National Asbestos Workers Pension Fund 2008 1

Introduction Participation n Benefit Accrual n Retirement u Types u Amount u Options n Disability n 2

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

Participation Initial Participation n Continuing Your Participation n 4

Earning Service 220 - 436 hours 437 - 653 hours 654 - 869 hours 870 & up ¼ credit ½ credit ¾ credit 1 credit 5

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

Types of Pensions n Normal Retirement Pension Age 65 u At least 2 future service credits u 7

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

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

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

Amount of Pension n Past Service Credits u Multiply your Past Service Credits by your Past Service Amount u Ranges from $4. 80 to $32. 00 per year depending on Local Union 11

Amount of Pension n Future Service u Total contributions for the following periods of time: t 3. 16% for periods prior to July 1, 2003 * t 2. 21% for periods between July 1, 2003 – June 30, 2004* t 1. 43% for periods on or after July 1, 2004 t 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 12

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

Example $ 160. 00 n Pre 7/1/2004 contributions $40, 000 x 3. 16% $1, 264. 00 n FYE 2004 contributions $4, 000 x 2. 21% $ 88. 40 n 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 n 10 Past Service Credits x $16 14

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

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

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

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

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

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

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

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

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

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

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

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

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

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