Identify the Plan

Name of Plan

The full, official name of the Plan is "The Steamfitters’ Industry Pension Plan," but the Plan is also known as the "Pension Plan" or "Pension Fund". In this booklet, the Pension Plan will be called the "Plan".

Name, Address and Telephone Number of the Board of Trustees which administers the Plan:

Board of Trustees The Steamfitters’ Industry Pension Fund
27-08 40th Ave, 2nd Floor
Long Island City, New York 11101-3725 
(212) 465-8888
FundOffice@steamny.com

The Trustees are: Michael Russo, Anthony Saporito, Robert J. Bartels, Jr. , Brian Kearney, Jr., Brian Hunt and Peter C. Vrankovic.

The Board of Trustees has appointed William J. Turnbull to manage day-to-day Plan operations. He is referred to as the Plan’s Executive Administrator.

Employer Identification Number of the Board of Trustees:

13-6149680

Plan Number:

001

Type of Plan:

Defined Benefit

Plan Year Ends:

December 31

Type of Administration:

Trustee Administration

Agent for Service of Legal Process:

William J. Turnbull
Executive Administrator

The Steamfitters’ Industry Pension Fund
27-08 40th Ave, 2nd Floor
Long Island City, NY 11101-3725 
(212)465-8888

Service of legal process may also be made on any of the Trustees.

Name and Address of Trustees:

Union Trustees
Robert J. Bartels, Jr.
Brian Hunt
Brian Kearney, Jr.

Enterprise Association Steamfitters Local Union 638
27-08 40th Ave, 4th Fl
Long Island City, NY 11101
(718) 392-3420

Employer Trustees
Anthony Saporito
Michael Russo
Peter C. Vrankovic 

Mechanical Contractors Association of New York, Inc.
535 Eighth Ave, 17th Fl
New York, NY 10018
(212) 481-1490

Collective Bargaining Agreement:

The Plan is maintained pursuant to collective bargaining agreements between the Enterprise Association of Steam, Hot Water, Hydraulic, Sprinkler, Pneumatic Tube, Compressed Air, Ice Machine, Air Conditioning and General Pipe Fitters of New York and Vicinity, Local Union 638 of the United Association of Journeymen and Apprentices of the Plumbing and Pipefitting Industry of the United States and Canada (called the "Union" in this booklet) and the Mechanical Contractors Association of New York, Inc. and other employers.

A complete list of contributing Employers may be obtained by writing to the Plan’s Executive Administrator and may be examined at the Fund Office or the Union Office. The Plan will tell you whether a particular employer contributes to the Plan and if it does, the employer’s address, if you ask the Plan’s Executive Administrator in writing.

Plan Membership and Years of Service

When Do I Become A Participant In The Plan?

You become a participant in the Plan as of the first day you work in Covered Employment in the first year you earn a Year of Service.

You will continue to be a participant in the Plan unless you suffer a Permanent Break in Service before you become vested.

How Do I Earn a Year of Service?

Generally, you earn a Year of Service by working in "Covered Employment".

"Covered Employment" is employment for which an Employer has agreed to contribute to the Plan under a collective bargaining agreement with the Union or, in the case of Union officers and Employees of the Steamfitters’ Industry Educational Fund, employment for which contributions are made in accordance with an agreement to do so.

You earn a Year of Service for any calendar year in which you meet the following requirements:

(a) All Years up to and including 1952:

(i) you were a member in good standing of the Union and your dues were fully paid and no evidence to the contrary is submitted to the Trustees for any year; or

(ii) you provided satisfactory evidence to the Trustees that you completed 250 hours of service in Covered Employment during the year; or

(iii) you were a salaried official of the Union and you had earnings of $1,000 or more in Covered Employment during the year.

(b) Years 1953 through 1958 inclusive:

(i) you were eligible for coverage under the Steamfitters’ Industry Welfare Fund; or

(ii) you provided satisfactory evidence to the Trustees that you completed 250 hours of service in Covered Employment during the year; or

(iii) you were a salaried official of the Union, and you had earnings of $1,000 or more in Covered Employment.

(c) Years 1959 through 1975 inclusive:

You worked in Covered Employment, earning at least 250 times the journeyman steamfitters’ hourly wage rate in effect on January 1 of the year under the collective bargaining agreement, rounded to the next lower $100.

(d) Years 1976 through 1995:

You worked in Covered Employment, earning at least 250 times the journeyman steamfitters’ hourly wage rate in effect on January 1 of the year under the collective bargaining agreement.

(e) Years 1996 through 2016:

You worked 250 hours in covered employment regardless of your union status.

(f) Years 2017 through 2021:

You worked 550 hours in covered employment regardless of your union status. With the exception of your first and last year of service, for which 250 hours is required.

(g) Years 2022 and later:

You will earn 1 credit if you worked 1000 hours in covered employment and ½ credit if you worked between 550 and 999 hours in covered employment, regardless of your union status, with the exception of your first and last year of service, for which 250 hours is required.

(h) In determining whether you have completed a Year of Service in 1977 or any later year, the Plan may count contributions that are actually paid to the Plan on your account by another U.A. pension fund under a reciprocal agreement with this Plan. Such contributions actually received must equal or exceed the dollar amount of contributions which would have been received if your employment under the reciprocal agreement had been Covered Employment as a journeyman steamfitter under the Plan. You can earn a Year of Service partly with Covered Employment under the Plan and partly with service under a reciprocal agreement. For more details, contact the Fund Office.

(i) The rules in the following paragraph apply only to employment as an apprentice:

(i) Years 1983 and 1984 and for 1985 if you were indentured as an apprentice before 1984:

If you are not credited with a Year of Service under section (d) above, you will be credited with a Year of Service for 1983 if you earned at least 250 times the journeyman steamfitters’ hourly wage rate in effect on January 1 of such year under the collective bargaining agreement, multiplied by:

42.5% in the case of a first year apprentice,
52.5% in the case of a second year apprentice,
62.5% in the case of a third year apprentice and
80% in the case of a fourth year apprentice.

(ii) Years 1985 through and including 1997:

If you are an apprentice indentured on or after January 1, 1984, and are not credited with a Year of Service under section (d) above, you will be credited with a Year of Service for each calendar year during which you earned at least 250 times the journeyman steamfitters’ hourly wage rate in effect on January 1 of such year under the collective bargaining agreement multiplied by a fraction, the numerator of which is the hourly wage rate applicable to you on January 1 of the Plan year and the denominator of which is the journeyman steamfitter’s hourly wage rate on January 1 of such Plan year under the collective bargaining agreement.

(iii) Years 1998 through and including 2016:

For Plan Years 1998 and later, a participant, including an apprentice, shall be credited with a year of service if he worked 250 hours in covered employment. In addition, retroactively to January 1, 1996, an Employee working in the temporary heat and air conditioning classification, will be credited with a year of service if he worked at least 250 hours.

(iv) Years 2017 and through 2021:

For Plan Years 2017 and later, a participant, including an apprentice, shall be credited with a year of service if he worked 550 hours in covered employment. In addition,  an Employee working in the temporary heat and air conditioning classification, will be credited with a year of service if he worked at least 550 hours.  For participant's, including apprentices, first and last Years of Service, the requirement will remain 250 hours

(v) Years 2022 and later:

For Plan Years 2022 and later, a participant, including an apprentice, shall be credited with a Year of Service if they work 1,000 hours in covered employment. A participant, including an apprentice, shall be credited with 1/2 Year of Service if they work 550-999 hours in covered employment. For a Participant’s first and last Years of Service, the requirement will remain 250 hours.In addition,  an Employee working in the temporary heat and air conditioning classification, will be credited with 1 Year of Service if they worked at least 1000 hours, and ½ Year of Service if they work between 550-999 hours.

(j) Certain periods of active U.S. military service may also count toward your Years of Credited Service if you are engaged in Covered Employment immediately before such military service and return to Covered Employment within a year after discharge. Contact the Fund Office for more information.

(k) Limited credit for periods of Workers’ Compensation

Effective January 1, 1996, if a participant is injured in covered employment he will be credited with 1/6 of the hours necessary to earn a year of service for each month that he receives Workers’ Compensation benefits upon presentation of adequate documentation to the Trustees. A participant may not earn more than one year of service during his lifetime under this provision. Credit for Workers’ Compensation is not available to any employee who has retired under the Plan.

When Do I Become Vested?

(i) 1997 and prior. You become vested in your Plan benefit after completing 10 Years of Service which have not been canceled due to a Break in Service. Covered Employees of the Union and the Steamfitters’ Industry Educational Fund become vested after 5 Years of Service which have not been canceled due to a Break in Service.

(ii) Effective January 1, 1998, you become vested in the Plan if you are credited with at least 5 years of service which have not been previously canceled and you worked at least 1 hour in Covered Employment after January 1, 1998.

Once you become vested, you cannot lose credit for your Years of Service and you are entitled to receive a benefit from the Plan when you retire.

Pension Fund- Break in Service

What Is A Break in Service?

Any year in which you do not earn a Year of Service constitutes a One Year Break in Service, except that, you will not have a One Year Break in Service if you prove to the Trustees’ satisfaction that you did not complete a Year of Service because you were totally disabled.

Also, the first One Year Break in Service which begins on or after January 1, 1986 and directly results from a "parenthood event" will be ignored if you prove to the satisfaction of the Trustees the reason for and duration of such absence. A "parenthood event" must be one of the following events: the Employee’s adoption of a child, the birth of the Employee’s child, the need to care for the Employee’s child immediately after birth or adoption, or the Employee’s pregnancy. Remember, this rule can avoid a Break in Service only in the year of the event or the next year, and the Break in Service year which is ignored does not count as a Year of Service for any purpose under the Plan.

What Happens If I Incur A Break in Service?

If you are already vested, a Break in Service will have no affect on your prior Years of Service.

If you have a One Year Break in Service before becoming vested, your previously credited Years of Service are canceled. However, a Break in Service may be temporary and your prior Years of Service may be recovered if you return to work in the industry and earn additional Years of Service before your Break in Service becomes permanent.

What If My Break in Service Is Temporary?

The effect of a One Year Break in Service is eliminated if you earn a Year of Service before your Break in Service becomes a Permanent Break in Service. The Years of Service that were canceled by the One Year Break in Service are then restored to you.

When Does My Break In Service Become Permanent?

Please note: All of the examples given are intended for illustration only and do not represent any actual participant.

(a) Beginning January 1, 1987:

If you have earned 5 or fewer Years of Service, you will have a Permanent Break in Service if you have at least 5 consecutive One Year Breaks in Service, including at least one after 1986.

If you have earned at least 6 but less than 10 Years of Service, you will have a Permanent Break in Service if the number of consecutive One Year Breaks in Service equal or exceed your previously credited Years of Service. (This is known as the "Rule of Parity".)

For example:

1986 - 1988 You earned 3 Years of Service.

1989 - 1991You have 3 consecutive One Year Breaks in Service.

At the end of 1991 you would have 3 Years of Service. Although your consecutive One Year Breaks in Service (3) equaled your prior Years of Service (3), you did not have 5 consecutive One Year Breaks in Service, so you have not incurred a Permanent Break in Service.

For example:

1984 - 1990 You earned 7 Years of Service.

1991 - 1996 You incurred 6 consecutive One Year Breaks in Service.

1997 You earn a Year of Service.

At the end of 1997 you would have 8 Years of Service because your consecutive One Year Breaks in Service (6) were less than your previously credited Years of Service (7).

For example:

1985 - 1990 You earned 6 Years of Service.

1991 - 1996 You have 6 consecutive One Year Breaks in Service.

1997 You earned a Year of Service.

At the end of 1997 you would have 1 Year of Service and your prior Years of Service would have been permanently forfeited since you had at least five (5) one-year breaks and your consecutive one-year Breaks in Service (6) equaled your previous credited Years of Service (6).

(b) From January 1, 1976 through December 31, 1986, you would have a Permanent Break in Service if your consecutive One Year Breaks in Service equal or exceed your previously credited Years of Service under the "Rule of Parity."

For example:

1975 - 1977 You earned 3 Years of Service.

1978 - 1980 You incurred 3 consecutive One Year Breaks in Service.

1981 You earned a Year of Service.

At the end of 1981 you would have 1 Year of Service and your prior Years of Service would have been forfeited since your consecutive One Year Breaks in Service (3) equaled (or exceeded) your previously credited Years of Service (3).

(c) Prior to January 1, 1976, the Plan had another rule with respect to Breaks in Service: if you did not incur more than 5 Breaks in Service in a row, your prior Years of Service remained credited to you when you returned to Covered Employment. This is the basic rule for Breaks in Service prior to 1976. However, if the Rule of Parity described in paragraph (b) is more favorable to you than the basic rule with respect to Years of Service before 1976, you will be given credit for the prior Years of Service which you would lose under the basic rule only for purposes of determining your benefit, but not for purposes of determining whether you have completed the Years of Service needed to become vested in your benefit before Normal Retirement Age.

Can I Ever Count Service Outside of Covered Employment Under the Plan?

Solely for purposes of avoiding a One Year Break in Service and achieving vested status, you may count certain non-covered employment for a contributing Employer which occurs immediately before or after, and for the same Employer as, your Covered Employment. For example, if you worked for a contributing Employer in a position which was not covered by the collective bargaining agreement immediately before or after you worked for the same Employer as a steamfitter in Covered Employment. If you think you are entitled to credit for any non-covered employment, please contact the Fund Office as soon as possible.

Entitlement to Benefits

Who Is Entitled to Benefits?

You are entitled to a full Regular Pension if you are vested and at least 60 years old.

If you are vested with 10 years of service, you can elect to receive a reduced Early Pension payable after attaining age 55. The amount of your Early Pension will be your Regular Pension reduced by 1/2 of 1% for each month you are younger than the age of 60.

If you stop working in Covered Employment after you are vested, but before you reach age 55, you will still be entitled to receive a Regular Pension benefit under the Plan at age 60 or an Early Pension at age 55, as previously discussed.

If you are vested with 5 to 9 years of credited service, you are not eligible for an Early Pension benefit.

In addition, even if you have not become vested under the Plan, when you reach your Normal Retirement Date, you may become entitled to a benefit under the Plan, based on the Years of Service then credited to you, if you have not incurred a Permanent Break in Service and you are still actively engaged in Covered Employment on your Normal Retirement Date.

Your "Normal Retirement Date" is your 65th birthday or, if later, your age on the 5th anniversary of your Plan entry date, if you have not incurred a Break in Service on such date.

What Happens If I Become Disabled?

If you become disabled before you reach age 60, but after becoming vested and completing 5 Years of Service, you will qualify for a Disability Pension if you have been awarded Social Security disability benefits. You are entitled to a Disability Pension only while you continue to receive Social Security disability benefits, so you must notify the Fund Office if such benefits stop. During any time you are receiving a Disability Pension, the Trustees may require evidence of your continued disability.

Your basic Disability Pension will be calculated as though you are age 60, effective with the date of your Social Security award.  

The effective date of your Disability Pension will generally be the effective date of your Social Security disability award, but it cannot be more than 1 year before your application date unless you apply for your Disability Pension within 90 days of the date the Social Security Administration makes a final determination with respect to your claim for disability benefits. If you do not make timely application, you must prove to the Trustees’ satisfaction that you could not apply because your disability prevented you from doing so.

What Happens If I Am Denied SSA Disability Benefits? What Is A Partial Disability?

While Social Security Administration may acknowledge your disability, you may not qualify for SSA disability benefits under their rules.

If you are denied Social Security Disability benefits, you may still be eligible for a Disability pension from the Pension Fund due to a partial disability provided that you are vested in the Pension Plan and you are under the age of 60. To apply for such benefits, you must provide the Pension Fund with a copy of the SSA Notice of Decision denying disability benefits which will be reviewed on an individual basis. To be eligible, you must not have any earned income for any period for which you claim disability benefits. You will be required to submit annual federal tax returns and related W-2’s to the Pension Fund. In addition, you may be asked to be examined by a physician appointed by the Plan.

The effective date of your disability pension benefit will be the first of the month following the date your disability has been established. You may be eligible for a partial disability pension retroactively if the Social Security certificate establishing your partial disability is dated January 1, 1998 or after.

Please note that the Single Sum payment option is not available if you apply for a disability pension based on partial disability.

Economic Expedient

In some cases, the Social Security Administration takes a long time to make a final determination on a claim for disability benefits. If you are between the ages of 55 and 59 when you become disabled and are vested with at least 10 years of service, you may apply for an Early Pension during the delay period as an "economic expedient". The Fund Office will adjust your Early Pension to the full disability amount if and when the Social Security Administration approves your disability claim. If your disability claim is not approved by Social Security Administration, your pension benefit will remain at the amount of the Early Pension and you will be considered retired for all Plan purposes.

Conversion to Regular Pension

When a Disability Pensioner reaches age 65, he will be converted to a Regular Pension. At that time, the participant will be entitled to elect any of the forms of payment available under the Plan, provided that, Years of Service for which the Disability Pensioner received a single sum payment will be disregarded.

If you are no longer entitled to SSA Disability benefits, your disability pension with the Steamfitters’ Pension Fund will also cease. Your disability pension is considered an ancillary benefit and if you recover from your disability, disability pension payments stop and you will be able to apply for a new pension benefit as though you never retired when you actually reach your normal or early retirement age.

Benefit Formula

The amount of your pension benefit is based on the accrual rate in effect when you last worked in the industry.  The present formula, which is effective January 1, 2022, provides a benefit of $41 per Year of Service for each Year of Service through 1983 and $130 per Year of Service for each Year of Service from 1984 through 2021.  For Years of Service 2022 and later, the accrual rate per Year of Service is $145.

In order to receive the $41,$130 and/or the $145 per Year of Service benefit, or any previous benefit level in effect at the time you first retire, you must have completed at least 1 Year of Service during the 3 calendar years immediately preceding the effective date of any benefit increase.  However, for an otherwise eligible Participant who first applies for a pension after 1982, the benefit will be at least $15 for each of their Years of Service.

Keep in mind that the amount of your benefit will be reduced for certain early payments and for the joint and survivor payment options described in the following pages.

Payment Options

Married Participants:

If you are married when you retire, you may choose from any of the following payment options:

(a) Straight Life Annuity – the Plan will pay you a monthly benefit for your lifetime only. Electing this option will require the consent of your spouse.

(b) 100% Joint and Survivor Annuity – the Plan will pay you a reduced benefit for your lifetime, and after your death, the Plan will pay your surviving spouse the same amount it was paying you.

(c) 75% Joint and Survivor Annuity – the Plan will pay you a reduced benefit for your lifetime, and after your death, the Plan will pay your surviving spouse 75% of the amount it was paying you.

(d) 50% Joint and Survivor Annuity – the Plan will pay you a reduced benefit for your lifetime, and after your death, the Plan will pay your surviving spouse 50% of the amount it was paying you.

(e) Single Sum Payment – the Plan will pay you a lump sum amount that is the actuarial equivalent of your Straight Life Annuity. Electing this option also requires your spouse’s consent. The single sum payment may be rolled over to an individual retirement arrangement (IRA) or another qualified plan to defer current liability for Federal and most state taxes. If you elect a single sum payment, your distribution can be taken in 2 ways:

(1) a Direct Rollover means that your distribution will be paid to the IRA account you have established and no income tax will be withheld from you distribution.

(2) Payment To You means that the Plan will distribute a check payable to you for the amount of your benefit, but the Fund is required to withhold 20% of your distribution in Federal income tax.

You should consult with your tax advisor regarding the tax consequences of receiving a single sum payment.

The Plan also offers a "pop-up" feature on each of the joint and survivor options. If you elect this feature, your monthly annuity is reduced by an additional amount, but if your spouse dies before you, your benefit "pops-up" to the straight life amount which would have been paid to you if you had not elected the Joint and Survivor benefit form.

If you retire on a Regular or Early Pension and elect any of the monthly payment options, you will receive a 120 month payment guarantee. This means that if you die before receiving at least 120 monthly payments, your spouse or other beneficiary will receive payments in the amount you were receiving for the rest of the 120-month period so that at least 120 total payments are made on your account. Your benefit is not reduced to pay for this guarantee.

Spousal Consent:

Under Federal law, a married participant is required to elect a payment form which provides a 50% survivor annuity for his spouse. If you elect a benefit that does not provide for at least this minimum protection, you must obtain your spouse’s consent for your election. If you do not make an election, your benefit will be paid in the 50% Joint and Survivor form, and after your death, the Plan will pay your surviving spouse 50% of the amount it was paying you.

Divorced Participants:

A Qualified Domestic Relations Order ("QDRO") can require the Plan to pay part or all of your pension benefits to a former spouse or other dependent. If you are divorced, your pension benefits may be affected if a QDRO is issued to the Plan. The Fund Office will need to review any decrees, agreements or orders relating to your marital situation to determine if they affect the payment of your benefits.

Single Participants:

If you are single when you retire, you may elect either the Straight Life Annuity, with the 120 payment guarantee, or the Single Sum Payment option, both of which are described above.

Disability Pensions:

If you are applying for pension benefits due to a disability, your benefit will be calculated as though you have reached age 60. You will have the option of selecting any of the payment forms described above, subject to the Spousal consent requirements if you are married.

If you elect the monthly benefit, you will continue to receive payments as long as you are entitled to Social Security Disability Payments. If you recover from your disability, your disability benefit will cease. In any event, you will be asked to provide proof of your continuing disability on a periodic basis.

Reduction Of Benefit Under A Joint And Survivor Annuity:

If a 100%, 75% or 50% Joint and Survivor Annuity is payable on your behalf, your monthly benefit is reduced because it costs the Plan more to provide benefits for 2 lifetimes (yours and your spouse’s) and the Plan is likely to pay benefits on your behalf over a longer period of time.

To determine your joint and survivor benefit, your basic monthly benefit will be multiplied by a reduction factor, which is based on the percent of your benefit you have elected to continue to your surviving spouse after your death and the difference in your ages on the date payments start, as outlined below.

100% Joint and Survivor Annuity:

Your benefit is reduced by multiplying it by a factor of 84.5% plus .8% for each year your spouse is older than you, or minus .4% for each year your spouse is younger than you, to a maximum factor of 99%. When you die, your surviving spouse will receive 100% of your reduced benefit for her lifetime.

If you elect the pop-up feature your benefit is reduced by multiplying it by a factor of 82.5% plus .6% for each full year your spouse is older than you or minus .6% for each year your spouse is younger than you, to a maximum factor of 99%.

75% Joint and Survivor Annuity:

Your benefit is reduced by multiplying it by a factor of 87.5% plus .8% for each year your spouse is older than you, or minus .4% for each year your spouse is younger than you, to a maximum factor of 99%. When you die, your surviving spouse will receive 75% of your reduced benefit for her lifetime.

If you elect the pop-up feature your benefit is reduced by multiplying it by a factor of 86% plus .5% for each year your spouse is older than you or minus .5% for each year your spouse is younger than you, to a maximum factor of 99%.

50% Joint and Survivor Annuity:

Your benefit is reduced by multiplying it by a factor of 92% plus .8% for each year your spouse is older than you, or minus .4% for each year your spouse is younger than you, to a maximum factor of 99%. When you die, your surviving spouse will receive 50% of your reduced benefit for her lifetime.

If you elect the pop-up feature your benefit is reduced by multiplying it by a factor of 91% plus .4% for each year your spouse is older than you and minus .4% for each year your spouse is younger than you, to a maximum factor of 99%.

Example #1:

You are married, with 37 continuous Years of Service, and you retire on an Early Pension on January 1, 2001. You are 59 years old and your spouse is 55 years old. Your unreduced benefit is $2,029.00, but you elect to receive the 75% Joint and Survivor Annuity.

A. Your reduced benefit is calculated as follows: $2,029.00 (unreduced benefit) x 6% (reduction factor for Early Pension at age 59) $ 121.74 (reduction for Early Pension) $2,029.00 - 121.74 $1,907.26 (Early Pension reduced for age 59) x 85.9% (reduction factor for 75% Joint and Survivor Annuity with spouse 4 years younger) $1,638.34 (your monthly benefit under the 75% Joint and Survivor Annuity, reduced for Early Pension) x 75% (percentage of your benefit payable to your surviving spouse after you die) $1,228.76(your surviving spouse’s lifetime survivor benefit in the event you die after retiring on a 75% Joint and Survivor Annuity)

B. Using the same example, if you should die after receiving 12 payments of $1,638.34, your surviving spouse would receive the same $1,638.34 each month for 108 more payments (under the 120 payment guarantee), after which she would receive $1,228.76 for the rest of her life. If your surviving spouse should die prior to receiving the 108 remaining guaranteed payments, your contingent beneficiary would continue to receive $1,638.34 each month until a total of 120 payments (12 to you, plus those to your spouse and other beneficiary) have been made, after which all payments will stop.

Example #2:

You are married with 30 Years of Service and you retire on an Early Pension on January 1, 2001. You are 57 years old and your spouse is 60 years old. Your unreduced benefit is $1,742.00, but you elect to receive the 50% Joint and Survivor Annuity.

A. Your reduced benefit is calculated as follows: $1,742.00 (unreduced benefit) x 18% (reduction factor for Early Pension at age 57) $ 313.56 (reduction for Early Pension) $1,742.00 $ 313.56 $1,428.44 (Early Pension reduced for age 57) x 94.4% (reduction factor for 50% Joint and Survivor Annuity with spouse 3 years older) $1,348.45 (your monthly benefit under the 50% Joint and Survivor Annuity) x 50% (percentage of your benefit payable to your surviving spouse if you die) $ 674.23 (your spouse’s lifetime survivor benefit in the event you die after retiring on a 50% Joint and Survivor Annuity)

B. Using the example in (A), if both you and your spouse die on January 1, 2002, when you have reached age 59, your contingent beneficiary will receive a survivor’s benefit of 96 monthly benefit payments of $1,348.45 (120 payments less 24 payments already made on your behalf).

Please note that the examples shown above are for illustration only and do not represent any actual participants.

Returning to Work after Retirement

If a retired participant, regardless of age, returns to work in the Industry, the Fund Office must be notified, in writing, within one week of commencing such employment, regardless of which pension option you elect or your status under any of the other Funds.

Effective July 1, 2000, if you elect a monthly pension benefit, you may continue to work in covered employment and continue to receive your pension payments, regardless of age and the number of hours worked.

If you elect the single sum payment option and you return to work in the Industry, your eligibility to apply the rollover or lump sum averaging provisions to your distribution may be affected. You should consult your tax advisor before returning to work. In addition, any additional years of service you earn while on return to work status are only payable in the form of monthly annuity payments.

In any case, the post retirement death benefit of $13,000 will remain in effect regardless of having returned to work after your retirement.

You must notify the Fund Office in writing when you cease employment in the Industry in order to determine if any additional benefits are due you as a result of having returned to work in the industry.

Post-Retirement Death Benefits

The Plan provides a $13,000 death benefit for all retired participants. This death benefit is payable to your named beneficiary at the time of your death.

Pre-Retirement Death Benefits

Single Participants:

If you are unmarried and are vested with at least 5 Years of Service, upon your death, your beneficiary will be entitled to either a Straight Life Annuity, payable immediately for a period of 120 months, or an actuarially calculated lump sum benefit equivalent.

No benefits are payable upon your death if you have not completed at least 5 Years of Service.

Married Participants:

If you are married and worked at least one hour after August 22, 1984, your spouse may be entitled to certain survivor benefits if you die before retirement.

Effective January 1,1995 the 50% Pre-Retirement Death Benefit was substituted with a 100% Joint and Survivor benefit. If you are a vested participant under the Plan, your spouse will be eligible for a pre-retirement benefit in the form of a 100% Joint and Survivor Annuity provided that you worked at least 1 hour after January 1, 1990. Your spouse may reject the 100% Joint and Survivor monthly payment option in favor of a lump sum benefit which will be the actuarial equivalent of the 100% Joint and Survivor Option.

If you are vested with 10 or more years of service, your spouse may elect a lump sum payment payable immediately or a monthly benefit beginning the first of the month following the date you would have reached age 55.

If you are vested with 5-9 years of service, your spouse may elect a lump sum payment payable immediately or a 100% Joint and Survivor option payable the first of the month following the date you would have reached age 60.

Other Information

Application for Pension Benefits:

A completed application for pension benefits should be submitted to the Fund Office at least 30 days, but no more than 180 days, before the date you wish your benefits to begin. It is your obligation to contact the Fund Office and apply for your benefit well in advance of the date you want your payments to begin. No benefit will be paid until the Fund Office receives a duly executed, complete application for it. We urge you to come into the Fund Office for general information and an estimate of your benefits as early as possible before your planned retirement date.

Claims Procedure:

All claims for benefits under the Plan must be made in writing and directed to the Plan Administrator. You will receive a response to your claim within 90 days of the Plan’s receipt of it. If your claim for benefits is denied, the Plan Administrator will write you, stating the reasons for such denial, identifying the Plan provisions upon which the denial is based, and including a statement of any requirements which you must meet in order to have your claim approved. You may request a review of such a denial by writing to the Trustees no later than 60 days after you receive notice of the denial of your claim. As part of the review process, you may submit to the Trustees any information you feel is relevant, and you or your representative will be given reasonable opportunity to review relevant documents and submit written comments. The Trustees will make their decision at the first meeting which is at least 30 days after the Plan receives your request for review. Under special circumstances, the Trustees may have to defer their decision for one additional meeting, but you will be informed promptly if this is necessary in your case.

Anti-Alienation Rule:

You are not allowed to sign over or alienate your Plan benefits to any other person in any way. However, if the Plan receives a domestic relations court order which meets certain technical requirements prescribed by Federal law, it will be required to pay the person designated in the order the amount of your benefit specified by the court. If you know of a court order that may affect your Plan benefit, you should contact the Fund Office immediately so that all legal requirements can be met. Also, if the Plan receives a Federal tax levy on your account, it may be required to pay all or part of your benefit to the Internal Revenue Service pursuant to the levy.

Contributions to the Plan:

The total costs and expenses associated with the Plan are paid from the Steamfitters’ Industry Pension Fund. The contributions to the Steamfitters’ Industry Pension Fund are made in accordance with collective bargaining agreements between the Union and the Employers or other agreements with the Plan. Plan benefits are based on an actuarial evaluation of the benefits which can be provided by the agreed-upon contribution.

Funding Medium:

Plan assets are held in the Fund by a corporate trustee and invested by investment managers who are selected by Trustees.  References in this booklet to the "Plan" include the Fund. BNY Mellon Asset Servicing is the Plan's current corporate trustee.

The Plan’s current investment managers are: AFL-CIO Investment Trust Corp; Boston Partners Asset Mgmt LLC; Janus Henderson Investors;  J.P. Morgan Asset Mgmt; Atlanta Sosnoff Capital LLC; Bank of New York Mellon; Kennedy Wilson Real Estate Fund; Lord, Abbott & Co, LLC; Loomis Sayles Trust Company, LLC; Neuberger Berman Trust Company NA;  ULLICO Investment Advisors, Inc.; Wellington Trust Company NA; Foundry Partners, LLC; Invesco Trust Company.

At present, the Plan pays monthly benefits to all pensioners directly out of the Fund. Prior to 2004, the Plan paid the monthly benefits payable to each participant, except for monthly benefits attributable to Disability Pensions, by purchasing a group annuity contract with the Metropolitan Life Insurance Company. 

Plan Termination Insurance:

Certain benefits to which you are entitled under the Plan are insured by the U.S. Government’s Pension Benefit Guaranty Corporation (PBGC).

Generally, PBGC guarantees most vested normal retirement age benefits, early retirement benefits, and certain disability and survivor pensions. However, the PBGC does not guarantee all types of benefits under covered plans, and the amount of benefit protection is subject to significant limitations. (The amount of your pension that is guaranteed depends on your Years of Service and your monthly benefit under the Plan.) Also, a benefit increase may be fully guaranteed only after it has been in effect for 5 years. For more information on the PBGC insurance protection and its limitations, contact the Fund Office or the PBGC. Inquiries to the PBGC should be addressed to the Public Affairs Director, PBGC, 2020 K Street, N. W. Washington, D.C. 20006. The PBGC’s Office of Communications may also be reached by calling (202)326-4000.

Termination of Plan:

The Trustees intend to continue the Plan indefinitely but reserve the right to terminate it if necessary. If the Plan should be terminated, it will not affect your right to any Regular or Early Pension benefit already in pay status (i.e. already awarded).

If the Plan is terminated, you will be entitled to any benefit you have accrued to the extent then funded.

• Plan assets will be allocated to benefit categories in a particular order. Beginning with the benefit category that has the first claim on Plan assets, payments will be made for: benefits for retirees or beneficiaries (for whom annuities have not been purchased from Travelers) that are or could be on the pension rolls at the beginning of the 3-year period ending with the Plan’s termination date at the lowest benefit level in effect during the 5 year period ending with the Plan’s termination date:
• benefits generally guaranteed by the Pension Benefit Guaranty Corporation (PBGC);
• benefits that are non-forfeitable (vested) under the Plan, but not guaranteed by the PBGC;
• all other benefits under the Plan.

Assets will be allocated to the categories in the order indicated until assets run out.

Any remaining balance, after providing payments for the benefit categories listed above, will be applied in accordance with the Plan Provisions.

Certain benefits under the Plan are insured by the PBGC. You should review the section above for their coverage.

Miscellaneous Rules:

Under the law, the Plan cannot pay an annual life annuity benefit in excess of $135,000 (as adjusted each year for the cost of living) beginning when the Employee would be entitled to full Social Security benefits. If benefits are paid earlier, say in the case of an Early Pension, the $135,000 amount is actuarially adjusted. This limit refers to the total of monthly benefits paid; single sum benefit cannot exceed the actuarial equivalent of the maximum permissible life annuity. These limitations are very unlikely to affect any Plan participant, but if for any reason you would be affected, the Fund Office will contact you.

Also, if 60% of the Plan’s accumulated benefits were to be earned by a group of "key" employees (generally officers, shareholders and highly compensated employees of an Employer), the Plan would become subject to certain accelerated vesting and minimum benefit rules. It is highly unlikely that these rules could ever affect the Plan, but should this ever change, affected participants will be notified by the Fund Office.

Administration:

The Plan is operated and controlled by a Joint Board of Trustees, consisting of representatives of the Union and the Employers. The Trustees are responsible for interpreting the Plan, amending its provisions when they consider amendments appropriate, and establishing whatever rules regarding the Plan’s operation they may think are needed. They have full discretion in performing these and all their administrative and trustee functions.

The Trustees have appointed an Executive Administrator to be responsible for the day-to-day operation of the Plan. It is the Executive Administrator who maintains Plan records, arranges for benefit payments to commence and assists each Plan participant in understanding the Plan. If you have any questions about the Plan, the Executive Administrator and the Fund Office staff will be glad to assist you.

This is your Pension Plan. You are encouraged to contact the Executive Administrator, or the Fund Office, with any questions you may have regarding benefits available to you and/or your beneficiaries.

Your rights under ERISA

As a participant in the Steamfitters’ Industry Pension Fund, you are enti­tled to certain rights and protections under the Employee Retirement Income Security Act of 1974 ("ERISA").  ERISA pro­vides that all Plan participants are entitled to:
 
Receive Information About Your Plan and Benefits
 
Examine without charge, at the Plan Administrator's Office and or other specified locations such as worksites and union halls, all documents governing the plan, including insurance contracts and collective bargaining agreements, and a copy of the latest annual report (Form 5500 Series) filed by the plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration. 
 
Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the plan, including insurance contracts and collective bargaining agreements, and copies of the latest annual report (Form 5500 Series) and updated Summary Plan Description.  The Administrator may make a reasonable charge for the copies.
 
Receive a summary of the Plan's annual financial report.  The Plan Administrator is required by law to furnish each participant with a copy of this summary annual report. 
 
Obtain a statement telling you whether you have a right to receive a pension at normal retirement age (age 65) and if so, what your benefits would be at normal retirement age if you stop working under the plan now.  If you do not have a right to a pension, the statement will tell you how many more years you have to work to get a right to a pension. This statement must be requested in writing and is not required to be given more than once every twelve (12) months.  The Plan must provide the statement free of charge.
 
Prudent Actions by Plan Fiduciaries
 
In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan.  The people who oper­ate your Plan, called "fiduciaries" of the Plan, have a duty to do so prudently and in the interest of you and other Plan participants and beneficiaries. 
No one, including your employer, your union, or any other person, may fire you or otherwise discriminate against you in any way to pre­vent you from obtaining a pension benefit or exercising your rights under ERISA. 
 
Enforce Your Rights
 
 If your claim for a pension benefit is denied in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denials, all within certain time schedules.  Under ERISA, there are steps you can take to enforce the above rights.  For instance, if you request a copy of plan documents or the latest annual report from the plan and do not receive them within 30 days, you may file suit in a Federal court. In such a case, the court may require the plan administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the administrator.  If you have a claim for benefits that is denied or ignored, in whole or in part, you may file suit in a state or Federal court.  In addition, if you disagree with the plan’s decision or lack thereof concerning the qualified status of a domestic relations order or a medical child support order, you may file suit in Federal court.
 
If it should happen that plan fiduciaries misuse the plan’s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a Federal court.  The court will decide who should pay court costs and legal fees.  If you are successful the court may order the person you have sued to pay these costs and fees.  If you lose, the court may order you to pay these costs and fees if, for example, it finds your claim is frivolous.

Assistance with your Questions
 
If you have any questions about your plan, you should contact the plan administrator.  If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the plan administrator, you should contact the nearest Office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in our telephone directory or the Division of Technical Assistance and Inquiries,  Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210.  You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration.