Pension Fund

The Pension Plan of Heat and Frost Insulators Local 12 first became effective January 1, 1964 and, is a defined benefit plan established under an Agreement and Declaration of Trust pursuant to collective bargaining agreements between the International Association of Heat and Frost Insulators Local 12 of New York City (the ‘Union’) and various employers and employer associations in the construction industry in the five boroughs of greater New York and Long Island. It is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).

PENSION CREDITS ARE VALUED AT:

· $42.00 FOR EACH FULL PENSION CREDIT EARNED AS OF DECEMBER 31, 1995

· $96.00 FOR EACH FULL PENSION CREDIT EARNED AFTER JANUARY 1, 1996

THE MAXIMUM NUMBER OF PENSION CREDIT A PARTICPANT MAY EARN:

· ONE FULL CREDIT PER YEAR

· FORTY FULL CREDITS PER LIFETIME

HOURS NEED TO WORK FOR PENSION CREDITS:

· 800 HOURS FOR ONE FULL PENSION CREDIT

· 600 HOURS FOR .75 PENSION CREDIT

· 400 HOURS FOR .50 PENSION CREDIT

· 200 HOURS FOR .25 PENSION CREDIT

PENSION VESTING:

HOW DO I BECOME VESTED?

You are 100% Vested when you:

· Attain our Normal Retirement Age (later of the date you attained age 65, or your fifth anniversary of participation in the Pension Fund of Heat and Frost Insulators Local 12; or

· Accumulate at least five Years of Vesting Service.

If you left Covered Employment before January 1, 1999, and your were covered by a collective bargaining agreement which requires your Employer to contribute to the Pension Fund of Heat and Frost Insulators Local 12, you need ten Years of Vesting Service to become Vested.

PENSION OPTIONS:

Regular Pension: You are eligible to retire on a Regular Pension if you are 65 or older and have earned at least five Pension Credits.

Early Retirement Pension: You are eligible to retire on an Early Retirement Pension if you have reached age 55 and have earned at least 10 Pension Credits.

Disability Pension: You may retire on a Disability Pension if you satisfy all of the following requirements:

1. You have at least 10 Pension Credits;

2. You are totally and permanently disabled;

3. You either worked or were available for work in Covered Employment in the year in which you became disabled; and

4. You worked in Covered Employment for at least 200 hours in the calendar year immediately prior to the year in which you became permanently and totally disabled.

*If you are married at the time your pension payments begin, you automatically will receive a Husband-and-Wife Pension, unless a valid waiver of that benefit form has been filed with the Fund Office, including a valid written spousal consent to such a waiver.