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					PATH EMPLOYEES PENSION PLAN


        SUMMARY PLAN
         DESCRIPTION




        (REVISED JANUARY 1, 2006)
Dear Member:

As you know, your Union has negotiated a Pension Plan for members of participating Unions.
The Plan was established effective March 1, 1982.

This booklet was prepared to furnish you with information regarding this Pension Plan and the
improvements in benefits added since the original effective date of the Plan. Please read it
carefully. It is a valuable booklet because it describes your rights and privileges as a participant
in the Pension Plan in a series of questions and answers. The questions are the kind that are
usually asked by members.

The booklet also explains the things you must do in order to be eligible for, and to obtain, these
benefits. The benefits provided by this Pension Plan are in addition to the benefits you may
receive under the Railroad Retirement Law or the Federal Social Security Laws.

Sincerely yours,



Board of Trustees




                                                  ii
     PATH EMPLOYEES PENSION PLAN

              Dennis Faiano, Plan Administrator
                      49 East 5th Street
                    Bayonne, NJ 07002


                 BOARD OF TRUSTEES

Gary Wasserman, Chairman              Gary Wertz, Secretary
American Train Dispatchers            American Railway Supervisors
  Association PATH Lodge                Association Lodge No. 821

Tom Roemer                            Clyde W. Easterling, Jr.
International Brotherhood of          Brotherhood of Railroad
   Teamsters Local No. 864               Signalmen (BRS), Local 60

Michael Brady                         Michael Dzubina
International Brotherhood of          United Transportation Union
   Electrical Workers                   Local 1413
   Local No. 864

Thomas E. Kish
Transport Workers Union
   Local No. 2001




                               iii
     PATH EMPLOYEES PENSION PLAN


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                      Wayne, PA 19087



                             iv
    INVESTMENT MONITOR
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        Wilmington, DE 19801




                 v
               TABLE OF CONTENTS


                                                                                                          Page

Introduction ..........................................................................................     8
 1. WHY THIS BOOKLET? ..............................................................                        9
 2. WHO IS A MEMBER OF THIS PLAN?......................................                                     9
 3. HOW MUCH DO I CONTRIBUTE? ...........................................                                   9
 4. HOW MUCH WILL PATH CONTRIBUTE? ..............................                                           9
 5. HOW DO I BECOME ELIGIBLE FOR A PENSION?................                                                 9
 6. HOW IS THE AMOUNT OF MY PENSION CALCULATED? .                                                           9
  7. WHO IS ELIGIBLE FOR A NORMAL RETIREMENT
     PENSION? .................................................................................... 10
 8. HOW MUCH WILL MY NORMAL RETIREMENT
    PENSION BE? .............................................................................. 10
 9. DOES THE PAYMENT OF THIS PENSION AFFECT MY
    RIGHTS TO A RAILROAD RETIREMENT OR SOCIAL
    SECURITY BENEFIT? ................................................................ 10
10. MUST I RETIRE WHEN I REACH MY NORMAL
    RETIREMENT DATE? ................................................................ 10
11. IS THERE AN EARLY RETIREMENT PENSION? ................... 10
12. MAY I RECEIVE A PENSION IF I LEAVE COVERED
    EMPLOYMENT WITH PATH BEFORE ELIGIBILITY FOR
    AN EARLY RETIREMENT PENSION? ..................................... 11
13. HOW IS A VESTED PENSION CALCULATED? ..................... 11
14. WHEN WILL PENSION PAYMENTS BEGIN? ......................... 11
15. MAY I ELECT TO BEGIN RECEIVING MY VESTED
    PENSION PRIOR TO AGE 65? ................................................... 11
16. WHAT HAPPENS IF I AM DISABLED? ................................... 12
17. ARE THERE ANY OPTIONAL FORMS OF PENSION
    AVAILABLE? .............................................................................. 13
18. IF I AM MARRIED, IN WHAT FORM WILL MY PENSION
    BE PAID? ...................................................................................... 14
19. HOW MUCH WILL THE AUTOMATIC JOINT AND 50%
    SURVIVOR PENSION BE? ......................................................... 14
20. ARE THERE ANY DEATH BENEFITS PAYABLE IF I
    DIE IN COVERED EMPLOYMENT? ......................................... 15



                                               vi
21. ARE THERE ANY DEATH BENEFITS PAYABLE IF I
    DIE PRIOR TO NORMAL OR EARLY RETIREMENT
      AFTER LEAVING COVERED EMPLOYMENT? ..................... 16
22. WHAT DEATH BENEFITS ARE PAYABLE AFTER
    I RETIRE? ..................................................................................... 16
23. CAN I TRANSFER PENSION CREDITS TO ANOTHER
    PLAN? .......................................................................................... 16
24. CAN MY PENSION PAYMENTS BE ATTACHED? ................ 16
25. HOW DO I APPLY FOR MY PENSION? ................................... 17
26. IF MY CLAIM IS DENIED, MAY I APPEAL? .......................... 17
APPENDIX A - VESTING SERVICE, CREDITED SERVICE
     AND BREAKS IN SERVICE................................................. 18
           Vesting Service ....................................................................... 18
           Hours of Employment ............................................................. 18
           Credited Service ...................................................................... 18
           Past Credited Service .............................................................. 18
           Future Credited Service ........................................................... 18
           A Break-in-Service Year ......................................................... 19
           If You Leave Covered Employment ....................................... 19
           Phase In Of Credited Service For Members of
            Local 60, Brotherhood of Railroad Signalmen..................... 19
APPENDIX B – ADMINISTRATION OF THE PLAN ...................... 21
           General Authority of the Board of Trustees ............................ 21
           How Contributions are Invested .............................................. 21
           Board of Trustees Reserves the Right to Change the Plan ...... 21
APPENDIX C – GENERAL INFORMATION ................................... 22
APPENDIX D – YOUR RIGHTS UNDER THE PLAN ..................... 23




                                           vii
                                    INTRODUCTION


This Pension Plan is a benefit program designed and administered for the single purpose of
providing pension benefits to PATH employees (and, in some cases, their spouses and other
beneficiaries) who are members of a “recognized” collective bargaining unit.

This is a short and simplified explanation of your benefits and rights under this Fund. In the
simplified and shortened form, it cannot adequately cover the unusual conditions that may arise in
calculating and granting benefits. The full and detailed explanation of your benefits and rights
are in the Plan document. A copy of this document is available at your Union office.

This Plan is administered by a Board of Trustees. Letters and telephone inquiries to the Board of
Trustees may be addressed to:

                                Dennis Faiano, Plan Administrator
                                49 East 5th Street
                                Bayonne, NJ 07002

        Newark: Mon.-Fri. 7am – 1 pm                     Bayonne:
        Tel (201) 216-7053                               Tel (201) 339-5553
        Fax (201) 216-6855                               Fax (201) 339-5626

        E-mail: pathemployees.pensionplan@verizon.net




                                                8
1. WHY THIS BOOKLET?

This booklet explains to you the pension benefits you may look forward to under the PATH
Employees Pension Plan negotiated for you by your Union with PATH.

2. WHO IS A MEMBER OF THIS PLAN?

All PATH employees active on or after March 1, 1982, who are members of a “recognized”
collective bargaining unit, are automatically members of the Plan. All newly hired employees
will become Plan participants after satisfying the probationary period in effect for your craft.

Active membership in the Plan will terminate when a member no longer works in Covered
Employment, begins to receive one of the pensions provided by the Plan, or when he has accepted
the vested pension provided by the Plan.

Collective bargaining units represented by the following unions are “recognized” under the Plan:

        United Transportation Union Local No. 1413
        American Train Dispatchers Association PATH Lodge
        International Brotherhood of Teamsters Local No. 641
        International Brotherhood of Electrical Workers Local No. 864
        American Railway Supervisors Association Lodge No. 821
        Transport Workers Union Local No. 2001
        Brotherhood of Railroad Signalmen, Local No. 60

3. HOW MUCH DO I CONTRIBUTE?

You, as a member of the Plan, will make no contributions whatsoever. All contributions to
support the benefits of the Plan, and to provide the expenses of its operation, will be paid by
PATH according to the Bargaining Agreement.

4. HOW MUCH WILL PATH CONTRIBUTE?

PATH contributes according to the amount negotiated in the Collective Bargaining Agreement
which may be changed from time to time by negotiation.

5. HOW DO I BECOME ELIGIBLE FOR A PENSION?

Eligibility for all benefits prior to Normal Retirement requires the completion of at least 5 years
of Vesting Service, except for Disability Benefits. For a detailed explanation of how Vesting
Service is calculated, please see Appendix A at the back of this booklet.

6. HOW IS THE AMOUNT OF MY PENSION CALCULATED?

Your pension is figured based on your Credited Service and the monthly Benefit Rate in effect at
the time of your retirement, termination of Covered Employment or death. There is no limit to
the Credited Service you can earn. For a detailed explanation of how Credited Service is
calculated, please see Appendix A at the back of this booklet.



                                                  9
7. WHO IS ELIGIBLE FOR A NORMAL RETIREMENT PENSION?

You will become eligible for a Normal Retirement Pension when you retire from Covered
Employment on the later of age 65 or the 5th Anniversary of your participation in the Plan.
Covered Employment means employment in a “recognized” collective bargaining unit covered by
the Plan. (See Question 2.)

8. HOW MUCH WILL MY NORMAL RETIREMENT PENSION BE?

Your pension amount depends on your years of Credited Service when you retire and the monthly
Benefit Rate in effect under the Plan at the time of your retirement.

For retirements on or after October 1, 1997 (provided you are credited with at least 1,000 hours of
Covered Employment during a calendar year after December 31, 1996), the monthly Benefit Rate
for each year of Credited Service is $42.

Your monthly retirement benefit will be calculated as follows:

                Total Credited Service x $42

For example, if you retire from Covered Employment at age 65 after completing 19 years of
Credited Service, you will be entitled to a monthly pension of $798 for as long as you live.

                ($42 x 19 = $798)

Please contact a Plan Trustee for information regarding the calculation of retirement benefits for
retirements prior to October 1, 1997.

9. DOES THE PAYMENT OF THIS PENSION AFFECT MY RIGHTS TO A
   RAILROAD RETIREMENT OR SOCIAL SECURITY BENEFIT?

No, in addition to any benefits to which you are entitled under the Plan, you may also receive
Railroad Retirement Benefits or Social Security Benefits, provided you qualify.

10. MUST I RETIRE WHEN I REACH MY NORMAL RETIREMENT DATE?

No, there is no mandatory retirement. You may delay your retirement and receive credit for
employment past age 65. There is no limit on the number of years of Credited Service that you
can earn. All pensions must begin to be paid on the April 1 following the year in which you
attain age 70-1/2, or if later, the first day of the month following your retirement.

11. IS THERE AN EARLY RETIREMENT PENSION?

Yes, you may elect Early Retirement if you continue in Covered Employment with PATH until
age 60 and you have earned 30 years of Vesting Service, or if you remain in Covered
Employment with PATH until age 62 and have earned 20 years of Vesting Service. This Early
Retirement Pension is calculated the same way as the Normal Retirement Pension and is
unreduced for early commencement (see Question 8) but based on your Credited Service as of
your Early Retirement Date.

                                                10
12. MAY I RECEIVE A PENSION IF I LEAVE COVERED EMPLOYMENT WITH
    PATH BEFORE ELIGIBILITY FOR AN EARLY RETIREMENT PENSION?

If you leave employment with PATH at any age after earning at least 5 years of Vesting Service,
you will be entitled to a Vested Pension if you earn any Credited Service. If you terminate
employment with PATH before you have credit for 5 years of Vesting Service, nothing is
payable. For a detailed explanation of how Vesting Service is determined, please see Appendix
A at the back of this booklet.

The Vested Pension is a monthly pension beginning when you reach age 65 and retire from
employment with PATH. However, if you satisfy the requirement for payment of pension
benefits under the Railroad Retirement Act, you may elect to receive your Vested Pension under
this Plan on the same date that your pension commences under the Railroad Retirement Act.

13. HOW IS A VESTED PENSION CALCULATED?

The amount of your Vested Pension is calculated the same way as the Normal Retirement
Pension (see Question 8) but based on your Credited Service and the monthly Benefit Rate
determined as of your termination of Covered Employment.

14. WHEN WILL PENSION PAYMENTS BEGIN?

Pension payments are made as of the first day of the month falling on or immediately following
your Normal Retirement Date or your Early Retirement Date. You must file an application for
benefits at least 60 days prior to the date on which you wish to retire. Failure on your part to file
a timely application may result in a delay in the payment of your pension.

15. MAY I ELECT TO BEGIN RECEIVING MY VESTED PENSION PRIOR TO
    AGE 65

If a Participant has completed 30 years of Vesting Service at the time his employment with PATH
is terminated before satisfying the requirements for Normal or Early Retirement, he may elect to
have his Vested Pension begin as of the first day of any month between his 60th birthday and his
65th birthday but reduced to reflect the early commencement.

If a Participant has completed 20 years of Vesting Service at the time his employment with PATH
is terminated before satisfying the requirements for Normal or Early Retirement, he may elect to
have his Vested Pension begin as of the first day of any month between his 62nd birthday and his
65th birthday but reduced to reflect the early commencement.

If a Vested Participant has completed less than 20 years of Vesting Service and attained age 62 at
the time his employment with PATH is terminated before Normal or Early Retirement, he may
elect to have his Vested Pension begin as of the first day of any month between the date of his
termination of employment and his 65th birthday but reduced to reflect the early commencement.

The reduction factor is 5/9% for each month by which the commencement date precedes Normal
Retirement Date.

For example, if you left Covered Employment at age 55 with 25 years of Credited Service, you
could elect to have the Vested Pension commence as early as the first day of the month following
                                                 11
your attainment of age 62, reduced to reflect the early payment of this benefit. Your pension
from the Plan would be:

$42 x 25 years Credited Service          =       $1,050 payable at age 65
$1,050 x .20 (5/9% x 36 months)          =       $210 reduction for payment 36 months
                                                 before age 65
$1,050 - $210                            =       $840 payable at age 62

As another example, if you left Covered Employment at age 63 with 15 years of Credited Service,
you could elect to have the Vested Pension begin the first day of the month following your
termination of employment with PATH, reduced to reflect the early payment of this benefit.
Your pension from the Plan would be:

$42 x 15 years Credited Service          =       $630 payable at age 65
$630 x .13 (5/9% x 24 months)            =       $83.98 reduction for payment 24 months
                                                 before age 65
$630 - $83.98                            =       $546.02 payable at age 63

Any Participant who has satisfied the requirements for payment of pension benefits under the
Railroad Retirement Act may elect payment of his Vested Pension under this Plan on the same
date.

16. WHAT HAPPENS IF I AM DISABLED?

If you become permanently and totally disabled or have an occupational disability as determined
by the Railroad Retirement Board, while employed in Covered Employment prior to your Normal
Retirement Date, you will be eligible for the disability pension at any age, if you then have at
least 10 years of Credited Service.

For purposes of meeting the 10 years of Credited Service eligibility requirement, your credited
service with the Brotherhood of Locomotive Engineers Division 497, and the Brotherhood of
Railway Carmen Division/Transportation Communications Union Local 6330 is counted.
However, the amount of your disability pension is based only on the Credited Service earned with
a “recognized” collective bargaining unit under the Plan (see Question 2).

For a disability with an onset date prior to September 30, 2005, the amount of the disability
pension is computed in exactly the same way as the amount of the full Normal Retirement
Pension, but is based upon Credited Service accumulated up to the time of retirement on
disability. In addition, you will receive the Railroad Retirement benefit payable under the
Railroad Retirement Laws. Your disability pension begins as of the first day of the month that
your disability payments begin under the Railroad Retirement Act.

For a disability with an onset date after September 30, 2005, the amount of the monthly disability
retirement benefit is determined by multiplying the product of the Participant’s Credited Service
and Benefit Rate by the applicable Disability Percentage Rate taken from the table on the next
page (all determined as of the date of the Participant’s disability benefit commencement date
under the Railroad Retirement Act).

Your disability pension will terminate when you recover from your disability and are able to
return to work. This will be determined on the basis of whether or not you continue to receive
Railroad Retirement disability benefits.
                                               12
For example, if your disability onset date is after September 30, 2005 and your disability age is
52 and you have earned credit for 22 years of Credited Service, your disability benefit would be
$434 ($42 x 22 x .47).
                                Disability Percentage Rate Table
                                                  PATH SERVICE
 Disability Age        Less than 20             20 to 29 years, 11 mos.        30 years or more
       30                  10%                            13%                        15%
       31                  10%                            13%                        16%
       32                  11%                            14%                        17%
       33                  11%                            15%                        18%
       34                  12%                            16%                        19%
       35                  13%                            17%                        20%
       36                  14%                            18%                        21%
       37                  14%                            19%                        22%
       38                  15%                            20%                        23%
       39                  16%                            21%                        25%
       40                  17%                            22%                        26%
       41                  18%                            24%                        28%
       42                  19%                            25%                        29%
       43                  20%                            27%                        31%
       44                  22%                            28%                        33%
       45                  23%                            30%                        35%
       46                  25%                            32%                        38%
       47                  26%                            34%                        40%
       48                  28%                            36%                        43%
       49                  30%                            39%                        46%
       50                  32%                            41%                        49%
       51                  34%                            44%                        52%
       52                  36%                            47%                        56%
       53                  39%                            51%                        60%
       54                  42%                            54%                        64%
       55                  45%                            58%                        69%
       56                  48%                            63%                        74%
       57                  52%                            67%                        79%
       58                  56%                            73%                        86%
       59                  60%                            78%                        92%
       60                  65%                            85%                       100%
       61                  71%                            92%
       62                  77%                           100%
       63                  84%
       64                  91%
       65                 100%


17. ARE THERE ANY OPTIONAL FORMS OF PENSION AVAILABLE?

Yes, in addition to the straight life annuity (see Question 8) which is payable for your lifetime
only with all benefits ceasing upon your death there are two options available.

                                                 13
One option is a reduced pension which is guaranteed for ten years. If you die prior to receiving
120 monthly pension payments, your monthly pension will be continued to your beneficiary until
120 payments have been made. If you do not die within the 10 year guaranteed period, your
pension will continue to be paid during your lifetime and will cease upon your death.

The other option is a reduced pension with the provision that 50%, 66-2/3%, or 100% will
continue to another person if you die first. The pension is reduced because it is payable for the
lives of two people rather than just one.

If your beneficiary dies before you and if you retired on or after January 1, 1994, then the option
is cancelled and you will thereafter receive the unreduced monthly pension which would have
been payable had no option been elected and all payments will cease at your death (see Question
19).

At retirement, you will be provided with the amount that your pension would be if you elected a
straight life annuity.

If the value of your pension is $5,000 or less, it will be paid in a lump sum. You may elect to
rollover this distribution into an IRA, a 403(b) Annuity, certain 457(b) Plans or another Qualified
Plan.

After Pension payments begin, you may not change the form in which your pension is paid.

18. IF I AM MARRIED, IN WHAT FORM WILL MY PENSION BE PAID?

If you have been married for one year, your pension will automatically be paid in a reduced form
with one half (1/2) of that amount continued to your spouse if you die first. This automatic joint
pension becomes effective when you retire or if you die while employed beyond normal
retirement.

If you are married and do not want this automatic feature to apply, you and your spouse must
elect otherwise, in writing, on forms provided by the Trustees. This election must be notarized.
Spousal consent is not required if you elect a reduced form with 66-2/3% or 100% of your
pension continued to your spouse.

19. HOW MUCH WILL THE AUTOMATIC JOINT AND 50% SURVIVOR PENSION
    BE?

Individual calculations are made in each case based on your age and the age of your spouse.
However, the example below will give you some idea of the reductions.

An employee age 65, entitled to a $1,764 monthly pension would receive a smaller pension as
shown:

                                                          Monthly
                Age of           Monthly Pension          Pension to
                Spouse           To Employee____          Surviving Spouse

                   65                 $1,567.49                $783.75
                   60                  1,529.04                 764.52
                                                  14
                     55                 1,496.40                   748.20
                     45                 1,451.07                   725.54

If you retired on or after January 1, 1994 and if your spouse should predecease you, then you will
thereafter receive the amount of monthly pension which would have been payable had no option
been elected and all payments will cease at your death. In the above example, if you had elected
a Joint and 50% Survivor Pension and your spouse predeceased you, your pension payment
would revert to $1,764 per month for your lifetime.

20. ARE THERE ANY DEATH BENEFITS PAYABLE IF I DIE IN COVERED
    EMPLOYMENT?

If you are in Covered Employment at the time of your death and:

                     you have earned 5 years of Vesting Service, and
                     you have been married to your spouse for the one year period prior to your
                      death,
                     you have completed one hour of employment with PATH after January 1,
                      1991

your spouse will receive a monthly pension commencing as of the first day of the month
following your death in an amount equal to the benefit that she would have received if on the day
before your death you commenced a Normal Retirement Pension payable in the form of a joint
and 50% survivor annuity.

If you are in Covered Employment at the time of your death on or after January 1, 1995 and:

                     you have earned 5 years of Vesting Service, and
                     you are not married

your designated beneficiary will receive a lump-sum death benefit in the amount of $20,000.

It is important that each unmarried vested Participant complete a designation of
beneficiary form. These forms are available from the Plan Administrator or a Plan
Trustee.

In the event an unmarried Participant who elects a Period Certain option and fails to designate a
beneficiary, or if his designated beneficiary does not survive him, or dies before receiving all
amounts payable, payment shall be made in order of the priority listed:

1.   to his surviving children, per stripes, in equal parts, provided however, that children by
     blood, marriage or adoption shall be considered children of the Participant, as the case may
     be, or if there be none surviving,

2.   to his surviving mother and father, in equal parts, or if there be none surviving,

3.   to the estate of the last to die of the Participant and any designated beneficiaries.




                                                   15
21. ARE THERE ANY DEATH BENEFITS PAYABLE IF I DIE PRIOR TO NORMAL
    OR EARLY RETIREMENT AFTER LEAVING COVERED EMPLOYMENT?

If you have left Covered Employment prior to satisfying the requirements for early or normal
retirement and at the time of your death, are vested, have been married to your spouse for the one
year period prior to your death, and have not commenced benefits, your spouse will receive a
reduced monthly pension commencing as of the first day of the month following the date on
which you could have elected to begin receiving a pension from the Plan if you had lived.

The amount of the monthly pension is equal to the pension that your spouse would have received
if, after leaving Covered Employment, you lived until your earliest retirement age, elected to
receive your Vested Pension (see Question 13) payable in the form of a Joint and 50% survivor
annuity, and then died the following day.

For example, if you had earned 20 years of Vesting Service and attained age 58 at the time of
your death, your spouse’s pension would commence on the first of the month following the 62nd
anniversary of your birth, payable in the form of a 50% Survivor Annuity and reduced to reflect
payment prior to age 65 (see Question 15).

22. WHAT DEATH BENEFITS ARE PAYABLE AFTER I RETIRE?

If you actually retire, the death benefit, if any will depend upon the pension option you select at
retirement. If you select a straight life annuity option, nothing will be payable. If you select a 10-
year guaranteed life annuity, the remaining monthly payments of the 10-year guaranteed period
will be payable (after the guaranteed period, nothing is payable to a beneficiary after your death).
If you select a spouse option pension, your surviving spouse will receive a pension equal to 50%,
66-2/3%, or 100%, whichever is elected, of the reduced monthly pension you were receiving
before your death.

23. CAN I TRANSFER PENSION CREDITS TO ANOTHER PLAN?

The Plan contains provisions for transferring Credited Service to another PATH pension plan if
the Board of Trustees enters into a Reciprocal Agreement with another plan.

24. CAN MY PENSION PAYMENTS BE ATTACHED?

No. Your Plan provides that your retirement benefits may not be assigned, mortgaged or pledged
since they are for your support after your retirement, except as required by a Qualified Domestic
Relations Order.

A Qualified Domestic Relations Order (“QDRO”) is a judgment, decree or order that:

        (1) Sets a required level of child support, alimony payments, or marital property rights
            to the dependent of a plan participant to be financed through the participant’s
            pension,
        (2) Is made pursuant to a state domestic relations law, including a community property
            law, and
        (3) Complies with other administrative and technical requirements of the law.


                                                 16
The Board of Trustees will promptly notify you and any other alternate payee of the receipt of the
order and of the fact that the order is being examined to determine whether it qualifies as a
QDRO. Then, within a reasonable period of time, the Board of Trustees will notify you and any
alternate payee of the determination. All determinations are subject to claim review.

25. HOW DO I APPLY FOR MY PENSION?

The Board of Trustees has an application form which you must complete and submit to the Plan
Administrator. You may obtain a form from a Trustee or from the Plan Administrator at least 60
days prior to your retirement date.

26. IF MY CLAIM IS DENIED, MAY I APPEAL?

If your application for benefits is denied, in whole or in part, you will be given a written notice
stating the reason for the denial and informing you of any additional information needed for
further consideration of your claim. If you disagree with the denial, you will have 60 days in
which to request, in writing, a review of your claim. If, after review, the Trustees again deny
your application you will be notified in writing of the reason for the denial and no benefit will be
paid, except as otherwise required by law.




                                                 17
                                         APPENDIX A

        VESTING SERVICE, CREDITED SERVICE AND BREAKS IN SERVICE


Vesting Service is used to determine your eligibility for benefits from the Plan. As a Plan
Participant you will receive a year of Vesting Service for each calendar year beginning after
January 1, 1982 during which you complete more than five (5) months of Service. A month of
Service for this purpose means a calendar month after January 1, 1982 during which you
complete at least one (1) Hour of Employment.

A Participant who was an active PATH employee and a member of a “recognized” collective
bargaining unit (see Question 2) on January 1, 1982 will receive one year of Vesting Service for
each calendar year prior to January 1, 1982 during which the employee has completed 800 or
more Hours of Employment. If the Board of Trustees is unable to determine the number of Hours
of Employment completed by an employee prior to January 1, 1982, an employee will be credited
with 190 Hours of Employment for each month prior to January 1, 1982 during which he was a
member of a local union participating in the Plan.

Hours of Employment means each hour for which an employee is paid, including sick pay and
vacation pay.

Credited Service is used to calculate the amount of your pension. Credited Service is figured in
two parts: Past Credited Service and Future Credited Service.

Past Credited Service includes your years of local membership in a participating union before
January 1, 1982. If you are an employee who was a member of a “recognized” collective
bargaining unit and actively employed by PATH and who became a Participant on March 1,
1982, you will receive a year of Past Credited Service for each Plan Year prior to January 1, 1982
during which you completed 800 or more Hours of Employment in a position covered by a
collective bargaining agreement whether or not you earned such service during employment with
a “recognized” collective bargaining unit. You will receive a year of Past Credited Service for
each calendar year prior to January 1, 1982 in which you completed 800 Hours of Employment as
a member of a participating union before January 1, 1982.

Effective for retirements on and after January 1, 1995, Hours of Employment will include hours
completed in a period of employment with a predecessor employer during which a Participant
was a member of a local union which participates in the Plan, whether or not such employment
was contiguous with the Participant’s employment with PATH. For this purpose, a predecessor
employer means an employer recognized by PATH as a predecessor employer for purposes of
granting seniority rights to its employees.

Future Credited Service is based on Covered Employment after December 31, 1981. As a
Participant you will receive 1/12 of a year of Future Credited Service for each calendar month
after December 31, 1981 during which you complete at least one (1) Hour of Covered
Employment. An Hour of Covered Employment means an Hour of Employment completed
during a period in which you are a member of a “recognized” collective bargaining unit whose
members participate in the Plan.

Effective January 1, 1999, you will be treated as being in Covered Employment, for purposes of
earning Credited Service, for a period of up to 12 months of contiguous non covered employment
                                               18
with PATH in a temporary exempt position, provided you were included as a Covered Employee
by PATH for purposes of determining Employer contributions for the year. If you previously
earned Credited Service for employment in a temporary exempt position in accordance with the
preceding sentence, you will thereafter receive one year of Credited Service for each calendar
year in which you complete at least 1,000 Hours of Covered Employment, provided you were
included as a Covered Employee by PATH for purposes of determining Employer contributions
for the year.

Service in the Armed Forces of the United States will be counted under the Plan provided that the
employee complies with all of the requirements of Federal Law governing this entitlement.

If you separate from employment on a maternity or paternity leave of absence, you will be
credited with the number of hours you would normally have been scheduled to work, up to a
maximum of 501 hours, thereby preventing a Break-in-Service Year. These hours are credited
for the plan year in which the absence begins, if the crediting for the plan year in which the
absence begins, if the crediting of such hours is necessary to prevent a Break-in-Service Year, or
in any other case, in the immediately following year. In no event will you earn Vesting Service
or Credited Service for any years in which hours are credited under this section, if you would not
have otherwise been entitled to such service under other provisions of the Plan.

A maternity or paternity leave of absence shall occur only if the absence is due to your
pregnancy, the birth of your child, the placement of a child with you for purposes of adoption by
you, or the care of such child for the period immediately following such birth or placement.

The Board of Trustees may require that you furnish evidence satisfactory to the Board, such as a
doctor’s statement, which establishes that such leave of absence was taken for one of the
preceding reasons and the number of days of such absence. If you fail to submit such evidence
within 90 days after such a request, no Hours of Employment will be credited to you under this
section.

Once you have 5 years of Vesting Service you are “vested” and cannot lose any Vesting Service
or Credited Service that you have earned. If you are vested when you leave employment with
PATH and you are re-employed at some time in the future, your prior Vesting Service and
Credited Service will be added to any Vesting Service and Credited Service you earn following
re-employment.

A Break-in-Service Year occurs in any year in which you earn less than 501 Hours of
Employment.

If you are not vested when you leave employment with PATH and you have a Break-in-Service
Year, you will lose your previously earned Vesting Service and Credited Service only if the
number of consecutive Break-in-Service Years equals or exceeds the greater of (a) your years of
Vesting Service when you left employment or (b) 5 years.

If You Leave Covered Employment but you continue in employment with PATH, you will
continue to earn Vesting Service but not Credited Service.

Phase In Of Credited Service For Members of Local 60, Brotherhood of Railroad Signalmen
Effective January 1, 2000, the Brotherhood of Railroad Signalmen, Local No. 60, became a
covered union under the PATH Plan. Each PATH employee who is deemed to be a member of
the Brotherhood of Railroad Signalmen, Local 60 on January 1, 2000 shall be entitled to earn
                                                19
Credited Service for his period of Employment with PATH as a member of Local 60 completed
prior to January 1, 2000 based on the period of Covered Employment completed by the employee
after December 31, 1999, in accordance with the following schedule:

Period of Covered Employment                                             Percentage Credit
Completed After December 31, 1999                                        Service Earned

One (1) period consisting of Twelve (12) consecutive months
        of Covered Employment during a calendar year                             20%

Two (2) periods each consisting of Twelve (12) consecutive months
       of Covered Employment during a calendar year                              40%

Three (3) periods each consisting of Twelve (12) consecutive months
        of Covered Employment during a calendar year                             60%

Four (4) periods each consisting of Twelve (12) consecutive months
        of Covered Employment during a calendar year                             80%

Five (5) periods each consisting of Twelve (12) consecutive months
        of Covered Employment during a calendar year                             100%

An employee shall be deemed to be a member of the Brotherhood of Railroad Signalmen, Local
60 on January 1, 2000 if the employee is included as an active member of Local 60 in the annual
employee count provided by the Employer as a basis for determining the Employer’s contribution
to the Plan for the Plan Year beginning January 1, 2000. The Trustees shall review the list of
names to determine that it is complete, in accordance with the regular administrative procedure of
the Plan for this purpose.




                                               20
                                          APPENDIX B

                             ADMINISTRATION OF THE PLAN


The Board of Trustees has the responsibility for administering this Pension Plan and for making
all determinations regarding its provisions. They must, of course, act in accordance with the
terms and provisions of the Plan document.

Each member of the Plan is required to give to the Board such information as the Board may need
for the proper administration of the Plan. The Board may request proof of your date of birth or
your spouse’s date of birth and such other documents they deem to be necessary.

The custodian for the Fund receives all contributions made to support the benefits of the Plan and
the investment managers invest the funds so as to prudently insure the growth and safety of the
Fund. The Board may pay out of Plan funds the necessary and proper expenses for administering
the Plan. The Board has appointed an investment consultant to monitor the investment managers’
performance to assure that the Plan continues to be in sound financial condition.

While this booklet explains the Plan in a general way, and is written in a manner that is easy to
understand, you must bear in mind that the actual provisions of the Plan, and its administration,
are governed by the Plan document. The Plan document sets out in precise detail exactly what
may, and what may not, be done under the provisions of the Plan. If any question should arise
about such provisions, the Plan document will govern.

If you need any further information regarding this Plan, or the benefits you may obtain under it,
do not hesitate to contact the Plan Administrator. He will be glad to supply any further
information.

GENERAL AUTHORITY OF THE BOARD OF TRUSTEES

The Board of Trustees reserves the right to decide any questions arising under the Plan. Any
appeals should be submitted in writing to the Board, who will provide rules regarding hearings
and arbitration.

HOW CONTRIBUTIONS ARE INVESTED

The assets of the Fund are held and invested by the investment managers, appointed by the
Trustees for the exclusive benefit of you and all other members eligible under the Plan.
Investments are made at the discretion of the investment managers although the Board of Trustees
has full authority to monitor their actions and hire or replace them.

BOARD OF TRUSTEES RESERVES THE RIGHT TO CHANGE THE PLAN

The Board of Trustees hopes to continue the Plan indefinitely, but the right to change or
discontinue it is necessarily reserved. In case of discontinuance of the Plan, the Fund would be
distributed solely for the benefit of the members.




                                                21
                                        APPENDIX C

                                GENERAL INFORMATION


NAME OF PLAN:                                   PATH Employees Pension Plan

PLAN ADMINISTRATOR:                             The Board of Trustees
                                                PATH Employees Pension Plan
                                                Dennis Faiano, Plan Administrator
                                                49 East 5th Street
                                                Bayonne, NJ 07002

PLAN NUMBER:                                    001

PLAN YEAR:                                      January 1 – December 31

AGENT FOR SERVICE OF LEGAL PROCESS:

Legal process may be served on the Board of Trustees, or on any individual Trustee.




                                              22
                                           APPENDIX D

                              YOUR RIGHTS UNDER THE PLAN


As a participant in this Pension Plan you may:

        (1) Examine, without charge, all documents concerning the Plan.

        (2) Obtain, for a reasonable charge, copies of all Plan documents and other Plan
            information. Written request for these copies must be made to the Plan
            Administrator.

        (3) Receive a copy of a summary of the Plan’s annual financial report.

        (4) Upon written request to the Board of Trustees, obtain a statement telling you
            whether you have a right to a pension at age 65, how much your pension would be if
            you stop working right now, and, if you do not have a right to a pension yet, how
            many more years you have to work to have a right to a pension. This information
            will be provided free of charge but the Trustees reserve the right to limit such
            requests to once a year.

If your claim for a benefit is denied, in whole or in part, you will be notified in writing of the
reason for the denial. You then can request that your claim be reviewed and reconsidered.

If you have any questions about the Plan, you should contact the Board of Trustees.




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