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

they were a single Employer immediately prior to such event and as unrelated
Employers immediately after the event; and if the event giving rise to the pre-
decessor relationship is a benefit transfer, the transferred benefits shall be exclud-
ed in determining the benefits provide under the plan of the predecessor Employ-
er.

(5) Special Rules. The limitations of this Section shall be determined
and applied taking into account the rules in Section 1.415(f)-1(d), (e) and (h) of
the Treasury Regulations.

(6) Aggregation with Multiemployer Plans.

(a) If the Employer maintains a multiemployer plan, as defined
in Code Section 414(f), and the multiemployer plan so provides, only
the benefits under the multiemployer plan that are provided by the Em-
ployer shall be treated as benefits provided under a plan maintained by the
Employer for purposes of this Section.

(b) Effective for limitation years ending after December 31, 2001,
a multiemployer plan shall be disregarded for purposes of applying the
compensation limitation of Paragraphs (F) and (F)(9)(a) to a plan which is
not a multiemployer plan.

5.02 Early Plan Termination

Benefits distributed to any of the 25 most Highly Compensated active and former Highly
Compensated Employees are restricted such that the annual payments are no greater than an
amount equal to the payment that would be made on behalf of the Employee under a single life
annuity that is the actuarial equivalent of the sum of the Employee's Accrued Benefit and the
Employee's other benefits under the Plan.

The preceding paragraph shall not apply if (i) after payment of the benefit to an Employ-
ee described in the preceding paragraph, the value of Plan assets equals or exceeds 110% of the
value of current liabilities, as defined in Code Section 412(1)(7) or (ii) the value of the benefits
for an Employee described above is less than 1% of the value of current liabilities.

For purposes of this Section, benefits include loans in excess of the amount set forth in
Code Section 72(p)(2)(A), any periodic income, any withdrawal values payable to a living Em-
ployee, and any death benefits not provided for by insurance on the Employee's life.

5.03 Pre-Termination Restrictions. In the event of Plan termination, the benefit of
any Highly Compensated Employee (whether active or former) is limited to a benefit that is non-
discriminatory under Code Section 401(a)(4). As of the date this Plan is terminated, if the value
of Plan assets is not less than the present value of all Accrued Benefits (whether nor not non-
forfeitable), distribution of assets to each Participant equal to the present value of that Partici-

70

CM94:00601


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) Limitation Years Beginning Before July 1,
2007. If the annuity starting date for the Participant’s ben-
efit is prior to age 62 and occurs in a limitation year begin-
ning before July 1, 2007, the defined benefit dollar limita-
tion for the Participant’s annuity starting date is the annual
amount of a benefit payable in the form of a straight life an-
nuity commencing at the Participant’s annuity starting date
that is the actuarial equivalent of the defined benefit dol-
lar limitation (adjusted under Paragraph (F)(9)(a) for
years of participation less than 10, if required) with Actu-
arial Equivalence computed using whichever of the following
produces the smaller annual amount: (1) the interest rate
specified in Section 1.02 of the Plan and the mortality table
(or other tabular factor) specified in Section 1.02 of the
Plan; or (2) a 5-percent interest rate assumption and the
applicable mortality table as defined in Section 1.02 of the
Plan.

(Il) Limitation Years Beginning on or After July
1, 2007.

aa. Plan Does Not Have Immediately Com-
mencing Straight Life Annuity Payable at Both Age
62 and the Age of Benefit Commencement. If the
annuity starting date for the Participant’s benefit
is prior to age 62 and occurs in a limitation year
beginning on or after July 1, 2007, and the Plan does
not have an immediately commencing straight life
annuity payable at both age 62 and the age of bene-
fit commencement, the defined benefit dollar limita-
tion for the Participant’s annuity starting date is the
annual amount of a benefit payable in the form of a
straight life annuity commencing at the Participant’s
annuity starting date that is the actuarial equivalent of
the defined benefit dollar limitation (adjusted under
Paragraph (F)(9)(a) for years of participation less than
10, if required) with Actuarial Equivalence computed
using a 5 percent interest rate assumption and the
applicable mortality table for the annuity starting
date as defined in Section 1.02 of the Plan (and ex-
pressing the Participant’s age based on completed
calendar months as of the annuity starting date).

64

CM94:00595


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

Vested Percentage
less than 3 years 0%
3 years or more 100%

Should this Plan not be deemed to be a top-heavy plan after previously being so catego-
rized, the vesting schedule contained in Section 1.29 shall again be effective except that the
Vested percentage attained by Participants shall not be reduced thereby and Participants with 3
or more Years of Service for Vesting shall have the right to select the vesting schedule under
which their Vested Accrued Benefit will be determined.

6.04 Minimum Benefits. Notwithstanding any other provision in this Plan except
Paragraphs (C), (D), (E) and (F) below, for any Plan Year in which this Plan is top-heavy, each
Participant who is not a key Employee and has completed 1,000 hours of service will accrue a
benefit (to be provided solely by Employer contributions and expressed as a life annuity com-
mencing at normal retirement age) of not less than two percent of his or her highest average
Compensation for the five consecutive years for which the Participant had the highest Compen-
sation. The aggregate Compensation for the years during such five-year period in which the Par-
ticipant was credited with a year of service will be divided by the number of such years in order
to determine average annual Compensation. The minimum accrual is determined without regard
to any Social Security contribution. The minimum accrual applies even though under other Plan
provisions the Participant would not otherwise be entitled to receive an accrual, or would have
received a lesser accrual for the year because (i) the non-key Employee fails to make mandatory
contributions to the Plan, (ii) the non-key Employee's Compensation is less than a stated amount,
(iii) the non-key Employee is not employed on the last day of the accrual computation period, or
(iv) the Plan is integrated with Social Security.

(A) _ For purposes of computing the minimum accrued benefit, Compensation
shall mean Compensation as defined in Section 5.01(D)(2) of the Plan, as limited by Sec-
tion 401 (a)(1 7) of the Code.

(B) No accrual shall be provided pursuant to Paragraph (A) above for a year in
which the Plan does not benefit any key Employee of former key Employee.

(C) No additional benefit accruals shall be provided pursuant to Paragraph (A)
above to the extent that the total accruals on behalf of the Participant attributable to Em-
ployer contributions will provide a benefit expressed as a life annuity commencing at
normal retirement age that equals or exceeds 20 percent of the Participant's highest aver-
age Compensation for the five consecutive years for which the Participant had the highest
Compensation.

(D) _ The provision in Paragraph (A) above shall not apply to any Participant to
the extent the Participant is covered under any other Plan or plans of the Employer and
the minimum allocation or benefit requirement applicable to top-heavy plans will be met
in the other Plan or plans.

14

CM94:00605


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

qd) Annual benefit: A benefit that is payable annually in the form of a
straight life annuity. Except as provided below, where a benefit is payable in a
form other than a straight life annuity, the benefit shall be adjusted to an actuarial-
ly equivalent straight life annuity that begins at the same time as such other form
of benefit and is payable on the first day of each month, before applying the
limitations of this Section. For a Participant who has or will have distributions
commencing at more than one annuity starting date, the annual benefit shall be de-
termined as of each such annuity starting date (and shall satisfy the limitations of
this Section as of each such date), actuarially adjusting for past and future distri-
butions of benefits commencing at the other annuity starting dates. For this purpose,
the determination of whether a new starting date has occurred shall be made without
regard to Section 1.401 (a)-20, Q&A 10(d) of the Treasury Regulations, and with
regard to Section 1.415(b)1(b)(1)(iii)(B) and (C) of the Treasury Regulations.

No actuarial adjustment to the benefit shall be made for (a) survivor
benefits payable to a surviving spouse under a qualified joint and survivor annui-
ty to the extent such benefits would not be payable if the Participant’s benefit were
paid in another form; (b) benefits that are not directly related to retirement bene-
fits (such as a qualified disability benefit, preretirement incidental death benefits,
and post- retirement medical benefits); or (c) the inclusion in the form of bene-
fit of an automatic benefit increase feature, provided the form of benefit is not sub-
ject to Code Section 417(e)(3) and would otherwise satisfy the limitations of this
Section, and the Plan provides that the amount payable under the form of benefit
in any limitation year shall not exceed the limits of this Section applicable at the
annuity starting date, as increased in subsequent years pursuant to Code Section
415(d). For this purpose, an automatic benefit increase feature is included in a
form of benefit if the form of benefit provides for automatic, periodic increases
to the benefits paid in that form.

The determination of the annual benefit shall take into account social se-
curity supplements described in Code Section 411(a)(9) and benefits transferred
from another defined benefit plan, other than transfers of distributable benefits pur-
suant Section 1.411(d)-4, Q&A-3(c), of the Treasury Regulations, but shall disregard
benefits attributable to Employee contributions or rollover contributions.

Effective for distributions in Plan Years beginning after December 31,

2003, the determination of Actuarial Equivalence of forms of benefit other than a

straight life annuity shall be made in accordance with Paragraphs (F)(1)(a) or
(FAY).

(a) Benefit Forms Not Subject to Code Section 417(e)(3): The

straight life annuity that is actuarially equivalent to the Participant’s form

of benefit shall be determined under this Paragraph (F)(1)(a) if the form of
the Participant’s benefit is either (1) a nondecreasing annuity (other than a

35

CM94:00586


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

pant's Accrued Benefit will not be discriminatory if the formula for computing benefits as of the
date of Plan termination is not discriminatory. All present values and the value of Plan assets will
be computed using assumptions satisfying Section 4044 of the Employee Retirement Income Se-
curity Act.

SECTION 6: TOP HEAVY PROVISIONS

6.01 Application of Section. The provisions in this Section shall take precedence
over any other provisions in the Plan with which they conflict.

6.02 Definitions.

(A) | “Key Employee.” Any Employee or former Employee (including any de-
ceased Employee) who, at any time during the Plan Year that includes the determination
date, is an officer of an Employer having an annual compensation greater than $130,000
(as adjusted under Code Section 416(i)(1) for Plan Years beginning after December 31,
2002), a 5-percent owner of the Employer, or a 1-percent owner of the Employer having
an annual compensation of more than $150,000. For purposes of this paragraph, annual
compensation means compensation within the meaning of Section 1.05 of the Plan. The
determination of who is a Key Employee will be made in accordance with Code Section
416(i)(1) and the Treasury Regulations thereunder.

(B)  “Top-heavy plan.” For any Plan Year beginning after December 31, 1983,
this Plan is top-heavy if any of the following conditions exists:

(1) __ If the top-heavy ratio for this Plan exceeds 60% and this Plan is not
part of any required aggregation group or permissive aggregation group of plans.

(2) If this Plan is a part of a required aggregation group of plans but
not part of a permissive aggregation group and the top-heavy ratio for the group
of plans exceeds 60%.

(3) If this Plan is a part of a required aggregation group and part of a
permissive aggregation group of plans and the top-heavy ratio for the permissive
aggregation group exceeds 60%.

(C)  “Top-heavy ratio.”

(1) If the Employer maintains one or more defined benefit plans and
the Employer has not maintained any defined contribution plan (including any
Simplified Employee Pension Plan) which during the one-year period ending on
the determination date(s) has or has had account balances, the top-heavy ratio for
this Plan alone or for the required or permissive aggregation group as appropriate
is a fraction, the numerator of which is the sum of the present value of accrued

71

CM94:00602


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

trator’s control; and (3) the Participant or Beneficiary is advised of the unresolved issues that prevent
any decision and the additional information needed to resolve those issues. If any extension is neces-
sary because the Participant or Beneficiary submits an incomplete claim to the Contract Administra-
tor, the period for making an initial determination will be suspended from the date that the request for
additional information is sent to the Participant or Beneficiary until the earlier of: (a) the date that
the Participant or Beneficiary responds to the Contract Administrator, or (b) 90 days (45 days for
Disability claims) from the date of the request. The Participant or Beneficiary must submit the addi-
tional information requested by the Contract Administrator within 90 days (45 days for Disability
claims). Ifa claim is denied, in whole or in part, the Participant or Beneficiary shall be sent written
notice of the denial containing the following information: (1) the specific reason or reasons for the
denial of the claim; (2) a specific reference to pertinent plan provisions on which the denial is based;
(3) a description of any additional material or information necessary for the Participant or Benefi-
ciary to perfect the claim and an explanation of why the additional material or information is neces-
sary; and (4) an explanation of the Plan's claim review procedure.

7.05 Appeal to the Board of Trustees. If the Participant or Beneficiary disagrees with the
Contract Administrator’s determination, the Participant or Beneficiary must file a written appeal with
the Board of Trustees. To file an appeal to the Board of Trustees, the Participant or Beneficiary must
send to the Contract Administrator a written statement stating that the Participant wishes to appeal
the Contract Administrator’s determination. The statement must be filed (postmarked or hand-
delivered) within 180 days (60 days for Disability claims) after receipt of the determination. The
Participant may submit with the appeal any written comments, documents, records, or other infor-
mation related to the benefit claim which is the subject of the appeal. An appeal of an determination
by the Contract Administrator shall be decided by the Board of Trustees at their next regularly
scheduled quarterly meeting that immediately follows the Board’s receipt of the Participant or Bene-
ficiary’s appeal, unless the appeal is filed within 30 days preceding the date of such regular quarterly
meeting. If an appeal is filed within 30 days of a regularly scheduled meeting, the Board’s determi-
nation shall be made no later than the date of the second regularly scheduled quarterly meeting fol-
lowing the Board’s receipt of the appeal. If special circumstances require a further extension of time
for processing the appeal, a determination by the Board shall be rendered no later than the third meet-
ing of the Board following the Board’s receipt of the appeal. If such an extension of time for review
is required because of special circumstances, the Contract Administrator shall notify the Participant
or Beneficiary in writing of the required extension prior to the commencement of the extension, de-
scribing the special circumstances and the date as of which the appeal determination will be made by
the Board. The Contract Administrator shall notify the Participant or Beneficiary of the Board’s ap-
peal determination as soon as possible, but no later than five days after the appeal determination is
made by the Board.

7.06 Extension of Time. The Participant or Beneficiary, Authorized Representative, Con-
tract Administrator, or Board of Trustees may agree, in writing, to extend the times set forth in this
Section. Any written agreement to extend the times must be reduced to writing prior to the expira-
tion of the times set forth herein, and must specifically provide for the amount of the agreed-to exten-
sion.

7.07 Rights on Appeal to the Board of Trustees. The Participant or Beneficiary may re-

quest a hearing in person before the Board of Trustees. This request must be set forth in the written

77

CM94:00608


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

the top-heavy ratio. When aggregating plans the value of account balances and
accrued benefits will be calculated with reference to the determination dates that
fall within the same calendar year.

The accrued benefit of a Participant other than a key Employee shall be
determined under (a) the method, if any, that uniformly applies for accrual pur-
poses under all defined benefit plans maintained by the Employer, or (b) if there
is no such method, as if such benefit accrued not more rapidly than the slowest
accrual rate permitted under the fractional rule of Code Section 411(b)(1)(C).

(D) “Permissive aggregation group.” The required aggregation group of plans
plus any other plan or plans of the Employer which, when considered as a group with the
required aggregation group, would continue to satisfy the requirements of Code Sections
401(a)(4) and 410.

(E) “Required aggregation group.” (1) Each qualified plan of the Employer in
which at least one key Employee participated at any time during the Plan Year containing
the determination date or any of the four preceding Plan Years (regardless of whether the
plan has terminated), and (2) any other qualified plan of the Employer which enables a
plan described in (1) to meet the requirements of Code Sections 401(a)(4) or 410.

(F) “Determination date.” For any Plan Year subsequent to the first Plan Year,
the last day of the preceding Plan Year. For the first year of the Plan, the last day of that
year.

(G)  “Non-key Employee.” Any Employee who is not a key Employee.

(H) “Valuation date.” For each defined benefit plan sponsored by the Employ-
er, the valuation date is the most recent date within the 12—month period ending on the
determination date used for computing plan costs for minimum funding for such plan. For
each defined contribution plan sponsored by the Employer, the valuation date is the most
recent date within the 12—month period ending on the determination date used for annual
valuation of account balances for such plan.

0) “Present value.” For purposes of establishing present value to compute the
top-heavy ratio, any benefit shall be discounted using the interest and mortality rates de-
scribed in Section 1.02.

6.03 Accelerated Vesting Unless the Plan provides for full and immediate vesting of
the Participant's Accrued Benefit upon participation, then for any Plan Year in which this Plan is
deemed to be a top-heavy plan, the vesting schedule contained in Section 1.29 shall be modified
as follows:

(A) Total Service for Vesting (excluding Years of Service prior to Effective

Date of this Plan)

73

CM94:00604


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

tirement medical benefits established under Code Section 41
9A(d)(1) are not considered a separate defined contribution plan).

(10) Predecessor Employer: If the Employer maintains a plan that
provides a benefit which the Participant accrued while performing services for a
former Employer, the former Employer is a predecessor Employer with respect to
the Participant in the Plan. A former entity that antedates the Employer is also a
predecessor Employer with respect to a Participant if, under the facts and circum-
stances, the Employer constitutes a continuation of all or a portion of the trade or
business of the former entity.

(11) | Severance from Employment: An Employee has a severance from
employment when the Employee ceases to be an Employee of the Employer
maintaining the Plan. An Employee does not have a severance from employment
if, in connection with a change of employment, the Employee’s new Employer
maintains the Plan with respect to the Employee.

(12) Year of Participation: The Participant shall be credited with a year of
participation (computed to fractional parts of a year) for each accrual computation
period for which the following conditions are met: (1) the Participant is credited
with at least the number of hours of service (or period of service if the elapsed
time method is used) for benefit accrual purposes, required under the terms of the
Plan in order to accrue a benefit for the accrual computation period, and (2) the
Participant is included as a Participant under the eligibility provisions of the Plan
for at least one day of the accrual computation period. If these two conditions are
met, the portion of a year of participation credited to the Participant shall equal
the amount of benefit accrual service credited to the Participant for such accrual
computation period. A Participant who is permanently and totally disabled
within the meaning of Code 415(c)(3)(C)(i) for an accrual computation period
shall receive a year of participation with respect to that period. In addition, for a
Participant to receive a year of participation (or part thereof) for an accrual com-
putation period, the Plan must be established no later that the last day of such ac-
crual computation period. In no event shall more than one year of participation be
credited for any 12-month period.

(13) Year of Service: For purposes of Paragraph (F)(7), the Participant
shall be credited with a year of service (computed to fractional parts of a year) for
each accrual computation period for which the Participant is credited with at least
the number of hours of service (or period of service if the elapsed time method is
used) for benefit accrual purposes, required under the terms of the Plan in or-
der to accrue a benefit for the accrual computation period, taking into account
only service with the Employer or a predecessor Employer.

(G) — Other Rules.

68

CM94:00599


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

sistent basis with respect to all similarly situated Employees, and no
compensation is included in more than one limitation year.

(f) For limitation years beginning on or after July 1, 2007,
compensation for a limitation year shall also include compensation paid by
the later of 2 months after an Employee’s severance from employment
with the Employer maintaining the Plan or the end of the limitation year
that includes the date of the Employee’s severance from employment with
the Employer maintaining the Plan, if:

(i the payment is regular compensation for services
during the Employee’s regular working hours, or compensation for
services outside the Employee’s regular working hours (such as
overtime or shift differential), commissions, bonuses, or other sim-
ilar payments, and, absent a severance from employment, the
payments would have been paid to the Employee while the Em-
ployee continued in employment with the Employer,

(ii) the payment is for unused accrued bona fide sick, va-
cation or other leave that the Employee would have been able to
use if employment had continued; or

(iii) the payment is received by the Employee pursuant
to a nonqualified unfunded deferred compensation plan and would
have been paid at the same time if employment had continued, but
only to the extent includible in gross income.

(g) | Any payments not described above shall not be considered
compensation if paid after severance from employment, even if they are
paid by the later of 2% months after the date of severance from employment
or the end of the limitation year that includes the date of severance from
employment, except, (a) payments to an individual who does not current-
ly perform services for the Employer by reason of qualified military ser-
vice (within the meaning of Code Section 414(u)(1)) to the extent these
payments do not exceed the amounts the individual would have received if
the individual had continued to perform services for the Employer rather
than entering qualified military service; or (b) compensation paid to a
Participant who is permanently and totally disabled, as defined in Code
Section 22(e)(3), provided salary continuation applies to all Participants
who are permanently and totally disabled for a fixed or determinable period,
or the Participant was not a highly compensated Employee, as defined in
Code Section 414(q), immediately before becoming disabled.

(h) Back pay, within the meaning of Section 1.415(c)-2(g)(8)
of the Treasury Regulations, shall be treated as compensation for the limi-

60

CM94:00591


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

eration of law or otherwise, and shall be exempt from the claims of creditors or other
proceedings to the fullest extent permitted by law.

(B) — Notwithstanding the foregoing, Subsection (A) above, shall not preclude:

(1) Benefits from being paid in accordance with the applicable re-
quirements of any "Qualified Domestic Relations Order" as defined by ERISA
Section 206(d)(3); and

(2) Any offset of a Participant's benefits as provided under Internal
Revenue Code Section 401(a)(13)(C) with respect to:

(a) a judgment of conviction for a crime involving the Plan;

(b) a civil judgment, consent order or decree in an action for
breach or alleged breach of fiduciary duty under ERISA involving the
Plan; or

(c) a settlement agreement between the Participant and either
the Secretary of Labor or the Pension Benefit Guaranty Corporation in
connection with a breach of fiduciary duty under ERISA by a fiduciary or
any other person, which court order, judgment, decree or agreement is is-
sued or entered into on or after August 5, 1997 and specifically requires
the Plan to offset against a Participant's benefits.

(3) However, an offset under Internal Revenue Code Section
401(a)(13)(C) against a married Participant's benefits shall be valid only if one of
the following conditions is satisfied:

(a) written spousal consent is obtained;

(b) the Eligible Spouse is required by a judgment, order, decree
or agreement to pay the Plan an amount; or

(c) a judgment, order, decree or agreement provides that the
Eligible Spouse shall receive a survivor annuity, as required by Internal
Revenue Code Section 401(a)(11), determined as if the Participant termi-
nated employment on the offset date (with no offset to his or her benefits),
to begin on or after Normal Retirement Age, and providing a 50% Quali-
fied Joint and Survivor Annuity and a Qualified Pre-Retirement Survivor
Annuity.

(C) A Participant or Beneficiary may authorize in writing the payment of his

or her entire monthly Pension benefit to a trust fund. Such authorization must be strictly
voluntary and may be revoked by the Participant or Beneficiary at any time. Such au-

80

CM94:00611


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

equivalent straight life annuity is equal to the greatest of (I) the an-
nual amount of the straight life annuity commencing at the same an-
nuity starting date that has the same actuarial present value as the
Participant’s form of benefit, computed using the interest rate speci-
fied in Section 1.02 of the Plan and the mortality table (or other
tabular factor) specified in Section 1.02 of the Plan for adjusting
benefits in the same form; (II) the annual amount of the straight
life annuity commencing at the same annuity starting date that has the
same actuarial present value as the Participant’s form of benefit,
computed using a 5.5 percent interest rate assumption and the ap-
plicable mortality table defined in Section 1.02 of the Plan; and
(III) the annual amount of the straight life annuity commencing at
the same annuity starting date that has the same actuarial present
value as the Participant’s form of benefit, computed using the ap-
plicable interest rate defined in Section 1.02 of the Plan and the ap-
plicable mortality table defined in Section 1.02 of the Plan, divided
by 1.05.

(ii) Annuity Starting Date in Plan Years Beginning in
2004 or 2005. If the annuity starting date of the Participant’s
form of benefit is in a Plan Year beginning in 2004 or 2005, the
actuarially equivalent straight life annuity is equal to the annual
amount of the straight life annuity commencing at the same annui-
ty starting date that has the same actuarial present value as the Par-
ticipant’s form of benefit, computed using whichever of the follow-
ing produces the greater annual amount: (1) the interest rate speci-
fied in Section 1.02 of the Plan and the mortality table (or other
tabular factor) specified in Section 1.02 of the Plan for adjusting
benefits in the same form; and (II) a 5.5 percent interest rate as-
sumption and the applicable mortality table defined in Section 1.02
of the Plan.

If the annuity starting date of the Participant’s benefit is on
or after the first day of the first Plan Year beginning in 2004 and
before December 31, 2004, the application of this Paragraph
(F)(1)(b)(ii) shall not cause the amount payable under the Partici-
pant’s form of benefit to be less than the benefit calculated under
the Plan, taking into account the limitations of this Section, ex-
cept that the actuarially equivalent straight life annuity is equal
to the annual amount of the straight life annuity commencing at the
same annuity starting date that has the same actuarial present value as
the Participant’s form of benefit, computed using whichever of the
following produces the greatest annual amount:

57

CM94:00588


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

straight life annuity) payable for a period of not less than the life of the Par-
ticipant (or, in the case of a Qualified Pre-Retirement Survivor Annuity, the
life of the surviving spouse), or (2) an annuity that decreases during the
life of the Participant merely because of (a) the death of the survivor annui-
tant (but only if the reduction is not below 50% of the benefit payable be-
fore the death of the survivor annuitant), or (b) the cessation or reduction
of Social Security supplements or qualified disability payments (as defined
in Code Section 401(a)(11)).

(i) Limitation Years Beginning Before July 1, 2007.
For limitation years beginning before July 1, 2007, the actuarially
equivalent straight life annuity is equal to the annual amount of the
straight life annuity commencing at the same annuity starting date
that has the same actuarial present value as the Participant’s form of
benefit computed using whichever of the following produces the
greater annual amount: (I) the interest rate specified in Section 1.02
of the Plan and the mortality table (or other tabular factor) specified
in Section 1.02 of the Plan for adjusting benefits in the same form;
and (II) a 5 percent interest rate assumption and the applicable mor-
tality table defined in Section 1.02 of the Plan for that annuity start-
ing date.

(ii) Limitation Years Beginning On Or After July 1,
2007. For limitation years beginning on or after July 1, 2007, the
actuarially equivalent straight life annuity is equal to the greater of
(1) the annual amount of the straight life annuity (if any) payable
to the Participant under the Plan commencing at the same annuity
starting date as the Participant’s form of benefit; and (2) the annual
amount of the straight life annuity commencing at the same annu-
ity starting date that has the same actuarial present value as the
Participant’s form of benefit, computed using a 5 percent interest
rate assumption and the applicable mortality table defined in Sec-
tion 1.02 of the Plan for that annuity starting date.

(b) Benefit Forms Subject to Code Section 417(e)(3): The
straight life annuity that is actuarially equivalent to the Participant’s form
of benefit shall be determined under this Section if the form of the Partici-
pant’s benefit is other than a benefit form described in Paragraph
(F)(1)(a). In this case, the actuarially equivalent straight life annuity
shall be determined as follows:

qa) Annuity Starting Date in Plan Years Beginning Af-

ter 2005. If the annuity starting date of the Participant’s form of
benefit is in a Plan Year beginning after 2005, the actuarially

56

CM94:00587


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

qd) Benefits Under Terminated Plans. If a defined benefit plan main-
tained by the Employer has terminated with sufficient assets for the payment of
benefit liabilities of all Plan Participants and a Participant in the Plan has not
yet commenced benefits under the Plan, the benefits provided pursuant to the
annuities purchased to provide the Participant’s benefits under the terminated
Plan at each possible annuity starting date shall be taken into account in applying
the limitations of this Section. If there are not sufficient assets for the payment of
all Participants’ benefit liabilities, the benefits taken into account shall be the ben-
efits that are actually provided to the Participant under the terminated Plan.

(2) Benefits Transferred From the Plan. If a Participant’s benefits un-
der a defined benefit plan maintained by the Employer are transferred to another
defined benefit plan maintained by the Employer and the transfer is not a transfer
of distributable benefits pursuant Section 1.411(d)-4, Q&A-3(c), of the Treasury
Regulations, the transferred benefits are not treated as being provided under the
transferor plan (but are taken into account as benefits provided under the
transferee plan). If a Participant’s benefits under a defined benefit plan main-
tained by the Employer are transferred to another defined benefit plan that is
not maintained by the Employer and the transfer is not a transfer of distribut-
able benefits pursuant Section 1.411(d)-4, Q&A-3(c), of the Treasury Regula-
tions, the transferred benefits are treated by the Employer’s plan as if such bene-
fits were provided under annuities purchased to provide benefits under a plan
maintained by the Employer that terminated immediately prior to the transfer with
sufficient assets to pay all Participants’ benefit liabilities under the Plan. If a
Participant’s benefits under a defined benefit plan maintained by the Employer are
transferred to another defined benefit plan in a transfer of distributable benefits
pursuant Section 1.411(d)-4, Q&A-3(c), of the Treasury Regulations, the amount
transferred is treated as a benefit paid from the transferor plan.

(3) Formerly Affiliated Plans of the Employer. A formerly affiliated
plan of an Employer shall be treated as a plan maintained by the Employer,
but the formerly affiliated plan shall be treated as if it had terminated immediate-
ly prior to the cessation of affiliation with sufficient assets to pay Participants’
benefit liabilities under the plan and had purchased annuities to provide benefits.

(4) Plans of a Predecessor Employer. If the Employer maintains a
defined benefit plan that provides benefits accrued by a Participant while perform-
ing services for a predecessor Employer, the Participant’s benefits under a plan
maintained by the predecessor Employer shall be treated as provided under a plan
maintained by the Employer. However, for this purpose, the plan of the predeces-
sor Employer shall be treated as if it had terminated immediately prior to the
event giving rise to the predecessor Employer relationship with sufficient assets to
pay Participants’ benefit liabilities under the plan, and had purchased annuities to
provide benefits; the Employer and the predecessor Employer shall be treated as if

69

CM94:00600


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

benefits, and reimbursements, or other expense allowances under a
nonaccountable plan (as described in Section 1.62-2(c)of the Treasury
Regulations), and excluding the following:

(i) Employer contributions (other than elective con-
tributions described in Code Sections 402(e)(3), 408(k)(6),
408(p)(2)(A)(i), or 457(b)) to a plan of deferred compensation (in-
cluding a simplified Employee pension described in Code Section
408(k) or a simple retirement account described in Code Section
408(p), and whether or not qualified) to the extent such contribu-
tions are not includible in the Employee’s gross income for the
taxable year in which contributed, and any distributions (whether
or not includible in gross income when distributed) from a plan of de-
ferred compensation (whether or not qualified)

(ii) | Amounts realized from the exercise of a nonstatutory
stock option (that is, an option other than a statutory stock option as
defined in Section 1.421-1(b) of the Treasury Regulations), or
when restricted stock (or property) held by the Employee either
becomes freely transferable or is no longer subject to a substan-
tial risk of forfeiture;

(iii) | Amounts realized from the sale, exchange or other
disposition of stock acquired under a statutory stock option;

(iv) Other amounts that receive special tax benefits,
such as premiums for group-term life insurance (but only to the
extent that the premiums are not includible in the gross income of the
Employee and are not salary reduction amounts that are described in
Code Section 125);

(v) Other items of remuneration that are similar to any
of the items listed in (i) through (iv).

(d) For any self-employed individual, Compensation shall

mean earned income.

(e) Except as provided herein, for limitation years beginning

after December 31, 1991, compensation for a limitation year is the com-
pensation actually paid or made available during such limitation year.
Compensation for a limitation year shall include amounts earned but not
paid during the limitation year solely because of the timing of pay periods
and pay dates, provided the amounts are paid during the first few weeks of
the next limitation year, the amounts are included on a uniform and con-

59

CM94:00590


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

(E) _ All accruals of Employer-derived benefits, whether or not attributable to
years for which the Plan is top-heavy, may be used in computing whether the minimum
accrual requirements of paragraph (3) above are satisfied.

6.05 Limitation on Compensation Taken into Account Under Plan. For any Plan
Year prior to Plan Years beginning before January 1, 1989, in which this Plan is deemed to be a
top-heavy plan the definition of annual Compensation contained in Paragraph 6.02(A) shall ex-
clude amounts in excess of $200,000. For any Plan Year beginning on or after January 1, 1989
annual Compensation shall exclude amounts in excess the limitation under Code Section
401(a)(17) (i.e., $150,000 adjusted for the cost of living).

6.06 Modification of Defined Benefit and Defined Contribution Plan Fraction. For
any Plan Years beginning after December 31, 1999, this Section shall not apply. For any Plan
Year in which the Plan is deemed to be a top-heavy plan, the denominators of the defined benefit
fraction and the defined contribution fraction contained in Paragraph 5.01(D) shall be deemed to
be modified by substituting 100% for 125%. Notwithstanding the above, if this Plan would not
be deemed to be a top-heavy plan if 90% were substituted for 60% in Paragraph 6.02(B) and if
the Employer provides benefits and/or makes contributions to the accounts of non-key Employ-
ees who participate in defined benefit and/or defined contribution plans maintained by the Em-
ployer, in amounts at least equal to that which would be required by Section 6.04 after substitut-
ing 3% for 2% in the minimum non-integrated benefit, and by substituting 7.5% for 5% as the
minimum non-elective contribution percentage made by the Employer for eligible non-key Em-
ployees for the Plan Year to a defined contribution plan sponsored by the Employer, then the re-
duction in the defined benefit fraction and the defined contribution fraction as set forth in the
preceding sentence, shall not be made.

For Plan Years beginning after December 31, 1999, minimum benefits shall be deter-
mined under Section 6.04.

SECTION 7: APPLICATION FOR BENEFITS AND ADJUDICATION OF
CLAIMS FOR BENEFITS

7.01 Advance Written Application Required. An application for a Pension shall be
made in writing on a form and in the manner prescribed by the Fund in advance of its effective
date of benefits.

7.02 Information Required and Recovery of Overpayments.

(A) _ Every claimant for benefits shall furnish to the Fund all information and
proof relevant to his or her eligibility for benefits under the Fund. Each Participant, Pen-
sioner, and Beneficiary shall furnish the Fund with all information and proof requested by

it for the administration of the Fund. If a Participant, Pensioner, Beneficiary, or other
claimant for benefits makes a willfully false statement relevant to his or her claim for

75

CM94:00606


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

the affected Participant and each alternate payee of the order and has determined that the
order is a qualified domestic relations order as defined in Code Section 414(p)(1)(A). The
alternate payee shall be paid the present value (using the actuarial assumptions contained
in the Plan) of his/her specific amount or his/her percentage of the Participant's Accrued
Benefit in a lump-sum payment notwithstanding the value of such lump-sum payment un-
less the domestic relations order specifies a different manner of payment permitted by the
Plan; the alternate payee shall not be required to consent to such lump-sum payment. The
Board of Trustees shall adopt reasonable procedures to determine the qualified status of
domestic relations orders and to administer the distributions thereunder.

(B) Any rights of a former Eligible Spouse, or other alternate payee under a
Qualified Domestic Relations Order, with respect to a Participant's pension, shall take
precedence over those of any later Eligible Spouse of the Participant.

(C) The Fund shall be entitled to rely on written representations, consents, and
revocations submitted by Participants, Eligible Spouses or other parties in making deter-
minations and, unless such reliance is arbitrary or capricious, the Fund’s determinations
shall be final and binding and shall discharge the Fund from liability to the extent of the
payments made. This means that, unless the Plan is administered in a manner determined
to be inconsistent with the fiduciary standards of Part 4 of Title I of ERISA, the Fund
shall not be liable for duplicate benefits with respect to the same Participant, or for sur-
viving Eligible Spouse benefits in excess of the actuarial present value of the benefits, de-
termined as of the Effective Date of Benefits of the Participant's pension or, if earlier, the
date of the Participant's death.

4.10 Direct Rollovers. Notwithstanding any other provision of the Plan, for distribu-
tions made after December 31, 2001 the Contract Administrator shall advise any distributee enti-
tled to receive an eligible rollover distribution, at the same time as the notice required to be given
pursuant to Section 4 (or such other time as is permitted by law) of his/her right to elect a direct
rollover to an eligible retirement plan, pursuant to the provisions of this Section. To elect a direct
rollover the distributee must request in writing to the Contract Administrator that all or a speci-
fied portion of the eligible rollover distribution be transferred directly to an eligible retirement
plan.

The distributee shall not be entitled to elect a direct rollover pursuant to this Section un-
less he/she has obtained a waiver of any applicable Qualified Joint and Survivor Annuity, as re-
quired pursuant to Section 4.08.

For purposes of this Section, the following definitions shall apply:

(A) A “direct rollover” is a payment by the Plan to the eligible retirement plan
specified by the distributee.

(B) A “distributee” includes an Employee or former Employee. In addition,
the Employee's or former Employee's surviving Eligible Spouse and the Employee's (or

S1

CM94:00582


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

date of the adjustment, but a Participant’s benefits shall not reflect the ad-
justed limit prior to January 1 of that calendar year.

(b) In the case of a Participant who is rehired after a severance
from employment, the defined benefit compensation limitation is the
greater of 100 percent of the Participant’s high three-year average compen-
sation, as determined prior to the severance from employment, as adjusted
pursuant to the preceding paragraph, if applicable; or 100 percent of the
Participant’s high three-year average compensation, as determined after
the severance from employment under Paragraph (F)(7).

(4) Defined Benefit Dollar Limitation: effective for limitation years
ending after December 31, 2001, the defined benefit dollar limitation is $160,000,
automatically adjusted under Code Section 415(d), effective January | of each
year, as published in the Internal Revenue Bulletin, and payable in the form of a
straight life annuity. The new limitation shall apply to limitation years ending
with or within the calendar year of the date of the adjustment, but a Participant’s
benefits shall not reflect the adjusted limit prior to January | of that calendar
year. The automatic annual adjustment of the defined benefit dollar limitation
under Code Section 415(d) shall apply to Participants who have had a separation
from employment.

(5) Employer: For purposes of this Section, Employer shall mean the
Employer that participates in this Plan, and all members of a controlled group of
corporations, as defined in Code Section 414(b), as modified by Code Section
415(h)), all commonly controlled trades or businesses (as defined in Code Section
414(c), as modified, except in the case of a brother-sister group of trades or
businesses under common control, by Code Section 415(h)), or affiliated service
groups (as defined in Code Section 414(m)) of which the adopting Employer is a
part, and any other entity required to be aggregated with the Employer pursuant
to Code Section 414(0).

(6) Formerly Affiliated Plan of the Employer: A plan that, immedi-
ately prior to the cessation of affiliation, was actually maintained by the Employ-
er and, immediately after the cessation of affiliation, is not actually maintained
by the Employer. For this purpose, cessation of affiliation means the event that
causes an entity to no longer be considered the Employer, such as the sale of a
member controlled group of corporations, as defined in Code Section 414(b), as
modified by Code Section 415(h), to an unrelated corporation, or that causes a
plan to not actually be maintained by the Employer, such as transfer of plan spon-
sorship outside a controlled group.

(7) High Three-Year Average Compensation: The average compensa-
tion for the three consecutive years of service (or, if the Participant has less than three
consecutive years of service, the Participant’s longest consecutive period of

62

CM94:00593


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

tation year to which the back pay relates to the extent the back pay repre-
sents wages and compensation that would otherwise be included under
this definition.

(i) For limitation years beginning after December 31, 1997,
compensation paid or made available during such limitation year shall in-
clude amounts that would otherwise be included in Compensation but for
an election under Code Sections 125(a), 402(e)(3), 402(h)(1)(B), 402(k),
or 457(b).

G) For limitation years beginning after December 31, 2000,
Compensation shall also include any elective amounts that are not includible
in the gross income of the Employee by reason of Code Section

132(£)(4).

(k) For limitation years beginning after December 31, 2001,
Compensation shall also include deemed Code Section 125 compensa-
tion. Deemed Code Section 125 compensation is an amount that is ex-
cludable under Code Section 106 that is not available to a Participant in cash
in lieu of group health coverage under a Code Section 125 arrangement
solely because the Participant is unable to certify that he or she has other
health coverage. Amounts are deemed Code Section 125 compensation
only if the Employer does not request or otherwise collect information re-
garding the Participant’s other health coverage as part of the enrollment
process for the health plan.

(dy Compensation shall not include amounts paid as com-
pensation to a nonresident alien, as defined in Code Section
7701(b)(1)(B), who is not a Participant in the Plan to the extent the com-
pensation is excludable from gross income and is not effectively connected
with the conduct of a trade or business within the United States.

(3) Defined Benefit Compensation Limitation: 100 percent of a Partic-
ipant’s high three-year average compensation, payable in the form of a straight life
annuity.

(a) In the case of a Participant who has had a severance from
employment with the Employer, the defined benefit compensation limita-
tion applicable to the Participant in any limitation year beginning after
the date of severance shall be automatically adjusted by multiplying the
limitation applicable to the Participant in the prior limitation year by the
annual adjustment factor under Code Section 415(d) that is published in
the Internal Revenue Bulletin. The adjusted compensation limit shall
apply to limitation years ending with or within the calendar year of the

61

CM94:00592


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

00) the interest rate specified in Section 1.02 of
the Plan and the mortality table (or other tabular factor) speci-
fied in Section 1.02 of the Plan for adjusting benefits in the
same form;

et0) the applicable interest rate defined in Sec-
tion 1.02 of the Plan and the applicable mortality table de-
fined in Section 1.02 of the Plan; and

(II) the applicable interest rate defined in Sec-
tion 1.02 of the Plan (as in effect on the last day of the last
Plan Year beginning before January 1, 2004, under provi-
sions of the Plan then adopted and in effect) and the applica-
ble mortality table defined in Section 1.02 of the Plan.

(2) Compensation: Compensation shall mean one of the following:

(a) Information Required To Be Reported Under Code Sec-
tions 6041, 6051, And 6052 (wages, tips, and other compensation as re-
ported on Form W-2). Compensation is defined as wages, within the
meaning of Code Section 3401(a), and all other payments of compen-
sation to an Employee by the Employer (in the course of the Employ-
er's trade or business) for which the Employer is required to furnish the
Employee a written statement under Code Sections 6041(d), 6051(a)(3), and
6052. Compensation shall be determined without regard to any rules
under Code Section 3401(a) that limit the remuneration included in wages
based on the nature or location of the employment or the services per-
formed (such as the exception for agricultural labor in Code Section
3401(a)(2)).

(b) Code Section 3401(a) Wages. Compensation is defined as
wages within the meaning of Code Section 3401(a) for the purposes of
income tax withholding at the source but determined without regard to
any rules that limit the remuneration included in wages based on the na-
ture or location of the employment or the services performed (such as
the exception for agricultural labor in Code Section 3401 (a)(2)).

(c) 415 Safe-Harbor Compensation. Compensation is defined
as wages, salaries, and fees for professional services and other amounts
received (without regard to whether or not an amount is paid in cash) for
personal services actually rendered in the course of employment with the
Employer maintaining the Plan to the extent that the amounts are in-
cludible in gross income (including, but not limited to, commissions
paid salespersons, compensation for services on the basis of a percentage
of profits, commissions on insurance premiums, tips, bonuses, fringe

58

CM94:00589


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

benefits of all key Employees as of the determination date(s) (including any part
of any accrued benefit distributed in the one-year period ending on the determina-
tion date(s) in the case of a distribution made for a reason other than severance
from employment, death or disability), and the denominator of which is the sum
of the present value of accrued benefits (including any part of any accrued bene-
fits distributed in the one-year period ending on the determination date(s) in the
case of a distribution made for a reason other than severance from employment,
death or disability), both computed in accordance with Code Section 416 and the
Treasury Regulations thereunder.

(2) If the Employer maintains one or more defined benefit plans and
the Employer maintains or has maintained one or more defined contribution plans
(including any Simplified Employee Pension Plan) which during the five-year pe-
tiod ending on the determination date(s) has or has had any account balances, the
top-heavy ratio for any required or permissive aggregation group as appropriate is
a fraction, the numerator of which is the sum of the present value of accrued bene-
fits under aggregated defined benefit plan or plans for all key Employees, deter-
mined in accordance with Paragraph (1) above, and the sum of the account bal-
ances under the aggregated defined contribution plan or plans for all key Employ-
ees as of the determination date(s), and the denominator of which is the sum of
the present value of accrued benefits under the aggregated defined benefit plan or
plans for all Participants, determined in accordance with Paragraph (1) above, and
the account balances under the aggregated defined contribution plan or plans for
all Participants as of the determination date(s), all determined in accordance with
Code Section 416 and the regulations thereunder. The account balances under a
defined contribution plan in both the numerator and denominator of the top-heavy
ratio are increased for any distribution of an account balance made in the five-
year period ending on the determination date (five-year period ending on the de-
termination date in the case of a distribution made for a reason other than sever-
ance from employment, death or disability).

(3) For purposes of Paragraphs (1) and (2) above, the value of account
balances and the present value of accrued benefits will be determined as of the
most recent valuation date that falls within or ends with the 12—month period end-
ing on the determination date, except as provided in Code Section 416 and the
regulations thereunder for the first and second Plan Years of a defined benefit
plan. The account balances and accrued benefits of a Participant (a) who is not a
key Employee but who was a key Employee in a prior year, or (b) who has not
been credited with at least one Hour of Service with any employer maintaining
the Plan at any time during the five-year period ending on the determination date
will be disregarded. The calculation of the top-heavy ratio, and the extent to
which distributions, rollovers, and transfers are taken into account will be made in
accordance with Code Section 416 and the regulations thereunder. Deductible
Employee contributions will not be taken into account for purposes of computing

72

CM94:00603


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

appeal filed with the Contract Administrator. At the hearing the Participant or Beneficiary may pre-
sent any evidence, through documents or witnesses, to support the claim for benefits, and may be
represented by a lawyer. The Participant or Beneficiary has the right to submit to the Board of Trus-
tees along with the appeal documents, records and other information relating to the claim for bene-
fits. The Participant or Beneficiary has the right, upon request and without charge, to reasonable ac-
cess to and copies of all documents, records and other information relevant to the claim for benefits.
The Participant or Beneficiary will be provided with the names of any medical or vocational experts
whose advice was obtained on behalf of the Plan by the Contract Administrator in connection with
the initial claim determination, without regard to whether the advice was relied upon in making the
initial claim determination. The decision of the Board of Trustees will be based on its own review of
the claim, taking into account all comments, documents, records, an other information submitted by
the Participant or Beneficiary, without regard to whether such information was submitted or consid-
ered in the initial benefit determination and, where appropriate, in consultation with a health care
professional who has appropriate training and experience in the field of medicine involved in the
claim, and who was not consulted in connection with the initial benefit determination, and without
any deference to the initial claim determination made by the Contract Administrator.

7.08 Consequences of Failure to File an Appeal. If the Participant or Beneficiary fails to
seek a review through the Contract Administrator’s appeal procedure of any claim denial, in whole or
in part, by the Contract Administrator, the decision of the Contract Administrator shall be final and
binding. No legal action may be commenced or maintained against the Plan if the Participant or
Beneficiary fails to appeal the denial of the claim. If the Participant or Beneficiary fails to seek a
review by the Board of a claim denial, in whole or in part, by the Contract Administrator, the deci-
sion of the Contract Administrator shall be final and binding. No legal action may be commenced or
maintained against the Plan if the Participant or Beneficiary fails to appeal the denial of the claim to
the Board of Trustees. If the Participant or Beneficiary does not exercise their rights under ERISA to
seek review of a decision by the Board denying the claim, in whole or in part, the decision of the
Board shall be final and binding. No legal action may be commenced or maintained against the Plan
more than 6 months after the decision of the Board of Trustees.

SECTION 8: DESIGNATION OF BENEFICIARY

8.01 Designation of Beneficiary. A Participant or Pensioner may designate a person or
persons as a Beneficiary or Beneficiaries to receive the Death Benefits, if any, provided in ac-
cordance with the Plan, or any benefits due but not yet received by the Pensioner at the time of
his or her death, by forwarding such designation to the Contract Administrator in a form ac-
ceptable to the Board of Trustees. Designated Beneficiaries other than individual(s) are not ac-
ceptable; however, a trust or an estate may be a designated Beneficiary. See also Plan Section
4.08(B) (spousal consent requirement at retirement) and 4.08(D) (preretirement surviving spouse
pension) for limitations on beneficiary designations. A Participant or Pensioner shall have the
right to change his or her designation of Beneficiary without the consent of the Beneficiary, but
no change shall be effective or binding on the Fund unless it is received by the Contract Admin-
istrator prior to the time any payments are made to the Beneficiary whose designation is on file
with the Contract Administrator. Any benefits due but not yet received by the Pensioner at the

78

CM94:00609


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

ticipant or Beneficiary or to anyone representing the Participant or Beneficiary’s interest. Pay-
ments to a legal representative, relative or a residential health care facility hereunder will not be
deemed an assignment of benefits; and the relative or residential health care facility must
acknowledge in writing that they will apply the amounts paid solely in the interest of the Partici-
pant or Beneficiary and that they have no right enforceable against the Fund to any part of the
Participant or Beneficiary's Pension benefit or any other assets of the Fund. No payment will be
made hereunder to a governmental or private agency, institution, or facility if the Participant or
Beneficiary is not legally required to pay for his or her care and maintenance.

SECTION 5: LIMITATION ON CONTRIBUTIONS AND BENEFITS
5.01 Limitations on Benefits.

(A) _ The limitations of this Section shall apply in limitation years beginning on
or after July 1, 2007, except as otherwise provided herein.

(B) The annual benefit otherwise payable to a Participant under the Plan at any
time shall not exceed the maximum permissible benefit. If the benefit the Participant
would otherwise accrue in a limitation year would produce an annual benefit in excess of
the maximum permissible benefit, the benefit shall be limited (or the rate of accrual re-
duced) to a benefit that does not exceed the maximum permissible benefit.

(C) If the Participant is, or has ever been, a Participant in another qualified de-
fined benefit plan (without regard to whether the plan has been terminated) maintained
by the Employer or a predecessor Employer, the sum of the Participant’s annual bene-
fits from all such plans may not exceed the maximum permissible benefit.

(D) The application of the provisions of this Section shall not cause the maxi-
mum permissible benefit for any Participant to be less than the Participant’s accrued benefit
under all the defined benefit plans of the Employer or a predecessor Employer as of the
end of the last limitation year beginning before July 1, 2007 under provisions of the
plans that were both adopted and in effect before April 5, 2007. The preceding sentence
applies only if the provisions of such defined benefit plans that were both adopted and in
effect before April 5, 2007 satisfied the applicable requirements of statutory provisions,
regulations, and other published guidance relating to Code Section 415 in effect as of the
end of the last limitation year beginning before July 1, 2007, as described in Section
1,415(a)-1(g)(4) of the Treasury Regulations.

(E) _ The limitations of this Section shall be determined and applied taking into
account the rules in Paragraph (G).

(F) Definitions.

54

CM94:00585


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

bb. Plan Has Immediately Commencing
Straight Life Annuity Payable at Both Age 62 and
the Age of Benefit Commencement: If the annuity
starting date for the Participant’s benefit is prior to
age 62 and occurs in a limitation year beginning on
or after July 1, 2007, and the Plan has an immediate-
ly commencing straight life annuity payable at both
age 62 and the age of benefit commencement, the
defined benefit dollar limitation for the Participant’s
annuity starting date is the lesser of the limitation de-
termined under Paragraph (F)(9)(b)(i)II[AA] and
the defined benefit dollar limitation (adjusted under
Paragraph (F)(9)(a) for years of participation less
than 10, if required) multiplied by the ratio of the
annual amount of the immediately commencing
straight life annuity under the Plan at the Partici-
pant’s annuity starting date to the annual amount of
the immediately commencing straight life annuity
under the Plan at age 62, both determined without
applying the limitations of this Section.

(ii) Adjustment of defined benefit dollar limitation for
Benefit Commencement After Age 65:

(0) Limitation Years Beginning Before July
1, 2007. If the annuity starting date for the Participant’s
benefit is after age 65 and occurs in a limitation year begin-
ning before July 1, 2007, the defined benefit dollar limita-
tion for the Participant’s annuity starting date is the annual
amount of a benefit payable in the form of a straight life an-
nuity commencing at the Participant’s annuity starting date
that is the actuarial equivalent of the defined benefit dol-
lar limitation (adjusted under Paragraph (F)(9)(a) for
years of participation less than 10, if required) with Actu-
arial Equivalence computed using whichever of the following
produces the smaller annual amount: (1) the interest rate
specified in Section 1.02 of the Plan and the mortality table
(or other tabular factor) specified in Section 1.02 of the
Plan; or (2) a 5-percent interest rate assumption and the
applicable mortality table as defined in Section 1.02 of the
Plan.

(ID Limitation Years Beginning Before July 1,
2007.

65

CM94:00596


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 the Plan at the Participant’s annuity starting
date is the annual amount of such annuity payable
to the Participant, computed disregarding the Par-
ticipant’s accruals after age 65 but including actu-
arial adjustments even if those actuarial adjustments
are used to offset accruals; and the adjusted imme-
diately commencing straight life annuity under the
Plan at age 65 is the annual amount of such annuity
that would be payable under the Plan to a hypothet-
ical Participant who is age 65 and has the same ac-
crued benefit as the Participant.

(iii) | Notwithstanding the other requirements of this Para-
graph (F)(9)(b), no adjustment shall be made to the defined benefit
dollar limitation to reflect the probability of a Participant’s death be-
tween the annuity starting date and age 62, or between age 65 and
the annuity starting date, as applicable, if benefits are not forfeited
upon the death of the Participant prior to the annuity starting date.
To the extent benefits are forfeited upon death before the annuity
starting date, such an adjustment shall be made. For this purpose,
no forfeiture shall be treated as occurring upon the Participant’s
death if the Plan does not charge Participants for providing a quali-
fied preretirement survivor annuity, as defined in Code Section
417(c), upon the Participant’s death.

(c) Minimum Benefit Permitted: Notwithstanding anything

else in this Section to the contrary, the benefit otherwise accrued or paya-
ble to a Participant under this Plan shall be deemed not to exceed the max-
imum permissible benefit if:

(i) the retirement benefits payable for a limitation
year under any form of benefit with respect to such Participant un-
der this Plan and under all other defined benefit plans (without re-
gard to whether a plan has been terminated) ever maintained by the
Employer do not exceed $10,000 multiplied by a fraction, (1) the nu-
merator of which is the Participant’s number of years (or part
thereof, but not less than one year) of Service (not to exceed 10)
with the Employer, and (II) the denominator of which is 10; and

(ii) the Employer (or a predecessor Employer) has not
at any time maintained a defined contribution plan in which the
Participant participated (for this purpose, mandatory Employee
contributions under a defined benefit plan, individual medical
accounts under Code Section 401(h), and accounts for postre-

67

CM94:00598


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

vidual retirement account or annuity described in Code Section 408(a) or (b); (2) for tax-
able years beginning after December 31, 2001 and before January 1, 2007; to a qualified
trust which is part of a defined contribution plan that agrees to separately account for
amounts so transferred, including separately accounting for the portion of such distribu-
tion which is includible in gross income and the portion of such distribution which is not
so includible; or (3) or taxable years beginning after December 31, 2006, to a qualified
trust or to an annuity contract described in Code Section 403(b), if such trust or contract
provides for separate accounting for amounts so transferred (including interest thereon),
including separately accounting for the portion of such distribution which is includible in
gross income and the portion of such distribution which is not so includible.

A Participant or Beneficiary (including a non-Spousal Beneficiary, to the extent
permitted under the Plan) may roll over an eligible rollover distribution (as defined in
Code Section 402(c)(4)) to a Roth IRA, provided the Participant (or Beneficiary) satisfies
the requirements for making a Roth contribution under Code Section 408A(c)(3)(B).
Any amounts rolled over to a Roth IRA will be included in gross income to the extent
such amounts would have been included in gross income if not rolled over (as required
under Code Section 408A(d)(3)(A).

4.11 A deceased Participant’s designated non-spousal Beneficiary, designated within
the meaning of Code Section 401(a)(9)(E), shall be permitted to direct a trustee-to-trustee trans-
fer of any portion of a distribution from this Plan to an individual retirement plan described in
Code Section 408(a) or (b) that is established for purposes of receiving the distribution on behalf
of the designated non-spousal Beneficiary. The direct trustee-to-trustee rollover must be made to
an individual retirement account established on behalf of the designated non-spousal Beneficiary
that will be treated as an inherited individual retirement account pursuant to the provisions of
Code Section 402(c)(11). In order to be able to roll over the distribution, the distribution must
otherwise satisfy the definition of an eligible rollover distribution (as defined in Code Section
402(c)(4)). In applying this Section, a non-Spouse rollover will be subject to the direct rollover
requirements under Code Section 401(a)(31), the rollover notice requirements under Code Sec-
tion 402(f), and the mandatory withholding requirements under Code Section 3405(c).

4.12 Incompetence or Incapacity of a Pensioner. In the event it is determined that any
Participant or Beneficiary is unable to care for his or her affairs because of mental or physical
incapacity, the Trustees may pay the benefits due to such Participant or Beneficiary to his or her
legal guardian, conservator, committee, or other legal representative, or in the absence of any of
them, to any relative by blood or marriage who is deemed by the Trustees, in their sole discre-
tion, to be acting in the interest of the Participant or Beneficiary. If such a Participant or Benefi-
ciary resides in a residential health care facility, is not mentally competent, and lacks both a legal
representative and a relative acting in his or her interest, the Trustees may pay the benefits due to
the Participant or Beneficiary to the residential health care facility in which he or she resides and
which is deemed by the Trustees, in their sole discretion, to be acting in the interest of the Partic-
ipant or Beneficiary. Payment by the Trustees hereunder to a legal representative, relative or res-
idential health care facility shall operate to discharge the Trustees from any liability to such Par-

53

CM94:00584


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

benefits, or furnishes fraudulent information or proof relative to his or her claim for bene-
fits, then benefits not vested under the Fund may be suspended or discontinued.

(B) The Fund shall have the right to recover by all legal and equitable means
any amounts paid to anyone in error, plus interest on same, and the right to recover by all
legal and equitable means any amounts paid to which the recipient was not rightfully en-
titled under the terms of the Fund, plus interest on same. This right to recovery shall in-
clude, but shall not be limited to, the right to adjust future payments actuarially, or other-
wise, to recoup such amounts from any future benefits to be paid to or on behalf of the
Participant, Pensioner, or Beneficiary, and the right to recoup such amounts from any
benefits to be paid to or on behalf of any survivors of the Participant, Pensioner, or Bene-
ficiary. Where benefit payments received by a Pensioner in the form of a Joint and Sur-
vivor Annuity are actuarially adjusted to recoup an overpayment, such adjustment shall
not extend, and recoupment shall not apply, to benefits paid to the Pensioner's surviving
Eligible Spouse.

7.03 Action of Trustees. The Trustees shall, subject to the requirements of the law, be
the sole judges of the standard of proof required in any case and the application and interpreta-
tion of this Plan, and decisions of the Trustees shall be final and binding on all parties. The
Trustees shall have the exclusive right and discretionary authority to construe the terms of the
Plan, to resolve any ambiguities, and to determine any questions which may arise with the Plan's
application or administration, including but not limited to determination of eligibility for bene-
fits. Wherever in the Plan the Trustees are given discretionary powers, the Trustees shall exer-
cise such powers in a uniform and non-discriminatory manner. The Trustees shall process a
claim for benefits as speedily as is feasible, consistent with the need for adequate information
and proof necessary to establish the claimant's benefit rights and to commence the payment of
benefits.

7.04 Notice of Claim Determinations. A Participant or Beneficiary who applies for bene-
fits under the Plan shall have his/her eligibility for benefits determined by the Contract Administra-
tor. The Participant or Beneficiary may designate an Authorized Representative to act on behalf of
the Participant or Beneficiary in pursuing a benefit claim or an appeal of a determination. In order
for a designation of an Authorized Representative to be effective, the Participant or Beneficiary must
submit to the Contract Administrator a Designation of Authorized Representative form.

The Contract Administrator will make an initial determination within 90 days (45 days in the
case of Disability claims) of receipt of the benefits claim form. The Contract Administrator may ex-
tend the period for the initial determination for a period not to exceed 90 days (or 30 days, in the case
of Disability claims), provided: (1) the Participant or Beneficiary is notified of the extension within
the initial 90- or 45-day period; (2) the extension is required for reasons beyond the Contract Admin-
istrator’s control; and (3) the Participant or Beneficiary is advised of the unresolved issues that pre-
vent any decision and the additional information needed to resolve those issues. The Contract Ad-
ministrator may further extend the period for the initial determination of Disability claims for an ad-
ditional 30 days, provided: (1) the Participant or Beneficiary is notified of the extension within the
first 30-day extension period; (2) the extension is required for reasons beyond the Contract Adminis-

76

CM94:00607


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

former Employee's) Eligible Spouse or former spouse who is the alternate payee under a
qualified domestic relations order, as defined in Code Section 414(p), are distributees
with regard to the interest of the Eligible Spouse or former spouse. A distributee also in-
cludes the Participant’s non-spouse designated Beneficiary. In the case of a non-spouse
Beneficiary, the direct rollover may be made only to an individual retirement account or
annuity described in Code Section 408(a) or 408(b) that is established on behalf of the
designed Beneficiary and that will be treated as an inherited individual retirement account
pursuant to the provisions of Code Section 402(c)(11). Also, in this case, the determina-
tion of any required minimum distribution under Code Section 401(a)(9) that is ineligible
for rollover shall be made in accordance with Notice 2007-7, Q&A 17 and 18, 2007-5
LR.B. 395.

(C) An “eligible retirement plan” is an individual retirement account described
in Code Section 408(a), an individual retirement annuity described in Code Section
408(b) (other than an endowment contract), a qualified trust (an employees’ trust) de-
scribed in Code Section 401(a) which is exempt from tax under Code Section 501(a) and
which agrees to separately account for amounts transferred into such plan from this Plan,
an annuity plan described in Code Section 403(a), an eligible deferred compensation plan
described in Code Section 457(b) which is maintained by a state, political subdivision of
a state, or any agency or instrumentality thereof which agrees to separately account for
amounts transferred into such plan from this Plan, and an annuity contract described in
Code Section 403(b) that accepts the distributee’s eligible rollover distribution. Howev-
er, in the case of an “eligible rollover distribution” to the surviving Eligible Spouse, an
eligible retirement plan is an individual retirement account or individual retirement an-
nuity. The definition of eligible retirement plan shall also apply in the case of a distribu-
tion to a surviving Eligible Spouse, or to an Eligible Spouse or former Eligible Spouse
who is the alternate payee under a qualified domestic relations order as defined in Code
Section 414(p). The Contract Administrator may establish reasonable procedures for as-
certaining that the eligible retirement plan meets the preceding requirements.

(D) “Eligible rollover distribution” is any distribution of all or any portion of
the balance to the credit of the distributee, except that an eligible rollover distribution
does not include: any distribution that is one of a series of substantially equal periodic
payments (not less frequently than annually) made for the life (or life expectancy) of the
distributee or the joint lives (or joint life expectancies) of the distributee and the distrib-
utee's designated Beneficiary, or for a specified period of ten years or more; any distribu-
tion to the extent such distribution is required under Code Section 401(a)(9); and the por-
tion of any distribution that is not includible in gross income (determined without regard
to the exclusion for net unrealized appreciation with respect to employer securities); and
any other distribution(s) that is reasonably expected to total less than $200 during a year.

A portion of a distribution shall not fail to be an eligible rollover distribution
merely because the portion consists of after-tax employee contributions which are not in-
cludible in gross income. However, such portion may be transferred only to: (1) an indi-

52

CM94:00583


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

time of his or her death, shall be paid to the most recently designated Beneficiary filed with the
Contract Administrator. If such designated Beneficiary who has survived the Pensioner or Par-
ticipant dies, and further payments are due for periods after the death, and if no successor Bene-
ficiary named by the Participant is still then living, such payments shall be made to the designat-
ed Beneficiary's survivor(s), as applicable, according to the order listed in Plan Section 8.02.

8.02 No Designated Beneficiary. If a Participant has not designated a Beneficiary or
if there is no designated Beneficiary alive at the death of a Participant, any benefits due but not
yet received by the Pensioner at the time of his or her death shall be payable to the person listed
below in the order listed:

(A) __ to the Participant's Spouse;

(B) if no surviving Spouse, to the Participant’s surviving children, divided
equally among them;

(C) — ifno surviving Spouse or surviving children, to the Participant’s surviving
parents, divided equally between them;

(D) _ if no surviving Spouse or surviving children or surviving parents, to the
Participant’s surviving siblings, divided equally among them.

If there are no survivors under (A) through (D) above, such benefits will not be paid to anyone,
including an estate, and such amounts will be forfeited to the Fund.

This Plan Section 8.02 shall also apply to the survivors of a Beneficiary, if no successor
Beneficiary named by the Participant is still living, or to the survivors of a surviving Spouse, and
if there were benefits due but not yet received by the Beneficiary or surviving Spouse at the time
of his or her death.

SECTION 9: MISCELLANEOUS PROVISIONS

9.01 Military Service Credit. Notwithstanding any provision of this Plan to the con-
trary, contributions, benefits, and service credit with respect to qualified military service will be
provided in accordance with Code Section 414(u).

9.02 Non-Assignment of Benefits.

(A) Each Participant under the Plan is hereby restrained from selling, transfer-
ring, anticipating, assigning, hypothecating or otherwise disposing of his or her Pension,
prospective Pension or any other rights or interest under the Plan, and the Board of Trus-
tees shall not recognize or be required to recognize such sale, transfer, anticipation, as-
signment, hypothecation or other disposition. Any such Pension, prospective Pension,
right or interest shall not be subject in any manner to voluntary transfer or transfer by op-

79

CM94:00610


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

service, including fractions of years, but not less than one year) with the Employ-
er that produces the highest average. A year of service with the Employer is the
12-consecutive month period. In the case of a Participant who is rehired by the
Employer after a severance from employment, the Participant’s high three-year
average compensation shall be calculated by excluding all years for which the
Participant performs no services for and receives no compensation from the
Employer (the break period) and by treating the years immediately preceding
and following the break period as consecutive. A Participant’s compensation for
a year of service shall not include compensation in excess of the limitation under
Code Section 401(a)(17) that is in effect for the calendar year in which such year of
service begins.

(8) Limitation Year: A calendar year. All qualified plans maintained
by the Employer must use the same limitation year. If the limitation year is
amended to a different 12-consecutive month period, the new limitation year must
begin on a date within the limitation year in which the amendment is made.

(9) Maximum Permissible Benefit: The lesser of the defined benefit dol-
lar limitation or the defined benefit compensation limitation (both adjusted where
required, as provided below).

(a) Adjustment for Less than 10 Years of Participation or Ser-
vice: If the Participant has less than 10 years of participation in the Plan,
the defined benefit dollar limitation shall be multiplied by a fraction, (i) the
numerator of which is the number of years (or part thereof, but not less than
one year) of participation in the Plan, and (ii) the denominator of which is
10. In the case of a Participant who has less than ten years of service
with the Employer, the defined benefit compensation limitation shall be
multiplied by a fraction, (i) the numerator of which is the number of
years (or part thereof, but not less than one year) of service with the
Employer, and (ii) the denominator of which is 10.

(b) Adjustment of Defined Benefit Dollar Limitation for
Benefit Commencement Before Age 62 or after Age 65: Effective for
benefits commencing in limitation years ending after December 31, 2001,
the defined benefit dollar limitation shall be adjusted if the annuity starting
date of the Participant’s benefit is before age 62 or after age 65. If the an-
nuity starting date is before age 62, the defined benefit dollar limitation
shall be adjusted under Paragraph (F)(9)(b)(i), as modified by Para-
graph (F)(9)(b)(iii). If the annuity starting date is after age 65, the de-
fined benefit dollar limitation shall be adjusted under Paragraph
(F)(9)(b)(ii), as modified by Paragraph (F)(9)(b)(iii).

(i) Adjustment of Defined Benefit Dollar Limitation
for Benefit Commencement Before age 62:

63

CM94:00594


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

a. Plan Does Not Have Immediately Com-
mencing Straight Life Annuity Payable at Both Age
65 and the Age of Benefit Commencement. If the
annuity starting date for the Participant’s benefit is
after age 65 and occurs in a limitation year begin-
ning on or after July 1, 2007, and the Plan does
not have an immediately commencing straight life
annuity payable at both age 65 and the age of bene-
fit commencement, the defined benefit dollar limita-
tion at the Participant’s annuity starting date is the
annual amount of a benefit payable in the form of a
straight life annuity commencing at the Participant’s
annuity starting date that is the actuarial equivalent of
the defined benefit dollar limitation (adjusted under
Paragraph (F)(9)(a) for years of participation less than
10, if required), with Actuarial Equivalence computed
using a 5 percent interest rate assumption and the
applicable mortality table for that annuity starting
date as defined in Section 1.02 of the Plan (and ex-
pressing the Participant’s age based on completed
calendar months as of the annuity starting date).

b. Plan Has Immediately Commencing
Straight Life Annuity Payable at Both Age 65 and
the Age of Benefit Commencement. If the annuity
starting date for the Participant’s benefit is after
age 65 and occurs in a limitation year beginning
on or after July 1, 2007, and the Plan has an imme-
diately commencing straight life annuity payable at
both age 65 and the age of benefit commencement,
the defined benefit dollar limitation at the Partici-
pant’s annuity starting date is the lesser of the limi-
tation determined under Paragraph
(F)(9)(b)(Gi)(ID[A] and the defined benefit dollar
limitation (adjusted under Paragraph (F)(9)(a) for
years of participation less than 10, if required)
multiplied by the ratio of the annual amount of
the adjusted immediately commencing straight life
annuity under the Plan at the Participant’s annuity
starting date to the annual amount of the adjusted im-
mediately commencing straight life annuity under the
Plan at age 65, both determined without applying the
limitations of this Section. For this purpose, the ad-
justed immediately commencing straight life annuity

66

CM94:00597