Eligibility For Benefits And Amount Of Benefits
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
Trusteesí discretion, more frequently.
Amount Of Benefits
The amount of benefits available to the participant is
limited to the balance in the participantís 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
participantís account. The amount in the participantís
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.