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