BOARD OF TRUSTEES STRUCTURAL IRON …

1 1 BOARD OF TRUSTEES STRUCTURAL iron WORKERS local NO. 1 PENSION TRUST FUND 7700 West Industrial Drive Forest Park, Illinois 60130 Phone: (708) 366-1188 Fax: (708) 366-4809 FUND COUNSEL Johnson & Krol, LLC CONSULTANT The Segal Company Union TRUSTEES Employer TRUSTEES Terry Peshia James M. Gardiner Ronald Stone Craig A. Satalic George N. Weiland, Jr. Kenny Davis 2 A Message from the BOARD of TRUSTEES We are pleased to provide you with this updated booklet describing your benefits under the STRUCTURAL iron Workers local No. 1 Pension Plan. This booklet replaces any prior explanation booklets, but it does not replace or supersede the Plan Document.

2 We are providing this summary so that you and your family can better understand the important benefits that are provided by the Fund. However, this booklet is not a substitute for the official Plan Document, which will govern if there are any differences with this summary. This summary covers changes to the Plan as restated effective January 1, 2009. IMPORTANT REMINDER Tell your family, particularly your spouse, about this booklet and where it is located. Please notify the Fund Office promptly if you change your address. If the TRUSTEES are unable to reach you at your last address on record, any benefit payments will be held without interest.

3 Only the full BOARD of TRUSTEES is authorized to interpret the Retirement Plan described in this booklet. No Employer, the Union, nor any representative of any Employer or Union, in such capacity, is authorized to interpret this Plan, nor can any such person act as agent of the TRUSTEES . If you need any information regarding this Plan, you should contact the Fund Office. 3 TABLE OF CONTENTS S E C T I O N 1 : P A R T I C I P AT I O Initial Termination of Reinstatement of Vested Cost and S E C T I O N 2 : P E N S I O N CR E D I T Earning Pension Pension Credit during Periods of Military S E C T I O N 3 : V E S T I N G UN D E R T H E P L A Vesting Becoming a Vested How Vesting Service Differs from Pension S E C T I O N 4 : B R E A K S I N S E R V I C One Year Break in Permanent Break in Grace S E C T I O N 5.

4 P E N S I O N EL I G I B I L I T Y A N D P E N S IO N A M O U N T Pension Accrual Period of Regular Late Early Retirement 35-and-Out S E C T IO N 6 : D I S A B I L I T Y P EN S I O Eligibility for Disability Totally and Permanently Disabled Disability Pension When Payments Proof of Continued Trial Work When Payments Re-Calculation of Your Pension Upon S E C T I O N 7 : P R E-R E T I R E M E N T D E A T H B E NE F I T Pre-Retirement 50% Husband-and-Wife Survivor s Widow s Lump Sum Death S E C T I O N 8 : P O S T-R E T I R E M E N T D E A T H B E NE F I T Post-Retirement Death S E C T I O N 9.

5 F O R M S O F P E N S I O N P A Y M E N T 4 Beneficiary Single Life Annuity with a 60-Month 50% Husband-and-Wife Annuity with a 60-Month 75% Husband-and-Wife Annuity with a 60-Month 100% Husband-and-Wife Annuity with a 60-Month Husband-and-Wife Pension Social Security Level Income Small S E C TI O N 1 0 : A P P L Y I N G F O R B E N E F I T Applying for Your Pension Discretionary Decision Appealing a Denial of Pension Review Rights If Your Claim is S E C T I O N 1 1 : D I S Q U A L IF Y I N G E M P L O Y M E N About Suspension of Benefit Payments Following Repayment S E C T I O N 1 2 : A D M I N I S TR A T I V E F A C T Type of Restatement Date of Plan Plan Identification Plan Sponsor and Agent for Legal Joint BOARD of Collective Bargaining Plan Non-Assignability of Qualified Domestic Relations Orders (QDROs).

6 45 If the Pension Plan is Terminated or Plan S E C T I O N 1 3 : F E D E R A L R I G H T S A N D P R O T E C T I S E C T I O N 1 4 : D E F I N I TI O N Fund local No. Normal Retirement Period of Other A P P E N D I X A : B E N E F I T R A T E S C H E D U L E A P P E N D I X B : E A R L Y R ET I R E M E N T S C H E D U L 5 SECTION 1: PARTICIPATION Initial Participation. To receive a pension benefit, you must first become a Plan Participant. Generally, you become a Plan Participant if you work 250 hours in Covered Employment in a calendar year and your Employer contributes to the Fund on your behalf for this work.

7 You can also become a Plan Participant if you start work in Covered Employment, transfer to Continuous Employment (as explained in Section ), and work a combined 1,000 hours or more in Covered or Continuous Employment during a 12 consecutive-month period. In this case, your Plan participation begins on the earlier of January 1 or July 1 whichever occurs first. Termination of Participation. Once participation is established, you will remain a Participant while you work in Covered Employment. If you stop working, your Plan participation can terminate up until the time you are Vested in a pension benefit.

8 Your participation will terminate at the end of a calendar year in which you incur a One Year Break in Service which is described in more detail in Section Reinstatement of Participation. If you lose your Participant status, you can become a Participant again by meeting the requirement for initial participation described above in Section Vested Participants. The break in service rules apply until you are Vested. Once you are Vested in a pension benefit, you will always be a Plan Participant. Cost and Enrollment. No enrollment is necessary to participate in the Plan.

9 Also, you pay nothing to participate in the Plan. Your Employer contributes to the Pension Plan on your behalf. 6 SECTION 2: PENSION CREDITS Pension credits are used to determine the amount of your pension benefit. This Section explains how you accumulate Pension Credits. Earning Pension Credits. You can earn Pension Credit depending on the number of hours you work in a calendar year. The following table describes how Pension Credits are awarded for work in Covered Employment during a calendar year: Hours in Covered Employment Within the Calendar Year Pension Credits Less than 250 0 250 to 499 500 to 749 750 to 999 1,000 or more 1 Pension Credit during Periods of Disability.

10 The Plan may award you Pension Credits for non-work periods if you are disabled. If you are disabled, Pension Credits for non-work periods may be awarded at the rate of 20 hours per week if you are disabled for at least 13 weeks and receiving (A) workers compensation benefits or (B) Weekly Accident and Sickness Benefits from the STRUCTURAL iron Workers local No. 1 Welfare Fund. Non-work periods that do not qualify for Pension Credit may be eligible for a conditional grace period, as described in Section You may earn a maximum of one Credit per injury, up to a maximum of three Pension Credits over your lifetime.