Summary Plan Description

Qualified Joint And Survivor Benefit

The Plan provides the Qualified Joint And Survivor Benefit for your spouse if you die after retirement, and if you and your spouse choose the Qualified Joint and Survivor Benefit at retirement, and if you meet certain eligibility requirements at the date of death.

The Plan provides that you will automatically retire with the Qualified Joint and Survivor Benefit unless you and your spouse reject the benefit in writing. To reject the benefit, you and your spouse must indicate in writing, which is notarized, the rejection of the benefit on the form provided to you by the Fund Office between the time you notify the Fund Office you plan to retire and the time you actually retire. Once you and your spouse reject the benefit, you may restore it only prior to your retirement. Once you retire you cannot change the form of benefit.

If you are married and retire with the Qualified Joint and Survivor Benefit, you will receive a monthly benefit which is smaller than the monthly benefit for which you are eligible for as long as you live but, after your death, a portion of your benefit, depending upon the Option chosen, will be paid to your surviving spouse for the rest of his or her life. The reduction in the monthly benefit depends upon your age and your spouse's age at the date of retirement and, upon written request, the Fund Office will provide you the actuarial reduction factor based on you and your spouse's ages. In addition, if you retire on or after April 1, 1998, the amount of the reduced amount resulting from the application of the actuarial reduction factor will be increased by 10% of the reduced benefit amount; however, the increased benefit amount can not exceed your original Straight Life Annuity Benefit.

Effective April 1, 1999, the Trustees implemented changes to the calculation of the reduction applied to the Qualified Joint and Survivor Benefit. Click here for the details of changes to the calculation of the reduction.

The Plan provides two Qualified Joint and Survivor Options: the 50% or the 100% Option. Under the Qualified Joint and 50% Survivor Benefit, your surviving spouse receives 50% of your monthly benefit upon your death; under the Qualified Joint and 100% Survivor Benefit, your surviving spouse receives 100% of your monthly benefit upon your death.

Assume that you retire at age 60 and you are eligible to receive the monthly Normal Retirement Benefit of $1,000. Your spouse's age at your retirement date is 59. Under the Qualified Joint and 50% Survivor Benefit, your monthly benefit of $1,000 will be reduced to $974.60, and upon your death your spouse will receive 50% of that benefit, or $487.30, each month for the rest of his or her life.

Assume that you retire at age 60 and you are eligible to receive the monthly Normal Retirement Benefit of $1,000. Your spouse's age at your retirement date is 59. Under the Qualified Joint and 100% Survivor Benefit, your monthly benefit of $1,000 will be reduced to $874.83, and upon your death your spouse will receive 100% of that benefit, or $874.83, each month for the rest of his or her life.

At the time you file your application for benefits, you will receive from the Fund Office an Option Letter explaining the benefit alternatives available to you with both the 50% and the 100% Qualified Joint and Survivor Benefit. If you are eligible to receive the Qualified Joint and Survivor Benefit, but you fail to elect either the 50% or the 100% Qualified Joint and Survivor Benefit, you will be deemed to have elected the Qualified Joint and 100% Survivor Benefit.

If you are married and retire with the Qualified Joint and Survivor Benefit, and you later divorce your spouse after retirement, your former spouse will still receive the benefit upon your death. If your spouse dies after your retirement with the Qualified Joint and Survivor Benefit, you cannot change the benefit following the death of your spouse, or designate a new spouse as the beneficiary, except as explained at the Section entitled "Restoration Benefit" at page 45.

The Trustees instituted a Qualified Joint and 75% Survivor Benefit effective January 1, 2002. Click here for eligibility and other details for the Benefit.

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