Article 5. Pension Eligibility and Amounts

Section 5.01 General

This Article sets forth the eligibility conditions and benefit calculations for pension benefits. It also sets forth the calculation of amounts that form the basis of disability benefits, subject to the conditions of Article 16. The accumulation and retention of service credits for eligibility are found principally in Article 4. The benefit amounts are subject to reduction because of the Husband-and-Wife Pension or election of optional forms of benefit (Article 6).

A Participant’s eligibility to receive benefits is conditioned upon his retirement, as determined below, and his submission of an application for benefits in accordance with Article 8. All benefits, including those set forth in Sections 5.02 through 5.06 and Article 16, are subject to the limitations set forth in Section 8.11 (relating to limitations imposed by Section 415 of the Code on maximum annual benefits), as well as the limitations, terms and conditions set forth in Article 12 of the Plan. A Participant is “retired” within the meaning of the Plan, if he has ceased working in Covered Employment, as well as in any Disqualifying Employment, and such cessation of work is intended to be permanent. A Participant also will be treated as “retired” within the meaning of the Plan, if he only performs work that would result in the suspension of benefits as Disqualifying Employment but for the provisions of Sections 8.06(b) or 8.06(c), and he otherwise satisfies the conditions of the Plan concerning post-retirement employment.

Section 5.02 Normal Retirement Pension for Effective Dates of Pension Before January 1, 2000

The amount of the Normal Retirement Pension for a Participant who has attained Normal Retirement Age, and whose Effective Date of Pension is before January 1, 2000, shall be determined in accordance with the provisions of Section 5.02 of Appendix A. 

Section 5.03 Normal Retirement Pension for Effective Dates of Pension On or After January 1, 2000

(a)        Eligibility for Normal Retirement Pension

A Participant who has attained Normal Retirement Age, and whose Effective Date of Pension is on or after January 1, 2000, will be eligible to retire on a Normal Retirement Pension if:

(1)        The Participant has attained Vested Status under Section 8.07, or

(2)        The Participant has 10 or more years of Pension Credit, including at least five (5) years of Future Service Credit, or has 15 or more years of Pension Credit, including at least 12 months of Future Service Credit.

(b)        Provisions Relating to the Determination of Normal Retirement Pensions 

(1)        The benefit amounts set forth in this Section 5.03 generally are a function of the contributions payable for a Participant’s work in Covered Employment.  In this regard, the Plan was revised effective January 1, 2000 so that for each Plan Year beginning after December 31, 1999, benefits accrue as a percentage of all or a portion of the contributions due on a Participant’s behalf.  The percentage applicable to Contribution Hours up to 1400 hours, and the percentage applicable to Contribution Hours over 1400, differ as described below. For purposes of this Section 5.03, if a Participant  has more than 1400 Contribution Hours in a Plan Year, he will be deemed to have 1400 Contribution Hours during whatever period results in the highest monthly Normal Retirement Pension for the Plan Year, irrespective of when the Contribution Hours were actually worked within the Plan Year.    

(2)        As described herein, not all required contributions are used to determine a Participant’s Normal Retirement Pension.   

(3)        Effective January 1, 2004, contributions must be increased by ten percent (10%) annually.  The required contribution increase for the 2004 Plan Year is the greater of:  (i) ten percent (10%) of the Contribution Rate in effect on December 31, 2002, excluding any portion attributable to a 55/30 Rate; or (ii) five cents (5¢).  The required contribution increase for each Plan Year after 2004 is 10% of the sum of:  (i) the Contribution Rate in effect on December 31, 2002 (excluding any portion attributable to a 55/30 Rate); and (ii) the amount of each preceding  Plan Year’s required contribution increase.  If the required contribution increase for Plan Year 2004 was five cents (5¢), and that amount exceeded 10% of the December 31, 2002 Contribution Rate (excluding any portion attributable to a 55/30 Rate), the excess will be disregarded in determining the amount of the required contribution increase for the 2005 Plan Year, and it will be applied to satisfy a required contribution increase in or after the 2005 Plan Year if the required contribution increase is not otherwise made.    

(4)        If an Employer does not make a required contribution increase for the 2004 Plan Year, a ten percent (10%) compounded increase for the 2004 and 2005 Plan Years may be made in Plan Year 2005.  Thereafter, an Employer must make its required contribution increase during each applicable Plan Year.   

(5)        If a required contribution increase is not made in a given Plan Year, the amount of the required increase will automatically be applied from the portion of any Contribution Rate that resulted in Supplemental Contributions during the preceding Plan Year, provided it is sufficient to cover the amount of the required contribution increase (either independently or in conjunction with any contribution increase for the Plan Year).  This application will take effect the month an increase would have been expected for the Contribution Rate at issue but not later than December 1 of that Plan Year.  

(6)        (A)  If a required contribution increase is not made for a Plan Year beginning before January 1, 2007, and the portion of any Contribution Rate that resulted in Supplemental Contributions in a preceding Plan Year is insufficient to cover the amount of the required contribution increase (either independently or in conjunction with any contribution increase for the Plan Year), then that portion of the Contribution Rate:  (i) will cease to be treated as Supplemental Contributions for purposes of Section 5.03(c)(7) beginning on the first day of the 2007 Plan Year; and (ii) will be treated as if it were part of the Contribution Rate in effect on December 31, 2002 (for purposes of Section 1.04), but only for the 2007 Plan Year.      

(B)  If a required contribution increase is not made for a Plan Year beginning after December 31, 2006, and the portion of any Contribution Rate that resulted in Supplemental Contributions in the preceding Plan Year is insufficient to cover the amount of the  required contribution increase (either independently or in conjunction with any contribution increase for the Plan Year), then that portion of the Contribution Rate:  (i) will cease to be treated as Supplemental Contributions for purposes of Section 5.03(c)(7) beginning on the first day of the following Plan Year; and (ii) will be treated as if it were part of the Contribution Rate in effect on December 31, 2002 (for purposes of Section 1.04), but only for the following Plan  Year. 

(7)        If contributions first become payable pursuant to a Collective Bargaining Agreement (or similar agreement) after December 31, 2002 because no Employer within the jurisdiction of the applicable Local Union had an obligation to contribute to the Plan for a particular classification, category, or type of work before January 1, 2003, the required contribution increase will be determined as follows.  For Plan Years 2004 and 2005, the required contribution increase is five cents (5¢) for each such Plan Year.  Beginning with the 2006 Plan Year, the required contribution increase is determined under the provision of 5.03(b)(3) and the  Contribution Rate in effect as of December 31, 2005 (less any amount attributable to a 55/30 Rate) will be treated as in effect on December 31, 2002 for purposes of that section.   If any contributions falling within the provisions of this Section 5.03(b)(7) first became payable in Plan Year 2006 or later, the required contribution increase will be determined under the provisions of Section 5.03(b)(3) and the Contribution Rate in effect on December 31 of such Plan Year (minus any portion attributable to a 55/30 Rate) will be treated as if it were effect on December 31, 2002 for purposes of that section.  To determine the Benefit Rate under Section 1.04 for contributions falling within the provisions of this Section 5.03(b)(7) that first became payable before the 2005 Plan Year, the Contribution Rate in effect on December 31, 2005  (minus any portion attributable to a 55/30 Rate and any portion attributable to a required contribution increase ) will be treated as if it were in effect on December 31, 2002 for purposes of Section 1.04.  To determine the Benefit Rate for contributions falling within the provisions of this Section 5.03 (b)(7) that first become payable on or after the 2005 Plan Year, the Contribution Rate in effect on the last day of such Plan Year  (minus any portion attributable to a 55/30 Rate) will be treated as if it were in effect on December 31, 2002 for purposes of Section 1.04.  

 (c)       Amount of Normal Retirement Pension 

(1)        Subject to all other applicable Plan provisions, the monthly amount of a Participant’s Normal Retirement Pension under this Section 5.03(c) is the aggregate of the amounts as determined under  (2)  through (7) below, as applicable,  less any benefit overpayments made to a Participant. 

(2)        The monthly amount determined under Plan Section 5.02 as in effect on December 31, 1999, as if the Participant’s Effective Date of Pension and Normal Retirement Age were before January 1, 2000; plus 

(3)        $10.00 for each year of Past Service Credit (if any) credited pursuant to Section 4.03; plus

(4)        For each Plan Year beginning on or after January 1, 2000 and before January 1, 2003, a Participant’s Normal Retirement Pension will be determined as follows: 

(A)       1.7142% of the amount determined by multiplying the  Participant’s Contribution Rate, excluding any portion attributable to 55/30 Rate,  by his Contribution Hours (up to 1400) for the Plan Year;  plus 

(B)       0.6% of the amount determined by multiplying the Participant’s Contribution Hours (over 1400) for the Plan Year by his Contribution Rate, excluding any portion attributable to 55/30 Rate;  plus 

(5)        For the 2003 Plan Year, a Participant’s Normal Retirement Pension will be determined as follows: 

(A)       1.7142% of the amount determined by multiplying the  Participant’s Benefit Rate by his Contribution Hours (up to 1400)  through August 31, 2003;  plus 

(B)       0.6% of the amount determined by multiplying the Participant’s Contribution Hours (over 1400) through August 31, 2003 by his  Benefit Rate;  plus 

(C)       0.8571% of the amount determined by multiplying  the Participant’s Benefit Rate by Contribution Hours after August 31, 2003, which, when combined with Participant’s Contribution Hours before September 1, 2003, do not exceed 1400;  plus 

(D)       0.3% of the amount determined by multiplying  the Participant’s Benefit Rate by Contribution Hours after August 31, 2003, which, when combined with Participant’s Contribution Hours before September 1, 2003, exceed 1400;  plus 

(E)       1.7142% of the amount of the Participant’s Supplemental Contributions for the period September 1, 2003 through December 31, 2003;   plus 

(6)        Except as provided in Section 5.03(c)(8) below, for Plan Years beginning on and after January 1, 2004, a Participant’s Normal Retirement Pension will be determined for each Plan Year as follows: 

(A)       0.8571% of the amount determined by multiplying the  Participant’s Benefit Rate by his Contribution Hours (up to 1400) for the Plan Year;  plus 

(B)       0.3% of the amount determined by multiplying the Participant’s Contribution Hours for the Plan Year in excess of 1400 hours by his  Benefit Rate;  plus  

(7)        Amounts attributable to Supplemental Contributions for each Plan Year after December 31, 2003; 

(A)       1.7142% of the Participant’s Supplemental Contributions  based on his Contribution Hours (up to 1400)  for the Plan Year; plus 

(B)       0.6% of the Supplemental Contributions based on his Contribution Hours (over 1400) for the Plan Year. 

(8)        For any Plan Year beginning on or after January 1, 2007, Section 5.03(c)(6) above will exclude a Participant’s Contribution Hours under a Sheet Metal Workers’ Local Union #36 Collective Bargaining Agreement, which covers work in the geographical area of Springfield, Missouri (“Springfield CBA”).  Instead, the Participant’s Normal Retirement Pension for any of his Contribution Hours after December 31, 2006 under a Springfield CBA will be determined as follows:           

(A)       0.4285% of the amount determined by multiplying the Participant’s Benefit Rate (as adjusted by (B) below) by the Participant’s Contribution Hours (up to 1400) for the Plan Year under the Springfield CBA, and any of his Contribution Hours in excess of 1400 for the Plan Year under the Springfield CBA will be disregarded in determining the amount of his Normal Retirement Pension. 

(B)       For purposes of (A) above, the Participant’s Benefit Rate (as defined in Section 1.04) will be reduced by the amount of required contribution increase for the 2006 Plan Year. 

(d)        Adjustment for a Plan Year in which Required Contribution Increase Is Made  

(1)        If the required contribution increase for the 2004 Plan Year was made in accordance with Section 5.03(b) on or before December 31, 2004, the amount determined under Sections 5.03(c)(5)(C) and (D) and Section 5.03(c)(6) for the period September 1, 2003 through December 31, 2005 shall be multiplied by two (2), but only with respect to those Contribution Hours that are attributable to a Contribution Rate that was increased in the manner described herein.  

(2)        If the required contribution increase for the 2004 Plan Year was made in accordance in with  Section 5.03(b) on or before December 31, 2004, and the required contribution increase for the 2005 Plan Year is made in accordance with Section 5.03 (b) in or before December  2005, the amount determined under Section 5.03(c)(6) for 2006 Plan Year will be multiplied by two (2), but only with respect to those Contribution Hours that are attributable to a Contribution Rate that was increased in the manner described herein.   

(3)        If the required contribution increase for the 2004 Plan Year was not made in accordance with Section 5.03(b) on or before December 31, 2004, but the required contribution increases for both the 2004 and 2005 Plan Years are made in or before December 2005, the amount determined under Section 5.03(c)(6) for both  the 2005 and the 2006 Plan Years will be multiplied by two (2), but only with respect to those Contribution Hours that are attributable to a Contribution Rate that was increased in the manner described herein.  

(4)        For each Plan Year beginning on or after January 1, 2006, if the required contribution increase has been made in accordance with Section 5.03(b) for the preceding Plan Year, the amount determined under Section 5.03(c)(6) for the following Plan Year shall be multiplied by two (2), but only with respect to those Contribution Hours that are attributable to the required contribution increase and only if the required contribution increases have been made in accordance with Section 5.03(b) for all preceding Plan Years (beginning with the 2004 Plan Year).  For purposes of this Section 5.03(b)(4), a required contribution increase will not be deemed to have been made for any Plan Year after 2005 unless such increase took effect on or before the last day of such Plan Year.  

(e)        If a Contribution Rate is decreased on or after January 1, 2000, the following provisions shall apply: 

(1)        0.8571% shall be substituted for 1.7142%, and 0.4286% shall be substituted for 0.8571% in Sections 5.03(c)(4), (5), and (6) above, insofar as those provisions apply to the contributions that are required to be made on a Participant’s behalf at the reduced Contribution Rate; and 

(2)        0% shall be substituted for 0.6% and 0.3% in Sections 5.03(c)(4),(5) and (6), insofar as those provisions apply to the contributions that are required to be made on a Participant’s behalf at the reduced Contribution Rate. 

(f)         In no event will any Participant’s accrued benefit under this Section 5.03 be less than his accrued benefit was on any prior date, determined as if he had separated from Covered Employment on such prior date.  

(g)        Addition to Monthly Normal Retirement Pension for Past Service Credit Earned Before January 1, 2000. 

If a Participant who had less than 30 years of Future Service Credit on December 31, 1999, is subsequently credited with 30 years or more of Future Service Credit, his monthly Normal Retirement Pension will increase by 1% of the amount determined under Section 5.03(c)(2), multiplied by each year (including any fraction thereof) of Past Service Credit earned before January 1, 2000, but only to the extent that such Past Service Credit was not taken into account in determining the amount under Section 5.03(c)(2).

Section 5.04 Early Retirement Pension

(a)               Eligibility for Early Retirement Pension (General Rule)

Except as provided in Section 5.04(b) below, a Participant shall be entitled to retire on an Early Retirement Pension if he has attained age 55 and he meets either the requirements of (1) or (2) below:

(1)               He has both:

(A) at least 15 years of Pension Credit, and

(B) at least 12 months of Future Service Credit; or

(2)               He has either:

(A)              at least 10 years of Pension Credit, five of which are Future Service Credit, or

(B)              he has at least 10 Years of Service for purposes of vesting under Section 8.07.

(b)        Delayed Early Retirement Date

(1)               Except as provided for in Section 5.04(b)(4) below, for every calendar quarter in which a Participant or Employee, or a former Participant or Employee performs at least one hour of employment on or after September 1, 1988, in the Sheet Metal Industry that is not covered by a collective bargaining agreement between the Union and the employer, the early retirement date of said Participant or Employee, or former Participant or Employee will be delayed six (6) months.

(2)               In the event that the early retirement date of a Participant or Employee, or a former Participant or Employee, is delayed pursuant to the preceding paragraph, that delay shall be waived if said Participant or Employee returns to Covered Employment and earns a number of Pension Credit months, as that term is defined in Article 4, equal to the number of months during which he was previously employed for at least one (1) hour in the Sheet Metal Industry in a position not covered by a collective bargaining agreement between the Union and the employer.  In the event that the Participant does not earn an equal amount of Pension Credit, the delay will be reduced on a pro rata basis determined by dividing the number of months of Pension Credit earned subsequent to his return to Covered Employment by the number of months during which the individual previously worked at least one (1) hour in the Sheet Metal Industry in a position not covered by a collective bargaining agreement between the Union and the employer.  Such percentage shall not be greater than 100%.  Notwithstanding the foregoing, effective January 1, 2003, an Employee or Participant who returns to Covered Employment after working in the Sheet Metal Industry in a position not covered by a collective bargaining agreement between the Union and the employer shall have the delay described above waived provided he (1) terminates the non-covered employment, (2) returns to Covered Employment between January 1, 2002 and December 31, 2004, and (3) thereafter earns at least twelve (12) months of Future Service Credit.

(3)               A Participant or Employee’s right to a waiver of the delay of his early retirement date pursuant to the preceding paragraph shall be limited to his first return to Covered Employment after being employed for at least one (1) hour in the Sheet Metal Industry in a position not covered by a collective bargaining agreement between the Union and the employer.  If the Participant or Employee then leaves Covered Employment again and is again employed at least one (1) hour in the Sheet Metal Industry in a position not covered by a collective bargaining agreement between the Union and the employer, a subsequent return to Covered Employment shall not qualify for the remedial provisions set forth in the preceding paragraph.

(4)               Notwithstanding the foregoing paragraphs (1) through (3), any accrued benefits (as that term is used in Section 411(d) (6) of the Code) of participants that were accrued prior to September 1, 1988 shall, upon application for early retirement, be paid according to the terms of the Plan in effect on August 31, 1988.

(c)         Amount of Early Retirement Pension

Effective for Early Retirement Pensions commencing on or after June 1, 1979 (subject to the terms and conditions described in Section 5.02(a)(5)(A)(ii)) the amount of the Early Retirement Pension shall be the amount of the Normal Retirement Pension under Section 5.03 or Section 5.02 of Appendix A, as applicable, which the Participant would have been entitled to if he were then of Normal Retirement Age, but reduced by ½ of 1% for each month by which the Participant is younger than age 62 (i.e., over age 55 but less than 62), plus ¼ of 1% for each month between age 62 and 65.

Section 5.05 Special Early Retirement Pension

(a)               Eligibility for Special Early Retirement Pension

Except as provided in Section 5.05(c) below, a Participant shall be entitled to retire on a Special Early Retirement Pension if he has attained age 55 and he satisfies the requirements of (1) below and, with respect to a Participant who performed Construction Work, satisfies the requirements of (2), below:

(1)               The Participant has met the requirements of either Section 5.04(a)(1) or Section 5.04(a)(2); and

(2)               If the Participant performed Construction Work, the Participant has performed at least 3,500 Hours of Work in Covered Employment during the five (5) consecutive Calendar Year period immediately preceding:

(A)      the Calendar Year in which he applies for a Special Early Retirement Pension under this Section 5.05, or

(B)     if earlier and the Participant retires on or after January 1, 1997, the Calendar Year in which the Participant begins to receive pension benefits, with no reduction for age, under another multiemployer defined benefit pension plan that is, on the date the Participant retires under this Plan, a party to the International Reciprocal Agreement for Sheet Metal Workers’ Pension Funds.

(b)               Amount of Special Early Retirement Pension

If an eligible Participant retires on a Special Early Retirement Pension on or after age 55 but before age 62, his Early Retirement Pension shall be equal to the amount of his Normal Retirement Pension under the applicable provision of Section 5.03, determined as if the Participant were then of Normal Retirement Age, but reduced by .25% for each month by which he is younger than age 62 but not younger than age 60 plus .5% for each month by which he is younger than age 60 at the time he retires.

(c)               Delayed Special Early Retirement Date

(1)               Except as provided in paragraph (4) below, for every quarter in a Calendar Year in which a Participant or Employee, or former Participant or Employee performs at least one (1) hour of employment on or after September 1, 1988 in the Sheet Metal Industry that is not covered by a collective bargaining agreement between the Union and the employer, the special early retirement date of said Participant or Employee, or former Participant or Employee will be delayed six (6) months.

(3)               A Participant or Employee’s right to a waiver of the delay of his special early retirement date pursuant to the preceding paragraph shall be limited to his first return to Covered Employment after being employed for at least one (1) hour on or after September 1, 1988 in the Sheet Metal Industry in a position not covered by a collective bargaining agreement between the Union and the employer.  If the Participant or Employee then leaves Covered Employment again and is again employed at least one hour in the Sheet Metal Industry in a position not covered by a collective bargaining agreement between the Union and the employer, a subsequent return to Covered Employment shall not qualify for the remedial provisions set forth in the preceding paragraph.

(4)               The foregoing paragraphs (1) through (3) shall apply only to that portion of a Participant’s Special Early Retirement Pension which is based on Pension Credit credited on or after September 1, 1988.

Section 5.06 55/30 Pension

(a)        Eligibility for 55/30 Pension

(1)        Except as provided in Section 5.06(d) below, a Participant who retires before January 1, 2006, shall be eligible for a 55/30 Pension as described in this Section 5.06 if he (i) satisfies the requirements of Section 5.05 for Special Early Retirement, (ii) has 360 months of Future Service Credit, (iii) has 24 months of Future Service Credit at the 55/30 Rate, and (iv) has at least 60 months, out of the last 120 months, of Future Service Credit in a position that, prior to his retirement, is or becomes subject to the 55/30 Rate.

(2)               Except as provided in Section 5.06(d), below, a Participant who retires on or after January 1, 2006, shall be eligible for a 55/30 Pension as described in this Section 5.06 if he (i) satisfies the requirements of Section 5.05 for Special Early Retirement, (ii) has 360 months of Future Service Credit, (iii) has 3,500 Hours of Work at the 55/30 Rate within the five calendar year period immediately preceding the calendar year in which he applies for pension, and (iv) has at least 60 months, out of the last 120 months, of Future Service Credit in a position that, prior to his retirement, is or becomes subject to the 55/30 Rate.

(b)               Amount of 55/30 Pension

If an eligible Participant retires on a 55/30 Pension on or after age 55 but before age 65, the amount of his 55/30 Pension shall be the amount of the Normal Retirement Pension under Section 5.03(b), which the Participant would have been entitled to if he were then of Normal Retirement Age.

(c)        55/30 Rate

(1)        For an eligible Participant, the 55/30 Rate is the rate of contributions (i) specified by the Participating Local in which he is a member or with respect to which his Contribution Rate is determined in a resolution adopting the 55/30 Pension, (ii) that is in addition to the Participating Local’s Contribution Rate for the Participant’s position or classification, and (iii) that is based on a rate that is no less than twenty-five percent of such Participating Local’s Contribution Rate in effect as of January 1, 2000 for the Participant’s position or classification, rounded up to the next whole cent.  For purposes of this subsection, the term “Participating Local” shall be deemed to include the International Training Institute, the National Energy Management Institute, or the SMWIA.

(2)        The adoption of the 55/30 Rate and the 55/30 Pension by a Participating Local shall be effective on a prospective basis as of the date specified in the Participating Local’s resolution adopting the 55/30 Pension and shall apply to all Participants who are members of, or whose Contribution Rates are otherwise determined with respect to, the Participating Local and whose position or classification is subject to the 55/30 Rate.  Notwithstanding the preceding sentence, the 55/30 Pension shall not be effective with respect to Participants who are members of, or whose Contribution Rates are otherwise determined with respect to, a particular Participating Local unless by December 31, 2005 (i) the Participating Local irrevocably adopts the 55/30 Pension by means of a resolution in the form and manner acceptable to the Fund, (ii) the Participating Local files with the Fund the resolution and the minutes from the Participating Local’s meeting at which such resolution was adopted, and (iii) contributions are payable to the Fund at the 55/30 Rate on behalf of the Participants who are members of the Participating Local or whose Contribution Rates are otherwise determined with respect to such Participating Local.  The Trustees have the sole authority to determine whether contributions on behalf of such Participants with respect to the 55/30 Rate are being made at the proper level.  A Participant’s benefits shall continue to accrue under the Plan without regard to this Section 5.06 until the requirements of the second sentence of this Section 5.06(c)(2) are met.  For purposes of this subsection, the term “Participating Local” shall be deemed to include the International Training Institute, the National Energy Management Institute, or the SMWIA.

(3)         For any Participant, contribution increases in excess of the 55/30 Rate that become effective after the 55/30 Pension is effective with respect to the Participant as determined under Section 5.06(c)(2) above shall be proportionately allocated to benefit accrual and to pay for the 55/30 Pension, with 80% of each such increase being allocated to benefit accrual without regard to this Section 5.06 and becoming part of the Contribution Rate and 20% of each such increase being allocated to pay for the 55/30 Pension and becoming part of the 55/30 Rate for such Participant.

(d)        Effect of Non-Covered Employment

(1)        Except as provided in paragraph (2) below, if a Participant or Employee, or former Participant or Employee, at any time after his Contribution Date performed or performs at least one (1) hour of employment on or after September 1, 1988 in the Sheet Metal Industry that is not covered by a collective bargaining agreement between the Union and the employer, the Participant will not be eligible to retire pursuant to the provisions of this Section 5.06.

(3)        A Participant’s or Employee’s right to a waiver of his ineligibility for the 55/30 Pension pursuant to the preceding paragraph (2) shall be limited to his first return to Covered Employment after being employed for at least one (1) hour on or after September 1, 1988, in the Sheet Metal Industry in a position not covered by a collective bargaining agreement between the Union and the employer.  If the Participant or Employee then leaves Covered Employment again and is again employed at least one (1) hour in the Sheet Metal Industry in a position not covered by a collective bargaining agreement between the Union and the employer, a subsequent return to Covered Employment shall not qualify for the remedial provisions set forth in the preceding paragraph 2. 

Section 5.07 thru 5.12 Reserved

Plan provisions formerly found at 5.07 through 5.12 have been subsumed into Article 16 or the Appendix A to the Plan.

Section 5.13 Whole Dollar Amount

For the purpose of this Article 5, if the monthly pension benefit amount is not a whole dollar amount, it shall be rounded to the next higher dollar amount.

Section 5.14 Non-Duplication of Pensions

A Participant may only receive one type of pension under the Plan. Further, a Participant who is receiving Disability Benefits under Article 16 of the Plan will not be permitted to elect any type of pension under this Article 5. If, however, a Participant’s Disability Benefit is terminated under Article 16, he will be permitted to elect any type of pension for which he qualifies under this Article 5, and his pension will be unaffected by the prior receipt of any Disability Benefits that he was eligible to receive. Nothing herein will be construed to affect any rights and remedies the Plan has at law or equity to recover any payments that a person was not eligible to receive, including, but not limited to, the Plan’s right to recoup benefit overpayments from future payments.

Section 5.15 Amount of Benefits after Separation from Covered Employment

The pension to which a Participant is entitled shall be determined under the terms of the Plan as in effect at the time the Participant separates from Covered Employment, based on the actual Pension Credit he had accrued and the Contribution Rates at which he had worked prior to such separation, as determined under the applicable provisions of the Plan.  For the purposes of this Section, a Participant shall be deemed to have separated from Covered Employment on the earlier of his Effective Date of Pension or on the last day of work which is followed by five (5) consecutive One-Year Breaks in Service.  If following such a Participant’s separation from Covered Employment, as defined above, he returns to Covered Employment and earns at least five (5) additional years of Future Service Credit, then his benefits will be computed on the basis of the provisions of the Plan in effect when he again separates from Covered Employment or when he retires.  If following such a Participant’s separation from Covered Employment as defined above he returns to Covered Employment but does not earn at least five (5) additional years of Future Service Credit, the benefit which he accrues following his separation from Covered Employment shall be added to the benefit accrued before the separation from Covered Employment in order to determine the amount of his pension.

Section 5.16 Reserved – See Appendix