SUMMARY PLAN DESCRIPTION
2002 EDITION

NPF COLA Benefit

The NPF COLA supplemental benefit described in this section applies only to benefits you accrued through June 30, 1995. If you became a Plan Participant on or after July 1, 1995, you will not receive any NPF COLA Benefits.

The NPF COLA Benefit is an annual supplement to your monthly pension benefit that is calculated on the Allocation Date and generally paid in December. You may qualify for the NPF COLA Benefit if you worked in Covered Employment with an Employer that increased its pension Contribution Rate by $0.01 for each $0.12 Increment in effect as of December 30, 1990.

To be eligible for the NPF COLA Benefit, you must:

§         Have separated from Covered Employment on or after January 1, 1991,

§         Have received pension benefits for the 12 consecutive months ending on any Allocation Date,

§         Be eligible to receive a pension benefit on the Allocation Date, and

§         Have not at any time performed any Non-Signatory Employment in the Sheet Metal Industry after January 1, 1991 (although eligibility may be reinstated if you meet certain conditions).

Generally, the amount of the NPF COLA Benefit is equal to the following:

*      *Only monthly benefits earned before July 1, 1995 are taken into account for the purpose of   calculating the NPF COLA Benefit.

**   **Your number of whole years is measured from the Effective Date of your pension to the Allocation Date.

 If you elected a Level Income Option at retirement, the NPF COLA Benefit is calculated based on the Early Retirement Pension you were entitled to receive, had you not elected the Level Income Option.

NPF COLA Benefit for Beneficiaries

If you are eligible for the NPF COLA Benefit described above and monthly payments will be made to your surviving spouse or beneficiary upon your death, your beneficiary is also eligible for the NPF COLA Benefit if he or she:

§         Has received pension benefits for the 12 consecutive months ending on any Allocation Date, and

§         Is eligible to receive a pension benefit on the Allocation Date.

The NPF COLA Benefit is determined in the same manner as for you, except that it is calculated on the basis of the beneficiary’s annual pension income, as if it had been payable to the beneficiary since you began receiving pension benefits.

If you die after you have satisfied the requirements for the NPF COLA Benefit, but you elected a form of payment that does not continue after your death, the Plan will pay a one-time NPF COLA Benefit based on the pension benefits you received before your death. This COLA benefit will be paid on the Allocation Date following your death to your spouse, children or parents, in that order. If none of these persons survive you, no final COLA benefit will be paid.

Ad Hoc COLA Payments

If you separated from Covered Employment before January 1, 1991, you are not entitled to any form of COLA payment, nor should you expect one. However, the Plan may be amended from time to time to provide an Ad Hoc COLA payment for a particular year for a particular group of retirees and beneficiaries. The Ad Hoc COLA payment is not a guaranteed benefit. The Trustees, in their sole and absolute discretion, may amend the Plan from time to time to establish:

§         An Ad Hoc COLA payment for a given year,

§         The amount of the payment, and