Bricklayers & Allied Craftsmen Local No. 7 Pension Plan Checklist #36

139 Pages·2016·11.66 MB·English

Bricklayers & Allied Craftsmen Local No.7 Pension Plan
Checklist Item #36
Does the application include:
• the required plan documents;
• any recent amendments;
• the summary plan description (SPD);
• the sumnuuy of material modil1cations; und
• the most recent determination letter?
See section 7 .06.
Copies of the required plan documents are provided as follows:
• Document 36.1: plan document (20 14);
• December 36.2: plan amendments (20 15);
• Document 36.3: summary plan description (SPD) (20 12);
• Document 36.4: no summaries of material modification have been distributed since
the last restatement, but the Pension Plan did issue a recent § 204(h) notice (20 16);
and
• Document 36.5: current detennination letter (20 15).
36.1
7.06 Rcccnf· Plun Documents
Docu mcnt 36.1
Plan Document
See the following pages.
36.2
BRICKLAYERS
AND ALLIED
CRAFTSMEN
LOCAL 7 PENSION
PLAN
Efkdivc May I. 2014*
-
• Except as Othcrwi<c 1\:otcd
36.3
T.-\BL~: OF CO~n:NTS
ARTICLE 1: OF:FINITIONS ....................................................................................................... I
1.1 Accn.tcd Llcncfit. ..................................................................................................... I
1.2 Active Panicipanl.. .................................................................................................. 1
1.3 i\ctuarial Equtvalent. ............................................................................................. 1
1.4 Administrative Manager. ....................................................................................... 2
I.S Alternate Payee ....................................................................................................... 2
1.6 Beneficiary .............................................................................................................. 2
I. 7 Orc:ak in Service ...................................................................................................... 3
1.3 Computation Period For Eligibility To Panicipatc. ................................................ J
1.9 Contiguous f\on-Cov(:rcd Service ......................................................................... 4
1.10 Corllrihtlli(ons .......................................................................................................... 4
1.11 Covered Sen ice ...................................................................................................... 4
1.12 Domestic Relations Order. ..................................................................................... 4
1.13 Larlic$1 Retirement Age. ......................................................................................... 4
1.14 Fori) RctirllltlentAge. ........................................................ .............................. 4
1.15 Empk>yee ................................................................................................................ 4
1.16 Employer. ................................................................................................................ S
1.17 Fiduciary. ................................................................................................................ 6
1.18 Forfeited Service. .................................................................................................... 7
1.19 Hours oi'Scrvicc · Huurs W~>rk~d .......................................................................... 7
1.20 lnuctivc Purtil:ip<mt ................................................................................................. 8
1.21 Jmi~diction of this Fund ......................................................................................... 9
1.22 Lensed employees .................................................................................................. 9
1.23 Maternity Paternity Lea' cs of Ah~cnce. ................................................................. 9
1.24 f\on-\' c,toXJ Employee or Pantctpant ..................................................................... 9
1.25 l'iunml Retireme-nt Age .......................................................................................... 9
o
1.26 Original Plnn. ........................................................................................................ 1
1.27 Participant ........................................................................................................ 10
1.2~ Pension Plan .......................................................................................................... II
1.29 Plan Yeur ............................................................................................................... I I
1.30 Quali lied Dom<:>tic Relations Order. .................................................................... 1 I
1.31 Qualified Joint and Survivor 13cnctit. .................................................................. II
1.32 Qualified Prc-Rctircmcnl Sur.i,or Ocndit. ......................................................... II
1.33 RcC1pmcil}. .................. ... .. .......................................................................... 11
1.34 Rt:"'tah:rn..:nl O~h:. ................................................................................................. 12
1.35 Retirement Benefit or l3euc1it>. ............................................................................ 12
1.36 Same Geographic Area ...................................................... .................................. 12
I .37 Some Industry ....................................................................................................... 12
1.3R Smn.: Trmlc ni'Cratt ............................................................................................. 12
139 Spvuse or Eligible Spouse .................................................................................... 12
1.40 Tennmatcd \'cstcd Participant ............................................................................. 1' \
1.41 Total and Pcnnanent Disahihty ............................................................................ 13
1 -12 Trust Agreement. ............................................................................................... 1.1
I .43 Trust Fund ............................................................................................................. I 3
36.4
1.44 l n•~1~c~ ................................................................................................................ 14
1.45 lJni.~n .................................................................................................................... 14
1.46 Vested f'articipunt. ................................................................................................ 14
1.47 Vesting und flcncfi1 Accrual Computa1ion Period ................................................ 14
1.48 Year u f Service. ................................................................................................... I 'i
ARTICLE 11: CLASSES OF BENEFITS ...................................... ......................................... 19
2.1 Clas.,cs nl' Flt!ndil:> ................................................................................................ 19
2.2 N\ln .. r>uplication ofDenefit:). ................................................................................ 19
ARTICLE 111: ;-.101t.\L<\L RETIR£:\IEI\1 BENEFITS .......................................................... 20
3.1 Elig•bility for Nurmal Retirt:m~t Benefits ............................................................ 20
3.2 Arnount ufNonnal Retire:mcm Uto:ncfi1. ................................................................. 20
3.3 Fonn of Ucnefit.. .................................................................................................... 21
3.4 Conuncnccmcnt ofNonnal Rc1ircment Ben.,;tits .................................................... 21
3.5 C'olculntinn ufRenelit lor Te•lllinut~'() Vested Participants. .................................... 22
ARTICLE TV: EARLY IU:TlltE~~T BENEFITS .............................................................. 23
.f.l Eligibility for early Retirement B~'llcfits ............................................................. 23
4.2 Amoum of Early Retirement Bc:ndit~ ................................................................ 2:1
4.3 Fom1 of B~'llefit. ..................................................................................................... 23
4.4 C'nmmc"Cc1n.;nt of Early Retiremcnr Benefits ....................................................... 23
ARTICLE V: FOR~IS OF Bt::NEI-TI' & ELECl'IO:-l PROCF.DURF: ................................... 25
5.1 Automatic Fonn of Retirement Ocnctit ................................................................. 25
5.2 Eligibility For Qualilictl Joint ;mtl50% Survivor 13enefits ..................................... 25
5.3 Right of Election for the Qualitied Joint and SO% Survivor Ocncfi1.. .................. 26
5A i\mountufQualifie\1 Joint and Survivor Benefit. .................................................. 27
55 C'ommencement of Qualified Joint and 50% Survimr Bendits. ............................. 27
5.6 1\on-Applicabilit} of Qualified Join! anti 50"/o SurYivor Oencfit To Oisabilit)
Ucncfit. .................................................................................................................. 28
5. 7 Qu3hli.:.l Joint and I 00% Survivor Ucnefit Option. ............................................. 2S
5.S Quulilied Joint and 75% Uendit Option. .............................................................. 28
5.9 60 Month UuarAmcc .......................................................................... ............... 28
AHTlCLE VI- fOTi\.L t\.'110 PERMA~ENT UISABILITY BF:t\F:FITS. ............................. 29
6.1 [;I '• rm.n ah.o n o I'D1 sab 1T l l) Be m: I.1 1. ....................... ................................................. 29
6.2 Eli,gibthty For Total and Pcnmment J..>isability Benefits ........................................ 29
6.3 Fom1 of Benefit.................................................................... . ................. 30
6.4 Amoum of Total and Pcnnancnt D•~ah1lny Bcno:lits ............................................. 30
6.5 Conuncnccmcnt ofTotal ond Pcnnanc:nt Disability Benefits. ................ ............... 30
6.6 Tem1inotion uf'Bc•rdih f~•r Tot<ll Jlld Pennanenr Oi;..'lbility. ............................... 30
6.7 Rc-F.mplt>>1nem After Tenninatil'n ofTmnl and Pcmwn~"'tt Di-..~hility Benefit. .... 31
ARTICf.E \'11- VESTING ........................................................................................................ 32
7.1 Vesting Schcduk: ............ ................................................................................... 32
AR'l'ICLE VIII: OEATil RF:;'IIF.F'ITS ....................................................................................... 34
R.l ""'·Retirement Death Bene lit ................................................................................ 34
8.2 f'o$1 Retircm.:nt Death 13cncfit~. ............................................................................ 36
8.3 I· at lure to Dcstgnntc A Beneficiary ....................................................................... J7
8.4 i\pplit'JliCin fnr Death Bendi~. .............................................................................. 37
ARTICLF. IX: SL'SI'F.I\SIOl'\ OF BEl'\J::Fl I'S ........................................................................ 38
ii
36.5
\!. I ~uspcnsion of Bcncti1 Ru lcs .................................................................................. J R
9.2 Reinstatement o I' Retirement Benclit ~ .................................................................... 3 8
9.3 A0t1vo Pa11icipants \Vho \Vork Beyond Nonnal Retirement 1\gc. .......................... 39
9. + Noti tkntion nnd Presumpuon ................................................................................. 40
9.5 Advance Determination. ........................................................................................ 40
9.6 Rc;umphon of Benefits. ......................................................................................... 40
9. 7 Rl'WH'I')' ur Overpayments -01&:1 Rule ............................................................... 41
,\RTIC1.E X: Qt:ALLFU:o 00:\'ll:STIC RELATIOI\S ORDER ...... ................................... 42
lO.I Qualified Dom~tic Rclattons Order. ................................................................... 42
I 0. ~ A1 tcrna1c P~> ee .................................................................................. ,. .................. 4 3
10.3 Spendthnlt Ex,cption ti>r Qu~lified Domestic Relations Order>; ............................ 43
I 0.4 Proc~"\lurcs for Notice and Dctcnnirullit111 by Plan Administrutive Manager. .......... -U
ARTICLE XJ: PLAI'> ADi\IINISTRATION ANI) BF.NEFJT l>IS'l'KlllUTIOI\' ................... 44
11.1 Resrxmsihility f(>r Admini~trution .......................................................................... 44
I 1.2 f iduci,try Duties. .................................................................................................... 44
11.3 Limitmion on Rights to Benefits ........................................................................... 44
11.4 Benefits Limrtoo B~ PL-nsion Plan. ........................................................................ 44
I 1.5 As~tgnmcnt ul' Bendit.~. ......................................................................................... 4 5
11 .6 Fo rti:itures ........................................... ,. ................................................................. 4 S
1 I .7 Deli nitc 13encfi£. .................................................................................................... 4 5
I I .8 Limilnli<)ll of Benefits. ........................................................................................... 45
11.9 Rollovcrs ............................................................................................................... 45
ll.l 0 F,>rlcitubility ot'Bt'nelits. ....................................................................................... 46
11.11 Pmct.'dures for Qu;~lified Oome~tic Relations Orders ........... ................................. 47
11.12 Incapacity. ............................................................... ............................................ 47
11.13 O.:mh llcncfiH Payable to :Vhnors ........................................................................ 47
11.14 lnfom\auon Required ............................................................................................ 4 7
11.15 '<n R<Jwrsi<m to F.mpk•)crs .................................................................................. 47
1 I . I () Duplit :utkm of Benefits .......................................................................................... 48
11.17 Freezing Benefits at the Time the lndi\'idual Terminates Empln>mcnl. ................. 4S
I I . I S Ucndcr. .................................................................................................................. 4R
II. 19 Cornmcnccm~nt tlt' Bcndi ts "'"' vkth\>d of Pa)ment ............................................ 48
11.20 Retrouctiw Annuity Starting Dates ...................................................................... 49
11.21 Rd.tti'c Value of Benefits .................................................................................... 50
11.22 Consequences of Deferral ..................................................................................... ~0
11.23 Trustee Dt>crctionary Authority ........................................................................... 50
11.24 HEART Act Pmvi~ions. ........................................................................................ 50
ARTICT .F: :\'11: 1.11\1 ITAT ION Of BEN EFI'l S ....................................................................... 52
12.1 C'ompcns~rion ....................................................................................................... 52
12.2 Maximum Bcnefi t Limitation ................................................................................. 53
ARTICLE XIII: 13 F.\'F.FlT PROCEDUn ES ......................................................................... ... 54
13.1 Apphcntion filr Retirement Llencfirs. Vested 8cncfits and D~ath Benefits ............. 54
13.2 Election of Ucnefits...................................... .... . .. ......................................... 54
13.3 :-1otification of Approval or :-:on-approval of Application ................................... 55
.\RT!Cl.F. :XIY: FU?\DNG OF Bf.:"ff.FITS ............................................................................. 61
14.1 Sourc.: ofC't•ntrihunons ........................................................................................ 61
iii
36.6
1-1.2 i\o Reversion to Emplor.:r:;. ............................................................................... fi 1
1-I.J lm c;,tm.:nl and Funding Pol iCj ............................................................................. 61
14 A Actu.uial Valuation.' and Plan Re' ic\\ ................................................................. 61
1-1.5 PP A Rt'<jui red \' aluauons ..................................................................................... 61
ART! C:J.E X\': TO 1'-III!:A VY I' lW VIS 10!'\S ...... .. .. .... ... .. .................................... 62
15. I Top H~ a vy Provisions ................................................... ........................................ 62
ARTICL£ XVl: A:\IF::'ID:VfL'IT ANI) TF:Rl\fll'ATIO-" 01' PLAN ..................................... 64
16. 1 Plan Amendments............. ...... .. .. .. .. .. .. .. .... .. ... .. .. .. . .. . .... .. .. . .. .............................. 6-1
16.2 Tcrminntion or Disconl inuancc of th~ Plun. .. ....................................................... 6-t
16.3 Procedure,; In Evcntnf Tc.., 'ninution vr l)iscotllinwuu:c:. ........................................ 65
16.4 :VI isBi ng Parti <;ipunl ~ ............................................................................................. 65
16. .' ~ Vc stl'l lg on ·1·e mu.n atJ.o n ...................................................................................... .. 65
16.6 ~ lcrgcr or Consohd3taun uf th~ Plan ..................................................................... fi6
IV
36.7
AR I'ICU: 1: L>J::FL'IITIO:'IS
1.1 Accrued llcncfit.
(A) The term "Accrued Flcndit" means the li f1.:time monthly benefit commencing at
:-:ormal Retirement Ag~ whiclt u l'ut1icipanl or tormcr Participant htlS cnrncu, hast:{!
on such Participrull''s Yc ars nf Service and the bene lit fonnuln as ~tatt:d in Alticlc
3.2.
I .2 Active Participant.
(A) The t~rm "Active Participant" mc.m' a Participant who has not yet hecomc a wired,
disabled or d~ea,:;t:{i P:trttcip.tnt. who has not yet suffered forfeited S.:r. icc, und
who has accnaed uti east one Year ofScT\il'c out of the t110 prc..'cdang Pl~n Years.
1.3 Actuarial Equivalent.
(A) The tcnn "Acruarial Equi,·alcm" mcnns n benefit having the ~run.: 'ulue a:; the
benefit which it replaces.
(B) For tho purposes ul' d~tcnnining optional [onns of benefit other than single sum
c;l.:iht,uts. the detennination of nn Actuarial Equivalcnl atulllily sh(lli be n~sed upon
1i1c Unisex Pension 19S4 (UI'·S4l mortnliry table, such table ~cts hock 5 y~an; for
joint aJuntit(lJJIS and Altcm:llc Payees under Qualified Dnmel>lic Relutious Orders.
Mll on interest mrc 01'6 Y•'~•·
((') For rhe determination of the :mwunl of a single sum cashout. the applicable mter~1
rate means the adjusted first. second, (l!ld third segment rates npphcd un.lcr rules
similar to the mlcs of Code section 430 (hX2)(C) (uet<rmint!d by not taking imo
accNtnl an~ adjustment unde-r d~us~ (i1) thcreol) f<.>c the tn(mth before the date <)f
the distribution or such nthct tim~ us the Secretary may by fe!,'1.tlations prescribe.
(0) Applicable segmeot rates
(I) ThtJ adju>ted lir>l, ;.c~:nnd, and chird segment mtcs are the first, scconn, and
third segment rut<:s which w0uld be determined under Code section 430
(hl(2)(C) (detennined by n()t taking into account nny adjustment under
clause (iv) thcrc:of) if
(it) Cod~ ~.:<:tk>n 4JO (h)(::!)(O) were applied by substituting the averago:
yields for t:1c month described in subparngrnph (R) for the <tvcrnge
yields for the 24-month ))<!nod descnb«< in \Uch st:elton,
(b) section 4.10 (hX2)(Ci)(i)(ll} were applied by substituting "section 417
(~)(3)(A)(it)(ll)" for •·section 412 (b)(5)(l3)(ii)(ll)". and
36.8
(c) th~ npplicablc percentage uno.h:r ~c<:tit'll 430 (h)(2)(G) were
dctcm1incd m a-:Clmlun-:c with the following IA ble:
Distributions in Plan Applicable Perccnl~gc
Year 13cgituling
200~ 20 percent
2()()() 40 percent
2010
60~rccnt
2011 RO percent
2012 100 percent
{F.) Notwithst;mding tlte foregoing. the dcttmlination of the amount of tl single ~um
cashottl paid on ot· after May I. 2008 shall be based on the m011'olity mblc ~pecific:o.l
untkr I.R.C. *430(h)(3)(A) {without regard to the ~430(h)(>)(C') suh;.titute mortality
labh: <>r the I.R.C. ~430(h)(3JtU) monality table for the di~abled).
1.4 Administrnti\c ~tanager.
(A) The t~rm "Adm>mstrath·.., :\tanager" means the manag,:r •:mpl<•ytd by the Board of
Trustt:t:$ in uccordance with the Agrccmcm anti D.xh.u·.ui<lll t>fTrust.
1.5 Altemnte Payee.
(A) The tern> ",\lt..,mult: Payee• menns a Participant'> Spou"'· litnnt,- Spt>use, child or
nth<:!' 1h:pendem who is recog.nizoo by~ Domestic Rclutiun' Order as having a right
to receive all, or a portion or: th.: h.:nefits und.:r t1is l'lnn, with respect tu the
l'anictpam.
1.6 B~'T>cllcirll).
(A) Tht term "IJ.:neliciary" mean~ the Spouse to whom u l'nl1icipnnt or 1;muer
l'llrticip:mt was manicd if Lhe Partidpunt'~ death occurred nflcr i\ugust 22. 19M.
unless ~uch Spot.L~e ha.~ conscnttxl in writing to a non-spouse Beneliciary and the
consent ha.' h<.'<!n uitn=~l by a Plnn representative orb~ a nutury public.
(B) An lllllll~rricd Panicii)ant's "Bendkwy" mo:ans the J>erwn(s) designated b) the
Panicipan(s latest written nntk~ t~> the Board ofTmstccs prior to hi~'h<-'1' death.
(C) In the .:vent ntl Y<tlid 13cncficinry d~signatull'l ha;. hten liled with the Board t>f
Tn.1stces :~t the date of an unmarried Purticipunt's death. or if the Participw•t is not
smvh·cJ by th.: Bcndiciary dc:$ignated. the 13encficinry Sh<lll h<: prmided for in
i\ rticlc R. . l.
2
36.9
l.7 Break in Service.
(;\) TI1c t~nn ''Break in Service" mcuns a Plan Year beginning on or after nn Empil>)~
bt:C!>n1~S un eligible Purticipam cluring which the Participant f:uls to acquire 435
lll>urs of Service. Hours of Scrvic.: shall be r.:cogni/.ctl li>r matemil> and paternity
leaves of absence. as dcful<\J O) the Plan. S<>lely for purposes of dctcnnining
whether a Brc:1l.. i~ Sen icc ha< occurred. It shaU oot be ~onstdcrcd a Break in
Scmu:c if' :t PJrticipant is unable to maintain a Year of Scr.icc beca!J!)C of an
accidem or illness or bcc.1usc of ~en icc in Ih e Annt!~l Forces. ptuvided the
Admi111stmuvc Manager ;, noti lio:<l of such drcumsmnceo on :1 form satisfactory to
the Tntstl'l!S. Provided further, cffc.:tivc December 12. I \194. the provisions. where
appr~>priate.ufUrtited Services Employment and Reemployment RighL< A<.:tof 1994
shall also apply as f()llows:
(I) An individual reemployed under Uniformed Services Employm.:nt and
Reemplo)1nent Rights Act (CSERRA) is trc.Jh:d under the Plan as not
ha' ing incurred a Break 111 Scr-.1c" '' ith the F.mpl"y~r maintaining the Plan
hccausc of the mdl\lduaJ', period of ..q ualified miliral)' seJVicc", i.e .. any
s~rvice in lhe unifonned services by atl)' iodhidual '' ho is entitled to
reempkl)ment rights under USERRA, L'tC §414(u)(5}.
(2) EnciJ period of qualified military service by un individual is. upon
reemployment under the Uniformed Sen·ices Employment and
Rccmplnymcnt Rights Act {USERRA) considered under the Plan L\> b.:
'crvict: "ith the Emplo)l!r mnintaining the Pion for the purposes oJ:
Ia) dctcnniuing the nnnforfeitahility ot the tmltvidual's Accrued
Benefit; un<.lt.,'f the Plan, and
(h) det~m1ining the :1cc-runl of bcttcfits under the Plan
(U) IH the '~sc of an Employee who is ~>ntitloo to a y.,,k~l Bcnc:lit hut who has suffcrL\J
a 8rc11\.. in Service and then rclum' to (:ClVered Service with an EmpiO}Ilr. the
Emplu}~ 'hall purtictpatc: in the l'lnn immediately upon rct\trnms to such Ct>vered
Set,· icc. In the case of ao Employee with no Vested B.:nclit who su'>tains a Break in
Sen·icc in which the number of ~'tmsc...:utt\c YCHrS in ''hkh he.'she has incum~J a
Break in Scn1icc arc 11Jss than the: number of Years of Service for which hc.';he had
rt.'Cdwd crctlit, th~ F.mplt>yee shnll pilrticipate immcdintcl) upon returning to
Cov..:rcd Service with <m Employer.
1.8 Computatton Period F,>r Eligibility Tu Participate
(A) Th Cmnruta.tion Period used to dctcnninc an r:mploycc·, cligthility to partil·ipatc
in the Plan shall be measured fmm the lirst day of the F.mpluyc:c:\ first payroll
pcrioJ. a; ),)ng o~ the payrnll period ., no more than J I d<t)'S. and ending on the
:.nni'c"ary ufth~ la't day ofsuc:l: p:t)10II pcnod.
J
36.10