2023 NPF Summary Plan Description

2023 SUMMARY PLAN DESCRIPTION

January 2023 Dear IAM National Pension Fund Participant: We are pleased to present you with this Summary Plan Description (SPD) summarizing the IAM National Pension Fund’s Plan document. This SPD incorporates all amendments to the Plan through October 31, 2022, including the amendments made under the Rehabilitation Plan that the Board adopted in 2019 to improve the Plan’s funding status for the long-term benefit of participants and beneficiaries. This SPD generally applies to participants who apply for benefits on or after January 1, 2023. Participants who apply for benefits before that date should refer to the 2017 SPD (and any summaries of material modification to the 2017 SPD). We hope this summary will be of assistance to you and your family in understanding the Plan. We believe that this SPD accurately reflects the Fund. Please remember, though, that the text of the Plan itself, as interpreted by the Board of Trustees, represents the final authority in all cases. Sincerely, The Board of Trustees UNION TRUSTEES EMPLOYER TRUSTEES Steve Galloway, Co-Chairman Justin Welner, Co-Chairman Brian Bryant Kelvin Jones Rickey Wallace Jim McGrath Dora H. Cervantes Andy Chen Este folleto contiene un resumen en inglés de los derechos y beneficios de su Plan según el Plan Nacional de Pensiones del Fondo Nacional de Pensiones de IAM. Si no encuentra las respuestas de sus preguntas en esta publicación, o si usted desea este folleto en español, puede comunicarse con la oficina del Fondo marcando al 1-800-424-9608 entre las 9:00 a.m. y 7:00 p.m. hora de la zona este, de lunes a viernes, para solicitor asistencia. También podrá dirigirse por correo a la oficina del Fondo al 99 M St., SE, Suite 600, Washington D.C. 20003-4595, o dirigir por correo electrónico a [email protected] (se le responderá por escrito y se enviará la respuesta por correo regular). Además puede ver esta publicación en español por la red a www.iamnpf.org “National Pension Fund” “Pension Plan Documents.” →

TABLE OF CONTENTS About the National Pension Fund .......................................4 You’re in Good Company .................................................................................. 4 Some Highlights of the National Pension Fund ..............................................4 › Fund Administration ............................................................................... 4 › Prior Plans................................................................................................ 4 › Annual Statements ................................................................................. 4 › The National Pension Fund Website ......................................................5 › You Have Questions, We Have Answers.................................................5 Who Can Participate in the National Pension Fund? ...........5 What is the Fund’s Rehabilitation Plan (RP)? ......................6 Summary of Benefit Changes Under the Rehabilitation Plan ........................6 Grandfathered Participant ................................................................................ 7 When Do You Become a Fund Participant? ..........................7 Hours of Service ................................................................................................ 7 Covered Employment ....................................................................................... 7 Periods of Military Service................................................................................. 7 How Does the Time You Work Count? .................................8 Vesting Service .................................................................................................. 8 › How You Earn Vesting Service ................................................................8 Credited Service ................................................................................................ 8 › Future Service Credit ............................................................................... 8 › Past Service Credit ................................................................................... 9 › How You May Earn Past Service Credit ...................................................9 › If Past Service Credit Was Granted, When Do You Qualify for It? ..........9 › When Past Service Credit Can Be Denied or Canceled ..........................9 › When You Can Lose Vesting Service or Credited Service ....................10 › What Is a Permanent Break in Service?................................................10 You’re Thinking About Retiring — How Much Will Your Pension Benefit Be? ..............................................10 Actuarial Present Value ...................................................................................10 Normal Pension...............................................................................................10 › Amount of Your Normal Pension..........................................................11 › Non-Standard Groups ...........................................................................12 Early Retirement Pension ...............................................................................13 › Amount of Your Early Retirement Pension ..........................................13 › Amount of Early Retirement Pension for Participants Covered by the Preferred Schedule ....................................................................14 › Amount of Early Retirement Pension for Participants Covered by the Default Schedule .......................................................................14 › Early Retirement Pension for Grandfathered Participants ..................15 30 and Out Pension ........................................................................................15 › Preferred Schedule ...............................................................................15 › Default Schedule ...................................................................................16 › Grandfathered Participants. ..................................................................16 Eligibility for 20 and Age 62 Pension 30 and Out Pension ..........................16 Special Negotiated Benefits ...........................................................................17 Disability Pension ............................................................................................17 › Definition of Total and Permanent Disability .......................................17 › Amount of Disability Pension for Participants Covered Under the Preferred Schedule ..............................................................17 › Amount of Disability Pension for Participants Covered Under the Default Schedule .................................................................18

› Amount of Disability Pension for Grandfathered Participants ............18 General Information .........................................................29 › Other Provisions Applicable to Disability Pensions .............................18 Administration.................................................................................................29 › Early Retirement Pension Pending Disability Determination.............18 Board of Trustees .............................................................................................30 Vested Deferred Pension ................................................................................18 Employer Identification Number and Fund Number ....................................30 › Amount of Your Vested Deferred Pension............................................18 Fund Type .........................................................................................................30 Pro-Rata Pension .............................................................................................18 Fund Year .........................................................................................................30 Merged Plans ..................................................................................................19 Service of Legal Process ..................................................................................30 How Will Your Pension Benefit Be Paid? ...........................19 Contribution Source ........................................................................................30 Definition of Spouse .......................................................................................19 Contributing Employers .................................................................................30 Standard Form for Married Participants: 50% Joint and Survivor Pension ..19 Funding Medium ............................................................................................30 › Amount of Reduction ............................................................................19 Related Plans ....................................................................31 › If Your Spouse Dies Before You (Preferred Schedule and Merged Plans ....................................................................31 Grandfathered Participants) .................................................................20 Transfers from Other Plans ................................................32 Standard Form of Payment for Single Participants: Single Life Annuity ......20 Appendix ..........................................................................33 Optional Forms of Payment ..............................................20 TABLE ONE (Schedule B) .................................................................................33 75% Joint and Survivor Pension ....................................................................20 Determining Your Future Service Benefit .................................................33 › Amount of Reduction ............................................................................20 Non-Standard Groups ................................................................................42 100% Joint and Survivor Pension ..................................................................21 TABLE TWO (Schedule A) .................................................................................44 › Amount of Reduction ............................................................................21 Determining Your Future Service Benefit .................................................44 120 Certain Payments ....................................................................................21 TABLE THREE ....................................................................................................49 › Amount of Reduction ............................................................................21 Determining Your Future Service Benefit .................................................49 Automatic Lump Sum Cash-Out of Small Pensions ......................................21 TABLE FOUR .....................................................................................................51 Eligible Rollover Distributions ........................................................................21 Determining Your Future Service Benefit .................................................51 Selling, Assigning or Pledging Benefits ........................................................21 TABLE FIVE........................................................................................................53 Qualified Domestic Relations Orders (QDRO) ...............................................21 Determining Your Future Service Benefit .................................................53 Benefits for Survivors If You Die Before Retirement ..........22 TABLE SIX .........................................................................................................55 Spouse Preretirement Death Benefit .............................................................22 Determining Your Future Service Benefit .................................................55 Preretirement Death Benefit for Unmarried Participants Covered by TABLE SEVEN ....................................................................................................56 the Preferred Schedule or Grandfathered Participants: 60 Payments ..........22 Determining the Amount of a 50% Joint and Survivor Pension .............56 Designating Your Beneficiary .........................................................................22 TABLE EIGHT .....................................................................................................57 What Happens If You Return to Work After You Retire? .....23 Determining the Amount of a 75% Joint and Survivor Pension .............57 If You Disagree with the Decisions of the Trustees .........................................23 TABLE NINE ......................................................................................................58 What Else You Should Know About Working After Retirement ....................23 Determining the Amount of a 100% Joint and Survivor Pension ...........58 How Do You Apply for Pension Benefits? ..........................24 TABLE TEN ........................................................................................................59 Overpayments .................................................................................................24 Determining the Amount of Your Benefit Under the When Benefit Payments Begin ......................................................................24 120 Certain Payments Option ...................................................................59 Retroactive Annuity Starting Date ..................................................................25 TABLE ELEVEN ..................................................................................................59 Processing Applications for Benefits ..............................................................25 Determining Your Past Service Benefit .....................................................59 When Benefits Are Paid Automatically ...........................................................26 TABLE TWELVE ..................................................................................................62 When Benefits Start After Normal Retirement Age .......................................26 Special Rules for Grandfathered Participants ...........................................62 Pension Benefits as Taxable Income ..............................................................26 › Amount of Your Early Retirement Pension .....................................62 What You Can Do If You Are Denied a Pension: Appeals Procedures ...........26 › Early Retirement Reduction After 20 Years of Service ....................62 What If the Pension Fund and Trust Terminate? ................27 › Early Unreduced Retirement Pension at Age 62 ............................62 Termination Insurance ......................................................28 › 30 and Out Pension .........................................................................62 Statement of Rights Under the Employee Retirement › Disability Pension Amount ..............................................................62 Income Security Act of 1974 as revised by the Pension › 60 Certain Payments Optional Form of Benefit .............................62 Protection Act (PPA) of 2006 .............................................28 TABLE THIRTEEN ...............................................................................................63 Receive Information About Your Fund and Benefits .....................................28 Early Retirement Reduction Factors Based on Actuarial Equivalence ......63 Prudent Actions by Fund Fiduciaries ..............................................................29 Additional Information .....................................................64 Enforce Your Rights .........................................................................................29 Communicating with the Fund Office ............................................................64 Assistance with Questions ..............................................................................29

ABOUT THE NATIONAL › You’re eligible for a normal pension at age 65 if you have PENSION FUND five years of credited service or an unreduced vested deferred pension with five years of vesting service. The IAM National Pension Fund was established to provide retire- › Portability allows you to add to your vested pension ben- ment benefits for employees who are represented for the purposes efits and continue to earn additional benefits when you of collective bargaining by a lodge chartered by the International change employment and work in covered employment for Association of Machinists and Aerospace Workers (IAM). another contributing employer in the Plan. › The Fund pays you monthly pension benefits for your life- It is a multiemployer defined benefit plan. time. Certain forms of payment available under the Fund YOU’RE IN GOOD COMPANY provide benefits to your spouse or beneficiary as well. › If you are under age 65 and become totally and perma- As a participant in the National Pension Fund, you’re in good com- nently disabled while working, or within 12 months of pany. At the time we are publishing this SPD, more than 180,000 leaving covered employment, you may be eligible for a participants are earning pension benefits or are qualified to re- disability pension. ceive pensions from the National Pension Fund. Currently, benefits › The Fund provides preretirement death benefits for totaling more than $950,000,000 are being paid each year to over eligible participants which are payable to survivors, if you 116,000 retirees and beneficiaries. More than 1,200 employer lo- die before you retire. However, if you are covered by the cations nationwide contribute to the National Pension Fund. Default Schedule only your surviving spouse is eligible for a preretirement death benefit. As a participant of the Fund, you can look forward to receiving a ben- See the Table of Contents on pages 2 and 3, respectively, to find efit at retirement once you meet the requirements for a pension. more information on these and other details of the National Pension Along with Social Security and personal savings — such as through Fund, including eligibility requirements. the IAM National 401(k) Fund — the National Pension Fund can pro- vide you with a solid financial foundation at retirement. Fund Administration You do not make any contributions to the IAM National Pension The Pension Fund is administered by a joint Board of Trustees consist- ing of equal representation by the IAM and the contributing employ- Fund, and you do not bear the risk of its investments. The National ers. The Trustees maintain an administrative office (the “Fund Office”), Pension Fund is financed entirely by employer contributions nego- staffed by an Executive Director whom they hire and other office staff, tiated during collective bargaining, plus investment income. to manage the Fund on a day-to-day basis. The names of the Trustees SOME HIGHLIGHTS OF THE NATIONAL PENSION FUND and Executive Director are shown on page 30. › You earn a non-forfeitable right to a pension from the Fund Prior Plans — that is, you become vested — when you have five years of On January 1, 1991, prior Plans A, B and C were merged and be- vesting service or five years of future service credit. came the defined benefit plan of the IAM National Pension Fund. › Years of vesting service, including predecessor plan service Plan A, A Benefits was formerly called the IAM Labor Management with a prior qualified plan, will in most cases count in Pension Plan. Plan A, C Benefits was formerly known as the CMTA determining eligibility for pensions from the Plan. — IAM Pension Plan and Trust. Plan B was the former IAM Mid-East- › You’re eligible to receive an early retirement pension at ern Pension Fund. For purposes of this booklet, we will refer to Plan age 55 with five years of credited service or a vested de- A, A Benefits, Plan A, C Benefits and Plan B as prior plans. ferred pension at age 55 with five years of vesting service. Prior Plan SPD: You May Still Need It › A portion of your pension may be unreduced for early com- This SPD reflects the merged plan from January 1, 1991 forward. mencement if you retire at age 62 or later with 20 years For earlier periods, you may still need your SPD from your prior of service and are covered under the Default Schedule, or plan. In 1992, everyone affected by the merger was sent the appli- if you are a “Grandfathered Participant” not subject to any cable prior plan SPD. The Fund Office will send you another copy of schedule. the applicable final prior plan SPD if you request one. › With the 30 and Out pension, you can retire at any age if Annual Statements you have at least 30 years of credited service. A portion of Each year, the Fund sends annual statements to everyone with your pension may be unreduced for early commencement hours recorded for the previous year. Your annual statement shows if you are covered under the Default Schedule, or you are a your hours earned and future service credit for that year, based on “Grandfathered Participant.” \\ About the National Pension Fund 4

employer reports. It also shows your total credited service and vest- You Have Questions, We Have Answers ing service. In addition, if you were covered by a plan that merged As you get closer to retirement, you may want more specific informa- with the National Pension Fund, your pre-merger service will gen- tion about the amount of your benefit and the options available to you. erally appear on the statement. If you have specific questions regarding your benefit, please write to If you meet the Fund’s vesting requirements (see page 8), the an- the Fund Office at the address shown on the back cover. For general nual statement will also show an estimate of the normal pension questions regarding the National Pension Fund, you may write to the payable to you at age 65. Please compare the information on the Fund Office or call the Fund at 1-800-424-9608 between the hours of annual statement with your own records. 9:00 a.m. and 7:00 p.m. eastern time. You may also e-mail questions to us at [email protected]. The annual statement’s information about your credited service WHO CAN PARTICIPATE IN and your benefit is based on unverified records and should be treated as an estimate. All information is subject to verification THE NATIONAL PENSION FUND? when you apply for your pension benefit. The National Pension Fund Website You can participate in the National Pension Fund if you meet all To learn more about the National Pension Fund, vis- three of the following conditions: it our website at www.iamnpf.org. The Fund’s web- › You are represented for the purpose of collective bargain- site is a valuable resource to aid you in obtaining ing by a lodge chartered by the IAM. The collective bar- information about your benefits and is designed to gaining agreement may be with another union if accepted maintain the security of your personal information. by the Trustees. If you have any questions about using the website, call the Fund Office › Your employer has agreed in writing to make contributions at 1-800-424-9608 or e-mail us at [email protected]. to the Fund on your behalf. One very valuable tool you will find on the Fund’s website is a pen- › Your employer is accepted, in writing, as a contribut- sion calculator, which permits active participants to project their ing employer by the Board of Trustees, and makes the benefits according to varying contribution rates and retirement-age required contributions. scenarios. On the website participants can also: You cannot participate in the National Pension Fund while: › Complete your pension application online, including › You are self-employed uploading pertinent supporting documents* › You are a partner of a contributing employer › Change your address* › You are a leased employee › View or change your beneficiary designations* PARTICIPATION FOR EMPLOYEES NOT SUBJECT TO AN › View the hours reported by your employer on your behalf* IAM COLLECTIVE BARGAINING AGREEMENT › Request a pension application* › Print various forms In general, the Fund covers employees who are working under a * Once you start receiving your pension benefit, these features will collective bargaining agreement. Some exceptions do apply. If the not be available to you online, but you may use the following Trustees agree to their participation, employees of certain entities features when accessing the website: may be covered. Such entities include: › Sign-up for Direct Deposit › A local or district lodge › Download a Form 1099R › A related welfare fund › Print a Verification of Income statement › Another union-affiliated organization › Update tax withholding information › A conjoint union › View monthly benefit payments › Non-union and management employees of a regular con- You are solely responsible for maintaining the security of any of tributing employer (subject to certain conditions) your passwords associated with the Plan. You can help protect In each such case, the Trustees require a signed special participa- your personal information following the online security tips rec- tion agreement from the employer. In addition, the employees of ommended by the Department of Labor and found here: https:// the Fund Office are covered by the Fund. www.dol.gov/sites/dolgov/files/ebsa/key-topics/retirement-bene- fits/cybersecurity/online-security-tips.pdf SUMMARY PLAN DESCRIPTION 2023 // 5

WHAT IS THE FUND’S Fund under a Collective Bargaining Agreement will be REHABILITATION PLAN (RP)? determined as if the participant were covered under the first to expire of the Employer’s Collective Bargaining Under federal law, an annual actuarial status determination is re- Agreements in effect on September 1, 2019. quired for all multiemployer defined benefit pension plans, includ- › The RP Schedule Effective Date for a participant whose ing the Fund. The Fund was certified to be in endangered status Employer does not contribute to the Fund under any Col- effective for the plan year beginning January 1, 2019 and it was pro- lective Bargaining Agreement will be determined as if the jected to be in critical status in one of the succeeding five plan years. Employer’s participation agreement with the Fund were a The Trustees voluntarily elected to place the Fund in critical status Collective Bargaining Agreement with a term ending on effective for the 2019 plan year to improve the financial health of January 1, 2020. the Fund. As required by law for plans that are in critical status, the SUMMARY OF BENEFIT CHANGES UNDER THE Trustees adopted a Rehabilitation Plan (“RP”) in 2019. REHABILITATION PLAN The RP changes the benefits provided under the Plan. As required As required by law, the following benefits were eliminated for all par- by law, some of the benefit changes apply to all participants begin- ticipants and beneficiaries effective April 26, 2019: ning April 26, 2019. The type and effective date of other benefit › all lump sum payments and payment options, including changes depends on which of the two alternative schedules under the preretirement lump-sum death benefits and lump- the RP — the Preferred Schedule or the Default Schedule — apply sum payments to certain individuals eligible for a Dis- to you, which in turn generally depends on the collective bargain- ability Pension for certain retroactive periods, except that ing agreement that you were last covered under. The date that the automatic payments of $5,000 or less will continue (along benefit changes become effective for you is referred to as your “RP with makeup payments); and Schedule Effective Date.” › the Social Security Option. The RP Schedule Effective Date for any participant is determined The Preferred Schedule eliminates the following benefits (includ- as follows: ing benefits earned both before and after the RP Schedule Effec- › The RP Schedule Effective Date for a participant who is covered tive Date): under a Collective Bargaining Agreement where the bar- › early retirement subsidies; gaining parties adopt the Preferred Schedule is the date that › unreduced age and service pensions, including the 20 and the bargaining parties adopt the Preferred Schedule (or, if age 62 pension and 30 and out pension; later, January 1, 2022), if the participant submits a complete › the unreduced disability pension; and application for a pension on or after that date. › the 60 Certain Payments (single life annuity with 60-pay- › The RP Schedule Effective Date for a participant who is ment guarantee). covered under a Collective Bargaining Agreement where the bargaining parties adopt (or have imposed on them) the De- The Default Schedule eliminates the following benefits earned on fault Schedule is the date that the bargaining parties adopt and after the RP Schedule Effective Date: (or have imposed on them) the Default Schedule (or, if later, › early retirement subsidies; September 1, 2019), if the participant submits a complete › unreduced age and service pensions, including the 20 and application for a pension on or after that date. age 62 pension and the 30 and out pension; › A deferred vested participant is treated as covered under › the unreduced disability pension; and the Collective Bargaining Agreement of the participant’s › the 60 Certain Payments (single life annuity with 60-pay- last covered employer of record except for “orphaned” ment guarantee). deferred vested participants described below. › The RP Schedule Effective Date for a participant whose The Default Schedule also eliminates: employer no longer contributes to the Fund as of Septem- › the 60-monthly-payments pre-retirement death benefit ber 1, 2019 (an “orphaned participant”) is September 1, payable on account of the death of a participant on or after 2019 for orphaned participants who submits a complete the RP Schedule Effective Date; and application for a pension after that date, and the orphaned › the “pop-up” benefit for participants who submit a com- participant will be covered by the Preferred Schedule. plete application for benefits on or after the RP Schedule › The RP Schedule Effective Date for a participant who is Effective Date. non-bargained but whose Employer contributes to the \\ What is the Fund’s Rehabilitation Plan (RP)? 6

GRANDFATHERED PARTICIPANT they are directly before or directly after your covered employment If you submit a complete application for benefits before your RP with the same contributing employer while that employer otherwise Effective Date—or, if later, you are either (i) covered by the Preferred participates in this Fund. Schedule and submit a complete application for benefits before These hours will count toward vesting and to avoid breaks in ser- January 1, 2022 or (ii) covered by the Default Schedule and submit vice but will not count in determining the amount of your pension. a complete application for benefits before September 1, 2019 — you will be considered to be a “Grandfathered Participant” and If you are an employee for whom contributions are made by a con- the benefit changes described in the Preferred Schedule and De- tributing employer according to the Regional Rail Reorganization fault Schedule will not apply to you. Act of 1973, hours of service will include periods of unemployment WHEN DO YOU BECOME A or adverse employment during which you are entitled to the protec- FUND PARTICIPANT? tion of that Act. Hours of service are used to determine future service credit and When you become a Fund participant depends on a number of vesting service only. factors: In the event you do not agree with the hours of service shown on the If you were hired by a contributing employer on or after Jan- Fund’s records and we are unable to substantiate your claim through uary 1, 1995, you become a Fund participant on the January 1 or your employer, you will be required to submit documentary proof of July 1 after you complete 1,000 hours of service in covered em- your claim for additional hours, such as Social Security records, pay ployment during the 12 consecutive months beginning with your check stubs, your W-2 or other completed tax forms, or other em- date of hire. If you do not complete 1,000 hours of service in your ployment records. first 12 consecutive months of employment, you can become a COVERED EMPLOYMENT Fund participant on any January 1 after you complete 1,000 hours of service in the previous calendar year. Covered employment is generally work in a job classification in If you were hired by a contributing employer on or after Jan- an IAM collective bargaining agreement for which contributions uary 1, 1991, but before January 1, 1995, you must have 600 are required to be made to the Fund on your behalf. Covered em- hours of service in your first 12 consecutive months of employ- ployment can also include work in some other job classifications ment or any plan year beginning with your date of hire to become if contributions by the employer to the National Pension Fund are a participant. A plan year is the same as a calendar year (January 1 required by a written agreement accepted by the Trustees. through December 31). PERIODS OF MILITARY SERVICE If you were a participant under a prior plan (Plan A, A Benefits, A person who is serving a period of qualified military service will Plan A, C Benefits, or Plan B) at the time those plans were merged, be treated as if that person is working in covered employment, to you became a participant in the National Pension Plan on the date the extent required by the Uniformed Services Employment and of the merger, January 1, 1991. Reemployment Rights Act (USERRA). Verification of your military HOURS OF SERVICE service — such as a copy of your military discharge — will be re- quested during pension processing. An hour of service is each regular-time hour for which you are If your contributing employer goes completely out of business paid or entitled to be paid while you are working in covered while you are serving in the military, the Fund will still give you employment, including all paid hours while you are on vacation credit for your military service up to the date the employer goes and holidays, plus any other hours for which your employer is out of business if USERRA would require that you receive the credit required to contribute to the Fund on your behalf in accordance had you been reemployed by your employer. with their Standard Contract Language or Special Class Participa- tion Agreement. One general requirement under USERRA is that you must return If your employer reports on the basis of days or weeks, you are to covered employment within the time period prescribed by the credited with 10 hours for each day reported or 45 hours for each act. However, if you are unable to return to covered employment week reported. on account of death or total and permanent disability while per- forming qualified military service, your period of military service You may also earn hours of service for non-covered employment, if (as defined in Section 414(u) of the Internal Revenue Code) up to SUMMARY PLAN DESCRIPTION 2023 // 7

your date of death or disability will be treated as covered employ- ment for purposes of credited or vesting service. If you are the beneficiary of a participant who dies as a result of qualified military service and you are entitled to a 60-payment pre- retirement death benefit, the benefit will be based on service as if the participant was reemployed on the day preceding the date of death and terminated employment on the date of death. HOW DOES THE TIME YOU WORK COUNT? The time you work counts in several important ways. It determines CREDITED SERVICE when you become entitled to receive a pension from the Fund. It also helps to determine the amount of your pension. Credited service helps to determine the amount of your pension Your working time is counted in two distinct ways: vesting service and your eligibility for some types of pensions. It is based on the and credited service. years of your employment recognized under the Fund. In some cases, this includes years before your employer was required to VESTING SERVICE make contributions to the Fund on your behalf. Vesting service determines your right to a benefit from the Na- Credited service is not based on union membership. tional Pension Fund. To be vested in the Fund means you have a There are two types of credited service: future service credit and non-forfeitable right to a pension from the Fund. past service credit. If you have at least one hour of service in the National Pension Future Service Credit Fund on or after January 1, 1991, you will be vested in the Fund You earn future service credit for hours of service in covered em- when you have five years of vesting service or five years of future ployment on and after the date your employer is first required to service credit. See below for descriptions of how you earn vesting make contributions to the Fund on your behalf. See page 7 for a service and future service credit. definition of hours of service and covered employment. If you do not have at least one hour of service in the National Pen- On and after January 1, 1991, you earn future service credit as sion Fund on or after January 1, 1991, you may be vested under shown on this chart: the prior plan. Refer to your prior plan SPD for details. How You Earn Vesting Service Hours of service in a year You earn a year of vesting service in the National Pension Fund for for which contributions Months of future service credit each calendar year beginning with 1991 in which you complete are required to be made you earn at least 600 hours of service for which contributions are payable on your behalf to the Fund on your behalf. During the calendar year in which the employer first makes contributions on your behalf, all periods Less than 600 0 of employment will count in determining your vesting service 600 5 — without regard to the exact date the employer is obligated to 601-770 6 begin contributions. You also earn vesting service for periods of employment with the 771-940 7 contributing employer that counted for vesting under a predecessor 941-1,110 8 plan. A predecessor plan is a retirement plan that was maintained by 1,111-1,280 9 your employer prior to the date that employer became a contribut- 1,281-1,450 10 ing employer to the IAM National Pension Fund. 1,451-1,600 11 For vesting service before 1991, refer to your prior plan SPD. 1,601 and over 12 \\ How Does the Time You Work Count? 8

To earn a full year of future service credit in any calendar year, you mation on past service credit. All years of past service credit will be must have at least 1,601 hours of service. To earn a partial year, you verified when you apply for a pension. must have at least 600 hours of service. Eligible past employment includes: › Employment at a location and in a job classification FOR EXAMPLE covered by a collective bargaining agreement between John’s employer was an IAM lodge and an employer that later becomes a Hours of Months of required to make contri- contributing employer or in a job classification later Years service credit butions to the Fund on covered in a written participation agreement approved John’s behalf beginning by the Trustees. 2007 1,200 9 in March 2007. As John › Employment that, although not covered by an IAM 2008 1,500 11 continues working for a collective bargaining agreement, was performed in a job 2009 2,080 12 contributing employer, classification and at a place of business, both of which 2010 2,080 12 his annual hours of were later covered by a collective bargaining agreement service translate into between the lodge and that employer. 2011 1,500 11 months of future service › Employment with an employer that went out of busi- 2012 1,850 12 credit as reflected in ness and was taken over by a contributing employer, or 2013 2,080 12 this chart: employment in any comparable situations, if approved 2014 1,600 11 John has 126 months, or by the Trustees, may also be considered eligible past 2015 2,080 12 10 years and six months employment. 2016 2,080 12 of future service credit. Past service credit is also granted for eligible military service if you 2017 1,850 12 left eligible past employment to enter military service and, upon Total 126 your release from the service, you applied for and obtained work in eligible Covered Employment. If Past Service Credit Was Granted, When Do You If you were working in covered employment before 1991, you Qualify for It? earned future service credit for each year as provided by your If past service credit was granted at the time of your employer’s prior plan. See your prior plan SPD for more information. acceptance in the Fund, you qualify for it once you have 600 hours of service in any Fund year beginning 1995 or later. Past Service Credit If you do not meet this service requirement, you will qualify for past ser- If your employer became a contributing employer prior to April 1, vice credit — if any was granted — once you complete at least 60 months 2003, you may be eligible for past service credit for time you worked of future service credit. However, if you do not meet either of these for an employer that later became a contributing employer. In some conditions, you may still be eligible for past service credit if you satisfy cases, the Trustees determined that past service credit was limited or the three-year test rule requirement: that is, if you worked at least 135 not granted at all, based on the age and service of the employees at days in eligible past employment in each of the three calendar years the time of initial participation. preceding the calendar year of your employer’s contribution date. Past service credit is not available to new groups who joined the When Past Service Credit Can Be Denied or Canceled Fund on or after April 1, 2003. Past service credit can be denied, limited, or canceled for any of the How You May Earn Past Service Credit following reasons: If the date on which your employer first started contributing to the › You have a permanent break in service. See “What Is a Fund is in 1991 or later, but not after April 1, 2003, you may earn one Permanent Break in Service?” on page 10. year of past service credit for each year you worked at least 135 days in › You did not work at least 135 days in eligible past employ- eligible past employment for an employer that became a contributing ment in any period of five consecutive calendar years. If employer. this applies to you, you will not receive past service credit If your employer first started contributing to the Fund on your behalf for any employment before the five-year period. before January 1, 1991, please refer to your prior plan SPD for infor- SUMMARY PLAN DESCRIPTION 2023 // 9

› If you came into the Fund as an employee of a new contributing employer, there may have been a limit on the ANOTHER EXAMPLE amount of past service credit that was granted. Howard had four years of vesting service when he left covered › If you do not have 600 hours of service in 1995 or later, or employment in 1991. He then had five consecutive one-year at least 60 months of future service credit, and you do not breaks in service (1992 through 1996). Howard has a perma- meet the three-year test rule requirements (as summa- nent break in service and loses all of his vesting service and rized under If Past Service Credit Was Granted, When Do credited service and his participation in the Fund is terminated. You Qualify for It? on page 9). If he returns to covered employment in 1997 or later, he will When You Can Lose Vesting Service or Credited Service have to start over as a new Fund participant. You can lose your vesting service and credited service if you have a permanent break in service. However, once you are vested, you Once you have met all the requirements for a normal, early, or cannot lose your vesting service, future service credit, credit- vested deferred pension, you cannot have a permanent break ed service, or your right to a pension from the National Pen- in service. sion Fund. See page 8 to determine when you are vested. What Is a Permanent Break in Service? YOU’RE THINKING ABOUT You can lose your service and your participation in the Fund if you RETIRING — HOW MUCH WILL have a permanent break in service. This occurs when you have five consecutive one-year breaks in service before you are vested. YOUR PENSION BENEFIT BE? A one-year break in service occurs in any year in which you do not The amount of your monthly pension benefit depends on these complete at least 375 hours of service. For this purpose, hours of factors: service are determined in the same way as described on page 7. › How old you are when you retire. Authorized periods of family and medical leave will not count as a › How many years of credited service you have. one-year break in service, to the extent required by the Family and › The last date you worked in Covered Employment. Medical Leave Act (FMLA). › The contribution rates paid on your behalf while If you do not have a permanent break in service before January 1, you are a Fund participant. 1991 under your prior plan but you were not vested under your › The schedule of benefits that apply to your prior plan, you have a permanent break in service under the Na- contribution rates. tional Pension Fund and your prior plan if you have five consecu- › What form of payment you choose. tive one-year breaks in service, including breaks in service under › Whether you are covered by the Preferred Schedule or the your prior plan. Default Schedule. For years before 1991, you have a permanent break in service if In this section, we’ll describe the various types of pensions avail- you had a permanent break under your prior plan. See your prior able, and the benefit amounts payable to you if you have an hour plan SPD. of service on or after January 1, 1991. See page 7 for the definition of an hour of service. ACTUARIAL PRESENT VALUE FOR EXAMPLE The term actuarial present value is used occasionally in this Summary Paul had three years of vesting service when he left covered em- Plan Description. It refers to a single dollar value placed on benefits ployment in 1992. He had three consecutive one-year breaks in expected to be payable, based on projections of life expectancy and service in 1993, 1994 and 1995. He returns to work in covered future investment earnings, and the terms of the Plan Document. employment in 1996. Since Paul did not have five consecutive NORMAL PENSION one-year breaks in service, he does not have a permanent break in service. He can add his three years of vesting service before the You are eligible to receive a normal pension if: one-year breaks to any additional vesting service he then earns. › You are at least 65, and \\ How Much Will Your Pension Benefit Be? 10

› You have at least five years of credited service, including at By January 1, 2014, Schedule A was completely phased out for fu- least (i) 1,200 hours of service or (ii) 600 hours of service ture accruals and was replaced by Schedule B. Schedule B applies in any plan year 1999 or later. to affected participants starting the first of the month following rat- See pages 7 and 8 for definitions of hours of service and credited ification of any applicable collective bargaining agreement replac- service. ing the agreement in effect on January 1, 2011 (“Next Collective Bargaining Agreement”); provided however, if the Next Collective If you do not have an hour of service on or after January 1, 1991, Bargaining Agreement was ratified before January 1, 2011, Sched- see your prior plan SPD. ule A is replaced by Schedule B as of the first of the month follow- ing ratification of the Next Collective Bargaining Agreement. The You are also eligible for a normal pension, regardless of your years latest date that Schedule B took effect was January 1, 2014. This of credited service, if you reach normal retirement age before you change does not affect the accrued benefit already earned prior to have a permanent break in service. Normal retirement age is either the change to Schedule B. age 65 or the fifth anniversary of your commencement of partici- Future Service Benefits for employees of United Airlines are deter- pation in the Fund, whichever comes later. mined as follows: Amount of Your Normal Pension The amount of your benefit is determined by calculating your past March 1, 2006 — 85% of the Schedule B benefit values service benefit, if any, and your future service benefit and adding March 31, 2014 them together. Past Service Benefit April 1, 2014 100% of the Schedule B benefit values If your group joined the Fund before April 1, 2003, you may be el- and after igible for past service credit. Past service credit was eliminated for Benefit values for years of future service credit earned before 1991 employees of employers joining the Fund on or after April 1, 2003. are determined according to the rules of your prior plan. See your Your past service benefit is based on your years of past service prior plan SPD for more information. However, adjustments will be credit, if any. See page 9 for a definition of past service credit. It is made to the future service benefit values in your prior plan SPD, as calculated by multiplying your years of past service credit by the described here: past service benefit value which applies to your employer’s initial › If you had 600 hours of service in 1993 or later, the amount contribution rate as shown in Table Eleven on page 59. determined under your prior plan will be increased by 5%. If your employer first began contributing on your behalf before › If you had 600 hours of service in 1996 or later, the amount January 1, 1991, your past service benefit will be determined un- determined under your prior plan will be increased by the der your prior plan. See your prior plan SPD for more information. 5% described above and then by an additional 10%. › If you had 600 hours of service in 1997 or later, the Future Service Benefit amount determined under your prior plan will be in- Unless you are covered by the Default Schedule, future service creased incrementally by 5% and 10% as described above, benefits are based on your years of future service credit and the and then by an additional 10%. negotiated contribution rate for each of those years. See page 8 for › If you had 600 hours of service in 1998 or later, the a definition of future service credit. amount determined under your prior plan will be If your group first joined the Fund on or after April 1, 2003, Sched- increased incrementally by 5%, 10% and another 10% as ule B (Table One on page 33) sets forth your benefit schedule. This described above, and then by an additional 5%. schedule is also effective for all participants regardless of initial These increases in future service benefits do not apply to prior plan contribution date no later than January 1, 2014. CMTA determinations. If your group first joined the Fund before April 1, 2003, Schedule If you move from one contributing employer to another, your ben- A (Tables Two through Six on pages 44 through 56) applies to your efits for periods of future service credit earned with each employer future service benefit until the date Schedule A is phased out for will be valued at the schedule applicable to the particular employer. your group. The correct table for you to use is dictated by two fac- If there is more than one Benefit Schedule or contribution rate tors: the latest calendar year for which you have at least 600 hours applicable to a plan year the rates will be prorated to provide the of service, and your pension effective date. highest possible benefit for that year. SUMMARY PLAN DESCRIPTION 2023 // 11

EXAMPLE ONE: For an employee of a group that joined the Fund before April 1, 2003. Len worked for a contributing employer that began contribut- ing before April 1, 2003. He retires at age 65 with 30 years of future service credit. His future service benefit will be based on the benefit values shown in the third column of Table Two on page 44. Based on the applicable hourly contribution rates shown below, Len’s monthly benefit is calculated as follows: 3 years of future $1.00 rate = 234.90 (3 x 78.30) service at 3 years of future $1.25 rate = 280.32 (3 x 93.44) service at 3 years of future $1.50 rate = 330.39 (3 x 110.13) service at 3 years of future $1.75 rate = 380.52 (3 x 126.84) service at Non-Standard Groups 3 years of future $2.00 rate = 427.29 (3 x 142.43) When your group first started participating in the Fund, there may service at have been an actuarial review of the characteristics of your group. The 3 years of future $2.25 rate = 474.09 (3 x 158.03) result of that review may have affected the level of your benefits under service at the Fund. If that happened, benefits for your group may have been ad- 3 years of future $2.50 rate = 517.80 (3 x 172.60) justed downward to a level that is less than the standard level of bene- service at fits. There are also other reasons why a group may be non-standard. A 3 years of future $2.75 rate = 561.42 (3 x 187.14) list of non-standard groups is shown in the chart on pages 42 and 43. service at If you earned credit in a non-standard group, please contact the Fund 3 years of future $3.00 rate = 602.19 (3 x 200.73) Office for additional information about your benefits. service at Maximum Years of Credited Service 3 years of future $3.25 rate = 642.87 (3 x 214.29) If you have 600 hours of service in 1994 or later, there is no max- service at imum number of years of credited service that is used in calculat- Total Service — $4,451.79 ing your pension benefit. Otherwise, a maximum of 30 years of 30 years credited service is used. The accumulated benefit of $4,451.79 is rounded to $4,452 per month. If the 30-year maximum applies to you and you have more than 30 If Len is not married when he retires, he will receive $4,452 for his years of credited service, the 30 years of service that produce the lifetime (and, if he is covered by the Default Schedule and dies before highest benefit will be used to calculate your pension. receiving 60 monthly payments, the balance of the payments attrib- If you have no hours of service under the National Pension Fund utable to his benefits earned before his RP Effective Date will be paid after January 1, 1991, the maximum years of credited service are to his designated beneficiary). This is the standard form of payment determined under the applicable prior plan. for participants who are unmarried when they retire. See page 20 for details. If Len is married when he retires or if he chooses some other If you work for a contributing employer that was accepted for par- form of payment, his benefit amount may be different — for example, ticipation with a limitation on benefits, or you are part of a merged it may be reduced to provide for survivor benefits. See page 19 for group with a limitation on benefits, the calculation of your pension details about the standard form of payment for married participants. benefit will be subject to that limitation. Here are two examples to show you how a normal pension is cal- Note: If Len earns any of his future service benefit after the date his group changes to Schedule B (see page 33), then the years he earns under Schedule culated. B will be calculated using the values shown on Table One. \\ How Much Will Your Pension Benefit Be? 12

Future Service Benefit under the Default Schedule EXAMPLE TWO: If you are covered by the Default Schedule, beginning with covered For an employee of a group that joined the Fund after employment on or after your RP Schedule Effective Date, you will April 1, 2003. earn benefits at a rate of 1% of your credited contributions, once Ed works for a contributing employer that began contributions the minimum of 600 Hours of Service a year is met. The contribu- after April 1, 2003 under Schedule B. Ed retires at age 65 with tion increases that are required under the RP are not treated as 30 years of future service credit. His future service benefit will credited contributions and will not count towards benefit accrual. be based on the benefit values shown in the third column of Table One on page 33. Based on the applicable hourly contribu- tion rates shown below, Ed’s monthly benefit will be calculated HERE IS AN EXAMPLE: as follows: Ed retires in 2030 at age 65 with 20 years of future service 3 years of future $1.00 rate = 140.94 (3 x 46.98) credit. Ed worked 1,800 hours each year and is credited with service at employer contributions at a rate of $1.00 per hour for 2010- 3 years of future $1.25 rate = 168.18 (3 x 56.06) 2019 (with Schedule B as the applicable benefit schedule), service at and $2.00 per hour for 2020-2029. Ed’s RP Schedule Effec- 3 years of future $1.50 rate = 198.24 (3 x 66.08) tive Date is January 1, 2020. service at Under the Default Schedule, Ed’s benefit is calculated as follows: 3 years of future $1.75 rate = 228.30 (3 x 76.10) 2010-2019 10 years of future service at $1.00 rate = service at 3 years of future $2.00 rate = 256.38 (3 x 85.46) $469.80 (10 x $46.98) service at 2020-2029 10 years of future service at 1% of contributions 10 years at $2.00 per hour * 1,800 hours per 3 years of future $2.25 rate = 284.46 (3 x 94.82) year = $36,000 in contributions service at $36,000 * 1% = $360.00 3 years of future $2.50 rate = 310.68 (3 x 103.56) His total monthly benefit = $829.80 ($469.80 + $360.00). service at 3 years of future $2.75 rate = 336.84 (3 x 112.28) service at 3 years of future $3.00 rate = 361.32 (3 x 120.44) EARLY RETIREMENT PENSION service at 3 years of future $3.25 rate = 385.71 (3 x 128.57) You are eligible to receive an early retirement pension if: service at › You are age 55 but not age 65, and Total Service — $2,671.05 › You have at least five years of credited service including 30 years 1,200 hours of service, unless you have 600 hours of The accumulated benefit of $2,671.05 is rounded to $2,672 per month. service in any plan year 1999 or later. If Ed is not married when he retires, he will receive $2,672 for his If you do not have an hour of service on or after January 1, 1991, lifetime (and, if he is covered by the Default Schedule and dies be- see your prior plan SPD. fore receiving 60 monthly payments, the balance of the payments See pages 7 and 8 for definitions of hours of service and credited attributable to his benefits earned before his RP Effective Date service. will be paid to his designated beneficiary). This is the standard form of payment for participants who are unmarried when they Amount of Your Early Retirement Pension retire (except that a minimum of 60 payments will be made to a The amount of your early retirement benefit is determined by first Grandfathered Participant or the Grandfathered Participant’s des- calculating your normal pension. This amount is then reduced for ignated beneficiary if the Grandfathered Participant dies within 60 early commencement as described below. months). See page 20 for details. If Ed is married when he retires or if he chooses some other form of payment, his benefit amount may be different — for example, it may be reduced to provide for survivor benefits. See page 19 for details about the standard form of payment for married participants. SUMMARY PLAN DESCRIPTION 2023 // 13

Amount of Early Retirement Pension for Participants Covered by the Preferred Schedule If you retire on an early retirement pension and are covered under the Preferred Schedule, your early retirement pension equals your normal pension determined as if you were 65 years old, reduced for early commencement by applying the applicable early retirement reduction factor in the chart below (also see Table Thirteen) for each year, or portion of year, you are younger than age 65 when you retire. Retirement Age Early Retirement Sample $1,000 Factor Accrued Benefit 55 0.366 $366 56 0.401 $401 57 0.441 $441 58 0.485 $485 59 0.534 $534 60 0.59 $590 61 0.653 $653 62 0.723 $723 63 0.804 $804 64 0.895 $895 65 1 $1,000 HERE IS AN EXAMPLE: Steve stops working at age 55 with 15 years of credited service and submits his completed pension application. The amount of his monthly normal pension if Steve starts receiving payments at age 65 is $1,000. Under the Preferred Schedule, if Steve retires in 2025 at age 55, his early retirement pension is calculated as follows: Amount of Early Retirement Pension for Participants Covered Early retirement reduction factor at age 55 by the Default Schedule (.366) x $1,000 benefit = $366 If you retire on an early retirement pension and are covered under As a result, Steve’s total monthly early retirement pension benefit the Default Schedule, your early retirement benefit will consist of would equal $366 (63.4% reduction). two parts. Steve would receive an early retirement pension of $366 per (A) F or benefits earned before your RP Schedule ffective Date, the month if he retires and starts his pension immediately at age 55 normal pension determined as if you were 65 years old, re- under the Preferred Schedule. duced by four tenths of one percent (.004) for each month by which you are younger than age 65 when you retire, plus 14 \\ How Much Will Your Pension Benefit Be?

(B) F or benefits earned on and after your RP Schedule Effective If you do not have an hour of service on or after January 1, 1991, Date, the normal pension determined as if you were 65 years your reduction is based on the provisions of your prior plan. See old, reduced for early commencement by applying the appli- your prior plan SPD. cable early retirement reduction factor in in Table Thirteen for Note: If you are covered under the Default Schedule and have 20 or more years each year, or portion of year, that you are younger than age 65 of credited service, the early retirement reduction for benefits earned before your on the effective date of your early retirement pension. RP Schedule Effective Date is made only for each month you are younger than age 62 on the effective date of your pension provided that you have 1,200 hours of service, unless you have 600 hours of service in 1999 or later. HERE’S AN EXAMPLE: Early Retirement Pension for Grandfathered Participants If you are a Grandfathered Participant and retire with 20 years of Steve starts earning benefits under the Fund in 2010 at the service, including 1,200 hours of service; 600 hours of which were age of 40, earns benefits continually under the Fund until earned in 1993 or later, you are eligible for the Early Unreduced 2025, and stops working in 2025 at age 55 with 15 years of Pension. If you have 600 hours of service in 1999 or later, you are credited service. Steve worked 1,800 hours each year and is eligible for an Early Unreduced Pension with 20 years of vesting credited with employer contributions at a rate of $1.00 per service. Your pension is reduced only if you commence it before hour for 2010-2019 (with Schedule B as the applicable ben- age 62. See Table Twelve for details. efit schedule), and $2.00 per hour for 2020-2024. Steve’s RP Schedule Effective Date is January 1, 2020. 30 AND OUT PENSION Under the Default Schedule, if he were to retire at age 65, he would The 30 and Out pension provides a pension benefit payable at any receive a normal pension benefit of $649.80 per month calculated age if you have 30 years of credited service including 1,200 hours as follows: of credited service; 600 hours of which were earned in 1995 or lat- 2010-2019 10 years of future service at $1.00 rate = er. If you have 600 hours of vesting service in 1999 or later, you are $469.80 (10 x $46.98) eligible for a 30 and Out Pension with 30 years of vesting service. 2020-2024 5 years of future service at 1% of contributions Preferred Schedule 5 years at $2.00 per hour * 1,800 hours per year If you elect the 30 and Out Pension and are covered under the Pre- = $18,000 in contributions; $18,000 * 1% = $180.00 ferred Schedule, your benefit will be reduced by the early retire- His total monthly normal pension benefit = $649.80 ment reduction factors in Table Thirteen for every year, or portion ($469.80 + $180.00). of year, you are younger than age 65. Under the Default Schedule, if Steve retires in 2025 at age HERE’S AN EXAMPLE: 55, his early retirement pension is calculated as follows: Michael stops working at age 52 with 30 Years of credited (A) $469.80 (the portion of his monthly normal service and submits his completed pension application. The pension earned before his RP Schedule Effective amount of his monthly normal pension if Michael starts re- Date) reduced by 48% (four tenths of one percent ceiving payments at age 65 is $1,000 per month. (.004) for each month by which Steve is younger Under the Preferred Schedule, Michael may retire at age 52 on or than age 65) which equals $244.30 after his RP Schedule Effective Date, but his benefit will be reduced. — Plus — If Michael decides to retire at age 52, he will be eligible to collect his reduced early retirement pension. (B) $180.00 (the portion of his monthly normal pen- His early retirement pension is calculated as follows: sion earned on and after his RP Schedule Effective Date), reduced by 63.4% by applying the early Early retirement reduction factor at age 52 retirement reduction factor in Table Thirteen at age (.280) x $1,000 benefit = $280 55 (.366), for a monthly benefit of $65.88. As a result, Michael’s total monthly benefit would equal $280 As a result, Steve’s total monthly early retirement (a 72% reduction). Michael would be eligible to receive his full pension benefit = $310.18 ($244.30 + $65.88). retirement benefit of $1,000 per month only if he delays com- mencement of his benefit until age 65. SUMMARY PLAN DESCRIPTION 2023 // 15

Default Schedule Grandfathered Participants. If you elect the 30 and Out Pension and are covered under the Default See Table Twelve. Schedule, your benefit will be calculated differently for the portion that is earned before and after your RP Schedule Effective Date, as follows: (A) for benefits earned before the RP Schedule Effective Date, the unreduced normal pension to which you would have been enti- tled if you were then 65 years of age, plus (B) for benefits e arned on or after the RP Schedule Effective Date, a reduced benefit based on the early retirement reduction factors in Table Thirteen. HERE’S AN EXAMPLE: Michael starts earning benefits under the Fund in 2005 at the age of 22, earns benefits continually under the Fund until 2035 and stops working in 2035 at age 52 with 30 Years of credited service (with Schedule B as the applica- ble benefit schedule). Michael worked 1,800 hours each year and is credited with employer contributions at a rate of $1.00 per hour for 2005-2019, and $2.00 per hour for 2020-2034. Michael’s RP Schedule Effective Date is January 1, 2020. Under the Default Schedule, if he were to retire at age 65, he would receive a normal pension benefit of $1,244.70 per month calculated as follows: 2005-2019 15 years of future service at $1.00 rate = $704.70 (15 x $46.98) 2020-2034 15 years of future service at 1% of contributions 15 years at $2.00 per hour * 1,800 hours per year = $54,000 in contributions ELIGIBILITY FOR 20 AND AGE 62 PENSION 30 AND $54,000 * 1% = $540.00 OUT PENSION His total monthly normal pension benefit = $1,244.70 ($704.70 + $540.00). For qualified participants, years of vesting service can count as credited service in determining eligibility for the early pension at age 62 for participants with 20 years of credited service and the 30 Under the Default Schedule, if Michael retires in 2035 at age 52, and Out pension, but will not count in determining the amount of his 30 and Out Pension is calculated as follows: the participant’s pension. (A) $704.70 (the portion of his monthly 30 and Out Pension To qualify, participants must have at least 600 hours of service in earned before his RP Schedule Effective Date) 1999 or later. For purpose of the years of service requirement, pre- — Plus — decessor plan service will count as vesting service. (B) $540.00 (the portion of his monthly 30 and Out In the case of most plans that have merged into the National Pen- Pension earned on and after his RP Schedule Effective sion Plan, years of credited and vesting service under the merged Date), reduced by 72.0% by applying the early retirement reduction factor in Table Thirteen at age 52 plan will also count in determining eligibility for the National Pen- (.280) = $151.20. sion Fund’s early pensions. As a result, Michael’s monthly 30 and Out Pension benefit = Years of credited service and vesting service must be nonduplicative $855.90 ($704.70 + $151.20), beginning at age 52. — that is, for any single calendar year, you cannot be credited with more than one year of service toward eligibility for your pension. 16 \\ How Much Will Your Pension Benefit Be?

SPECIAL NEGOTIATED BENEFITS eligibility and the amount of a disability pension. See your prior Some lodges have negotiated an agreement with a contributing plan SPD for more information. employer for a voluntary early retirement incentive program. These For definitions of hours of service, credited service, and vesting ser- involve enhanced early retirement benefits funded by lump sum vice, see pages 7 and 8. or periodic payments by the employer, and they are not effective Definition of Total and Permanent Disability unless approved by the Trustees. You must be totally and permanently disabled for at least six All such programs must be voluntary. If you are affected, you will months before your disability pension can become effective. Total be notified by your employer and allowed to make an election. and permanent disability is determined by the Trustees and is based In addition, some lodges have negotiated agreements with em- upon the following criteria: ployers over the effects of the closing of a facility or other complete › Medical evidence must show that, because of injury or or partial cessation of a business. These agreements may involve disease, you cannot perform the normal and customary pension benefit enhancements funded by lump sum payments by duties of your job or any similar or related job for compen- the employer. Such benefit enhancements are not effective unless sation. approved by the Trustees. › The disability will be total and permanent for the rest of your life. The Trustees may require, as proof of your total and permanent disability, that you apply for a determination by the Social Security Administration that you are entitled to a Social Security disability benefit in connection with your Old-Age and Survivors Insurance coverage. If your application is denied by Social Security, you may be required to submit medical records and/or to an examination by a health professional selected by the Trustees. Once you are on a dis- ability pension, you may be required to be re-examined periodically and/or provide proof of continued eligibility for a Social Security dis- ability benefit. Amount of Disability Pension for Participants Covered Under the Preferred Schedule If you retire on a disability pension and are covered under the Pre- ferred Schedule your disability pension will be reduced based on the early retirement pension factors — which reduces your benefit DISABILITY PENSION based on age — as calculated on the ef fective date of your disability pension (see Table 13). If you retire early because of a total and permanent disability, you may become eligible to receive a disability pension at any age if you HERE’S AN EXAMPLE: are not yet age 65 and you meet all of the following requirements: › you become totally and permanently disabled while in Andrea becomes totally and permanently disabled while in cov- covered employment or within 12 months after leaving ered employment at age 50 with 15 years of credited service. If covered employment, and she were to retire at age 65, she would receive a Normal Pension › you have either at least 600 hours of service in the year benefit of $1,000 per month. 1999 or later or at least 1,200 hours of service, and Under the Preferred Schedule, if Andrea applies for a Disability › you have at least five years of credited service or five Pension at age 50 on or after her RP Schedule Effective Date, she › years of vesting service, including 600 hours of service in will not be eligible for a subsidized unreduced benefit. She will be 1998 or later. eligible to retire at age 50 with a benefit that is calculated by apply- If you do not have an hour of service on or after January 1, 1991, ing the early retirement reduction factor in Table Thirteen at age 50 or if you first became totally and permanently disabled before (.235) to her $1,000 benefit, resulting in a 76.5% reduction and a January 1, 1991, the terms of your prior plan determine both the monthly benefit of $235. SUMMARY PLAN DESCRIPTION 2023 // 17

Amount of Disability Pension for Participants Covered Under If you are married when you retire on a disability pension, the stan- the Default Schedule dard form of payment is the 50% Joint and Survivor Pension (see If you retire on a disability pension on or after your RP Schedule page 19), unless you and your spouse reject it in writing. If you are Effective Date (or on or after September 1, 2019, if later and are unmarried, the standard form is the same standard form as for a covered under the Default Schedule, and you have 600 hours of normal pension as described on page 20. Optional forms of pay- service in any plan year beginning 1997 or later, your disability ment are available to participants who do not want the standard pension will be calculated differently for the portion that is earned form. See pages 20 and 21 for details. before and after your RP Schedule Effective Date, as follows: Early Retirement Pension Pending Disability (A) for benefits earned before the RP Schedule Effective Date, the Determination unreduced normal pension to which you would have been You may elect, at the time you apply for benefits, to start an early entitled if you were then 65 years of age, plus retirement pension, if eligible, while waiting for a determination (B) for benefits earned on or after the RP Schedule Effective Date, of your eligibility for a disability pension. Once it is determined a reduced benefit based on the early retirement reduction fac- that you are eligible for a disability pension, you will receive the tors in Table Thirteen. greater of the amount of the early retirement pension or the dis- ability pension. HERE’S AN EXAMPLE: VESTED DEFERRED PENSION Under the Default Schedule, if Michael is totally and permanently The vested deferred pension is for participants whose vesting ser- disabled in 2025 and retires at age 50, his Disability Pension is vice earns them a right to a benefit. calculated as follows: If you have an hour of service on or after January 1, 1991, you are (A) $469.80 (the portion of his monthly Disability Pension eligible to receive a vested deferred benefit once you have at least earned before his RP Schedule Effective Date) five years of vesting service and are at least 55 years old. — Plus — If you do not have an hour of service on or after January 1, 1991, (B) $180.00 (the portion of his monthly Disability see your prior plan SPD. Pension earned on and after his RP Schedule Effective Date), reduced by 76.5% by applying the early See page 8 for a definition of vesting service. retirement reduction factor in Table Thirteen at age 50 (.235) = $42.30. Amount of Your Vested Deferred Pension As a result, Michael’s total monthly Disability Pension The amount of your vested deferred pension at age 65 is calculat- benefit = $512.10 ($469.80 + $42.30), ed the same way as a normal pension but is based on your future beginning immediately at age 50. service credit only. You can choose to begin receiving your vested deferred pension between the ages of 55 and 65. If you do, your benefit will be cal- Amount of Disability Pension for Grandfathered culated the same way as an early retirement pension but based on Participants future service credit only. See Table Twelve. PRO-RATA PENSION Other Provisions Applicable to Disability Pensions Because the Trustees have agreements with certain other related Your monthly disability benefit will never be less than $35.00 be- pension plans, you may be entitled to a benefit called a pro-rata fore adjustments for the 50% Joint and Survivor Pension or any pension even though you did not work long enough under the optional form of payment, or more than the amount of a normal National Pension Fund or a related plan to earn a right to a benefit pension. under either plan. By these agreements, each of the plans com- For covered employees who are eligible for disability pensions bines credit with the other regarding eligibility for certain benefits. based on five years of vesting service but have less than five years of For a list of related plans, see page 31. If you have questions, credited service, disability pension benefits will be based solely on please contact the Fund Office. their future service credit. 18 \\ How Much Will Your Pension Benefit Be?

MERGED PLANS marriage was performed or the state where you live. Additionally, From time to time, other pension funds have been merged into the Na- the term “spouse” can refer to your ex-spouse if required under a tional Pension Fund or the prior plans. The participants in the merged Qualified Domestic Relations Order (see page 21 of this SPD). plan may be brought in at lower benefit levels. STANDARD FORM FOR MARRIED PARTICIPANTS: 50% If you were a participant in a plan that merged into the National JOINT AND SURVIVOR PENSION Pension Fund, special rules set out in the merger agreement that Under federal law, the standard form of payment for married par- describes how service earned under the merged plan will be treated ticipants is the 50% Joint and Survivor Pension. may apply to you (but note that the merger agreement has been If you are married on the effective date of your pension, your pen- modified by the RP as explained below). Most merger agreements sion will be paid automatically as a 50% Joint and Survivor Pension require that you earn at least 1,200 hours of service after the effec- unless you and your spouse select a different form of payment in tive date of the merger to receive National Pension Fund benefits. writing. To reject the standard form, you must use the appropriate On pages 31 and 32, you will find a list of the plans that have been form provided by the Trustees as a part of the pension application. merged into the National Pension Fund, or its prior plans, with the Your spouse’s signature must be witnessed by a notary public. effective dates of the merger agreements. By writing to the Fund Of- The 50% Joint and Survivor Pension provides you with a reduced fice, you can obtain a copy of the merger agreement. monthly benefit for your lifetime. When you die, your spouse con- The benefit modifications described in this SPD for benefits earned tinues to receive 50% of that reduced benefit for the rest of his or under the Plan will also apply to the same types of benefits earned her lifetime. If you and your spouse are divorced after the effective under the merged plans. As a result, no lump-sum benefits under date of your pension, your divorced spouse will still be entitled to merged plans will be payable on or after April 26, 2019, except for the 50% Joint and Survivor Pension after your death. small benefits that are automatically cashed out. In addition: In lieu of a 50% Joint and Survivor Pension, you may elect the 75% › For participants covered under the Preferred Schedule: or the 100% Joint and Survivor Pension option, in which case a › All early retirement pensions and disability pensions valid rejection of the standard form is not required. will be reduced using the same factors used to deter- Amount of Reduction mine early retirement pensions and disability pensions The amount of the reduction depends upon the difference be- earned under the National Pension Fund. tween your age and your spouse’s age at the time you retire, and › The normal form of payment for unmarried participants on whether you are covered by the Preferred Schedule or the De- will be a single life annuity providing equal monthly fault Schedule, or you are a Grandfathered Participant. See Table payments for life, with no benefit payable after the Seven on page 56 for a list of reduction percentages based on the participant’s death. age difference between the participant and spouse. › For participants covered under the Default Schedule: When you apply for your pension the Fund Office will let you know › All “pop-up” benefits (e.g., benefit increases to a partic- the amount of your pension payable as a 50% Joint and Survivor ipant who is receiving a joint and survivor annuity and Pension and in other optional forms. You and your spouse must whose spouse predeceases him or her) are eliminated. decide before the commencement of your pension if you want › All pre-retirement death benefits other than the 50% to accept the standard 50% Joint and Survivor Pension or choose qualified pre-retirement survivor annuity are eliminated. some other payment option. HOW WILL YOUR PENSION If Your Spouse Dies Before You (Preferred Schedule and Grandfathered Participants) BENEFIT BE PAID? If you are covered by the Preferred Schedule or are a Grandfathered Your pension benefit can be paid in one of several ways. Participant and your spouse dies before you but after the effective date of your pension, your pension amount will be adjusted if you DEFINITION OF SPOUSE are receiving a 50% Joint and Survivor Pension and you have at least 600 hours of service in 1993 or later. For the purposes of this SPD, the term “spouse” shall refer to the per- In this case, the monthly amount payable to you will be increased son to whom you are married under the law of the state where your as of the first of the month following the death of your spouse, to SUMMARY PLAN DESCRIPTION 2023 // 19

the full monthly amount that would have been payable if the 50% If you are married, and your spouse agrees, you can choose to re- Joint and Survivor Pension had not been in effect. ceive your benefit in the following optional forms: STANDARD FORM OF PAYMENT FOR SINGLE PARTICI- › 75% Joint and Survivor Pension PANTS: SINGLE LIFE ANNUITY › 100% Joint and Survivor Pension › 120 Certain Payments The standard form of payment for single participants is a single life › Single Life Annuity or 60 Certain Payments (Grandfathered annuity (with guaranteed payments to Grandfathered Participants and Participants only: see Table Twelve) participants covered under the Default Schedule). This form provides If you are single, you can choose to receive your benefit in the follow- you with equal monthly pension benefits for your lifetime. There is no ing optional form: reduction to your benefit to provide this form of pension payment. › 120 Certain Payments Your pension payments will stop once you die, and no benefit will go to any surviving beneficiary unless you are a Grandfathered Partici- All standard and optional forms of payment are for the participants’ pant or covered by the Default Schedule, you elected the 60 Certain lifetimes. In the case of the 50%, 75% and 100% Joint and Survivor Payments and you die before you receive 60 monthly payments, in options, these benefits are payable to your spouse for his or her life- which case the balance of the 60 monthly payments (if you are a time in the event of your death. Grandfathered Participant) or the balance of the 60 monthly pay- 75% JOINT AND SURVIVOR PENSION ments attributable to the portion of your benefit that you earned before your RP Schedule Effective Date (if you are covered by the The 75% Joint and Survivor Pension provides you with a reduced Default Schedule) will be paid to your designated beneficiary. pension during your lifetime. When you die, your surviving spouse If you are a Grandfathered Participant or are covered by the Default continues to receive 75% of the benefit you were receiving for the Schedule, you may designate your beneficiary or beneficiaries on rest of his or her lifetime, even if you are divorced after the effective your pension application at the time you apply for pension benefits date of your pension. and the following additional rules will apply: Amount of Reduction › If your designated primary beneficiary or beneficiaries are Like the 50% Joint and Survivor Pension, the reduction of your ben- not living at the time payments are to be made, payments efit under the 75% Joint and Survivor Pension depends upon the will continue to your designated successor beneficiary or difference between your age and your spouse’s age and whether you beneficiaries. are covered under the Preferred Schedule or the Default Schedule. › If you are unmarried and you have not named a beneficia- See Table Eight on pages 57 and 58 for a list of reduction percentag- ry, or if your last surviving beneficiary has either already es based on the age difference between the participant and spouse. died or dies before all of the remaining payments have If Your Spouse Dies Before You (Preferred Schedule and been made, the remaining payments will be made to the Grandfathered Participants) persons listed below, in the order and manner listed: If you are covered by the Preferred Schedule or are a Grandfathered › To your surviving children, divided equally Participant and your spouse dies before you, and you have at least › If no surviving children, to your surviving parents, 600 hours of service in 1993 or later, the monthly amount payable divided equally to you will be increased as of the first of the month following the › If no surviving children or parents, to your surviving death of your spouse to the full monthly amount that would have siblings, divided equally been payable if the 75% Joint and Survivor Pension had not been If none of these persons are living, the remaining monthly payments in effect. will be made to the estate of the last surviving beneficiary, or if none, 100% JOINT AND SURVIVOR PENSION to your estate. The 100% Joint and Survivor Pension provides you with a reduced OPTIONAL FORMS pension during your lifetime. When you die, your surviving spouse OF PAYMENT continues to receive 100% of the benefit you were receiving for the rest of his or her lifetime, even if you are divorced after the effective Whether you are single or married, you may choose not to receive date of your pension. your benefit in the standard form that applies to you. \\ Optional Forms of Payment 20

Amount of Reduction AUTOMATIC LUMP SUM CASH-OUT OF Like the 50% and 75% Joint and Survivor Pensions, the reduction in SMALL PENSIONS your benefit under the 100% Joint and Survivor Pension depends Under certain circumstances, the Trustees will automatically make a upon the difference between your age and your spouse’s age and single cash payment to participants who have accrued small pensions whether you are covered under the Preferred Schedule or the Default as of their pension effective dates. Schedule. See Table Nine on page 58 for a list of reduction percentag- es based on the age difference between the participant and spouse. If the actuarial present value of your pension is $5,000 or less, your If Your Spouse Dies Before You (Preferred Schedule and payment will be in a single lump sum. Grandfathered Participants) If your benefit is paid in this form, no further benefits are payable to If you are covered by the Preferred Schedule or are a Grandfathered you or any survivors. Participant and your spouse dies before you, and you have at least 600 hours of service in 1993 or later, the monthly amount payable to you ELIGIBLE ROLLOVER DISTRIBUTIONS will be increased as of the first of the month following the death of You have the right to transfer your lump sum cash-outs of small pen- your spouse to the full monthly amount that would have been payable sions, at the time of distribution, to an Individual Retirement Account if the 100% Joint and Survivor Pension had not been in effect. (IRA), to a Roth IRA or other employer plan. 120 CERTAIN PAYMENTS If you are eligible to receive this benefit, you will receive a notice about The 120 Certain Payments form of benefit provides you with a pen- the tax implications of eligible rollover distributions and a rollover sion for your lifetime. However, if you die before you receive 120 election form. monthly payments, the balance of the 120 payments will be paid to The National Pension Fund does not accept rollovers from other Funds. your designated beneficiary or beneficiaries. If you are married, your spouse must consent to the designation of SELLING, ASSIGNING OR PLEDGING BENEFITS your beneficiary or beneficiaries and any change in that designation. Benefits may not be sold, assigned or pledged as security for a loan. If you have not named a beneficiary, or if your last surviving ben- Benefits are also not subject to attachment or execution for payment eficiary has either already died or dies before all of the remaining of a debt under any judgment or decree of a court or otherwise, except payments have been made, the remaining payments will be made as provided in the Internal Revenue Code and applicable regulations. to the persons listed below, in the order and manner listed: However, any benefits payable to a former spouse or alternate payee › To your surviving spouse under a qualified domestic relations order (QDRO) will be honored by › If no surviving spouse, to your surviving children, divided the Fund. equally QUALIFIED DOMESTIC RELATIONS ORDERS (QDRO) › If no surviving spouse or children, to your surviving parents, Under the Employee Retirement Income Security Act (ERISA), the Fund divided equally is required to pay benefits in accordance with the provisions of a Qual- › If no surviving spouse, children, or parents, to your surviving ified Domestic Relations Order (QDRO). A Domestic Relations Order siblings, divided equally (DRO) is a court order which is issued pursuant to a state domestic If none of these persons are living, the remaining monthly payments relations law, and which relates to the provisions of marital property will be made to the estate of the last surviving beneficiary, or if none, rights. In order to be considered a QDRO the order must contain cer- to your estate. For the purposes of this section, “children” or “surviving tain specific provisions with respect to benefits under the Fund. When children” means your surviving biological or legally adopted children. the Fund receives a DRO, it follows specific procedures as required by Amount of Reduction ERISA in determining whether a domestic relations order is qualified. There is a reduction in your benefit to provide the 120 Certain Pay- Upon request, and without charge, the Fund Office will provide the ments option. See Table Ten on page 59 for percentage reductions Fund procedures and requirements for Qualified Domestic Relations based on your age at retirement. Orders. This information is also available on the Fund’s website at www.iamnpf.org under “National Pension Fund” ® “QDROs.” SUMMARY PLAN DESCRIPTION 2023 // 21

BENEFITS FOR SURVIVORS PRERETIREMENT DEATH BENEFIT FOR IF YOU DIE BEFORE UNMARRIED PARTICIPANTS COVERED BY THE PREFERRED SCHEDULE OR GRANDFATHERED RETIREMENT PARTICIPANTS: 60 PAYMENTS To help you protect your spouse or other survivors, certain forms of If you are a vested participant who is covered by the Preferred Sched- payment available under the National Pension Fund provide bene- ule or a Grandfathered Participant and you die before retirement, fits for survivors when you die after retirement. The Fund also offers your beneficiary or beneficiaries will be eligible for a monthly pre- protection for your survivors if you die before retirement. retirement death benefit if you are unmarried or were not married throughout the 12-month period ending on your date of death (if SPOUSE PRERETIREMENT DEATH BENEFIT you were married throughout the 12-month period ending on the If you are married and die before you retire, your spouse will be date of your death, the spouse preretirement benefit is payable in- eligible for a spouse preretirement death benefit if the following stead). conditions are met: This benefit, which is payable for 60 months, is equal to the normal › You have met the service requirements for a normal, early pension amount you would have received had you retired the day retirement, 30 and Out, 20 and Age 62, or vested deferred before your death. It is payable beginning the first day of the month pension before you die. following the receipt of your beneficiary’s application. › You and your spouse have been married to each other DESIGNATING YOUR BENEFICIARY throughout the 12-month period ending with your death. If you are unmarried, it is important that you designate a beneficiary If you are married and die before you retire, payments to your — the person or persons who will receive this 60-payment death ben- spouse can be effective the first of the month following receipt of efit when you die. your spouse’s application for benefits. A beneficiary designation form can be found at the Your spouse may defer receiving this benefit until a future date, rear of this booklet or can be downloaded from the but no later than the end of the calendar year in which you would Fund website at www.iamnpf.org. You may also have been 72 years old (or 70½ years old if you reached age 70½ designate or update your beneficiary designation before January 1, 2020). online at www.iamnpf.org. Your completed, form The amount of this benefit will be a monthly lifetime payment to must be on file at the Fund Office to be valid. There is no limit on the your spouse calculated as if you had retired on a 100% Joint and number of beneficiaries you may designate. Survivor Pension (50% Joint and Survivor Pension if the partici- If you do not name a beneficiary, or if your last surviving beneficia- pant died before April 17, 2019). The benefit is based on your age ry has died before all 60 monthly payments are made, your death on the effective date of your spouse’s benefit. If the benefit is to benefits will be paid to the persons listed below in the order and be paid before you would have reached age 55 and you had not manner listed: become eligible for the 30 and Out pension benefit, the benefit › To your surviving spouse (that is, to whom you were mar- amount will be determined as if you had reached age 55. ried for less than 12 months) You do not need to elect this benefit during your lifetime. Your › If no surviving spouse, to your surviving children, divided spouse must, however, apply for this benefit after your death by equally filing an application with the Fund Office. Benefits to your spouse › If no surviving spouse or children, to your surviving par- cannot be paid for any period before the first of the month after a ents, divided equally completed application is received by the Fund Office. › If no surviving spouse, children, or parents, to your surviv- ing siblings, divided equally If the actuarial present value of the spouse preretirement death For the purposes of this section, “children” or “surviving children” benefit is $5,000 or less, the Trustees will automatically pay your means your surviving biological or legally adopted children. spouse a single cash payment. To be eligible for the spouse preretirement death benefit you must have at least one hour of service under the National Pension Fund or a prior plan on or after September 2, 1974. \\ Benefits for Survivors 22

WHAT HAPPENS IF YOU that you are no longer working or establish that the employment RETURN TO WORK AFTER is not disqualifying employment. YOU RETIRE? IF YOU DISAGREE WITH THE DECISIONS OF THE TRUSTEES If you return to work after you have retired and while you are re- If your claim for benefits is denied or suspended, you have the right ceiving a pension from the National Pension Fund, your pension to appeal. In order to appeal the denial of your claim for benefits, you may be suspended, depending upon your age and the type of must file a written request with the Trustees within 180 days after work you are doing. the notice of the denial is mailed to you. The Trustees will consider If you have reached normal retirement age, your pension benefits your appeal and they will respond to you in writing. Their decision will be suspended for any month in which you work 40 or more will include the specific basis for their decision and specific reference hours for a contributing employer under the Fund, in the same trade to Fund provisions on which the decision is based. In the case of an or craft in which you were employed while covered under the Fund appeal of the denial of your claim for a disability pension, the Fund (“disqualifying employment”). will also provide you, free of charge, any new or additional evidence considered, relied upon or generated by the Fund in connection If you have not reached normal retirement age, your pension ben- with your appeal and with any new or additional rationale for the efits will be suspended for any month in which you work for a con- denial of your application. Such information will be provided to you tributing employer in any job classification or in any geographical sufficiently in advance of the Fund’s decision on your appeal so that area covered by the Plan when you retire, if the employment is in you will have a reasonable opportunity to respond before the Fund any industry and trade or craft in which you worked at any time reaches a final decision on your appeal. after your employer first became obligated to make contributions The decision of the Trustees will be final and binding on all parties. to the Plan or prior plan A, B or C. Please refer to the “What Can You Do If You Are Denied a Pension: Your pension benefits will not be suspended after you have reached Appeals Procedures” Section for further information regarding how the date at which benefits must be paid automatically — generally, to appeal a denial of benefits. the later of the April 1st following the year during which you retire or the April 1st following the year during which you reach your Required Minimum Distribution age (See When Benefits Are Paid Automatically on page 26.) If you are thinking about accepting any employment after you retire, please contact the Fund Office to get a ruling on that employment. You can also download a “Ruling on Employment” form from the Fund’s website at www.iamnpf.org. You are required to report all employment to the Fund Office within 30 days of the start of such WHAT ELSE YOU SHOULD KNOW ABOUT WORKING employment. AFTER RETIREMENT The Trustees may require you to periodically provide information If you stop working in disqualifying employment you can start re- about your employment status. ceiving your pension again. You need to notify the Fund Office in Disability pensioners are required to report any employment to writing that you have left disqualifying employment so that your the Fund Office within 15 days of returning to work. Failure to pension can be reinstated. make a timely report of employment may result in disqualification If you were working for a contributing employer, you may have of benefits for six months. earned additional future service credit. If so, your retirement ben- If the Trustees find, from any source, that you have worked in em- efit will be higher. ployment as just described and you have not notified the Fund, the If the first time you retired was before your normal retirement age, Trustees will presume that you are working 40 hours a month in any benefits you earn after you return to work will be payable in disqualifying employment and will suspend your pension for that any benefit form you select when you retire again. month and each subsequent month until you give written notice SUMMARY PLAN DESCRIPTION 2023 // 23

If the first time you retired was after your normal retirement age, any You will be considered as having applied only when the Fund Of- benefits you earn after you return to work will be paid in the same fice has received all parts of your completed application and any form as your benefits were being paid before the suspension. required supporting documents. Payment cannot begin before the Your payments can resume no later than the first of the third month completed application is received. If your completed application is after the month in which you left disqualifying employment, and not received in the Fund Office within 180 days of your request for after you have notified the Fund Office that you have done so. The it, your application will be denied. initial payment will include any amount withheld during the peri- If you are applying for a disability pension, be sure to include the date od after your disqualifying employment has ended and before your of your disability. Do not delay filing for a disability pension while your pension benefits resume. application for Social Security disability benefits is still pending. However, if you receive pension benefits for months in which your The requirement that a formal application must be filed with the check should have been suspended, the Trustees may deduct that Fund Office also applies to spouses, other beneficiaries, and alter- amount from your pension when it starts again, as described in the nate payees. To avoid delays, survivors should request an applica- Section entitled “Overpayments.” tion as soon as possible after a participant’s death. HOW DO YOU APPLY FOR In order for your application to be processed, you must submit proof of your age, such as a valid copy of your state issued ID, driv- PENSION BENEFITS? ers’ license or birth certificate with your application. If you are mar- ried, you need to submit proof of age for your spouse and proof of Except when benefits are paid automatically (see page 26), you marriage. Provide legible copies of the required documents. must submit a formal application in order to receive benefits from OVERPAYMENTS the Fund. The simplest way to apply is to complete your applica- tion online. The Fund will officially receive your application the If for any reason payment of benefits to an individual under this same day it is submitted online. Fund exceeds the amount of benefits that should have been paid, However, you may write, e-mail, or fax the Fund the Trustees are entitled to take any and all actions necessary and Office to request an application. You may also appropriate to recover the overpayment. This may include with- request an application by calling the Fund’s toll- holding of future benefit payments or requiring the individual to free number: 1-800-424-9608, or request one repay the overpaid benefits. online at www.iamnpf.org. WHEN BENEFIT PAYMENTS BEGIN When you request an application, be sure to include all of the Normal, early, 30 and Out, 20 and Age 62 and vested deferred following: pension benefits can be effective on the first day of the month after › Name the Fund Office receives a completed application or following your › Address last day of work, if later. › Date of birth Federal law requires that the explanation of available benefit pay- › Social Security number ment options be provided to the participant and spouse, if appli- › Name of your last contributing employer cable, no more than 180 and no less than 30 days before the date › Type of benefits for which you are applying payments actually commence. › Intended pension effective date › Spouse’s name Disability benefits cannot become effective until you are totally › Marital status and permanently disabled for at least six months. The effective › Spouse’s date of birth date of a disability pension is the later of the first day of the sev- › Phone number enth month after you became permanently disabled or the first › Email address day of the month following the date you file your pension applica- To comply with federal law, you cannot apply for your pension ear- tion. (See “Disability Pension” on pages 17 and 18.) lier than 180 days before your intended pension effective date. RETROACTIVE ANNUITY STARTING DATE However, at any time before that you may visit our website to es- timate your benefits or request, in writing, an estimate or other The Fund requires that you submit a completed application to the information from the Fund Office about your pension benefits. Fund Office before you can start receiving your benefits. Generally, \\ How Do You Apply for Pension Benefits? 24

benefit payments are effective on the first day of the month after Note: Your RP Schedule Effective Date as described on page 6 is determined your last day of work, or after the Fund Office receives your complet- based on when you submit a complete application for benefits, whether or not ed benefit application, whichever is later. However, even if you sub- you elect a Retroactive Annuity Starting Date. mit an incomplete application, you may elect to have your benefits PROCESSING APPLICATIONS FOR BENEFITS paid as of the first day of the month after the Fund Office receives Upon receipt of your application for non-disability pensions, the your incomplete application as long as certain requirements are Fund Office will send you any additional forms and requests for met. This is referred to as the “Retroactive Annuity Starting Date.” information that may be needed. If the Fund Office determines that your benefit application is incom- Every effort will be made to complete the processing of your applica- plete, you will be notified as soon as possible with a written request tion within 90 days after receipt by the Fund Office. This 90-day period for additional information. If you would like your benefits to be paid will begin upon receipt of your signed application form by the Fund from the first day of the month following the date on which the Fund Office even if you have not submitted all of the information needed for Office received your incomplete application, it is important that you the Fund to make a decision on your application. For applications for and your spouse (if applicable) sign this form and return it to the disability pensions, this 90-day period will be 45 days. Fund Office with all of the requested additional information within 90 days. Otherwise, your benefit payments may be effective the first If a decision on your application cannot be made within 90 days of the month following the date on which the information needed to of receipt by the Fund Office, a letter will be sent to you, prior to complete your benefit application is received in the Fund Office. This the expiration of the 90 days, explaining the special circumstances means that you could miss out on benefit payments to which you requiring another 90 days to take action and the date by which a would otherwise be entitled. decision is expected to be reached. In addition, if: If final action cannot be taken by the end of the second 90-day pe- 1. the employer you retired from was a new contributing riod (a total of 180 days), you will be sent a written explanation in employer; and advance of the expiration of the second 90-day period. At this time, 2. the date you retired was after the date your employer you will be awarded any partial benefits that can be determined began making contributions but before the date that the with the available information. employer was finally approved and accepted retroactively Upon receipt of your application for a disability pension, the Fund as a contributing employer; and Office will send you a written request for any additional informa- 3. you apply for benefits no later than one year after the date tion that may be needed. that your employer was finally approved and accepted retroactively as a contributing employer, Every effort will be made to complete the processing of your applica- you may elect your benefits to be paid retroactively to the first of tion within this initial 45-day period after receipt by the Fund Office. the month after you retired. This 45-day period will begin upon receipt of your signed application To take advantage of this provision, you must be eligible to begin form by the Fund Office even if you have not submitted all of the infor- receiving benefits as of the Retroactive Annuity Starting Date (the mation needed for the Fund to make a decision on your application. later of the first day of the month following your submission of an If a decision on your disability application cannot be made within 45 incomplete benefit application or the first day of the month follow- days of receipt by the Fund Office, a letter will be sent to you, prior to ing your Intended Retirement Date). the expiration of the 45 days explaining the “special circumstances” If you elect to have your benefits paid as of your Retroactive Annui- requiring an additional 30 days to take action and the date by which ty Starting Date, you will not actually receive any benefit payments a decision is expected to be reached. The notice of this extension until after the processing of your application is completed. However, will specifically explain standards upon which the entitlement to a your first benefit payment will include payments retroactive to the disability pension is based, the unresolved issues that prevent a de- first day of the month following the date on which you first submit- cision on your application and the additional information needed to ted your incomplete application (your “Retroactive Annuity Starting resolve these issues. Date”). You will also receive interest from this date. If prior to the end of this first 30-day period (75 days after receipt in In order for the Fund to pay benefits retroactive to the date that you the Fund Office), the Fund Office determines that another 30-day submit an application, you will have to complete the Election of extension is needed, you will be sent another notice with similar Retroactive Annuity Starting Date form, described above. content. SUMMARY PLAN DESCRIPTION 2023 // 25

When a period of time is extended due to your failure to submit yet started to receive your pension by the April 1st of the calendar information needed to make a decision on your application, the year following the calendar year in which you reach your Required period for making the determination on your disability pension Mandatory Distribution (RMD) age 72 (or age 70½ if you reach application is tolled from the date on which the notification of the reached age 70½ before January 1, 2020). However, you may elect extension is sent to you until the date on which you respond to the to begin receiving your benefit at any time on or after the April 1st request for additional information. of the calendar year following the calendar year in which you reach For disability pensions, if final action cannot be taken by the end of your RMD age, even if you have not yet retired but no later than the the second 30-day period (a total of 105 days), you will be sent a April 1st of the calendar year following the calendar year in which written explanation in advance of the expiration of the second 30- you retire. day period. At this time, you will be awarded any partial benefits If you have not retired, you are required to submit an application that can be determined with available information. and all necessary forms for your benefit to commence. If your application is denied (in whole or in part), a timely notifica- If you do not start receiving your benefits by that date, the IRS can as- tion letter will be sent to you. The letter will include the following: sess a 50% excise tax on the value of your benefits. › Specific reason or reasons for the denial. WHEN BENEFITS START AFTER NORMAL › Reference to the specific Plan Document provision(s) on RETIREMENT AGE which the determination is based. › A description of any additional material or information If your pension starts after you reach your normal retirement age, necessary to perfect the claim and an explanation of why you will receive the greater of: such material is necessary. › Your benefit at your retirement (taking into account all of › A description of the procedures for an appeal and the time your credit), or limits applicable to such procedures, including a statement › What your benefit was at your normal retirement age, of your right to bring a civil action under Section 502(a) of increased for each month you did not work in disqualify- ERISA following an adverse benefit determination on review. ing employment for which your benefit would have been In addition, for denials (in whole or in part) of applications for disability suspended after normal retirement age. pensions, if an internal rule, guideline, protocol, or other similar crite- PENSION BENEFITS AS TAXABLE INCOME rion was relied upon in making the adverse determination, either the specific rule, guideline, protocol, or similar criterion, will be included in As a pensioner, you will receive from the Fund Office each year a the letter, or a statement will be included in the letter that such a rule, Form 1099-R showing the benefits paid to you. As required by law, guideline, protocol, or similar criterion was relied on in making the ad- this information will also be supplied to the Internal Revenue Ser- verse determination, and a copy of such rule, guideline, protocol, or vice for tax purposes. You may elect to have Federal withholding tak- other criterion will be provided to you upon request. en from your pension payments, and notices will be sent to you at the time you apply about withholding. Withholding is required for some distributions. You can also obtain a copy of your 1099-R on the Fund’s website at www.iamnpf.org. WHAT YOU CAN DO IF YOU ARE DENIED A PENSION: APPEALS PROCEDURES If your application for benefits is denied, in whole or in part, you have the right to appeal the adverse determination by the Fund Of- fice. Your written request for an appeal must be filed with the Trust- ees within 180 days after the mailing of such notice by the Fund Office. You have the opportunity to submit written comments, documents, records, and other information relating to your appli- WHEN BENEFITS ARE PAID AUTOMATICALLY cation for benefits. You will be provided, upon request and free of Generally, if you are retired benefits under the National Pension charge, reasonable access to, and copies of, all documents, records, Fund begin to be paid automatically if you are vested, and have not and other information relevant to your application for benefits. \\ How Do You Apply for Pension Benefits? 26

The Appeals Committee of the Board of Trustees will review your ap- WHAT IF THE PENSION FUND peal at one of its quarterly meetings. Their reviews take into account AND TRUST TERMINATE? all comments, documents, records, and other information submitted by you, without regard to whether such information was submitted It is intended that the Pension Fund will continue indefinitely, but or considered in the initial benefit determination by the Fund Office. the Board of Trustees reserves the right and has the discretion to However, neither you nor your representative may make an appear- change and/or discontinue the Pension Fund and Trust at any time. ance before the Appeals Committee. The Trustees may terminate the Pension Fund and Trust by a docu- The decision of the Appeals Committee will generally be made by ment in writing executed by all of the Trustees, if in their opinion the meeting immediately following the date your appeal is received. the Fund is not adequate to carry out the intent and purpose of the If the appeal is received during the 30 days preceding that meeting, Pension Fund. The Pension Fund and Trust may also be terminated your appeal will not be reviewed, and the decision will not be made, if there are no individuals living who can qualify as participants until the second meeting following receipt of your appeal. or beneficiaries under the Pension Fund or if there are no longer For disability pensions, the Appeals Committee will not give any any collective bargaining agreements requiring contributions to deference to the initial adverse benefit determination of the Fund the Fund. The Pension Fund is considered terminated by law if it Office. The Appeals Committee will, when deciding a disability pen- is amended to provide that no further benefits will be earned by sion, based in whole or in part on a medical judgment, include a employees for employment with employers, if every employer consultation with a health care professional who has appropriate withdraws from the Pension Fund within the meaning of Section training and expertise in the field of medicine upon which the Fund 4203 of ERISA, upon the cessation of the obligation of all employ- Office’s determination was based. Such professional shall not be the ers to contribute under the Pension Fund, or if the Pension Fund is same individual, or from the same firm, that was consulted in con- amended to become a defined contribution Pension Fund. nection with the adverse determination that is the subject of your If the Pension Fund terminates, you will not accrue (earn) any fur- appeal. In addition, the Appeals Committee will give to you in its de- ther benefits under the Pension Fund. However, the benefits that cision, the identity of the medical or vocational experts whose advice you have already accrued will become vested — that is, nonforfeit- was obtained by the Fund in connection with the adverse benefit able — to the extent your benefits can be funded by the Fund assets determination or decision on appeal, without regard to whether the allocated to such benefits. advice was relied upon in making the benefit determination or de- If the termination occurs because the Pension Fund is amended to cision on appeal. provide that no further benefits will be earned by employees for The time for processing an appeal may be extended in special circum- employment with employers, or is amended to become a defined stances by giving written notice to you prior to the commencement of contribution plan, the Pension Fund will continue to pay nonfor- the extension. The notice will explain the special circumstances. Such feitable benefits. an extension can last only until the third meeting following receipt of If the Pension Fund terminates because there are no longer any the appeal. collective bargaining agreements requiring contributions to the The decision on appeals will be communicated to the Participant in Fund, the Pension Fund may be amended to reduce benefits to the writing and will be mailed within five days after the Appeals Com- extent necessary to ensure that the Fund’s assets are sufficient to mittee meeting at which the decision was made. If your appeal is pay nonforfeitable benefits when they are due. If the Pension Fund denied in whole or in part, the decision will include: (i) the specific has been amended and the Fund does not have enough assets to reason or reasons for the adverse decision; (ii) Specific reference pay nonforfeitable benefits, the Trustees have the authority to sus- to the provision or provisions of the Plan on which the denial is pend benefits. If benefits are suspended, the Pension Fund will based; (ii) a statement that the participant may receive, upon re- continue to pay the highest level of benefits that can be paid out of quest and free of charge, reasonable access to, and copies of, all the Pension Fund’s available resources. If benefits are suspended, documents, records, and other information relevant to the appli- the Pension Fund will not be required to make retroactive benefit cation; and (iv) a statement of the Participant’s right to bring an payments for that portion of a benefit that was suspended. action under Section 502(a) of ERISA. Once the Fund assets and nonforfeitable benefits are valued, the In making any application or appeal, you may be represented by Trustees, as a general rule, will use the available assets to purchase any authorized representative. If the representative is not an attor- annuity contracts to provide for your benefits. However, if the Pen- ney or a court-appointed guardian, you must designate the repre- sion Fund terminates because of an amendment, and the value of sentative in writing. your nonforfeitable benefit attributable to employer contributions SUMMARY PLAN DESCRIPTION 2023 // 27

is less than $5,000.00, the Pension Fund may require that you be creases and new benefits based on Fund provisions that have been paid a lump sum. in place for fewer than five (5) years at the earlier of the date the Fund If the Pension Fund is terminated, the Trustees will: (a) pay the ex- terminates or the time the Fund becomes insolvent; (3) benefits that penses of the Trust Fund incurred up to the date of termination are not vested because you have not worked long enough; (4) ben- as well as the expenses in connection with the termination; (b) efits for which you have not met all the requirements at the time arrange for a final audit of the Trust Fund; (c) give any notice and the Fund becomes insolvent; and (5) non-pension benefits, such as prepare and file any reports which may be required by law; and (d) health insurance, life insurance, certain death benefits, vacation pay, apply the assets of the Trust Fund in accordance with the law and and severance pay. the Pension Fund including amendments adopted as part of the For more information about the PBGC and the benefits it guaran- termination until the assets of the Trust Fund are distributed. tees, ask your Fund administrator or contact the PBGC’s Technical No part of the assets or income of the Trust Fund will be used for Assistance Branch, 1200 K Street NW, Washington, D.C. 20005- purposes other than for the exclusive benefit of the participants 4026 or call 800-400-7242. TTY/TDD users may call the federal re- and the beneficiaries or the administrative expenses of the Trust lay service toll-free at 1-800-877-8339 and ask to be connected to Fund. Under no circumstances will any portion of the Trust Fund 800-400-7242. Additional information about the PBGC’s pension revert or inure to the benefit of any contributing employer or the insurance program is available through the PBGC’s website on the union either directly or indirectly. Internet at www.pbgc.gov. Upon termination of the Pension Fund and Trust Fund, the Trustees STATEMENT OF will promptly notify the union, the employers, and all other inter- RIGHTS UNDER THE EMPLOYEE ested parties. The Trustees will continue as Trustees for the purpose RETIREMENT INCOME SECURITY of winding up the affairs of the Pension Fund and Trust Fund. ACT OF 1974 AS REVISED BY TERMINATION INSURANCE THE PENSION PROTECTION Your pension benefits under this multiemployer plan are insured ACT (PPA) OF 2006 by the Pension Benefit Guaranty Corporation (PBGC), a federal in- surance agency. A multiemployer plan is a collectively bargained As a participant in the IAM National Pension Fund, you are entitled pension arrangement involving two or more unrelated employers, to certain rights and protections under the Employee Retirement usually in a common industry. Income Security Act of 1974 (ERISA). ERISA provides that all Fund Under the multiemployer plan program, the PBGC provides finan- participants shall be entitled to: cial assistance through loans to plans that are insolvent. A multiem- RECEIVE INFORMATION ABOUT YOUR ployer plan is considered insolvent if the plan is unable to pay bene- FUND AND BENEFITS fits (at least equal to the PBGC’s guaranteed benefit limit) when due. Examine, without charge, at the Fund Administrator’s office and at The maximum benefit that the PBGC guarantees is set by law. other specified locations, such as worksites and union halls, all doc- Under the multiemployer program, the PBGC guarantee equals uments governing the Fund, and a copy of the latest annual report a participant’s years of service multiplied by (1) 100% of the first (Form 5500 Series) filed by the Fund with the U.S. Department of $11 of the monthly benefit accrual and (2) 75% of the next $33. Labor and available at the Public Disclosure Room of the Employ- The PBGC’s maximum guarantee limit is $35.75 per month times ee Benefits Security Administration. In addition, ERISA as revised a participant’s years of service. For example, the maximum annual by PPA entitles you to receive the following additional documents guarantee for a retiree with 30 years of service is $12,870. upon request: periodic actuarial reports including sensitivity test- The PBGC guarantee generally covers: (1) normal and early re- ing in response to a certification of critical or endangered status, tirement benefits; (2) disability benefits if you become disabled and quarterly, semi-annual or annual financial reports including before the Fund becomes insolvent; and (3) certain benefits for investment reports and other financial reports. your survivors. Obtain, upon written request to the Fund Administrator, copies The PBGC guarantee generally does not cover: (1) benefits greater of documents governing the operation of the Fund, copies of the than the maximum guaranteed amount set by law; (2) benefit in- latest annual report (Form 5500 Series), copies of periodic actuar- ial reports and financial reports, as described above, and updated \\ Termination Insurance 28

summary Fund description. The Administrator may make a reason- are successful, the court may order the person you have sued to able charge for the copies. pay these costs and fees. If you lose, the court may order you to pay Receive a copy of the Fund’s Annual Funding Notice and a copy of these costs and fees; for example, if it finds your claim is frivolous. any application for an automatic amortization extension, if appli- ASSISTANCE WITH QUESTIONS cable. The Trustees are required by law to furnish each participant If you have any questions about your Fund, you should contact the with copies of these notices. Fund Administrator. If you have any questions about this statement Obtain a statement telling you whether you have a right to receive or about your rights under ERISA, you should contact the nearest a pension at Normal Retirement Age and, if so, what your benefits office of the Employee Benefits Security Administration (EBSA), would be at Normal Retirement Age if you stop working under the U.S. Department of Labor or the Division of Technical Assistance Fund now. If you do not have a right to a pension now, the state- and Inquiries, Employee Benefits Security Administration, U.S. ment will tell you how many more years you have to work to have Department of Labor, 200 Constitution Avenue NW, Washington, a right to a pension. This statement must be requested in writing D.C. 20210. You may also obtain certain publications about your and is not required to be given more than once every twelve (12) rights and responsibilities under ERISA by calling the publications months. The Fund must provide the statement free of charge. hotline of the EBSA. For single copies of publications, contact the PRUDENT ACTIONS BY FUND FIDUCIARIES EBSA at 1-866-444-3272 or contact the EBSA field office near you. You may also find answers to your questions at the website of the In addition to creating rights to Fund participants, ERISA imposes EBSA at www.dol.gov/ebsa. duties upon the people who are responsible for the operation of the employee benefit Fund. The people who operate your Fund, called “fiduciaries” of the Fund, have a duty to do so prudently and in the interest of you and other Fund participants and beneficia- ries. 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 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 GENERAL INFORMATION rights. For instance, if you request materials from the Fund and do not receive them within 30 days, you may file suit in a Federal The following information is provided to let you know how the Na- court. In such a case, the court may require the Fund Administrator tional Pension Fund is operated on a day-to-day basis and who is to provide the materials and pay you up to $110 a day until you re- responsible for basic decisions. ceive the materials, unless the materials were not sent because of reasons beyond the control of the Trustees. If you have a claim for ADMINISTRATION benefits which is denied or ignored, in whole or in part, you may The National Pension Fund is jointly administered by a Board of file suit in a state or Federal court. In addition, if you disagree with Trustees, consisting of an equal number of union representatives the Fund’s decision or lack thereof concerning the qualified status and employer representatives. The Board of Trustees is both the of a domestic relations order or a medical child support order, you Fund Sponsor and the legal Fund Administrator under the Em- may file suit in Federal court. If it should happen that Fund fiducia- ployee Retirement Income Security Act (ERISA). The Trustees hire ries misuse the Fund’s money, or if you are discriminated against an Executive Director and office staff to keep records, make benefit for asserting your rights, you may seek assistance from the U.S. De- payments and otherwise assist in the administration of the Fund. partment of Labor, or you may file suit in a Federal court. The court will decide who should pay the court costs and legal fees. If you SUMMARY PLAN DESCRIPTION 2023 // 29

The name, address and phone number of the Fund Administrator is: FUND YEAR The Board of Trustees For purposes of maintaining the Fund’s fiscal records and for com- The IAM National Pension Fund putation of vesting years and benefit accrual, the Fund uses the 99 M St., SE, Suite 600 calendar year. Washington D.C. 20003-4595 SERVICE OF LEGAL PROCESS 202-785-2658 The names, titles and business addresses of the Trustees are: The Executive Director has been designated as the agent for the service of legal process: BOARD OF TRUSTEES Ryk Tierney, CEBS Union Trustees Employer Trustees Executive Director IAM National Pension Fund 99 M St., SE, Suite 600 Steve Galloway Justin Welner Washington D.C. 20003-4595 Board Co-Chairman Board Co-Chairman General Vice President Senior Vice President, Chief Legal process may be served upon a Fund Trustee or the Executive c/o IAM National Pension Fund Administration & Compliance Officer Director. 99 M Street, SE, Suite 600 Spirit AeroSystems, Inc. Washington, DC 20003-4595 c/o IAM National Pension Fund CONTRIBUTION SOURCE 99 M Street, SE, Suite 600 Washington, DC 20003-4595 All contributions to the Fund are made by employers in accordance Brian Bryant Kelvin Jones with the RP and/or their collective bargaining agreements with the General Vice President Director of Retirement Plans union or their participation agreement. The collective bargaining c/o IAM National Pension Fund United Airlines agreements require contributions to the Fund at fixed rates per 99 M Street, SE, Suite 600 c/o IAM National Pension Fund hour or day. No employee contributions are permitted. The Fund Washington, DC 20003-4595 99 M St., SE, Suite 600 Office will provide you, upon request and free of charge, with a Washington D.C. 20003-4595 copy of the collective bargaining agreement applicable to you. Rickey Wallace Jim McGrath CONTRIBUTING EMPLOYERS General Vice President Vice President, Global IT and ENG The Fund Office will provide you, upon written request, with infor- c/o IAM National Pension Fund UPS 99 M Street, SE, Suite 600 c/o IAM National Pension Fund mation about whether a particular employer is contributing to this Washington, DC 20003-4595 99 M Street, SE, Suite 600 Fund on behalf of employees working under a collective bargaining Washington, DC 20003-4595 agreement with the IAM or another union. Dora H. Cervantes Andy Chen FUNDING MEDIUM General Secretary-Treasurer Vice President, Treasurer c/o IAM National Pension Fund General Dynamics Benefits are provided from the Fund’s assets, which are accumu- 99 M Street, SE, Suite 600 c/o IAM National Pension Fund lated under the provisions of collective bargaining agreements, Washington, DC 20003-4595 99 M Street, SE, Suite 600 participation agreements, and the Trust Agreement, and held in a Washington, DC 20003-4595 trust fund for the sole purpose of providing benefits to covered participants and beneficiaries and for defraying administrative ex- EMPLOYER IDENTIFICATION NUMBER AND penses. Custody of the assets is with State Street Bank in Boston, FUND NUMBER Massachusetts. The employer identification number assigned by the Internal Revenue Service to the Board of Trustees is 51-6031295. The plan number assigned by the Board of Trustees is 002. FUND TYPE The Fund is a multiemployer defined benefit pension plan. \\ General Information 30

RELATED PLANS Commodore Corporation Hourly August 1, 1999 The Trustees have agreements with the following plans to provide Employees Pension Plan a pro-rata pension if you did not work long enough under the Na- District 127, IAM Pension Fund May 1, 1962 tional Pension Fund or the related plan to earn a right to a benefit under either plan: GKN Aerospace North America, Inc. April 1, 2012 Plan Name Effective Date of Howe Richardson Scale Pension Plan for February 1, 1967 Agreement Union Employees Automobile Mechanics Local 701 Union and Hurletron Altair, Inc. Pension Trust January 1, 1977 Industry Pension Fund June 25, 1986 Countryside, Illinois IAM District No. 15 Machinists’ Pension Fund January 1, 1998 Automotive Industries Pension Trust Fund January 1, 1998 IAM District 38 Pension Fund October 31, 1961 Alameda, California Automotive Machinist PensionTrust of Seattle April 1, 1980 IAM District 77 Pension Fund September 1, 1967 Seattle, Washington IAM District Lodge 94 Pension Plan November 1, 1967 CMTA Independent Tool and Die, Craftsmen Association Pension Trust August 7, 1980 IA of M — Jax Transit Management April 1, 2008 San Francisco, California Pension — Disability Plan International Association of Machinists and International Association of Machinists and Aerospace Workers Pension Plan January 1, 2010 Aerospace Workers Die-Sinkers Pension Plan January 1, 1990 (Grand Lodge Plan) and Trust Santa Clara County Machine Shop Employers The I.E.C. Employees Pension Plan September 1, 1971 IAM Pension Plan April 1, 1979 San Jose, California James Foundry Corp. Pension Plan for Hourly Rate Employees April 1, 1966 Western Metal Industry Pension Plan Seattle, Washington April 1, 1973 Joy Mfg. Company Pension Plan for IAM Employees at Certain Baash-Ross Tool Co. June 1, 1968 MERGED PLANS Division Plans Joy Mfg. Pension Plan for Employees at its The following plans merged with the National Pension Fund or one Larkin Products Division within the Bargaining January 21, 1972 of its prior plans: Unit Represented by Lodge 2070 Effective Date L&F Machine Company Employees January 1, 1973 Plan Name of Agreement Retirement Plan Amron Industrial Pension Plan April 1, 1973 Lone Star Brewing Co. Brewery Workers July 1, 1971 Pension Plan Associated Oil & Gas Co. Pension Plan for its March 1, 1972 Machinist District 152 Pension Fund November 1, 1967 Riley Gear Division Burke Industries, Inc. I.A.M. Pension Plan July 1, 2007 Marmet Shop Pension Plan April 1, 1977 SUMMARY PLAN DESCRIPTION 2023 // 31

Plan Name Effective Date TRANSFERS FROM of Agreement OTHER PLANS Montana Retirement Plan for International January 1, 1977 Employers with certain employees who were transferred to the Assn. Of Machinists Pension Trust National Pension Fund from other Plans Motor Car Dealers of Greater Kansas City and May 12, 1992 Effective Date Union Pension Plan and Trust of Transfer to Paper Novelty Manufacturing Company April 1, 1971 Employer Plan the National Pension Fund Pattern Makers’ Pension Trust Fund January 1, 1998 Kistler Ford Sales Central States, Pattern Manufacturers — Pattern Makers Inc. Southeast & Southwest January 1, 2014 Association of Detroit and Vicinity, AFL-CIO January 1, 2001 Areas Pension Fund Pension Fund Continental Micro- Western Conference of nesia Teamsters Pension Trust November 1, 2013 Peabody Engineering Corp. Retirement Plan October 1, 1970 Pearl Brewing Co. Brewery Workers Pension Plan July 1, 1971 Pennsylvania Forge Company Pension Plan May 1, 1963 Pension Plan for Designated Hourly Employees January 1, 2008 of the Arnold Engineering Co. Pension Plan of Muskegon Area Pattern Manufacturers and Patternmakers January 1, 1993 Association of Muskegon Retirement Plan for Hourly and Maintenance Employees of the Engineered Products Division January 1, 1971 of Royal Industries, Inc. Starline, Inc. Pension and Disability Plan for April 1, 1973 Hourly Employees Superior Die Casting Corp District 54 IAM July 1, 1977 Retirement Income Plan Todd Pacific Shipyards Corporation, Los Angeles Division and I.U.M.S.U.A. and its January 1, 2001 Local No. 9 Pension Plan Todd Shipyards Corporation & Retirement July 1, 2002 System, Todd GalvestonComponent Toledo Auto Dealers Association Retirement Plan August 1, 1976 \\ Transfers From Other Plans 32

APPENDIX TABLE ONE (SCHEDULE B) DETERMINING YOUR FUTURE SERVICE BENEFIT To determine your future service benefit, first find your employ- er’s hourly or daily contribution rate (not including contributions required by the RP). To the right of that rate is the corresponding benefit value. Multiply that value by your years of future service credit at that rate. If you have earned future service at more than one rate during a plan year, the highest benefit possible based on the multiple rates will be used by the Fund Office to calculate your future service benefit. Follow the same procedure for each contribution rate. If you do not earn a full year of service credit in any calendar year, you will receive a prorated amount based on the months of future service you earned. Contribu- Your Years of Monthly Future Accumulated tion Rate Future Service Service Benefit Future Service Credit at Value Benefit that Rate _____ _____ x $_____ = $_____ _____ _____ x $_____ = $_____ _____ _____ x $_____ = $_____ _____ _____ x $_____ = $_____ _____ _____ x $_____ = $_____ Total Future Service Benefit $_____ (add figures in final column) A note on future service credit rate tables: these tables do not reflect special rates or benefit values that may, on rare occa- sions, be imposed on individual groups to preserve the actuarial soundness of the Fund. Any group affected by this condition is notified separately. See current list of non-standard groups following this table on pages 42 and 43. SUMMARY PLAN DESCRIPTION 2023 // 33

Hourly Daily contribution Monthly normal Hourly Daily contribution Monthly normal contribution rate (not including pension benefit for contribution rate (not including pension benefit for rate contributions each year of future rate contributions each year of future required by the RP) service credit required by the RP) service credit $0.10 $0.80 $5.15 1.85 14.80 79.84 0.15 1.20 7.74 1.90 15.20 81.73 0.20 1.60 10.31 1.95 15.60 83.59 0.25 2.00 13.01 2.00 16.00 85.46 0.30 2.40 15.70 2.05 16.40 87.33 0.35 2.80 18.40 2.10 16.80 89.20 0.40 3.20 21.10 2.15 17.20 91.07 0.45 3.60 23.79 2.20 17.60 92.95 0.50 4.00 26.48 2.25 18.00 94.82 0.55 4.40 29.18 2.30 18.40 96.57 0.60 4.80 31.87 2.35 18.80 98.32 0.65 5.20 33.89 2.40 19.20 100.07 0.70 5.60 35.90 2.45 19.60 101.80 0.75 6.00 37.93 2.50 20.00 103.56 0.80 6.40 39.94 2.55 20.40 105.31 0.85 6.80 41.69 2.60 20.80 107.06 0.90 7.20 43.46 2.65 21.20 108.80 0.95 7.60 45.22 2.70 21.60 110.55 1.00 8.00 46.98 2.75 22.00 112.28 1.05 8.40 48.43 2.80 22.40 113.93 1.10 8.80 49.90 2.85 22.80 115.55 1.15 9.20 51.91 2.90 23.20 117.18 1.20 9.60 54.05 2.95 23.60 118.81 1.25 10.00 56.06 3.00 24.00 120.44 1.30 10.40 58.06 3.05 24.40 122.06 1.35 10.80 60.07 3.10 24.80 123.70 1.40 11.20 62.08 3.15 25.20 125.32 1.45 11.60 64.09 3.20 25.60 126.95 1.50 12.00 66.08 3.25 26.00 128.57 1.55 12.40 68.08 3.30 26.40 130.07 1.60 12.80 70.09 3.35 26.80 131.57 1.65 13.20 72.09 3.40 27.20 133.07 1.70 13.60 74.10 3.45 27.60 134.57 1.75 14.00 76.10 3.50 28.00 136.06 1.80 14.40 77.98 3.55 28.40 137.56 \\ Appendix 34

Hourly Daily contribution Monthly normal Hourly Daily contribution Monthly normal contribution rate (not including pension benefit for contribution rate (not including pension benefit for rate contributions each year of future rate contributions each year of future required by the RP) service credit required by the RP) service credit 3.60 28.80 139.06 5.35 42.80 185.45 3.65 29.20 140.56 5.40 43.20 186.61 3.70 29.60 142.05 5.45 43.60 187.78 3.75 30.00 143.54 5.50 44.00 188.95 3.80 30.40 144.92 5.55 44.40 190.11 3.85 30.80 146.29 5.60 44.80 191.27 3.90 31.20 147.67 5.65 45.20 192.44 3.95 31.60 149.04 5.70 45.60 193.61 4.00 32.00 150.41 5.75 46.00 194.77 4.05 32.40 151.78 5.80 46.40 195.94 4.10 32.80 153.16 5.85 46.80 197.11 4.15 33.20 154.52 5.90 47.20 198.28 4.20 33.60 155.90 5.95 47.60 199.44 4.25 34.00 157.27 6.00 48.00 200.61 4.30 34.40 158.64 6.05 48.40 201.77 4.35 34.80 160.01 6.10 48.80 202.94 4.40 35.20 161.39 6.15 49.20 204.11 4.45 35.60 162.76 6.20 49.60 205.27 4.50 36.00 164.14 6.25 50.00 206.44 4.55 36.40 165.40 6.30 50.40 207.61 4.60 36.80 166.66 6.35 50.80 208.77 4.65 37.20 167.93 6.40 51.20 209.93 4.70 37.60 169.19 6.45 51.60 211.10 4.75 38.00 170.46 6.50 52.00 212.27 4.80 38.40 171.72 6.55 52.40 213.43 4.85 38.80 172.99 6.60 52.80 214.60 4.90 39.20 174.25 6.65 53.20 215.76 4.95 39.60 175.52 6.70 53.60 216.93 5.00 40.00 176.79 6.75 54.00 218.09 5.05 40.40 178.05 6.80 54.40 219.26 5.10 40.80 179.32 6.85 54.80 220.42 5.15 41.20 180.58 6.90 55.20 221.59 5.20 41.60 181.84 6.95 55.60 222.76 5.25 42.00 183.11 7.00 56.00 223.92 5.30 42.40 184.28 7.05 56.40 225.08 SUMMARY PLAN DESCRIPTION 2023 // 35

Hourly Daily contribution Monthly normal Hourly Daily contribution Monthly normal contribution rate (not including pension benefit for contribution rate (not including pension benefit for rate contributions each year of future rate contributions each year of future required by the RP) service credit required by the RP) service credit 7.10 56.80 226.25 8.85 70.80 266.99 7.15 57.20 227.41 8.90 71.20 268.15 7.20 57.60 228.58 8.95 71.60 269.32 7.25 58.00 229.74 9.00 72.00 270.48 7.30 58.40 230.90 9.05 72.40 271.64 7.35 58.80 232.07 9.10 72.80 272.81 7.40 59.20 233.23 9.15 73.20 273.97 7.45 59.60 234.40 9.20 73.60 275.14 7.50 60.00 235.56 9.25 74.00 276.30 7.55 60.40 236.72 9.30 74.40 277.46 7.60 60.80 237.89 9.35 74.80 278.63 7.65 61.20 239.05 9.40 75.20 279.79 7.70 61.60 240.22 9.45 75.60 280.96 7.75 62.00 241.38 9.50 76.00 282.12 7.80 62.40 242.54 9.55 76.40 283.28 7.85 62.80 243.71 9.60 76.80 284.45 7.90 63.20 244.87 9.65 77.20 285.61 7.95 63.60 246.04 9.70 77.60 286.78 8.00 64.00 247.20 9.75 78.00 287.94 8.05 64.40 248.36 9.80 78.40 289.10 8.10 64.80 249.53 9.85 78.80 290.27 8.15 65.20 250.69 9.90 79.20 291.43 8.20 65.60 251.86 9.95 79.60 292.60 8.25 66.00 253.02 10.00 80.00 293.76 8.30 66.40 254.18 10.05 80.40 294.92 8.35 66.80 255.35 10.10 80.80 296.09 8.40 67.20 256.51 10.15 81.20 297.25 8.45 67.60 257.68 10.20 81.60 298.42 8.50 68.00 258.84 10.25 82.00 299.58 8.55 68.40 260.00 10.30 82.40 300.74 8.60 68.80 261.17 10.35 82.80 301.91 8.65 69.20 262.33 10.40 83.20 303.07 8.70 69.60 263.50 10.45 83.60 304.24 8.75 70.00 264.66 10.50 84.00 305.40 8.80 70.40 265.82 10.55 84.40 306.56 \\ Appendix 36

Hourly Daily contribution Monthly normal Hourly Daily contribution Monthly normal contribution rate (not including pension benefit for contribution rate (not including pension benefit for rate contributions each year of future rate contributions each year of future required by the RP) service credit required by the RP) service credit 10.60 84.80 307.73 12.35 98.80 348.47 10.65 85.20 308.89 12.40 99.20 349.63 10.70 85.60 310.06 12.45 99.60 350.80 10.75 86.00 311.22 12.50 100.00 351.96 10.80 86.40 312.38 12.55 100.40 353.12 10.85 86.80 313.55 12.60 100.80 354.29 10.90 87.20 314.71 12.65 101.20 355.45 10.95 87.60 315.88 12.70 101.60 356.62 11.00 88.00 317.04 12.75 102.00 357.78 11.05 88.40 318.20 12.80 102.40 358.94 11.10 88.80 319.37 12.85 102.80 360.11 11.15 89.20 320.53 12.90 103.20 361.27 11.20 89.60 321.70 12.95 103.60 362.44 11.25 90.00 322.86 13.00 104.00 363.60 11.30 90.40 324.02 13.05 104.40 364.76 11.35 90.80 325.19 13.10 104.80 365.93 11.40 91.20 326.35 13.15 105.20 367.09 11.45 91.60 327.52 13.20 105.60 368.26 11.50 92.00 328.68 13.25 106.00 369.42 11.55 92.40 329.84 13.30 106.40 370.58 11.60 92.80 331.01 13.35 106.80 371.75 11.65 93.20 332.17 13.40 107.20 372.91 11.70 93.60 333.34 13.45 107.60 374.08 11.75 94.00 334.50 13.50 108.00 375.24 11.80 94.40 335.66 13.55 108.40 376.40 11.85 94.80 336.83 13.60 108.80 377.57 11.90 95.20 337.99 13.65 109.20 378.73 11.95 95.60 339.16 13.70 109.60 379.90 12.00 96.00 340.32 13.75 110.00 381.06 12.05 96.40 341.48 13.80 110.40 382.22 12.10 96.80 342.65 13.85 110.80 383.39 12.15 97.20 343.81 13.90 111.20 384.55 12.20 97.60 344.98 13.95 111.60 385.72 12.25 98.00 346.14 14.00 112.00 386.88 12.30 98.40 347.30 14.05 112.40 388.04 SUMMARY PLAN DESCRIPTION 2023 // 37

Hourly Daily contribution Monthly normal Hourly Daily contribution Monthly normal contribution rate (not including pension benefit for contribution rate (not including pension benefit for rate contributions each year of future rate contributions each year of future required by the RP) service credit required by the RP) service credit 14.10 112.80 389.21 15.85 126.80 429.95 14.15 113.20 390.37 15.90 127.20 431.11 14.20 113.60 391.54 15.95 127.60 432.28 14.25 114.00 392.70 16.00 128.00 433.44 14.30 114.40 393.86 16.05 128.40 434.60 14.35 114.80 395.03 16.10 128.80 435.77 14.40 115.20 396.19 16.15 129.20 436.93 14.45 115.60 397.36 16.20 129.60 438.10 14.50 116.00 398.52 16.25 130.00 439.26 14.55 116.40 399.68 16.30 130.40 440.42 14.60 116.80 400.85 16.35 130.80 441.59 14.65 117.20 402.01 16.40 131.20 442.75 14.70 117.60 403.18 16.45 131.60 443.92 14.75 118.00 404.34 16.50 132.00 445.08 14.80 118.40 405.50 16.55 132.40 446.24 14.85 118.80 406.67 16.60 132.80 447.41 14.90 119.20 407.83 16.65 133.20 448.57 14.95 119.60 409.00 16.70 133.60 449.74 15.00 120.00 410.16 16.75 134.00 450.90 15.05 120.40 411.32 16.80 134.40 452.06 15.10 120.80 412.49 16.85 134.80 453.23 15.15 121.20 413.65 16.90 135.20 454.39 15.20 121.60 414.82 16.95 135.60 455.56 15.25 122.00 415.98 17.00 136.00 456.72 15.30 122.40 417.14 17.05 136.40 457.88 15.35 122.80 418.31 17.10 136.80 459.05 15.40 123.20 419.47 17.15 137.20 460.21 15.45 123.60 420.64 17.20 137.60 461.38 15.50 124.00 421.80 17.25 138.00 462.54 15.55 124.40 422.96 17.30 138.40 463.70 15.60 124.80 424.13 17.35 138.80 464.87 15.65 125.20 425.29 17.40 139.20 466.03 15.70 125.60 426.46 17.45 139.60 467.20 15.75 126.00 427.62 17.50 140.00 468.36 15.80 126.40 428.78 17.55 140.40 469.52 \\ Appendix 38

Hourly Daily contribution Monthly normal Hourly Daily contribution Monthly normal contribution rate (not including pension benefit for contribution rate (not including pension benefit for rate contributions each year of future rate contributions each year of future required by the RP) service credit required by the RP) service credit 17.60 140.80 470.69 19.35 154.80 511.43 17.65 141.20 471.85 19.40 155.20 512.59 17.70 141.60 473.02 19.45 155.60 513.76 17.75 142.00 474.18 19.50 156.00 514.92 17.80 142.40 475.34 19.55 156.40 516.08 17.85 142.80 476.51 19.60 156.80 517.25 17.90 143.20 477.67 19.65 157.20 518.41 17.95 143.60 478.84 19.70 157.60 519.58 18.00 144.00 480.00 19.75 158.00 520.74 18.05 144.40 481.16 19.80 158.40 521.90 18.10 144.80 482.33 19.85 158.80 523.07 18.15 145.20 483.49 19.90 159.20 524.23 18.20 145.60 484.66 19.95 159.60 525.40 18.25 146.00 485.82 20.00 160.00 526.56 18.30 146.40 486.98 20.05 160.40 527.72 18.35 146.80 488.15 20.10 160.80 528.89 18.40 147.20 489.31 20.15 161.20 530.05 18.45 147.60 490.48 20.20 161.60 531.22 18.50 148.00 491.64 20.25 162.00 532.38 18.55 148.40 492.80 20.30 162.40 533.54 18.60 148.80 493.97 20.35 162.80 534.71 18.65 149.20 495.13 20.40 163.20 535.87 18.70 149.60 496.30 20.45 163.60 537.04 18.75 150.00 497.46 20.50 164.00 538.20 18.80 150.40 498.62 20.55 164.40 539.36 18.85 150.80 499.79 20.60 164.80 540.53 18.90 151.20 500.95 20.65 165.20 541.69 18.95 151.60 502.12 20.70 165.60 542.86 19.00 152.00 503.28 20.75 166.00 544.02 19.05 152.40 504.44 20.80 166.40 545.18 19.10 152.80 505.61 20.85 166.80 546.35 19.15 153.20 506.77 20.90 167.20 547.51 19.20 153.60 507.94 20.95 167.60 548.68 19.25 154.00 509.10 21.00 168.00 549.84 19.30 154.40 510.26 21.05 168.40 551.00 SUMMARY PLAN DESCRIPTION 2023 // 39

Hourly Daily contribution Monthly normal Hourly Daily contribution Monthly normal contribution rate (not including pension benefit for contribution rate (not including pension benefit for rate contributions each year of future rate contributions each year of future required by the RP) service credit required by the RP) service credit 21.10 168.80 552.17 22.85 182.80 592.91 21.15 169.20 553.33 22.90 183.20 594.07 21.20 169.60 554.50 22.95 183.60 595.24 21.25 170.00 555.66 23.00 184.00 596.40 21.30 170.40 556.82 23.05 184.40 597.56 21.35 170.80 557.99 23.10 184.80 598.73 21.40 171.20 559.15 23.15 185.20 599.89 21.45 171.60 560.32 23.20 185.60 601.06 21.50 172.00 561.48 23.25 186.00 602.22 21.55 172.40 562.64 23.30 186.40 603.38 21.60 172.80 563.81 23.35 186.80 604.55 21.65 173.20 564.97 23.40 187.20 605.71 21.70 173.60 566.14 23.45 187.60 606.88 21.75 174.00 567.30 23.50 188.00 608.04 21.80 174.40 568.46 23.55 188.40 609.20 21.85 174.80 569.63 23.60 188.80 610.37 21.90 175.20 570.79 23.65 189.20 611.53 21.95 175.60 571.96 23.70 189.60 612.70 22.00 176.00 573.12 23.75 190.00 613.86 22.05 176.40 574.28 23.80 190.40 615.02 22.10 176.80 575.45 23.85 190.80 616.19 22.15 177.20 576.61 23.90 191.20 617.35 22.20 177.60 577.78 23.95 191.60 618.52 22.25 178.00 578.94 24.00 192.00 619.68 22.30 178.40 580.10 24.05 192.40 620.84 22.35 178.80 581.27 24.10 192.80 622.01 22.40 179.20 582.43 24.15 193.20 623.17 22.45 179.60 583.60 24.20 193.60 624.34 22.50 180.00 584.76 24.25 194.00 625.50 22.55 180.40 585.92 24.30 194.40 626.66 22.60 180.80 587.09 24.35 194.80 627.83 22.65 181.20 588.25 24.40 195.20 628.99 22.70 181.60 589.42 24.45 195.60 630.16 22.75 182.00 590.58 24.50 196.00 631.32 22.80 182.40 591.74 24.55 196.40 632.48 \\ Appendix 40

Hourly Daily contribution Monthly normal Hourly Daily contribution Monthly normal contribution rate (not including pension benefit for contribution rate (not including pension benefit for rate contributions each year of future rate contributions each year of future required by the RP) service credit required by the RP) service credit 24.60 196.80 633.65 26.35 210.80 674.39 24.65 197.20 634.81 26.40 211.20 675.55 24.70 197.60 635.98 26.45 211.60 676.72 24.75 198.00 637.14 26.50 212.00 677.88 24.80 198.40 638.30 26.55 212.40 679.04 24.85 198.80 639.47 26.60 212.80 680.21 24.90 199.20 640.63 26.65 213.20 681.37 24.95 199.60 641.80 26.70 213.60 682.54 25.00 200.00 642.96 26.75 214.00 683.70 25.05 200.40 644.12 26.80 214.40 684.86 25.10 200.80 645.29 26.85 214.80 686.03 25.15 201.20 646.45 26.90 215.20 687.19 25.20 201.60 647.62 26.95 215.60 688.36 25.25 202.00 648.78 27.00 216.00 689.52 25.30 202.40 649.94 27.05 216.40 690.68 25.35 202.80 651.11 27.10 216.80 691.85 25.40 203.20 652.27 27.15 217.20 693.01 25.45 203.60 653.44 27.20 217.60 694.18 25.50 204.00 654.60 27.25 218.00 695.34 25.55 204.40 655.76 27.30 218.40 696.50 25.60 204.80 656.93 27.35 218.80 697.67 25.65 205.20 658.09 27.40 219.20 698.83 25.70 205.60 659.26 27.45 219.60 700.00 25.75 206.00 660.42 27.50 220.00 701.16 25.80 206.40 661.58 27.55 220.40 702.32 25.85 206.80 662.75 27.60 220.80 703.49 25.90 207.20 663.91 27.65 221.20 704.65 25.95 207.60 665.08 27.70 221.60 705.82 26.00 208.00 666.24 27.75 222.00 706.98 26.05 208.40 667.40 27.80 222.40 708.14 26.10 208.80 668.57 27.85 222.80 709.31 26.15 209.20 669.73 27.90 223.20 710.47 26.20 209.60 670.90 27.95 223.60 711.64 26.25 210.00 672.06 28.00 224.00 712.80 26.30 210.40 673.22 28.05 224.40 713.96 SUMMARY PLAN DESCRIPTION 2023 // 41

28.10 224.80 715.13 DETROIT MEDIA PARTNERSHIP DZ41R1 28.15 225.20 716.29 DISTRICT LODGE 00075 IAM DZ68R1 28.20 225.60 717.46 ENTERPRISE CONTAINER LLC E01AR1 28.25 226.00 718.62 ECONOMIC DEVELOPMENT & INDUSTRIAL CORP E23AR1 28.30 226.40 719.78 ELM TRANSIT MIX CORP E28AR1 28.35 226.80 720.95 TITAN WHEEL CORP OF IOWA F04AR1 28.40 227.20 722.11 FERRARA BROS LLC F14AR1 28.45 227.60 723.28 GALLO WINE CO G049R1 28.50 228.00 724.44 PENSKE TRUCK LEASING CO GA40R1 NON-STANDARD GROUPS GIETL BROTHERS INC GA50R1 GENSINGER MOTORS INC GA63R1 Employer Name Location Code GOODWIN-BRADLEY PATTERN CO INC GP78R1 HALBERT BROTHERS INC H047R1 ACME MARKETS INC A016R1 HERTZ CORP, THE H052R1 ALLIED AVIATION FUELING OF NAT AIRPORT A048R1 HEISER FORD LINCOLN MERCURY HA67R1 PRIMUS SOLUTIONS INC A08BR1 HARIG MFG CORP HB15R1 AA TRUCK RENTING CORP A21AR1 H O PARTS SUPPLY CO HZ81R1 ALLIED AVIATION SERVICES CO AA41R1 INDEPENDENT MECHANICAL INDUSTRIES INC I033R1 ALLIED AVIATION SERVICE CO OF NJ INC AB03R1 IAM NATIONAL PENSION FUND I074R1 ABF FREIGHT SYSTEM INC AB28R1 INTERNATIONAL METAL HOSE CO IZ74R1 ANACONDA-DEER LODGE COUNTY AB29R1 KEARNEY PATTERN WORKS & FDRY KP09R1 ABF FREIGHT SYSTEM INC AB30R1 KISTLER FORD SALES INC KZ82R1 AL & RAYS BODY & PAINT AZ68R1 LOCAL LODGE 00737 IAM L063R1 BATH IRON WORKS CORP B07AR1 PACIFIC WAREHOUSE CO INC LA83R1 BATH IRON WORKS CORP B08AR1 BUTTE GM AUTO CENTER LZ59R1 BRAUN MFG CO INC BA52R1 LESKOVAR MOTORS INC LZ60R1 ADVANCE CENTRAL SERVICES ALABAMA BZ48R1 SSA TERMINALS M081R1 CITY AND COUNTY OF BUTTE SILVER BOW MT BZ55R1 METROPOLITAN STEVEDORE CO M082R1 BUTTE-SILVER BOW BZ60R1 MOLON MOTOR & COIL CORP M085R1 BROWN'S AUTO PARTS CO BZ61R1 MENDON TRUCK LEASING AND RENTAL INC M20AR1 ADVANCE CENTRAL SERVICES ALABAMA BZ91R1 PRECISION MARSHALL STEEL CO MC03R1 C CRETORS AND CO C035R1 MCNEAR, L P BRICK CO INC MX11R1 CLC INC C79AR1 NATIONAL IAM BENEFIT TRUST FUND N02AR1 COLLIS TOOLHOLDER CORP CC26R1 NEWARK MORNING LEDGER CO, THE N038R1 CENTRAL PATTERN CO CP46R1 NORTON OPERATING SERVICES INC N05AR1 CLINKENBEARD & ASSOCIATES CP51R1 NORTHWEST AIRLINES INC N28AR1 INTERSTATE BRANDS CORP CZ06R1 NORTHWEST AIRLINES INC N29AR1 DUBOSE KOPSHEVER CHEVROLET OLDSMOBILE D20AR1 NORTHWEST AIRLINES INC N30AR1 DIE MATIC PRODUCTS LLC D50CR1 NORTHWEST AIRLINES INC N31AR1 \\ Appendix 42

Employer Name Location Code UNITED AIRLINES INC U35AR1 UNITED AIRLINES INC U36AR1 N & S PATTERN CO NP27R1 UNITED AIRLINES INC U37AR1 CORE MOLDING TECHNOLOGIES INC NZ89R1 UNITED AIRLINES INC U38AR1 O'BRIEN & NYE CARTAGE CO OZ98R1 UNITED PARCEL SERVICE INC U45AR1 PACIFIC MOTOR TRUCKING P037R1 UNITED PARCEL SERVICE INC UZ83R1 PUGLIA ENGINEERING CALIFORNIA INC P23AR1 UNITED PARCEL SERVICE INC UZ92R1 PRODUCTION PATTERN CO PP38R1 UNITED PARCEL SERVICE INC UZ94R1 RAMCEL ENGINEERING CO R079R1 VULCAN MATERIALS CO V04AR1 RYDER TRANSPORTATION SERVICES INC R085R1 TRANSERVICE LEASE CORP W18AR1 RENDELS COLLISION SPECIALISTS R23AR1 WASHINGTON POST CO, THE WA53R1 ST JOHN'S EPISCOPAL HOSPITAL S15AR1 A & L CONTRACTORS INC WB01R1 SSA TERMINALS S49AR1 YRC FREIGHT Y016R1 ST CATHERINE OF SIENA MEDICAL CENTER S50AR1 YEOMANS CHICAGO CORP Y027R1 SPENCER FORGE & MFG CO S56AR1 GKN AEROSPACE NORTH AMERICA G75AR1 SHORELINE DIESEL MAINTENANCE INC SX42R1 GKN AEROSPACE NORTH AMERICA G76AR1 PUGLIA ENGINEERING INC SX49R1 If you earned credited service with any of the employers listed SHAMROCK MOTORS OF BUTTE INC SZ25R1 above, please contact the Fund Office for more information. SUPER CAST INC SZ34R1 SCHMIDT, BOB CHEVROLET INC SZ45R1 TESSADA & ASSOCIATES INC T25AR1 UNITED PARCEL SERVICE INC U003R1 UNITED PARCEL SERVICE INC U005R1 UNITED PARCEL SERVICE INC U007R2 UNITED PARCEL SERVICE INC U008R1 UNITED PARCEL SERVICE INC U010R1 UNITED PARCEL SERVICE INC U010R2 UNITED PARCEL SERVICE INC U010R3 UNITED PARCEL SERVICE INC U010R4 UNITED PARCEL SERVICE INC U012R1 UNITED PARCEL SERVICE INC U014R1 UNITED PARCEL SERVICE INC U01AR1 UNITED PARCEL SERVICE INC U01AR2 UNITED PARCEL SERVICE INC U028R1 UNITED PARCEL SERVICE INC U02AR1 UNITED PARCEL SERVICE INC U038R1 URS FEDERAL TECHNICAL SERVICES U05AR1 UNITED AIRLINES INC U33AR1 UNITED AIRLINES INC U34AR1 SUMMARY PLAN DESCRIPTION 2023 // 43

TABLE TWO (SCHEDULE A) Hourly Daily Monthly normal pension DETERMINING YOUR FUTURE SERVICE BENEFIT contribution contribution benefit for each year of rate rate future service credit Use this table if your employer became a contributing employer be- $0.10 $0.80 $8.59 fore April 1, 2003, and you had at least 600 hours of service in 1998 or later and the effective date of your pension is on or after January 1, 0.15 1.20 12.90 1999. By January 1, 2014, this table is phased out and was replaced 0.20 1.60 17.18 by the preceding Table One (Schedule B). However, this change does 0.25 2.00 21.68 not affect benefits you have already accrued under Schedule A. 0.30 2.40 26.16 To determine your future service benefit, first find your employer’s 0.35 2.80 30.67 hourly or daily contribution rate. To the right of that rate is the corre- 0.40 3.20 35.16 sponding benefit value. Multiply that value by your years of future service credit at that rate. If you have earned future service at more 0.45 3.60 39.65 than one rate during a Fund year, the highest benefit possible based 0.50 4.00 44.14 on the multiple rates will be used by the Fund Office to calculate your 0.55 4.40 48.63 future service benefit. 0.60 4.80 53.12 Follow the same procedure for each contribution rate. 0.65 5.20 56.48 If you do not earn a full year of service credit in any calendar year, 0.70 5.60 59.84 you will receive a prorated amount based on the months of future 0.75 6.00 63.22 service you earned. 0.80 6.40 66.57 Contribu- Your Years of Monthly Future Accumulated 0.85 6.80 69.49 tion Rate Future Service Service Benefit Future Service 0.90 7.20 72.44 Credit at Value Benefit that Rate 0.95 7.60 75.36 _____ _____ x $_____ = $_____ 1.00 8.00 78.30 _____ _____ x $_____ = $_____ 1.05 8.40 80.72 _____ _____ x $_____ = $_____ 1.10 8.80 83.16 _____ _____ x $_____ = $_____ 1.15 9.20 86.52 _____ _____ x $_____ = $_____ 1.20 9.60 90.09 Total Future Service Benefit $_____ 1.25 10.00 93.44 (add figures in final column) 1.30 10.40 96.76 1.35 10.80 100.11 A note on future service credit rate tables: these tables do not 1.40 11.20 103.46 reflect special rates or benefit values that may, on rare occa- 1.45 11.60 106.81 sions, be imposed on individual groups to preserve the actuar- 1.50 12.00 110.13 ial soundness of the Fund. Any group affected by this condition 1.55 12.40 113.47 is notified separately. 1.60 12.80 116.82 1.65 13.20 120.15 1.70 13.60 123.50 1.75 14.00 126.84 1.80 14.40 129.96 1.85 14.80 133.07 44\\ Appendix

Hourly Daily Monthly normal pension Hourly Daily Monthly normal pension contribution contribution benefit for each year of contribution contribution benefit for each year of rate rate future service credit rate rate future service credit 1.90 15.20 136.21 3.70 29.60 236.75 1.95 15.60 139.31 3.75 30.00 239.24 2.00 16.00 142.43 3.80 30.40 241.54 2.05 16.40 145.55 3.85 30.80 243.82 2.10 16.80 148.66 3.90 31.20 246.11 2.15 17.20 151.79 3.95 31.60 248.40 2.20 17.60 154.92 4.00 32.00 250.68 2.25 18.00 158.03 4.05 32.40 252.97 2.30 18.40 160.95 4.10 32.80 255.26 2.35 18.80 163.86 4.15 33.20 257.54 2.40 19.20 166.78 4.20 33.60 259.83 2.45 19.60 169.67 4.25 34.00 262.12 2.50 20.00 172.60 4.30 34.40 264.40 2.55 20.40 175.51 4.35 34.80 266.69 2.60 20.80 178.43 4.40 35.20 268.98 2.65 21.20 181.34 4.45 35.60 271.26 2.70 21.60 184.25 4.50 36.00 273.56 2.75 22.00 187.14 4.55 36.40 275.67 2.80 22.40 189.88 4.60 36.80 277.77 2.85 22.80 192.58 4.65 37.20 279.88 2.90 23.20 195.30 4.70 37.60 281.99 2.95 23.60 198.01 4.75 38.00 284.10 3.00 24.00 200.73 4.80 38.40 286.20 3.05 24.40 203.44 4.85 38.80 288.31 3.10 24.80 206.16 4.90 39.20 290.42 3.15 25.20 208.87 4.95 39.60 292.54 3.20 25.60 211.59 5.00 40.00 294.65 3.25 26.00 214.29 5.05 40.40 296.75 3.30 26.40 216.79 5.10 40.80 298.86 3.35 26.80 219.28 5.15 41.20 300.97 3.40 27.20 221.78 5.20 41.60 303.07 3.45 27.60 224.28 5.25 42.00 305.18 3.50 28.00 226.77 5.30 42.40 307.14 3.55 28.40 229.27 5.35 42.80 309.08 3.60 28.80 231.76 5.40 43.20 311.01 3.65 29.20 234.26 5.45 43.60 312.96 SUMMARY PLAN DESCRIPTION 2023 // 45

Hourly Daily Monthly normal pension Hourly Daily Monthly normal pension contribution contribution benefit for each year of contribution contribution benefit for each year of rate rate future service credit rate rate future service credit 5.50 44.00 314.91 7.30 58.40 384.84 5.55 44.40 316.85 7.35 58.80 386.78 5.60 44.80 318.79 7.40 59.20 388.72 5.65 45.20 320.74 7.45 59.60 390.66 5.70 45.60 322.69 7.50 60.00 392.60 5.75 46.00 324.62 7.55 60.40 394.54 5.80 46.40 326.57 7.60 60.80 396.48 5.85 46.80 328.51 7.65 61.20 398.42 5.90 47.20 330.46 7.70 61.60 400.36 5.95 47.60 332.40 7.75 62.00 402.30 6.00 48.00 334.35 7.80 62.40 404.24 6.05 48.40 336.29 7.85 62.80 406.18 6.10 48.80 338.24 7.90 63.20 408.12 6.15 49.20 340.18 7.95 63.60 410.06 6.20 49.60 342.12 8.00 64.00 412.00 6.25 50.00 344.06 8.05 64.40 413.94 6.30 50.40 346.01 8.10 64.80 415.88 6.35 50.80 347.95 8.15 65.20 417.82 6.40 51.20 349.89 8.20 65.60 419.76 6.45 51.60 351.83 8.25 66.00 421.70 6.50 52.00 353.78 8.30 66.40 423.64 6.55 52.40 355.72 8.35 66.80 425.58 6.60 52.80 357.66 8.40 67.20 427.52 6.65 53.20 359.60 8.45 67.60 429.46 6.70 53.60 361.55 8.50 68.00 431.40 6.75 54.00 363.49 8.55 68.40 433.34 6.80 54.40 365.43 8.60 68.80 435.28 6.85 54.80 367.37 8.65 69.20 437.22 6.90 55.20 369.32 8.70 69.60 439.16 6.95 55.60 371.26 8.75 70.00 441.10 7.00 56.00 373.20 8.80 70.40 443.04 7.05 56.40 375.14 8.85 70.80 444.98 7.10 56.80 377.08 8.90 71.20 446.92 7.15 57.20 379.02 8.95 71.60 448.86 7.20 57.60 380.96 9.00 72.00 450.80 7.25 58.00 382.90 9.05 72.40 452.74 \\ Appendix 46

Hourly Daily Monthly normal pension Hourly Daily Monthly normal pension contribution contribution benefit for each year of contribution contribution benefit for each year of rate rate future service credit rate rate future service credit 9.10 72.80 454.68 10.90 87.20 524.52 9.15 73.20 456.62 10.95 87.60 526.46 9.20 73.60 458.56 11.00 88.00 528.40 9.25 74.00 460.50 11.05 88.40 530.34 9.30 74.40 462.44 11.10 88.80 532.28 9.35 74.80 464.38 11.15 89.20 534.22 9.40 75.20 466.32 11.20 89.60 536.16 9.45 75.60 468.26 11.25 90.00 538.10 9.50 76.00 470.20 11.30 90.40 540.04 9.55 76.40 472.14 11.35 90.80 541.98 9.60 76.80 474.08 11.40 91.20 543.92 9.65 77.20 476.02 11.45 91.60 545.86 9.70 77.60 477.96 11.50 92.00 547.80 9.75 78.00 479.90 11.55 92.40 549.74 9.80 78.40 481.84 11.60 92.80 551.68 9.85 78.80 483.78 11.65 93.20 553.62 9.90 79.20 485.72 11.70 93.60 555.56 9.95 79.60 487.66 11.75 94.00 557.50 10.00 80.00 489.60 11.80 94.40 559.44 10.05 80.40 491.54 11.85 94.80 561.38 10.10 80.80 493.48 11.90 95.20 563.32 10.15 81.20 495.42 11.95 95.60 565.26 10.20 81.60 497.36 12.00 96.00 567.20 10.25 82.00 499.30 12.05 96.40 569.14 10.30 82.40 501.24 12.10 96.80 571.08 10.35 82.80 503.18 12.15 97.20 573.02 10.40 83.20 505.12 12.20 97.60 574.96 10.45 83.60 507.06 12.25 98.00 576.90 10.50 84.00 509.00 12.30 98.40 578.84 10.55 84.40 510.94 12.35 98.80 580.78 10.60 84.80 512.88 12.40 99.20 582.72 10.65 85.20 514.82 12.45 99.60 584.66 10.70 85.60 516.76 12.50 100.00 586.60 10.75 86.00 518.70 12.55 100.40 588.54 10.80 86.40 520.64 12.60 100.80 590.48 10.85 86.80 522.58 12.65 101.20 592.42 SUMMARY PLAN DESCRIPTION 2023 // 47

Hourly Daily Monthly normal pension Hourly Daily Monthly normal pension contribution contribution benefit for each year of contribution contribution benefit for each year of rate rate future service credit rate rate future service credit 12.70 101.60 594.36 14.50 116.00 664.20 12.75 102.00 596.30 14.55 116.40 666.14 12.80 102.40 598.24 14.60 116.80 668.08 12.85 102.80 600.18 14.65 117.20 670.02 12.90 103.20 602.12 14.70 117.60 671.96 12.95 103.60 604.06 14.75 118.00 673.90 13.00 104.00 606.00 14.80 118.40 675.84 13.05 104.40 607.94 14.85 118.80 677.78 13.10 104.80 609.88 14.90 119.20 679.72 13.15 105.20 611.82 14.95 119.60 681.66 13.20 105.60 613.76 15.00 120.00 683.60 13.25 106.00 615.70 15.05 120.40 685.54 13.30 106.40 617.64 15.10 120.80 687.48 13.35 106.80 619.58 15.15 121.20 689.42 13.40 107.20 621.52 15.20 121.60 691.36 13.45 107.60 623.46 15.25 122.00 693.30 13.50 108.00 625.40 15.30 122.40 695.24 13.55 108.40 627.34 15.35 122.80 697.18 13.60 108.80 629.28 15.40 123.20 699.12 13.65 109.20 631.22 15.45 123.60 701.06 13.70 109.60 633.16 15.50 124.00 703.00 13.75 110.00 635.10 15.55 124.40 704.94 13.80 110.40 637.04 15.60 124.80 706.88 13.85 110.80 638.98 15.65 125.20 708.82 13.90 111.20 640.92 15.70 125.60 710.76 13.95 111.60 642.86 15.75 126.00 712.70 14.00 112.00 644.80 15.80 126.40 714.64 14.05 112.40 646.74 15.85 126.80 716.58 14.10 112.80 648.68 15.90 127.20 718.52 14.15 113.20 650.62 15.95 127.60 720.46 14.20 113.60 652.56 16.00 128.00 722.40 14.25 114.00 654.50 14.30 114.40 656.44 14.35 114.80 658.38 14.40 115.20 660.32 14.45 115.60 662.26 \\ Appendix 48

TABLE THREE Hourly Daily Monthly normal pension DETERMINING YOUR FUTURE SERVICE BENEFIT contribution contribution benefit for each year of rate rate future service credit Use this table if the latest calendar year for which you have 600 0.65 5.20 53.79 hours of service is 1997, and the effective date of your pension is on or after January 1, 1998. 0.70 5.60 56.99 To determine your future service benefit, first find your employer’s 0.75 6.00 60.21 hourly or daily contribution rate. To the right of that rate is the corre- 0.80 6.40 63.40 sponding benefit value. Multiply that value by your years of future 0.85 6.80 66.18 service credit at that rate. 0.90 7.20 68.99 Follow the same procedure for each contribution rate. 0.95 7.60 71.77 If you do not earn a full year of service credit in any calendar year, 1.00 8.00 74.57 you will receive a prorated amount based on the months of future 1.05 8.40 76.88 service you earned. 1.10 8.80 79.20 Contribu- Your Years of Monthly Future Accumulated 1.15 9.20 82.40 tion Rate Future Service Service Benefit Future Service 1.20 9.60 85.80 Credit at Value Benefit 1.25 10.00 88.99 that Rate 1.30 10.40 92.15 _____ _____ x $_____ = $_____ 1.35 10.80 95.34 _____ _____ x $_____ = $_____ 1.40 11.20 98.53 _____ _____ x $_____ = $_____ 1.45 11.60 101.72 _____ _____ x $_____ = $_____ 1.50 12.00 104.89 _____ _____ x $_____ = $_____ 1.55 12.40 108.07 Total Future Service Benefit $_____ 1.60 12.80 111.26 (add figures in final column) 1.65 13.20 114.43 1.70 13.60 117.62 Hourly Daily Monthly normal pension 1.75 14.00 120.80 contribution contribution benefit for each year of 1.80 14.40 123.77 rate rate future service credit 1.85 14.80 126.73 $0.10 $0.80 $8.18 1.90 15.20 129.72 0.15 1.20 12.29 1.95 15.60 132.68 0.20 1.60 16.36 2.00 16.00 135.65 0.25 2.00 20.65 2.05 16.40 138.62 0.30 2.40 24.91 2.10 16.80 141.58 0.35 2.80 29.21 2.15 17.20 144.56 0.40 3.20 33.49 2.20 17.60 147.54 0.45 3.60 37.76 2.25 18.00 150.50 0.50 4.00 42.04 2.30 18.40 153.29 0.55 4.40 46.31 2.35 18.80 156.06 0.60 4.80 50.59 2.40 19.20 158.84 SUMMARY PLAN DESCRIPTION 2023 // 49

Hourly Daily Monthly normal pension Hourly Daily Monthly normal pension contribution contribution benefit for each year of contribution contribution benefit for each year of rate rate future service credit rate rate future service credit 2.45 19.60 161.59 4.25 34.00 249.64 2.50 20.00 164.38 4.30 34.40 251.81 2.55 20.40 167.15 4.35 34.80 253.99 2.60 20.80 169.93 4.40 35.20 256.17 2.65 21.20 172.70 4.45 35.60 258.34 2.70 21.60 175.48 4.50 36.00 260.53 2.75 22.00 178.23 4.55 36.40 262.54 2.80 22.40 180.84 4.60 36.80 264.54 2.85 22.80 183.41 4.65 37.20 266.55 2.90 23.20 186.00 4.70 37.60 268.56 2.95 23.60 188.58 4.75 38.00 270.57 3.00 24.00 191.17 4.80 38.40 272.57 3.05 24.40 193.75 4.85 38.80 274.58 3.10 24.80 196.34 4.90 39.20 276.59 3.15 25.20 198.92 4.95 39.60 278.61 3.20 25.60 201.51 5.00 40.00 280.62 3.25 26.00 204.09 5.05 40.40 282.62 3.30 26.40 206.47 5.10 40.80 284.63 3.35 26.80 208.84 5.15 41.20 286.64 3.40 27.20 211.22 5.20 41.60 288.64 3.45 27.60 213.60 5.25 42.00 290.65 3.50 28.00 215.97 5.30 42.40 292.51 3.55 28.40 218.35 5.35 42.80 294.36 3.60 28.80 220.72 5.40 43.20 296.20 3.65 29.20 223.10 5.45 43.60 298.06 3.70 29.60 225.48 5.50 44.00 299.91 3.75 30.00 227.85 5.55 44.40 301.76 3.80 30.40 230.04 5.60 44.80 303.61 3.85 30.80 232.21 5.65 45.20 305.47 3.90 31.20 234.39 5.70 45.60 307.32 3.95 31.60 236.57 5.75 46.00 309.16 4.00 32.00 238.74 5.80 46.40 311.02 4.05 32.40 240.92 5.85 46.80 312.87 4.10 32.80 243.10 5.90 47.20 314.72 4.15 33.20 245.28 5.95 47.60 316.57 4.20 33.60 247.46 6.00 48.00 318.43 \\ Appendix 50

Hourly Daily Monthly normal pension Contribu- Your Years of Monthly Future Accumulated contribution contribution benefit for each year of tion Rate Future Service Service Benefit Future Service rate rate future service credit Credit at Value Benefit that Rate 6.05 48.40 320.28 _____ _____ x $_____ = $_____ 6.10 48.80 322.13 _____ _____ x $_____ = $_____ 6.15 49.20 323.98 _____ _____ x $_____ = $_____ 6.20 49.60 325.83 _____ _____ x $_____ = $_____ 6.25 50.00 327.68 _____ _____ x $_____ = $_____ 6.30 50.40 329.53 Total Future Service Benefit $_____ 6.35 50.80 331.38 (add figures in final column) 6.40 51.20 333.23 6.45 51.60 335.08 Daily 6.50 52.00 336.93 Hourly contribution rate Monthly normal 6.55 52.40 338.78 contribution (not including con- pension benefit for rate tributions required each year of future 6.60 52.80 340.63 by the RP) service credit 6.65 53.20 342.48 $0.10 $0.80 $7.44 6.70 53.60 344.33 0.15 1.20 11.17 6.75 54.00 346.18 0.20 1.60 14.87 6.80 54.40 348.03 0.25 2.00 18.77 6.85 54.80 349.88 0.30 2.40 22.65 6.90 55.20 351.73 0.35 2.80 26.55 6.95 55.60 353.58 0.40 3.20 30.45 7.00 56.00 355.43 0.45 3.60 34.33 TABLE FOUR 0.50 4.00 38.21 0.55 4.40 42.10 DETERMINING YOUR FUTURE SERVICE BENEFIT 0.60 4.80 45.99 Use this table if the latest calendar year for which you have 600 0.65 5.20 48.91 hours of service is 1996. 0.70 5.60 51.81 To determine your future service benefit, first find your employ- 0.75 6.00 54.74 er’s hourly or daily contribution rate (not including contributions 0.80 6.40 57.64 required by the RP). To the right of that rate is the corresponding 0.85 6.80 60.16 benefit value. Multiply that value by your years of future service 0.90 7.20 62.72 credit at that rate. Follow the same procedure for each contribution rate. 0.95 7.60 65.24 1.00 8.00 67.78 If you do not earn a full year of service credit in any calendar year, 1.05 8.40 69.89 you will receive a prorated amount based on the months of future 1.10 8.80 72.01 service you earned. 1.15 9.20 74.91 1.20 9.60 78.00 SUMMARY PLAN DESCRIPTION 2023 // 51

Daily Monthly normal Daily Monthly normal Hourly contribution rate pension benefit for Hourly contribution rate pension benefit for contribution (not including con- each year of future contribution (not including con- each year of future rate tributions required service credit rate tributions required service credit by the RP) by the RP) 1.25 10.00 80.89 3.00 24.00 173.79 1.30 10.40 83.78 3.05 24.40 176.14 1.35 10.80 86.67 3.10 24.80 178.50 1.40 11.20 89.57 3.15 25.20 180.84 1.45 11.60 92.47 3.20 25.60 183.19 1.50 12.00 95.36 3.25 26.00 185.54 1.55 12.40 98.24 3.30 26.40 187.70 1.60 12.80 101.15 3.35 26.80 189.86 1.65 13.20 104.03 3.40 27.20 192.02 1.70 13.60 106.93 3.45 27.60 194.18 1.75 14.00 109.81 3.50 28.00 196.34 1.80 14.40 112.52 3.55 28.40 198.50 1.85 14.80 115.21 3.60 28.80 200.66 1.90 15.20 117.93 3.65 29.20 202.82 1.95 15.60 120.62 3.70 29.60 204.97 2.00 16.00 123.32 3.75 30.00 207.14 2.05 16.40 126.03 3.80 30.40 209.12 2.10 16.80 128.71 3.85 30.80 211.10 2.15 17.20 131.42 3.90 31.20 213.08 2.20 17.60 134.13 3.95 31.60 215.06 2.25 18.00 136.82 4.00 32.00 217.04 2.30 18.40 139.35 4.05 32.40 219.02 2.35 18.80 141.87 4.10 32.80 221.00 2.40 19.20 144.40 4.15 33.20 222.98 2.45 19.60 146.91 4.20 33.60 224.96 2.50 20.00 149.44 4.25 34.00 226.94 2.55 20.40 151.95 4.30 34.40 228.92 2.60 20.80 154.48 4.35 34.80 230.90 2.65 21.20 157.00 4.40 35.20 232.88 2.70 21.60 159.53 4.45 35.60 234.86 2.75 22.00 162.03 4.50 36.00 236.84 2.80 22.40 164.40 4.55 36.40 238.67 2.85 22.80 166.74 4.60 36.80 240.49 2.90 23.20 169.09 4.65 37.20 242.32 2.95 23.60 171.44 4.70 37.60 244.15 \\ Appendix 52

Daily Follow the same procedure for each contribution rate. Hourly contribution rate Monthly normal If you do not earn a full year of service credit in any calendar year, contribution (not including con- pension benefit for you will receive a prorated amount based on the months of future rate tributions required each year of future by the RP) service credit service you earned. 4.75 38.00 245.97 Contribu- Your Years of Monthly Future Accumulated 4.80 38.40 247.80 tion Rate Future Service Service Benefit Future Service Credit at Value Benefit 4.85 38.80 249.62 that Rate 4.90 39.20 251.45 _____ _____ x $_____ = $_____ 4.95 39.60 253.28 _____ _____ x $_____ = $_____ 5.00 40.00 255.10 _____ _____ x $_____ = $_____ 5.05 40.40 256.93 _____ _____ x $_____ = $_____ 5.10 40.80 258.75 _____ _____ x $_____ = $_____ 5.15 41.20 260.58 Total Future Service Benefit $_____ 5.20 41.60 262.41 (add figures in final column) 5.25 42.00 264.23 5.30 42.40 265.91 5.35 42.80 267.60 Hourly Daily Monthly normal pension 5.40 43.20 269.28 contribution contribution benefit for each year of rate rate future service credit 5.45 43.60 270.96 $0.10 $0.80 $6.76 5.50 44.00 272.65 0.15 1.20 10.15 5.55 44.40 274.33 0.20 1.60 13.52 5.60 44.80 276.01 0.25 2.00 17.06 5.65 45.20 277.70 0.30 2.40 20.59 5.70 45.60 279.38 0.35 2.80 24.14 5.75 46.00 281.06 0.40 3.20 27.68 5.80 46.40 282.74 0.45 3.60 31.21 5.85 46.80 284.43 0.50 4.00 34.74 5.90 47.20 286.11 0.55 4.40 38.27 5.95 47.60 287.79 0.60 4.80 41.81 6.00 48.00 289.48 0.65 5.20 44.46 TABLE FIVE 0.70 5.60 47.10 DETERMINING YOUR FUTURE SERVICE BENEFIT 0.75 6.00 49.76 0.80 6.40 52.40 Use this table if the latest calendar year for which you have 600 0.85 6.80 54.69 hours of service is 1993. 0.90 7.20 57.02 To determine your future service benefit, first find your employ- 0.95 7.60 59.31 er’s hourly or daily contribution rate. To the right of that rate is the 1.00 8.00 61.62 corresponding benefit value. Multiply that value by your years of 1.05 8.40 63.54 future service credit at that rate. SUMMARY PLAN DESCRIPTION 2023 // 53

Hourly Daily Monthly normal pension Hourly Daily Monthly normal pension contribution contribution benefit for each year of contribution contribution benefit for each year of rate rate future service credit rate rate future service credit 1.10 8.80 65.46 2.90 23.20 153.72 1.15 9.20 68.10 2.95 23.60 155.85 1.20 9.60 70.91 3.00 24.00 157.99 1.25 10.00 73.54 3.05 24.40 160.13 1.30 10.40 76.16 3.10 24.80 162.27 1.35 10.80 78.79 3.15 25.20 164.40 1.40 11.20 81.43 3.20 25.60 166.54 1.45 11.60 84.06 3.25 26.00 168.67 1.50 12.00 86.69 3.30 26.40 170.64 1.55 12.40 89.31 3.35 26.80 172.60 1.60 12.80 91.95 3.40 27.20 174.56 1.65 13.20 94.57 3.45 27.60 176.53 1.70 13.60 97.21 3.50 28.00 178.49 1.75 14.00 99.83 3.55 28.40 180.45 1.80 14.40 102.29 3.60 28.80 182.42 1.85 14.80 104.74 3.65 29.20 184.38 1.90 15.20 107.21 3.70 29.60 186.34 1.95 15.60 109.65 3.75 30.00 188.31 2.00 16.00 112.11 3.80 30.40 190.11 2.05 16.40 114.57 3.85 30.80 191.91 2.10 16.80 117.01 3.90 31.20 193.71 2.15 17.20 119.47 3.95 31.60 195.51 2.20 17.60 121.94 4.00 32.00 197.31 2.25 18.00 124.38 4.05 32.40 199.11 2.30 18.40 126.68 4.10 32.80 200.91 2.35 18.80 128.97 4.15 33.20 202.71 2.40 19.20 131.27 4.20 33.60 204.51 2.45 19.60 133.55 4.25 34.00 206.31 2.50 20.00 135.85 4.30 34.40 208.11 2.55 20.40 138.14 4.35 34.80 209.91 2.60 20.80 140.44 4.40 35.20 211.71 2.65 21.20 142.73 4.45 35.60 213.51 2.70 21.60 145.03 4.50 36.00 215.31 2.75 22.00 147.30 4.55 36.40 216.97 2.80 22.40 149.45 4.60 36.80 218.63 2.85 22.80 151.58 4.65 37.20 220.29 \\ Appendix 54

Hourly Daily Monthly normal pension If you do not earn a full year of service credit in any calendar year, contribution contribution benefit for each year of you will receive a prorated amount based on the months of future rate rate future service credit service you earned. 4.70 37.60 221.95 Contribu- Your Years of Monthly Future Accumulated 4.75 38.00 223.61 tion Rate Future Service Service Benefit Future Service Credit at Value Benefit 4.80 38.40 225.27 that Rate 4.85 38.80 226.93 _____ _____ x $_____ = $_____ 4.90 39.20 228.59 _____ _____ x $_____ = $_____ 4.95 39.60 230.25 _____ _____ x $_____ = $_____ 5.00 40.00 231.91 _____ _____ x $_____ = $_____ 5.05 40.40 233.57 _____ _____ x $_____ = $_____ 5.10 40.80 235.23 Total Future Service Benefit $_____ 5.15 41.20 236.89 (add figures in final column) 5.20 41.60 238.55 Daily 5.25 42.00 240.21 Hourly contribution rate Monthly normal 5.30 42.40 241.74 contribution (not including con- pension benefit for rate tributions required each year of future 5.35 42.80 243.27 by the RP) service credit 5.40 43.20 244.80 $0.10 $0.80 $6.44 5.45 43.60 246.33 0.15 1.20 9.67 5.50 44.00 247.86 0.20 1.60 12.88 5.55 44.40 249.39 0.25 2.00 16.25 5.60 44.80 250.92 0.30 2.40 19.61 5.65 45.20 252.45 0.35 2.80 22.99 5.70 45.60 253.98 0.40 3.20 26.36 5.75 46.00 255.51 0.45 3.60 29.72 5.80 46.40 257.04 0.50 4.00 33.09 5.85 46.80 258.57 0.55 4.40 36.45 5.90 47.20 260.10 0.60 4.80 39.82 5.95 47.60 261.63 0.65 5.20 42.34 6.00 48.00 263.16 0.70 5.60 44.86 TABLE SIX 0.75 6.00 47.39 DETERMINING YOUR FUTURE SERVICE BENEFIT 0.80 6.40 49.90 0.85 6.80 52.09 Use this table if you do not have 600 hours of service in 1993 or later. 0.90 7.20 54.30 To determine your future service benefit, first find your employ- 0.95 7.60 56.49 er’s hourly or daily contribution rate. To the right of that rate is the 1.00 8.00 58.69 corresponding benefit value. Multiply that value by your years of 1.05 8.40 60.51 future service credit at that rate. 1.10 8.80 62.34 Follow the same procedure for each contribution rate. 1.15 9.20 64.86 SUMMARY PLAN DESCRIPTION 2023 // 55

Daily Monthly normal Daily Monthly normal Hourly contribution rate pension benefit for Hourly contribution rate pension benefit for contribution (not including con- each year of future contribution (not including con- each year of future rate tributions required service credit rate tributions required service credit by the RP) by the RP) 1.20 9.60 67.53 2.95 23.60 148.43 1.25 10.00 70.04 3.00 24.00 150.47 1.30 10.40 72.53 3.05 24.40 152.50 1.35 10.80 75.04 3.10 24.80 154.54 1.40 11.20 77.55 3.15 25.20 156.57 1.45 11.60 80.06 3.20 25.60 158.61 1.50 12.00 82.56 3.25 26.00 160.64 1.55 12.40 85.06 3.30 26.40 162.51 1.60 12.80 87.57 3.35 26.80 164.38 1.65 13.20 90.07 3.40 27.20 166.25 1.70 13.60 92.58 3.45 27.60 168.12 1.75 14.00 95.08 3.50 28.00 169.99 1.80 14.40 97.42 3.55 28.40 171.86 1.85 14.80 99.75 3.60 28.80 173.73 1.90 15.20 102.10 3.65 29.20 175.60 1.95 15.60 104.43 3.70 29.60 177.47 2.00 16.00 106.77 3.75 30.00 179.34 2.05 16.40 109.11 3.80 30.40 181.06 2.10 16.80 111.44 TABLE SEVEN 2.15 17.20 113.78 2.20 17.60 116.13 DETERMINING THE AMOUNT OF A 50% JOINT AND 2.25 18.00 118.46 SURVIVOR PENSION 2.30 18.40 120.65 First, calculate your pension benefit, including any applicable age re- 2.35 18.80 122.83 duction. Then determine the number of years your spouse is older or 2.40 19.20 125.02 younger than you and locate that number in the first column. To the 2.45 19.60 127.19 right of the first column are two columns containing percentage fig- ures. Select the column that describes the type of pension applicable 2.50 20.00 129.38 to you and the percentage that corresponds to the number of years 2.55 20.40 131.56 your spouse is older or younger than you. Multiply that percentage by 2.60 20.80 133.75 the amount of your pension benefit. If you are subject to an RP Sched- 2.65 21.20 135.93 ule, multiply that amount by the RP % noted below the table. The re- sult is the amount of your pension under the 50% Joint and Survivor 2.70 21.60 138.12 Pension form of payment. When you die, your spouse will continue to 2.75 22.00 140.29 receive one-half, or 50%, of that amount. 2.80 22.40 142.33 $ __ ____ x ____ x ____ = $ __________ 2.85 22.80 144.36 Your Benefit Age % RP % 50% Joint and 2.90 23.20 146.40 Survivor Pension \\ Appendix 56

Percentage of your benefit payable TABLE EIGHT Number of years Normal, Early, 30 DETERMINING THE AMOUNT OF A 75% JOINT AND your spouse is and Out, 20 and Disability SURVIVOR PENSION older or younger Age 62, or Vested Pension** First, calculate your pension benefit, including any applicable age re- than you Deferred Pension* duction. Then determine the number of years your spouse is older or 10 years older 94.0% 86.0% younger than you and locate that number in the first column. To the 9 years older 93.6 85.6 right of the first column are two columns containing percentage fig- 8 years older 93.2 85.2 ures. Select the column that describes the type of pension applicable 7 years older 92.8 84.8 to you and the percentage that corresponds to the number of years your spouse is older or younger than you. Multiply that percentage 6 years older 92.4 84.4 by the amount of your pension benefit. If you are subject to an RP 5 years older 92.0 84.0 Schedule, multiply that amount by the RP % noted below the table. 4 years older 91.6 83.6 The result is the amount of your pension under the 75% Joint and Survivor Pension form of payment. When you die, your spouse will 3 years older 91.2 83.2 continue to receive 75% of that amount. 2 years older 90.8 82.8 $ __ ____ x ____ x ____ = $ __________ 1 year older 90.4 82.4 SAME AGE 90.0 82.0 Your Benefit Age % RP % 75% Joint and Survivor Pension 1 year younger 89.6 81.6 2 years younger 89.2 81.2 Percentage of your benefit payable 3 years younger 88.8 80.8 Number of years Normal, early, 30 4 years younger 88.4 80.4 your spouse is and Out, 20 and Disability 5 years younger 88.0 80.0 older or younger Age 62 or Vested Pension** 6 years younger 87.6 79.6 than you Deferred Pension* 7 years younger 87.2 79.2 10 years older 91.0% 79.0% 8 years younger 86.8 78.8 9 years older 90.4% 78.5% 9 years younger 86.4 78.4 8 years older 89.8% 78.0% 10 years younger 86.0 78.0 7 years older 89.2% 77.5% Maximum benefit Maximum benefit 6 years older 88.6% 77.0% payable is 99% payable is 91% 5 years older 88.0% 76.5% For age differences greater than 10 years, contact the Fund Office. 4 years older 87.4% 76.0% * If covered by the Preferred Schedule, multiply result by 0.97879; if by the Default 3 years older 86.8% 75.5% Schedule, by 0.98649 for benefits accrued after Default Schedule Effective Date. 2 years older 86.2% 75.0% ** If covered by the Preferred Schedule or Default Schedule, multiply your result 1 year older 85.6% 74.5% by 0.9330 (for benefits accrued after the Default Schedule Effective Date). Same Age 85.0% 74.0% 1 year younger 84.4% 73.5% 2 years younger 83.8% 73.0% 3 years younger 83.2% 72.5% 4 years younger 82.6% 72.0% 5 years younger 82.0% 71.5% 6 years younger 81.4% 71.0% SUMMARY PLAN DESCRIPTION 2023 // 57

Number of years Normal, early, 30 Percentage of your benefit payable your spouse is and Out, 20 and Disability Number of years Normal, early, older or younger Age 62 or Vested Pension** your spouse is 30 and Out, 20 and Disability than you Deferred Pension* older or younger Age 62 or Vested Pension** 7 years younger 80.8% 70.5% than you Deferred Pension* 8 years younger 80.2% 70.0% 10 years older 88.0% 72.0% 9 years younger 79.6% 69.5% 9 years older 87.3 71.5 10 years younger 79.0% 69.0% 8 years older 86.6 71.0 (Maximum benefit (Maximum benefit 7 years older 85.9 70.5 payable is 99%) payable is 85%) 6 ears older 85.2 70.0 For age differences greater than 10 years, contact the Fund Office. 5 years older 84.5 69.5 * If covered by the Preferred Schedule or the Default Schedule, multiply result 4 years older 83.8 69.0 by 0.97500 (for Default Schedule, for benefits accrued after Default Schedule Effective Date). 3 years older 83.1 68.5 ** If covered by the Preferred Schedule or Default Schedule, multiply your result 2 years older 82.4 68.0 by 0.9330 (for benefits accrued after the Default Schedule Effective Date). 1 year older 81.7 67.5 TABLE NINE SAME AGE 81.0 67.0 1 year younger 80.3 66.5 DETERMINING THE AMOUNT OF A 100% JOINT AND 2 years younger 79.6 66.0 SURVIVOR PENSION 3 years younger 78.9 65.5 First, calculate your pension benefit, including any applicable age re- 4 years younger 78.2 65.0 duction. Then determine the number of years your spouse is older or 5 years younger 77.5 64.5 younger than you and locate that number in the first column. To the 6 years younger 76.8 64.0 right of the first column are two columns containing percentage fig- ures. Select the column that describes the type of pension applicable 7 years younger 76.1 63.5 to you and the percentage that corresponds to the number of years 8 years younger 75.4 63.0 your spouse is older or younger than you. Multiply that percentage by 9 years younger 74.7 62.5 the amount of your pension benefit. If you are subject to an RP Sched- 10 years younger 74.0 62.0 ule, multiply that amount by the RP % noted below the table. The re- sult is the amount of your pension under the 100% Joint and Survivor (Maximum benefit (Maximum benefit Pension form of payment. When you die, your spouse will continue to payable is 97%) payable is 78%) receive 100% of that amount. For age differences greater than 10 years, contact the Fund Office. $ __ ____ x ____ x ____ = $ __________ * If covered by the Preferred Schedule or the Default Schedule, multiply result by 0.97500 (for Default Schedule, for benefits accrued after Default Schedule Your Benefit Age % RP % 100% Joint and Effective Date). Survivor Pension ** If covered by the Preferred Schedule or Default Schedule, multiply your result by 0.9330 (for benefits accrued after the Default Schedule Effective Date). \\ Appendix 58

TABLE TEN Normal, early, DETERMINING THE AMOUNT OF YOUR BENEFIT UNDER Your age at your 30 and Out, 20 and Disability pension effective Age 62 or Vested Pension** THE 120 CERTAIN PAYMENTS OPTION date Deferred Pension* First, calculate your pension benefit, including any applicable age 71 88.0 N/A reduction. In the first column, find your age on the effective date of your pension. To the right of the age column are two columns con- 72 87.0 N/A taining percentage figures. Select the percentage that corresponds 73 86.0 N/A to your age and the type of pension for which you intend to apply. (Maximum benefit (Maximum benefit Multiply that percentage by the amount of your pension benefit. payable is 99%) payable is 89%) If you are subject to an RP Schedule, multiply that amount by the Contact the Fund Office if you are older than 73 as of your pen- RP % noted below the table. The result is the amount you would sion effective date and may qualify for a normal or vested deferred receive if you elect the 120 Certain Payments option. pension. $ __ ____ x ____ x ____ = $ __________ * If covered by the Preferred Schedule or the Default Schedule, multiply result Your Benefit Age % RP % 120 Certain by 0.97500 (for Default Schedule, for benefits accrued after Default Schedule Payments Option Effective Date). ** If covered by the Preferred Schedule or Default Schedule, multiply your result Percentage of your benefit payable by 0.9330 (for benefits accrued after the Default Schedule Effective Date). Normal, early, TABLE ELEVEN Your age at your 30 and Out, 20 and Disability DETERMINING YOUR PAST SERVICE BENEFIT pension effective Age 62 or Vested Pension** date Deferred Pension* To determine your past service benefit, first find your employer’s 52 or younger 99% 89.0% initial hourly contribution rate. To the right of that rate is the cor- 53 98.8 89.0 responding past service benefit value. Multiply that value by your years of past service credit to determine your past service benefit. 54 98.4 88.7 55 98.0 88.4 x $ = $ 56 97.6 88.1 Your Years of Past Past Service Past Service 57 97.2 87.8 Service Credit Benefit Value Benefit 58 96.8 87.5 59 96.4 87.2 Hourly Monthly normal pension benefit 60 96.0 86.9 contribution rate for each year of past service credit 61 95.6 86.6 $0.10 $3.44 62 95.2 86.3 0.15 5.20 63 94.8 86.0 0.20 6.92 64 94.4 85.7 0.25 8.64 65 94.0 Not Applicable (N/A) 0.30 10.36 66 93.0 N/A 0.35 12.08 67 92.0 N/A 0.40 13.84 68 91.0 N/A 0.45 15.56 69 90.0 N/A 0.50 17.28 70 89.0 N/A SUMMARY PLAN DESCRIPTION 2023 // 59

Hourly Monthly normal pension benefit Hourly Monthly normal pension benefit contribution rate for each year of past service credit contribution rate for each year of past service credit 0.55 19.00 2.30 72.25 0.60 20.72 2.35 73.55 0.65 22.48 2.40 74.86 0.70 24.20 2.45 76.16 0.75 25.92 2.50 77.48 0.80 27.64 2.55 78.78 0.85 29.24 2.60 80.09 0.90 30.84 2.65 81.40 0.95 32.44 2.70 82.71 1.00 34.04 2.75 84.01 1.05 35.64 2.80 85.23 1.10 37.24 2.85 86.45 1.15 38.84 2.90 87.67 1.20 40.44 2.95 88.88 1.25 41.94 3.00 90.10 1.30 43.44 3.05 91.32 1.35 44.94 3.10 92.54 1.40 46.44 3.15 93.76 1.45 47.94 3.20 94.98 1.50 49.44 3.25 96.19 1.55 50.94 3.30 97.32 1.60 52.44 3.35 98.43 1.65 53.94 3.40 99.55 1.70 55.44 3.45 100.68 1.75 56.94 3.50 101.79 1.80 58.34 3.55 102.91 1.85 59.74 3.60 104.03 1.90 61.14 3.65 105.15 1.95 62.54 3.70 106.27 2.00 63.94 3.75 107.39 2.05 65.34 3.80 108.42 2.10 66.74 3.85 109.45 2.15 68.14 3.90 110.47 2.20 69.54 3.95 111.50 2.25 70.94 4.00 112.53 \\ Appendix 60

Hourly Monthly normal pension benefit Hourly Monthly normal pension benefit contribution rate for each year of past service credit contribution rate for each year of past service credit 4.05 113.55 5.80 146.59 4.10 114.58 5.85 147.46 4.15 115.61 5.90 148.34 4.20 116.63 5.95 149.21 4.25 117.66 6.00 150.08 4.30 118.69 6.05 150.95 4.35 119.71 6.10 151.82 4.40 120.74 6.15 152.70 4.45 121.76 6.20 153.57 4.50 122.79 6.25 154.44 4.55 123.74 6.30 155.31 4.60 124.68 6.35 156.18 4.65 125.63 6.40 157.06 4.70 126.58 6.45 157.93 4.75 127.52 6.50 158.80 4.80 128.47 6.55 159.67 4.85 129.42 6.60 160.54 4.90 130.36 6.65 161.42 4.95 131.31 6.70 162.29 5.00 132.26 6.75 163.16 5.05 133.20 6.80 164.03 5.10 134.15 6.85 164.90 5.15 135.10 6.90 165.77 5.20 136.05 6.95 166.65 5.25 136.99 7.00 167.52 5.30 137.86 7.05 168.39 5.35 138.74 7.10 169.26 5.40 139.61 7.15 170.13 5.45 140.48 7.20 171.00 5.50 141.35 7.25 171.87 5.55 142.23 7.30 172.74 5.60 143.10 7.35 173.61 5.65 143.97 7.40 174.48 5.70 144.84 7.45 175.35 5.75 145.72 7.50 176.22 SUMMARY PLAN DESCRIPTION 2023 // 61

Hourly Monthly normal pension benefit Early Retirement Reduction After 20 Years of Service contribution rate for each year of past service credit If you have 20 or more years of credited service and 1,200 hours of service that includes 600 hours of service in 1993 or later; or if you 7.55 177.09 have 600 hours of service 1999 or later, the early retirement reduc- 7.60 177.96 tion described above is made for each month you are younger than 7.65 178.83 age 62 on the effective date of your pension. 7.70 179.70 HERE IS AN EXAMPLE: 7.75 180.57 Jo is age 61 when she retires with 20 years of credited 7.80 181.44 service. Her normal monthly pension benefit is $1,750. 7.85 182.31 Because of her 20 years of credited service, her early retire- 7.90 183.18 ment reduction will be measured from age 62 rather than 65. On the effective date of her pension she will be one year 7.95 184.05 — 12 months — younger than 62. So her benefit will be cal- culated as follows: 8.00 184.92 Figure the reduction 12 months times .004 = 0.048, or 4.8% TABLE TWELVE percentage: Calculate the early 4.8% times $1,750 = $84 SPECIAL RULES FOR GRANDFATHERED retirement reduction: PARTICIPANTS Amount of Your Early Retirement Pension Subtract the reduction $1,750.00 = Normal pension The amount of your early retirement benefit is determined by re- amount: ducing your normal pension by 4/10 of 1% (.004) for each month - 84.00 = Early retirement (4.8% for each year) that you are younger than age 65 on the effec- reduction tive date of your pension. $1,666.00 HERE IS AN EXAMPLE: Jo’s early retirement pension is $1,666 a month. This benefit amount may be further reduced depending upon the form of Dan is age 61 when he retires with 19 years of credited ser- payment she selects. vice. His service has earned him a normal monthly pension of $1,750. Since Dan will be receiving benefits for a longer period of time than if he retired at age 65 — 48 months lon - Early Unreduced Retirement Pension at Age 62 ger — his benefit will be calculated as follows: When you have reached age 62 and have 20 or more years of cred- Figure the reduction ited service, you will qualify for the normal benefit amount with no percentage: 48 months times .004 = 0.192, or 19.2% reduction because of your age, provided you have 1,200 hours of service including 600 credited hours of service in 1993 or later; or Calculate the early 19.2% times $1,750 = $336 you have 600 hours of vesting service in 1999 or later. retirement reduction: 30 and Out Pension Subtract the reduction The 30 and Out pension provides an unreduced pension benefit pay- amount: $1,750.00 = Normal pension able at any age. It is essentially an early retirement pension with no - 336.00 = Early retirement reduction for age. The basic requirement for the 30 and Out pension is reduction 30 years of credited service, at any age, provided you have 1,200 hours $1,414.00 of service or including 600 hours of credited service in 1995 or later; or 600 hours of vesting service in 1999 or later. Dan’s early retirement pension is $1,414 a month. This benefit amount may be further reduced depending upon the form of payment he selects. \\ Appendix 62

to participants who do not want the standard form. See pages 20 HERE’S AN EXAMPLE: and 21 for details. Bob is age 51 when he retires. He has 30 years of credited 60 Certain Payments Optional Form of Benefit service, and he also has 600 hours of service in 1999 or This option is the same as the 120 Certain Payments described on later. He thus satisfies the requirements for 30 and Out, so page 21 and with the same restrictions, but instead of 120 pay- his pension is not reduced for age. If we assume his service ments, only 60 payments are guaranteed and, if you die before and employer contributions are the same as Len’s (see exam- receiving 60 payments, your designated beneficiary will receive ple on page 12), his pension amount, payable at age 51, will be the same as Len’s normal pension — $4,452 per month the balance of the 60 payments. — with no reduction. If Bob is not married when he retires, he will receive $4,452 for his TABLE THIRTEEN lifetime, with a minimum of 60 monthly payments to be made to him or his designated beneficiary should he die within 60 months. EARLY RETIREMENT REDUCTION FACTORS BASED ON This is the standard form of payment for participants who are un- ACTUARIAL EQUIVALENCE married when they retire. See page 20 for details. If Bob is married when he retires or if he chooses some other form of payment, his benefit amount may be different — for example, it may be reduced Early Retirement Sample $1,000 to provide for survivor benefits. See page 19 for details about the Retirement Age Factor Accrued Benefit standard form of payment for married participants. 20 .023 $23 Disability Pension Amount 21 .024 $24 If you are eligible for a disability pension, and you have 600 hours 22 .026 $26 of service in any plan year beginning 1997 or later and a pension 23 .028 $28 effective date of January 1, 1998 or later, the disability pension amount is equal to the normal pension benefit, with no reduction 24 .030 $30 for age. 25 .033 $33 If you do not have 600 hours of service in any plan year beginning 26 .035 $35 1997 or later, or if your pension effective date is before January 1, 27 0.038 $38 1998, your disability pension will be based on the early retirement 28 0.041 $41 pension — which reduces your benefit based on age — as calculat- 29 0.044 $44 ed on the effective date of your disability pension (see page 62). (If you are younger than age 55, your early retirement benefit is 30 0.048 $48 calculated as if you are age 55.) Then, 10% is added, but not to 31 0.051 $51 exceed the normal pension amount payable at age 65 or the early 32 0.056 $56 unreduced retirement amount payable at age 62. That total is your disability pension. 33 0.06 $60 Your monthly disability benefit will never be less than $35.00 before 34 0.065 $65 adjustments for the 50% spouse pension or any optional form of pay- 35 0.07 $70 ment, or more than the amount of a normal pension. 36 0.076 $76 For covered employees who are eligible for disability pensions 37 0.082 $82 based on five years of vesting service but have less than five years 38 0.088 $88 of credited service, disability pension benefits will be based solely 39 0.096 $96 on their future service credit. 40 0.103 $103 If you are married when you retire on a disability pension, the 41 0.112 $112 standard form of payment is the 50% Joint and Survivor Pension 42 0.121 $121 (see page 19), unless you and your spouse reject it in writing. The 43 0.132 $132 standard form for unmarried participants is a lifetime benefit with 60 guaranteed payments. Optional forms of payment are available 44 0.143 $143 SUMMARY PLAN DESCRIPTION 2023 // 63

Retirement Age Early Retirement Sample $1,000 Retirement Age Early Retirement Sample $1,000 Factor Accrued Benefit Factor Accrued Benefit 45 0.155 $155 56 0.401 $401 46 0.168 $168 57 0.441 $441 47 0.182 $182 58 0.485 $485 48 0.198 $198 59 0.534 $534 49 0.216 $216 60 0.59 $590 50 0.235 $235 61 0.653 $653 51 0.256 $256 62 0.723 $723 52 0.28 $280 63 0.804 $804 53 0.305 $305 64 0.895 $895 54 0.334 $334 65 1 $1,000 55 0.366 $366 ADDITIONAL INFORMATION COMMUNICATING WITH THE FUND OFFICE Your rights to pension benefits from the National Pension Fund are You can write to the Fund at: governed by the terms of the Plan Document adopted by the Trust- IAM National Pension Fund ees. The Board of Trustees has full discretion and the final authority 99 M St., SE, Suite 600 over the application and interpretation of the Plan and Trust, as Washington D.C. 20003-4595 well as full discretion and the final authority to determine your el- 202-785-2658 igibility for benefits and your eligibility to participate in the Fund. 800-424-9608 The Board determines the manner in which service is to be credit- 202-463-8098 (fax) ed, eligibility for all benefits, discontinuance of benefits, status as a www.iamnpf.org participant or covered employee, credit for past and future service, e-mail: [email protected] the level of benefits, and the interpretation and application of the Consultant and Actuary Fund to particular claims or applications. The Board also has the The Segal Group, Inc. discretion to amend or modify the Fund or Trust Agreement, or any of their provisions, in whole or in part, at any time. Legal Counsel No person or organization, no union officer, district or lodge em- Raymond E. Goad, Jr., General Counsel P.C. ployee, employer or employee representative, or consultant or at- Auditor torney is authorized to speak on behalf of the Board of Trustees on Novak Francella LLC any matter related to the National Pension Fund. There is no guarantee that pensions will be increased after retirement, Executive Director even if benefits are increased for active participants. The Trustees may Ryk Tierney, CEBS provide benefit increases to retirees, but they are not required to do so. The Fund is required by law to provide you with this Summary Plan Description (SPD). It is intended to be a simplified version of the official Plan document. The Plan Document, as interpreted by the Board of Trustees, is the final authority. If anything in the SPD is not clear to you, please ask the Fund Office for an explanation. \\ Appendix 64

IAM NATIONAL PENSION FUND 99 M St., SE, Suite 600 Washington D.C. 20003-4595 1-800-424-9608 www.iamnpf.org