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Tax Deferral Plan Intermountain Ironworkers have a history of

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					    Tax Deferral Plan
    Intermountain Ironworkers have a history of providing innovative
retirement planning. Such planning has evolved into Intermountain
Ironworkers Tax Deferral Plan. The Intermountain Ironworkers Tax Deferral
Plan offers a variety of investment options based on Union Selection
2000. Union Selection 2000 was designed for labor unions to provide
maximum flexibility to choose among a wide variety of fund families. The
Board of Trustees for the Intermountain Ironworkers Tax Deferral Plan
(“Retirement Plan”) have sought to retirement options that are well
administrated, user friendly, and highly competitive. Each Union Member
can select any combination of investment options which can be
interchanged periodically to the advantage of market opportunity or to
adjust for changes in the Members investment objectives. The
contributions that the members make are with pretax dollars, and the
earnings grow on a tax-deferred basis. No taxes are due on either
contributions or earnings until they are distributed from the plan.
Although tax-saving benefits plan an important role in a members Tax
Deferral Plan, it is extremely important that the member establish goals
related to the amount of income you would receive at retirement age (for
Example):
    Distribution of Accumulated Assets:
    Assets in the plan:
    $60,982.00
    $196,340.00
    $496,768.00
    $1,163,669.00
    Monthly Income:
    $302.00
    $1,314.00
    $3,324.00
    $7,787.00
    The Member should know the risk and potential reward go hand in-hand;
and, as an investor, each member should reduce risk by diversifying their
holdings and investing for the long term. The trustees of the
Intermountain Iron Workers Tax Deferral (“retirement”) plan have
established a time tested investment approach that allows each member to
achieve their retirement dreams.
    Pension Benefits and Amounts
    You are eligible for a regular pension benefit when you attain normal
retirement age or if you are sixty-five and have earned at least five
years of vesting service without a permanent break of service. Normal
retirement age means the later of age 65 or the fifth anniversary of your
participation in the plan. In determining your fifth anniversary of
participation the break in service rule will still apply. Break in
service rules are as follows:
    One year break in service: You may have a one-year break in service
when you don’t work at least five hundred (500) hours in covered
employment in any one plan year.
    Permanent break in service: A permanent break in service means the
cancellation of your participation, years of vesting service and pension
credit. Years of vesting service earned before a permanent break of
service will not be counted for determining when your participation
began. When you retire with a regular pension that becomes effective on
or after June 1, 1997, the amount of your monthly benefit will be
calculated as follows:
    $30.25 per pension credit earned before June 1, 1982 ? 1.7% of the
contributions made on your behalf during any plan year you worked 500 or
more hours in covered employment after May 31, 1996 plus; 1.8% of the
contributions made on your behalf during any plan year you worked 500 or
more hours in covered employment after May 31, 1982 and before June 1,
1996. If you do not work at least 500 hours of covered employment in a
plan year, the amount of your pension before a separation from covered
employment remains frozen. When you return to covered employment and earn
additional pension credit, the monthly pension amount earned after your
return will be based on the amount payable by the plan at that time.
    *Note: If you are married, Federal Law requires that your pension
benefit is paid in the form of a 50% husband and wife pension. This
provision includes all pensions available under the plan. The 50% Husband
and wife form of payment provides a reduced monthly benefit to you for
your lifetime, with a portion of that amount payable to your surviving
spouse.
    Early Retirement Pension: You are eligible to receive an early
retirement pension when you reach the age of fifty-five (55) and before
you are sixty-five (65) years old. You must also have earned either ten
years of vesting service without permanent break in service, or you work
at least 500 hours in the plan year ending May 31, 1997 or May 31, 1988
or you work at least one hour on or after June 1, 1998, and you have at
least five years of vesting service without a permanent break in service.
    Amount of Early retirement pension benefit: The amount of the early
retirement benefit is calculated in the same manner as a regular pension
benefit, reduced for your age. This reduction factor accounts for the
longer period of time that you will be receiving a monthly benefit from
the plan. Early retirement is calculated as: ½ of 1% for each month you
are younger than 65 years old.
    Disability Pension: When you are working in covered employment (500
hours in the two consecutive plan year period immediately preceding the
plan year you become disabled) and have earned at least five years of
vesting service without a permanent break in service, you are entitled to
a disability pension when you have been certified as disabled and unable
to work. (Refer to the Intermountain Iron Workers Pension Trust Fund
Summary Plan Description for more details.)
    Amount of Disability Pension Benefit: If you are entitled to a Social
Security Disability Award, the monthly amount o f the Disability Pension
is the same as a regular pension and will continue for life, provided you
remain disabled to age 65.
    Pre-retirement Death Benefit Non-vested status: If you die prior to
becoming vested in the plan and before incurring a permanent break in
service your Beneficiary may receive a pre-retirement death benefit in
the form of a lump sum that is equivalent to the amount contributed to
the trust fund on your behalf, up to $6,250.00. Vested status: The pre-
retirement death benefit pays Sixty (60) monthly pension payments to your
designated beneficiary or, if your surviving spouse had selected this
death benefit prior to your death in lieu of the pre-retirement surviving
spouse pension to your surviving spouse. Applying For Your Pension
Benefit You can obtain a pension application by writing, calling, or
visiting the fund office at:
    Intermountain Ironworkers Pension Trust Fund American Benefit
Administrators Inc. 3785 South 700 East Salt Lake City, Utah 84106 (801)
263-2692 Out Of State: 1-800-453-6228
    Dental
    Benefits: If a Participant receives dental care, the Fund will,
subject to the provisions after satisfaction of the deductible ($25.00
per person per year) and will pay the expenses incurred for covered
dental services up to the maximum amount payable ($500.00 per person)
Covered Dental Services. Covered dental services include the following:
    (Diagnostic and Preventive and Adjunctive Services)
    1. Diagnostic Provides the necessary procedures to assist the dentist
in evaluating the conditions existing and the dental care required.
    2. Preventive Provides the necessary techniques to teach the patient
how to assist in preventing dental disease.
    3. Adjunctive - Emergency treatment for relief of pain.
    Employee Life Insurance
    PM Group will pay an Employee Life Benefit if you die while insured
for the Employee Life Insurance.
    Benefits: An \\\"Employee Life Benefit\\\" is the benefit that will
be paid if you die. The amount of the Employee Life Benefit is the amount
determined from the Schedule of Benefits. The Employee Life Benefit will
be paid to your beneficiary in one sum unless a settlement option is in
effect. Beneficiary A \\\"beneficiary\\\" is the person, or one of the
persons, you designate to receive any benefit to be paid under the group
policy for the loss of your life. Beneficiary Designation. By written
request to PM Group at its Home Office:
    1. you may designate anyone as your beneficiary; and
    2. you may change your beneficiary designation at any time.
    The consent of a beneficiary is not required. PM Group shall not be
held liable for a payment made to another person before your written
request is received at PM Group\\\'s Home Office.
    More Than One Beneficiary: Benefits will be paid in equal shares to
your beneficiaries unless you state otherwise in your beneficiary
designation. The share of a beneficiary who does not live to receive
payment will pass equally to those who survive unless you state otherwise
in your beneficiary designation.
    Table of Losses and Benefits Loss of:
    Life (Full Benefit)
    Both Hands (Full Benefit)
    Both Feet (Full Benefit)
    Both Eyes (Full Benefit)
    Hand & a Foot (Full Benefit)
    Hand & an Eye (Full Benefit)
    Foot & an Eye (Full Benefit)
    Half the Foot (Full Benefit)
    An Eye & Half The Foot (Full Benefit)
    Loss of a hand or foot means the complete and permanent severance of
the hand or foot at or above the wrist or ankle joint. Loss of an eye
means the entire and permanent loss of the sight of that eye. AJD&D
Exclusions No AD&D Benefit will be paid for a loss:
    (a) that is excluded by the General Health Limitations; or
    (b) that is caused or contributed to by any: 1. disease; 2. drug,
chemical, poison, or inhalation of gas; 3. injury that is sustained: a.
in the course of any medical or dental diagnosis or treatment, including
the therapeutic use of nuclear energy; b. while you are in or upon any
aircraft, unless you are a fare-paying passenger on a regularly scheduled
flight.
        Health And Welfare
    Eligible Employee Hour Bank System: Eligibility for benefits provided
by the active plan is established under an hour bank system. This system
is a procedure whereby the hours worked for a contributing employer are
accumulated for credit to an active employee’s account. The active
employee can accumulate additional hours for eligibility to be used
during periods of low-employment or layoff. No medical exam is required
in order to become covered under this plan.
    Presently Eligible Employees: An active employee eligible on the
restatement effective date (refer to Ironworkers Intermountain health and
welfare trust active plan), will continue to remain eligible until he/she
fails to meet the requirements as set forth under “termination of
eligibility” (in plan document and summary plan description, Ironworkers
Intermountain health and welfare trust active plan).
    Initial Eligibility: New employees not eligible on the restatement
effective date will become eligible on the first day of the second
calendar month immediately following any period of not more than four (4)
consecutive calendar months during which the employee works the following
hours:
    Structural Employees: 350 or more hours with one or more contributing
employers.
    Fabricating: at least 100 hours with one or more contributing
employers
        Hearing and Speech
    Benefits: If a Participant, as a result of a non-occupational hearing
or speech disability, incurs expenses in connection with such disability,
the Plan will pay benefits in accordance with the following Schedule of
Services:
    The maximum benefit per disability for any one (1) claimant shall not
exceed $500.
    Schedule of Services:
    a. Detection of Services (Screening) The detection services benefit
may be performed by a qualified professional individual, facility, or a
Physician to determine if a hearing, speech, or language disorder exists.
    b. Medical Diagnosis. In the event a disability is detected, a
medical diagnosis of the disorder must be obtained from a Physician. All
tests and evaluations to diagnose such a disorder will have to be
authorized or supervised by a Physician.
        Comprehensive Medical Benefits
    Benefits: If a Participant receives treatment for a bodily injury or
sickness, the Plan will, subject to the provisions hereafter stated, and
after the satisfaction of any required deductible, pay for each
participant. Benefits are subject to the Pre-Existing Condition provision
and the Pre-Admission Review Certification requirements of the Plan.
    Maximum Benefits Payable: All benefits paid on behalf of a
Participant as well as all calendar year maximums and all lifetime
maximums are combined and applied toward the aggregate lifetime maximum
amount described herein:
    a. Aggregate Lifetime Maximum Amount. The aggregate lifetime maximum
amount payable on behalf of any Participant shall not exceed: $500,000.00
Effective January 1, 1999, this aggregate lifetime maximum shall increase
to: $1,000,000; except any Participant that incurs expenses in excess of
$62,500 during the period from June 1, 1998 through May 31, 1999, will
not be eligible for the increased maximum until June 1, 1999. All Plan
maximums are subject to this aggregate lifetime maximum amount and are
included therein. In no event shall an increase in the aggregate lifetime
maximum amount apply to any Participant who has exhausted their aggregate
lifetime maximum amount prior to the effective date of an increase in the
aggregate lifetime maximum amount. When determining the aggregate
lifetime maximum amount, all claims paid under the Comprehensive Medical
Benefits portion of the Plan over the Participant\\\'s lifetime
participation shall be aggregated.
        Vision Benefits
        Benefits: Vision care will be paid for each Participant up to the
maximum amount in the Schedule of Allowances (refer to Ironworkers
Intermountain Health and Welfare Trust manual page 83).
        Deductibles
    Active Medical Plan: $200 of Covered Charges per Participant, per
calendar year. An annual aggregate maximum of $400 per family shall
apply. Any co-payments incurred by a Participant shall be applied towards
satisfaction of the deductible in the same calendar year. The deductible
is waived for Preferred Provider office visits (non-surgical) and well
child exams and routine immunizations. Self-Pay Medical Plan (Low Option)
The Preferred Provider level of benefits is not available to Participants
electing this Self-Pay Medical Plan. Percentage of Covered Charges
Payable. Subject to the satisfaction of any required Deductible or co-
payment the Plan will pay Covered charges at the coinsurance percentages
described hereafter. When applicable, the percentage will revert to the
appropriate percentage (90%, 80% or 70%) on January 1 of each year if the
Participant is not Hospital confined on that date. Covered Charges
Covered Charges include only charges for Medically Necessary services and
supplies which fall within the scope of usual, customary and reasonable.

				
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