THE IBEW PENSION BENEFIT FUND Brotherhood of …

1 THE ibew PENSION BENEFIT fund Rules and Regulations of the International Executive Council of the International Brotherhood of electrical Workers, AFL-CIO, For The ibew PENSION BENEFIT fund Revised May 2012 WHEREAS, the ibew Constitution provides under Article XI, Section 6(h): Interpretations, Definitions and Decisions. The is hereby granted discretionary authority to make definitions of the terms used in this article of the Constitution and to make interpretations of or construe these constitutional provisions and its Rules and Regulations which shall be final and binding. The is also granted discretionary authority to determine eligibility for benefits , and the decisions of the on all questions arising hereunder, including cases of eligibility for and computation of the amount of, benefits shall be final and binding.

2 No benefits are authorized other than those expressly stated in the Constitution and the Rules and Regulations of the ; and WHEREAS, Article XI, Section 9 of the Constitution further provides: The procedures for applications for benefits and for making determinations thereon shall be as prescribed in the Rules and Regulations of the ; and WHEREAS, the Agreement and Declaration of Trust for the PENSION BENEFIT fund , Article IV, Section 3, provides: Consistent with Article 12, Sections 4(f) and 7 [now Article XI, Section 6(h) and 9] of the Constitution, the Trustees shall be authorized to establish Rules and Regulations to govern the administration of the fund , including, but not limited to, the establishment of procedures for making applications for benefits and for making determinations thereon.

3 And WHEREAS, the after full consideration, and on the basis of the recommendations of the actuaries, deemed it appropriate to establish Rules and Regulations for the accomplishment of the purposes of the above-quoted provisions, and said Rules and Regulations were established on June 4, 1969, and have been revised several times, most recently effective January 1, 2012. NOW, THEREFORE, in accordance with the authority vested in it by the Constitution, the International Executive Council hereby establishes the following Rules and Regulations for the PENSION Plan, effective January 1, 2012 [as updated by the ]: Sec. 1. Retirement benefits An A member who retires from the electrical industry after December 31, 2006, shall be entitled to benefits in accordance with the following rules as to eligibility; 2 (a) Normal PENSION .

4 An A member of the in continuous good standing with five (5) or more years immediately preceding his application, who has attained the age of sixty-five (65) years, shall receive PENSION benefits computed on the basis of four dollars and fifty cents ($ ) per month for each full year of such continuous A membership. (b) Optional Early Retirement PENSION . An A member of the in continuous good standing with twenty (20) or more years immediately preceding his application, who has attained the age of sixty-two (62) years, may elect to receive reduced PENSION benefits as long as he lives, computed on the basis of four dollars and fifty cents ($ ) per month for each full year of such continuous A membership, reduced by six and two-thirds percent (6 2/3%) for each year or part thereof the said A member was under the age of sixty-five (65) at the date of his retirement.

5 The election of this option must be made on a form prescribed by the and will become effective on the date he is placed on PENSION . The election of this option shall be irrevocable. (c) Optional Spouse s BENEFIT . Each A member retired under Section 1(a), Section 1(b), or Section 2 may, in lieu of the payment of pensions as outlined above, elect to receive a reduced PENSION as long as he lives, with the provision that after his death one-half of such reduced PENSION shall continue to be paid to his spouse thereafter as long as such spouse survives him. The amount of such reduced PENSION payable under this election shall be actuarially equivalent to the PENSION otherwise payable.

6 This election is effective on the date the member is placed on PENSION , except in the event the member and the member s spouse are subsequently divorced or in the event the member s spouse subsequently predeceases the member, the BENEFIT payable to the member shall be recalculated and shall be equal to the unreduced BENEFIT which would have been provided under Sec. 1(a), 1(b) or 2, as the case may be. This recalculated BENEFIT shall commence the month of January 2002 for those members who became divorced or whose spouses predeceased them prior to or on December 31, 2001; and for all other members, as of the last day of the month next following either the date of the divorce or the death of the spouse.

7 (d) Lump Sum Payment and Less Frequent than Monthly Payment of Small benefits . If the amount of the monthly BENEFIT to be paid under Section 1 (a), Section 1 (b), Section 1 (c) or Section 3 is $ or less, the member shall receive a lump sum payment which shall be actuarially equivalent to the amount of the PENSION otherwise payable. Thereafter, neither the member nor any spousal beneficiary will have any further right to payment of a BENEFIT under Section 1 (a), 1 (b), 1 (c) or Section 3. Sec. 2. Disability PENSION . An A member of the who is totally disabled on or after January 1, 2007, and who has continuous good standing of twenty (20) or more years immediately preceding his application shall receive disability PENSION benefits computed on the basis of four dollars and fifty cents ($ ) per month for each full year of such continuous A membership.

8 If a member was totally disabled prior to or on December 31, 2006, the member s benefits will be based on rates that were in effect at the time of disability. (a) benefits will be paid commencing on the first day of the month in which it has been 3 determined that the member became totally disabled, provided that no period of total disability shall be considered to commence before the A member has completed twenty (20) or more years in continuous good standing. (b) The applicant for disability PENSION benefits must maintain his continuous good standing as an A member until the date of approval of his application by the and shall, in the event of such approval, receive a full refund of dues from the date of commencement of his total disability.

9 The period following the commencement of total disability shall not be counted in computing the amount of disability PENSION BENEFIT . (c) Members awarded disability PENSION benefits should be encouraged to seek rehabilitation and return to full-time employment wherever possible. The is authorized to approve programs of vocational rehabilitation, whether formal or informal. Such approved rehabilitation programs shall be considered to begin only when the gives its approval thereto in writing and to end when the withdraws such approval. Work performed in connection with any such approved rehabilitation program shall not disqualify the member for disability PENSION benefits nor be deemed a violation of Section 6(d) of these Rules and Regulations or Article XI, Section 6(d) of the Constitution.

10 (d) A period of disability shall end at the close of the last day of the month preceding the day upon which a member who has been on total disability PENSION BENEFIT returns to work or upon which the makes a determination on the basis of proof that the total disability has ceased. At the end of the period of disability, the member who has been on total disability PENSION BENEFIT shall not receive any further such benefits and shall become obligated for payment of dues unless and until he is reinstated to total disability PENSION benefits in accordance with the procedures set forth in Section 2(f) of these Rules and Regulations. (e) Total disability means inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or has lasted or can be expected to last for a continuous period of not less than twelve (12) months, provided, however, that any of the following disabilities will disqualify the member for BENEFIT : (1) Disability which was contracted, suffered or occurred while the participant was engaged in, or resulted from his having engaged in, a felonious act or enterprise.