APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

September 30 of the year following the year of the Participant’s death,
distribution of the Participant’s entire interest will be completed by De-
cember 31 of the calendar year containing the fifth anniversary of the Par-
ticipant’s death.

(c) Death of Surviving Eligible Spouse Before Distributions to
Surviving Eligible Spouse Begin. If the Participant dies before the date
distribution of his or her interest begins, the Participant’s surviving Eligi-
ble Spouse is the Participant’s sole designated Beneficiary, and the surviv-
ing Eligible Spouse dies before distributions to the surviving Eligible
Spouse begin, this Paragraph (E) will apply as if the surviving Eligible
Spouse were the Participant, except that the time by which distributions
must begin will be determined without regard to Paragraph (B)(2)(a).

(F) Changes to Annuity Payment Period.

qd) Permitted Changes. An annuity payment period may be changed
only in association with an annuity payment increase described in Paragraph
(C)(1)(d) of this Section or in accordance with Paragraph (F)(2).

(2) Reannuitization. An annuity payment period may be changed and
the annuity payments modified in accordance with that change if the conditions in
Paragraph (F)(3) are satisfied and:

(a) the modification occurs when the Participant retires or in
connection with a Plan termination;

(b) the payment period prior to modification is a period certain
without life contingencies; or

(c) the annuity payments after modification are paid under a
Qualified Joint and Survivor Annuity over the joint lives of the Participant
and a designated Beneficiary, the Participant’s Eligible Spouse is the sole
designated Beneficiary, and the modification occurs in connection with the
Participant’s becoming married to such Eligible Spouse.

(3) Conditions. The conditions in this Paragraph (F)(3) are satisfied if:

(a) the future payments after the modification satisfy the re-
quirements of Code Section 401(a)(9), Section 1.401(a)(9) of the Treasury
Regulations, and this Section (determined by treating the date of the
change as a new annuity starting date and the actuarial present value of
the remaining payments prior to modification as the entire interest of the Par-
ticipant);

36

CM94:00567


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

nor the Participant’s Eligible Spouse shall be required to the extent that a distribution is
required to satisfy Code Sections 401(a)(9) or 415.

Present value shall be determined in accordance with Section 1.02 of the Plan.

An accrued benefit is immediately distributable if any part of the accrued benefit
could be distributed to the Participant (or surviving Eligible Spouse) before the Partici-
pant attains (or would have attained if not deceased) the later of Normal Retirement Age
or age 62.

(B) _ For purposes of determining the applicability of the foregoing consent re-
quirements to distributions made before the first day of the first Plan Year beginning after
December 31, 1988, the Participant’s Vested accrued benefit shall not include amounts
attributable to accumulated deductible Employee contributions within the meaning of
Code Section 72(0)(5)(B).

4.07 Timing and Modes of Distribution.
(A) — General Rules.

qd) Precedence and Effective Date. Subject to Section 4.08, Qualified
Joint and Survivor Annuity requirements, the requirements of this Section shall ap-
ply to any distribution of a Participant’s interest and will take precedence over any
inconsistent provisions of this Plan. Unless otherwise specified, the provisions of
this Section apply to calendar years beginning after December 31, 2002.

(2) Requirements of Treasury Regulations Incorporated. All distribu-
tions required under this Section shall be determined and made in accordance with
Code Section 401(a)(9), including the incidental death benefit requirement in Sec-
tion 401(a)(9)(G), and the Treasury Regulations thereunder.

(3) Limits on Distribution Periods. As of the first distribution calendar
year, distributions to a Participant, if not made in a single sum, may only be made
over one of the following periods:

(a) the life of the Participant,

(b) the joint lives of the Participant and a designated Benefi-
ciary,

(c) a period certain not extending beyond the life expectancy
of the Participant, or

(d) a period certain not extending beyond the joint life and last
survivor expectancy of the Participant and a designated Beneficiary.

30

CM94:00561


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

0) TEFRA Section 242(b)(2) Elections.

(ld) Notwithstanding the other requirements of this Section and subject
to the requirements of Section 4.08, Qualified Joint and Survivor Annuity re-
quirements, distribution on behalf of any Employee, including a 5-percent owner,
who has made a designation under Section 242(b)(2) of the Tax Equity and Fis-
cal Responsibility Act (a “Section 242(b)(2) election”) may be made in accord-
ance with all of the following requirements (regardless of when such distribution
commences):

(a) The distribution by the Plan is one which would not have
disqualified such Plan under Code Section 401 (a)(9) as in effect prior to
amendment by the Deficit Reduction Act of 1984.

(b) The distribution is in accordance with a method of distribu-
tion designated by the Employee whose interest in the Plan is being dis-
tributed or, if the Employee is deceased, by a Beneficiary of such Em-
ployee.

(c) Such designation was in writing, was signed by the Em-
ployee or the Beneficiary, and was made before January 1, 1984.

(d) The Employee had accrued a benefit under the Plan as of
December 31, 1983.

(e) The method of distribution designated by the Employee
or the Beneficiary specifies the time at which distribution will commence,
the period over which distributions will be made, and in the case of any dis-
tribution upon the Employee’s death, the beneficiaries of the Employee
listed in order of priority.

(2) A distribution upon death will not be covered by this transitional
rule unless the information in the designation contains the required information
described above with respect to the distributions to be made upon the death of the
Employee.

(3) For any distribution which commences before January 1, 1984, but
continues after December 31, 1983, the Employee, or the Beneficiary, to whom
such distribution is being made, will be presumed to have designated the method
of distribution under which the distribution is being made if the method of distri-
bution was specified in writing and the distribution satisfies the requirements
in Paragraphs (I)(1)(a) and (e).

(4) Ifa designation is revoked any subsequent distribution must satisfy
the requirements of Code Section 401(a)(9) and the Treasury Regulations there-

40

CM94:00571


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

(iv) A child eligible to receive a benefit under this Sec-
tion shall be a minor (less than 18 years of age) natural or adopted
child of the deceased Participant who has been recognized as a de-
pendent for benefit purposes by the Social Security Administra-
tion.

(E) Cash-out of Vested Accrued Benefit. If the Actuarial Equivalent value of
the Participant's Vested Accrued Benefit does not exceed the applicable limit under Code
Section 411(a)(11)(A), currently $5,000, then distribution may only be made as a lump-
sum payment. In determining the amount of a lump-sum payment payable under this
paragraph, Actuarial Equivalent value shall mean a benefit, in the case of a lump-sum
benefit payable prior to a Participant's Normal Retirement Date, of equivalent value to
the Vested Accrued Benefit which would otherwise have been provided commencing at
the Participant's Normal Retirement Date.

Effective March 28,2005, the Plan may make an immediate lump-sum distribution
of the Actuarial Equivalent of the vested Accrued Benefit of a retired Participant in lieu
of all benefits in the event:

(1) the retired Participant's Annuity Starting Date occurs on or after
the later of age 62 or his Normal Retirement Date and the present value of his
Vested Accrued Benefit determined as of his Annuity Starting Date is not in ex-
cess of the applicable limit under Code Section 411(a)(11)(A), currently $5,000,
or

(2) the retired Participant's Annuity Starting Date occurs prior to the
later of age 62 or his Normal Retirement Date and the present value of his Vested
Accrued Benefit is not in excess of $1,000 at the time of distribution.

The Plan may make an immediate distribution of such benefit to a retired Partici-
pant without such Participant's consent.

Effective March 28,2005, in the event the Actuarial Equivalent of the Vested Ac-
crued Benefit of a retired Participant exceeds $1,000 but does not exceed the applicable
limit under Code Section 411(a)(11)(A), currently $5,000, at the time of distribution, the
retired Participant may elect a lump-sum payment. Spousal consent to the Participant's
election of the lump sum is not required.

Lump-sum distributions may be made only on account of termination of participa-
tion in the Plan. No distributions may be made under this section after the Annuity Start-
ing Date, except in the case of a Participant who has attained age 70-1/2 and has com-
menced receiving his Vested Accrued Benefit in the form of a monthly annuity while still
in Covered Employment. Such Participant may elect at retirement to receive immediate
payment of the Actuarial Equivalent of his Vested Accrued Benefit, determined at the
time of retirement, in a lump-sum distribution as described in this Section.

21

CM94:00552


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

(b) for purposes of Code Sections 415 and 417, the modifica-
tion is treated as a new annuity starting date;

(c) after taking into account the modification, the annuity (in-
cluding all past and future payments) satisfies the requirements of Code
Section 415 (determined at the original annuity starting date, using the in-
terest rates and mortality tables applicable to such date); and

(d) the end point of the period certain, if any, for any modified
payment period is not later than the end point available to the Employee
at the original annuity starting date under Code Section 401(a)(9) and this
Section.

(G) Payments to a Surviving Child.

(1) Special rule. For purposes of this Section, payments made to a
Participant’s surviving child until the child reaches the age of majority (or dies, if
earlier) shall be treated as if such payments were made to the surviving Eligible
Spouse to the extent the payments become payable to the surviving Eligible
Spouse upon cessation of the payments to the child.

(2) Age of majority. For purposes of this Section, a child shall be
treated as having not reached the age of majority if the child has not completed a
specified course of education and is under the age of 26. In addition, a child who
is disabled within the meaning of Code Section 72(m)(7) when the child reaches
the age of majority shall be treated as having not reached the age of majority so
long as the child continues to be disabled.

(H) _ Definitions.

qd) Actuarial gain. The difference between an amount determined
using the actuarial assumptions (i.e., investment return, mortality, expense, and
other similar assumptions) used to calculate the initial payments before adjust-
ment for any increases and the amount determined under the actual experience
with respect to those factors. Actuarial gain also includes differences between
the amount determined using actuarial assumptions when an annuity was pur-
chased or commenced and such amount determined using actuarial assumptions
used in calculating payments at the time the actuarial gain is determined.

(2) Designated Beneficiary. The individual who is designated by the
Participant (or the Participant’s surviving Eligible Spouse) as the Beneficiary of
the Participant’s interest under the Plan and who is the designated Beneficiary
under Code Section 401(a)(9) and Section 1.401(a)(9)-4 of the Treasury Regula-
tions.

37

CM94:00568


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

(2) Unless an optional form of benefit is selected within the election
period pursuant to a qualified election, if a Participant dies on or before the earli-
est retirement age, the Participant's surviving Eligible Spouse (if any) will receive
the same benefit that would be payable if the Participant had:

(a) separated from service on the date of death (or date of sepa-
ration from service, if earlier),

(b) survived to the earliest retirement age,

(c) retired with an immediate Qualified Joint and Survivor An-
nuity at the earliest retirement age, and

(d) died on the day after the earliest retirement age.

(3) For purposes of Paragraph (C)(2), and subject to the provisions of
Section 4.07 of the Plan, a surviving Eligible Spouse will begin, with the Eligible
Spouse's consent, to receive payments at the earliest retirement age. Benefits
commencing after the earliest retirement age will be the actuarial equivalent of the
benefit to which the surviving Eligible Spouse would have been entitled if bene-
fits had commenced at the earliest retirement age under an immediate Qualified
Joint and Survivor Annuity in accordance with Paragraph (C)(2).

(4) For the purposes of this Paragraph (C), the benefit payable to the
surviving Eligible Spouse shall be attributable to Employee contribution in the
same proportion as the total accrued benefit derived from Employee contributions
is to the accrued benefit of the Participant.

(E) _ Definitions.

(1) “Election period.” The period which begins on the first day of the
Plan Year in which the Participant attains age 35 and ends on the date of the Par-
ticipant's death. If a Participant separates from service prior to the first day of the
Plan Year in which age 35 is attained, with respect to the benefits accrued prior to
separation, the election period shall begin on the date of separation.

Pre-age 35 waiver. A Participant who will not yet attain age 35 as of the
end of any current Plan Year may make a special qualified election to waive the
Qualified Pre-Retirement Survivor Annuity for the period beginning on the date
of such election and ending on the first day of the Plan Year in which the Partici-
pant will attain age 35. Such election shall not be valid unless the Participant re-
ceives a written explanation of the Qualified Pre-Retirement Survivor Annuity in
such terms as are comparable to the explanation required under Paragraph (E)(1).
Qualified Pre-Retirement Survivor Annuity coverage will be automatically rein-
stated as of the first day of the Plan Year in which the Participant attains age 35.

43

CM94:00574


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

qualification requirements made by the Small Business Job Protection Act
of 1996. There is either:

(i) a new annuity starting date upon recommencement,
or

(ii) no new annuity starting date upon recommence-
ment.

(d) Except with respect to a 5-percent owner, a Participant’s
accrued benefit will be actuarially increased to take into account the peri-
od after age 70% in which the Participant does not receive any benefits un-
der the Plan. The actuarial increase will begin on April 1 following the cal-
endar year in which the Employee attains age 70% (January 1, 1997 in the
case of an Employee who attains age 70% prior to 1996), and will end on
the date on which benefits commence after retirement in an amount
sufficient to satisfy Code Section 401(a)(9). The amount of actuarial in-
crease payable as of the end of the period for actuarial increases will be no
less than the actuarial equivalent of the Participant’s retirement benefits
that would have been payable as of the date the actuarial increase must
commence plus the actuarial equivalent of additional benefits accrued after
that date, reduced by the actuarial equivalent of any distributions made
after that date. The actuarial increase under this Section is not in addition
to the actuarial increase required for that same period under Code Section
411 to reflect the delay in payments after normal retirement, except that the
actuarial increase required under this Section will be provided even during
the period during which an Employee is in Code Section 203(a)(3)(B) ser-
vice. For purposes of Code Section 411(b)(1)(H), the actuarial increase will
be treated as an adjustment attributable to the delay in distribution of ben-
efits after the attainment of normal retirement age. Accordingly, to the
extent permitted under Code Section 411(b)(1)(H), the actuarial increase
required under this Section will reduce the benefit accrual otherwise re-
quired under Code Section 411(b)(1)(H)(i), except that the rules on the sus-
pension of benefits are not applicable.

(7) 5-percent owner. A Participant is treated as a 5-percent owner for
purposes of this Section if the Participant is a 5-percent owner as defined in Code
Section 416 at any time during the Plan Year ending with or within the calendar
year in which such owner attains age 70%. Once distributions have begun to a
5-percent owner under this Section, they must continue to be distributed, even if the
Participant ceases to be a 5-percent owner in a subsequent year.

39

CM94:00570


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

(viii) to pay increased benefits that result from a Plan
amendment.

(2) Amount Required to be Distributed by Required Beginning Date
and Later Payment Intervals. The amount that must be distributed on or before
the Participant’s required beginning date (or, if the Participant dies before distribu-
tions begin, the date distributions are required to begin under Paragraph (B)(2)(a) or
(b)) is the payment that is required for one payment interval. The second payment
need not be made until the end of the next payment interval even if that pay-
ment interval ends in the next calendar year. All of the Participant’s benefit ac-
cruals as of the last day of the first distribution calendar year will be included in
the calculation of the amount of the annuity payments for payment intervals end-
ing on or after the Participant’s required beginning date.

(3) Additional Accruals After First Distribution Calendar Year. Any
additional benefits accruing to the Participant in a calendar year after the first dis-
tribution calendar year will be distributed beginning with the first payment inter-
val ending in the calendar year immediately following the calendar year in which
such benefit accrues.

(D) Requirements For Annuity Distributions That Commence During Partici-
pant’s Lifetime.

(1) — Joint Life Annuities Where the Beneficiary Is Not the Participant’s
Eligible Spouse. If the Participant’s interest is being distributed in the form of a
Joint and Survivor Annuity for the joint lives of the Participant and a non-spouse
Beneficiary, annuity payments to be made on or after the Participant’s required
beginning date to the designated Beneficiary after the Participant’s death must
not at any time exceed the applicable percentage of the annuity payment for such
period that would have been payable to the Participant, using the table set forth in
Section 1.401(a)(9)-6, Q&A 2(c)(2), in the manner described in Q&A 2(c)(1), of
the Treasury Regulations, to determine the applicable percentage. If the form of
distribution combines a Joint and Survivor Annuity for the joint lives of the Partici-
pant and a non-spouse Beneficiary and a period certain annuity, the requirement
in the preceding sentence will apply to annuity payments to be made to the desig-
nated Beneficiary after the expiration of the period certain.

(2) Period Certain Annuities. Unless the Participant’s Eligible
Spouse is the sole designated Beneficiary and the form of distribution is a period
certain and no life annuity, the period certain for an annuity distribution com-
mencing during the Participant’s lifetime may not exceed the applicable distribu-
tion period for the Participant under the Uniform Lifetime Table set forth in Sec-
tion 1.401(a)(9)-9, Q&A-2, of the Treasury Regulations for the calendar year that
contains the annuity starting date. If the annuity starting date precedes the year in
which the Participant reaches age 70, the applicable distribution period for the

34

CM94:00565


4.04

APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

(b) Enter the status of a Vested Participant or a Pensioner, if
qualified, or of a Divesting Participant.

Commencement of Benefits. Unless the Participant elects otherwise, distribu-

tion of benefits will begin no later than the 60th day after the close of the Plan Year in which:

(A) _ The Participant attains age 65 (or Normal Retirement Age, if earlier);

(B) occurs the 10th anniversary of the year in which the Participant com-

menced participation in the Plan; or

(C) _ the Participant terminates service with the Employer.

Notwithstanding any provision in the Plan to the contrary, any Benefits to which a Partic-
ipant is entitled shall commence no later than the Participant’s Required Beginning Date. The
failure of a Participant and Eligible Spouse to consent to a distribution while a benefit is immedi-
ately distributable, shall be deemed to be an election to defer commencement of payment of any
benefit sufficient to satisfy this section. An Accrued Benefit is immediately distributable if any
part of the Accrued Benefit could be distributed to the Participant (or surviving Eligible Spouse)
before the Participant attains (or would have attained if not deceased) the later of Normal Re-
tirement Age or age 62.

4.05

ment

Suspension and Resumption of Benefits

(A) Suspension of Benefits on Resumption of Non-Casual Industry Employ-

qd) If any Pensioner (other than a Disability Pensioner) resumes Indus-
try Employment (except as Casual Employment), his/her benefit for any month in
which he/she works 40 or more hours shall be suspended.

(2) A Pensioner whose benefits are to be suspended under this Section
shall be given notice as follows:

(a) Notice shall be given during the first calendar month in
which benefits are being withheld.

(b) Notice shall be given in writing by personal delivery or by
First Class Mail addressed to the Pensioner's last known address.

(c) The notice shall contain the following or shall refer the
Pensioner to the relevant pages of the Plan's Summary Plan Description
where such information can be found: (1) a description of the specific rea-
son or reasons why benefit payments are being suspended; (2) a general
description of the Plan provisions relating to the suspension of payments

26

CM94:00557


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

of Code Section 417(e)(3) with the applicable interest rate and the applicable
mortality table determined as of that date.

(H) Transitional Rules.

(1) Any living Participant not receiving benefits on August 23, 1984,
who would otherwise not receive the benefits prescribed by the previous Para-
graphs of this Section 4.08 must be given the opportunity to elect to have the prior
provisions of this Section 4.08 apply if such Participant is credited with at least
one Hour of Service under this Plan or a predecessor plan in a Plan Year begin-
ning on or after January 1, 1976, and such Participant had at least 10 Years of
Service for Vesting when he/she separated from service.

(2) Any living Participant not receiving benefits on August 23, 1984,
who was credited with at least one Hour of Service under this Plan or a predeces-
sor plan on or after September 2, 1974, and who is not otherwise credited with
any service in a Plan Year beginning on or after January 1, 1976, must be given
the opportunity to have his/her or her benefits paid in accordance with Paragraph

(G)(4).

(3) The respective opportunities to elect (as described in Paragraphs
(G)(1) and (2) above) must be afforded to the appropriate Participants during the
period commencing on August 23, 1984, and ending on the date benefits would
otherwise commence to said Participants.

(4) Any Participant who has elected pursuant to Paragraph (G)(2) and
any Participant who does not elect under Paragraph (G)(1) or who meets the re-
quirements of Paragraph (G)(1) except that such Participant does not have at least
10 Years of Service for Vesting when he/she separates from service, shall have
his/her or her benefits distributed in accordance with all of the following require-
ments if benefits would have been payable in the form of a life annuity.

(a) Automatic joint and survivor annuity. If benefits in the
form of a life annuity become payable to a married Participant who:

(i) begins to receive payments under the Plan on or af-
ter Normal Retirement Age; or

(ii) dies on or after Normal Retirement Age while still
working for the Employer; or

(iii) begins to receive payments on or after the qualified
early retirement age; or

49

CM94:00580


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

Joint and Survivor Annuity; (b) the Participant is permitted to revoke any affirma-
tive distribution election at least until the annuity starting date or, if later, at any
time prior to the expiration of the 7-day period that begins the day after the ex-
planation of the Qualified Joint and Survivor Annuity is provided to the Partici-
pant; and (c) the annuity starting date is a date after the date that the written ex-
planation was provided to the Participant. The written explanation shall comply
with the requirements of Treasury Regulation Section 1.417(a)(3)-1.

(2) In the case of a Qualified Pre—Retirement Survivor Annuity as de-
scribed in Paragraph 4.08(C), the Contract Administrator shall provide each Par-
ticipant within the applicable period for such Participant a written explanation of
the Qualified Pre-Retirement Survivor Annuity in such terms and in such manner
as would be comparable to the explanation provided for meeting the requirements
of Paragraph (E)(1) applicable to a Qualified Joint and Survivor Annuity.

The applicable period for a Participant is whichever of the following peri-
ods ends last: (a) the period beginning with the first day of the Plan Year in which
the Participant attains age 32 and ending with the close of the Plan Year preceding
the Plan Year in which the Participant attains age 35; (b) a reasonable period end-
ing after the individual becomes a Participant; (c) a reasonable period ending after
Paragraph (E)(3) ceases to apply to the Participant; (d) a reasonable period ending
after this Section 4.08 first applies to the Participant. Notwithstanding the forego-
ing, notice must be provided within a reasonable period ending after separation
from service in the case of a Participant who separates from service before attain-
ing age 35.

For purposes of applying the preceding paragraph, a reasonable period
ending after the enumerated events described in (b), (c) and (d) is the end of the
two-year period beginning one year prior to the date the applicable event occurs,
and ending one year after that date. In the case of a Participant who separates
from service before the Plan Year in which age 35 is attained, notice shall be pro-
vided within the two-year period beginning one year prior to separation and end-
ing one year after separation. If such a Participant thereafter returns to employ-
ment with the Employer, the applicable period for such Participant shall be rede-
termined.

(3) Notwithstanding the other requirements of this Paragraph (E), the
respective notices prescribed by this Paragraph (E) need not be given to a Partici-
pant if: (a) the Plan “fully subsidizes” the costs of a Qualified Joint and Survivor
Annuity or Qualified Pre-Retirement Survivor Annuity, and (b) the Plan does not
allow the Participant to waive the Qualified Joint and Survivor Annuity or Quali-
fied Pre—Retirement Survivor Annuity and does not allow a married Participant to
designate a non-Spouse Beneficiary. For purposes of this Paragraph (E)(3), a plan
fully subsidizes the costs of a benefit if no increase in cost, or decrease in benefits

46

CM94:00577


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

Participant, the remainder of said one hundred twenty (120) payments will be paid to
his/her Beneficiary or, with the consent of the Board, may be commuted and paid to
his/her Beneficiary in a lump sum.

4.03

Optional Forms of Benefits and Duration of Benefits.
(A) Normal Retirement Pension

(1) The normal retirement benefit for an unmarried Participant, other-
wise qualified, shall be the Employee-Only Pension, Section 4.02(A).

(2) The normal retirement benefit for a married Participant, otherwise
qualified, who does not make a qualified election of a different form, shall be the
Fifty (50%) Percent Husband-Wife Pension, Section 4.02(B).

(B) — Optional Retirement Pensions

qd) The optional retirement pensions for an unmarried Participant shall
be the Five or Ten- Year-Guarantee Pension, Section 4.02(D) and (E).

(2) The optional retirement pensions for a married Participant shall be
the Employee-Only Pension (Section 4.02(A)); the Husband-Wife 75% Pension
(Section 4.02(C)); the Husband-Wife 100% Pension (Section 4.02(D)); or the
Five- or Ten-Year Guarantee Pension, Section 4.02(E) or (F).

(3) A Participant may during the election period make a qualified elec-
tion in writing on a form approved by the Board to receive his/her monthly pen-
sion in an optional form of pension in lieu of the monthly pension benefit de-
scribed as his/her normal retirement pension. Such election may be revoked in
writing during the election period and another qualified election may be made.

(4) The Contract Administrator shall inform Participants in writing no
less than thirty days and no more than one hundred eighty (180) days prior to the
commencement of the pension, (i) the terms of the normal retirement pension, (ii)
the terms of all optional forms of pension, (iii) the Participant's right to waive the
normal form of pension, (iv) the rights of the Participant's Eligible spouse, (v) the
right to revoke previously made waivers and (vi) the relative values of the various
forms of benefits under this Plan.

(5) In addition, each optional form of benefit provided under this Plan
must be made available to all Participants on a nondiscriminatory basis (i.e., they
must not discriminate in favor of the Highly Compensated group). This is the
case regardless of whether a particular form of benefit is the actuarial equivalent
of any other optional form of benefit under this Plan.

23

CM94:00554


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

4.02 Amount of Benefit Payments. The amount of each pension is determined by such
scale of benefits as the Association and the Union, upon recommendation of the Board, shall de-
termine from time to time, on the basis of actuarial calculations, which can be supported by the
rate of contributions being received. Until subsequently changed pursuant to provisions of the
Plan, benefit amounts shall be as follows:

(A) | Employee-Only Pension - A monthly pension benefit for the life of the
Participant at the rate per month for each year of Credited Service as is set forth in Ap-
pendix B of the Plan.

(B) | Husband-Wife Pension - The Actuarial Equivalence of the Employee-
Only Pension, for the life of the Participant and upon his/her death fifty (50%) percent of
the monthly pension benefit payable to his/her Eligible Spouse and thereafter until the
death of the Eligible Spouse, provided that the Eligible Spouse married to the Participant
at the time of his/her death must also have been married to the Participant at the time
his/her pension commenced. If the spouse should die before the Participant, upon notice
of that fact to the Board, the amount of the previous actuarial reduction shall be restored.

(C) | Husband-Wife 75% Pension - The Actuarial Equivalence of the Employ-
ee-Only Pension, for the life of the Participant and upon his/her death seventy-five (75%)
percent of the monthly pension benefit payable to his/her Eligible Spouse and thereafter
until the death of the Eligible Spouse, provided that the Eligible Spouse married to the
Participant at the time of his/her death must also have been married to the Participant at
the time his/her pension commenced. If the spouse should die before the Participant, up-
on notice of that fact to the Board, the amount of the previous actuarial reduction shall be
restored.

(D)  Husband-Wife 100% Pension - The Actuarial Equivalence of the Employ-
ee-Only Pension, for the life of the Participant and upon his/her death one hundred
(100%) percent of the monthly pension benefit payable to his/her Eligible Spouse and
thereafter until the death of the Eligible Spouse, provided that the Eligible Spouse mar-
tied to the Participant at the time of his/her death must also have been married to the Par-
ticipant at the time his/her pension commenced. If the spouse should die before the Par-
ticipant, upon notice of that fact to the Board, the amount of the previous actuarial reduc-
tion shall be restored.

(E) Five-Year Guarantee Pension - The Actuarial Equivalence of the Employ-
ee-Only Pension, payable for the life of the Participant, and in the event of the Partici-
pant's death before sixty (60) monthly payments have been made to the Participant, the
remainder of said sixty (60) payments will be paid to his/her Beneficiary or, with the con-
sent of the Board, may be commuted and paid to his/her Beneficiary in a lump sum.

(F) | Ten-Year Guarantee Pension - The Actuarial Equivalence of the Employ-
ee-Only Pension, payable for the life of the Participant, and in the event of the Partici-
pant's death before one hundred twenty (120) monthly payments have been made to the

22

CM94:00553


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

Participant is the distribution period for age 70 under the Uniform Lifetime Table
set forth in §1.401(a)(9)-9, Q&A-2, of the Treasury Regulations plus the excess
of 70 over the age of the Participant as of the Participant’s birthday in the year
that contains the annuity starting date. If the Participant’s Eligible Spouse is the
Participant’s sole designated Beneficiary and the form of distribution is a period
certain and no life annuity, the period certain may not exceed the longer of the
Participant’s applicable distribution period, as determined under this Paragraph
(D)(2), or the joint life and last survivor expectancy of the Participant and the
Participant’s Eligible Spouse as determined under the Joint and Last Survivor
Table set forth in §1.401(a)(9)-9, Q&A-3, of the Treasury Regulations, using the
Participant’s and Eligible Spouse’s attained ages as of the Participant’s and El-
igible Spouse’s birthdays in the calendar year that contains the annuity starting
date.

(E) Requirements For Minimum Distributions After the Participant’s Death.

(1) Death After Distributions Begin. If the Participant dies after dis-
tribution of his or her interest begins in the form of an annuity meeting the re-
quirements of this article, the remaining portion of the Participant’s interest
will continue to be distributed over the remaining period over which distributions
commenced.

(2) Death Before Distributions Begin.

(a) Participant Survived by Designated Beneficiary. If the Par-
ticipant dies before the date distribution of his or her interest begins and
there is a designated Beneficiary, the Participant’s entire interest will be
distributed, beginning no later than the time described in Paragraph
(B)(2)(a) or (b), over the life of the designated Beneficiary or over a period
certain not exceeding:

(i) unless the annuity starting date is before the first
distribution calendar year, the life expectancy of the designated
Beneficiary determined using the Beneficiary’s age as of the Bene-
ficiary’s birthday in the calendar year immediately following the cal-
endar year of the Participant’s death; or

(ii) if the annuity starting date is before the first distri-
bution calendar year, the life expectancy of the designated Bene-
ficiary determined using the Beneficiary’s age as of the Benefi-
ciary’s birthday in the calendar year that contains the annuity starting
date.

(b) No Designated Beneficiary. If the Participant dies before
the date distributions begin and there is no designated Beneficiary as of

35

CM94:00566


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

(H) Late Retirement Pension — Subject to the provisions of Section 4.07, an
Employee need not retire upon his/her Normal Retirement Date and may continue in em-
ployment. Upon eventual. retirement, he/she will receive credit for service rendered after
his/her Normal Retirement Date.

(00) Disability Pension The Disability Pension shall be in the form and
amount of an Employee Only Pension, Section 4.02(A)--however, for purposes of deter-
mining the amount of a Participant’s Disability Pension, the Fund shall treat a Participant
who became Permanently Disabled while performing qualified military service as if the
Participant resumed employment with an Employer in accordance with the Participant’s
reemployment rights under Chapter 43 of the United States Code on the day preceding
the date he or she became Permanently Disabled:

qd) Without reduction because such retirement preceded the Normal
Retirement Date, but if the Participant is married, his/her Eligible Spouse or mi-
nor children may receive a death benefit as provided in Section 4.01(D)(3) and
(4). This form of Pension shall commence on the first day of the month following
the later of:

(a) The date occurring six months after the inception of disa-
bility; and

(b) Receipt of the application by the Board.

(2) The final pension payment shall be made on the first day of the
month in which:

(a) The end of permanent disability occurs; or
(b) The Disabled Participant dies (however, his/her Eligible
Spouse or minor children may be eligible for a death benefit under Section

7); or

(c) The Disabled Participant refuses to undergo a required
physical examination by a physician selected by the Board.

(d) Upon the attainment of Normal Retirement Age.

(3) In the event Disability Pension payments cease because of the end
of permanent disability or the refusal to undergo a required physical examination,
the Participant may either:

(a) Return to Covered Employment in which case the Credited

Service which he/she accumulated prior to the commencement of the Dis-
ability Pension shall be reinstated; or

25

CM94:00556


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

under. If a designation is revoked subsequent to the date distributions are re-
quired to begin, the Plan must distribute by the end of the calendar year follow-
ing the calendar year in which the revocation occurs the total amount not yet
distributed which would have been required to have been distributed to satisfy
Code Section 401(a)(9) and the Treasury Regulations thereunder, but for the Sec-
tion 242(b)(2) election. For calendar years beginning after December 31, 1988,
such distributions must meet the minimum distribution incidental benefit require-
ments. Any changes in the designation will be considered to be a revocation of the
designation. However, the mere substitution or addition of another Beneficiary
(one not named in the designation) under the designation will not be considered to
be a revocation of the designation, so long as such substitution or addition does
not alter the period over which distributions are to be made under the designation,
directly or indirectly (for example, by altering the relevant measuring life).

(5) In the case in which an amount is transferred or rolled over from one
Plan to another Plan, the rules in Code Section 1.401(a)(9)-8, Q&A-14 and Q&A-
15 of the Treasury Regulations shall apply.

Q) Transition Rules.

(1) Election to Apply the Final Regulations Under Code Section
401(a)(9) for the 2002 Distribution Calendar Year. Except as provided in Para-
graph (J)(2), if applicable, the provisions of this Section apply for purposes of de-
termining minimum required distributions for the 2002 distribution calendar year
that are made on or after the date specified by the Employer in the adoption
agreement. If any minimum required distributions were made in 2002, the
transition rule described in Section 1.2 of Model Amendment 2 in Rev. Proc.
2002-29, 20021 C.B. 1176, also applies.

(2) Alternative Compliance with Certain Annuity Requirements in
2003, 2004 and 2005. F-3 and F-3A of Section 1.401(a)(9)-1 of the 1987 pro-
posed Treasury Regulations, A-1 of Section 1.401 (a)(9)-6 of the 2001 proposed
Treasury Regulations, Section 1.401(a)(9)-6T of the temporary Treasury Regulations,
or a reasonable and good faith interpretation of the requirements of Code Section
401(a)(9) (as elected by the Employer) apply in lieu of the requirements of Para-
graphs (C), (D) and (E) of this Section for purposes of determining minimum re-
quired distributions for calendar years 2003, 2004, 2005, or (if the Employer has
made the election in Paragraph (J)(1)) 2002.

(K) Notwithstanding the other provisions of this Section 4.07, a Participant

who would have been required to receive required minimum distributions for 2009 but
for the enactment of Code Section 401(a)(9)(H) (“2009 RMDs”), and who would have
satisfied that requirement by receiving distributions that are (1) equal to the 2009 RMDs
or (2) one or more payments in a series of substantially equal distributions (that include
the 2009 RMDs) made at least annually and expected to last for the life (or life expectan-

41

CM94:00572


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

in part at the rate in effect at the time his/her pension becomes effective for all
Credited Service earned subsequent to his/her return to Covered Employment.

(7) Greater Benefits. The Vested rights at any time after the last day of
the Plan Year that commenced in 1975, of an Active Participant, who was cov-
ered by this Plan on that day, shall be the greater of:

(a) His/her Vested rights as determined by the Plan subsequent
to the first day of the Plan Year that commenced in 1976; or

(b) — His/her Vested rights as determined under the vesting pro-
visions of this Plan, if any, as they existed on the last day of the Plan Year
that commenced in 1975.

2.04 Former Participant and Termination of Participation. A Participant shall termi-
nate his/her participation in the Plan when all benefits payable on his/her behalf under the Plan
have been paid or forfeited, at which time he/she shall become a Former Participant. A Former
Participant shall have no rights to a benefit under the Plan and may reenter the Plan only as an
Active Participant pursuant to Section 2.01.

SECTION 3: CONTRIBUTIONS

3.01 Employer Contributions. Each Employer shall make contributions to the Fund
monthly, in the amount set forth in the Collective Bargaining Agreement or Participation
Agreement applicable to that Employer.

3.02 Participant Contributions. No Participant shall be required to make any contri-
butions to the Fund. No Participant shall be permitted to make any contributions to the Fund.

SECTION 4: BENEFITS AND DISTRIBUTIONS

4.01 Types of Benefits.

(A) Normal Retirement Date Pension

qd) Any Active or Vested Participant may retire on optional or normal
pension provided he/she has:

(a) Attained Normal Retirement Age; and

(b) Made written application for a normal retirement pension
on the form and in the manner prescribed by the Board.

17

CM94:00548


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

(3) If the Plan has a claim for recoupment of benefits against a Pen-
sioner who has applied for resumption of benefits, the Contract Administrator
shall withhold the amount owed to the Plan, but no more than three months of
benefits, before reinstating benefits. If the Plan's claim for recoupment is in ex-
cess of three months of benefits, the remaining amount shall be recouped by with-
holding up to 25 percent of the Pensioner's monthly benefit until the full amount
has been recouped.

(C)  Pensioner's Right to Determination of Whether Employment Will Be
Deemed Industry Employment

A Pensioner may request a determination from the Plan as to whether spe-
cific contemplated employment will be deemed Industry Employment. Such a re-
quest initially shall be made to the Contract Administrator, and the determination
shall be rendered within thirty (30) days of receipt of the request. A Pensioner
dissatisfied by the Contract Administrator's determination shall have a right to ap-
peal that determination in accordance with the claim appeal procedures of the
Plan.

(D) Amount of Pension Benefit Upon Reinstatement After Suspension

qd) A reinstated pension shall not be subject to any increase or de-
crease caused by a change in contribution rates negotiated by collective bargain-
ing, unless such increase or decrease is specifically provided for in this Plan by
means of an amendment hereto. A Pensioner, whose annuity starting date oc-
curred either before or after his/her Normal Retirement Date, receiving a benefit
other than a Disability Pension who resumes Covered Employment shall receive
an increase in his/her benefit by virtue of any Credited Service eamed subsequent
to such return. In that event, upon his/her subsequent re-retirement, he/she shall
receive pension benefits on the original Credited Service at the rate in effect at the
time his/her pension first commenced, and pension benefits on the subsequent
Credited Service at the rate in effect when the Credited Service was earned, and
the Pensioner’s original annuity starting date shall apply to the additional ac-
counts. If any additional Credited Service is earned, the payment for the addi-
tional Credited Service must commence no later than beginning with the first
month in the calendar year immediately following the calendar year after the Pen-
sioner ceases Covered Employment.

(E) | Automatic Suspension of Benefits of Participant Who Continues Work-
ings After Normal Retirement Date

(1) A Participant who reaches Normal Retirement Age but who has
failed to apply for retirement benefits shall be presumed to have continued Indus-

try Employment. His/her benefits shall be suspended until application for benefits
is made and approved.

28

CM94:00559


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

and a copy of the Plan provisions; (3) a statement that Department of La-
bor regulations concerning suspension may be found at Title 29 Code of
Federal Regulations Section 2530.203-3; (4) a description of the Plan's
claim review procedure; (5) an explanation of how to apply for resumption
of benefits and a copy of the required form for benefit resumption; and (6)
the amount of benefits previously paid that the Plan intends to recoup, and
the manner in which recoupment will take place.

(3) Each Pensioner who resumes Industry Employment shall notify the
Plan within 15 days after resuming employment.

(4) The Plan may require information concerning employment from
any Pensioner. The Plan may at any time, and as frequently as may be reasonable,
require any Pensioner to (i) provide it with information sufficient to establish that
any employment does not constitute Industry Employment or (ii) to certify to the
Plan that the Pensioner is unemployed.

(5) Whenever the Plan becomes aware that a Pensioner has begun In-
dustry Employment and has failed to comply with the Plan's notice and reporting
requirements concerning re-employment, the Plan shall assume that the Pensioner
was engaged in such employment for the same employer in work at that construc-
tion site for so long before the work in question as that same employer performed
that work at that construction site. Whenever such presumptions are applied by
the Plan, the Plan shall give notice to the Pensioner as required by Federal regula-
tion. Any Pensioner who wishes to challenge the application of these presump-
tions as applied to him/her may present contrary evidence to the Contract Admin-
istrator and shall have a right to appeal the Contract Administrator's determination
in accordance with the Plan's claim denial procedures.

(B) Reinstatement of Benefits After Ceasing Non-Casual Industry Employ-
ment: Plan's Recoupment Rights

qd) If a Pensioner's benefits have been suspended under this Section,
they shall not be reinstated until the Pensioner notifies the Plan that his/her ineli-
gibility has ceased by making a written, application for resumption of his/her ben-
efits on the form and in the manner prescribed by the Plan. Payment of benefits
shall be resumed at the rate earlier in effect and no later than the first day of the
third calendar month after he/she has notified the Plan as required above that
his/her ineligibility has ceased.

(2) If the Plan has no claim for recoupment of benefits against a Pen-
sioner who has applied for resumption of benefits, then the full amount of benefits

due since he/she stopped his/her disqualifying work shall be paid in the initial
payment.

27

CM94:00558


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

this Section. The Eligible Spousal consent requirement of this Paragraph
(E)(2) does not apply if the amount of such Eligible Spouse’s survivor annuity
payments under the retroactive annuity starting date election is no less than the
amount that the survivor payments to such Eligible Spouse would have been
under an optional form of benefit that would satisfy the requirements to be a
Qualified Joint and Survivor Annuity under Paragraph (D)(4) of this Section and
that has an annuity starting date after the date the explanation required by Para-
graph (E) of this Section was provided.

If the Participant’s Eligible Spouse as of the retroactive annuity starting
date would not be the Participant’s Eligible Spouse determined as if the date distri-
butions commence was the Participant’s annuity starting date, consent of that for-
mer Eligible Spouse is not needed to waive the Qualified Joint and Survivor Annui-
ty with respect to the retroactive annuity starting date, unless otherwise provided
under a qualified domestic relations order as described in Code Section 414(p).

(3) The written explanation required by Paragraph (E) shall be provid-
ed no less than 30 days and no more than 180 days (90 days for notices given in
Plan years beginning before January 1, 2007) before the date of the first payment
of benefits pursuant to the retroactive annuity starting date, and the election to re-
ceive the distribution shall be made after the written explanation is provided and
on or before the date of the first payment.

(4) | When the date the distribution commences is substituted for the
annuity starting date for all purposes (including for purposes of determining the
applicable interest of the Plan and the applicable mortality table under Section 1.02
of the Plan), the distribution (including interest adjustments) must satisfy the re-
quirements of Section 5.01. However, if the date the distribution commences is
12 months or less from the retroactive annuity starting date and the form of the
benefit would have been excepted from Code Section 417(e)(3) if the distribution had
actually commenced on the retroactive annuity starting date, the requirement to apply
Section 5.01 as of the date the distribution commences does not apply. The benefit
determined as of the retroactive annuity starting date must satisfy the requirements
of Section 5.01 with the applicable interest rate and the applicable mortality table
determined as of that date.

In the case of a form of benefit that would have been subject to Code Sec-
tion 417(e)(3) if distributions had commenced as of the retroactive annuity start-
ing date, the distribution shall be not less than the benefit produced by applying
the applicable interest rate under Section 1.02 and the applicable mortality table un-
der Section 1.02 determined as of the date the distribution actually commences to
the annuity form that corresponds to the annuity form that was used to determine
the benefit amount as of the retroactive annuity starting date. The benefit de-
termined as of the retroactive annuity starting date must satisfy the requirements

48

CM94:00579


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

to the Participant may result from the Participant's failure to elect another benefit.
Prior to the time the Plan allows the Participant to waive the Qualified Pre-
Retirement Survivor Annuity, the Plan may not charge the Participant for the cost
of such benefit by reducing the Participant's benefits under the Plan or by any
other method.

(4) The Participant must establish to the satisfaction of the Trustees
that a consent to a rejection is not required because:

(a) the Participant is not married;

(b) the Eligible Spouse whose consent would be required can-
not be located; or

(c) consent of the Eligible Spouse cannot be obtained because
of extenuating circumstances, as provided in IRS regulations.

(G) _ Retroactive Annuity Starting Date

(1) A retroactive annuity starting date shall mean an annuity start-
ing date affirmatively elected by a Participant that occurs on or before the date
the written explanation required in Paragraph (D)(1) of this Section is provided
to the Participant. A Participant cannot elect a retroactive annuity starting date
that precedes the date upon which the Participant could have otherwise started
receiving benefits under the terms of the Plan in effect as of the retroactive annuity
starting date. Future periodic payments with respect to a Participant who
elects a retroactive annuity starting date must be the same as the future periodic
payments, if any, that would have been paid with respect to the Participant
had payments actually commenced on the retroactive annuity starting date.

The Participant must receive a make-up payment to reflect any missed
payment or payments for the period from the retroactive annuity starting date to the
date of the actual make-up payment, adjusted for interest from the date the
missed payments(s) would have been made to the date of the actual make-up
payment. Annuity payments that otherwise satisfy the requirements of a Qualified
Joint and Survivor Annuity under Paragraph (B)(4) of this Section will not fail to
be treated as a Qualified Joint and Survivor Annuity for purposes of Paragraph (B)
because a retroactive annuity starting date is elected and a make-up payment is
made.

(2) The Participant’s Eligible Spouse (including an alternate payee
who is treated as a Eligible Spouse under a Qualified Domestic Relation Order
as described in Code Section 414(p)), determined as if the date distributions
commence were the Participant’s annuity starting date, shall consent to the dis-
tribution in a manner that would satisfy the requirements of Paragraph (D) of

47

CM94:00578


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

(C) Duration of the Husband-Wife Pension, Husband-Wife 75% Pension,
Husband-Wife 100% Pension - The Husband-Wife Pension shall commence after ap-
proval of the application, but effective the first day of the month following the later of re-
tirement or the completion of the age and service requirements, Sections 4.01(A) or (B).
The final payment shall be made on the first day of the month in which the survivor of
the Participant or his/her Eligible Spouse dies.

(D) Duration of the Employee-Only Pension - The Employee-Only Pension
shall commence after approval of the application, but effective the first day of the month
following the later of retirement or completion of the age and service requirements, Sec-
tions 4.01(A) or (B). The final pension payment shall be made on the first day of the
month in which the Participant dies.

(E) Duration of the Five-Year-Guarantee Pension - The Five-Year-Guarantee
Pension shall commence after approval of the application, but effective the first day of
the month following the later of retirement or completion of the age and service require-
ments, Sections 4.01(A) or (B). The final pension payment shall be on the first day of the
month in which the Participant dies or the sixtieth month of pension, whichever is later,
or if a commuted sum is payable to a Beneficiary, payment of such commuted sum shall
be the final payment.

(F) Duration of the Ten-Year-Guarantee Pension - The Ten-Year-Guarantee
Pension shall commence after approval of the application, but effective the first day of
the month following the later of retirement or completion of the age and service require-
ments, Sections 4.01(A) or (B). The final pension payment shall be on the first day of the
month in which the Participant dies or the one hundred twentieth month of pension,
whichever is later, or if a commuted sum is payable to a Beneficiary, payment of such
commuted sum shall be the final payment.

(G) _ Early Retirement Pension - The Forms, Amounts, Options and Duration of
the Early Retirement Pension shall be as set forth in Section 4.02 and 4.03, with the fol-
lowing modifications:

(1) The Participant's Employee-Only Pension shall be reduced by
1/200" for each full month which his/her early retirement date precedes his/her
Normal Retirement Date. The other forms of pension shall be actuarial reductions
of the amount thus calculated.

(2) The Early Retirement Pension shall commence on the later of re-
tirement, completion of age and service requirements, Section 4.01(B), or approv-
al of the Participant's application.

(3) The election or revocation of election or re-election of an optional

form of Early Retirement Pension may be made during the election period preced-
ing the commencement of an Early Retirement Pension.

24

CM94:00555


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

(3) Distribution calendar year. A calendar year for which a minimum
distribution is required. For distributions beginning before the Participant’s
death, the first distribution calendar year is the calendar year immediately preced-
ing the calendar year which contains the Participant’s required beginning date.
For distributions beginning after the Participant’s death, the first distribution cal-
endar year is the calendar year in which distributions are required to begin pursu-
ant to Paragraph (B)(2).

(4) Eligible cost-of-living index. An index described in paragraphs
(b)(2), (b)(3) or (b)(4) of Section 1.401(a)(9)-6, Q&A-14, of the Treasury Regula-
tions.

(5) Life expectancy. Life expectancy as computed by use of the Sin-
gle Life Table in Section 1.401 (a)(9)-9, Q&A-1, of the Treasury Regulations.

(6) Required beginning date.

(a) The required beginning date of a Participant is April 1 of
the calendar year following the calendar year in which the Participant at-
tains age 70’, except that benefit distributions to a Participant (other than
a 5-percent owner) with respect to benefits accrued after the effective date
of the amendment to the Plan that implements the changes to the required
beginning date of this paragraph must commence by the later of the April
1 of the calendar year following the calendar year in which the Participant
attains age 70% or retires.

(b) Any Participant (other than a 5-percent owner) attaining
age 70% in years after 1995 may elect by April 1 of the calendar year fol-
lowing the calendar year in which the Participant attains age 70% (or by
December 31, 1997 in the case of a Participant attaining age 70’ in 1996),
to defer distributions until April 1 of the calendar year following the cal-
endar year in which the Participant retires. If no such election is made the
Participant will begin receiving distributions by April 1 of the calendar
year following the year in which the Participant attained age 702

(c) Any Participant (other than a S-percent owner) attaining
age 70% in years prior to 1997 may elect to stop distributions and recom-
mence by April 1 of the calendar year following the year in which the Par-
ticipant retires.

To satisfy the Qualified Joint and Survivor Annuity requirements
described in Section 4.08, the requirements in Notice 97-75, Q&A-8, must
be satisfied for any Participant who elects to stop distributions, including
the requirement that such distributions stop before the end of the Plan’s
remedial amendment period under Code Section 401(b) for changes in Plan

38

CM94:00569


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

Any new waiver on or after such date shall be subject to the full requirements of
Section 4.08.

(2) “Earliest retirement age.” The earliest date on which, under the
Plan, the Participant could elect to receive retirement benefits.

(3) “Qualified election.” A waiver of a Qualified Joint and Survivor
Annuity or a Qualified Pre-Retirement Survivor Annuity. Any waiver of a Quali-
fied Joint and Survivor Annuity or a Qualified Pre-Retirement Survivor Annuity
shall not be effective unless: (a) the Participant's Eligible Spouse consents in writ-
ing to the election; (b) the election designates a specific Beneficiary including any
class of Beneficiaries or any contingent Beneficiaries, which may not be changed
without spousal consent (or the Eligible Spouse expressly permits designations by
the Participant without any further spousal consent); (c) the Eligible Spouse's con-
sent acknowledges the effect of the election; and (d) the Eligible Spouse's consent
is witnessed by a Plan representative or notary public. Additionally, a Participant's
waiver of the Qualified Joint and Survivor Annuity shall not be effective unless
the election designates a form of benefit payment which may not be changed
without spousal consent (or the Eligible Spouse expressly permits designations by
the Participant without any further spousal consent). If it is established to the sat-
isfaction of a Plan representative that there is no Eligible Spouse or that the
spouse cannot be located, a waiver will be deemed a qualified election.

Any consent by an Eligible Spouse obtained under this provision (or es-
tablishment that the consent of a spouse may not be obtained) shall be effective
only with respect to such spouse. A consent that permits designations by the Par-
ticipant without any requirement of further consent by such spouse must
acknowledge that the spouse has the right to limit consent to a specific Benefi-
ciary, and a specific form of benefit where applicable, and that the spouse volun-
tarily elects to relinquish either or both of such rights. A revocation of a prior
waiver may be made by a Participant without the consent of the spouse at any
time before the commencement of benefits. The number of revocations shall not
be limited. No consent obtained under this provision shall be valid unless the Par-
ticipant has received notice as provided in Paragraph (E) below.

(4) “Qualified Joint and Survivor Annuity.” An immediate annuity for
the life of the Participant with a survivor annuity for the life of the spouse which
is not less than 50% and not more than 100% of the amount of the annuity which
is payable during the joint lives of the Participant and the Eligible Spouse and
which is the actuarial equivalent of the normal form of benefit, or if greater, any
optional form of benefit, and is further defined in Section 4.03.

(5) “Qualified Optional Survivor Annuity.” An immediate annuity for
the life of the Participant with a survivor annuity for the life of the Eligible

44

CM94:00575


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

(b) Such benefit shall commence after approval of an applica-
tion by the Board, effective on the first day of the month following the
Participant's death.

(c) | The death benefit will terminate on the first day of the
month in which the Eligible Spouse dies.

(3) Participant Who Became Disabled After Having Earned Five
Years of Future Service Credits

(a) Ifa Participant, who becomes a Disabled Participant, hav-
ing earned five (5) years of Future Service Credits, dies, his/her Eligible
Spouse will receive a death benefit in the form of a monthly pension. The
rate per month shall be one-half of that which the Disabled Participant was
receiving at the time of his/her death.

(b) Such benefit will commence after approval of an applica-
tion by the Board, effective on the first day of the month following such
Participant's death.

(c) The death benefit will terminate on the first day of the
month in which the Eligible Spouse dies, unless the Eligible Spouse is
survived by an eligible minor child of the Participant.

(4) Minor Child's Benefit

(a) If a Participant on whose life a death benefit is payable un-
der this Section 4.01(D)(i) is not survived by an Eligible Spouse, but has
surviving minor children, or (ii) is survived by an Eligible Spouse and mi-
nor children, but the Eligible Spouse dies while children of the deceased
Participant are minors, then a death benefit in the form of a monthly pen-
sion shall be paid to the minor children. Payment shall be in accordance to
the following rules:

(i) The benefit payable shall be divided equally among
all minor children. As each child reaches his/her majority or if any
child dies, the benefit that had been paid to that child shall be di-
vided equally among the remaining minor children.

(ii) All benefit payments shall end when the last surviv-
ing child reaches his/her majority.

(iii) | The amount of the children's monthly benefit shall
be the amount paid to the Eligible Spouse or the amount that would
have been payable to an Eligible Spouse had there been one.

20

CM94:00551


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

(B) Time and Manner of Distribution.

(1) Required Beginning Date. The Participant’s entire interest will be
distributed, or begin to be distributed, no later than the Participant’s required be-
ginning date.

(2) Death of Participant Before Distributions Begin. If the Participant
dies before distributions begin, the Participant’s entire interest will be distributed,
or begin to be distributed, no later than as follows:

(a) If the Participant’s surviving Eligible Spouse is the Partici-
pant’s sole designated Beneficiary, then distributions to the surviving Eli-
gible Spouse will begin by December 31 of the calendar year immediately
following the calendar year in which the Participant died, or by December 31
of the calendar year in which the Participant would have attained age 70%,
if later.

(b) If the Participant’s surviving Eligible Spouse is not the Partic-
ipant’s sole designated Beneficiary, then distributions to the designated
Beneficiary will begin by December 31 of the calendar year immediately
following the calendar year in which the Participant died.

(c) If there is no designated Beneficiary as of September 30 of
the year following the year of the Participant’s death, the Participant’s en-
tire interest will be distributed by December 31 of the calendar year con-
taining the fifth anniversary of the Participant’s death.

(d) If the Participant’s surviving Eligible Spouse is the Partici-
pant’s sole designated Beneficiary and the surviving Eligible Spouse dies
after the Participant but before distributions to the surviving Eligible
Spouse are required to begin, this Paragraph (B)(2), other than Paragraph
(B)(2)(a), will apply as if the surviving Eligible Spouse were the Partici-
pant.

For purposes of this Paragraph (B)(2) and Paragraph (E) below,
unless Paragraph (B)(2)(d) applies, distributions are considered to begin on
the Participant’s required beginning date. If Paragraph (B)(2)(d) applies,
distributions are considered to begin on the date distributions are re-
quired to begin to the surviving Eligible Spouse under Paragraph (B)(2)(a).
If distributions under an annuity meeting the requirements of this Section
commence to the Participant before the Participant’s required beginning
date (or to the Participant’s surviving Eligible Spouse before the date dis-
tributions are required to begin to the surviving Eligible Spouse under Par-
agraph (B)(2)(a)), the date distributions are considered to begin is the date
distributions actually commence.

31

CM94:00562


APPLICATION FOR A PARTITION ORDER FOR

PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND

EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

(iv) as a result of dividend or other payments that result
from actuarial gains, provided:

(D actuarial gain is measured not less fre-
quently than annually,

(e00) the resulting dividend or other payments are
either paid no later than the year following the year for
which the actuarial experience is measured or paid in the
same form as the payment of the annuity over the remain-
ing period of the annuity (beginning no later than the year
following the year for which the actuarial experience is
measured),

(11) the actuarial gain taken into account is lim-
ited to actuarial gain from investment experience,

(IV) the assumed interest rate used to calculate
such actuarial gains is not less than three (3%) percent, and

(Vv) the annuity payments are not increased by a
constant percentage as described in Paragraph (iii) of this
Paragraph (C)(1)(d);

(v) to the extent of the reduction in the amount of the
Participant’s payments to provide for a survivor benefit, but only if
there is no longer a survivor benefit because the Beneficiary whose
life was being used to determine the distribution period described
in Paragraph (D) dies or is no longer the Participant’s Beneficiary
pursuant to a qualified domestic relations order within the meaning
of Code Section 414(p);

(vi) to provide a final payment upon the Participant’s
death not greater than the excess of the actuarial present value of
the Participant’s accrued benefit (within the meaning of Code Sec-
tion 411(a)(7)) calculated as of the annuity starting date using the
applicable interest rate defined in Section 1.02 of the Plan and the
applicable mortality table defined in Section 1.02 of the Plan (or, if
greater, the total amount of employee contributions) over the to-
tal of payments before the Participant’s death;

(vii) to allow a Beneficiary to convert the survivor por-

tion of a Joint and Survivor Annuity into a single sum distribution
upon the Participant’s death; or

33

CM94:00564


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

undergo physical examinations by a physician chosen by it in order to de-
termine the continuance of disability, but no more frequently than once
each year.

(f) The Fund shall treat a Participant who becomes Permanent-
ly Disabled while performing qualified military service as if the Partici-
pant resumed employment with an Employer in accordance with the Par-
ticipant’s reemployment rights under Chapter 43 of Title 38 of the United
States Code on the day preceding the date he or she became Permanently
Disabled.

(D) Death Benefits
qd) Participant Who Has Not Reached Normal Retirement Age

(a) If a Participant, having five (5) years of Future Credited
Service or five (5) years of Vested Credits, who has not made a qualified
election of pension other than a Husband-Wife Pension, dies prior to
reaching Early Retirement Age, his/her Eligible Spouse will receive a
death benefit in a form of a delayed monthly pension. The monthly pen-
sion benefit to the Participant’s Eligible Spouse will begin when the Par-
ticipant would have reached age 55 and 15 years of Credited Service. The
rate per month for each year of service shall be fifty (50%) percent of the
amount such Participant would have received had he/she retired on his/her
55" birthday and elected a Husband-Wife 50% Pension, with an Early Re-
tirement reduction.

(b) Such benefit shall commence after approval of an applica-
tion by the Board, effective on the first day of the month following the
Participant’s 55" birthday.

(c) The death benefit will terminate on the first day of the
month in which the Eligible Spouse dies.

(2) Participant Who Has Reached Normal Retirement Age

(a) When a Participant who has reached Normal Retirement
Age dies prior to the commencement of a pension without having made a
qualified election of a form of pension different from a Husband-Wife
Pension, his/her Eligible Spouse will receive a death benefit. It will be in
the form of a monthly pension and will be payable for the rest of her life.
The rate of the pension will be fifty (50%) percent of the amount the Par-
ticipant would have received had he/she retired on the day prior to his/her
death on a Husband-Wife Pension.

19

CM94:00550


nuity.

APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

cy) of the Participant, the joint lives (or joint life expectancy) of the Participant, or for a
period of at least 10 years (“Extended 2009 RMDs”), will not receive those distributions
for 2009 unless the Participant chooses to receive such distributions. Participants de-
scribed in the preceding sentence will be given the opportunity to elect to receive the dis-
tributions described in the preceding sentence. In addition, notwithstanding Section 4.10
of the Plan, and solely for purposes of applying the direct rollover provisions of the Plan,
a direct rollover will be offered for 2009 RMDs, Extended 2009 RMDs and distributions
that would be eligible rollover distributions without regard to Code Section 401
(a)(9)(H), and will be treated as eligible rollover distributions.

4.08 Qualified Joint and Survivor Annuity and Qualified Pre-retirement Survivor An-

(A) _ The provisions of this Section 4.08 shall apply to any Participant who is
credited with at least one Hour of Service with the Employer on or after August 23, 1984,
and such other Participants as provided in Paragraph (F).

(B) Qualified Joint and Survivor Annuity. Unless an optional form of benefit
is selected pursuant to a qualified election within the 180 day period ending on the annui-
ty starting date, a married Participant's Vested accrued benefit will be paid in the form of
a Qualified Joint and Survivor Annuity and an unmarried Participant's Vested accrued
benefit will be paid in the normal form of an immediate life annuity. The Participant may
elect to have such annuity distributed upon attainment of the earliest retirement age under
the Plan.

(C) Qualified Optional Survivor Annuity. If a married Participant elects, with-
in the election period pursuant to a qualified election, to waive the Qualified Joint and
Survivor Annuity, the Participant may elect a Qualified Optional Survivor Annuity.

(D) Qualified Pre~Retirement Survivor Annuity.

(1) Unless an optional form of benefit has been selected within the
election period pursuant to a qualified election, if a Participant dies after the earli-
est retirement age, the Participant's surviving Eligible Spouse, if any, will receive
the same benefit that would be payable if the Participant had retired with an im-
mediate Qualified Joint and Survivor Annuity on the day before the Participant's
date of death.

The surviving Eligible Spouse may elect to commence payment under
such annuity within a reasonable period after the Participant's death. The actuarial
value of benefits which commence later than the date on which payments would
have been made to the surviving Eligible Spouse under a Qualified Joint and Sur-
vivor Annuity in accordance with this provision shall be adjusted to reflect the de-
layed payment.

42

CM94:00573


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

Notwithstanding the foregoing, the failure of a Participant and Eligible Spouse to
consent to a distribution while a benefit is immediately distributable, within the meaning
of Section 4.06 of the Plan, shall be deemed to be an election to defer commencement of
payment of any benefit sufficient to satisfy this Section.

(B) _ Early Retirement Pension

qd) Any Active or Vested Participant may retire early on a reduced
pension provided he/she has:

(a) Attained his/her 55"" birthday; and.

(b) Completed fifteen (15) or more years of Credited Service;
and

(c) Made written application for early pension on the form and
in the manner prescribed by the Board.

(2) If a Participant leaves Covered Employment before satisfying the
age requirement but having satisfied the service requirement, the Participant will
be entitled to apply for an early retirement pension at any time after he/she attains
the required age.

(C) Disability Pension

(@) Any Disabled Participant may retire on a disability pension pro-
vided:

(a) He/she has become Permanently Disabled as the result of
sickness or accident or mental illness which prevents him/her from carry-
ing out the duties of his/her regular work while an Active Participant or in
his/her Extension Period. Such disability may be required to be certified
by a physician appointed by the Board; and

(b) His/her disability has continued for six months; and

(c) He/she has completed five (5) or more years of Future Ser-
vice Credit and such years of Credited Service shall not have been can-
celled in accordance with Section 2.03(F); and

(d) He/she has made written application for disability pension
on the form and in the manner prescribed by the Board while an Active
Participant or in his/her Extension Period.

(e) | The Board may require the Disability Pensioner, until

he/she attains the age required for Normal Retirement Date Pension, to

18

CM94:00549


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

(iv) separates from service on or after attaining Normal
Retirement Age (or the qualified early retirement age) and after
satisfying the eligibility requirements for the payment of benefits
under the Plan and thereafter dies before beginning to receive such
benefits; then such benefits will be received under this Plan in the
form of a Qualified Joint and Survivor Annuity, unless the Partici-
pant has elected otherwise during the election period. The election
period must begin at least 6 months before the Participant attains
qualified early retirement age and end not more than 90 days be-
fore the commencement of benefits. Any election hereunder will
be in writing and may be changed by the Participant at any time.

(b) Election of early survivor annuity. A Participant, who is
employed after attaining the qualified early retirement age will be given
the opportunity to elect, during the election period, to have a survivor an-
nuity payable on death. If the Participant elects the survivor annuity, pay-
ments under such annuity must not be less than the payments which would
have been made to the Eligible Spouse under the Qualified Joint and Sur-
vivor Annuity if the Participant had retired on the day before his/her or her
death. Any election under this provision will be in writing and may be
changed by the Participant at any time. The election period begins on the
later of: (i) the 90th day before the Participant attains the qualified early
retirement age, or (ii) the date on which participation begins, and ends on

the date the Participant terminates employment.

(c) For purposes of this Paragraph (f)(iv), qualified early re-

tirement age is the latest of:

(i) the earliest date, under the Plan, on which the Par-

ticipant may elect to receive retirement benefits,

(ii) the first day of the 120th month beginning before

the Participant reaches Normal Retirement Age, or

(iii) the date the Participant begins participation.

4.09 Qualified Domestic Relations Orders.

(A) — Notwithstanding any other provisions of Section 4, any Accrued Benefit
of a Participant may be apportioned between the Participant and the alternate payee (as
defined in Code Section 414(p)(8)) by providing the alternate payee a percentage or spe-
cific amount of the Participant's Accrued Benefit. The Contract Administrator may direct
distributions to an alternate payee pursuant to a qualified domestic relations order as de-
fined in Code Section 414(p)(1)(A) on or after the date on which the Participant attains
the earliest retirement age, provided that the Contract Administrator has properly notified

50

CM94:00581


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

Spouse which is not less than 75% and not more than 100% of the amount of the
annuity which is payable during the joint lives of the Participant and the Eligible
Spouse and which is the actuarial equivalent of the normal form of benefit, or if
greater, any optional form of benefit, and is further defined in Section 4.03.

(6) “Eligible Spouse.” The spouse or surviving spouse of the Partici-
pant as defined in Section 1.11, provided that a former spouse will be treated as
the spouse or surviving spouse and a current spouse will not be treated as the
spouse or surviving spouse to the extent provided under a qualified domestic rela-
tions order as described in Code Section 414(p).

(7) “Annuity starting date.” The first day of the first period for which
an amount is paid as an annuity or any other form.

The annuity starting date for disability benefits shall be the date such ben-
efits commence if the disability benefit is not an auxiliary benefit. An auxiliary
benefit is a disability benefit which does not reduce the benefit payable at Normal
Retirement Age.

(8) “Vested accrued benefit.” The value of the Participant's Vested ac-
crued benefit derived from Employer and Employee contributions (including roll-
overs). The provisions of this Section 4.08 shall apply to a Participant who is
Vested in amounts attributable to Employer contributions, Employee contribu-
tions (or both) at the time of death or distribution.

(F) Notice Requirements.

(1) In the case of a Qualified Joint and Survivor Annuity, the Contract
Administrator shall no less than 30 days and no more than 180 days prior to the
annuity starting date provide each Participant a written explanation of: (a) the
terms and conditions of a Qualified Joint and Survivor Annuity and Qualified Op-
tional Survivor Annuity; (b) the Participant's right to make and the effect of an
election to waive the Qualified Joint and Survivor Annuity form of benefit; (c) the
rights of a Participant's Eligible Spouse; (d) the right to make, and the effect of, a
revocation of a previous election to waive the Qualified Joint and Survivor Annui-
ty; and (e) the relative values of the various optional forms of benefit under the
Plan. The written explanation shall comply with the requirements of Treasury
Regulation Section 1.417(a)(3)-1.

The annuity starting date for a distribution in a form other than a Qualified
Joint and Survivor Annuity may be less than 30 days after receipt of the written
explanation described in the preceding paragraph provided: (a) the Participant has
been provided with information that clearly indicates that the Participant has at
least 30 days to consider whether to waive the Qualified Joint and Survivor Annu-
ity and elect (with spousal consent) to a form of distribution other than a Qualified

45

CM94:00576


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

(2) A Participant whose benefits are suspended under (e)(1) shall be
given or sent (by First Class Mail) a notice each year containing the following: (i)
a statement that his/her benefits have been suspended and the specific reason for
suspension, and (ii) a general description of the Plan provisions relating to the
suspension of payments and a copy of the Plan provisions.

(F) Amount of Reinstated Pension Benefit of Participant Who Has Previously
Drawn Disability Pension

A Pensioner receiving a Disability Pension who resumes Covered Employment
shall, upon subsequent re-retirement or recurrence of disability, apply to the Board for re-
sumption of his/her pension on the form and in the manner prescribed by the Board.
His/her resumed pension shall be at his/her pension rate in effect immediately prior to the
resumption of Covered Employment for all Credited Service earned up to that time, and
at the rate in effect at the time of his/her re-retirement for all Credited Service earned
subsequent to his/her resumption of Covered Employment.

4.06 Restrictions on Immediate Distributions.

(A) _ If there are remaining payments to be made with respect to a particular
distribution option that previously commenced, and the accrued benefit is immediately
distributable, the Participant and the Participant’s Eligible Spouse (or, where either the
Participant or Eligible Spouse has died, the survivor) must consent to any distribution of
such accrued benefit. The consent of the Participant and the Participant’s Eligible Spouse
shall be obtained in writing within the 180-day period ending on the annuity starting date.
The annuity starting date is the first day of the first period for which an amount is paid as
an annuity or any other form. The Contract Administrator shall notify the Participant and
the Participant’s Eligible Spouse of the right to defer any distribution until the Partici-
pant’s accrued benefit is no longer immediately distributable. Such notification shall in-
clude a general description of the material features and an explanation of the relative val-
ues of the optional forms of benefit available under the Plan in a manner that would satis-
fy the notice requirements of Code Section 417(a)(3), and shall be provided no less than
30 days and no more than 180 days prior to the annuity starting date. However, distribu-
tion may commence less than 30 days after the notice described in the preceding sentence
is given, provided the distribution is one to which Code Sections 401(a)(11) and 417 do
not apply, the Contract Administrator clearly informs the Participant that the Participant
has a right to a period of at least 30 days after receiving the notice to consider the deci-
sion of whether or not to elect a distribution (and, if applicable, a particular distribution
option), and the Participant, after receiving the notice, affirmatively elects a distribution.

Notwithstanding the foregoing, only the Participant need consent to the com-

mencement of a distribution in the form of a Qualified Joint and Survivor Annuity while
the accrued benefit is immediately distributable. Neither the consent of the Participant

29

CM94:00560


APPLICATION FOR A PARTITION ORDER FOR
PLASTERERS & CEMENT MASONS LOCAL NO. 94 PENSION FUND
EIN/ PN: 23-6445411 / 001

Exhibit 5d
Plan Document with Plan Amendments

(3) Forms of Distribution. Unless the Participant’s interest is distrib-
uted in the form of an annuity purchased from an insurance company or in a
single sum on or before the required beginning date, as of the first distribution
calendar year distributions will be made in accordance with Paragraphs (C), (D)
and (E) of this Section. If the Participant’s interest is distributed in the form of an
annuity purchased from an insurance company, distributions thereunder will be
made in accordance with the requirements of Code Section 401(a)(9) and Sec-
tion 1.401(a)(9) of the Treasury Regulations. Any part of the Participant’s in-
terest which is in the form of an individual account described in Code Section
414(k) will be distributed in a manner satisfying the requirements of Code Section
401(a)(9) and Section 1.401(a)(9) of the Treasury Regulations that apply to indi-
vidual accounts.

(C) Determination of Amount to be Distributed Each Year.

qd) General Annuity Requirements. If the Participant’s interest is to
be paid in the form of annuity distributions under the Plan, payments under the
annuity shall satisfy the following requirements:

(a) the annuity distributions will be paid in periodic payments
made at uniform intervals not longer than one year;

(b) the distribution period will be over a life (or lives) or over a
period certain not longer than the period described in Paragraph (D) or
©);

(c) once payments have begun over a period, the period will be
changed only in accordance with Paragraph (F) of this Section;

(d) payments will either be non-increasing or increase only as
follows:

(i) by an annual percentage increase that does not
exceed the percentage increase in an eligible cost-of-living index
for a 12-month period ending in the year during which the increase
occurs or a prior year;

(ii) by a percentage increase that occurs at specified
times and does not exceed the cumulative total of annual percent-
age increases in an eligible cost-of-living index since the annuity
starting date, or if later, the date of the most recent percentage in-
crease;

(iii) by a constant percentage of less than five (5%) per-
cent per year, applied not less frequently than annually;

32

CM94:00563