, or disposing of their pension payments hereunder, it ishereby expressly stipulated that no Employee, Pensioner, Spouse or Beneficiary hereunder shall haveany right to assign, alienate, transfer, sell, hypothecate, mortgage, encumber, pledge, commute, oranticipate any pension payments and that such pension payments shall not in any way be subject toany legal process to levy execution upon or attachment or garnishment proceeding against the samefor the payments of any claim against any Employee, Pensioner, Spouse or Beneficiary nor shall suchpension payments be subject to the jurisdiction if any bankruptcy court or insolvency proceedings byoperation of law or otherwise.

However, effective January 1, 1985 this paragraph will be superseded by any terms issued bya Qualified Domestic Relations Order pursuant to a State domestic relations law (including anycommunity property law) which specifies the name and last known mailing address of the participantand each alternate payee to whom the order relates, and either the amount of the participant's benefitspaid to an alternate payee, or the manner of determining the amount, and the number of payments orthe period for which payments are required.

Uniorf^Trustee Epaplbyer Trustee

7-/3-nDate Signed

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