Identifying the Plan

The full, official name of the Plan is "The Steamfitters’ Industry Vacation Plan," which will be referred to in this booklet as the "Vacation Plan" or the "Plan". The Plan is a welfare fund which provides vacation benefits to eligible employees.

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

Board of Trustees

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

The Trustees are Robert J. Bartels, Jr., Tim Sullivan, Ray Goger, Shane McMorrow, Joseph Furelli and Marcelo Ramalho.

Employer Identification Number of the Board of Trustees:

13-6149682

Name of Plan:

The Steamfitters’ Industry Vacation Plan

Plan Number:

503

Plan Year Ends:

December 31

Type of Administration:

Trustee Administration

Agent for Service of Legal Process:

William J. Turnbull, Executive Administrator

The Steamfitters’ Industry Vacation 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.

Name and Address of Trustees:

Union Trustees
Robert J. Bartels, Jr.
Ray Goger
Tim Sullivan

Enterprise Association
Steamfitters’ Local Union 638
27-08 40th Avenue
Long Island City, New York 11101

Employer Trustees
Shane McMorrow
Joseph Furelli
Marcel Ramalho

Mechanical Contractors Association of New York, Inc.
535 Eighth Ave, 17th Fl
New York, New York 10018

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 of the United Association of Journeymen and Apprentices of the Plumbing and Pipefitting Industry of the United States and Canada 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 Administrator and may be examined at the Fund Office and 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 Administrator.

Source of Financing:

The Plan is funded by contributions received from employers in accordance with the applicable collective bargaining agreement.

Employee Accounts:

An account is established for each employee under the Plan and is credited with contributions received in accordance with the collective bargaining agreement. Benefit disbursements are deducted from the employee’s account.

Eligibility For Benefits And Amount Of Benefits

Eligibility

An employee becomes a participant in the Plan after (1) he is employed as a steamfitter under the terms of a collective bargaining agreement between Local 638 and a contributing contractor, that is, a contractor who is obligated to make contributions to this Plan, and (2) such employer actually makes contributions on behalf of the employee to this Plan. In other words, you must work for a contractor bound by the Local 638 Trade Agreement and that contractor must make the contributions on your behalf in order to obtain benefits from the Plan.

Vacation Benefits are payable semi-annually or, in the Trustees’ discretion, more frequently.

Amount Of Benefits

The amount of benefits available to the participant is limited to the balance in the participant’s account at the end of the year or at such a time as payments are made. Net investment income, after deduction of administrative expenses, may be distributed to participants periodically. No benefits are available if there is no balance in the participant’s account. The amount in the participant’s account could be less than the amount contributed on his behalf if the administrative expenses and the amount needed for reserves exceed investment income on a pro rata basis.

Types Of Benefits

The Vacation Plan provides for a semi-annual vacation payment, income allocations and death benefits.

Annual Payout

The semi-annual payouts generally takes place in April and October. The balance in each eligible participant’s account is automatically paid out. It is not necessary to file an application for this benefit. At the sole discretion of the Trustees, payments may be made more frequently.

Death Benefit

At the time of a participant’s death, the balance in the participant’s Vacation Plan account shall be paid to the person(s) designated as beneficiary(ies). In the event no beneficiary is designated, the balance shall be paid to the person or persons entitled to receive the proceeds of the individual’s Local Union 638 death benefit.

The death benefit will be processed after the Fund Office has received a certified copy of the participant’s death certificate. Contact the Fund Office if you wish to change or update your beneficiary information. Failure to do so can delay payment or result in a payment which is not what you wished.

Income Allocation

The Trustees have adopted a formula which provides that the Plan’s net assets should equal at least one-and-one-half times the Plan’s annual administrative expenses, also referred to as the reserve, before any income allocation can be made to participants. If this criteria is met, and the Trustees approve such an allocation, it will be distributed as follows:

The excess investment income, over the reserve, will be distributed to the participant’s of the Plan based on the ratio of the average balance in each participant’s account at the end of each quarter to the total average balance in all accounts.

Any income allocations posted to participant accounts will be automatically credited to your account and included in the next payout check following.

Rules And Regulations

Assignment of Benefits

You may not assign or use as collateral any part of your account balance or any benefits you are entitled to from the Plan.

Loss of Benefits

If you do not meet the eligibility requirements as described in the section entitled "Eligibility", you will not be eligible for benefits from the Plan. You will be advised, in writing, of any denial of benefits and of any requirements which must be met for your claim to be approved.

Appeal for Denial of a Claim

If you are not satisfied with a decision regarding an application for benefits, you may appeal the decision to the Board of Trustees for review.

Your appeal must be made in writing within 60 days of the notification that your claim has been denied, requesting a review of your claim. Your appeal will be presented at the next Trustees meeting provided the appeal has been received at least 30 days before such meeting. You will be notified in writing of the Trustees decision regarding your appeal.

You may review all Plan documents and records relating to your benefits in connection with any appeal, and you may have a representative if you so desire.

Your Rights Under ERISA

As a participant in The Steamfitters’ Industry Vacation 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 shall be entitled to:

Receive Information About Your Plan and Benefits

Examine, without charge, at the plan administrator’s office and at other specified locations such as the union office, 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 Executive 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 Executive Plan Administrator is required by law to furnish each participant with a copy of this summary annual report.

Prudent Action 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 benefit or exercising your rights under ERISA.

Enforce Your Rights

If your claims for a benefit is denied or ignored, 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 denial, 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 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 form 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 the costs and fees if, for example, it finds your claim is frivolous.

Assistance with Your Questions

If you have questions about your plan, you should contact the Executive 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 Executive Plan Administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your 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.

Amendment And Termination

The Trustees intend to continue the Plan described in this booklet indefinitely. Nevertheless, they reserve the right, subject to the provisions of any pertinent collective bargaining agreement, to terminate or amend the Plan. The Plan may be terminated, in writing, by the Trustees when there is no longer an agreement in effect between any one employer and the Union requiring payment to the Fund.

Upon termination of the Plan, the Trustees shall continue to administer the trust and make payments therefrom until the disbursement of the entire trust is completed. After the trust funds are exhausted, the plan shall terminate.