Summary Plan Description

Internal Revenue Code Section 415

Section 415 of the Internal Revenue Code imposes certain restrictions on the amount that can be accrued for distribution to you upon retirement.

The Section 415 limitation rules are quite complicated; however, the limitations generally provide that your annual accrued benefit under all defined benefit plans maintained by the same employer cannot exceed the lesser of (1) $130,000 for years beginning in 1998 (amount reduced for early retirement, increased for later retirement, and increased in future years according to Social Security benefit inflation); or (2) 100% of your average compensation in the highest three consecutive years of service under the Plan (period of consecutive calendar years during which you were both an active participant in the Plan and had the greatest aggregate compensation from the employer).

When you file a retirement application, the Fund Office will contact you concerning the effect of Section 415 limitation rules, if any, upon your monthly retirement benefit.

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