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.