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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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