Summary Plan Description

The Plan offers a direct deposit option to all retirees and survivors, whereby the monthly benefit is electronically transferred to a banking institution, instead of the retiree or survivor receiving a monthly benefit check that must be cashed or deposited in a banking institution. Direct deposit is a convenient alternative to receiving the monthly check.

With direct deposit, the monthly benefit is made available through the chosen banking institution on the regularly scheduled payment date. There are several advantages to receiving the monthly benefit via direct deposit:

• It eliminates the need to physically take the check to a banking institution for deposit.

• If the retiree or survivor is sick, away on vacation or just doesn't feel like going to the bank, the money is still available.

• There is no worry about the check being lost, stolen or delayed in the mail.

• Direct deposit services are available free of charge.

If, at retirement, you are interested in taking advantage of the direct deposit option, please contact the Fund Office.

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