SUMMARY PLAN DESCRIPTION
2002 EDITION

Pension Plan Highlights

Becoming a Participant

You become a Participant on the earliest January 1^st or July 1^st after you work 870 hours in Covered Employment in a 12-month period.

Earning Plan Credit

Years of Service

• Determine your right to a pension benefit.
• Generally, you earn one Year of Service for each calendar year in which you complete at least 870 hours in Covered Employment (which may include work in Non-Covered Employment that is continuous with your work in Covered Employment).

Pension Credit

• Used in determining your eligibility for certain types of pensions.
• Used in calculating the amount of your pension benefit.
• There are two types of Pension Credit – Future Service Pension Credit and Past Service Pension Credit.
• You earn years of Pension Credit based on the number of hours you work in a Plan Year in Covered Employment.  Generally, you earn one year of Future Service Pension Credit for each Plan Year in which you complete at least 1,400 hours in Covered Employment.

Types of Pension

Normal Retirement Pensions are available if you reach Normal Retirement Age with five or more Years of Service or have at least:

• 10 years of Pension Credit, including five years of Future Service Pension Credit, or
• 15 years of Pension Credit, including at least 12 months of Future Service Credit.

Early Retirement Pensions are available if you:

• Are at least age 55, and
• Have at least:

­       10 years of Pension Credit (five of which are Future Service Pension Credit) or 10 Years of Service, or

­       15 years of Pension Credit including at least 12 months of Future Service Pension Credit.

Your pension benefit will be reduced for early retirement before age 65.

Special Early Retirement Pensions are available if you are age 55 and you meet the requirements for an Early Retirement Pension.

• If you perform Construction Work, you must also have at least 3,500 Hours of Work in Covered Employment within the five-year period before the year you retire or begin to receive benefits under a Reciprocal Plan.

Your pension benefit will be reduced for early retirement before age 62.

55/30 Pensions are available if you are age 55 and:

• Your Employer contributes at the 55/30 Rate of your behalf,
• You have 30 years of Future Service Pension Credit,
• You meet the requirements for a Special Early Retirement Pension, and
• You meet other Future Service Pension Credit requirements that differ if you retire before January 1, 2006 or on or after January 1, 2006 (click here for more information).

Your pension benefit will not be reduced for age if you are eligible for the 55/30 Pension.

Disability Pensions are available if you have:

• Not reached Normal Retirement Age,
• Been totally and permanently disabled as determined by the Social Security Administration and are receiving a Social Security Disability Benefit,
• At least 10 years of Pension Credit, and
• At least 12 months of Future Service Pension Credit, worked at least 435 hours in the 24-month period before your disability and have not at any time after September 1, 1988 worked in Non-Signatory Employment in the Sheet Metal Industry.

Industry-Related Disability Pensions are available if you have:

• Not reached Normal Retirement Age,
• Been totally and permanently disabled so that you can not return to work in the Sheet Metal Industry, even though you may be able to work in another field,
• At least 10 years of Pension Credit, and
• At least 12 months of Future Service Pension Credit, worked at least 435 hours in the 24-month period before your disability and have not at any time after September 1, 1988 worked in Non-Signatory Employment in the Sheet Metal Industry.

Pro Rata Pensions are available if you:

• Have Pension Credit under this Plan and a Related or Reciprocal Plan that has executed the International Reciprocal Agreement for Sheet Metal Workers’ Pension Funds, and
• Meet the requirements for a Pro Rata Pension under this Plan.

Choosing How Your Pension is Paid

§         If you are not married, you will generally receive your pension benefit as a Lifetime Pension.

§         If you are married, you will generally receive your pension benefit in the 50% Husband-and-Wife Pension form of payment, unless your spouse waives his or her right to such a benefit.  With your spouse’s written waiver, you may elect to receive your pension benefit in another form of payment.

§         If married, you may also choose a 100% Husband-and-Wife Pension form of payment if you prefer to provide a monthly pension to your spouse that is 100% of the amount you were receiving before your death.

§         If you retire before you are 65 you may choose to receive your pension in the Level Income Option form to equalize your combined pension and Social Security payments before and after you begin receiving your Social Security benefits.

§         You may choose to receive your pension in the form of a Lifetime Pension with 120 Payments Certain to provide a benefit for your beneficiary if you have not received 120 payments at the time of your death.

§         If the total actuarial present value of your benefit is $5,000 or less, your benefit will be paid in one lump sum payment.  If the actuarial present value of your benefit is between $5,000 and $10,000 you may choose to receive your benefit as either one lump sum payment or as monthly payments.

In the Event of Death

If Your Spouse Dies….

§         Before pension payments begin, you benefit will be paid in the form you choose at retirement.

§         After your pension payments begin and you choose to receive a Husband-and-Wife Pension form of payment, your benefit will increase or “pop up” to the amount you would have received without the Husband-and-Wife Pension form of payment.

If You Die….

§         Before pension payments begin, you are eligible for a pension from the Plan and:

­       You are married, your spouse may choose to receive either a Pre-Retirement Surviving Spouse Annuity or a Lump Sum Death Benefit, or

­       You have no spouse or your spouse does not survive you, your beneficiary may receive a Lump Sum Death Benefit.

§         After pension payments begin, if you were receiving your pension in the form of a:

­       Husband-and-Wife Pension, your spouse will receive 50% or 100% of the amount you were receiving, depending on which form of payment you choose,

­       Lifetime Pension with 120 Payments Certain and you had not yet received 120 payments, your beneficiary will receive the balance of the 120 payments, or

­       Lifetime Pension, payments will end.

The Plan will make the balance of 60 Guaranteed Payments to your beneficiary, if you:

• Are retired on a Normal Retirement Pension, Early Retirement Pension, Special Early Retirement Pension or 55/30 Pension,
• Received payment in the form of a regular Lifetime Pension,
• Had at least 15 years of Pension Credit, and
• Had not yet received at least 60 monthly payments.