1. 1 National Asbestos Workers Pension Fund 2008

2. 2 Introduction Participation Participation Benefit Accrual Benefit Accrual Retirement Retirement  Types  Amount  Options Disability Disability

3. 3 Introduction (Continued) Death Benefits Death Benefits Re-employment Re-employment Administration Administration  Application Process  Pre-Retirement Issues  Post Retirement Issues  Who’s Who

4. 4 Participation Initial Participation Initial Participation Continuing Your Participation Continuing Your Participation

5. 5 Earning Service 220 - 436 hours¼ credit 437 - 653 hours½ credit 654 - 869 hours¾ credit 870 & up 1 credit

6. 6 Break in Service Temporary Break in Service Temporary Break in Service  Less than 5 service credits (10 service credits if no hours on or after January 1, 1997)  Work less than 220 hours in a Plan Year Permanent Break in Service Permanent Break in Service  Less than 5 service credits (10 service credits if no hours on or after January 1, 1997)  Number of consecutive one year breaks is more than service credits

7. 7 Types of Pensions Normal Retirement Pension Normal Retirement Pension  Age 65  At least 2 future service credits

8. 8 Types of Pension Reduced Early Retirement Pension Reduced Early Retirement Pension  Age 55, but less than 65  Reduced by ½ of 1% for each month younger than age 65 or each month from 30 years of service, whichever is less

9. 9 Types of Pension Unreduced Early Retirement Pension Unreduced Early Retirement Pension  If participation began prior to July, 1999 - Any Age and 30 Service Credits  If participation began on or after July, 1999 – Age 55 and 30 Service Credits

10. 10 Types of Pension Deferred Vested Deferred Vested  Age 55  5 Service Credits (if one hour on or after January 1, 1997

11. 11 Amount of Pension Past Service Credits Past Service Credits  Multiply your Past Service Credits by your Past Service Amount  Ranges from $4.80 to $32.00 per year depending on Local Union

12. 12 Amount of Pension Future Service Future Service  Total contributions for the following periods of time:  3.16% for periods prior to July 1, 2003 *  2.21% for periods between July 1, 2003 – June 30, 2004*  1.43% for periods on or after July 1, 2004  1.19% for July 1, 2008 – June 30, 2009 Applies only to locals with contribution rate below $3.00/hour; otherwise 1.43% * Participants of merged funds may have different future service accruals

13. 13 Amount of Pension Past Service plus Future Service minus Early Retirement Reduction minus Payment Option Reduction

14. 14 Example 10 Past Service Credits x $16 $ 160.00 10 Past Service Credits x $16 $ 160.00 Pre 7/1/2004 contributions $40,000 x 3.16% $1,264.00 Pre 7/1/2004 contributions $40,000 x 3.16% $1,264.00 FYE 2004 contributions $4,000 x 2.21% $ 88.40 FYE 2004 contributions $4,000 x 2.21% $ 88.40 July 1, 2004 + contributions $2,000 x 1.43% $ 28.60 July 1, 2004 + contributions $2,000 x 1.43% $ 28.60 Total$1,541.00* *Does not consider lower rate after July 1, 2008 *Before Adjustment for Optional Forms of Payment

15. 15 Forms of Payment 60 Payment Guarantee 60 Payment Guarantee 50% Joint and Survivor 50% Joint and Survivor 66 2/3% Joint and Survivor 66 2/3% Joint and Survivor 100% Joint and Survivor 100% Joint and Survivor Social Security Leveling Option Social Security Leveling Option

16. 16 Pop-Up Feature If beneficiary predeceases pensioner, payments will pop-up to the “60 payment guarantee” amount. If beneficiary predeceases pensioner, payments will pop-up to the “60 payment guarantee” amount. Not available to disability pensioners Not available to disability pensioners Effective for pensions beginning November 1, 1990 Effective for pensions beginning November 1, 1990

17. 17 Disability Disability Pension Disability Pension  At least 10 Service Credits  Disabled within one year of last working in covered employment for which contributions are due  If disability occurred prior to July, 2004 – full pension  If disability occurred on or after July 1, 2004 – 50% pension

18. 18 Death Benefits Active Participant – not vested – Married or Not Married Active Participant – not vested – Married or Not Married Active participant, Vested, Not Married, Not Eligible for Early or Normal Pension at time of death Active participant, Vested, Not Married, Not Eligible for Early or Normal Pension at time of death Terminated Vested, Not Married Terminated Vested, Not Married  100% of Contribution Account

19. 19 Death Benefits Active participant, Vested, Married, Not Eligible for Early or Normal Pension at time of death Active participant, Vested, Married, Not Eligible for Early or Normal Pension at time of death Terminated Vested – Married Terminated Vested – Married  Survivor pension, plus  Excess value of contribution account, if any, over value of Survivor Pension

20. 20 Death Benefits Active participant, Vested, Married, Eligible for Early or Normal Pension at time of death Active participant, Vested, Married, Eligible for Early or Normal Pension at time of death  Survivor pension, plus  100% of contribution account

21. 21 Prohibited Employment Retirees must complete Re-employment notice annually – must be approved by Local Union and received by Fund Office Retirees must complete Re-employment notice annually – must be approved by Local Union and received by Fund Office Must have at least 90 days between pension effective date and date returning to work Must have at least 90 days between pension effective date and date returning to work Plan allows returning to work for Contributing Employer for less than 300 hours per calendar year Plan allows returning to work for Contributing Employer for less than 300 hours per calendar year

22. 22 Prohibited Employment See pages 34 – 36 of Summary Plan Description See pages 34 – 36 of Summary Plan Description A Pensioner receiving a Disability Pension cannot return to work without Suspension of Benefits A Pensioner receiving a Disability Pension cannot return to work without Suspension of Benefits If an Early Retiree returns to work without timely notice – pension suspended until age 65 If an Early Retiree returns to work without timely notice – pension suspended until age 65

23. 23 Application Process Send in the pension application no more than 90 days but at least 60 days prior to the pension effective date. Send in the pension application no more than 90 days but at least 60 days prior to the pension effective date. Birth Certificates for member and spouse must accompany application Birth Certificates for member and spouse must accompany application Marriage Certificate must accompany application Marriage Certificate must accompany application

24. 24 Application Process (cont) If divorced, copy of divorce decree must be submitted If divorced, copy of divorce decree must be submitted Spousal waiver must be witnessed by Notary Public or Plan Representative (Fund Office personnel or Trustee) Spousal waiver must be witnessed by Notary Public or Plan Representative (Fund Office personnel or Trustee) Electronic deposit mandatory Electronic deposit mandatory

25. 25 Other Pre-Retirement Issues Benefit Statements Sent Annually Benefit Statements Sent Annually If member disputes benefit credit – have them contact office prior to retirement If member disputes benefit credit – have them contact office prior to retirement  Social Security Earnings Records and pay stubs may be requested Address & Beneficiary changes to Membership Services Department Address & Beneficiary changes to Membership Services Department Contact Fund Office immediately upon death of participant Contact Fund Office immediately upon death of participant

26. 26 Post Retirement Issues Electronically deposited pension checks are available the midnight of the last working day of the month. Electronically deposited pension checks are available the midnight of the last working day of the month. Advise Pension Department of change in address or bank account information Advise Pension Department of change in address or bank account information

27. 27 Post Retirement Issues Annually Retirement Declarations must be completed. Annually Retirement Declarations must be completed. Annually Disability Pensioners must provide proof that they are still disabled Annually Disability Pensioners must provide proof that they are still disabled Both forms must be either notarized or witnessed by a Plan Representative. Both forms must be either notarized or witnessed by a Plan Representative.

28. 28 Who’s Who Kisha Grey – Pension Department Manager Kisha Grey – Pension Department Manager  1-800-386-3632, extension 409  kgrey@cardayassociates.com