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IUPAT Pension Summary Plan Description

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IUPAT Pension Summary Plan Description SUMMARY PLAN DESCRIPTION of the INTERNATIONAL PAINTERS AND ALLIED TRADES INDUSTRY PENSION PLAN (United States) As Amended and Restated to January 2015 INTERNATIONAL PAINTERS AND ALLIED TRADES Industry Pension Plan To All Employees and Plan Participants: The Board of Trustees for the International Painters and Allied Trades Industry Pension Plan, also referred to as the IUPAT Industry Pension Plan, is pleased to provide you with this Summary Plan Description (SPD) of the Rules and Regulations of your Pension Plan. The Pension Plan has been restated as of January 2015 to comply with IRS requirements for qualified pension plans. It is important to note that the retirement eligibility dates and formula to calculate the amount of pension benefits in this document applies only to Active Employees in the Plan on or after January 1, 2012. All other provisions of this booklet are applicable to all participants in the Plan. If you are not an Active Employee in the Plan on or after January 1, 2012, your benefits may be limited by the Plan in effect when you worked in contributory employment under the Plan. If this booklet does not apply to your situation, please contact the Fund Office for the correct version. The SPD incorporates the main features of the amended Plan. As you read through it, you will learn how you become a Plan participant, when you become vested so that you can receive benefits even if you leave work under the Plan, what your benefits are, and how they are calculated. We have tried to describe the Plan's provisions as clearly as possible in a plain and straightforward manner. However, this is only a summary of the Plan. The Pension Plan is ruled by the Plan document. If there is any conflict between this Summary and the Plan document, the Plan document will apply. You can obtain a copy of the Plan document by a written request to the Fund Office. Please read this document carefully. It is important that you and your family are aware of your retirement benefits and the Plan's survivor protection features. Additionally, we suggest that you file this SPD with your important papers and keep it for future reference. We would like to stress that only the Trustees or someone specifically authorized by the Trustees can speak for this Plan, or tell you about your rights and benefits. For example, if a District Council or Local Union Business Representative or other official, or an Employer makes representations about your rights, you should not rely on that information. If you have any questions or require any additional information regarding your Pension Plan and how it affects your pension rights and benefits, you should contact the Fund Office. This Pension Plan represents important protection for you and your family, and the Board of Trustees is proud to be involved in the continued operation of this valuable program. Sincerely, THE BOARD OF TRUSTEES INTERNATIONAL PAINTERS AND ALLIED TRADES Industry Pension Plan Fund Office International Painters and Allied Trades Industry Pension Plan 7234 Parkway Drive Hanover, MD 21076 Telephone: (410) 564-5500 Toll Free: (800) 554-2479 E-mail: [email protected] Website: www.iupat.org Board of Trustees Kenneth E. Rigmaiden Aristotle G. Aivaliotis Co-Chairman Co-Chairman Union Trustees Employer Trustees William D. Candelori, Jr. Joe Brescia George Galis Mike Cassidy Robert Kucheran Keith Costanzo James Reid Jerry Haber Harry Zell Don Steadman Fund Administrator Daniel R. Williams Legal Counsel Jennings Sigmond, P.C. Actuary The McKeogh Company Auditor Novak Francella, LLC Investment Consultant New England Pension Consultants TABLE OF CONTENTS INTRODUCTION ......................................................................................................................................... 1 QUICK GUIDE ............................................................................................................................................. 2 PARTICIPATION ......................................................................................................................................... 3 Contributing Employers ........................................................................................................................ 3 Affiliated Employers ............................................................................................................................... 3 Plan Employers ...................................................................................................................................... 3 Contributions to the Plan ...................................................................................................................... 3 Employee ................................................................................................................................................ 4 Plan Participants and Entry Date .......................................................................................................... 5 Loss of Participant Status and Reinstatement .................................................................................... 5 SERVICE CREDIT ....................................................................................................................................... 6 Benefit Hours .......................................................................................................................................... 6 Maximum Benefit Hours ........................................................................................................................ 6 Contribution Period ................................................................................................................................ 7 Covered Employment ............................................................................................................................ 7 Vesting Hours ......................................................................................................................................... 7 Vesting Years .......................................................................................................................................... 8 Vesting Schedule ................................................................................................................................... 8 Qualified Military Service ....................................................................................................................... 9 IUPAT, AFL-CIO, and Building Trades Reciprocity ............................................................................. 9 One-Year Break in Service .................................................................................................................... 9 Loss of Service Credit and Benefits on a One-Year Break in Service ............................................ 10 Reinstatement of Service and Benefits After a One-Year Break in Service ................................... 10 Permanent Break in Service ................................................................................................................ 10 Employer Cessation of Contributions and Loss of Past Service Credit ......................................... 11 Noncovered Employment – Loss of Service Credit .......................................................................... 12 BENEFIT FORMULA ................................................................................................................................. 12 Accrued Benefit .................................................................................................................................... 12 Unit Formula – Accrued Benefit for Work Before 2003 .................................................................... 12 Contribution Percentage – Accrued Benefits for Work 2003 – 2011 ............................................... 13 Benefits 2003 – 2005 ............................................................................................................................ 13 Benefits 2006 – 2009 ............................................................................................................................ 13 Base Contribution Rate ....................................................................................................................... 13 Benefits 2010 – 2011 ............................................................................................................................ 14 March 2009 Contribution Rate ............................................................................................................ 14 Contribution Percentage Benefits 2003 – 2011 ................................................................................. 14 Funding Improvement Plan (FIP) – 2012 Forward ............................................................................. 16 Pension Protection Act Limitations .................................................................................................... 18 PENSION BENEFITS ................................................................................................................................ 18 Accrued Benefit – The Basic Benefit Amount ................................................................................... 18 Active Employee ................................................................................................................................... 19 FIP Compliant Employers ...................................................................................................................
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