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