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