PENSION FUND

The Employees’ Pension and Retirement Plan, International Union of Operating Engineers, Local 295-295C, A.F.L.-C.I.O. (“Pension Fund") was established as the result of Collective Bargaining Agreements between contributing employers and Local 295-295C of the International Union of Operating Engineers, A.F.L.-C.I.O. (the “Union”).

The Pension Fund is financed by employer contributions made pursuant to the terms of the existing Collective Bargaining Agreements or other agreements requiring contributions to the Pension Fund. The Pension Fund is a separate trust fund.

An Agreement and Declaration of Trust established the Plan effective as of January 1, 1964, for the purpose of paying benefits provided under the Pension Fund. The Internal Revenue Service has determined that the Pension Fund is tax-qualified, and that the trust is tax-exempt. This Plan was established on January 1, 1964. Since the Pension Fund went into effect, numerous changes and improvements have been made to enhance the plan of benefits and because of legislative and regulatory requirements. A copy of the Pension Fund’s current Plan Document and the Summary Plan Document (“SPD”) along with all subsequent amendments and material modifications sets forth the current plan rules that all apply to all active employees and their beneficiaries. You can request copies of these plan documents from the Fund Office.

The Pension Fund is administered by a Board of Trustees (“Trustees”) consisting of an equal number of representatives of the Union and of the contributing employers. The Trustees, or any of their duly authorized representatives, reserve the exclusive right and authority, in their sole and absolute discretion, to administer, apply and interpret the Plan, the Trust Agreement and any other Plan documents and to decide all matters arising in connection with the operation or administration of the Plan or the Trust and the investment of Plan assets.

The Trustees, or any of their duly authorized designees, have the sole and absolute discretionary authority to:

• take all actions and make all decisions with respect to the eligibility for, and the amount of benefits payable under the Pension Fund;

• formulate, interpret and apply rules, regulations and policies necessary to administer the Pension Fund in accordance with its terms;

• decide questions, including legal or factual questions, relating to the calculation and payment of benefits under the Pension Fund;

• resolve and/or clarify any ambiguities, inconsistencies and omissions arising under the Plan Trust Agreement or any other plan documents; and

• process, and approve or deny, benefit claims and rule on any benefit exclusions.

All determinations made by the Trustees, or any of their duly authorized representatives, with respect to any matter arising under the Trust Agreement and any other plan document or SPD shall be final and binding on all affected plan participants and their beneficiaries.

No individuals, other than the Trustees, or their duly authorized designees, have any authority to interpret the Pension Fund or to make any promises to you about the Pension Fund or your benefits thereunder. If you have any questions about the Pension Fund and how its coverage works, Fund Office staff will be glad to help you. Since telephone conversations and other oral statements can be easily misunderstood, they cannot be relied upon if they are in conflict with what is stated in this summary plan description.

Your rights to benefits will be governed solely under the terms of the official plan documents, including the Trust Agreement and SPD, as interpreted by the Trustees, or their duly authorized representatives, in their sole and absolute discretion. The benefits to which you are entitled are determined under the terms of the Pension Fund which are in effect at the time you incur a claim.

The Trustees reserve the right, in their sole and absolute discretion, to amend or modify the Plan from time to time. The Trustees intend to continue the Pension Fund described in this booklet indefinitely. Nevertheless, they reserve the right, subject to the provisions of any pertinent Collective Bargaining Agreement, to terminate the Pension Fund, in whole or in part, at any time and for any reason. In addition, the Pension Fund may be terminated by the Trustees when there is no longer in effect an agreement between an employer and the Union requiring payment to the Pension Fund.

You’re eligible to participate in the Pension Plan if:

• You are working for a contributing employer who signed a Collective Bargaining Agreement with IUOE Local 295; or

• You are a full-time salaried employee of IUOE Local 295 or its affiliated benefit funds and covered by a Collective Bargaining Agreement or Participation Agreement; and

• Your employer makes contributions to the Pension Plan on your behalf for covered work that you performed for the employer.

• You are also a Participant in the Pension Fund when you are first eligible to receive benefits as a beneficiary, surviving spouse or alternate payee and/or when you have completed the requirements for a vested benefit.

• Local 295 and your employer negotiate contribution levels.

• Contributions made by your employer are placed in the Pension Fund.

• The Trustees, with the assistance of an independent investment consultant, direct the management of the money in the Pension Fund on your behalf.

• The money is invested and used to pay pension benefits and plan administration costs.

Credited/Vesting Service

The Pension Fund maintains two different accounts to track your hours of service in covered employment. One of the accounts is used to track your Years of Credited Service and the other account is used to determine your Years of Vesting Service Credit.

When we refer to the earnings of Vesting or Pension Service Credit in a year, it means a Plan Year or fiscal year which is the period from January 1st to the following December 31st.

You must become vested in the Pension Plan to receive a pension benefit of any kind. If you become vested it means that you have earned permanent entitlement to a pension benefit.

Please refer to the SPD and Plan Document for more information about how you earn Credited Service and Vested Service under the Pension Fund.