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

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

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

Description:
amount of the annuity payable during the joint li\es of the Pm1icipant and the. Spouse. Brie:kla)crs & Allit:d Craftsmen Local No.7 Pension Fund.
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