Identify the Plan

The full, official name of the Plan is "The Steamfitters’ Industry Supplemental Retirement Plan," but many participants simply refer to it as the "DC Plan."

Name, Address and Telephone Number of the Board of Trustees, the Plan Sponsor and Plan Administrator:

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

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

Employer Identification Number of the Board of Trustees:

13-3917806

Plan Number:

001

Plan Type:

The Plan is a defined contribution plan of the profit sharing type, although employers are not required to have current or accumulated profits in order to contribute to the Plan.

Plan Year Ends:

December 31

Type of Administration:

Trustee Administration

The Plan provides for investment at the direction of the participant in several of the mutual funds sponsored by outside funds including John Hancock. As part of that arrangement, John Hancock Trust Company acts as custodian of the Plan assets. Its address is John Hancock Retirement Plan Services, The Steamfitters’ Industry Supplemental Retirement Plan, 690 Canton Street, Westwood, MA 0290. Its telephone number is (833) 388-6466 or 833-38-UNION.

The Trustees have appointed John Hancock Trust Company to provide information regarding the investment options available under the Plan, to effect brokerage transactions and educate employees about their investment options.

Agent for Service of Legal Process:

William J. Turnbull, Executive Administrator

The Steamfitters’ Industry Supplemental Retirement Plan
27-08 40th Ave, 2nd Floor 
Long Island City, New York 11101-3725 
(212)465-8888

Service of Legal Process may also be made on any of the Trustees.

Collective Bargaining Agreement:

The Fund 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 and the Mechanical Contractors Association of New York, Inc. and other employers. Copies of these agreements may be obtained upon written request to the Fund Executive Administrator and may be examined at the Fund Office or Union Office. The Fund will provide information as to whether a particular employer is a contributing employer and, if it is, its address, if a written request for this information is made to the Fund Executive Administrator.

Source of Financing:

The Fund is financed by contributions received from employers who employ steamfitters covered by a collective bargaining agreement, or other agreement, with Enterprise Association of Steamfitters’ Local Union 638. The amount of this contribution is determined by the agreement.

Plan assets are held by John Hancock Trust Company and invested under the direction of the individual participant.

Management of Assets:

Generally, responsibility for the management of plan assets rests with the Plan trustees. However, the Plan allows participants to direct the investment of their account balances in a variety of mutual funds. While this arrangement allows participants to formulate and implement their own investment philosophy, it is also intended to relieve the Plan trustees of responsibility for the direct consequences of the participants’ investment decisions under ERISA § 404(c).

ERISA Classification:

Under the Employee Retirement Income Security Act of 1974, the Plan is classified as a profit sharing plan. Because it is a defined contribution plan, the benefits it provides are not insured by the Pension Benefit Guaranty Corporation.

Plan Expenses:

Any Plan expenses relating to the maintenance and record keeping for the participant’s account will be paid from his account. Plan expenses directly connected to the purchase of an investment for each participant’s account will be paid from the individual participant’s account. The general expenses of the Plan will be paid from the Plan by allocating them among participants in proportion to their account balances.

Plan Text:

This booklet summarizes the provisions of the Supplemental Retirement Plan Document. In the event of any actual or perceived conflict between the Plan text and this booklet, the Plan text will prevail.

Requirements for Participation

Eligibility

You enter the Steamfitters’ Industry Supplemental Retirement Plan (called the "Plan" in this booklet, but also referred to as the defined contribution or "DC" Plan) automatically when the Fund receives a contribution on account of your service in Covered Employment. There is no waiting period or age requirement to enter the Plan.

Covered Employment

Covered Employment includes any employment for which an Employer has agreed to contribute to the Fund under a collective bargaining or other agreement which requires such contributions. Under special agreements, the Plan also covers the salaried, elected officials of the Union and salaried instructors in the apprenticeship program operated by the Steamfitters’ Industry Educational Fund.

If you have any questions about whether a particular employer is required to contribute to the Fund, contact the Fund Office.

The Fund Office will advise you of whether a particular employer is contributing to the Plan, and provide the employer’s address, upon receipt of your written inquiry.

Also, a copy of the Trade Agreement and a list of contributing employers are available for examination by Plan participants and beneficiaries at the Fund Office or the Union Office, and a copy of the Trade Agreement or the list of contributing employers can be obtained upon written request to the Executive Administrator, Mr. Driscoll.

How to Become a Participant

You are automatically enrolled in the Plan as soon as the Fund receives a contribution on your account. At that time, if you have not already done so, you will be asked to provide some personal information, designate a beneficiary to receive any benefits which may be payable in the event of your death, and make an election of the investment funds in which you want Plan contributions on your account to be invested.

If you do not make an investment election, contributions on your behalf will be invested in one of the professionally diversified JP Morgan Smart Retirement Target Date Funds that are most appropriate for your age.

If you are married, you must designate your spouse as your beneficiary unless your spouse consents to your designation of someone else in a written statement which is notarized. If you do not designate a beneficiary, any benefits payable upon your death will be paid to your surviving spouse, or if none, to your estate.

Contributions to the Plan

Contribution Rates

Contributions to the Plan began with the first pay period starting after January 1, 1997. If you are not certain about the contribution rate in effect with respect to you at any time, you should contact the Fund Office.

Under certain circumstances, contributions may be required to be made on your account for periods of military service for which you have reemployment rights under applicable federal law. If you enter the military service, you should notify the Fund Office before you leave Covered Employment and immediately upon your return to Covered Employment.

Special Factors Affecting Contributions

The federal tax laws require that the Plan meet certain general non-discrimination tests each year. In addition, the Internal Revenue Code provides that if more than 60% of the Plan’s benefits accumulate in the accounts of certain key employees, the Plan is considered "top-heavy" and would be subject to certain special Internal Revenue Code provisions. There are also limits on the amount of a participant’s compensation which can be taken into account (currently $255,000) and on the contributions which can be credited to a participant’s account (currently $51,000) during any year. The Plan has been designed not to violate these provisions, and it is not expected that the non-discrimination rules, the top-heavy rules, the compensation limits or the contribution limits will have any effect on the Plan’s normal operation. However

Investment of Contributions

Participant Accounts

Plan assets are held in the trust established by the Declaration of Trust under which the Plan is established.

When you become a Plan participant, an individual account is established and maintained for you. Your account will reflect contributions received on your account and investment earnings or losses on the contributions to your account and your share of Plan expenses. Your account will be charged an initial fee of $25 to cover its set-up costs.

You will receive a quarterly statement which will indicate the value of your account and the transactions which have occurred in your account during the quarter.

You can direct the investment of your account balance among the mutual funds which the Trustees have made available under the Plan; the Plan Trustees will invest your account in accordance with your instructions. The investment funds currently available under the Plan are described below. You can obtain a prospectus for any of these funds by calling John Hancock Retirement Plan Services. ("John Hancock") at 1-833-388-6466 or 833-38-UNION, by accessing their website at myplan.johnhancock.com, or by contacting the Fund Office.

Growth Funds

Alger Capital Appreciation Institutional Fund: Seeks long-term capital appreciation. The fund normally invests at least 85% of its net assets, plus any borrowings for investment purposes, in equity securities of companies of any market capitalization that the adviser believes demonstrate promising growth potential. It can invest in foreign securities. Large-growth funds in big companies that are projected to grow faster than other large-cap stocks. Most of these funds focus on companies in rapidly expanding industries.

T. Rowe Price Growth Stock Fund: Seeks long-term growth of capital and, secondarily, increasing dividend income by investing primarily in common stocks of well-established growth companies. The fund normally (but not always) seeks investments in companies that have the ability to pay increasing dividends through strong cash flow. The fund involves the risk that the stock prices of the companies in the portfolio will fall or will fail to rise. Many factors can adversely affect a stock’s performance, including both general financial market conditions and factors related to a specific company of industry.

Blend Funds

Invesco Main Street Mid-Cap Fund: The investment seeks capital appreciation. Under normal market conditions, the fund will invest at least 80% of its net assets, including any borrowings for investment purposes in securities of "mid cap" companies. The fund mangers consider mid cap companies to be those having a market capitalization in the range of the Russell Midcapfi Index, a measure of mid cap issuers. The fund primarily invests in other types of securities, such as units of master limited partnerships or other securities that are consistent with its investment objective.

Columbia Mid Cap Index Fund: The investment seeks total return before fees and expenses that correspond to the total return of the Standard & Poor's  (S&P) MidCap 400fi Index. The fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in common stocks that comprise the S&P MidCap 400 Index. In seeking to match the performance of the index, the Investment Manager attempts to allocate the funds assets among common stocks in approximately the same weightings as the index. The manager attempts to achieve at least a 95% correlation between the performance of the index and the funds investment results, before fees and expenses.

American Funds EuroPacific Growth Fund: Seeks to provide long-term growth of capital by investing in companies based outside the United States. The fund invests primarily in common and preferred stocks, convertibles, American Depositary Receipts, European Depositary Receipts, bonds, and cash. All holdings are non-United States except a nominal portion that, for liquidity purposes, may be held in U.S. dollars and/or equivalents. International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Additional risks may be associated with emerging-market securities, including illiquidity and volatility.

Hartford Core Equity Fund: The investment seeks growth of capital. The fund normally invests at least 80% of its assets in common stocks. Its portfolio is broadly diversified by industry and company. The fund may invest in a broad range of market capitalization's, but tends to focus on large capitalization companies with market capitalization's similar to those of companies in the S&P 500 Index. It may invest up to 20% of its net assets in securities of foreign issuers and non-dollar securities.

Columbia Small Cap Index Fund: The Columbia Small Cap Index Fund is a fund that aims to deliver investment results that match the S&P Small Cap 600 Index. It is professionally managed using leading-edge technology to help in portfolio construction. It is a fund to capture the long-term growth potential of small U.S. companies.

Columbia Large Cap Index Fund: The investment seeks total return before fees and expenses that corresponds to the total return of the Standard & Poor's  (S&P) 500fi Index. Under normal circumstances, the fund invests at least 80% of its net assets (including the amount of any borrowings or investment purposes) in common stocks that comprise the S&P 500 Index (the index). In seeking to match the performance of the index, the Investment Manager attempts to allocate the funds assets among stocks in approximately the same weightings as the index. The fund may invest in derivatives, including futures (including equity index futures), for cash equitization purposes.

Value Funds

American Funds American Balanced Fund: Seeks to provide conservation of capital, current income, and long-term growth of capital and income by investing in stocks, bonds, and other fixed-income securities. The fund invests primarily in common stocks and preferred stocks, bonds, convertibles, and cash. The fund may invest up to 10% of its assets in securities of issuers domiciled outside the United States and not included in the S&P 500. The fund involves the risk that the stock prices of the companies in the portfolio will fall or will fail to rise. Many factors can adversely affect a stock’s performance, including both general financial market conditions and factors related to a specific company or industry.

American Funds Capital World Growth and Income Fund: Seeks to provide long-term growth of capital with current income by investing primarily in well-established companies located all over the world, including the United States. International investing involves certain risks, including currency fluctuations, economic instability, and political developments.

American Funds Washington Mutual Investors Fund: Seeks to provide current income and the opportunity for growth of principal consistent with sound common-stock investing. The fund seeks to be at least 95% invested in equity-type securities. The fund invests in stocks that meet strict standards evolving from requirements originally established by the U.S. District Court for the District of Columbia for the investment of trust funds. The fund may not invest in companies that derive their primary revenues from alcohol or tobacco. The fund involves the risk that the stock prices of the companies in the portfolio will fall or will fail to rise. Many factors can adversely affect a stock’s performance, including both general financial market conditions and factors related to a specific company or industry.

Putnam Large Cap Value Fund: The investment seeks capital growth and current income. The fund invests at least 80% of its net assets in common stocks and other equity investments that offer potential for current income and invests mainly in common stocks of U.S. companies, with a focus on value stocks that offer the potential for current income and may also offer the potential for capital growth.

Income Funds

John Hancock Bond Fund (Class I): The investment seeks a high level of current income consistent with prudent investment risk.  The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in a diversified portfolio of bonds.  The advisor contemplates that at least 75% of its net assets will be in investment-grade debt securities and cash and cash equivalents.  It will not invest more than 10% of its total assets in securities denominated in foreign currencies.  Under normal market conditions, the advisor does not anticipate investing more than 25% of its total assets in U.S. dollar-denominated foreign securities (excluding Canadian securities). 

Capital Preservation Fund

The John Hancock Stable Value Guaranteed Income Fund: Seeks to preserve capital and provide stability of principal while earning current income that exceeds money market rates over the long term. The fund is a stable value product that guarantees principal and accumulated interest. Guarantees are provided to participating retirement plans through a group annuity contract issued by John Hancock Life Insurance Company (U.S.A.) The crediting rate will be set every January 1 and July 1 and will be generally guaranteed for 6 months. 

 

Target Date Funds		Year of Birth
JPMorgan SmartRetirement Income Fund (Institutional Class) JPMorgan SmartRetirement 2020 Fund (Institutional Class) JPMorgan SmartRetirement 2030 Fund (Institutional Class) JPMorgan SmartRetirement 2040 Fund (Institutional Class) JPMorgan SmartRetirement 2050 Fund (Institutional Class)		1950 or Earlier 1951 to 1960 1961 to 1970 1971 to 1980 1981 or 1990
JPMorgan SmartRetirement 2060 Fund (Institutional Class)		1991 or Later

The “target date” in a target date fund is the approximate date an investor plans to start withdrawing money. Because target date funds are managed to specific retirement dates, investors may be taking greater risk if the actual year of retirement differs dramatically from the original estimated date. Target date funds generally shift to a more conservative investment mix over time. While this may help to manage risk, it does not guarantee earnings growth nor is the fund’s principal value guaranteed at any time including at the target date. You do not have the ability to actively manage the investments within target date funds. The portfolio managers control security selection and asset allocation. Target date funds allocate their investments among multiple asset classes which can include U.S. and foreign equity and fixed income securities.

Participant Investment Direction

By allowing participants to direct the investment of their accounts, the Trustees intend the Plan to meet the requirements of Section 404(c) of the Employee Retirement Income Security Act of 1974 ("ERISA"). Under that section, the Plan trustees may be relieved of liability for any investment losses which are the direct and necessary result of investment instructions given by a participant or beneficiary.

A telephone system, John Hancock (1-800-388-6466) or 833-38-UNION and the website at myplan.johnhancock.com allows you to check your account values, change your investment elections for future contributions, or transfer amounts from one investment fund to another on any day on which the New York Stock Exchange is open. Instructions received and accepted by 4PM Eastern time will generally be processed at the closing price on that day; instructions received and accepted after 4PM or on a non-business day will generally be processed at the closing price on the next business day.

Your John Hancock enrollment packet contains more specific information about John Hancock's telephone system, its hours and its capabilities.

To protect your investments, if you are incapacitated for a period which is expected to last more than 10 Business Days and you have not appointed a legal representative, the Executive Administrator when informed of the incapacity will transfer your Account Balance to the New York Life Stable Value Fund until you inform the Plan that your incapacity no longer exists or until you have appointed a legal representative.

It is important to recognize that each investment fund represents a different balance of risk and reward. Each Plan participant must consider what level of risk and reward best suits his circumstances and tolerance for risk and direct the investment of his account accordingly. You may want to consider dividing your account among several of the investment funds to achieve the combination of risk and reward which is best for you. John Hancock has been engaged to provide general information to participants in an effort to educate them about the selection of an appropriate investment mix. If you would like information about any of the investment options, you can call the Fund Office or contact John Hancock through its telephone system 8AM through 10PM any business day.

Plan Amendment

The Trustees have the right to amend the Plan to add or remove investment options and require Plan participants to transfer into or out of certain investment funds at any time.

Valuation of Accounts

The trust is valued at fair market value at the close of business on the last business day of each calendar quarter. Valuation of the Trust is the basis for determining the value of your account. You share in the Plan’s investment gains and losses in each investment fund in the proportion that your account balance in each investment fund bears to the account balances of all participants in that investment fund and in accordance with the rules governing each of the mutual funds. As a practical matter, when you elect to invest in one or more of the mutual funds available under the Plan, you are electing to purchase units in the mutual fund, which can increase or decrease in value. Your overall Account Balance is the sum of your interest in all of the investment funds, that is, the value of all the mutual fund units purchased for your account, less any Plan expenses charged to your account. Your share of Plan expenses will include a charge for maintaining your account, any transaction charges that might specifically apply to your account, and a proportionate share of any general expenses

Vesting Of Participant Contributions

Vesting means that you have a non-forfeitable right to all or a portion of the value of your account, whether or not you remain employed or continue to participate in the Plan.

You will always have a 100% vested interest in all amounts received by the Fund on your account and the investment earnings on your account balance, subject of course to the Fund’s right to reduce your account balance for your share of Plan expenses.

Federal Income Tax Facts

When Your Investment Becomes Taxable

In general, your entire account (contributions and investment earnings) is taxable as ordinary income when it is distributed to you.

If you receive a single-sum distribution of the total balance in your account in a single calendar year after you reach age 59-1/2 (payable because you retire, separate from service, become totally and permanently disabled, or die), you may be eligible to elect a special lump sum tax treatment which may reduce the tax otherwise due on your distribution. However, this special tax treatment is being phased out and will generally not be available after 1999.

You may also choose to defer all or a part of the tax on your distribution by transferring all or part of the taxable portion of the distribution to an Individual Retirement Account ("IRA") or another tax-qualified plan within 60 days after you receive the distribution.

You have the right to tell the Plan to pay your distribution directly to the other plan or to your IRA, or you may ask that your distribution be paid directly to you. However, if the single sum is paid to you rather than deposited directly in another qualified plan or into an IRA, Federal law requires that the Plan withhold 20% of the taxable amount of any payment for federal income tax. While you can accomplish the rollover yourself, you will have to make up the 20% withheld or that portion of your distribution will be taxable even though the rest of the payment was rolled over. Additional Taxes on Early Distributions

You should be aware that when you receive a distribution, in addition to the usual Federal (and state) income tax, you may be liable for an additional 10% federal tax for "early withdrawal" which will be applicable to the taxable part of your distribution unless you satisfy one of the following conditions:

• you are age 59-1/2 or older, unless you retire under the early retirement provisions of the Steamfitters’ Industry Pension Plan.
• you use the money to pay medical expenses which are deductible on your income tax return (which means they exceed 7-1/2% of your adjusted gross income), or
• the Plan pays another person on your account as a result of a Qualified Domestic Relations Order (for example, if you get divorced and the court orders the Plan to pay your former spouse all or part of your Plan benefit).

You should contact a qualified tax advisor at the time of a distribution if you have any questions about which tax treatment is most favorable to you.

Possible Reasons For Loss Of Benefits

Possible Reasons For Loss Of Benefits

You are always fully vested in all amounts received by the Plan on your account. However, under some circumstances, it might be possible for you not to receive the benefits you would otherwise expect:

• if you work for a contributing employer who does not make the required contributions to the Plan, and the Fund cannot collect the delinquent amount, there is no provision for the Plan to make up the lost contributions;
• if your investment choices decline in value, the amount in your account will also decline in value; or
• if you leave your account in the Plan and do not continue to work in Covered Employment, the expenses charged against your account, including the annual account maintenance fee, could deplete your account.

Appeal Rights

All claims for benefits must be in writing and should be addressed to the Plan at the Fund Office.

The Executive Administrator will make a determination on the initial claim for benefits and will respond in writing within 90 days of receiving the claim, explaining the decision and specifying the Plan provisions on which the decision is based. If the claim is denied in whole or in part, the notice of denial will identify any additional material you should submit or any steps you should take to perfect your claim.

If a participant’s claim for benefits under the Plan is denied, or a participant believes that benefits under the Plan have been improperly determined, the participant may ask the Plan trustees to review the decision by filing a written appeal within 60 days of receiving the Executive Administrator’s original decision. The participant (or his representative) may review Plan records relating to his account and submit written materials in connection with his claim for consideration by the Plan trustees. The Plan trustees’ decision on appeal will be made within 60 days of receiving the request for review, unless special circumstances require an extension, which will not exceed an additional 60 days. The decision on the appeal will be given in writing, will explain the basis for the decision and will be final.

Erisa Statement Of Rights

As a participant in the Steamfitters’ Industry Supplemental Retirement Plan, 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 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 part, you may file suit in a state of 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 Inquires, 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. 

Distributions

Qualified Birth or Adoption Distributions (QBOAD):

The “Qualified Birth or Adoption Distribution” allows participants to take early withdrawals of up to $5,000, per child, from their Supplemental Retirement Plan 401(a) account.  This distribution can be paid within 1 year of the birth or adoption of a child.  An “eligible adoptee” is anyone that has not reached the age of 18, is physically or mentally incapable of self-support and is not the child or stepchild of the member’s spouse. 

You will be required to complete and submit the QBOAD distribution form along with the child’s birth certificate to the Fund Office.
This special distribution is taxable but is not subject to the 10% early withdrawal penalty.  Unless you elect otherwise on the distribution form you will be subject to 10% federal income taxes, plus any applicable state tax withholding.  The distribution is taxable and you will receive a 1099 tax form from John Hancock Retirement Plan Services.  You should consult your tax advisor regarding the taxes applicable to this distribution.

If you elect to receive a QBOAD, you can recontribute all or part of this distribution to the Supplemental Retirement Plan.

In-Service Distribution

The Supplemental Retirement Plan allows active participants age 59 ½ or older to take withdrawals from their 401(a) account.  The minimum amount is $5,000 or your entire account balance, if less.  This distribution is subject to mandatory 20% Federal Income Tax Withholding, plus any applicable state tax withholding, but a 10% early withdrawal penalty is not applicable.   You will receive a 1099 tax form from John Hancock Retirement Plan Services.  You should consult your tax advisor regarding the taxes that are applicable to this distribution. The In-Service Distribution is eligible for rollover. 

The purpose of the Plan is to provide additional savings for retirement. Therefore, the Plan does not generally permit distribution of any part of your account balance until your employment terminates due to retirement, disability, resignation or discharge. However, exceptions can be made in the case of certain qualifying hardships, which are described below in a separate section.

In any case, if you are a 5% owner of a contributing employer, you must begin to receive your benefit by April 1 of the year after the year in which you reach age 70-1/2 even if you remain actively employed in the steamfitting industry. If you are a 5% owner of a contributing employer, you should advise the Fund Office of your status. If you do not do so and payments do not begin as required, you may be subject to a special 50% tax on the amounts you should have received.

Distributions

Your account can be distributed if you stop working in Covered Employment or you become disabled or die. You are considered to have stopped working in Covered Employment on the last day of the second quarter in which no contributions are received on your behalf (unless you actually worked in Covered Employment after the end of the fourth quarter, but before the Fund Office has finished recording fourth quarter hours). To determine if you are Disabled the Trustees may rely upon a determination by the Social Security Administration that you are disabled within the meaning of the Social Security Act. If a Social Security determination is not available, the Trustees may rely upon a certification by a physician designated by the Plan. In all cases, the disability must be expected to be of extended duration. Distributions are generally made upon receipt of a properly completed application and are made directly to you, or, in the event of your death, to your beneficiary. If you are married, you must designate your spouse as beneficiary, unless your spouse has given a written, notarized consent for you to name another specific beneficiary. The term “spouse” means your lawful spouse, including your same-sex partner. In any case, you must begin to receive your benefit by April 1 of the calendar year after the calendar year in which you reach age 73 even should you remain actively employed in Covered Employment. 

Form of Payment

Account Balance Less than $1,000

If your account value does not exceed $1,000 (or any greater amount permitted under the law), upon termination of your service for any reason, it will be paid to you in a single sum as soon as practicable after your service terminates.

Account Balance More than $1,000

If you stop working in Covered Employment, become Disabled or die and your account balance exceeds $1,000, you may choose to receive your distribution as soon as administratively possible after the valuation date next following your application for payment, or you can wait and take your distribution at a later time, but no later than April 1 of the calendar year after the calendar year in which you reach age 72 even should you remain actively employed in Covered Employment. Distribution of your account will normally be made in a single payment. However, if your Account Balance exceeds $5,000, you may elect to receive your distribution in annual or more frequent installments over a period as limited under the Plan or in two or more partial payments of your account.

Example 1:
A participant, with an account balance of $800, stops working in Covered Employment (see below) at age 32. The Plan will distribute his benefit in a single payment as soon as administratively possible after he stops working in Covered Employment.

Example 2:
A participant, with an account balance of $35,000, stops working in Covered Employment (see below) at age 45. The participant may choose to either (i) receive his distribution as soon as administratively possible after he stops working, or (ii) wait to receive his distribution until a later date.

If he decides to wait to receive his benefit, his account will continue to be invested under the Plan in accordance with his instructions and charged for Plan expenses in the same manner as an active participant. His account will be distributed to him when he elects a form of distribution.

You are considered to have stopped working in Covered Employment on the last day of the second quarter in which no contributions are received on your behalf (unless you actually worked in Covered Employment after the end of the second quarter, but before the Fund Office has finished recording second quarter hours).

Please note that special notices and election forms apply to each distribution choice. You should contact the Fund Office for more information.

Hardship Distributions

A hardship distribution may be available for the following purposes:
to pay the cost of post-high school education for you or a member of your immediate family at an accredited institution of higher learning

• to pay uninsured medical or dental expenses for you or a member of your immediate family for which there is no reimbursement from any other source
• to purchase your principal residence
• to prevent your eviction from or foreclosure upon your principal and only residence
• to assist you if you are partially and/or temporarily disabled so as to be unable to work in Covered Employment, but only if you have exhausted all other resources available to you
• to help you recover from damage from a natural disaster (such as a hurricane) if...
  • the area you live and/or work in has been declared a federal disaster area,
  • you suffered material damage as a result of the natural disaster, and
  • the damage you suffered consists of physical injury or property damage which will restrict your ability to work and care for your family
• Funeral or burial expense for a deceased parent, child, or dependent.
• Repair of a principal residence due to flood, water or other loss.

If you think you have incurred a hardship which would justify a withdrawal, contact the Fund Office to request an application form. You will be required to present evidence of your hardship and to certify that you have no other resources with which to meet your need. In any case, your withdrawal cannot reduce your account balance below $100.

Death Benefits

If you die before you receive your entire benefit under the Plan, the full value of your accounts will be paid to your designated beneficiary. As soon as feasible after your death, your account balance will be transferred to the New York Life Stable Value Fund pending identification of your beneficiary.

If you are married, you must designate your spouse to receive your entire account balance, unless your spouse has given a written, notarized consent to another specific beneficiary or consented to all future changes of your beneficiary designation. The Plan reserves the right to reject any designation of multiple or successive beneficiaries if it would be unduly burdensome to the Plan.

If a beneficiary designation is not in effect at the time of your death, the Plan will pay your benefit to your spouse, if living, otherwise to your estate.

If your beneficiary is not your spouse, the Plan will pay the beneficiary in a single sum as soon as reasonably feasible after your death.

If your spouse is your beneficiary, your spouse may elect to receive the benefit immediately, or may delay payment for any period, but not beyond what would have been your normal retirement date. If payment is deferred, your spouse may direct the investment of your account until a distribution is made and your account will be charged fees in the same way as when you were alive.

Non-Assignability of Interest

Apart from your right to name a beneficiary to receive any distribution payable upon your death, federal law requires that no right to payment under the Plan can be subject to sale, transfer, pledge, assignment, anticipation, attachment or encumbrance of any kind. However, the Plan is required to honor any Federal income tax levy or any qualified domestic relations order which directs it to pay all or a part of a participant’s benefit to his former spouse, children or other dependent.

If you are unable to care for your affairs at the time when you would otherwise receive your benefit and you do not have a duly appointed legal guardian, the Plan trustees, in their discretion, may pay your benefit for your support or for the support of your spouse and any minor children, in full discharge of the Plan’s obligation to you.

Amendment and Termination of the Plan

The Trustees have reserved the right to amend or terminate the Plan at any time for any reason. Any action amending or terminating the Plan will be taken by the Board of Trustees of the Steamfitters’ Industry Supplemental Retirement Fund, the Plan sponsor, which may act at a meeting or by written consent. If the Plan is terminated for any reason, your account values will remain 100% vested.

Final Notes

This website can only summarize the most important features of the Plan as they would apply to most people. The full text of the Plan is available for review and copying from the Fund Office. If there is any conflict between this summary and the text of the Plan, the official text of the Plan will govern. The Board of Trustees has sole and absolute discretion to interpret and apply the text of the Plan in individual cases, and its decisions are binding.