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National Asbestos Workers Pension Fund

20082008

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Introduction

ParticipationParticipation Benefit AccrualBenefit Accrual RetirementRetirement

TypesTypes AmountAmount OptionsOptions

DisabilityDisability

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Introduction (Continued)

Death BenefitsDeath Benefits Re-employmentRe-employment AdministrationAdministration

Application ProcessApplication Process Pre-Retirement IssuesPre-Retirement Issues Post Retirement IssuesPost Retirement Issues Who’s WhoWho’s Who

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Participation

Initial ParticipationInitial Participation Continuing Your ParticipationContinuing Your Participation

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Earning Service

220 - 436 hours220 - 436 hours ¼ credit¼ credit437 - 653 hours437 - 653 hours ½ credit½ credit654 - 869 hours654 - 869 hours ¾ credit¾ credit870 & up870 & up 1 credit1 credit

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Break in Service

Temporary Break in ServiceTemporary Break in Service Less than 5 service credits (10 service credits if Less than 5 service credits (10 service credits if

no hours on or after January 1, 1997)no hours on or after January 1, 1997) Work less than 220 hours in a Plan YearWork less than 220 hours in a Plan Year

Permanent Break in ServicePermanent Break in Service Less than 5 service credits (10 service credits if Less than 5 service credits (10 service credits if

no hours on or after January 1, 1997)no hours on or after January 1, 1997) Number of consecutive one year breaks is more Number of consecutive one year breaks is more

than service creditsthan service credits

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Types of Pensions

Normal Retirement PensionNormal Retirement Pension

Age 65Age 65 At least 2 future service creditsAt least 2 future service credits

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Types of Pension

Reduced Early Retirement PensionReduced Early Retirement Pension Age 55, but less than 65Age 55, but less than 65 Reduced by ½ of 1% for each month Reduced by ½ of 1% for each month

younger than age 65 or each month from younger than age 65 or each month from 30 years of service, whichever is less30 years of service, whichever is less

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Types of Pension

Unreduced Early Retirement PensionUnreduced Early Retirement Pension If participation began prior to July, 1999 If participation began prior to July, 1999

- Any Age and 30 Service Credits- Any Age and 30 Service Credits If participation began on or after July, If participation began on or after July,

1999 – Age 55 and 30 Service Credits1999 – Age 55 and 30 Service Credits

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Types of Pension

Deferred VestedDeferred Vested Age 55 Age 55 5 Service Credits (if one hour on or after 5 Service Credits (if one hour on or after

January 1, 1997January 1, 1997

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Amount of Pension

Past Service CreditsPast Service Credits Multiply your Past Service Credits by Multiply your Past Service Credits by

your Past Service Amount your Past Service Amount Ranges from $4.80 to $32.00 per year Ranges from $4.80 to $32.00 per year

depending on Local Uniondepending on Local Union

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Amount of Pension Future ServiceFuture Service

Total contributions for the following periods of time:Total contributions for the following periods of time: 3.16%3.16% for periods prior to July 1, 2003 * for periods prior to July 1, 2003 * 2.21%2.21% for periods between July 1, 2003 – June 30, for periods between July 1, 2003 – June 30,

2004*2004* 1.43%1.43% for periods on or after July 1, 2004 for periods on or after July 1, 2004 1.19%1.19% for July 1, 2008 – June 30, 2009 Applies for July 1, 2008 – June 30, 2009 Applies

only to locals with contribution rate below only to locals with contribution rate below $3.00/hour; otherwise $3.00/hour; otherwise 1.43%1.43%

* Participants of merged funds may have different * Participants of merged funds may have different future service accrualsfuture service accruals

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Amount of Pension

Past ServicePast Service

plusplus

Future ServiceFuture Service

minusminus

Early Retirement ReductionEarly Retirement Reduction

minusminus

Payment Option ReductionPayment Option Reduction

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Example

10 Past Service Credits x $1610 Past Service Credits x $16 $ 160.00$ 160.00 Pre 7/1/2004 contributions $40,000 x 3.16% Pre 7/1/2004 contributions $40,000 x 3.16% $1,264.00$1,264.00 FYE 2004 contributions $4,000 x 2.21%FYE 2004 contributions $4,000 x 2.21% $ 88.40$ 88.40 July 1, 2004 + contributions $2,000 x 1.43% July 1, 2004 + contributions $2,000 x 1.43% $ 28.60$ 28.60

TotalTotal $1,541.00*$1,541.00*

*Does not consider lower rate after July 1, 2008*Does not consider lower rate after July 1, 2008

*Before Adjustment for Optional Forms of Payment*Before Adjustment for Optional Forms of Payment

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Forms of Payment

60 Payment Guarantee60 Payment Guarantee 50% Joint and Survivor50% Joint and Survivor 66 2/3% Joint and Survivor66 2/3% Joint and Survivor 100% Joint and Survivor100% Joint and Survivor Social Security Leveling OptionSocial Security Leveling Option

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Pop-Up Feature

If beneficiary predeceases pensioner, If beneficiary predeceases pensioner, payments will pop-up to the “60 payment payments will pop-up to the “60 payment guarantee” amount.guarantee” amount.

Not available to disability pensionersNot available to disability pensioners Effective for pensions beginning November Effective for pensions beginning November

1, 19901, 1990

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Disability

Disability PensionDisability Pension At least 10 Service CreditsAt least 10 Service Credits Disabled within one year of last working in Disabled within one year of last working in

covered employment for which contributions covered employment for which contributions are dueare due

If disability occurred prior to July, 2004 – full If disability occurred prior to July, 2004 – full pensionpension

If disability occurred on or after July 1, 2004 – If disability occurred on or after July 1, 2004 – 50% pension50% pension

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Death Benefits

Active Participant – not vested – Married Active Participant – not vested – Married or Not Marriedor Not Married

Active participant, Vested, Not Married, Active participant, Vested, Not Married, Not Eligible for Early or Normal Pension at Not Eligible for Early or Normal Pension at time of deathtime of death

Terminated Vested, Not MarriedTerminated Vested, Not Married

100% of Contribution Account100% of Contribution Account

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Death Benefits

Active participant, Vested, Married, Not Active participant, Vested, Married, Not Eligible for Early or Normal Pension at Eligible for Early or Normal Pension at time of deathtime of death

Terminated Vested – MarriedTerminated Vested – Married

Survivor pension, plusSurvivor pension, plus Excess value of contribution account, if Excess value of contribution account, if

any, over value of Survivor Pensionany, over value of Survivor Pension

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Death Benefits

Active participant, Vested, Married, Active participant, Vested, Married, Eligible for Early or Normal Pension at Eligible for Early or Normal Pension at time of deathtime of death

Survivor pension, plusSurvivor pension, plus 100% of contribution account100% of contribution account

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Prohibited Employment

Retirees must complete Re-employment Retirees must complete Re-employment notice annually – must be approved by notice annually – must be approved by Local Union and received by Fund OfficeLocal Union and received by Fund Office

Must have at least 90 days between pension Must have at least 90 days between pension effective date and date returning to workeffective date and date returning to work

Plan allows returning to work for Plan allows returning to work for Contributing Employer for less than 300 Contributing Employer for less than 300 hours per calendar yearhours per calendar year

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Prohibited Employment

See pages 34 – 36 of Summary Plan See pages 34 – 36 of Summary Plan DescriptionDescription

A Pensioner receiving a Disability Pension A Pensioner receiving a Disability Pension cannot return to work without Suspension cannot return to work without Suspension of Benefitsof Benefits

If an Early Retiree returns to work without If an Early Retiree returns to work without timely notice – pension suspended until age timely notice – pension suspended until age 6565

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Application Process

Send in the pension application no more Send in the pension application no more than 90 days but at least 60 days prior to the than 90 days but at least 60 days prior to the pension effective date.pension effective date.

Birth Certificates for member and spouse Birth Certificates for member and spouse must accompany applicationmust accompany application

Marriage Certificate must accompany Marriage Certificate must accompany applicationapplication

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Application Process (cont)

If divorced, copy of divorce decree must be If divorced, copy of divorce decree must be submittedsubmitted

Spousal waiver must be witnessed by Spousal waiver must be witnessed by Notary Public or Plan Representative (Fund Notary Public or Plan Representative (Fund Office personnel or Trustee)Office personnel or Trustee)

Electronic deposit mandatoryElectronic deposit mandatory

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Other Pre-Retirement Issues

Benefit Statements Sent AnnuallyBenefit Statements Sent Annually If member disputes benefit credit – have them If member disputes benefit credit – have them

contact office prior to retirementcontact office prior to retirement Social Security Earnings Records and pay stubs Social Security Earnings Records and pay stubs

may be requestedmay be requested Address & Beneficiary changes to Membership Address & Beneficiary changes to Membership

Services DepartmentServices Department Contact Fund Office immediately upon death of Contact Fund Office immediately upon death of

participantparticipant

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Post Retirement Issues

Electronically deposited pension checks are Electronically deposited pension checks are available the midnight of the last working available the midnight of the last working day of the month.day of the month.

Advise Pension Department of change in Advise Pension Department of change in address or bank account informationaddress or bank account information

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Post Retirement Issues

Annually Retirement Declarations must be Annually Retirement Declarations must be completed.completed.

Annually Disability Pensioners must Annually Disability Pensioners must provide proof that they are still disabledprovide proof that they are still disabled

Both forms must be either notarized or Both forms must be either notarized or witnessed by a Plan Representative.witnessed by a Plan Representative.

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Who’s Who

Kisha Grey – Pension Department ManagerKisha Grey – Pension Department Manager 1-800-386-3632, extension 4091-800-386-3632, extension 409 kgrey@cardayassociates.comkgrey@cardayassociates.com