SUMMARY PLAN DESCRIPTION

ASBESTOS WORKERS’ LOCAL 47

~~RETIREMENT TRUST FUND~~

RETIREMENT TRUST FUND

The name of this Plan is ASBESTOS WORKERS’ LOCAL 47 RETIREMENT TRUST PLAN.

This Plan is sponsored by a Board of Trustees consisting of the following:

Employer Trustees Union Trustees

Robert Williams Larry Tolbert

TICON, INC. P. O. Box 19541

712 Townsend Kalamazoo, MI 49007-1914

Midland, MI 48640

Terry Cameron Craig Grigonis

4781 Willford Road 1220 Pacelli

Gladwin, MI 48624 Saginaw, MI 48603

Thomas Dylenski Mickey Loftus-Phillips

INDUSTRIAL ABATEMENT, INC. 6403 Allegan Road

4671 Paramount Dr., N.E. Vermontville, MI 49096

Grand Rapids, MI 49525

Gregory Revard, Alternate

Joel Christensen(Alternate) 4 Flaggs Office Center

MECHANICAL INSULATION, INC. 300 St. Andrews Rd. Ste 304A

3012 North Seventh Avenue Saginaw, MI 48603-5977

Lansing, MI 48906

The address of the Board of Trustees is:

Asbestos Workers Local 47 Retirement Fund

Board of Trustees

6525 Centurion Drive

Lansing, Michigan 48917

517--321-7502

517--321-7508 (fax)

The Plan Manager is:

TIC INTERNATIONAL CORPORATION

6525 Centurion Drive

Lansing, Michigan 48917

517--321-7502

517--321-7508 (fax)

The Agent for legal process of the Plan is:

Christopher E. LeVasseur

STARK, REAGAN & FINNERTY, P.C.

1111 West Long Lake Road - Suite 202

Troy, Michigan 48007-7037

(248) 641-9955

(248) 641-9921 (fax)

~~The name of this Plan is ASBESTOS WORKERS’ LOCAL 47 RETIREMENT TRUST PLAN.~~

~~This Plan is sponsored by a Board of Trustees consisting of the following:~~

~~Employer Trustees Union Trustees~~

~~Robert Williams Larry Tolbert~~

~~Terry Cameron Craig Grigonis~~

~~Thomas Dylenski Mickey Loftus-Phillips~~

~~Gregory Revard,~~ ~~Alternate~~

~~The address of the Trustee is:~~

~~c/o~~ ~~TIC INTERNATIONAL~~

~~6525 Centurion Drive~~

~~Lansing, Michigan 48917~~

~~517--321-7502~~ ~~(o)~~

~~517--321-7508 (f)~~

~~The Plan~~ ~~Manager~~ ~~is:~~

~~TIC INTERNATIONAL~~

~~6525 Centurion Drive~~

~~Lansing, Michigan 48917~~

~~517--321-7502~~ ~~(o)~~

~~517--321-7508 (f)~~

~~The Agent for legal process of the Plan is:~~

~~Christopher E. LeVasseur~~

~~STARK, REAGAN & FINNERTY, P.C.~~

~~1111 West Long Lake Road~~

~~Suite 202~~

~~Troy, Michigan 48007-7037~~

~~(248) 641-9955~~

Service of legal process may also be made upon the Trustees. The fiscal year of the Plan is January 1 through December 31.

Employer Identification Number: 38-6059001

Plan Number: 001

A. Type of Plan

This is a Defined Benefit Plan.

B. Eligibility

You are covered on the first day you do work which requires your Employer to contribute to the Plan. Employees of the Union are also covered.

C. How The Benefits Are Paid For

The entire cost of the benefits is paid by Employer Contributions.

D. Important Factors In Determining Your Right To And The Amount Of Your Pension

Your pension benefits are determined by:

1. Your Years of Service (See “E”);

2. The benefit levels established by the Trustees (See “F”);

3. Your age at retirement (See “G’); and

4. The type of benefits you elect (See “H”).

E. Credited And Vesting Service

CREDITED SERVICE, when multiplied by the benefit level applicable to you, will tell you the amount of your pension benefit. VESTING SERVICE will tell you when your right to a pension cannot be taken away.

1. Credited Service. Credited Service is divided into two parts.

(a) Past Credited Service. If you were working as a member of the Bargaining Unit on July 1, 1956, you received one year of Credited Service for each year since 1937 in which you worked 1600 hours. In a year in which you worked more than 400 but less than 1600 hours, you received partial credit.

(b) Future Credited Service. This is Service after July 1, 1956. Between July 1, 1956, and June 1, 1976, Service was determined by hours worked. After June 1, 1976, Service was determined by Hours of Service. An Hour of Service is an hour for which you were paid or entitled to be paid.

July 1, 1956 to January 1, 1972

Hours Worked in Each Calendar Year Credited Service

0 to 399 None

400 to 600 ¼ year

601 to 1000 ½ year

1001 to 1400 ¾ year

1401 or more 1 year

January 1, 1972 to January 1, 1995

Hours in Calendar Year Credited Service

0 to 399 None

400 ¼ year

each additional 16 hours 1/100^th year

1600 hours or more 1 year

January 1, 1995 to January 1, 1998

Hours in Calendar Year Credited Service

0 to 199 None

200 to 1600 Total hours x .000625

1600 hours or more 1 year

January 1, 1998 to January 1, 1999~~From January 1, 1998~~

Hours in Calendar Year Credited Service

0 to 199 None

200 to 2000 Total hours x .000625

2000 hours or more 1¼ year

From January 1, 1999

Hours in Calendar Year Credited Service

0 to 199 None

each additional hour Total hours x .000625

(c) For Participants who began the Apprentice Program after July 1,1999, there is a limit of 1 year of Credited Service regardless of the number of hours worked in excess of 1600 in a year.

(dc) Hour Bank. From 1982, if you earned more than 1,600 Hours of Service in a calendar year, you could bank the excess hours and use those hours in later years when you received more than 400 Hours of Service, but less than 1,600 hours, with the bank never exceeding 200 hours. Commencing January 1, 1999, no additional credits to the Hour Bank could be earned. Effective December 31, 1999, the Hour Bank is eliminated, and Participants were granted a one-time credit of 1/1600^th of an Hour of Service for each credit remaining in their Bank on that date.

(ed) Union Service and Military Service. Credited and Vesting Service are given for Service as a paid Union official. Under certain circumstances, you can receive credit for Military Service.

2. Vesting Service. Prior to June 1, 1976, Vesting Service was determined the same way as Credited Service. Between ~~After~~ June 1, 1976 and January 1, 1995, you received one full year of Vesting Service for any calendar year in which you completed 1,000 Hours of Service. After January 1, 1995, the Hours of Service required to receive one full year of Vesting Service were reduced to 800. If you ~~Once you~~ earned ten (10) years or more of Vesting Service prior to January 1, 1999, or five (5) years or more thereafter, you are entitled to a pension at age sixty-two (62) even if your employment is terminated before that date or before you are eligible for any other type of pension under this Plan. You will also be deemed to have attained normal retirement age at the later of age 65 or your fifth anniversary of participation in the Plan even if you have not received the years of Vesting Service specified above.

3. Loss of Service. Under some circumstances if your employment is interrupted, you can lose your Credited and Vesting Service. Here is how it works:

(a) If, prior to June 1, 1976, no contributions were made to the Plan on your behalf for three consecutive years, then you would have lost your Past Credited Service before July 1, 1956, but not your Future Credited Service.

(b) Interruption in employment after June 1, 1976, but before January 1, 1980, did not cause any Loss of Service.

(i) If you have 10 years of Vesting Service, you cannot lose any Credited or Vested Service even if your work is interrupted; See Example 1(a) - Vesting Service.

(ii) If you have LESS than 10 years of Vesting Service, then the second consecutive year in which you have less than 400 Hours of Service and each consecutive year thereafter in which you have less than 400 Hours of Service are called Break In Service Years. Effective January 1, 1995, 200 Hours replaces 400 for determining whether a Break In Service has occurred. When the number of consecutive Break In Service Years equals the greater of five (5) or more~~your~~ Years of Credited Service, you will lose all of your Credited Service and the Vesting Service. See Example 1(b) - Break In Service.

~~(iii)~~ Maternity-Paternity Leave. If you lose work because of your pregnancy or the birth or adoption of your child or because of caring for the child immediately following its birth or adoption, you will receive credit in that year for the Hours of Service you lost up to 501 hours but only for the purpose of avoiding a Break In Service. Hours credited under this provision are not counted as Credited Service for determining the amount of your pension.

~~See~~ ~~Example~~ ~~1(c)~~ ~~- Maternity-Paternity Leave~~.

Example - Maternity-Paternity Leave. In 1990, you work only 100 hours but you are off work and lose 350 hours because of the adoption and caring for a newly adopted baby. Your Hours of Service plus the time lost caring for the new baby exceeds 400 hours. You will not have a Break in Service in that year. On the other hand because you did not earn 400 Hours of Service, you would not receive any Credited Service for that year toward your pension.

(d) After January 1, 1999, the same rules apply, except that you need only 5 years of Vesting Service to avoid a loss of Credited or Vested Service.

F. Benefit Levels

From time to time, the Trustees establish the benefit level. As of January 1, 1998, the benefit level was $45.00. Your pension benefits are generally determined by multiplying your year (including fractions) of Credited Service by the benefit level applicable to you. See “G”, Types of Retirement Benefits, which will explain which benefit level is applicable to you. Also see “H”, Form of Benefits, which will explain how the amount of your benefit will change depending upon the form of benefit you select.

G. Types of Benefits

Your Plan provides several types of Retirement Benefits for eligible participants.

1. 1. Normal Retirement. If you are an active participant, you must be sixty-two (62) years of age or older and have at least ten (10) years of vesting service prior to January 1, 1999, or at least five (5) years thereafter. Your pension will be determined by multiplying your years, including fractions, of Credited Service at the time of your retirement by the greater of $45.00 or the monthly ~~accrued~~ benefit level in effect when you last earned 400 Hours of Service in a calendar year prior to January 1, 1995 or 200 Hours of Service thereafter

~~See~~ Example 2 - Normal Retirement.

. You are age 63 and have 12 years of Credited Service when you retire. The benefit level when you last earned 400 Hours of Service in a calendar year was $45.00. Your pension under the Life Annuity Form would be:

$45.00 x 12 = $540.00 per month, for life. If you elect the Joint and Survivor Benefit form, your benefit will be decreased.

2. Immediate Early Retirement After Age 57. You must be age fifty-seven (57) or older and have fifteen (15) years of Credited Service. You must also have earned 400 Hours of Credit in the year prior to January 1, 1995 and 200 Hours of Service thereafter before you first became eligible for this form of benefit, or in any year thereafter. Your pension will be determined by multiplying your years including fractions of Credited Service by the greater of $45.00 or the benefit level in effect when you last earned 400 Hours of Service in a calendar year prior to January 1, 1995 or 200 Hours of Service thereafter.

Example - Immediate Early Retirement After Age 57. You retire at age 58 with 20 years of Credited Service. The benefit level when you last earned 400 Hours of Service was $45.00. Under the Life Annuity Form your pension will be:

$45.00 x 20 = $900.00 per month, for life. If you elect the Joint and Survivor Benefit form, your benefit will be decreased. You will also receive the Social Security Benefit. See Example 5.

. ~~See~~ ~~Example~~ 3 ~~- Immediate Early Retirement After Age 57.~~

3. Immediate Early Retirement Before Age 57. You must be fifty-two (52) years of age or older and have fifteen (15) years of Credited Service, or you must be forty-five (45) years of age or older and have twenty (20) years of Credited Service.

You must also have earned 400 Hours of Service prior to January 1, 1995, or 200 Hours of Service thereafter, in the year before you first became eligible for this form of benefit, or in any year thereafter.

If you take this form of retirement, then your pension will be figured in the same manner as in G(2), Immediate Early Retirement After Age 57, above, but your Monthly Benefit will be reduced ½ of 1% for each of the first eighty-four (84) months, plus ¼ of 1% for each month over eighty-four (84) months that your age is less than fifty-seven (57) when your Retirement Benefits begin. This reduction is because you start your benefits earlier and they will continue longer. You will not receive the additional Monthly Social Security Benefit.

~~See~~ Example 4 - Immediate Early Retirement Before Age 57.

You retire at age 55 with 20 years of Credited Service. The benefit level applicable to you was $45.00. Your benefit under the Life Annuity Form would be :

$45.00 x 20 = $900.00

Reduced by 12% (1/2 of 1% for the 24 months, until you are 57)

$900.00 x .12 = $108.00

$900.00 - $108.00 = $792.00 Monthly Benefit, for life. If you elect the Joint and Survivor Benefit form, your benefit will be decreased.

4. Deferred Early Retirement. If you are eligible for Early Retirement Benefits Before Age 57, you can retire but elect not to receive your benefits until age 57. If you do that, your benefits will not be reduced for Early Retirement. If you are eligible for Immediate Early Retirement Before Age 57 and elect Deferred Early Retirement, you would also receive the Social Security Benefit starting at age 57.

If you elect this benefit and you die after your retirement date, but before your benefits begin, then your widow or beneficiary, if otherwise eligible, would be entitled to the Death Benefits provided by the Plan. (See “J”, Death Benefits).

5. 5. Social Security Benefit. You will receive an additional Social Security Benefit if you are eligible for and elect to receive Immediate Early Retirement After Age 57 or you are eligible to receive Immediate Early Retirement Before Age 57 but have elected the Deferred Immediate Early Retirement with your benefits starting at age 57. The Social Security benefit is an additional monthly benefit commencing on the first day of the month following the date of actual retirement~~at the time your Immediate Early Retirement After Age 57 benefits or your deferred Immediate Early Retirement benefits commence~~ and continuing until you are eligible for 80% of the full benefit available under Federal Social Security Law or the date of death, but not longer than 60 months.~~reach age 62.~~ The benefit effective January 1, 1998 is $27.00 multiplied by your years of Credited Service (but not more than 30 years). Payments to you of this Social Security Benefit will stop on the first day of the month in which the Social Security Administration grants you a certificate of award for Disability Benefits under Social Security. It is your responsibility to notify the Administrator immediately if you receive such an Award and you will be required to repay to the Fund any Social Security Benefits paid by the Fund to you after the date of that Award, or the Fund may recoup an overpayment by reducing future benefit payments until a complete refund is obtained.

~~See~~ Example 5 - Social Security Benefit. See Immediate Early Retirement After Age 57 Example. In addition to your regular Monthly Retirement Benefit, you would receive the Social Security Benefit from the time of your retirement until age 62.

$27.00 x 20 = $540.00 per month, to age sixty-two (62)..

6. Total And Permanent Disability. You must have fifteen (15) years of Credited Service, at least three (3) of which have been credited within the ten (10) years prior to your application for Disability Benefit. You must be totally and permanently disabled and off work because of illness or accident for at least six months for reasons other ~~than~~ ~~current drug or alcohol useintoxication, narcotics~~, than self-inflicted injury, or your own criminal act.

If you are eligible, you pension will be determined by multiplying your years, including fractions, of Credited Service by the greater of $45.00 or the benefit level in effect when you last earned 200 Hours of Service in a calendar year.

~~See~~ Example 6 - Total and Permanent Disability Benefit. You have 15 years of Credited Service (3 within the 10 years prior to your application for this benefit). You have been off work more than 6 months because of your injury or illness and the Trustees have determine that you are totally and permanently disabled. When you last earned 400 Hours of Service, the benefit level was $45.00. Your Total and Permanent Disability Benefit will be:

$45.00 x 15 = $675.00 per month

Your benefits will stop when you are no longer permanently disabled or you refuse medical examination ordered by the Trustees or you attain age 57. At age 57, you will receive Immediate Early Retirement After Age 57 Benefits. See above Example.

Your Total and Permanent Disability Retirement Benefits terminate when you are no longer permanently disabled, or you refuse a medical examination ordered by the Trustees. Your pension benefit will also stop at age 57, at which time you will receive the Immediate Early Retirement After Age 57 Benefit (See G. (2), based upon your Credited Service at the date of your disability).

7. Vested Deferred Retirement Benefit. If you terminate your employment after you have ten (10) years of Vesting Service prior to January 1, 1999, or five (5) years of Vesting Service thereafter, but before you are eligible for any other form of pension under this Plan, you will be entitled to a pension commencing at age sixty-two (62). The amount of your Vested Deferred Retirement Benefit will depend upon the date when you last terminated your employment and the amount of Credited Service you have earned.

(a) If you have more than ten (10) (or more than five (5) after January 1, 1999) but less than fifteen (15) years of Credited Service:

If you last terminated your employment under the Plan before July 1, 1982, your monthly benefit under the Life Annuity Form will be determined by multiplying your years, including fractions, of Credited Service by the benefit level in effect when you last terminated your employment.

~~See~~ Example ~~7(a)~~ - Vested Deferred Retirement Benefits. You terminated your employment prior to July 1, 1982 with 11 years of Credited Service, the benefit level in effect when you last terminated your employment was $13.00. Your Monthly Pension Benefit under the Life Annuity Form commencing at age 62 will be:

$13.00 x 11 = $143.00 Monthly Benefit for life. If you elect the Joint and Survivor Benefit form, your benefit will be decreased.

If you last terminated your employment on or after July 1, ,1982, your benefit under the Life Annuity Form will be determined by multiplying your years, including fractions, of Credited Service by the greater of the benefit level in effect when you last terminated your employment or the benefit level in effect when you last earned 400 Hours of Credited Service (or 200 Hours after January 1, 1995) in a calendar year.

~~See~~ Example ~~7 (b)~~ - Vested Deferred Retirement Benefit. You terminated your employment prior to July 1, 1982 with 11 years of Credited Service. In 1983, you returned to work briefly and earned only 300 Hours of Service when you terminated your employment for good. Your Vested Deferred Retirement Benefit would be the same as the preceding example.

If before retiring you return to work after July 1, 1982, and earned 400 Hours of Service in any calendar year, your Monthly Pension Benefit under the Life Annuity Form commencing at age 62 would be based on the benefit level in effect when you last earned 400 Hours. If at that time the benefit level was $27.00, your benefit would be:

$27.00 x 11 = $297.00 monthly for life. If you elect the Joint and Survivor Benefit form, your benefit will be decreased.

(b) If you have fifteen (15) years or more of Credited Service:

Effective January 1, 1998, if when you terminate your employment you have fifteen (15) years or more of Credited Service, your Monthly Retirement Benefit under the Life Annuity Form will be determined by multiplying your years, including fractions, of Credited Service by the greater of $45.00 or the monthly benefit level in effect when you last earned 2400 Hours of Service in a calendar year.

You can request your Vested Deferred Retirement Benefits at age fifty-two (52) or later if you have fifteen (15) years of Credited Service, or at age forty-five (45) or later if you have twenty (20) years of Credited Service, but your benefits will be reduced ½ of 1% for each of the first eighty-four (84) months, plus ¼ of 1% for each additional month you age is below age sixty-two (62) when your benefits start; but if, in the year before you first reached age fifty-two (52), with fifteen (15) Years of Credited Service or age forty-five (45) with twenty (20) Years of Credited Service, or any year thereafter, you earned 400 Hours of Credited Service, (or 200 Hours after January 1, 1995), your pension will only be reduced for the period your age is less than age fifty-seven (57) when your benefits commence.

~~See~~ Example ~~7 (c)~~ - Vested Deferred Retirement Benefit. When you last terminated your employment, you had 15 years of Credited Service but you were not old enough for any form of Early Retirement Benefit. When you last earned 400 Hours of Service, the benefit level was $27.00. Your Monthly Benefit under the Life Annuity Form commencing at age 62 will be:

$30.00 x 15 = $450.00 monthly for life, commencing at age 62. If you receive the Joint and Survivor Benefit, your benefit will be decreased.

If you elect to retire at age 52 and received your Vested Deferred Retirement Benefit at that time, your retirement date is 120 months before you reach age 62 and your benefit will be reduced 51%. Your benefit commencing at age 52 and continuing for life will be:

$450.00 x .49 = $220.50 for life. If you receive the Joint and Survivor Benefit, your benefit will be decreased.

8. Participants Terminated Prior to June 1, 1976. If you last terminated your employment prior to June 1, 1976 and you had at least ten (10) years of Vesting Service and you are not reemployed under the Plan, your benefits will be determined in accordance with the provisions of the Plan as in effect when you last terminated your employment. If you return to work after June 1, 1976 and earn 400 Hours of Service in any calendar year, then your Credited and Vesting Service are restored and in the event of your subsequent retirement or termination of employment your benefits will be determined in accordance with the Plant at the time of your termination of employment or retirement.

9. Pensioners Returning To Work. If a Pensioner receiving Retirement Benefits (other than total and permanent disability benefits) returns to work and then wishes to retire again, his Pension Benefit for his service before he returned to work will be the same benefit he was receiving prior to his return to work and his Pension Benefit based upon his service after returning to work will be determined in accordance with the Plan in effect when he retires for the second time.

10. Adjustments in Retirement Benefits. The Monthly Retirement Benefits paid to Pensioners and to surviving spouses of Participant’s and Pensioners as of January 1, 1998, will be increased to a Monthly Benefit Level which those Pensioners and surviving spouses would have received if the Monthly Benefit Llevel upon which their Retirement Benefits were computed was $45.00 subject to reductions for Early Retirement and Joint and Survivor Benefits where applicable. If the Monthly Benefit level is increased in the future by the Trustees, the Monthly Retirement Benefits being paid to Pensioners who retired before the effective date of the increase and who are receiving Early Retirement After Age 57 or Early Retirement Before Age 57 Benefits or Normal Retirement Benefits provided the Pensioner has fifteen (15) years of Credited Service or who are receiving total and permanent disability benefits (except those who retired prior to July 1, 1975) and the surviving spouses of deceased Participants and deceased Pensioners who died prior to the effective date of the increase shall be increased to a Monthly Benefit which those Pensioners or surviving spouses would have received if the Monthly Benefit level upon which their benefits were computed had been at the increased rate subject to the reductions for early retirement and for Joint and Survivor Benefits where applicable.

~~Note~~ that if the Trustees are required to reduce future benefit levels, Retirement Benefits being paid to Pensioners and surviving spouses will not be reduced, but benefits being paid to pensioners and surviving spouses will not be increased until the benefit level established by the Trustees is again equal to the highest benefit level in effect prior to any such reduction.

H. Form of Benefit

Your Plan provides two forms of benefits: a Life Annuity Form and Joint and Survivor Form.

1. Life Annuity Benefit Form. Your Monthly Pension will be paid to you for life. If you die before receiving eighty-four (84) monthly payments, the payments will continue to your beneficiary, if eligible, until the number of monthly payments to you and the beneficiary total eighty-four (84). [See J(2)(b)].

If you are married you cannot elect the Life Annuity form of benefit without your waiver and your spouse’s written consent.

2. Joint And Survivor Benefit Form. If you have been married to your spouse for a full year before you actually retire under the Normal or Early Retirement provisions, then unless you elect otherwise, your Monthly Benefits will be reduced and if you die before your spouse dies, your spouse will receive a Monthly Benefit for life equal to ½ the benefits you were receiving. You can elect to further reduce your Monthly Benefit and your surviving spouse will receive 100% of what you received. For Pensioners retiring after July 1, 1999, these reductions will be removed in whole for the 50% Joint And Survivors Option and in half for the 100% Joint And Survivors Option if your spouse dies before you. If you and your spouse die before a total of eighty-four (84) Monthly Benefit payments have been paid to the two of you, the benefit payments will continue to your beneficiary, if eligible, until the total payments to you, your spouse and your designated beneficiary combined equal eighty-four (84). [See J(2)(b)]. If you divorce your spouse and the divorce judgment does not include a qualified provision entitling your spouse to receive all or a portion of your pension benefits, you may elect to begin receiving your benefits in the Life Annuity Form.

Because the Joint and Survivor Benefits will be paid for a longer period of time, your Monthly Benefit will be reduced to provide enough money to continue benefits to your spouse.

e Example 8 - Joint and Survivor Benefit. You are age 57 and have 20 years of Credited Service. You have been married to your spouse, who is 55, at least one year at the time of your retirement. You have elected the 50% Joint and Survivor Benefit. The benefit level applicable to you is $45.00. You are eligible for the Social Security Benefit. (See G (2)). Your Monthly Benefit will be:

$45.00 x 20 years = $900.00

Reduced by 10% (9% plus ½ of 1% for each year your spouse is younger than you. In no event will the reduction be less than 2%. If you want the 100% survivor option, the reduction would be 19% plus 4/5 of 1% for each year your spouse is younger than you, but in no event less than 4%).

$900.00 x 10% = $90.00

$900.00 - $90.00 = $810.00 - your reduced Monthly Benefit under the 50% Joint and Survivor Form.

Your additional Social Security Benefit will be:

$27.00 x 20 years, or $540.00 monthly to age 62

Your total Monthly Benefit will be $810.00 + $540.00 = $1350.00 monthly to age 62, and

$810.00 monthly thereafter, for your life.

On your death, your spouse’s Monthly Benefit will be:

$810.00 x .50 = $405.00 for your spouse’s life.

If a total of eighty-four (84) Monthly Benefit payments have not been paid to you and your spouse before both of you have died, then your eligible beneficiary will continue to receive $405.00 until a total of eighty-four Monthly Benefit payments have been paid to you, your spouse and your eligible beneficiary. [See J(2)(b)].

I. Commencing Benefits And Terminating Benefits

1. Applying For Benefits. You can apply for your Retirement Benefits and elect your form of benefits on forms that will be supplied to you by TIC International, 6525 Centurian Drive, Lansing MI 48917, (517) 321-7502. The Trustees will review your application and make a determination of the benefit to which you are entitled. You will be required to submit evidence satisfactory to the Trustees of your date of birth, your marriage, your work record, and if you are applying for Disability Benefits, proof of disability. You may, from time to time, change the form of benefits you elect at any time before you actually retire.

2. Suspension of Benefits.

(a) No Retirement Benefit will be paid to a Pensioner or Participant under 70 years of age in any month he is employed if:

1. He earns 80 or more Hours of Service in that month;

2. The work is in the Asbestos Workers’ industry;

3. The work is in a trade or craft or supervision of a trade or craft in which the Pensioner or Participant was employed at any time under the Plan; and

4. The work is within the geographic area covered by the Plan when his benefits commenced.~~, including areas covered by Reciprocity Agreements.~~

(b) The Trustees will notify you when they intend to withhold your benefits. Benefits will be withheld until you notify the Trustees in writing that you have discontinued that work. If you received any benefits to which you were not entitled, they will be deducted from future benefits.

(c) You must notify the Trustees of any intended employment. Your benefits can be discontinued if, on request, you fail to certify in writing that you are employed, or fail to give the Trustees necessary information about your employment.

(d) If you give the Trustees all the facts about any intended employment, they will, within sixty (60) days, let you know whether that work will interfere with your Pension Benefits. If you do not agree with the Trustees, you are entitled to appeal that decision. (See Section “K” Your Rights).

(e) If the Trustees have given you written notice that your benefits will be withheld and you have not certified that you are not employed or provided the Trustees with necessary information, then the Trustees may presume that you have worked more than eighty (80) hours, or if you have worked at a construction site, they may presume that you have worked there as long as your employer has been on that work site.

J. Death Benefits Before And After Retirement

1. Death Benefits Before Retirement. The following are the Death Benefits which the Plan will pay to eligible beneficiaries if you should die before you retire.

(a) Non-Apprentice Lump-Sum Death Benefit. Your Plan will pay a Death Benefit to your designated beneficiary equal to $1,000.00 multiplied by your years, including fractions, of Credited Service at your death; provided that at the time of your death:

1. Your were not an Apprentice and you have at least five (5) years of Credited Service;

2. You had not yet reached age 62;

3. You had never taken Normal or Early Retirement;

4. You were in the active employ of an employer who was required to contribute for you to the Plan, or in the employ of the Union;

5. You have not received Disability Retirement Benefits within one year before your death;

6. You had earned at least 400 Hours of Service during the preceding two years (five years if you missed work because of sickness or accident).

7. If you would otherwise be eligible for this benefit except for the fact that you were receiving Disability Retirement Benefits, then your eligible beneficiary will receive this benefit but the benefit will be reduced by the total amount of Disability Retirement Benefits already paid to you prior to your death. If at the time of your death you would have otherwise been eligible to receive Immediate Early Retirement Benefits, your surviving spouse if your spouse is eligible would be also entitled to receive the Pre-Retirement Surviving Spouse Annuity. [See J(1)(c)].

8. You may only designate your lawful spouse, at the time of your death, or your children, including adopted children, for this benefit. If you are not survived by a spouse or by your children, you can designate anyone to receive this benefit but in that case the benefit will not exceed $5,000.00 regardless of your Years of Service.

(b) Apprentice Death Benefit. Your Plan also provides a Pre-Retirement Death Benefit for Apprentices. The Death Benefit is computed on the number of Apprenticeship hours completed under the Apprentice Program:

Apprenticeship Hours	Death Benefit
0 to 15799	None
16800 to 31599	$1,250.00
32600 to 475399	$2,500.00
485400 but less than 5 years Credited Service	$3,750.00
5 years or more Credited Service	~~None~~See J1 above

This benefit will be paid provide, at the time of your death, you are:

1. An Apprentice and not eligible for the Non-Apprentice Death Benefit;

2. You have never taken Normal or Early Retirement;

3. You are in the active employ of an employer who is required to make contributions to this Plan on your behalf or employed by the Union;

4. You have not received Disability Retirement Benefits within one year before your death;

5. You have earned 400 Hours of Service during the two years preceding the date of your death (or five years if you are absent from work because of sickness or accident).

6. If you are married or have children, you may only designate your lawful spouse, at the time of your death, or your children, including adopted children, for this benefit. If you do not have a spouse or children, then you may designate anyone to receive this benefit.

2. After-Retirement Death Benefits. If you die after you start collecting Retirement Benefits, your Plan provides two After-Retirement Death Benefits:

(a) If, after your Retirement Benefit payments have begun, you die before you receive eighty-four (84) monthly payments under the Life Annuity Form or if you and your spouse both die before you and your spouse receive a total of eighty-four (84) monthly payments under the Joint and Survivor Annuity Form, then your beneficiary, if eligible, will receive the balance of the eighty-four (84) monthly payments. You may only designate your lawful spouse, at the time of your death, or your children, including adopted children. If you are not survived by a lawful spouse or child, this benefit will not be paid. See Example: 8 - After-Retirement Death Benefit.

(b) A $7,500 Lump-Sum payment to your designated beneficiary. You may designate anyone you wish to receive this benefit.

K. Qualified Pre-Retirement Surviving Spouses’ Annuity Benefit.

1. If you and your spouse are eligible for normal or early retirement benefits and you die before you retire, your surviving spouse will be paid a Pre-Retirement Surviving Spouse Annuity Benefit during your spouse’s lifetime. Your spouse will be eligible for this benefit if:

(1) You and your spouse have been legally married at least one year prior to the date of your death;

(2) You have never taken Normal or Early Retirement;

(3) You have at least ten years of Vesting Service.

The amount of the Pre-Retirement Surviving Spouse Annuity and the death benefits to your surviving spouse and the date of commencement ~~will commence~~ are determined in accordance with the following paragraphs.

2. 2. If at the time of your death you had reached the earliest date on which you could elect to receive Retirement Benefits, the Monthly Benefit payable to your spouse will be the amount she would have received had you retired on the day before your death with the 50% Joint And Survivor Form of Benefit in effect. This benefit will commence after your death and will continue during your surviving spouse’s lifetime.

~~See~~ Example ~~9(a)~~ - Qualified Pre-Retirement Surviving Spouse’s Annuity Benefits. At your death you are 55 years old with 20 years of Credited Service and you have never retired under the Plan. Your spouse is age 53 and you have been legally married for more than one year. The applicable benefit level is $45.00. Your surviving spouse is entitled to a Qualified Pre-Retirement Surviving Spouses’ Annuity Benefit as follows:

$45.00 x 20 = $900.00 Monthly Benefit

Reduced by 12% (1/2 of 1% for 24 months until you would have attained age 57)

$900.00 x .12 = $108.00

$900.00 - $108.00 = $792.00

Reduced by 10% (9% plus ½ of 1% for each complete calendar year your spouse is younger)

$792.00 x .10 = $79.20

$792.00 - $79.20 = $712.80 - your Monthly Benefit if you retired on the date of your death

$712.80 x .50 = $356.40 - your spouse’s Monthly Benefit for life.

3. 3. If at the time of your death you have not reached the earliest date on which you could receive Retirement Benefits, then the Monthly Benefit payable to your spouse will be determined in the same manner except the benefit will be determined as of your earliest retirement date and based upon your service to the time of your death. This benefit will only be paid to your surviving spouse at your earliest retirement date, that is the earliest date at which you could have received benefits under the Plan.

~~See~~ Example ~~9(b)~~ - Qualified Pre-Retirement Surviving Spouses’ Annuity Benefit. At the time of your death you are age 50 with 15 years of Credited Service, you would not have been eligible for any early retirement until you attained age 52. Your surviving spouse is 48 and is otherwise eligible for this benefit. Your surviving spouse would be entitled to a Qualified Pre-Retirement Surviving Spouses’ Annuity Benefit commencing when you would have attained age 52 determined as follows:

$45.00 x 15 = $675.00

Reduced by 30% (1/2 of 1% for 60 months the date you would first have been entitled to retirement benefits until you would have attained age 57)

$675.00 x .30 = $202.50

$675.00 - $202.50 = $472.50

Reduced by 10% (9% plus ½ of 1% for each complete calendar year your spouse is younger)

$472.50 x .10 = $47.25

$472.50 - $47.25 = $425.25 - your Monthly Retirement Benefit if you had retired at age 52.

$425.25 x .50 = $212.62 your spouse’s Monthly Benefit for life commencing when you would have attained age 52, to be paid for her lifetime.

4. 4. If at the time of your death you are not eligible for any Normal or Early Retirement Benefits under this Plan, but you meet the eligibility requirements described in K(1) above, your surviving spouse may elect to receive the qualified Pre-Retirement Surviving Spouse Annuity described above or he/she may elect to receive the Lump-Sum Pre-Retirement Death Benefit described in J(1) above, but not both. If the Lump-Sum Death Benefit payable to the surviving spouse has a greater value than the Surviving Spouse Annuity, then unless your spouse elects in writing to receive that benefit in a lump-sum, the benefits will be paid in the form of an annuity for life having an actuarial value equivalent to the Lump-Sum Death Benefit. These payments will commence in accordance with the provisions of this Section and will continue during your spouse’s life. If your spouse is eligible for this benefit and elects to receive the Lump-Sum Death Benefit in a lump sum, then it will be paid in that form.

L. Your Rights.

1. Appeals. The Board of Trustees is the Administrator of the Plan. If you question how your benefits or other rights under the Plan have been determined, you may ask the Trustees to review them.

If the Trustees deny your claim of benefits, you will receive a written explanation of the reasons for the denial within ninety (90) days of receipt of your claim by the Trustees unless you are notified that stated special circumstances require an extension to a specified date not longer than an additional ninety (90) days. You may within sixty (60) days thereafter make a written appeal to the Trustees for a review. The Trustees will respond to your appeal in writing within sixty (60) days of your appeal. If special circumstances require, the Trustees may extend the period for responding up to an additional sixty (60) days.

The Trustees will act in writing upon a request for review of a determination of rights (other than claim for benefits) under the Plan within ninety (90) days of receipt of such request. If special circumstances require additional time, the Trustees may extend the period for written response to six (6) months from receipt of the original request for determination of rights.

2. Non-Assignment. Your Plan benefits may not be assigned or attached to meet the claims of any creditor, except as otherwise required by law.

3. Qualified Domestic Relations Orders. These are orders entered by courts in connection with divorce and legal separation. If the Administrator receives a Qualified Domestic Relations Order, the Administrator will pay any benefits with respect to the Participant named in the order in accordance with and to the persons named in the Qualified Domestic Relations Order.

4. Rights of Participants. As a Participant in the Asbestos Workers’ Local 47 Retirement Trust Fund, you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974 (ERISA). ERISA provides that all Plan Participants shall be entitled to:

- Examine, without charge, at the Plan Administrator’s Office, TIC International Corporation, 6525 Centurioan Drive, Lansing MI 48917, (517) 321-7502; (517) 321-7508 (fax), all Plan documents, including insurance contracts, Collective Bargaining Agreements and copies of all documents filed by the Plan with the U.S. Department of Labor, such as detailed Annual Reports and Plan Descriptions.

- Obtain copies of all Plan documents and other Plan information upon written request to the Plan Administrator. The Administrator may make a reasonable charge for the copies.

- Receive a Summary of the Plan’s Annual Financial Report. The Plan Administrator is required by law to furnish each Participant with a copy of this Summary Annual Report.

- Obtain a statement telling you whether you have a right to receive a pension at Normal Retirement age, age 62, and, if so, what your benefits would be at Normal Retirement Age if you stop working under the Plan now. If you do not have a right to a pension, the statement will tell you how many more years you have to work to get a right to a pension. This statement must be requested in writing and is not required to be given more than once a year. The Plan must provide the statement free of charge.

In addition to creating rights for the Plan Participants, ERISA imposes duties upon the people who are responsible for the operation of the Employee benefit plan. The people who operate your Plan, called "fiduciaries" of the Plan, have a duty to do so prudently and in the interest of you and other Plan Participants and Beneficiaries. 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~~n insurance or welfare~~ benefit or exercising your rights under ERISA. If your claim for a pension benefit is denied in whole or in part, you must receive a written explanation of the reason for the denial. You have the right to have the Plan review and reconsider your claim. Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request materials from the Plan and do not receive them within 30 days, you may file suit in a Federal Court. In such a case, the Court may require the Plan Administrator to provide the materials and pay you up to $110 per day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Administrator.

If you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in a State or Federal Court. In addition, if you disagree with the Plan's decision or lack thereof concerning the qualified status of a domestic relations order, you may file suit in Federal court. If it should happen that Plan Fiduciaries misuse the Plan's money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in Federal Court. The Court will decide who should pay court costs and legal fees. If you are successful, the Court may order the person you have sued to pay these costs and fees. If you lose, the Court may order you to pay these costs and fees; for example, if it finds your claim is frivolous. If you have any questions about this statement or about your rights under ERISA, you should contact the nearest Area Office of the U.S. Labor-Management Services Administration, Department of Labor office of the Pension and Welfare Benefits Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Pension and Welfare Benefits Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

This Plan was established by Asbestos Workers’ Local #47 and the employers who have Collective Bargaining Agreements with that Union. A complete list of the employers and employee organizations sponsoring this Plan may be obtained by participants and beneficiaries upon written request to the Plan Administrator and is available for examination by them at the offices of TIC International Corporation, 6525 Centurioan Drive, Lansing MI 48917. Participants and beneficiaries may receive from the Plan Administrator, upon written request, information as to whether a particular employer or employee organization is a sponsor of the Plan, and, if the employer or employee organization is a Plan Sponsor, the Sponsor’s address.

This Plan is maintained pursuant to one or more Collective Bargaining Agreements and a copy of any such agreement may be obtained by participants and beneficiaries upon written request to the Plan Administrator and is available for examination by participants and beneficiaries at the offices of TIC International Corporation, 6525 Centurioan Drive, Lansing MI 48917, (517) 321-7502; (517) 321-7502 (fax).

M. Some Other Things To Know

1. Funding. The Trustees hold and invest all contributions and use them only to pay the expenses of administering the Plan and to pay benefits.

2. Maximum Benefits. The Employee Retirement Income Security Act of 1974, as amended by the Tax Equity and Fiscal Responsibility Act (TEFRA) and the Tax Return Act of 1986, limits maximum Retirement Benefits, but these limits probably would not apply to a Participant in this Plan.

3. Plan Changes. The Board of Trustees reserves the right to change the Plan. Covered employees and affected beneficiaries will be told of any material modifications to the Plan or any change in the information required to be included in the Summary Plan Descriptions, as required by ERISA.

4. Reciprocity. The Trustees of your Plan have entered into reciprocal agreements with the Trustees of other multi-employer Defined Benefit Pension Plans established within the jurisdiction of other Asbestos Workers’ Locals. Under these agreements, if a Participant of this Plan works outside the jurisdiction of this Plan but within the jurisdiction of another Plan with which the Trustees have a reciprocal agreement, contributions made on that Participant’s behalf to the other Plan may be remitted to the Trustees of this Plan and that Participant will continue to accrue benefits in this Plan even though he is working outside of the jurisdiction. The amount of credit depends upon the Participant’s Hours of Service with the other Plan and the contributions received by this Plan. The reciprocal agreements are on file at the Fund Ooffice and can be examined by any Participant. If you are planning on working outside the jurisdiction, you may want to inquire at the Fund oOffice as to whether or not there is a reciprocal agreement in effect where you plan to work.

5. Cash-Outs. Under certain circumstances where the present value of Retirement Benefits do not exceed $5,000~~3,500.~~.00, the Trustees may, but are not required to ~~but may not be required to~~ , pay those benefits in a lump-sum.

6. Limit Of Plan Liability. You have a right to the pension under the Plan which has accrued to you in accordance with the terms of the Plan, but only to the extent of the sufficiency of money available which may be applied to your benefit in accordance with the Plan.

7. Plan Termination. While the Board fully expects to continue the Plan indefinitely, it does reserve the right to terminate it. If this occurs, benefits will be provided to the extent of the funds available under the Plan, and as provided by the Pension Benefit Guaranty Corporation benefit insurance described below.

8. Insured Benefits. Certain benefits under this Pension Plan are insured by the Pension Benefit Guaranty Corporation (PBGC). There are certain limitations with respect to the insurance provided by the PBGC. For more information on PBGC insurance protection and its limitations, ask the Plan Administrator or PBGC. Inquiries to the PBGC should be addressed to the Office of Communication, PBGC, P.O. Box 7119, Washington, D.C. 20044. The PBGC Office of Communications may also be reached by calling (202) 254-4817.

~~EXAMPLES~~

The following examples do not cover every situation but will help you determine your eligibility for benefits and the amount of your benefits. You should direct any questions regarding your benefits to the Fund Office. Each example refers to the Section where the subject matter of the example is discussed.

~~Example 1(a) - Vesting Service, See E. 3(c):~~

In 1969, at age 23, you became a Participant in this Plan. You quit the trade in 1982, at age 36. You had 12 years of Credited Service. You had more than 10 years of Vesting Service and you are guaranteed a pension at age 62.

~~Example 1(b) - Break in Service , See E. 3(c):~~

In 1981, you became a Participant and gained more than 1,000 Hours of Service in each of the years 1981, 1982 and 1983. You had less than 400 Hours of Service in each of the years 1984 and 1985 and thereafter you had no Hours of Service at all. 1985 was your second consecutive year with less than 400 Hours of Service and became your first Break in Service year. 1989 was your fifth consecutive Break in Service year and that means you loss all of your Credited and Vesting Service.

~~Example 1(c) - Maternity-Paternity Leave, See E. 3(c):~~

In 1990, you work only 100 hours but you are off work and lose 350 hours because of the adoption and caring for a newly adopted baby. Your Hours of Service plus the time lost caring for the new baby exceeds 400 hours. You will not have a Break in Service in that year. On the other hand because you did not earn 400 Hours of Service, you would not receive any Credited Service for that year toward your pension.

~~Example 2 - Normal Retirement, See G. 1:~~

~~You are age 63 and have 12 years of Credited Service when you retire. The benefit level when you last earned 400 Hours of Service in a calendar year was $~~27~~.00. Your pension under the Life Annuity Form would be:~~

~~$32.00 x 12 = $384.00 per month, for life. If you~~ ~~receive~~ ~~the Joint and Survivor Benefit, your benefit will be decreased.~~

~~Example 3 - Immediate Early Retirement After Age 57, See G. 2:~~

~~You retire at age 58 with 20 years of Credited Service. The benefit level when you last earned 400 Hours of Service was $45.00. Under the Life Annuity Form your pension will be:~~

~~$45.00 x 20 = $900.00 per month, for life. If you~~ ~~receive~~ ~~the Joint and Survivor Benefit, your benefit will be decreased. You will also receive the Social Security Benefit. See Example 5.~~

~~Example 4 - Immediate Early Retirement Before Age 57, See G. 4:~~

~~You retire at age 55 with 20 years of Credited Service. The benefit level applicable to you was $45.00 Your benefit under the Life Annuity Form would be :~~

~~$45.00 x 20 = $900.00~~

~~Reduced by 12% (1/2 of 1% for the 24 months, until you are 57)~~

~~$900.00 x .12 = $108.00~~

~~$900.00 - $108.00 = $792.00 Monthly Benefit, for life. If you~~ ~~receive~~ ~~the Joint and Survivor Benefit, your benefit will be decreased.~~

~~Example 5 - Social Security Benefit, See G. 5:~~

See Example 3 - Immediate Early Retirement After Age 57. In addition to your regular Monthly Retirement Benefit, you would receive the Social Security Benefit from the time of your retirement until age 62.

~~$27.00 x 20 = $540.00 per month, to age sixty-two (62).~~

~~Example 6 - Total and Permanent Disability Benefit, See G. 6:~~

You have 15 years of Credited Service (3 within the 10 years prior to your application for this benefit). You have been off work more than 6 months because of your injury or illness and the Trustees have determine that you are totally and permanently disabled. When you last earned 400 Hours of Service, the benefit level was $45.00. Your Total and Permanent Disability Benefit will be:

~~$45.00 x 15 = $675.00 per month~~

~~Example 7(a) - Vested Deferred Retirement Benefit -~~

~~Employment Terminated Prior to~~

~~July 1, 1982, See G. 7(a):~~

You terminated your employment prior to July 1, 1982 with 11 years of Credited Service, the benefit level in effect when you last terminated your employment was $13.00. Your Monthly Pension Benefit under the Life Annuity Form commencing at age 62 will be:

~~$13.00 x 11 = $143.00 Monthly Benefit for life. If you~~ ~~receive~~ ~~the Joint and Survivor Benefit, your benefit will be decreased.~~

~~Example 7(b) -~~ ~~Vested Deferred Retirement Benefit -~~

~~Employment Terminated After~~

~~July 1, 1982, See G. 7(a)~~

You terminated your employment prior to July 1, 1982 with 11 years of Credited Service. In 1983, you returned to work briefly and earned only 300 Hours of Service when you terminated your employment for good. Your Vested Deferred Retirement Benefit would be the same as Example 7(a).

~~$27.00 x 11 = $297.00 monthly for life. If you~~ ~~receive~~ ~~the Joint and Survivor Benefit, your benefit will be decreased.~~

~~Example 7(c) - Vested Deferred Retirement Benefit -~~

~~More Than Fifteen (15) Years of~~

~~Credited Service, See G. 7(b)~~

When you last terminated your employment, you had 15 years of Credited Service but you were not old enough for any form of Early Retirement Benefit. When you last earned 400 Hours of Service, the benefit level was $27.00. Your Monthly Benefit under the Life Annuity Form commencing at age 62 will be:

~~$30.00 x 15 = $450.00 monthly for life, commencing at age 62. If you receive the Joint and Survivor Benefit, your benefit will be decreased.~~

~~$450.00 x .49 = $220.50 for life. If you receive the Joint and Survivor Benefit, your benefit will be decreased.~~

~~Example 8 - Joint And Survivor Benefit, See H. 2:~~

You are age 57 and have 20 years of Credited Service. You have been married to your wife at least one year at the time of your retirement. She is 55. You have elected the 50% Joint and Survivor Benefit. The benefit level applicable to you is $45.00. You are eligible for the Social Security Benefit. (See G (2)). Your Monthly Benefit will be:

~~$45.00 x 20 years = $900.00~~

~~$900.00 x 10% = $90.00~~

~~$900.00 - $90.00 = $810.00 - your reduced Monthly Benefit under the 50% Joint and Survivor Form.~~

~~Your additional Social Security Benefit will be:~~

~~$27.00 x 20 years, or $540.00 monthly to age 62~~

~~Your total Monthly Benefit will be $810.00 + $540.00 = $1350.00 monthly to age 62, and~~

~~$810.00 monthly thereafter, for your life.~~

~~On your death, your spouse’s Monthly Benefit will be:~~

~~$810.00 x .50 = $405.00 for your spouse’s life.~~

~~Example 9(a)~~ ~~- Qualified Pre-Retirement Surviving Spouses’~~

~~Annuity Benefit, See K. 2:~~

At your death you are 55 years old with 20 years of Credited Service and you have never retired under the Plan. Your spouse is age 53 and you have been legally married for more than one year. The applicable benefit level is $45.00. Your surviving spouse is entitled to a Qualified Pre-Retirement Surviving Spouses’ Annuity Benefit as follows:

~~$45.00 x 20 = $900.00 Monthly Benefit~~

~~Reduced by 12% (1/2 of 1% for 24 months until you would have attained age 57)~~

~~$900.00 x .12 = $108.00~~

~~$900.00 - $108.00 = $792.00~~

~~Reduced by 10% (9% plus ½ of 1% for each complete calendar year your spouse is younger)~~

~~$792.00 x .10 = $79.20~~

~~$792.00 - $79.20 = $712.80 - your Monthly Benefit if you retired on the date of your death~~

~~$712.80 x .50 = $356.40 - your spouse’s Monthly Benefit for life.~~

~~Example 9(b) - Qualified Pre-Retirement Surviving Spouse’s~~

~~Annuity Benefit, See K. 3:~~

At the time of your death you are age 50 with 15 years of Credited Service, you would not have been eligible for any early retirement until you attained age 52. Your surviving spouse is 48 and is otherwise eligible for this benefit. Your surviving spouse would be entitled to a Qualified Pre-Retirement Surviving Spouses’ Annuity Benefit commencing when you would have attained age 52 determined as follows:

~~$45.00 x 15 = $675.00~~

~~Reduced by 30% (1/2 of 1% for 60 months the date you would first have been entitled to retirement benefits until you would have attained age 57)~~

~~$675.00 x .30 = $202.50~~

~~$675.00 - $202.50 = $472.50~~

~~Reduced by 10% (9% plus ½ of 1% for each complete calendar year your spouse is younger)~~

~~$472.50 x .10 = $47.25~~

~~$472.50 - $47.25 = $425.25 - your Monthly Retirement Benefit if you had retired at age 52.~~

~~$425.25 x .50 = $212.62 your spouse’s Monthly Benefit for life commencing when you would have attained age 52, to be paid for her lifetime.~~

Note that your spouse may elect the benefit described in this Example 9(b) or may elect to receive the Lump Sum Pre-Retirement Death Benefit described in J(1) but not both. If the Lump Sum Death Benefit is of greater value than the Qualified Pre-Retirement Surviving Spouses’ Benefit, she will receive an annuity for life which the actuarial equivalent of the Lump Sum Death Benefit. If she elects to do so in writing, she can receive the Death Benefit in a lump sum.