APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06a (Checklist Item #37) 

 Plan Document and Amendments

Redacted by the U.S. Department of the 

Treasury

Redacted by the U.S. Department of the Treasury Redacted by the U.S. 

Department of the Treasury Redacted by the U.S. Department of the 

Treasury

Redacted by the U.S. Department of the Treasury



Redacted by the U.S. Department of the Treasury Redacted by the U.S. Department of the Treasury Redacted by the U.S. Department of the Treasury Redacted by the U.S. Department of the Treasury
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06b (Checklist Item #37) 

 Determination Letter

Redacted by the U.S. 

Department of the 

Redacted by the U.S. 

Treasury

Department of the 

Treasury

Redacted by 

the U.S. 

Department of 

the Treasury

Redacted by the U.S. 

Department of the Treasury
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06b (Checklist Item #37) 

 Determination Letter

Redacted by the U.S. Department of the Treasury
 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06b (Checklist Item #37) 

 Determination Letter
SUMMARY PLAN DESCRIPTION 

IRONWORKERS LOCAL NO. 16 

PENSION FUND 

8600 LaSalle Road 

Suite 624 

Towson, MD 21286 

Phone: 410–828-5282 Fax: 410-828-5464 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 2

To All Participants: 

Planning for a safe and secure retirement must begin long before the day you finally 

decide to stop your regular employment and begin a new chapter in your life. The 

Ironworkers Local No. 16 Pension Fund is provided to help you build financial security 

for your future. It represents only a part of the income you will need so you can make 

the most of your retirement years. When combined with your personal savings and 

Social Security benefit, you can increase the potential of a sound financial future. We 

believe this program provides an important element of security to you and your family, 

and we are proud to be involved in its operation. 

We are pleased to provide this new booklet describing the benefits available to you and 

your family from the Ironworkers Local No. 16 Pension Fund. We urge you to read this 

booklet carefully and to share it with your family. You have certain rights and 

obligations under the Pension Plan, which we have described here. In addition, this 

booklet provides information concerning the day-to-day administration of the Plan, 

which you may find helpful. 

We believe this Summary Plan Description (SPD) accurately reflects the rules and 

regulations of the Plan, as set forth in the full and formal Pension Plan document. 

However, this booklet is only a summary of the Plan provisions and, in case of conflict 

or doubt, the official Plan document governs. 

The Plan rules summarized in this booklet generally apply to Participants who were in 

employment covered by the Plan on or after January 1, 2009. If you left Covered 

Employment prior to that date, the provisions of the Plan in effect when you left apply to 

you. 

With our best wishes, 

The Board of Trustees 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 3

IMPORTANT TO REMEMBER 

Save this booklet. Put it in a safe place. If you lose your copy, you can ask the Fund 

Office for another. 

If you have worked in employment covered by the Plan for five years or more and you 

leave without definite plans to return in the near future, you may be entitled to a 

Deferred (Vested) Pension, payable when you have reached retirement age. To protect 

your future benefit rights, call or write the Fund Office to confirm and fully understand 

your status and to inform the Fund Office of any change in your address. Arrangements 

will be made periodically to furnish you with a statement of your benefit rights. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 4

BENEFITS AT A GLANCE 

Eligibility If you are an eligible employee of a Contributing Employer, you are eligible 

to participate in the Pension Plan the earliest January 1 or July 1 following 

12 consecutive months of Covered Employment (or any calendar year 

thereafter) during which you complete at least 1,000 hours of service. 

Enrollment You are automatically enrolled in the Plan when you become eligible 

Service Credit Effective January 1, 2008, you earn future partial or full service credits 

depending on the number of hours of Covered Employment worked per 

year as follows: 1200+ hrs = 1 year credit; 900 - 1199 = 3⁄4 yr credit; 600-

899 hrs. = 1⁄2; 300 – 599 hrs credit = 262.5 hours credit. 

Plan Cost Contributing Employers pay the entire cost. You make no contributions to 

the Plan. 

Your Pension Benefits Plan benefits are based on the number of accumulated Service Credits and 

your age at retirement. 

Vesting You become vested when you complete five years of service, with no 

permanent break in service, during which you complete at least 1,000 hours 

of Covered Employment each of the five calendar years. (You need 10 

years of vesting service if you last worked in covered employment prior to 

January 1, 1989.) 

When You Can Receive 

Your Benefits 

You can receive vested benefits as soon as you terminate employment from 

a Contributing Employer. Generally, you must be age 55 or older before you 

are eligible to begin receiving pension benefits. However, you may be able 

to retire on a Service Pension prior to age 55. There are several types of 

pensions under the Plan: 

▪ Normal retirement pension at age 65 or when you are vested, 

whichever is later 

▪ Service Pension with 25 or more Service Credits, however 

participants who earned their first Service Credit in the Plan on or 

after September 1, 2004 must have 30 or more years of Service 

Credit and be at least 50 years of age to receive a Service Pension. 

▪ Early retirement pension between the ages of 55 and 65 

▪ Deferred Vested pension at age 65 

▪ Deferred Pension after age 65 

▪ Disability or Alternative Disability pension or 

▪ Partial Pension 

If the present value of your vested benefit is less than $5,000, you will 

receive a lump sum payment. 

Reduction for Early 

Payment 

If you elect to receive pension benefits before you attain age 65 and if you 

are not eligible for a Service Pension, your monthly benefit will be reduced 

since you are likely to receive payments over a longer period of time. 

Forms of Payment You can elect to receive your pension benefit under the normal form of 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 5

payment or choose one of the optional forms. All options are actuarially 

equivalent in value. If you do not make an election, you will receive one of 

the normal forms based on your marital status: 

▪ A Single Life Pension With A 60-Month Guarantee if you are single 

when you begin receiving your pension benefit or 

▪ A 50% Husband-and-Wife Pension if you are married when you 

begin receiving your pension benefit. 

Optional forms of benefits include several options that provide monthly 

payments for your life or your life and the life of a spouse or other 

beneficiary, including a 50%, 75% and 100% joint and survivor annuity 

benefits and a life annuity benefit with a 60, 120 or 180 month guarantee. 

For those participants who have earned Service Credit in excess of 25 

years they have the option to take one of the above forms of benefits for 

credit earned up to 25 years plus a lump sum payment for credit earned in 

excess of 25 years. 

Thirteenth Check Anyone who has retired prior to 2010 will receive one additional monthly 

payment (a thirteenth payment) in January each year. Generally the 

additional payment is equivalent to your monthly benefit. If you retired prior 

to 2008 however, the monthly payment will be no less than $1,000. This 

additional check will be prorated between joint beneficiaries and 

Participants and Alternate Payees unless a qualified domestic relations 

order provides differently. 

Pop-Up Provision If you retire on or after January 1, 1996 and are receiving a Husband-andWife Pension and your spouse dies, your pension benefit will increase as 

though you had never received the reduced benefit. POP UP FOR OTHER 

J&S OPTIONS? What are you questioning here? 

When You Are Ready To 

Retire 

You need to complete an application for benefits. Notify the Fund Office 

about three months before your planned retirement. Complete the 

application and return it to the Fund Office. 

Survivor Benefits If you die after you have become vested, but before you begin receiving a 

pension benefit, the Plan pays a benefit to your surviving spouse based on 

the Service Credits and Benefit Level at the time of your death. 

Survivor benefits paid after you start your pension will be based on the 

payment option you elect. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 6

TABLE OF CONTENTS 

ELIGIBILITY ..................................................................................... 9

ENROLLMENT ................................................................................. 9

YOUR COST ..................................................................................... 9

THE PENSION FORMULA: HOW YOUR BENEFIT IS CALCULATED10

NORMAL RETIREMENT ......................................................................10 

EARLY RETIREMENT ..........................................................................11 

PARTIAL PENSION ...............................................................................13 

DEFERRED VESTED PENSION ...........................................................14 

DISABILITY PENSION .........................................................................16 

PENSION BENEFIT ENHANCEMENTS ........................................... 17

SERVICE .......................................................................................... 18

PARTICIPATION IN THE PLAN ..........................................................18 

VESTING SERVICE ...............................................................................18 

SERVICE CREDITS ...............................................................................19 

BANKING OF HOURS (EXTRA-HOUR CREDIT) .............................21 

BREAK IN SERVICE .............................................................................22 

PERMANENT BREAK IN SERVICE ....................................................23 

SERVICE CREDIT FOR NON-WORKING PERIODS .........................23 

EXCUSED BREAKS IN SERVICE .......................................................24 

HOW YOUR PENSION IS PAID ....................................................... 26

NORMAL FORMS OF PAYMENT .......................................................26 

ALTERNATIVE FORMS OF PAYMENT .............................................27 

CHANGING YOUR ELECTION ...........................................................29 

SURVIVOR BENEFITS ..................................................................... 31

DESIGNATING A BENEFICIARY .......................................................31 

CHANGING YOUR BENEFICIARY ....................................................31 

IF YOU DIE AFTER RETIREMENT .....................................................31 

IF YOU DIE BEFORE YOU RETIRE ....................................................31 

WORK AFTER RETIREMENT .......................................................... 33

RECOVERY OF OVERPAYMENT .......................................................34 

IF YOU RETURN TO COVERED EMPLOYMENT ............................34 

IMPORTANT TERMS UNDER THE PLAN ....................................... 36

APPLYING FOR A PENSION ........................................................... 39

IF YOU NO LONGER WORK IN COVERED EMPLOYMENT .........39 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 7

COMPULSORY COMMENCEMENT OF PENSION BENEFITS .......39 

COMMENCEMENT OF BENEFITS .....................................................40 

FRAUDULENT CLAIMS AND RIGHT OF RECOVERY ...................40 

IF YOUR APPLICATION IS DENIED ..................................................40 

IMPORTANT APPEALS INFORMATION ...........................................41 

IMPORTANT PLAN INFORMATION ................................................ 42

HOW BENEFITS ARE TAXED .............................................................42 

SOCIAL SECURITY BENEFITS ...........................................................42 

MAXIMUM RETIREMENT BENEFITS ...............................................42 

TOP HEAVY PROVISIONS ..................................................................ERROR! 

BOOKMARK NOT DEFINED.

NON-ASSIGNMENT OF BENEFITS ....................................................43 

NOTIFICATION OF ADDRESS/BANK CHANGE ..............................43 

HOW BENEFITS AND SERVICE ARE LOST .....................................43 

CONTRIBUTIONS .................................................................................44 

PLAN TERMINATION INSURANCE ..................................................44 

PLAN AMENDMENTS AND DISCONTINUANCE ............................46 

REQUIRED LEGAL INFORMATION ................................................ 47

PLAN NAME ..........................................................................................47 

PLAN SPONSOR’S NAME AND ADDRESS .......................................47 

PLAN SPONSOR’S EMPLOYER IDENTIFICATION NUMBER (EIN)47 

ERISA PLAN NUMBER ........................................................................47 

PLAN YEAR ...........................................................................................47 

TYPE OF PLAN ......................................................................................48 

TYPE OF ADMINISTRATION ..............................................................ERROR! 

BOOKMARK NOT DEFINED.

PLAN TRUSTEES ..................................................................................48 

TRUSTEE ................................................................................................ERROR! 

BOOKMARK NOT DEFINED.

PLAN ADMINISTRATOR AND AGENT FOR SERVICE OF LEGAL PROCESS

..................................................................................................................48 

FUNDING................................................................................................49 

PARTICIPATING EMPLOYERS AND UNIONS .................................49 

NAMES, TITLES AND ADDRESSES OF PLAN TRUSTEES .. 48

STATEMENT OF ERISA RIGHTS .................................................... 49

RECEIVE INFORMATION ABOUT YOUR PLAN AND BENEFITS 49 

PRUDENT ACTIONS BY PLAN FIDUCIARIES .................................50 

ENFORCE YOUR RIGHTS....................................................................50 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 8

ASSISTANCE WITH YOUR QUESTIONS ..........................................50 

APPENDIX A .................................................................................... 52

BENEFIT LEVELS 1997 - 2006 .............................................................52 

APPENDIX B .................................................................................... 53

DISABILITY PENSION .........................................................................53 

APPENDIX C .................................................................................... 55

AD HOC PERMANENT BENEFIT INCREASES 1995 – 2006 ............55 

APPENDIX D .................................................................................... 56

RULES AFFECTING SERVICE YEARS AND SERVICE CREDITS BEFORE 1976 

THROUGH DECEMBER 31, 1992 ........................................................56 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 9

Eligibility 

You are eligible to participate in the Plan if you are a member of a collective bargaining 

unit covered by a collective bargaining agreement requiring contributions to the Plan or 

an employee of an employer that has signed a participation agreement or other 

agreement requiring contributions to the Plan. 

A complete list of employers and employee organizations sponsoring the Plan may be 

obtained upon written request to the Fund Office. 

You are not eligible to participate in the Plan if you are: 

 An employee who is covered by an oral or written agreement, which excludes 

participation in the Plan. 

 A leased employee as defined by the Plan. 

 A sole proprietor. 

You automatically begin participating in the Plan on the earliest January 1 or July 1 

following 12 consecutive months of Covered Employment (or any calendar year 

thereafter) during which you complete at least 1,000 hours of service. 

Enrollment 

You are automatically enrolled in the Plan once you complete your eligibility 

requirements. 

Your Cost 

Contributing Employers pay the entire cost of the Pension Plan. You are not required or 

permitted to contribute. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 10

The Pension Formula: How Your Benefit Is Calculated 

This section describes how your basic pension benefit is calculated. The ultimate 

amount of your pension benefit depends on the form of payment you elect, your age 

and whether you are married. Please see “How Your Pension is Paid,” page 9 for 

information about the forms of payment. 

You must complete at least five years of Vesting Service before you are eligible for a 

pension benefit. Please see page 18 for more details about vesting. 

Generally, your monthly pension benefit is determined by multiplying your accumulated 

Service Credits by the benefit level in effect on the date that you retire. Different benefit 

levels apply for periods of employment. 

The amount of benefit levels for purposes of calculating a pension for retirements on or 

after January 1, 1997 can be found in Appendix A on page 52. 

Normal Retirement 

When You Can Retire 

Your normal retirement date is the first of the month following your 65th birthday or the 

date you complete at least five years of Vesting Service, whichever occurs later. 

If you continue your employment after age 65, your pension benefits will not begin until 

you actually retire. You will continue to earn Service Credits until you retire. 

Normal Retirement Pension 

If you are an active employee retiring under the Pension Plan, your Normal Pension will 

be calculated as follows: 

 For employees who have earned at least one quarter service credit in 2007 or 

at least one year Service Credit after 2007, Service Credits earned before 

January 1, 2006: 

□ $90 times the number of Service Credits up through 25 and 

□ $120 times the number of Service Credits (including fractional credits) in excess 

of 25 

 For all other participants, Service Credits earned before January 1, 2006: 

□ $87 times the number of Service Credits up through 25 and 

□ $114.30 times the number of Service Credits (including fractional credits) in 

excess of 25 

 Service Credits earned after January 1, 2006:

□ $94 times the number of Service Credits up through 25 and 

□ $125.33 times the number of Service Credits (including fractional credits) in 

excess of 25 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 11

□ Example: Mr. Moore retired on January 14, 2007 at age 65 with a total of 27 

Service Credits earned before January 1, 2006 and one (1) Service Credit 

earned between January 1, 2006 and January 14, 2007. Here’s an example of 

how his benefit might be calculated: 

Date of Retirement January 14, 2007 

Mr. Moore’s Age at Retirement 65 

Total Service Credits 28 

Total Service Credits earned before 1-1-06 27 

Service Credits up to 25 X $87 $2,175 ($87 x 25) 

Service Credits over 25 X $113.30 $226.60 ($114.30 x 2) 

Total Service Credits earned on or after 1-1-06 1 

Post 2005 Service Credits up to 25 X $94 0 

Post 2005 Service credits over 25 x $125.33 1 

 Post 2005 Service credits over 25 x $125.33 $125.33 ($125.33 x 1) 

Total Monthly Pension Benefit $* 

($2,175 + $228.60 + $125.33) 

* all pension benefit calculations are rounded to the nearest $0.50 (50 cents) 

About Service Credits Earned On Or After January 1, 2006 

The amount of the benefit level credited to you depends on your total service credits. 

For example: 

 If your total Service Credits at retirement are 25 or less, but you earned at least one 

Service Credit on or after January 1, 2006, the credit(s) earned on or after January 

1, 2006 will be multiplied by the $94 (less than 25 Service Credits) benefit level. 

 If your total Service Credits at retirement are greater than 25 and you earned at least 

one Service Credit on or after January 1, 2006, the credit(s) earned on or after 

January 1, 2006 will be multiplied by the $125.33 (greater than 25 Service Credits) 

benefit level. 

Early Retirement 

When You Can Retire 

You can begin receiving retirement benefits from the Plan as early as age 55 if you 

have earned at least ten (10) Service Credits. However, if you start receiving retirement 

benefits before age 65, the amount you receive will be reduced to reflect a longer period 

of payment. 

Early Retirement Pension 

The percentage of the age 65-retirement benefit will be based on the years and months 

that your retirement age precedes age 65. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 12

Early Retirement Reduction 

Your early retirement pension is 

calculated in the same manner as the 

Normal Pension, above, except that 

your pension benefit will be reduced by 

1⁄2 % (0.05%) for each month that you 

are younger than age 65 as illustrated 

on the following table: 

EARLY RETIREMENT REDUCTION 

TABLE 

If Your Payment 

Begins at Age 

... 

Your Benefit Is 

Reduced By... 

64 6% 

63 12% 

62 18% 

61 24% 

60 30% 

59 36% 

58 42% 

57 48% 

56 54% 

55 60% 

Example: Mr. Smith is 60 years old and is retiring on January 14, 2008 with 20 Service 

Credits earned before January 1, 2006 and two (2) Service Credits earned after January 

1, 2006. In order to determine the amount of an early retirement pension, the benefit is 

calculated by reducing the Normal Retirement benefit by the appropriate percentage. 

Date of Retirement January 14, 2007 

Mr. Smith’s Age at Retirement 60 

Total Service Credits 22 

Total Service Credits earned before 1-1-06 20 

Service Credits up to 25 X $90 since earned 

required service credit in or after 2007. 

$1,800 ($90 x 20) 

Total Service Credits earned on or after 1-1-06 2 

Post 2005 Service Credits up to 25 x $94 $188 ($94 x 2) 

Normal Monthly Pension Benefit $1,988 ($1,800 + $188) 

Reduction for Early Retirement 30% (1/2 % x 60 months) 

Early Retirement Calculation $1,988 x 30% = $596.40 

Early Retirement Monthly Pension Benefit $1,391.50 ($1,988 - $596.50)* 

 * all pension benefit calculations are rounded to the nearest $0.50 (50 cents) 

Early Retirement: Service Pension 

In the following circumstances, you may be able to receive an unreduced pension 

benefit before you attain age 65. 

If you earn: 

 25 Service Credits with at least one hour earned before September 1, 2004, you 

may retire at any time with no early retirement reduction or 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 13

 If you earn 30 Service Credits, and your first hour of Service Credit is earned on or 

after September 2004, you may retire at age 50 or later with no early retirement 

reduction 

Service pension benefits apply if you are: 

 An active employee 

 A disabled employee or 

 If you are a surviving spouse of an active employee who dies before retirement 

Partial Pension 

If you earned Service Credits with another pension plan, you may be eligible for a 

Partial Pension benefit from this Pension Plan. The following circumstances must 

apply: 

1. The other pension plan must be a “Related Plan” (a plan sponsored by a local union 

or district council affiliated with the Ironworkers International Union) and have signed 

a Pro Rata Reciprocal Agreement. 

2. You don’t have enough Vesting Service to qualify for a pension benefit under this 

Plan or the Related Plan. 

3. You must have accumulated at least two years of Vesting Service under this Plan. 

(Prior to 1983 2 Credits/After 1983 1⁄4 Credit) 

4. Your Combined Vesting Service accumulated under this Plan and any Related 

Plans, would qualify you a pension benefit under this Plan. 

5. You must be eligible for a Partial Pension from both the Related Plan(s) and from 

the Terminal Plan. 

The “Terminal Plan” is the pension plan that covered you at the time of your retirement. 

Partial Pension Benefit 

Your Partial Pension benefit is calculated at this Plan’s benefit level based on the year 

of your retirement multiplied by a fraction: 

 The top number is your Service Credits under this Plan (4 in the example below) and 

 The bottom number is your total Service Credits under all Plans (including this Plan 

– 7 in the example below) 

Example: Mr. Stewart retires in 2007 at age 65. He has worked for four years (2003 – 

2006) under this Plan and for three years (2000 – 2002) under a Related Plan, Plan Y. 

His Vesting Service and Service Credits equal: 

Ironworkers Local Union No. 16 4 years 

Plan Y 3 years 

Combined Service Credits 7 years 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 14

Mr. Stewart is not eligible for a pension benefit from either plan because each requires 

at least five (5) years of Vesting Service. But he is eligible if the service is combined 

and each plan pays proportionately. This is possible because each plan has signed a 

Pro Rata Agreement. Since he has earned 6 (six) Service Credits before 2006 and one 

(1) in 2006, this is how Mr. Stewart’s pension benefit from this Plan might be paid: 

Date of Retirement January 14, 2007 

Mr. Stewart’s Age at Retirement 65 

Total Service Credits 7 

Total Service Credits earned before 1-1-06 6 

Service Credits up to 25 X $87 $522 ($87 x 6) 

Total Service Credits earned on or after 1-1-06 1 

Post 2005 Service Credits up to 25 X $94 $94 ($94 x 1) 

Total Pension Benefit $616 ($522 + $94) 

This Plan’s Monthly Pension Benefit $352.00 ($616 x 4/7) 

Deferred Vested Pension 

When You Can Retire 

If you are a vested employee who terminates Covered Employment before retirement 

age, you are eligible to receive vested pension benefits when you reach age 65. Under 

certain circumstances, you may be able to receive your vested benefit early. The 

amount of your vested benefit is based on the benefit levels in effect on the date that 

you left employment, not on the date that you begin receiving your pension benefit. 

Deferred Vested Pension Benefit 

 You are entitled to a Deferred Vested Pension if: 

□ You worked in Covered Employment on or after January 1, 1989 and have at 

least five years Vesting Service when you left Covered Employment or 

□ You worked in Covered Employment before January 1, 1989 and have at least 

ten years Vesting Service when you left Covered Employment. 

 Benefits are payable when: 

□ You reach age 65 or 

□ On or after the date you reach are 55 if you meet the Service Credit requirements 

for Early Retirement. 

 If you are eligible and begin collecting your deferred vested pension before you 

attain age 65, your benefit will be reduced using the same reduction percentages 

that apply for Early Retirement (please see page 11). 

 If you are eligible for a Service Pension your benefit will not be subject to the early 

retirement reduction. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 15

The amount of your pension benefit is calculated in the same manner as for a Normal 

Pension except your benefit will be calculated based on the benefit level in effect on the 

last date that you worked in Covered Employment. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 16

Example: Mr. Jones ceases Covered Employment in June of 1999 at the age of 49 with 

15 Service Credits. In 2007, at the age of 57, he applies for an Early Deferred Vested 

Pension: 

Date Covered Employment Ends June 1, 1999 

Benefit Level in 1999 $79 

Date of Deferred Vested Retirement January 14, 2007 

Mr. Jones’ Age at Retirement 57 

Total Service Credits at Retirement 15 

Service Credits up to 15 X $79 $1,185 ($79 x15) 

Normal Monthly Pension Benefit $1,185 

Reduction for Early Retirement 48% (1/2 % x 96 months) 

Early Retirement Calculation $1,185 x 48% = $568.80 

Early Retirement Monthly Pension Benefit $616.00 ($1,185 - $568.80)* 

 * all pension benefit calculations are rounded to the nearest $0.50 (50 cents) 

Please Note: Because Mr. Jones left covered employment, his pension is based on the 

rules in effect on the date that he terminated employment, not the actual date that he 

began collecting his pension benefits. If Mr. Jones’ Service Credits were 25 or more, 

the early retirement reduction would not apply. 

Disability Pension 

When You Can Apply 

If you worked for a Contributing Employer for at least 1,000 hours in the previous 24 

months and you have accumulated at least fifteen (15) Service Credits, you may be 

eligible to apply for a disability pension. 

Disability Pension Benefit 

You may retire on a Disability Pension if: 

 Your application is approved by the Trustees and 

 You are permanently and totally disabled as evidenced by the award of a Social 

Security Disability benefit or as determined by the Trustees. See Appendix B, at 

page 50 for more information about qualifying for a Disability Pension. 

Your Disability Pension is the same amount as a Normal Pension. There is no 

reduction for retirement before age 65. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 17

Example: Mr. Johnson is 48 years old with 22 Service Credits and is permanently and 

totally disabled. He earned 21 Service Credits before 2006 and one (1) in 2006. His 

Disability Benefit is the same as his Normal Retirement Benefit: 

Date of Disability Retirement January 14, 2007 

Mr. Moore’s Age at Retirement 48 

Total Service Credits at Retirement 22 

Total Service Credits earned before 1-1-06 21 

Service Credits up to 25 X $87 $1,827 ($87 x 21) 

Total Service Credits earned on or after 1-1-06 1 

Post 2005 Service Credits up to 25 X $94 $94 ($94 x 1) 

Monthly Disability Pension Benefit $1,921 

If your disability ceases to be permanent and total before you attain age 65, your 

disability pension benefit will terminate on the first day of the month following the end of 

your disability. 

There are special rules that apply to Disability Pensions. Please see Appendix B on 

page 53. 

Pension Benefit Enhancements 

If approved by the Trustees, the amount of your pension benefit may be increased by 

one of two methods. 

 Permanent Benefit Increase. If approved by the Board of Trustees, your annual 

benefit may be increased by a specific percentage or dollar amount or may be 

increased by adding an additional benefit payment. 

 One-time-increase. The Board of Trustees may from time to time approve an extra 

pension benefit payable only for one year, in the form of a percentage or dollar 

amount or a an additional benefit payment in that year. 

Please see Appendix C on page 55 for information on past benefit increases 

approved by the Trustees. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 18

Service 

Service or time working at Covered Employment is used to determine three (3) factors 

necessary in your eligibility for a benefit from the Pension Plan: Participation in the Plan, 

Vesting Service and Service Credits. 

Participation in the Plan 

You begin participation in the Plan on the earliest January 1 or July 1 following 12 

consecutive months of Covered Employment (or any calendar year thereafter) during 

which you complete at least 1,000 hours of service.

EXAMPLE: If you begin Covered Employment on May 1, 2005 and you work at least 

1,000 hours by April 30, 2006, you will begin participation in the Plan on July 1, 2006. 

Vesting Service 

Vesting: Earning Your Right To Your Pension 

When you become “vested,” you have earned a nonforfeitable right to a benefit 

under the Plan. If you are currently working in Covered Employment and have 

completed at least five full years of Vesting Service, you are entitled to begin 

receiving a pension benefit at age 65, whether or not you are actively employed 

by a Contributing Employer at the time you retire. This is called being vested in 

the plan. The amount of your pension benefit will be based on your age when 

benefits begin and your Service Credits at the time you leave Covered 

Employment. 

 For calendar years beginning January 1, 1976 and thereafter, you receive one Year 

of Vesting Service for each calendar year of Covered Employment during which you 

complete at least 1,000 Hours of Service. 

 For calendar years prior to 1976, you received one Year of Vesting Service for each 

calendar year during which you earned a year of Service Credit under the Plan. This 

applies to periods before and after April 1, 1960. 

When You Become Vested 

If you are actively employed on or after January 1, 1989 

If you were actively employed on or after January 1, 1989, you are vested when you 

have completed at least five (5) years of Vesting Service, without a permanent break in 

service, before your Covered Employment terminated. 

If you terminated employment before January 1, 1989 

If you left Covered Employment before January 1, 1989, you are vested if you earned at 

least ten (10) years of Vesting Service, without a permanent break in service, before 

your Covered Employment terminated. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 19

You can lose Vesting Service. If you have a “Break in Service” before you are vested, 

you may lose your accumulated Vesting Service. Please see “Break in Service” on 

page 22. 

You can earn Vesting Service for certain periods of non-Covered Employment 

If you work for a Contributing Employer, but the job is not covered by the Plan, you can 

earn Vesting Service for the time in the non-covered job. 

 If the job immediately preceding or immediately following the non-covered job is 

Covered Employment with the same employer, then 

 Your service in the job that is not covered will be counted toward Vesting Service. 

Service Credits 

You earn Service Credits as soon as you begin Covered Employment, including 

while you are earning Vesting Service and Participation Service. Generally, if you leave 

Covered Employment before you are vested in the Plan, you will lose any accumulated 

Service Credits. 

Under some circumstances, Service Credits and Vesting Service can be reinstated. 

Please see “Breaks In Service” beginning on page 22. 

Generally, Service Credits are based on your work in Covered Employment during each 

calendar year. The maximum number of Service Credits you may earn in a single year 

is one. However, under certain circumstances, you make “bank” hours to apply toward 

Years do not have to be consecutive. You do not have to complete five (or 

ten) consecutive years of at least 1,000 service hours. For example, let’s say 

you begin your Covered Employment in December 1993 and your hours looked 

like this: 

 1993 – you work 40 hours of Covered Employment 

 1994 – you work 1,500 hours of Covered Employment 

You begin participation in the Plan January 1, 1995 

 1995 – you work 1,200 hours of Covered Employment 

 1996 – you work 850 hours of Covered Employment 

 1997 – you work 1,400 hours of Covered Employment 

 1998 – you work 1,500 hours of Covered Employment 

 1999 – you work 1,200 hours of Covered Employment 

You are vested in the Plan in 1999 on the date that you complete five 

years in which you worked at least 1,000 hours in Covered Employment 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 20

Service Credits in years when you may not have earned full credit (please see “Banking 

of Hours” following). 

There are two types of Service Credits, as follows: 

Past Service (employment before April 1, 1960) 

Past Service Credits are granted for work in Covered Employment before April 1, 1960. 

Credit is given in accordance with the Schedule B below. 

The Trustees realize that it may be difficult to establish a complete record of years 

worked in Covered Employment prior to April 1, 1960. You will be credited with 1⁄4 of 

one Past Service Credit for each three-month period of continuous membership in 

Ironworkers Local Union No. 16 before April 1, 1960. 

Future Service (employment on or after April 1, 1960) 

Future Service Credits are based on your hours worked for which contributions are 

made to the Pension Fund on your behalf (or required to be made) as determined under 

either Schedule A or Schedule B below. 

Service Credits are determined in accordance with Schedule A for hours worked on or 

after January 1, 2008, Schedule B for hours worked on or after January 1, 1993, and 

Schedule C for hours worked before January 1, 1993. 

Schedule A–Hours Worked On or After January 1, 2008 

Hours of Work in Covered Employment During Calendar Year Service Credits 

Less than 300 No credit 

300 – 599 1⁄4 

600 – 899 1⁄2 

900 – 1,199 3⁄4 

1200 and above 1 

Schedule B–Hours Worked On or After January 1, 1993 

Hours of Work in Covered Employment During Calendar Year Service Credits 

Less than 262.5 No credit 

262.50 – 524.25 1⁄4 

524.50 – 787.25 1⁄2 

787.50 – 1,049.75 3⁄4 

1,050 and above 1 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 21

Schedule C–Hours Worked Before January 1, 1993 

Hours of Work in Covered Employment During Calendar Year Service Credits 

Less than 500 No credit 

500 – 699 1⁄4 

700 – 999 1⁄2 

1,000 – 1,399 3⁄4 

1,400 and above 1 

Banking of Hours (Extra-Hour Credit) 

If you qualify, you may apply at the time of your retirement, extra hours earned in one 

year to increase your service credit for a year in which you did not earn full credit. 

Qualification for extra-hour credit is based on the date that you retire: 

1. If you retired before July 1, 1999, your hours worked on or after January 1, 1975 in 

excess of 1,600 hours in a calendar year are credited to your Hours Bank if your 

employer made contributions to the Pension Fund based on these hours. 

2. If you retire on or after January 1, 1999, your hours worked on or after April 1, 1960 

in excess of 1,600 hours in a calendar year are credited to your Hours Bank if your 

employer made contributions to the Pension Fund based on these hours. 

You may accumulate only the following maximum number of hours in your Hours Bank 

for your lifetime: 

1. 2,800 hours, for the Plan Years prior to the 1998 Plan Year; 

2. 3,500 hours, for the Plan Years after the 1997 Plan Year. 

Accumulated hours in your Hours Bank can be used only at the time of your retirement 

and only to get extra pension credit for any year in which you worked less than the 

required number of hours to earn one Service Credit. 

Banked Hours cannot be used to: 

♦ Become a vested or to earn Vested Service; 

 Earn more than one Service Credit in any calendar year; 

 Repair a Permanent Break in Service except as noted on the following page under 

“Repairing a Permanent Break in Service;” 

 Earn Service Credit in years prior to a Permanent Break in Service; 

 Earn Service Credit in a year prior to the Plan Year in which an individual first 

became a Participant in the Plan by earning at least 1000 hours of Vesting Service; 

or 

 Earn Service Credit in any year which a Participant ceases to be a participant in the 

Plan and all years thereafter. For purposes of this rule, a Participant ceases to be a 

Participant in the Plan in any year in which he fails to earn a full Service Credit; 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 22

however this period of non-participation will be canceled if the Participant returns to 

work without a permanent break in service and earns at least 1000 hours of Vesting 

Service in a Plan Year (without the use of Banked Hours). 

o Exception: Banked Hours may be used for one year only, in a year in 

which a Participant ceases to participate in the Plan by failing to earn a full 

Year of Service Credit if the Participant earned at least eight hours of 

Service Credit in the year and earned at least 1000 hours (without the use 

of Banked Hours) in the immediately preceding Plan Year. 

Break in Service 

Once you are vested (earned five years of Vesting Service), you cannot lose Service 

Credits. However, until you are vested, you can lose both Vesting Service and Service 

Credits. 

One-Year Break in Service 

As if January 1, 2008, if you complete fewer than 300 hours of work (262.5 hours 

between January 1, 1993 and December 31, 2007 and 500 hours prior to January 1, 

1993) during a calendar year, you will incur a one-year break in service. A break in 

service can affect your right to previous Vesting Service and Service Credits if you leave 

Covered Employment and are rehired, as described in the following section. 

Rehire 

Here’s how restoration of Vesting Service and Service Credits are determined if you 

leave Covered Employment on or after January 1, 1985. 

 If you are not vested: If you return to Covered Employment before you incur five (5) 

consecutive years of non-Covered Employment, your previous years of Vesting 

Service and Service Credits will be restored to you. 

 If you are vested: If you are vested, your Vesting Service and Service Credits 

cannot be forfeited. If you return to Covered Employment after you incur a break in 

service, you will continue to accumulate Service Credits. 

 If you left Covered Employment on or after January 1, 1985 but before January 1, 

1989, Plan participation, restoration of Vesting Service and Service Credits will be 

determined according to the rules in effect when you left service. 

If you left Covered Employment before January 1, 1985, Plan participation, Breaks in 

Service, restoration of Vesting Service and Service Credits will be determined according 

to the rules in effect when you left service. 

Please see Appendix D on page 56 for details of the rules in affecting your prior Service 

Credits before January 1, 1976 through December 31, 1988. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 23

Permanent Break in Service 

If you are not vested and you incur consecutive One Year Breaks in Service (effective 

January 1, 1985) that equal the greater of five (5) consecutive years or the number of 

Years of Vesting Service you have accumulated to date, you will have a Permanent 

Break in Service and will forfeit all hours of service and Service Credits accumulated 

toward Participation Service, Vesting Service and Pension benefits. 

Repairing a Permanent Break in Service 

Under certain circumstances, a Permanent Break in Service can be repaired and you 

can be credited with hours of service and Service Credits previously forfeited. 

 The purpose of these exceptions is to allow the reinstatement of Service Credit 

earned before the break. If you have two or more Permanent Breaks in Service, the 

repair must be made to the most recent break first in order to earn the lost credits. 

 All reinstated Service Credits will be restored at the benefit rate in effect at the time 

the credits were lost. 

There are two ways to repair a Permanent Break: 

No. 1 - You may repair a Permanent Break if you meet all of the following conditions: 

 Your Permanent Break in Service occurred before December 31, 2003 and 

 You earn at least 1⁄4 year of service in 2003; 

 You have earned at least ten (10) Service Credits after the Permanent Break in 

Service; and 

 You have sufficient banked enough hours in your Hours Bank to repair the break by 

applying the banked hours to the calendar year(s) where a Permanent Break in 

Service occurred to eliminate the break. 

No. 2 - You may repair a Permanent Break if you meet all of the following conditions: 

 You were a participant in the Plan on or after September 1, 2001; 

 You earned at least five full Years of Vesting Service prior to the Permanent Break 

without any intervening Permanent Breaks prior to the Permanent Break that is to be 

repaired; 

 You return to covered employment after the Permanent Break and earn, without any 

intervening Permanent Break, additional full years of Service Credit that equal or 

exceed the number of one-year breaks in Service that make up the Permanent 

Break being repaired 

Service Credit for Non-Working Periods 

Under certain circumstances, you may continue to earn hours and Service Credits while 

you are separated from Covered Employment: If you don’t return to Covered 

Employment within the period set by the Plan, you will be assumed to have terminated 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 24

your employment on the last day of the period allowed for your return and the rules 

governing “Breaks In Service” (page 22) will apply. 

Military Service 

If you were working at Covered Employment for a Contributing Employer at the time that 

you entered qualified military service and you returned to Covered Employment within 

the time provided by law, your military service will count toward: 

 Service for calculating the amount of your pension benefit and 

 Service in determining participation in the Plan, vesting, and eligibility for early 

retirement or disability pension. 

Parental and Family Leave 

You will receive credit for hours of service for purposes of calculating Participation 

Service and Vesting Service if your absence from Covered Employment is due to: 

Parental Leave 

 Your Pregnancy 

 The birth or your child 

 Adoption or placement for adoption of a child with you 

 Time caring for a child, identified above, during the period immediately following the 

birth, adoption or placement for adoption. 

Family Leave 

Family leave under the provisions of the Family and Medical Leave Act of 1993 (FMLA) 

Disability 

If you are receiving disability benefits under: 

 Any Workers’ Compensation Law or 

 A welfare plan or program in which the Union participates 

□ You will receive 23 (This was eff. Jan. 2008) hours of credit for Covered 

Employment for each week of eligible disability as well as any additional credit if 

required under applicable federal law. 

□ For periods of disability that occurred before January 1, 1993, you will receive 27 

hours of credit for each week of eligible disability. 

Excused Breaks in Service 

You will not incur a break in service if the break is less than the time indicated and is 

due to any of the following circumstances: 

 Strikes or lockouts up to a maximum of one year 

 Employment, for up to a maximum of two years, as an Ironworker with another local 

union if you earn one full year of Service Credit under the Pension Plan before your 

retirement. 

 Any time spent: 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 25

□ In authorized union duties 

□ As a full-time paid officer of the Ironworkers District Council 

□ As a representative to a building trades council of which the union is a member. 

During any period of absence identified above, a Participant shall be credited with the 

normal number of hours he would have worked but for his absence, but if unknown, up to 

eight (8) hours per work day.

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 26

How Your Pension Is Paid 

Please note that once you elect a form of payment and that payment begins, you cannot 

change your election at any time. 

It is generally a good idea to apply for pension benefits at least three months before 

your retirement. This will allow for the timely processing of your first pension check. 

All pension benefits are calculated based on your age and the age of your spouse or 

designated beneficiary. The Plan requires that an adjustment is made to your pension 

benefit for each full year that your spouse or designated beneficiary is older or younger 

than you. 

The way your pension is paid normally depends on whether you are married at the time 

you begin receiving payments. However, if you elect no method of payment at the time 

of your retirement, payment will be made as follows. 

Normal Forms of Payment 

Husband-and-Wife Pension: If You Are Married 

If you are married and your spouse is a “qualified spouse,” a Husband-and-Wife 

Pension is the normal method of payment. 

Definition: A “Qualified Spouse” is a spouse to whom you have been married for more 

than a year as of the earlier of the date you begin receiving your pension benefit or the 

date that you die. 

This method reduces the amount of your single monthly pension benefit, but continues 

to pay a benefit to your spouse upon your death that is equal to 50% of your monthly 

pension benefit, for the remainder of her life. The amount of the benefit depends on 

your age and that of your spouse. 

Qualified retirement plans, such as the Ironworkers Pension Plan, are required by law to 

provide at least a 50% pension benefit to surviving spouses to assure they continue to 

have a pension income after your death. 

Your spouse must give written, notarized consent that is approved by the Trustees to 

relinquish this benefit and change the form of payment to one of the options explained 

below. 

Pop-Up Provision: 

If you retired on or after January 1, 1996 and: 

 You are receiving a Husband-and-Wife Pension and 

 Your spouse predeceases you, 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 27

Your monthly pension benefit will be increased for the remainder of your lifetime to an 

unreduced amount as if you had retired and elected the Life Annuity with the 60-month 

Guarantee described below. 

 The 60-month Guarantee is based on your original retirement date not the date that 

your spouse dies. For example, if you have been receiving a Husband-and-Wife 

Pension for 2 years when your spouse dies, your benefit will pop-up to the Life 

Annuity with the 60-month Guarantee. The guarantee will end in another 3 years 

because your original retirement date began 2 years previously. 

If Your Spouse is not a “Qualified Spouse” 

If you die and your spouse is not a “Qualified Spouse” under the rules of the Plan, you 

are considered single on the date of your death and your spouse will not receive an 

annuity unless you specifically elect a non-spouse beneficiary annuity form of benefit 

explained below. 

Life Annuity with 60-month Guarantee: If You Are Not Married 

If you are single, the normal method of payment is a Life Annuity with 60-month 

minimum guarantee. You will receive monthly pension benefits for the rest of your life. 

At your death all payments will stop. 

However, if you die before you receive benefits for 60 months (five years), payment will 

be made to your beneficiary for the remainder of the 60-month period and then will stop. 

Alternative Forms of Payment 

You must reject the “Normal” form of payment, above, if you want to elect one of the 

Alternate Forms of Payment described below. 

If you are married, your spouse must agree in a notarized written statement if you want 

to receive payment in a form other than the Husband-and-Wife Pension or if you elect a 

beneficiary other than your spouse. You and your spouse are entitled to consider 

information about your pension benefit options for a period of time between 180 and 30 

days prior to your retirement date. You and your spouse may reduce the 30 day 

waiting period to 7 days by signing a waiver. 

Besides these two normal methods of payment, described above, the Plan offers 

several additional choices for your pension benefit. They may suit your personal 

circumstances better than the normal methods of payment. 

Monthly Benefit with Lump Sum Option 

If you retire under a Service Pension (please see page 12) on or after August 1, 2003, 

in addition the benefit option you elect below, you may choose to have the benefit 

allocated to your accumulated Service Credits in excess of 25 paid as a lump sum in 

one of the following methods: 

 100% of the Actuarial Equivalent of the benefit earned for Service Credits in excess 

of 25 or 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 28

 50% of the Actuarial Equivalent of the benefit earned for Service Credits in excess of 

25. 

If you are married, you may not elect this option unless you present your spouse’s 

completed, signed and notarized rejection of the Husband-and-Wife Pension (below) 

and specifically agreed to this form of distribution. 

Single Life Annuity with 60-Month Guarantee 

This payment method is like a life annuity, but you or your designated beneficiary is 

guaranteed to receive 60 months of payments. Benefits are paid during your lifetime. 

If you should die prior to receiving the guaranteed number of monthly payments, 

payments would continue to your designated beneficiary for the remainder of the 

guarantee period. 

If you live longer than the guarantee period, you will continue to receive benefits for the 

remainder of your lifetime. However, once you have lived beyond the guarantee period, 

benefits will end at your death. This method provides the largest monthly benefit, but 

your beneficiary may have little or no benefit it you die first. 

If you and your designated beneficiary both die before the guaranteed number of 

monthly payments, benefits will be paid according to the schedule set out on page 31 

under “Designating a Beneficiary.” 

Joint and Survivor Options 

This method is similar to the Husband-and-Wife Pension but you can choose to provide 

50%, 75%, or 100% of a reduced monthly benefit to your designated beneficiary. Your

designated beneficiary may be, but does not have to be, your spouse. If you die, your 

designated beneficiary will receive 50%, 75% or 100% of your reduced benefit 

depending on the percentage you selected. The higher the benefit you provide to your 

designated beneficiary, the greater the reduction to your benefit. 

In order to select the 75% or 100% options with a non-spouse beneficiary, the 

beneficiary must be of certain age. If the beneficiary is too young, you will not be able 

to select these options. Generally for the 100% option the difference between your age 

and your non-spouse beneficiary’s age may not be more than 10 years plus the 

difference between your age an age 70 and for the 75% option the age difference may 

not be more than 19 years plus the difference between your age an age 70. Contact 

the Fund Office if you need more information about this age limitation. 

If you retired on or after January 1, 1996 and select either the 50%, 75% or 100& Joint 

and Survivor Option and if your spouse dies before you, the “pop-up” benefit will apply 

and your monthly pension benefit will be increased for the remainder of your lifetime to 

an unreduced amount. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 29

Single Life Pension with 120- or 180-Month Guarantee 

If you elect the Single Life Pension with a 120 or 180-month guarantee, you will receive 

monthly payments for the 120 (10 years) or 180-month (15 years). Benefits are paid 

during your lifetime. 

If you should die prior to receiving the guaranteed number of monthly payments, 

payments will continue to your designated beneficiary for the remainder of the 

guarantee period. 

If you live longer than the guarantee period, you will continue to receive benefits for the 

remainder of your lifetime. However, once you have lived beyond the guarantee period, 

benefits will end at your death. This method provides the large monthly benefit, but 

your beneficiary may have little or no benefit when you die first. 

If you and your designated beneficiary both die before the guaranteed number of 

monthly payments, benefits will be paid according to the schedule set out on page 31 

under “Designating a Beneficiary.” 

Thirteenth Check 

Participants who retired prior to January 1, 2010 will receive one additional monthly 

payment (a thirteenth payment) in January of each year. Generally the additional 

payment is equivalent to your monthly benefit. If you retired prior to 2008 however, the 

monthly payment will be no less than $1,000. This additional check will be prorated 

between joint beneficiaries and Participants and Alternate Payees unless a qualified 

domestic relations order provides differently. 

Changing Your Election 

Once you elect a form of payment, you may not change your election. Your pension 

benefit payment will not change unless you have elected the Husband-and-Wife and the 

“Pop-Up” provision applies because your spouse pre-deceases you. 

Alternative Forms of Payment: If you or your beneficiary dies before your election 

becomes effective 

If you die: 

 After electing an Alternative Form of Payment but 

 Before the election becomes effective 

The election will be void and your spouse will receive benefits as though you had 

elected the Husband-and-Wife Pension. 

If your beneficiary (or spouse) dies: 

 After you elected an Alternative Form of Payment but 

 Before the election becomes effective 

The election will be void and you will be treated as though you had made no election. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 30

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 31

Survivor Benefits 

Designating A Beneficiary 

You may designate one or more beneficiaries as set down by the Plan. The following 

rules apply: 

 If you are married and you want to name any person other than your spouse as 

designated beneficiary, your spouse must sign a notarized consent form that is 

approved by the Trustee. 

 If you have named more than one beneficiary, you must indicate what share each 

beneficiary will receive. If no such designation is made, then benefits will be paid 

equally to each surviving beneficiary. 

 If you do not name a beneficiary or your beneficiary predeceases you and no new 

beneficiary is named before your death, benefits will be paid, divided equally when 

necessary, in the following order: 

□ Surviving spouse. 

□ Surviving children, including legally adopted children. 

□ If children are less than age 19, the benefit will be paid to the guardian(s) of the 

children equally. 

□ Surviving parents. 

□ Surviving brothers and sisters. 

□ Executors or administrators of your estate. 

Changing Your Beneficiary 

You may change your designated beneficiary at any time. If you are married, your 

spouse must provide written, notarized consent, approved by the Trustees. 

The beneficiary change will be effective if it is received by the Fund Office before any 

benefits under the Plan are paid to the designated beneficiary on file. 

If You Die After Retirement 

If you die after your pension benefits begin, benefits will cease or continue to your 

pension beneficiary based on the election you made prior to your retirement. 

In addition, the Plan will pay your surviving spouse or designated beneficiary a special 

death benefit of $1,500. 

If You Die Before You Retire 

Before You Are Vested 

If you die before you are vested, your survivors are not entitled to a benefit from the 

Plan. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 32

After You Are Vested: If Your Spouse is a “Qualified Spouse” 

If you have been married for at least one year at your death and you have completed at 

least five years of creditable service (are vested) and you die before you retire, your 

spouse’s benefit will be determined as if you had retired electing a Husband & Wife 

Pension on the day before your death. 

 The amount of the benefit is based on the Plan in effect and the total Service Credits 

you earned as of the date of your death. 

 Payments will begin on the later of: 

□ The first day of the month following your death or 

□ The first day of the month following the date you would have become eligible to 

retire. 

□ Early retirement reductions will apply. However, if you are eligible for a Service 

Pension as of the time of your death, your spouse will receive an unreduced 

pension. 

After You are Vested: If You Do Not Have a “Qualified Spouse” 

If you are not married or you have been married for less than a year at the time of your 

death, your designated beneficiary may be entitled to one of the following benefits: 

1. If you have earned ten (10) or more Future Service Credits, your beneficiary will be 

entitled to a death benefit equal to $300.00 multiplied by the number of Service 

Credits you have accumulated up to a maximum of $7,500. 

2. If you have accumulated at least 500 hours of Service Credits in the 24-month 

period before your death, your designated beneficiary will be entitled to receive a 

$2,500 death benefit. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 33

Work After Retirement 

In general, when you retire from Covered Employment, it is assumed that you retired 

from the industry. If you have any question about whether the work is prohibited by the 

Plan, you can contact the Fund Office before you begin employment. 

If after you retire, you decide to go back to work, you may request, in writing, a 

determination from the Board of Trustees as to whether work that you intend to perform 

will suspend your entitlement to collect pension benefits from the Ironworkers Local 

Union No. 16 Pension Fund. 

 Work in other industries, regardless of the amount you earn, will not affect your 

pension benefits. 

 In most cases, to be eligible to receive a benefit from the Ironworkers Local No. 16 

Pension Plan, you may not work in the iron working industry or directly supervise 

those who work in the iron working industry and continue to receive a pension 

benefit. 

 Under certain circumstances described below however, you are permitted to work in 

the industry and still receive pension benefits under this Plan. 

IMPORTANT 

You must notify the Fund Office immediately, but no later than 30 days after you 

return to work in the industry 

If your retirement benefits are stopped because you have gone back to work in one of 

the categories listed above, your benefits are suspended for the months during which 

you are employed, and for an additional period of two months after you stop working. 

Your benefits will resume in the third month after the month you stop working. 

If your return to work prohibited by the Plan and fail to notify the Fund Office within 30 

days of accepting employment, your benefits may be suspended for an additional period 

of 12 months after you stop working. Your benefits will resume in the 13th month after 

the month you stop working. 

 If You Return to Work Before Age 65 

In general, your pension benefits will be suspended for any month you work in the 

following: 

 Covered Employment with any Contributing Employer 

 Employment with any employer anywhere in the country, including a Contributing 

Employer, where you: 

□ Perform work using the skills of the ironworker trade; or 

□ Perform work within the trade jurisdiction of the Union; or 

□ Supervise employees using the skills of the ironworking trade. 

If You Return to Work After Age 65 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 34

If you are age 65 (Normal Retirement Age) or older and return to work: 

 For a Contributing Employer or 

 A non-Contributing Employer or 

 As self-employment 

Your pension benefits will be suspended for the month in which you are working if your 

work is: 

 In a type of position covered by the Plan; and 

 In the ironworking industry; and 

 Is within the geographic jurisdiction of Local Union No. 16; and 

 You are working 40 or more hours in a month. 

Employment described above for less than 40 hours in a month, or any other type of 

work, will not result in the suspension of your pension after you reach age 65. 

Exceptions. Notwithstanding the above, you may work in the industry whether you are 

under or over age 65 in the following types of employment: 

♦ Temporary employment with a Contributing Employer when the Union has 

certified a labor shortage and retirees are authorized to return to work on a 

certain job(s), in a certain specialty(ies) or for a certain period(s) of time due to 

this shortage of labor. 

♦ Estimating and inspection work where the retiree is not working with the tools. 

♦ Work in the home improvement filed performed on single family homes, 

rowhouses or townhouses. 

♦ Supervision of a crew made up of 50% or less ironworkers. 

Recovery of Overpayment 

If your pension is suspended for months in which you have already received a payment, 

the amount you owe the Fund will be deducted from your pension benefit when it starts 

again. 

After you reach Normal Retirement Age, no more than 25% of your pension check can 

be deducted, except for the first check following suspension, from which up to 100% 

may be deducted. 

If You Return to Covered Employment 

IMPORTANT: As a pensioner, you may return to Covered Employment and accrue 

additional Service Credits. 

 If you return to Covered Employment and earn at least one Year of Vesting Service, 

you will earn additional pension credit and a higher pension when you retire again, 

taking into account your additional service. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 35

 All additional benefits will be calculated using the benefit rate in effect when you 

return to retirement following suspension of benefits. 

 All benefits earned before your benefit was suspended will be calculated using the 

benefit rate in effect when you first retired. 

 Any reduction for Early Retirement Pension made when you first retired will be 

adjusted for the months your benefit is suspended due to employment. 

 Adjustments to benefits shall be made the later of the beginning of the Plan Year 

following the Plan Year in which the credit was earned or the beginning of the Plan 

Year following the Plan Year the Participant has ceased working. 

 If a participant retires before Normal Retirement Age and returns to Covered 

Employment, the original Effective Date does not apply to any subsequent benefits 

accrued and those benefits will be payable in a the Normal Form of benefit or in a 

form selected by the Participant and where applicable, his spouse, following the 

Participant’s subsequent retirement. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 36

Important Terms Under the Plan 

The following terms have a specific, technical meaning when used in connection with 

the Plan. 

Alternate Payee 

“Alternate Payee” means a spouse, former spouse, child or dependent of a Participant 

who may be eligible for benefits under the Plan as a result of a Qualified Domestic 

Relations Order (see below) or other court order. 

Beneficiary 

“Beneficiary” means a person (other than a Pensioner) who is receiving benefits under 

this Plan because of designation for such benefits by a Participant or by terms of the 

Plan. A “Beneficiary” may also be an “Alternate Payee.” 

Calendar Year 

“Calendar Year” means the period January 1 to the next December 31. The calendar 

year shall serve as: 

 The vesting computation period 

 The benefit accrual computation period, and, 

 After the initial period of employment, the computation period for eligibility to 

participate in the Plan. 

For Purposes of eligibility to participate in the Plan, the first calendar year for 

eligibility will be computed including the anniversary date of the date of hire. 

Collective Bargaining Agreement. 

“Collective Bargaining Agreement” or “Agreement” means the written labor contract 

between the Union and the Ironworkers Glaziers Employers Association or any other 

agreement between the Union and any Employers which requires contributions to the 

Fund. 

Continuous Employment. 

Two periods of employment are Continuous if there is no resignation, quit, discharge, or 

other termination of employment between the periods. 

Contributing Employer. 

“Contributing Employer” or “Employer” means any company, person, partnership, 

business organization, non profit organization, or other entity required to make 

contributions to the Fund under a Collective Bargaining Agreement with the Union or 

under other agreement requiring contribution to this Fund. 

“Employer” shall also include the Union and the Local Union No.16 Apprenticeship and 

Training Fund to the extent each has signed an agreement requiring such contributions. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 37

Contributing Period 

“Contributing Period” means the period during which the employer is a Contributing 

Employer with respect to the unit or classification of employment. 

Covered Employment. 

“Covered Employment,” means employment of an Employee by an Employer for which 

the Employer has agreed to contribute to the Fund for the Employee under a Collective 

Bargaining Agreement or other agreement. 

Employee. 

“Employee” means (1) a person who is an employee of an Employer and who is 

covered by a Collective Bargaining Agreement or any written agreement requiring 

Employer Contributions on his behalf. 

The term “Employee” does not include any self-employed person, sole proprietor or 

owner of an unincorporated business organization. 

Hour of Service. 

“Hour of Service” means any hour for which and employee is directly or indirectly paid 

or entitled to payment by an Employer for the performance of duties or for periods of 

paid leave (such as vacation time, holidays, sickness, disability, paid layoffs, jury duty, 

and similar periods of paid non- working time). 

Normal Retirement Age. 

“Normal Retirement Age” means age 65, or, if later, the age of the participant on the fifth 

anniversary of participation. 

Participant. 

“Participant” means a Pensioner or an Employee who meets the requirements for 

participation in the Plan. 

Pensioner. 

“Pensioner” means a person to whom a pension under this Plan is being paid or to 

whom a pension would be paid but for a time for administrative processing. 

Pension Fund. 

Pension Fund or Fund means the Ironworkers Local Union No. 16 Pension Fund 

established under the Trust Agreement. 

Pension Plan. 

“Pension Plan” or “Plan” means the official Plan document as adopted by the trustees 

and as thereafter amended or restated by the trustees. 

Qualified Domestic Relations Order. 

“Qualified Domestic Relations Order” means any duly entered judgment, decree or 

order (including approval of a property settlement) made pursuant to a state domestic 

relations law (including a community property law); 

 Which relates to the provisions of child support, alimony payments, or marital 

property rights to an Alternate Payee and 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 38

 Is approved by the Trustees as conforming with the Plan and the law. 

Trustee. 

“Trustee” shall mean any person designated as Trustee. The terms “Board of 

Trustees”, “Board” and “Trustees” mean the Trustees as one body. 

Union. 

“Union” means Local Union No. 16 of the International Association of Bridge, Structural 

and Ornamental Ironworkers. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 39

Applying for a Pension 

If you plan to retire, it is best that you start the process early. This will avoid delay in the 

processing your application and payment of benefits. 

 You must file a written application with the Board of Trustees. You can request a 

form from the Fund Office. 

 Upon application, you will receive from the Fund Office information about the normal 

form and optional forms of benefits and the financial effect of selecting an optional 

form of benefit. 

 You must provide proof of your marital status and your spouse must sign any waiver 

of a normal form of benefit. 

 You will be provided information about the forms of benefits available to you and you 

may consider this information for a period of time between 180 days and 30 days 

prior to your intended retirement date. 

Your pension benefit will begin no earlier than the first of the month following the month 

in which you submit your fully completed application but under no circumstances will 

your pension effective date be sooner than the mandatory waiting period of 30 days (or 

7days with a signed waiver) following your receipt from the Fund Office of information 

about the optional forms of benefits available to you. Pensions are paid monthly. Your 

monthly benefit will be deposited in the savings or checking account of your choice. 

You will receive your first pension benefit payment as soon as your application is the 

month following the date you retire. For example, if you retire January 1, your first 

benefit payment will be February 1. Your first payment will be double your regular 

monthly amount. After the first payment, you will receive your regular monthly benefit 

each month. 

If You No Longer Work in Covered Employment 

If you no longer work in Covered Employment, but are vested and eligible for a pension 

benefit, you may apply for a benefit whenever you are eligible. Under most 

circumstances your pension benefit should commence no later then the month you 

reach age 65. You should contact the Fund Office at least 90 days before you reach 

this age. 

Compulsory Commencement of Pension Benefits

Whether or not you have applied for a pension, your pension will commence the April 1 

following the year in which you become age 701⁄2 unless you have not retired and delay 

the commencement of your pension. 

If you were a 5% or greater owner of a Contributing Employer, you cannot delay the 

commencement of your benefit beyond the April 1 following the year in which you 

become age 701⁄2. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 40

Commencement of Benefits 

Generally, if you have met all the requirements of the Pension Plan, including the 

advance application filing, your pension will begin on the first day of the month following 

the month in which your application is received by the Fund Office. 

Fraudulent Claims and Right of Recovery 

 If you willfully make false statements or furnish fraudulent information or proof 

(including withholding pertinent information) that is material to your application the Fund 

has the right cease any benefit payment until the correct information is provided. In 

addition, any non-vested benefits provided under this Plan may be denied, suspended 

or permanently terminated. 

The Trustees have the right to recover, through legal proceedings, any excess benefits 

paid in reliance on any false statement, fraudulent information or proof (made or 

withheld), including interest and costs without limitation. Recovery will be made through 

offset of benefits until such payment is restored to the Plan. 

If Your Application Is Denied 

For Pension Benefit Claims. If your application for benefits is denied in whole or in 

part, you (or your spouse) will receive a written notice of the denial within 90 days of 

receipt by the Fund Office. If required by special circumstances, this period may be 

extended for an additional 90 days, and you will be informed that additional time is 

required. 

For Disability Benefit Claims. The Funds Office will provide written notice with 45 

days after receiving the claim. If special circumstances apply, such as the need for 

additional information, this period of time may be extended up to two times for an 

additional 30 days each, to no more than105 days after receiving the claim. You will be 

informed that additional time is required. 

In either case, the notice will contain: 

 An explanation of the specific reason(s) for the denial, 

 Specific references to pertinent Plan provisions on which the denial is based, 

 A description of any additional material or information necessary for you to properly 

establish the claim and explanation of why such material or information is necessary 

and 

 An explanation of the steps you can take to submit the claim for review. 

If additional information is required, you will have up to 45 days to provide the 

required information. 

If your claim is denied, you are entitled to appeal a claim that is denied in whole or in 

part and it will receive a full review. A claim appeal must be submitted in writing to the 

Board of Trustees and may be made by you or an authorized representative acting on 

your behalf. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 41

Your appeal must state: 

 Why you believe that you are entitled to a benefit 

 Why you disagree with the Fund Office, including identification of any pertinent Fund 

policy, Plan provision or document that supports your claim. 

The appeal must be received by the Board of Trustees within 180 days of the date you 

received the final, written denial of your claim for benefits. If you don’t appeal a denied 

claim within the 180 days period, you will have waived your right of appeal and the 

denial of the claim will be final and binding, unless further consideration is permitted in 

the discretion of the Board of Trustees. 

Decision of the Trustees. 

 You will receive written notice of the decision of the Trustees. The notice will explain 

the reasons for the decision and 

□ Will include references to pertinent Plan provisions and 

□ May indicate if additional information might help your claim. 

If you have additional information, you may resubmit your appeal with this information in 

writing to the Trustees. The Trustees will have sole discretion to determine whether the 

additional information warrants a reconsideration of the appeal. 

Generally, the Board of Trustees will make a decision on your appeal no later than 

the date of the regularly scheduled quarterly meeting following the receipt of your 

appeal. 

However, if your appeal is received within 30 days of a regularly scheduled quarterly 

meeting or if special circumstances apply, the decision of the Board of Trustees may be 

extended to a date no later than the third Board of Trustees meeting following the 

receipt of your appeal. 

Once your appeal is heard a notice of the decision shall be mailed to you within 5 days 

after it is reached by the Trustees. 

The Trustees shall have sole discretion to interpret the Plan documents and make 

determinations as to claims for benefits or any other appeal. The decision of the Board 

of Trustees or its designated Committee shall be final and binding on all concerned. 

Important Appeals Information 

You may not bring any legal action to recover under the Plan unless you have properly 

pursued and exercised all claim and appeal rights provided in Plan and the requested 

Plan benefits have been denied in whole or in part (or there is any other adverse benefit 

determination). 

If you want to seek judicial review of a denied appeal, you must file any civil action 

within one (1) year after the date of the final adverse determination of the Trustees or 

you will be forever prohibited from commencing such action. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 42

Important Plan Information 

How Benefits Are Taxed 

This Plan is intended to operate as a qualified plan under Sections 401(a) of the Internal 

Revenue Code. Qualification of the Plan means that benefits accrued under the Plan 

are not subject to federal income tax until paid to you or your beneficiary. When you or 

your beneficiary begins receiving payments from the Plan, they are subject to income 

tax withholding. 

If, however, you or your surviving spouse receives a lump-sum payment, it may be 

eligible to rollover to an Individual Retirement Account (IRA) or to another employer plan 

that accepts rollovers. In this case, if you or your surviving spouse chooses to directly 

roll over your account, taxes will be deferred and withholding will not apply. In addition, 

your non-spouse beneficiary may be eligible to rollover a lump sum distribution to an 

inherited individual retirement account or annuity. 

 Payments from the Plan in the form of an annuity are not eligible to roll over. 

 All or a portion of some lump-sum payments may not be eligible to rollover. 

In general, the Fund Office, the Trustees and all other persons acting on behalf of the 

fund make no representation concerning the potential tax liability under federal, state or 

local laws. It is recommended that you consult with your professional tax adviser 

concerning any questions relating to potential tax liability generally, including potential 

tax liability that may result from the choice of the various optional forms of payment 

under the Plan. 

Social Security Benefits 

Social Security benefits are paid independently from your Pension benefits and do not 

affect the amount of your Pension benefit. 

In addition to income from the Pension Plan, you may be eligible for Social Security 

retirement benefits for yourself and, if you are married, for your spouse. Social Security 

benefits begin at different times based on the date of your birth. 

If you have questions, contact your local Social Security Administration office. 

Maximum Retirement Benefits 

Compensation Limits Under the Plan 

The Internal Revenue Code limits the amount of compensation that may be used to 

calculate your benefit under the Plan. The amount is $230,000 for 2008. This figure is 

subject to future indexing. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 43

Maximum Payment 

Federal law limits the maximum annual benefit payment under this Plan to $185,000 (for 

2006). This figure is subject to future indexing. 

Non-Assignment Of Benefits 

Your value in the Plan may not be assigned, sold, transferred or pledged as collateral, 

nor may a creditor attach your value in the Plan as a means of collecting a debt owed 

by you. 

However, benefits may be attached to satisfy a federal tax levy and state courts can rule 

that benefits be paid to someone other than yourself or your named beneficiary, in 

accordance with a Qualified Domestic Relations Order (QDRO), relating to child 

support, alimony payments or marital property rights. 

Notification Of Address/Bank Change 

It is important that you notify the Fund Office in writing as soon as possible if you have a 

change of address or you change your bank and/or direct deposit account. If any 

monthly pension benefit is returned because you are no longer residing at the address 

you furnished the Fund Office or you have changed your bank and/or direct deposit 

account, no pension benefit will be made you until you provide your current address or 

correct bank information. 

How Benefits And Service Are Lost 

You may lose part or all of your pension benefits in these situations: 

 You may lose Vesting Service if you have a break in service and you are not vested 

when you terminate employment (see “Break In Service” on page 22). 

 If you receive a lump-sum payment of your benefit under the Plan, all Service 

Credits related to that payment will be lost on the date you receive payment. This 

prevents you from receiving double benefits based on the same Service Credits if 

you are rehired.Possibly this language is from Aon when the Lump Sum Option was 

added? 

 Disqualifying Employment

□ If you are less than age 65 and you begin receiving pension payments and later 

return to “Disqualifying Employment” within the Industry your pension payments 

will be suspended for the months you are working plus two additional months 

after you stop working (12 additional months if you fail to notify the Fund Office of 

your return to work)a minimum of six months (up to a maximum of 18 months) 

after you have completed one or more months of Disqualifying Employment. 

□ Generally, if you are age 65 or older and you return to “Disqualifying 

Employment” and work 40 or more hours in a Plan month, your pension benefit 

will be suspended. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 44

If you are receiving a Pension benefit, it is a good idea to contact the Fund Office before 

you return to employment to verify whether the employment would affect the payment of 

your pension benefit. 

 If the Plan is terminated without enough assets to provide all pension and survivor 

benefits, your benefit may be affected (however, there is government insurance that 

protects your benefit, see “Plan Termination Insurance” on page 44). 

 If a special court order called a Qualified Domestic Relations Order (QDRO) states 

that all or part of your benefit must be paid to someone else. Please see the section 

“Non-Assignment of Benefits” on page 43. 

The Plan is operated under the assumption that it is a Qualified Plan under the Internal 

Revenue Code, that employer contributions are tax deductible and that no amounts are 

contributed in error. Any deviation from these assumptions could affect your benefit. 

If your claim for benefits is denied in whole or in part, you have the right to appeal. See 

“Appealing a Claim” on page 40 for more details. 

Contributions 

No contributions are required of or accepted from you. All contributions to provide the 

benefits from the Plan are made by the Contributing Employer. The amounts that are 

contributed are determined by written agreement with the Contributing Employer. 

Assets of the Plan are held in a trust fund and invested for the benefit of all the 

Participants. Under no circumstances will any assets in the trust fund be recoverable to 

a Contributing Employer until all Plan expenses and all Plan benefits have been paid or 

otherwise provided for. 

Plan Termination Insurance 

Your pension benefits under this multiemployer plan are insured by the Pension 

Benefits Guaranty Corporation (PBGC), a federal insurance agency. A multiemployer 

plan is a collectively bargained pension arrangement involving two or more unrelated 

employers, usually in a common industry. 

Under the multiemployer plan program, the PBGC provides financial assistance through 

loans to plans that are insolvent. A multiemployer plan is considered insolvent if the 

plan is unable to pay benefits (at least equal to the PBGC’s guaranteed benefit limit) 

when due. 

The maximum benefit that the PBGC guarantees is set by law. Under the 

multiemployer program, the PBGC guarantee equals to participant’s years of service 

multiplied by: 

 100% of the first $11 of the monthly benefit accrual and 

 75% of the next $33. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 45

The PBGC’s maximum guarantee limit is $35.75 per month times a participant’s years 

of service. For example, the maximum annual guarantee for a retiree with 30 years of 

service is $12,870. 

If the Plan terminates (ends) without enough money to pay all benefits, the PBGC will 

step in to pay pension benefits. Most people receive all of the pension benefits they 

would have received under their plan, but some people may lose certain benefits. 

The PBGC guarantee generally covers: 

(1) Normal and early retirement benefits; 

(2) Disability benefits if you become disabled before the Plan terminates; and 

(3) Certain benefits for your survivors. 

The PBGC guarantee generally does not cover: 

(1) Benefits greater than the maximum guaranteed amount set by law for the year in 

which the Plan terminates; 

(2) Some or all of benefit increases and new benefits based on Plan provisions that 

have been in place for fewer than 5 years at the time the Plan terminates or 

becomes insolvent; 

(3) Benefits that are not vested because you have not worked long enough for a 

Contributing Employer; 

(4) Benefits for which you have not met all of the requirements at the time the Plan 

terminates; 

(5) Certain early retirement payments (such as supplemental benefits that stop when 

you become eligible for Social Security) that result in an early retirement monthly 

benefit greater than your monthly benefit at the Plan's normal retirement age; and 

(6) Non-pension benefits, such as health insurance, life insurance, certain death 

benefits, vacation pay, and severance pay. 

Even if certain of your benefits are not guaranteed, you still may receive some of those 

benefits from the PBGC depending on how much money your Plan has and on how 

much the PBGC collects from employers. 

For more information about the PBGC and the benefits it guarantees, ask your Plan 

administrator or contact the PBGC's Technical Assistance Division, 1200 K Street N.W., 

Suite 930, Washington, D.C. 20005-4026 or call 202-326-4000 (not a toll-free number). 

TTY/TDD users may call the federal relay service toll-free at 1-800-877-8339 and ask to 

be connected to 202-326-4000. Additional information about the PBGC's pension 

insurance program is available through the PBGC's website on the Internet at 

http://www.pbgc.gov. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 46

Plan Amendments And Discontinuance 

The Pension Fund may be terminated by a document in writing adopted by a majority of 

the Union Trustees and a majority of the Employer Trustees. The Fund may be 

terminated if, in the opinion of the Trustees, the Trust Fund is not adequate to carry out 

the intent and purpose of the Fund as stated in its Trust Agreement, or in not adequate 

to meet the payments due or which may become due under the Plan. The Fund may 

also be terminated if there are no individuals living who can qualify as employees or 

beneficiaries under the Plan. Finally, the Fund may be terminated if there are no longer 

any Collective Bargaining Agreements requiring contributions to the Fund. The Fund is 

considered terminated under the law if it is amended to provide that no further benefits 

will be earned by employees for employment with Participating Employers or is 

amended to become a defined contribution plan. The Trustees have complete 

discretion to determine when and if the Fund should be terminated. 

If the Plan terminates, you will not accrue any further benefits under the Plan. However, 

the benefits that you have already accrued will become vested, that is, nonforfeitable, to 

the extent your benefits can be funded by the Plan assets allocated to such benefits. 

If the termination occurs because the Plan is amended to provide that no further 

benefits will be earned by employees for employment with Participating Employers or is 

amended to become a defined contribution plan, the Plan will continue to pay nonforfeitable benefits. If the Plan does not have sufficient assets to pay all nonforfeitable 

benefits, Participating Employers will be required to contribute to the Plan until all nonforfeitable benefits are fully funded and can be paid. 

If the Plan terminates because there are no longer any Collective Bargaining 

Agreements requiring contributions to the Fund, the Plan may be amended to reduce 

benefits to the extent necessary to ensure that the Plan’s assets are sufficient to pay 

non-forfeitable benefits when they are due. If the Plan has been amended and it does 

not have enough assets to pay non-forfeitable benefits, the Plan has the authority to 

suspend benefits. If benefits are suspended, the Plan will continue to pay the highest 

level of benefits, which can be paid out of the Plan’s available resources. If benefits are 

suspended, the Plan will not be required to make retroactive benefit payments for that 

portion of a benefit, which was suspended. 

Once the Plan assets and non-forfeitable benefits are valued, the Trustees, as a 

general rule, will use the available assets to purchase annuity contracts to provide for 

your benefits. However, if the Plan terminates because of an amendment, and the 

value of your non-forfeitable benefit attributable to Participating Employer contributions 

is less than $5,000.00, the Plan may pay you in cash if you consent to such payment. 

If the Fund is terminated, the trustees will: 

 Pay the expenses of the Fund incurred up to the date of termination as well as the 

expenses in connection with the termination; 

 Arrange for a final audit of the Fund; 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 47

 Give any notice and prepare and file any reports which may be required by law; and 

 Apply the assets of the Fund in accordance with the law and the Plan including 

amendments adopted as part of the termination until the assets of the Fund are 

distributed. 

No part of the assets or income of the Fund will be used for purposes other than for the 

exclusive benefit of the employees and the beneficiaries or the administrative expenses 

of the Fund. Under no circumstances will any portion of the Fund revert or inure to the 

benefit of any Participating Employer or the Union either directly or indirectly. 

Upon termination of the Fund, the Trustees will promptly notify the Union, Participating 

Employers, and all other interested parties. The Trustees will continue as Trustees for 

the purpose of winding up the affairs of the Fund. 

In addition, the Trustees have complete discretion to amend or modify the Plan and any 

of its provisions, in whole or in part, at any time. This means that the Trustees can 

reduce, eliminate or modify benefits as well as improve benefits. The Trustees may 

also modify length of coverage for all employees, dependents and retirees, and 

eligibility requirements for coverage. 

Required Legal Information 

Under the Employee Retirement Income Security Act of 1974 (ERISA), each employee 

is to be provided with certain details about benefit plans. This information is listed 

below. If you need additional information, please contact the Fund Office or your local 

U.S. Department of Labor. 

Plan Name 

Ironworkers Local Union No. 16 Pension Plan 

Plan Sponsor’s Name And Address 

Board of Trustees of the Ironworkers Local No. 16 Pension Plan 

c/o GEMGroup 

8600 La Salle Road 

Oxford Building, Suite 624 

Towson, MD 21286 

Plan Sponsor’s Employer Identification Number (EIN) 

52-6148924 

ERISA Plan Number 

001 

Plan Year 

January 1 to December 31 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 48

Type Of Plan 

Defined Benefit Pension Plan 

Plan Trustees 

A joint Board of Trustees, consisting of three Union representatives and three employer 

representatives, is the Plan Administrator. They are charged with the responsibility of 

carrying out the provisions of the Plan. 

In the discharge of its duties, the Board of Trustees is aided and advised by Legal 

Counsel, Actuary, Accountant and Investment Advisory Services, as well as 

Administrative personnel who are responsible for all Plan and Fund records and 

communications. 

Names, Titles and Addresses of Plan Trustees 

Union Trustees Management Trustees 

Tom Brune Jim Ayersman 

Will Beckman Joseph Hollar 

 Ron Mantegna 

Plan Administrator And Agent For Service Of Legal Process 

The Board of Trustees has been designated as the agent for the service of legal 

process. Service of legal process may be made upon each Plan Trustee or the Fund 

Office at the address shown on the cover of this booklet. 

The Board of Trustees controls and manages the Plan in its discretion. The Board of 

Trustees powers include the power, in its discretion, to: 

 Interpret the Plan, 

 Construe or apply any of the Plan's provisions and 

 Make all final determinations as to the rights of any person to benefits under the 

Plan. 

The Board of Trustees interpretations, constructions and applications of the Plan, and 

its determinations as to the rights of any person to benefits under the Plan, are 

conclusive and binding except as may otherwise be provided by applicable law. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 49

In the exercise of its powers, the Board of Trustees may appoint one or more entities to 

administer benefit claims and payments made under the Plan. The Trustees have 

contracted the day-to-day business operation of the Plan to: 

 GEMGroup 

 1200 Three Gateway Center 

 Pittsburgh, PA 15222 

 1-800-242-8923

Funding 

All contributions to the Plan are made by employers in accordance with their collective 

bargaining agreements with the Union. The collective bargaining agreements require 

contributions to the Plan at fixed rates. A participant may request, in writing, to examine 

any of these agreements at the Fund Office or to obtain a copy of any of these 

agreements. 

Benefits are provided from the Fund’s assets, which are accumulated under the 

provisions of the collective bargaining agreement and the trust agreement and held in a 

trust fund for the purpose of providing benefits to covered Participants and defraying 

reasonable administrative expenses. Assets of the Fund are managed under authority 

of the Board of Trustees. 

Participating Employers and Unions

A complete list of employers and employee organizations sponsoring the Plan may be 

obtained upon written request to the Fund Office. 

Statement Of ERISA Rights 

As a participant in the Ironworkers Local Union No. 16 Pension Plan, you are entitled to 

certain rights and protections under the Employee Retirement Income Security Act of 

1974 (ERISA). ERISA provides that all Plan participants shall be entitled to: 

Receive Information About Your Plan and Benefits 

 Examine, without charge, at the Plan Administrator's office and at other specified 

locations such as employer offices or union halls, all documents governing the Plan, 

including insurance contracts and collective bargaining agreements, and a copy of 

the latest annual report (Form 5500 Series) filed by the Plan with the U.S. 

Department of Labor and available at the Public Disclosure Room of the Employee 

Benefits Security Administration. 

 Obtain, upon written request to the Plan Administrator, copies of documents 

governing the operation of the Plan, including insurance contracts and collective 

bargaining agreements, and copies of the latest annual report (Form 5500 Series) 

and updated Summary Plan Description. The Administrator may make a reasonable 

charge for the copies. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 50

 Receive a summary of the Plan's annual financial report. The Plan Administrator is 

required by law to furnish each participant with a copy of this summary annual 

report. 

 Obtain a statement telling you whether you have a right to receive a pension at 

normal retirement age (age 65) and if so, what your benefits would be at normal 

retirement age if you stop working under the Plan now. If you do not have a right to a 

pension, the statement will tell you how many more years you have to work to get a 

right to a pension. This statement must be requested in writing and is not required to 

be given more than once every twelve (12) months. The Plan must provide the 

statement free of charge. 

Prudent Actions by Plan Fiduciaries 

In addition to creating rights for Plan participants ERISA imposes duties upon the 

people who are responsible for the operation of the employee benefit Plan. The people 

who operate your Plan, called ”fiduciaries” of the Plan, have a duty to do so prudently 

and in the interest of you and other Plan participants and beneficiaries. No one, 

including your employer, your union, or any other person, may fire you or otherwise 

discriminate against you in any way to prevent you from obtaining a pension benefit or 

exercising your rights under ERISA. 

Enforce Your Rights 

If your claim for a pension benefit is denied or ignored, in whole or in part, you have a 

right to know why this was done, to obtain copies of documents relating to the decision 

without charge, and to appeal any denial, all within certain time schedules. 

Under ERISA, there are steps you can take to enforce your rights. For instance, if you 

request materials and do not receive them for 30 days, you may file suit in a federal 

court. In such a case, the court may require the Plan Administrator to provide the 

materials and pay you up to $110 a day until you receive the materials, unless the 

materials were not sent because of reasons beyond the control of the administrator. If 

you have a claim for benefits, which is denied or ignored, in whole or in part, you may 

file suit in a state or federal court. In addition, if you disagree with the Plan's decision or 

lack thereof concerning the qualified status of a domestic relations order or a medical 

child support order, you may file suit in Federal court. If it should happen that Plan 

fiduciaries misuse the Plan’s money, or if you are discriminated against for asserting 

your rights, you may seek assistance from the U.S. Department of Labor, or you may 

file suit in a federal court. The court will decide who should pay court costs and legal 

fees. If you are successful the court may order the person you have sued to pay these 

costs and fees. If you lose, the court may order you to pay these costs and fees, for 

example, if it finds your claim is frivolous. 

Assistance with Your Questions 

If you have any questions about your Plan, you should contact the Plan Administrator. If 

you have any questions about this statement or about your rights under ERISA or if you 

need assistance in obtaining documents from the Plan Administrator, you should 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 51

contact the nearest office of the Employee Benefits Security Administration, U.S. 

Department of Labor, listed in your telephone directory or the Division of Technical 

Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department 

of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. You may also obtain 

certain publications about your rights and responsibilities under ERISA by calling the 

publications hotline of the Employee Benefits Security Administration. For single copies 

of publications, contact the Employee Benefits Security Administration Brochure 

Request Line at 1-800-998-7542 or contact the EBSA field office nearest you. 

You may find answers to your plan questions at the website of the EBSA at 

www.dol.gov/ebsa/aboutebsa/org_chart.html. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 52

Appendix A 

Benefit Levels 1997 - 2008 

Following is a summary of benefit levels used to calculate pension benefits for different 

periods of retirement. All payments are distributed proportionately between retirees and 

Alternate payees (unless a certified court order, QDRO, provides differently) and 

between joint beneficiaries. 

The following chart provides the various amounts used to calculate your pension 

benefit, base on the date you retire, providing you have earned sufficient credit to be 

entitled to the benefit amount. To be entitled to a benefit amount in this chart you must 

have earned at least one quarter service credit in the year immediately preceding the 

year in the first column or have earned at least one full year service credit in or after the 

year in the first column. You will be entitled to the highest benefit amount for which you 

qualify. 

If you retired on or 

After... 

Date Retired is on or 

Before... 

Benefit for all Service 

Credits Through 25 

Benefit for all Service 

Credits in Excess of 25 

January 1, 1997 December 31, 1997 $69.50 $69.50 

January 1, 1998 December 31, 1998 $75.00 $100.00 

October 1, 1999 December 31, 1999 $79.00 $104.00 

January 1, 2000 December 31, 2000 $85.00 $113.30 

January 1, 2001 December 31, 2001 $86.00 $114.30 

January 1, 2003 December 31, 2003 $87.00 $116.00 

January 1, 2006 December 31, 2007 $87.00 for credits 

earned through 

December 31, 2005 

$94.00 for credits 

earned after January 1, 

2006 

$116 for credits earned 

through December 31, 

2005 

$125.33 for credits 

earned on or after 

January 1, 2006 

January 1, 2008 No date applicable $90.00 for credits 

earned through 

December 31, 2005 

$94.00 for credits 

earned after January 1, 

2006 

$120 for credits earned 

through December 31, 

2005 

$125.33 for credits 

earned on or after 

January 1, 2006 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 53

Appendix B 

Disability Pension 

In order to eligible to apply for a Disability Pension, you must meet specific eligibility 

requirements. 

Special Rules for Disability Pension 

 You must be permanently and totally disabled. To be determined permanently and 

totally disabled, you must: be unable to work, due to a physical or mental condition, 

in any gainful employment, which you may be capable of performing and 

 You must apply for and be awarded disability benefits from the Social Security 

Administration. 

 You are not eligible for a disability pension if your disability is the result of: 

□ Chronic alcoholism or addiction to narcotics 

□ Felonious criminal conduct 

□ A self-inflicted injury 

 Generally, benefits begin the first day of the month following the date that your 

Disability Pension application is approved by the Trustees, but no earlier than the 

date of entitlement of Social Security Disability benefits as determined by the Social 

Security Administration. 

 If there is a delay in the Social Security determination, payment of your disability 

benefit may be retroactive for up to six months. 

Benefits are not payable if: 

 You are receiving any disability benefit from the Ironworkers Local Union No. 16 

Health Fund. 

 You are not considered permanently and totally disabled if the Social Security 

Administration determines the disability or benefit to which you are entitled is not 

permanent or is for a limited period of time. 

 If your disability ceases to be permanent and total before you attain age 65, your 

disability pension benefit will terminate on the first day if the month following the end 

of your disability. 

 If, based on medical evidence, it is determined by the Trustees that you are 

recovered enough to return to any gainful employment 

 If you return to any gainful employment except employment approved by the 

Trustees as being for the purpose of rehabilitation. 

 If you refuse to undergo a required medical examination 

If your Disability Pension is terminated, you may: 

 Return to Covered Employment 

 If, you are eligible, apply for Early or Normal pension benefits. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 54

Alternative Disability Pension 

If you are not awarded Social Security Disability benefits you may apply to the Trustees 

to have your disability evaluated for an Alternative Disability Pension. To be eligible to 

make application, you must: 

 Be at least 50 years of age and have 15 or more Service Credits 

 Provide evidence that your application for Social Security Disability benefits and all 

subsequent levels of appeal have been denied by the Social Security Administration 

Forms of Payment 

If you are approved for a Disability Pension or an Alternative Disability Pension, your 

benefit can be paid under the following forms: 

 Husband-and-Wife. This form of payment will automatically be paid to you if you 

are married. In order to elect a different option, your spouse must complete and 

return a notarized consent rejecting this form of payment. Please see page 26 for a 

description of the benefit. 

 Single Life Pension with 60-month Guarantee. This form of payment is the 

normal benefit if you are single. It is also an optional form of payment if you are 

married and your spouse has consented to a form of payment other than Husbandand-Wife. Please see page 27 for a description of the benefit.

 100%, 75% or 50% J&S Annuity Options. You may elect this form of payment if 

you are single or are married and your spouse has consented to a form of payment 

other than Husband-and-Wife. Please see page 28 for a description of the benefit.

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 55

Appendix C 

Benefit Increases 1995 – 2008 

If you retired... Enhancement Effective Date 

Before 1996 $20 per month benefit increase January 1, 1996 

Between January 1 and 

December 31, 1996 

$50 per month benefit increase January 1, 1996 

Before January 1, 2000 Benefit increase equaling the greater of 1⁄2 % (0.05%) or $5 January 1, 1999 

Before January 1, 2003 Benefit increase equaling the greater of 1% (1%) or $10 January 1, 2002 

Before January 1, 2008 One additional benefit payment per year (paid in January) 

in the amount of your monthly benefit payment or $1,000, 

whichever is greater. (This benefit payment is divided pro 

rata between a Participant and an Alternate Payee under a 

qualified domestic relations order.) 

For participants 

who were retired or 

will retire on or after 

January 1, 1999, 

with first payment 

due in January 

following the year of 

retirement 

Between January 1, 2008 

and December 31, 2009 

One additional benefit payment per year (paid in January) 

in the amount of your monthly benefit payment. (This 

benefit payment is divided pro rata between a Participant 

and an Alternate Payee under a qualified domestic 

relations order.) 

For participants 

retiring on or after 

January 1, 2008, 

with first payment 

due in January 

following the year of 

retirement 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 56

Appendix D 

Rules Affecting Service Years and Service Credits 

Vesting Service 

When you are vested, you have earned a non-forfeitable right to a pension benefit even 

if you leave Covered Employment before you retire. You are vested when you 

complete: 

 10 years of Vesting Service before January 1, 1989 or 

 5 years of Vesting Service at any time on or after January 1, 1989 

You receive one year of Vesting Service for each calendar year of Covered 

Employment: 

 On or after January 1, 1976 during which you work at least 1,000 hours or 

 Before January 1, 1976 during which you earned a year of Service Credit. 

Temporary Break In Service 

If you are not vested, it is possible to lose your Service Credits and Vesting Service: 

 You incur a ONE-YEAR BREAK IN SERVICE if you fail to work: 

o 500 hours in Covered Employment in any calendar year prior to January 

1, 1993. 

o 262.5 hours in Covered Employment in any calendar year between 

January 1, 1993 and December 31, 2007. 

o 300 hours in Covered Employment in any calendar year after December 

31, 2007. 

Repair of Temporary Break in Service 

If: 

 After a Temporary Break in Service and 

 Before any PERMANENT BREAK IN SERVICE 

You worked at least the minimum hours set forth above (currently 300 hours) in 

Covered Employment in a calendar year to avoid a One-Year Break in Service. If you 

work the minimum number of necessary hours before a Permanent Break, all of your 

earlier years of Vesting Service and Service Credit will be restored. 

Permanent Break in Service 

 If you are vested, you cannot lose your earlier Service Credits or Vesting Service. 

 If you are not vested and you experience a permanent break in service, any earlier 

years of Vesting Service and Service Credits will be forfeited according to the 

following rules: 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 57

Before 1976 

If you did not earn at least one-quarter (1/4) of a Service Credit in eight consecutive 

quarters, you were charged with a permanent break in service. 

After December 31, 1975 but before January 1, 1985 

Under the provisions of the Pension Plan that was in effect between January 1976 and 

December 1984, you suffered a Permanent Break in Service if you had less than 10 

Years of Vesting Service and you had a series of Break Years for a period longer than 

the amount of your accumulated Years of Vesting Service. 

Examples of Permanent Breaks in Service after December 31, 1975 

but before January 1, 1985 

If you had: 

You will have a Permanent Break in Service if you did not work in 

Covered Employment and earned no Vesting Service for longer than: 

1 Year of Vesting Service 1 year 

2 Years of Vesting Service 2 consecutive years 

3 Years of Vesting Service 3 consecutive years 

4 Years of Vesting Service 4 consecutive years 

5 Years of Vesting Service 5 consecutive years 

6 Years of Vesting Service 6 consecutive years 

7 Years of Vesting Service 7 consecutive years 

8 Years of Vesting Service 8 consecutive years 

9 Years of Vesting Service 9 consecutive years 

The current provisions of the Pension Plan do not change the old rules for individuals 

who had a permanent break before January 1, 1985. Should you incur a Permanent 

Break in Service, credit under this Plan will only be counted from the time you returned 

to work after your Permanent Break in Service. 

After December 31, 1984 

Under the provisions of the Pension Plan that was in effect after December 31, 1984, 

you were charged with a Permanent Break in Service: 

 If you had less than 10 Years of Vesting Service (5 years after December 31, 1989), 

and 

 You have a series of Break Years for a period longer than the greater of 

□ (1) five years, or 

□ (2) the amount of your accumulated Years of Vesting Service prior to your Break 

in Service. 

Examples of Permanent Breaks in Service after December 31, 1984 

but before January 1, 1989 

If you had: 

You will have a Permanent Break in Service if you did not work in 

Covered Employment and earned no Vesting Service for longer than: 

1 Year of Vesting Service 5 consecutive years 

2 Years of Vesting Service 5 consecutive years 

3 Years of Vesting Service 5 consecutive years 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRONWORKERS LOCAL NO. 16 

PENSION FUND 

IRONWORKERS LOCAL NO. 16 PENSION FUND 

SUMMARY PLAN DESCRIPTION Page 58

4 Years of Vesting Service 5 consecutive years 

5 Years of Vesting Service 5 consecutive years 

6 Years of Vesting Service 6 consecutive years 

7 Years of Vesting Service 7 consecutive years 

8 Years of Vesting Service 8 consecutive years 

9 Years of Vesting Service 9 consecutive years 

For example: If you had earned three (3) years of Vesting Service when you left and 

did not work in Covered Employment for a period of four (4) consecutive years. When 

you return to Covered Employment, you would not lose your Vesting Service or Your 

Service Credits accumulated during the four years you were gone. 

However, if you had been gone for six (6) consecutive years before you returned to 

Covered Employment, you lose any earned Vesting Service and Service Credits. 

Examples of Permanent Breaks in Service after December 31, 1988 

If you had: 

You will have a Permanent Break in Service if you did not work in 

Covered Employment and earned no Vesting Service for longer than: 

1 Year of Vesting Service 5 consecutive years 

2 Years of Vesting Service 5 consecutive years 

3 Years of Vesting Service 5 consecutive years 

4 Years of Vesting Service 5 consecutive years 

5 Years of Vesting Service You are vested and cannot lose your Vesting Service 

180185_1 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06c (Checklist Item #37) 

 Summary Plan Description
IRON WORKERS LOCAL NO. 16 PENSION FUND 

Fund Office: GEMGroup, Administrator, Oxford Building, Suite 624, 8600 LaSalle Road, Towson, MD 21286 

Phone: (410) 828-5282 / Fax: (410) 828-5464

December 15, 2010 

NAME 

STREET 

CITY STATE ZIP 

Notice of Plan Amendment 

Including Reduction in Future Benefit Accruals 

Effective January 1, 2011 the Ironworkers Local Union No. 16 Pension Plan 

(“Pension Plan”) has been amended by the Board of Trustees. This amendment will result in 

a reduction of future benefit accruals and the elimination of future accruals toward the lump 

sum option. This amendment was necessary due to the financial condition of the Plan which 

has seen its assets substantially decease and its unfunded liabilities increase, primarily as a 

result of the poor investment environment that has resulted in significantly lower investment 

returns than assumed by the Pension Plan in projecting its funding needs. As you are 

probably well aware, the stock market in 2008 had its worst single year of performance since 1932. 

The broad domestic market was down by 37% in 2008, a decline that came on the heels of three 

consecutive negative years from 2000 through 2002. Contributing to the Pension Plan’s financial 

problems has been the poor economy that has resulted in a substantial decrease in reported 

hours to the Pension Plan due to high unemployment and underemployment in Local 16’s 

jurisdiction. 

The Pension Protection Act of 2006 ("PPA") amended the Internal Revenue Code 

(“Code”) and the Employee Retirement Income Security Act (“ERISA”) to establish new 

funding requirements for multiemployer defined benefit retirement funds like the Pension 

Plan. Under these new funding rules, the Pension Plan’s actuary certified that the Fund is in 

“seriously endangered” status under the new funding rules for the plan year beginning 

January 1, 2010. 

 In response to being in seriously endangered status, the Board of Trustees adopted a 

Funding Improvement Plan as required by the Code and ERISA. The Funding Improvement 

Plan combines benefit adjustments and increased contribution rates in order to permit the Fund to 

emerge from seriously endangered status within the timeframes provided under the Code and 

ERISA. 

 The Trustees are required by law to manage the Pension Plan in such a way as to ensure 

that it can meet the promises that it has made to all of its participants and beneficiaries. The only 

way to do this is to trim benefit obligations and increase revenues to try to get the Pension Plan’s 

assets back in line with its long term obligations. The Trustees understand that this is difficult for 

all Participants and it is not something that they do lightly. However, some benefit changes are 

necessary in order to get the Pension Plan back on sound footing. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06d (Checklist Item #37) 

 Summaries of Material Modifications (ERISA 204h Notices)
Plan Changes Effective January 1, 2011: 

1. Reduction in the Dollar Value of Credit Earned in Excess of 25 Years of Service. 

Participants who earn Service Credit in excess of 25 years on or after January 1, 2011 shall 

have their monthly Normal Pension Benefit calculated by granting a dollar amount of $94 

for each Service Credit, or portion thereof, greater than 25 earned on or after January 1, 

2011. Accordingly, service credit earned on or after January 1, 2011, before or after 25 

years of service will now be multiplied by the same dollar amount - $94. Credit earned in 

excess of 25 years of service prior to January 1, 2011, will have applied the same dollar 

amount multiplier previously in effect. For example, Service Credit earned on or after 

January 1, 2006 but prior to January 1, 2011 will be calculated at $125.33 per year of credit 

providing the Participant earned at least a quarter Service Credit immediately prior to 

January 1, 2006 or a full year of Service Credit on or after January 1, 2006.

2. Earning Future Service Credit After December 31, 2010 

For Plan Years beginning January 1, 2008, a Participant will be credited with one Future 

Service Credit if he or she works in Covered Employment for 1400 hours or more in a 

calendar year. This is increased from 1200 hours that was required to earn one Future 

Service Credit prior to January 1, 2011 (and after December 31, 2007). The amendment 

also provides that in each calendar year a Participant is in Covered Employment for less 

than 1400 hours, the Participant shall earn partial Service Credit on the following basis: 

NEW HOURS 

1000 - 1399 hours .......................................................... three quarters 

700 - 999 hours .............................................................. two quarters 

500 - 699 hours .............................................................. one quarter 

Less than 500 hours ....................................................... no quarters 

3. Elimination of Lump Sum Option for Future Service Credits 

The pension benefit earned for Service Credit in excess of 25 years of service on or after 

January 1, 2011 will no longer be eligible for the lump sum option. Notwithstanding the 

change for future accruals, at a Participant’s option, the pension benefit earned for Service 

Credit in excess of 25 years of service prior to January 1, 2011 may still be taken as a lump 

sum. 

For More Information: 

If you have any questions about this notice or need more information please contact the Fund 

Office--GEMGroup, 8600 LaSalle Road, Oxford Building, Suite 624, Towson, MD 21286, 

telephone (410) 828-5282. 

 

The Board of Trustees of the 

Ironworkers Local No. 16 Pension Fund 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06d (Checklist Item #37) 

 Summaries of Material Modifications (ERISA 204h Notices)
IRON WORKERS LOCAL NO. 16 PENSION FUND 

Fund Office: GEMGroup, Administrator, Oxford Building, Suite 624, 8600 LaSalle Road, Towson, MD 21286 

Phone: (410) 828-5282 / Fax: (410) 828-5464 

Notice of Plan Amendment Including Reduction in Future Benefit Accruals 

Effective June 1, 2012 the Ironworkers Local Union No. 16 Pension Plan (“Pension 

Plan”) has been amended by the Board of Trustees. This amendment will result in a 

reduction of future benefit accruals and the elimination of certain “adjustable benefits” under 

the Pension Protection Act of 2006. This amendment was necessary due to the financial 

condition of the Plan which has seen its assets substantially decease and its unfunded 

liabilities increase, primarily as a result of the poor investment environment that has resulted 

in lower investment returns than assumed by the Pension Plan in projecting its funding 

needs. Contributing to the Pension Plan’s financial problems has been the poor economy that has 

resulted in a substantial decrease in reported hours to the Pension Plan due to high 

unemployment and underemployment in Local 16’s jurisdiction. 

The Pension Protection Act of 2006 amended the Internal Revenue Code (“Code”) 

and the Employee Retirement Income Security Act (“ERISA”) to establish new funding 

requirements for multiemployer defined benefit retirement funds like the Pension Plan. 

Under these new funding rules, the Pension Plan’s actuary certified that the Fund is in 

“critical” status under the new funding rules for the plan year beginning January 1, 2012. 

 In response to being in critical status, the Board of Trustees adopted a Rehabilitation Plan 

as required by the Code and ERISA. The Rehabilitation Plan combines benefit adjustments and 

increased contribution rates in order to permit the Fund to emerge from critical status within the 

timeframes provided under the Code and ERISA. 

 The Trustees are required by law to manage the Pension Plan in such a way as to ensure 

that it can meet the promises that it has made to all of its participants and beneficiaries. The only 

way to do this is to trim benefit obligations and increase revenues to try to get the Pension Plan’s 

assets back in line with its long term obligations. The Trustees understand that this is difficult for 

all Participants and it is not something that they do lightly. However, some benefit changes are 

necessary in order to get the Pension Plan back on sound footing. 

Plan Changes Effective June 1, 2012: 

1. Reduction in the Dollar Value of Credit Earned prior to January 1, 2006. The 

Plan was amended effective January 1, 2008 to increase the applicable Dollar Amount 

for Service Credits earned prior to January 1, 2006 as follows:

a. From $87 to $90 for Service Credits up to 25 years, and 

b. From $116 to $120 for Service Credits in excess of 25 years.

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06d (Checklist Item #37) 

 Summaries of Material Modifications (ERISA 204h Notices)
2

Effective June 1, 2012, this benefit increase is being rescinded in accordance with 

Section 432(e)(8)(A)(iv)(II) of the Internal Revenue Code and Section 

305(e)(8)(A)(iv)(III) of ERISA. For any Participant who earned Service Credits prior 

to January 1, 2006 – including Pensioners and Beneficiaries who became such 

between January 1, 2008 and June 1, 2012 – their benefit will be recalculated as if the 

benefit improvement never occurred. The amendment only applied to Pensioners who 

retired on or after January 1, 2008. Therefore only those Participants, and their 

Beneficiaries, will be affected by the rescission of this amendment and only future 

benefit payments made on or after June 1, 2012 will be affected. 

By way of example, suppose that you earned 27 Service Credits as of January 1, 

2006. The monthly amount of your Normal Pension will be reduced by $83.00, as 

shown below. 

 Per the 

Amendment 

Adjustment due 

to rescission of 

Amendment 

i. Service Credits as of January 1, 2006, 

maximum 25 

25 25

ii. Applicable Dollar Amount $90.00 $87.00

iii. Service Credits as of January 1, 2006 in 

excess of 25 

2 2

iv. Applicable Dollar Amount $120.00 $116.00

v. Normal Pension for Service Credits as of 

January 1, 2006: (i) x (ii) + (iii) x (iv) 

$2,490.00 $2,407.00

2. Reduction in the Dollar Value of Credit Earned after June 1, 2012. The applicable 

Dollar Amount for Service Credits earned after June 1, 2012 is being reduced from $94 to 

$88.50. The applicable Dollar Amounts for active Participants are summarized below:

For Service Credits Earned... Dollar Amount 

(prior to 

amendment) 

Dollar Amount 

(after 

amendment) 

Prior to January 1, 2006: 

- Up to 25 years 

- In excess of 25 years 

$90.00 

$120.00 

$87.00

$116.00

January 1, 2006 to December 31, 2010 

- Up to 25 years 

- In excess of 25 years 

$94.00 

$125.33 

$94.00

$125.33

January 1, 2011 to May 31, 2012 $94.00 $94.00

After June 1, 2012 $94.00 $88.50

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06d (Checklist Item #37) 

 Summaries of Material Modifications (ERISA 204h Notices)
3

3. Change in Eligibility for Service Pension After June 1, 2012 

The Plan currently provides that Participants who earned at least one hour of Service Credit 

prior to September 1, 2004 are eligible to retire with a Service Pension when they earn at 

least twenty five (25) Service Credits. Participants who did not earn at least one hour of 

Service Credit prior to September 1, 2004 are eligible to retire with a Service Pension when 

they reach age fifty (50) and earn at least thirty (30) Service Credits. 

Effective June 1, 2012, the Plan is being changed to provide that Participants are eligible to 

retire with a Service Pension when they reach age fifty-five (55) and earn at least thirty (30) 

Service Credits. 

There is one exception to this new rule. Any Participant who earned at least one hour of 

Service Credit prior to September 1, 2004 and has earned at least twenty-five (25) Service 

Credits as of June 1, 2012 will continue to be eligible for a Service Pension under the rules 

in effect prior to June 1, 2012. 

4. Elimination of the 13th Check for Participants who retired between January 1, 

2008 and December 31, 2009 

The Plan was amended effective January 1, 2008 and again effective January 1, 2009 

to provide a thirteenth benefit payment to individuals who first became a Pensioner or 

Beneficiary in 2008 or 2009. Effective June 1, 2012, the Trustees have amended the 

Plan, in accordance with Section 432(e)(8)(A)(iv)(II) of the Internal Revenue Code 

and Section 305(e)(8)(A)(iv)(III) of ERISA, to eliminate the 13th check with no 

thirteenth benefit payment made to these Pensioners and Beneficiaries after the 

January 2013 payment. In addition, any additional thirteenth payment made after 

June 1, 2012 for this group of Pensioners and Beneficiaries (the January 2013 

payment) shall be capped. The benefit payment shall be the amount of the normal 

monthly benefit, not to exceed $1,000. 

Pensioners and Beneficiaries who began receiving pension payments from the Fund 

prior to 2008 will continue to receive a 13th check without any change in the amount 

of this check. 

5. Normal Form of Benefit 

The Plan currently provides that, if an unmarried Participant dies within five years of 

the date on which his or her pension begins, the monthly pension benefit will continue 

to his or her beneficiary for the balance of five years. This normal form of payment is 

referred to as a “Single Life Pension with a Sixty (60) Month Guarantee”. 

Effective June 1, 2012, the normal form of payment for unmarried Participants is 

being changed from a Single Life Pension with a Sixty (60) Month Guarantee to a 

Single Life Pension (without any guaranteed payments). Under this form of annuity, 

monthly payments cease at the Participant’s death, and no benefits are payable to a 

Beneficiary after the Participant’s death (regardless of when the Participant dies). 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06d (Checklist Item #37) 

 Summaries of Material Modifications (ERISA 204h Notices)
4

The pension benefits payable under the Plan’s optional forms of payment (including 

the 100%, 75%, and 50% Joint and Survivor Pensions) are also changing effective 

June 1, 2012. These optional forms of payment are currently determined to be 

actuarially equivalent to the Single Life Pension with a Sixty (60) Month Guarantee. 

Effective June 1, 2012, these forms of payment will be actuarially equivalent to the 

Single Life Pension (without any guaranteed payments). 

The Plan will offer a Single Life Pension with a Sixty (60) Month Guarantee as an 

optional form of payment. 

6. Monthly Benefit With a Lump Sum Option 

Effective for individuals who retire on or after March 31, 2012, the option to receive 

any portion of their pension benefit in the form of a lump sum will no longer be 

offered by the Plan. Prior to this change, a Participant could elect to receive the 

portion (either 100% or 50%) of their pension benefit attributable to Service Credit in 

excess of 25 years earned prior to January 1, 2011 in the form of a lump sum. 

For More Information: 

The Trustees are furnishing this notice in accordance with Section 204(h) of ERISA and related 

regulations. If you have any questions about this notice or need more information please 

contact the Fund Office at GEMGroup, Oxford Building, Suite 624, 8600 LaSalle Road, 

Towson, MD 21286, 410-828-5282. 

 

 

The Board of Trustees Ironworkers Local 

Union No. 16 Pension Plan

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06d (Checklist Item #37) 

 Summaries of Material Modifications (ERISA 204h Notices)
IRON WORKERS LOCAL NO. 16 PENSION FUND 

Fund Office: GEMGroup, Administrator, Oxford Building, Suite 624, 8600 LaSalle Road, Towson, MD 21286 

Phone: (410) 828-5282 / Fax: (410) 828-5464

NAME 

STREET 

CITY STATE ZIP 

Notice of Plan Amendment Reducing Future Benefits 

Effective January 1, 2014 the Ironworkers Local Union No. 16 Pension Plan (“Pension 

Plan”) has been amended by the Board of Trustees. This amendment will result in a 

reduction of future benefits and the reduction of certain “adjustable benefits” under the 

Pension Protection Act of 2006 (PPA). This amendment was necessary due to the financial 

condition of the Pension Plan which has seen its unfunded liabilities increase, primarily as a 

result of the poor investment environment. Contributing to the Pension Plan’s financial 

problems has been the poor economy that has resulted in a substantial decrease in reported 

hours to the Pension Plan due to high unemployment and underemployment in Local 16’s 

jurisdiction. Given the extent of the underfunding of the Plan, the Trustees are legally 

required under federal law to take action, including, where necessary, reducing benefits, to 

improve the financial condition of the Plan. 

In 2012, the Board of Trustees adopted a Rehabilitation Plan that combined benefit adjustments 

and increased contribution rates that were designed to permit the Pension Plan to emerge from 

critical status within the timeframes provided under the Internal Revenue Code and the 

Employee Retirement Income Security Act (ERISA). Each year the Pension Plan’s Actuary 

reviews and certifies the status of the Pension Plan under the PPA funding rules and whether 

the Fund is making the scheduled progress toward emerging from critical status within the 

timeframes provided under the Code and ERISA. If the Board of Trustees determines that it is 

necessary in light of updated information, they are required to revise the Rehabilitation Plan 

and the schedules. 

On March 29, 2013, the Pension Plan’s Actuary certified that the Pension Plan was in critical 

status for the plan year beginning January 1, 2013. In connection with this certification, the 

Pension Plan’s Actuary also certified that, due to lower-than-expected employment 

opportunities and contributions payable to the Pension Plan, the Pension Plan is not currently 

making scheduled progress in meeting the requirements of its Rehabilitation Plan because the 

Pension Plan was not projected to emerge from critical status by December 31, 2022. 

Accordingly, the Board of Trustees has taken action to update the Rehabilitation Plan which 

includes a combination of contribution rate increases and additional benefit reductions. 

The Board of Trustees are required by law to manage the Pension Plan in such a way as to ensure 

that it can meet the promises that it has made to all of its participants and beneficiaries. The only 

way to do this is to trim benefit obligations and increase revenues to try to get the Pension Plan’s 

assets back in line with its long term obligations. The Trustees understand that this is difficult for 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06d (Checklist Item #37) 

 Summaries of Material Modifications (ERISA 204h Notices)
all Participants and it is not something that they do lightly. However, some benefit changes are 

necessary in order to get the Pension Plan back on sound footing. These changes are in addition to 

changes made in June 2012. 

Plan Changes Effective January 1, 2014: 

1. Reduction in the Amount of the Service Pension For Participants Who Retire on 

or After January 1, 2014 and Are Under Age 57 

The Pension Plan currently provides that Participants are eligible to retire with a Service 

Pension when they reach age fifty-five (55) and earn at least thirty (30) Service Credits. 

Effective January 1, 2014, the Pension Plan is being changed to provide a reduction in the 

Service Pension for Participants who retire prior to age fifty-seven (57). The reduction will 

be one-half of one percent (1⁄2) for each month (6% per year) that retirement precedes age 

57. 

For example, suppose that you elect to retire at age 55 and you have earned 30 Service 

Credits. Your monthly pension benefit, payable for your life, would be determined as 

follows: 

Prior to 

Amendment 

After 

Amendment

(1) Normal Pension $2,700.00 $2,700.00

(2) Percentage reduction: 0.5% x 24 months N/A 12.0%

(3) Monthly reduction: (1) x (2) $0.00 $324.00

(4) Service Pension: (1) – (3) $2,700.00 $2,376.00

If you wait and retire at age 57 you will get the full Normal Pension amount that you would 

have received, prior to the amendment, at age 55. Therefore, under the above example, if 

you retire at age 57, you will receive $2,700 per month. 

There continues to be one exception to this rule. Any Participant who earned at least one 

hour of Service Credit prior to September 1, 2004 and who earned at least twenty-five (25) 

Service Credits as of June 1, 2012 will continue to be eligible for a Service Pension under 

the rules in effect prior to June 1, 2012. 

2. Elimination of the Disability Pension After January 1, 2014 

The Pension Plan currently provides a Regular Disability Pension benefit to 

Participants who are totally and permanently disabled and qualify for a Social 

Security Disability Benefit, and an Alternative Disability Pension to Participants who 

may not qualify for a Social Security Disability Benefit, but who, at the Board of 

Trustees’ discretion, are unable to continue working in Covered Employment or in 

any other gainful employment. The Pension Plan requires that a disabled participant 

have earned at least fifteen (15) Service Credits, and have worked in Covered 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06d (Checklist Item #37) 

 Summaries of Material Modifications (ERISA 204h Notices)
Employment for at least 1,000 hours within the 24-month period preceding the date 

that the Participant became totally and permanently disabled. 

Effective January 1, 2014, the Pension Plan is being changed to eliminate both the 

Regular and Alternative Disability Pension Benefits. If, however, a Participant 

satisfies the eligibility requirements for either a Regular or Alternative Disability 

Pension benefit on or before December 31, 2013, then he or she will be eligible to 

receive a Disability Pension benefit under the rules in effect prior to January 1, 2014. 

Participants who began receiving a Disability Pension benefit prior to 2014 will 

continue to receive their pension benefit without any changes. 

For More Information: 

The Board of Trustees are furnishing this notice in accordance with Sections 204(h) and 

305(e)(8)(C) of ERISA and related regulations. It also constitutes a summary of material 

modifications of the Plan. If you have any questions about this notice or need more 

information please contact the Fund Office at GEMGroup, Oxford Building, Suite 624, 8600 

LaSalle Road, Towson, MD 21286, 410-828-5282. 

If you have any questions about this statement or about your rights under ERISA, or if you need 

assistance in obtaining documents from the Plan Administrator, you may contact the nearest 

office of the Employee Benefits Security Administration (“EBSA”), U.S. Department of Labor, 

listed in your telephone directory or the Division of Technical Assistance and Inquiries, 

Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Ave., 

N.W., Washington, DC 20210. You can also obtain information on the EBSA's website at: 

www.askebsa.dol.gov. You may also obtain certain publications about your rights and 

responsibilities under ERISA by calling the agency’s publications hotline at 1-866-444-EBSA 

[3272]. If you contact the Department of Labor you may need the Plan’s Employer 

Identification Number (EIN), which is 52-6148924, and the Plan Number, which is 001. 

Statement of ERISA Rights for Participants and Beneficiaries 

Federal law requires that this Notice contain information as to the rights and remedies of 

Participants and Beneficiaries. You may also find a description of your rights and remedies in 

the Summary Plan Description. As a participant in the Ironworkers Local Union No. 16 Pension 

Plan, you are entitled to certain rights and protections under the Employee Retirement Income 

Security Act of 1974 (ERISA). ERISA provides that all Plan participants shall be entitled to: 

Receive Information about Your Plan and Benefits 

 Examine, without charge, at the Plan Administrator's office and at other specified 

locations such as employer offices or union halls, all documents governing the Plan, 

including insurance contracts and collective bargaining agreements, and a copy of the 

latest annual report (Form 5500 Series) filed by the Plan with the U.S. Department of 

Labor and available at the Public Disclosure Room of the Employee Benefits Security 

Administration. 

 Obtain, upon written request to the Plan Administrator, copies of documents governing 

the operation of the Plan, including insurance contracts and collective bargaining 

agreements, and copies of the latest annual report (Form 5500 Series) and updated 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06d (Checklist Item #37) 

 Summaries of Material Modifications (ERISA 204h Notices)
Summary Plan Description. The Administrator may make a reasonable charge for the 

copies. 

 Receive a summary of the Plan's annual financial report. The Plan Administrator is 

required by law to furnish each participant with a copy of this summary annual report. 

 Obtain a statement telling you whether you have a right to receive a pension at normal 

retirement age (age 65) and if so, what your benefits would be at normal retirement age if 

you stop working under the Plan now. If you do not have a right to a pension, the 

statement will tell you how many more years you have to work to get a right to a pension. 

This statement must be requested in writing and is not required to be given more than 

once every twelve (12) months. The Plan must provide the statement free of charge. 

Prudent Actions by Plan Fiduciaries 

In addition to creating rights for Plan participants ERISA imposes duties upon the people who 

are responsible for the operation of the employee benefit Plan. The people who operate your 

Plan, called ”fiduciaries” of the Plan, have a duty to do so prudently and in the interest of you 

and other Plan participants and beneficiaries. No one, including your employer, your union, or 

any other person, may fire you or otherwise discriminate against you in any way to prevent you 

from obtaining a pension benefit or exercising your rights under ERISA. 

Enforce Your Rights 

If your claim for a pension benefit is denied or ignored, in whole or in part, you have a right to 

know why this was done, to obtain copies of documents relating to the decision without charge, 

and to appeal any denial, all within certain time schedules. 

Under ERISA, there are steps you can take to enforce your rights. For instance, if you request 

materials and do not receive them for 30 days, you may file suit in a federal court. In such a case, 

the court may require the Plan Administrator to provide the materials and pay you up to $110 a 

day until you receive the materials, unless the materials were not sent because of reasons beyond 

the control of the administrator. If you have a claim for benefits, which is denied or ignored, in 

whole or in part, you may file suit in a state or federal court. In addition, if you disagree with the 

Plan's decision or lack thereof concerning the qualified status of a domestic relations order or a 

medical child support order, you may file suit in Federal court. If it should happen that Plan 

fiduciaries misuse the Plan’s money, or if you are discriminated against for asserting your rights, 

you may seek assistance from the U.S. Department of Labor, or you may file suit in a federal 

court. The court will decide who should pay court costs and legal fees. If you are successful the 

court may order the person you have sued to pay these costs and fees. If you lose, the court may 

order you to pay these costs and fees, for example, if it finds your claim is frivolous. 

 

The Board of Trustees Ironworkers Local 

Union No. 16 Pension Plan

Issued: December 2013 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06d (Checklist Item #37) 

 Summaries of Material Modifications (ERISA 204h Notices)
IRON WORKERS LOCAL NO. 16 PENSION FUND 

Fund Office: GEMGroup, Administrator, Oxford Building, Suite 624, 8600 LaSalle Road, Towson, MD 21286 

Phone: (410) 828-5282 / Fax: (410) 828-5464

May 28, 2014 

«AddressBlock» 

«AddressBlock» 

«AddressBlock» 

Notice of Plan Amendment Reducing Future Benefits 

Introduction 

The Ironworkers Local Union No. 16 Pension Plan (“Pension Plan”) has recently been 

amended by the Board of Trustees. One Plan change will take effect on July 1, 2014 and two 

others will be effective on January 1, 2015. This amendment will result in a reduction of 

future benefits and the reduction of certain “adjustable benefits” under the Pension 

Protection Act of 2006 (PPA). This amendment was necessary due to the financial condition 

of the Pension Plan which has seen its unfunded liabilities increase, primarily as a result of 

the poor investment environment. Contributing to the Pension Plan’s financial problems has 

been the poor economy that has resulted in a substantial decrease in reported hours to the 

Pension Plan due to high unemployment and underemployment in Local 16’s jurisdiction. 

Given the extent of the underfunding of the Plan, the Trustees are legally required under 

federal law to take action, including, where necessary, reducing benefits, to improve the 

financial condition of the Plan. 

In 2012, the Board of Trustees adopted a Rehabilitation Plan that combined benefit adjustments 

and increased contribution rates that were designed to permit the Pension Plan to emerge from 

critical status within the timeframes provided under the Internal Revenue Code and the 

Employee Retirement Income Security Act (ERISA). Each year the Pension Plan’s Actuary 

reviews and certifies the status of the Pension Plan under the PPA funding rules and whether 

the Fund is making the scheduled progress toward emerging from critical status within the 

timeframes provided under the Code and ERISA. If the Board of Trustees determines that it is 

necessary in light of updated information, they are required to revise the Rehabilitation Plan 

and the schedules. 

On March 28, 2014, the Pension Plan’s Actuary certified that the Pension Plan was in critical 

status for the plan year beginning January 1, 2014. After reviewing the current 

Rehabilitation Plan and future industry outlook, the Board of Trustees determined that it was 

necessary to update the Rehabilitation Plan with a combination of contribution rate increases 

and additional benefit reductions. 

The Board of Trustees are required by law to manage the Pension Plan in such a way as to ensure 

that it can meet the promises that it has made to all of its participants and beneficiaries. The only 

way to do this is to trim benefit obligations and increase revenues to try to get the Pension Plan’s 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06d (Checklist Item #37) 

 Summaries of Material Modifications (ERISA 204h Notices)
assets back in line with its long term obligations. The Trustees understand that this is difficult for 

all Participants and it is not something that they do lightly. However, some benefit changes are 

necessary in order to get the Pension Plan back on sound footing. These changes are in addition to 

changes made in June 2012 and January 2014 about which you previously received written notice 

from the Plan. 

Change Effective July 1, 2014: 

 Reduction in the Amount of the Service Pension For Participants Who Retire on 

or After July 1, 2014 and Are Under Age 60 

The Pension Plan currently provides that Participants are eligible to retire with a Service 

Pension when they reach age fifty-seven (57) and earn at least thirty (30) Service Credits. 

Participants who are between the ages of fifty-five (55) and fifty-seven (57) with at least 

thirty (30) Service Credits are currently eligible to retire with a Reduced Service Pension, 

with the reduction equal to one-half of one percent (1⁄2) for each month (6% per year) that 

retirement precedes age fifty-seven (57). 

Effective July 1, 2014, the Service Pension will be available for Participants when they 

reach age sixty (60) and earn at least thirty (30) Service Credits. Participants who retire on 

or after July 1, 2014 who are between the ages of fifty-five (55) and sixty (60) with at least 

thirty (30) Service Credits will be eligible to retire with a Reduced Service Pension, with the 

reduction equal to one-half of one percent (1⁄2%) for each month (6% per year) that 

retirement precedes age sixty (60). 

If you wish to receive your full Service Pension, but would like to stop working in 

Covered Employment prior to reaching age sixty (60), you may do so and wait and 

apply for your pension benefit at age sixty (60). As long as you earned the required 

thirty (30) years of service credit while you were working, you will receive your full 

Service Pension at age sixty (60), even though you may have stopped working earlier.

Here are some examples of how the reduction of benefits prior to age 60, as required under 

this recent Plan amendment, will affect the amount of a benefit. Suppose that you elect to 

retire and apply to receive your pension benefit beginning at age fifty-five (55) and you have 

earned thirty (30) Service Credits. Your monthly pension benefit, payable for your life, will 

be determined as follows: 

Prior to 

Amendment 

After 

Amendment

(1) Normal Pension $2,700.00 $2,700.00 

(2) Number of Months Early 24 60 

(3) Percentage reduction: 0.5% x (2) 12.0% 30.0% 

(4) Monthly reduction: (1) x (3) $324.00 $810.00 

(5) Service Pension: (1) – (4) $2,376.00 $1,890.00 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06d (Checklist Item #37) 

 Summaries of Material Modifications (ERISA 204h Notices)
Now, suppose that you elect to retire and apply to receive your pension benefit beginning at 

age fifty-seven (57) and you have earned thirty (30) Service Credits. Your monthly pension 

benefit, payable for your life, will be determined as follows: 

Prior to 

Amendment 

After Amendment

(1) Normal Pension $2,700.00 $2,700.00 

(2) Number of Months Early 0 36 

(3) Percentage reduction: 0.5% x (2) 0.0% 18.0% 

(4) Monthly reduction: (1) x (3) $0.00 $486.00 

(5) Service Pension: (1) – (4) $2,700.00 $2,214.00 

If you wait and retire at age sixty (60) you will be entitled to the Service Pension amount 

that you would have received, prior to the amendment, at age fifty-seven (57). Therefore, 

under the above examples, if you retire at age sixty (60), you will receive $2,700 per month. 

There continues to be one exception to this rule. Any Participant who earned at least one 

hour of Service Credit prior to September 1, 2004 and who earned at least twenty-five (25) 

Service Credits as of June 1, 2012 will continue to be eligible for a Service Pension under 

the rules in effect prior to June 1, 2012. 

Changes Effective January 1, 2015: 

 Reduction in the Dollar Value of Credit Earned after January 1, 2015. The 

applicable Dollar Amount for Service Credits earned after January 1, 2015 is being reduced 

from $88.50 to $50.00. The applicable Dollar Amounts are summarized below:

For Service Credits Earned... Dollar Amount 

(prior to amendment) 

Dollar Amount 

(after amendment) 

Prior to January 1, 2006: 

- Up to 25 years 

- In excess of 25 years 

$87.00 

$116.00 

$87.00 

$116.00 

January 1, 2006 to December 31, 2010 

- Up to 25 years 

- In excess of 25 years 

$94.00 

$125.33 

$94.00 

$125.33 

January 1, 2011 to May 31, 2012 $94.00 $94.00 

June 1, 2012 to December 31, 2014 $88.50 $88.50 

After January 1, 2015 $88.50 $50.00 

Please note that different Dollar Amounts apply for retirements prior to June 1, 2012. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06d (Checklist Item #37) 

 Summaries of Material Modifications (ERISA 204h Notices)
 Earning Future Service Credit After December 31, 2014 

For Plan Years beginning January 1, 2015, a Participant will be credited with one Future 

Service Credit if he or she works in Covered Employment for 1600 hours or more in a 

calendar year. This is increased from 1400 hours that was required to earn one Future 

Service Credit prior to January 1, 2015 (and after December 31, 2010). The amendment 

also increases the number of hours necessary to earn a two or three-quarters Service Credit 

and decreases the hours necessary to earn one quarter Service Credit. For Plan Years 

beginning January 1, 2015, a Participant who works less than 1600 hours in a calendar year 

shall earn partial Service Credit on the following basis: 

NEW HOURS 

1200 – 1599 hours ......................................................... three quarters 

800 – 1199 hours ........................................................... two quarters 

400 – 799 hours ............................................................. one quarter 

Less than 400 hours ....................................................... no quarters 

For More Information: 

The Board of Trustees is furnishing this notice in accordance with Sections 204(h) and 

305(e)(8)(C) of ERISA and related regulations. This notice also constitutes a summary of 

material modifications of the Plan. If you have any questions about this notice or need more 

information please contact the Fund Office at GEMGroup, Oxford Building, Suite 624, 8600 

LaSalle Road, Towson, MD 21286, 410-828-5282. 

If you have any questions about this statement or about your rights under ERISA, or if you need 

assistance in obtaining documents from the Plan Administrator, you may contact the nearest 

office of the Employee Benefits Security Administration (“EBSA”), U.S. Department of Labor, 

listed in your telephone directory or the Division of Technical Assistance and Inquiries, 

Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Ave., 

N.W., Washington, DC 20210. You can also obtain information on the EBSA's website at: 

www.askebsa.dol.gov. You may also obtain certain publications about your rights and 

responsibilities under ERISA by calling the agency’s publications hotline at 1-866-444-EBSA 

[3272]. If you contact the Department of Labor you may need the Plan’s Employer 

Identification Number (EIN), which is 52-6148924, and the Plan Number, which is 001. 

Statement of ERISA Rights for Participants and Beneficiaries 

Federal law requires that this Notice contain information as to the rights and remedies of 

Participants and Beneficiaries. You may also find a description of your rights and remedies in 

the Summary Plan Description. As a participant in the Ironworkers Local Union No. 16 Pension 

Plan, you are entitled to certain rights and protections under the Employee Retirement Income 

Security Act of 1974 (ERISA). ERISA provides that all Plan participants shall be entitled to: 

Receive Information about Your Plan and Benefits 

 Examine, without charge, at the Plan Administrator's office and at other specified 

locations such as employer offices or union halls, all documents governing the Plan, 

including insurance contracts and collective bargaining agreements, and a copy of the 

latest annual report (Form 5500 Series) filed by the Plan with the U.S. Department of 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06d (Checklist Item #37) 

 Summaries of Material Modifications (ERISA 204h Notices)
Labor and available at the Public Disclosure Room of the Employee Benefits Security 

Administration. 

 Obtain, upon written request to the Plan Administrator, copies of documents governing 

the operation of the Plan, including insurance contracts and collective bargaining 

agreements, and copies of the latest annual report (Form 5500 Series) and updated 

Summary Plan Description. The Administrator may make a reasonable charge for the 

copies. 

 Receive a summary of the Plan's annual financial report. The Plan Administrator is 

required by law to furnish each participant with a copy of this summary annual report. 

 Obtain a statement telling you whether you have a right to receive a pension at normal 

retirement age (age 65) and if so, what your benefits would be at normal retirement age if 

you stop working under the Plan now. If you do not have a right to a pension, the 

statement will tell you how many more years you have to work to get a right to a pension. 

This statement must be requested in writing and is not required to be given more than 

once every twelve (12) months. The Plan must provide the statement free of charge. 

Prudent Actions by Plan Fiduciaries 

In addition to creating rights for Plan participants ERISA imposes duties upon the people who 

are responsible for the operation of the employee benefit Plan. The people who operate your 

Plan, called ”fiduciaries” of the Plan, have a duty to do so prudently and in the interest of you 

and other Plan participants and beneficiaries. No one, including your employer, your union, or 

any other person, may fire you or otherwise discriminate against you in any way to prevent you 

from obtaining a pension benefit or exercising your rights under ERISA. 

Enforce Your Rights 

If your claim for a pension benefit is denied or ignored, in whole or in part, you have a right to 

know why this was done, to obtain copies of documents relating to the decision without charge, 

and to appeal any denial, all within certain time schedules. 

Under ERISA, there are steps you can take to enforce your rights. For instance, if you request 

materials and do not receive them for 30 days, you may file suit in a federal court. In such a case, 

the court may require the Plan Administrator to provide the materials and pay you up to $110 a 

day until you receive the materials, unless the materials were not sent because of reasons beyond 

the control of the administrator. If you have a claim for benefits, which is denied or ignored, in 

whole or in part, you may file suit in a state or federal court. In addition, if you disagree with the 

Plan's decision or lack thereof concerning the qualified status of a domestic relations order or a 

medical child support order, you may file suit in Federal court. If it should happen that Plan 

fiduciaries misuse the Plan’s money, or if you are discriminated against for asserting your rights, 

you may seek assistance from the U.S. Department of Labor, or you may file suit in a federal 

court. The court will decide who should pay court costs and legal fees. If you are successful the 

court may order the person you have sued to pay these costs and fees. If you lose, the court may 

order you to pay these costs and fees, for example, if it finds your claim is frivolous. 

The Board of Trustees 

Ironworkers Local No. 16 Pension Plan 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06d (Checklist Item #37) 

 Summaries of Material Modifications (ERISA 204h Notices)
IRON WORKERS LOCAL NO. 16 PENSION FUND 

Fund Office: GEMGroup, Administrator, Oxford Building, Suite 624, 8600 LaSalle Road, Towson, MD 21286 

Phone: (410) 828-5282 / Fax: (410) 828-5464

December 1, 2015 

{Name} 

{Address 1} 

{Address 2} 

IRONWORKERS LOCAL UNION NO. 16 PENSION PLAN 

Notice of Plan Amendment Reducing Future Benefits 

Introduction 

The Ironworkers Local Union No. 16 Pension Plan (“Pension Plan”) has been amended by the Board of 

Trustees, effective January 1, 2016. This amendment will result in a reduction of future benefits and the 

reduction of certain “adjustable benefits” under the Pension Protection Act of 2006 (PPA). This 

amendment was necessary due to the financial condition of the Pension Plan which has seen its unfunded 

liabilities increase, in large part due to poor investment environment. Contributing to the Pension Plan’s 

financial problems has been the poor economy that has resulted in a substantial decrease in reported hours to 

the Pension Plan due to high unemployment and underemployment in Local 16’s jurisdiction. Given the 

extent of the underfunding of the Plan, the Trustees are legally required under federal law to take action, 

including, where necessary, reducing benefits, to improve the financial condition of the Plan. 

In 2012, the Board of Trustees adopted a Rehabilitation Plan that combined benefit adjustments and increased 

contribution rates that were designed to permit the Pension Plan to emerge from critical status within the 

timeframes provided under the Internal Revenue Code and the Employee Retirement Income Security Act 

(ERISA). Each year the Pension Plan’s Actuary reviews and certifies the status of the Pension Plan under 

the PPA funding rules and whether the Fund is making the scheduled progress toward emerging from 

critical status within the timeframes provided under the Code and ERISA. If the Board of Trustees 

determines that it is necessary in light of updated information, they are required to revise the Rehabilitation 

Plan and the schedules. 

On March 30, 2015, the Pension Plan’s Actuary certified that the Pension Plan was in critical and declining 

status for the plan year beginning January 1, 2015. The Pension Plan is in critical and declining status in 

part because is projected to become insolvent in 19 years. After reviewing the current Rehabilitation Plan 

and future industry outlook, the Board of Trustees determined that it was necessary to update the 

Rehabilitation Plan with additional benefit reductions. 

The Board of Trustees are required by law to manage the Pension Plan in such a way as to ensure that it can meet 

the promises that it has made to all of its participants and beneficiaries. The only way to do this is to trim benefit 

obligations and increase revenues to try to get the Pension Plan’s assets back in line with its long term obligations. 

The Trustees understand that this is difficult for all Participants and it is not something that they do lightly. 

However, some benefit changes are necessary in order to get the Pension Plan back on sound footing. These 

changes are in addition to those previously made and already put into effect. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06d (Checklist Item #37) 

 Summaries of Material Modifications (ERISA 204h Notices)
 

Plan Changes: 

Please note that all three plan changes described below are effective January 1, 2016. The first plan change 

applies to all pension fund participants. 

1. Death Benefit Payable Upon Death of a Pensioner after December 31, 2015 

Surviving spouses or beneficiaries of pensioners were previously entitled to a special death benefit of 

$1,500, payable upon the pensioner’s death. This benefit has been eliminated for deaths occurring after 

December 31, 2015. 

Surviving spouses or beneficiaries of pensioners are still eligible to receive survivor pension benefits based 

on the form of payment elected at retirement. 

The second and third plan changes apply to participants who have yet to retire and commence their pension, 

with certain exceptions, as summarized in the chart below: 

Group 

A. Service Pension available prior to June 1, 2012: If you became eligible for a Service 

Pension1

 prior to June 1, 2012, the 3rd plan change described below applies to you. 

B. Early Retirement Pension and Deferred Vested Pension: If you are not part of Group A 

but are eligible or become eligible for an Early Retirement Pension or Deferred Vested 

Pension and retire prior to your Normal Retirement Age, the 2nd plan change described 

below applies to you. 

C. Service Pension available on or after June 1, 2012: If you are not part of Group A or 

Group B, but are eligible or become eligible for a Service Pension2

 after June 1, 2012, 

then neither the 2nd nor the 3rd plan change applies to you. If you are in this group, the 

only change that applies to you is the change described in number 1 above. 

2. Reduction in the Amount of the Early Retirement Pension and Deferred Vested Pension For 

Participants Who Retire on or After December 31, 2015 

 

The Pension Plan currently provides that Participants are eligible to retire with an Early Retirement Pension 

or Deferred Vested Pension when they reach age fifty-five (55) and earn at least ten (10) Service Credits. 

Prior to this amendment, upon retirement with an Early Retirement Pension or Deferred Vested Pension, the 

accrued monthly pension was reduced at one-half of one percent for each month (6% per year) that 

retirement preceded the normal retirement age, which is generally age sixty (65). Effective for retirements 

after December 31, 2015, the accrued monthly pension will be reduced at five-ninths of 5/9th of 1% for each 

month (6 2/3% per year) that retirement precedes the normal retirement age. 

 

1

 Participants who earned at least one hour of Service Credit prior to September 1, 2004 and who earned at least twenty-five (25) Service 

Credits as of June 1, 2012, became eligible for Service Pension based on rules in effect as of June 1, 2012. 

2

 Participants who attain age fifty-five (55) and earn thirty (30) Service Credits while working and who did not qualify for Service Pension 

as of June 1, 2012, are eligible for a Service Pension based on rules in affect after June 1, 2012. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06d (Checklist Item #37) 

 Summaries of Material Modifications (ERISA 204h Notices)
Here is an example of how the reduction of benefits prior to age 65, as required under this recent Plan 

amendment, will affect the amount of a benefit. Suppose that you elect to retire and apply to receive your 

pension benefit beginning at age sixty (60) and you have earned ten (10) Service Credits. Your monthly 

pension benefit, payable for your life, will be determined as follows: 

Prior to 

Amendment 

After 

Amendment 

(1) Normal Pension $1,000.00 $1,000.00 

(2) Number of Months Early 60 60 

(3) Percentage reduction 30.0% 33.3% 

(4) Monthly pension reduction: (1) x (3) $300.00 $333.00 

(5) Monthly pension payable: (1) – (4) $700.00 $667.00 

If you wait and retire at age sixty (65) you will be entitled to the Normal Retirement Pension amount that 

you would have received, prior to the amendment. Therefore, under the above example, if you retire at age 

sixty (65), you will receive $1,000 per month. 

3. Reduction in the Amount of the Service Pension For Certain Participants Who Became Entitled to 

a 25-Year Service Pension as of June 1, 2012, Who Retire on or After December 31, 2015 

 

Prior to this amendment, Participants who earned at least one hour of Service Credit prior to September 1, 

2004 and who earned at least twenty-five (25) Service Credits as of June 1, 2012 have been eligible for an 

unreduced Service Pension at any retirement age. With this amendment, the Service Pension for such 

Participants will now be reduced at one-sixth of one percent (2% per year) that retirement precedes age 

sixty (60), but no more than 10% in total. 

Here are two examples of how the reduction of benefits prior to age 60, as required under this recent Plan 

amendment, will affect the amount of a benefit. Suppose that you elect to retire and apply to receive your 

Service Pension benefit beginning at age fifty-six (56). Your monthly pension benefit, payable for your 

life, will be determined as follows: 

Prior to 

Amendment 

After 

Amendment 

(1) Normal Pension $2,700.00 $2,700.00 

(2) Number of Months Early 48 48 

(3) Percentage reduction 

(0% before amendment; after amendment: 2% per year prior to age 60, 

with max of 10%) 

0% 8.0% 

(4) Monthly pension reduction: (1) x (3) $0.00 $216.00 

(5) Monthly pension payable: (1) – (4) $2,700.00 $2,484.00 

 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06d (Checklist Item #37) 

 Summaries of Material Modifications (ERISA 204h Notices)
Now suppose that you elect to retire and apply to receive your Service Pension benefit beginning at age 

fifty-four (54). Your monthly pension benefit, payable for your life, will be determined as follows: 

Prior to 

Amendment 

After 

Amendment

(1) Normal Pension $2,700.00 $2,700.00 

(2) Number of Months Early 72 72 

(3) Percentage reduction 

(0% before amendment; after amendment: 2% per year prior to age 60, 

with max of 10%)

0% 10.0% 

(4) Monthly pension reduction: (1) x (3) $0.00 $270.00 

(5) Monthly pension payable: (1) – (4) $2,700.00 $2,430.00 

For More Information: 

The Board of Trustees is furnishing this notice in accordance with Sections 204(h) and 305(e)(8)(C) of ERISA 

and related regulations. This notice also constitutes a summary of material modifications of the Plan. If you 

have any questions about this notice or need more information please contact the Fund Office at 

GEMGroup, Oxford Building, Suite 624, 8600 LaSalle Road, Towson, MD 21286, 410-828-5282. 

If you have any questions about this statement or about your rights under ERISA, or if you need assistance in 

obtaining documents from the Plan Administrator, you may contact the nearest office of the Employee Benefits 

Security Administration (“EBSA”), U.S. Department of Labor, listed in your telephone directory or the Division 

of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 

200 Constitution Ave., N.W., Washington, DC 20210. You can also obtain information on the EBSA's 

website at: www.askebsa.dol.gov. You may also obtain certain publications about your rights and 

responsibilities under ERISA by calling the agency’s publications hotline at 1-866-444-EBSA [3272]. If you 

contact the Department of Labor you may need the Plan’s Employer Identification Number (EIN), which is 

52-6148924, and the Plan Number, which is 001. 

Statement of ERISA Rights for Participants and Beneficiaries 

Federal law requires that this Notice contain information as to the rights and remedies of Participants and 

Beneficiaries. You may also find a description of your rights and remedies in the Summary Plan Description. As a 

participant in the Ironworkers Local Union No. 16 Pension Plan, you are entitled to certain rights and protections 

under the Employee Retirement Income Security Act of 1974 (ERISA). ERISA provides that all Plan participants 

shall be entitled to: 

Receive Information about Your Plan and Benefits 

 Examine, without charge, at the Plan Administrator's office and at other specified locations such as employer 

offices or union halls, all documents governing the Plan, including insurance contracts and collective bargaining 

agreements, and a copy of the latest annual report (Form 5500 Series) filed by the Plan with the U.S. Department 

of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration. 

 Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan, 

including insurance contracts and collective bargaining agreements, and copies of the latest annual report (Form 

5500 Series) and updated Summary Plan Description. The Administrator may make a reasonable charge for the 

copies. 

 Receive a summary of the Plan's annual financial report. The Plan Administrator is required by law to furnish 

each participant with a copy of this summary annual report. 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06d (Checklist Item #37) 

 Summaries of Material Modifications (ERISA 204h Notices)
 Obtain a statement telling you whether you have a right to receive a pension at normal retirement age (age 65) 

and if so, what your benefits would be at normal retirement age if you stop working under the Plan now. If you 

do not have a right to a pension, the statement will tell you how many more years you have to work to get a right 

to a pension. This statement must be requested in writing and is not required to be given more than once every 

twelve (12) months. The Plan must provide the statement free of charge. 

Prudent Actions by Plan Fiduciaries 

In addition to creating rights for Plan participants ERISA imposes duties upon the people who are responsible for the 

operation of the employee benefit Plan. The people who operate your Plan, called ”fiduciaries” of the Plan, have a 

duty to do so prudently and in the interest of you and other Plan participants and beneficiaries. No one, including 

your employer, your union, or any other person, may fire you or otherwise discriminate against you in any way to 

prevent you from obtaining a pension benefit or exercising your rights under ERISA. 

Enforce Your Rights 

If your claim for a pension benefit is denied or ignored, in whole or in part, you have a right to know why this was 

done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within 

certain time schedules. 

Under ERISA, there are steps you can take to enforce your rights. For instance, if you request materials and do not 

receive them for 30 days, you may file suit in a federal court. In such a case, the court may require the Plan 

Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the 

materials were not sent because of reasons beyond the control of the administrator. If you have a claim for benefits, 

which is denied or ignored, in whole or in part, you may file suit in a state or federal court. In addition, if you 

disagree with the Plan's decision or lack thereof concerning the qualified status of a domestic relations order or a 

medical child support order, you may file suit in Federal court. If it should happen that Plan fiduciaries misuse the 

Plan’s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. 

Department of Labor, or you may file suit in a federal court. The court will decide who should pay court costs and 

legal fees. If you are successful the court may order the person you have sued to pay these costs and fees. If you lose, 

the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous. 

The Board of Trustees Ironworkers Local 243337_2

Union No. 16 Pension Plan 

 APPLICATION FOR APPROVAL OF A PROPOSED SUSPENSION OF BENEFITS UNDER 

 IRONWORKERS LOCAL UNION 16 PENSION FUND 

 EIN/PN: 52-6148924 / 001 

 Exhibit 7.06d (Checklist Item #37) 

 Summaries of Material Modifications (ERISA 204h Notices)