BAC Local 5 New York Annuity Summary Plan Description

NORMAL ANNUITY
-Eligibility: At any time after your 55th birthday when you have at least one year of Plan Service if you stop working under the plan for at least six consecutive calendar months, or are receiving a pension under Bricklayers and Allied Craftworkers Local 5 New York Pension Plan.
-Benefit: Determined by the size of your annuity account.

DISABILITY ANNUITY
-Eligibility: At any time after you have one year of Plan Service, if you experience six consecutive calendar months of total disability and are not yet age 55.
-Benefit: Determined by the size of your annuity account.

SPOUSE'S ANNUITY
-Eligibility: Your eligible spouse will be entitled to a survivor's annuity in the event of your death after your annuity starts (unless your spouse has waived this benefit). If you die before your annuity starts, your eligible spouse is entitled to an annuity also.
- Benefit: Determined by the size of your annuity account.

TERMINATION BENEFIT
- Eligibility: At any time before age 55 when you have at least one year of Plan Service if you don't work under the plan for six consecutive calendar months for a reason other than your total disability.
- Benefit: The amount in your annuity account.

DEATH BENEFIT
- Eligibility: Applicable to any participant in the plan who is active or is receiving an annuity (from other than an insurance company).
-Lump Sum Benefit: The amount in your annuity account.

VESTING
- Eligibility: Once you are a participant in the plan.
- Benefit: You are 100% vested in your annuity account.

IMPORTANT: THE ABOVE PAGE IS ONLY A VERY SHORT SUMMARY OF THE PLAN BENEFITS. PLEASE READ THE WHOLE PAGE.

BRICKLAYERS AND ALLIED CRAFTWORKERS LOCAL 5 NEW YORK ANNUITY PLAN
Plan Administrator:  Dickinson Group, LLC
825 East Gate Boulevard
Garden City, NY 11530
Phone #: (516) 833-9300

TO: PARTICIPANTS IN THE BRICKLAYERS AND ALLIED CRAFTWORKERS LOCAL 5 NEW YORK ANNUITY PLAN

FROM: TRUSTEES OF THE BRICKLAYERS AND ALLIED CRAFTWORKERS LOCAL 5 NEW YORK ANNUITY PLAN

DATE: JANUARY 1, 1997

This booklet is intended to describe, fully, the various provisions of the Annuity Plan as it is in effect on January 1, 1997. The booklet has six parts:

A. Questions and answers regarding the plan;
B. Plan provisions regarding rollovers;
C. Plan provisions regarding suspension of benefits;
D. Plan provisions regarding claim denial appeal procedure;
E. Your rights under the Employee Retirement Income Security Act of 1974; and
F. Technical details - this section of the booklet is provided you under the terms of the Employee Retirement Income Security Act of 1974 (ERISA) and contains many technical details of the plan intended to insure that you will be able to enjoy all the rights to which you are entitled under the provisions of the plan.

The Annuity Plan is one of the several fringe benefit programs negotiated between Local 5 and the employers with whom the Local deals. It is designed to provide funds at retirement and, also, for a member (or beneficiary) at certain other times. The types of situations in which distributions can be made are governed by federal tax regulations. This is why not all situations can be covered.

The daily operation of the plan is maintained by the Plan Manager located at the Plan Office. You are encouraged to make use of the facilities of the Plan Office where you will find assistance in understanding your benefits and in complying with the requirements in order to achieve your benefits.

If, after having gone through the booklet thoroughly, you have any questions regarding the plan or its operation, please do not hesitate to contact the Plan Office.

In the event there appears to be a conflict between the description of any plan provision in this booklet and its statement in the Plan Of Benefits, the language contained in the Plan Of Benefits is the official and governing language. The Plan Of Benefits may be inspected at the Plan Office.

Nothing in this booklet is meant to interpret, or extend, or change, in any way, the provisions contained in the Plan Of Benefits.

The Trustees reserve the right to amend, modify, or discontinue all or part of the plan whenever, in their judgment, conditions so warrant.

This booklet and the personnel at the Plan Office are authorized sources of plan information for you. The Trustees of the plan have not empowered any one else to speak for them with regard the plan. No employer, union representative or shop steward is in a position to discuss your rights under this plan with authority.

If you have a question about any aspect of your participation in the plan, you should, for your own permanent record, write to the Plan Manager or Trustees. You will then receive a written reply which will provide you with a permanent record.
 

GENERAL INFORMATION

The Annuity Plan has been designed by the Trustees, submitted to, and approved by the Internal Revenue Service as a qualified retirement plan.

1. What is the purpose of the plan?

The purpose of the plan is to provide an income for you as a member of the bargaining unit represented by Bricklayers and Allied Craftworkers Local 5 New York, in addition to your benefits under the Bricklayers and Allied Craftworkers Local 5 New York Annuity Plan and your Social Security benefits, if any, following the time that you retire from active employment in the geographical jurisdiction of Bricklayers and Allied Craftworkers Local 5 New York in the trade represented by the Local.

2. When did the plan start?

The plan started 7/1/71. Contributions from employers were not required for work prior to that date.

3. Who is responsible for the operation of the plan?

The Board of Trustees, composed of persons appointed by Bricklayers and Allied Craftworkers Local 5 New York and appointed by the employers (who contribute to the plan) in equal numbers. In order to carry out this responsibility, the Trustees, or their designee, have exclusive authority and discretion to:

• determine whether an individual is eligible for any benefits under the plan;
• determine the amount of benefits, if any, an individual is entitled to from the plan;
• interpret all of the provisions of the plan and this description; and
• interpret all of the terms used in the plan and in this description.

All such determinations and interpretations made by the Trustees, or their designee, shall:

• be final and binding upon any individual claiming benefits under the plan;
• be given deference in all courts of law, to the greatest extent allowed by applicable law; and
• not be overturned or set aside by any court of law.

FINANCING

A most important element of your Annuity Plan is money. Where it comes from, how it is managed, and to what uses it may be put should be of interest to you.

4. Who pays for the plan?

The employers who have collective bargaining agreements with Bricklayers and Allied Craftworkers Local 5 New York that call for contributions to the plan. Also, in accordance with any reciprocity agreement that might exist between this plan and another, money is transferred to this plan when you work in the other plan's jurisdiction. Finally, a small number of persons are covered as the result of agreements between their employers and the Plan Trustees.

5. How are the plan assets managed?

All of the plan assets are held in trust by the Trustees for the participants and beneficiaries of the plan.

The Trustees have the ultimate responsibility for the management of plan money. However, the Trustees are allowed, under law, to hire professional investment managers to provide the expert assistance in this very complex field of managing plan money.

6. May I borrow on the annuity money I am to get?

No. Furthermore, plan provisions prohibit assignment of your annuity payment for the payment of any obligation. However, there is an exception for a “qualified domestic relations order”. A domestic relations order is a court order specifying that a specific amount of your annuity must be paid to your child, or former spouse, or other person.

7. When I retire, may I take a cash settlement instead of monthly payments?

Yes. This option is available to you.

8. If the plan is discontinued, what will happen to the assets of the plan?

Under the terms of federal law, the assets of the plan are to be used for the benefit of the participants in an order of priority that is set forth under federal law. If all of the plan benefits are provided by the assets of the plan, and there is still money left over, the money is to be used to increase the benefits of everyone. Under no circumstances may money which has been properly contributed to the plan ever be returned to any employer or to the Local.

JOINING THE PLAN

Work in employment calling for contributions to the Annuity Plan must take place before you are a participant in the plan. Being a participant entitles you to receive certain documents explaining the plan and reports dealing with the plan's operation. You should be interested in how you become a participant and how your participation can stop.

9. How do I become a participant in the plan?

As soon as you work 100 hours, in employment for which your employer is required to contribute to the plan, within one Year (the customary calendar year), you will be a participant in the plan.

Another way in which you may become a participant in the plan is to earn at least 1000 hours of covered employment and/or related employment during a 12 consecutive month period. If you do, you will become a participant on the January 1st nearest the completion of such 12-month period. If during the first 12 months of your work, you do not earn at least 1000 hours of such employment, then your qualifying period will be switched to a Year basis. This means that, in order to become a participant in the plan after that, you must earn at least 1000 hours of such employment during a Year. When you do satisfy this requirement you will become a participant on the January 1st immediately following the Year in which you earned such hours.

When a survivor of a participant starts receiving a periodic survivor’s benefit, the survivor, also, will become a participant. When a person is officially designated an “alternate payee” under a qualified domestic relations order, that person will become a participant.

10. What is related employment for the purposes of participating in the plan?

You earn an hour of “related employment” under the following circumstances:

A. you work for a contributing employer but in a classification for which the employer is not required by a collective bargaining agreement to contribute to the plan, provided such employment immediately precedes or follows employment with the same contributing employer for which the employer is required by the collective bargaining agreement to contribute for other employees; or

B. you are employed by a contributing employer in a classification for which the employer is required by a collective bargaining agreement to contribute to the plan and you are paid by the employer for a period of time in which you did not actually work, such as vacation, holiday or sickness.

The maximum amount of credit that you may earn under “B.” above is 501 hours of related employment for any one non-work period.

If any period of employment in which you are earning related employment is interrupted by your quitting, being fired by the contributing employer, or retirement, then you will stop earning such credit as of the date you quit, are fired or retire.

YOU CANNOT EARN RELATED EMPLOYMENT CREDIT UNLESS THE PERIOD OF TIME DESCRIBED ABOVE IMMEDIATELY PRECEDES OR FOLLOWS EMPLOYMENT THAT EARNS PLAN SERVICE.

YOU WILL NOT, HOWEVER, RECEIVE CREDIT FOR PERIODS OF RELATED EMPLOYMENT UNLESS YOUR EMPLOYER IS OBLIGATED TO CONTRIBUTE TO THE PLAN, FOR OTHER EMPLOYEES, FOR SUCH PERIODS.

11. Can my participation in the plan ever stop?

Yes. Your participation will stop if you die, if your annuity account is reduced to zero, or, if you are receiving a periodic benefit from the plan, when such periodic benefit ceases permanently.

12. Does self-employment count?

No. Under no circumstances will you receive any credit, for any purpose, under the plan for work in self-employment. Certain federal laws may require that you are prohibited from earning credit under the plan as the result of your ownership or position in a contributing employer's organization. If you have a question on this point, you should contact the Plan Manager.

13. Suppose my employer (or I) wishes to contribute to the plan for me, even though the employer is not required to do so in a collective bargaining agreement, is it allowed?

No! Unless it is covered in a written agreement between your employer and Bricklayers and Allied Craftworkers Local 5 New York (or by a similar agreement in a reciprocal area), or between your employer and the Plan Trustees, no credit can be given to you (even if your employer, or you, contributes to the plan) for any work you do.

PARTICIPANTS' ACCOUNTS

Your benefits under the Annuity Plan come only from your annuity account.

14. What is my annuity account?

As contributions from your employer start coming into the plan, the Trustees will set up an account within the Annuity Fund for you. This is called your annuity account.

15. How does my annuity account change?

As more contributions are received by the plan on behalf of your work, they are added to your annuity account. If any benefits (more later on benefits) are paid to you, or your beneficiary, these are subtracted from your annuity account. Further, an adjustment is made, periodically, in everyone's annuity account to reflect the investment results that the plan earns (reduced by the administration expenses of operating the plan).

16. How do I know how much is in my account?

Annually, after the close of the Year, you will be sent a statement showing the recent activity in your account and the balance.

PLAN SERVICE, VESTING AND BREAK IN SERVICE

This aspect of annuity plans was a special concern to the designing of ERISA.

17. What is Plan Service?

Plan Service refers to service credit you receive for time for which your employer is required, by the terms of a collective bargaining agreement, to contribute to the pension plan.

18. Why is Plan Service important?

Plan Service is important in determining your eligibility for benefits under the plan.

19. How do I earn Plan Service?

You earn Plan Service at the rate of one year of Plan Service for each Year in which you work at least 100 hours for which your employer is required to contribute for you to the plan.

20. Can I earn any Plan Service for time that I served in the armed forces?

You will earn Plan Service for service in the armed forces of the U.S.A. to the extent required by law.

21. Do I own my annuity account?

Technically, the Trustees of the plan own your (and everyone else's) annuity account. However, once you are vested in your annuity account you, or your beneficiary, will receive the value of your account (less any administrative charges that might be levied) no matter what happens in the future.

22. What is Vesting?

Vesting refers to non-forfeitable ownership of your right to a benefit under the plan. Once you become vested, it does not matter what happens after that time, you will be entitled to receive your benefit at your Normal Annuity date. Of course, this right stops if you die before your benefit starts.

If you die after becoming vested, but before starting a benefit, your surviving spouse may be eligible for a benefit under the plan (see question 41.).

Even if you break your service after you become vested, you will still be entitled to a benefit at annuity age (if you are still alive).

In order to become vested under the plan, you must fulfill certain requirements.

23. What are the requirements for vesting under the plan?

You will be vested if you satisfy any one of the following two alternate requirements:

A. you satisfy the age and service requirements for a Normal Annuity; or

B. you become a plan participant.

24. What is a break in service?

If your annuity account is reduced to zero by the payment of benefits, you incur a break in service and your plan participation will be terminated.

25. What happens if I experience a break in service and return to covered employment?

You will be immediately reinstated to plan participation.

NORMAL ANNUITY

The purpose of the Annuity Plan is to arrange for the continuation of a portion of your wages during the time after your working career is completed. Normally, this is any time after age 55 at your option.

26. When may I start receiving my Normal Annuity?

Once you are at least age 55 and withdraw from work, for at least six consecutive calendar months, at the trade in the plan area or retire on a pension under the Bricklayers and Allied Craftworkers Local 5 New York Pension Plan, you may apply for a Normal Annuity provided you have satisfied the service requirement. Further, if you have satisfied the service requirement, and have stopped working in covered employment, you may apply for your Normal Annuity to be effective on the March 1st following the year in which you reached age 65 provided you have not worked in covered employment since the prior year.

27. What is the service requirement for a Normal Annuity?

You must have at least one year of Plan Service. However, if you reach age 65 and have been a plan participant for at least five years, you are considered to have satisfied the service requirement even if you do not have a year of Plan Service.

28. How much is the monthly Normal Annuity?

The amount of your monthly annuity will be determined by the effective date of your annuity, your age and that of your spouse, and the amount of your annuity account. Your monthly annuity will be paid by an insurance company to which your annuity account will be transferred. Your transferred annuity account will "buy" your annuity from the insurance company.

There are also other ways to receive your benefit.

29. For how long is the Normal Annuity paid to me?

The Normal Annuity will be paid to you monthly so long as you live. It will stop at your death.

30. Does my spouse participate in my annuity benefit with me?

Yes. If an optional form is not chosen, the monthly annuity payments will be made in the "married couple" form. If you die before your spouse (to whom you were married at the effective date of your annuity), your spouse will continue to receive a monthly annuity, for life, from the insurance company, equal to 50% of the monthly annuity you had been receiving. This protection exists for your spouse even if you become divorced after your benefit payments start.

31. Are there optional ways to receive my Normal Annuity benefit?

Yes.

If your spouse consents, you may elect to receive a lifetime annuity from an insurance company without the "married couple" feature, that is, one that stops at your death and does not provide for a continuation to your spouse.

Further, if your spouse consents, you may elect a monthly payment equal to any multiple of $100. (but not less than $200.); it will be paid to you directly from the plan for as long as your account lasts. But see question 45. for minimum annuity payment requirements.

Finally, in place of receiving a periodic income, with your spouse's consent, you may elect to receive your entire annuity account in a lump sum directly from the plan.

As a special feature of the plan, unless your annuity is being paid by an insurance company, you will be permitted once a year (in December) to change the monthly amount (of the annuity you have been receiving) for the coming year. You may even elect (in December) to have the entire balance in your account paid to you in a lump sum in the coming year.

DISABILITY ANNUITY

You may become totally disabled before you start your Normal Annuity. There is a special disability benefit in the plan.

32. How do I become eligible for the Disability Annuity?

If you become totally disabled and awarded a Social Security disability pension, you will be entitled to a Disability Annuity provided you have at least one year of Plan Service.

33. How much is the Disability Annuity?

It is a monthly payment equal to a multiple of $100. (you choose it), but not less than $200. Such payment will be paid until you die, recover or exhaust your account, whichever occurs first.

34. Is there an optional way to receive my Disability Annuity?

Yes. You may elect a lump sum equal to your account balance.

35. Is my spouse’s consent required for me to receive a Disability Annuity?

Yes, if your account balance is at least $3,500.

TERMINATION BENEFIT

In the event you separate from the plan before Normal Annuity age, a Termination Benefit is available.

36. How do I become eligible for the Termination Benefit?

If, for a reason other than your total disability, a period of six consecutive calendar months goes by during which you do not work for a contributing employer in employment that requires contributions to the plan and you are not yet age 55 and have at least one year of Plan Service, you will be entitled to a Termination Benefit.

37. How much is the Termination Benefit?

It is a lump sum equal to your account balance. However, you are not permitted to receive more than one Termination Benefit in any 36 consecutive month period.

38. Is my spouse’s consent required for me to receive a Termination Benefit?

Yes, if your account balance is at least $3,500.

DEATH BENEFIT

There is a Death Benefit also under the plan.

39. What is the Death Benefit under the plan?

In the event you pass away while you are a participant in the plan and are not receiving an annuity payment from an insurance company, your beneficiary may apply for the lump sum Death Benefit equal to the balance in your account. But see below for restrictions regarding your spouse.

40. Who is my beneficiary under the plan?

You may choose anyone you like to be your beneficiary. But see below for restrictions regarding your spouse. Such designation must be in writing and delivered to the Trustees before your death. You may also change your designated beneficiary at any time, once again, in writing and delivered to the Trustees before your death.

If you are receiving an annuity payment from other than an insurance company and you had a spouse at the time your payments started, your spouse has the right to name the beneficiaries for any Death Benefit under the plan.

In the event you pass away and there is no beneficiary designated still alive, your Death Benefit will be paid to your estate or, if there is no estate, to your heirs as defined by the laws of the state having jurisdiction.

41. How is my spouse's interest in the plan affected by the Death Benefit provisions?

If you die before you start receiving an annuity, your spouse, if you have been married for at least one year up to your death, must be the beneficiary for your account. Your spouse is entitled to elect to receive the Death Benefit in a lump sum or as an annuity to be provided from an insurance company to begin as soon as practical.

APPLYING FOR BENEFITS

All benefits must be applied for under the plan. This rule applies to employees, surviving spouses and beneficiaries. It is important that all information asked for be given as accurately as possible. Any payments made in error to anyone will be owed to the plan and must be repaid.

42. When should I submit an application for my annuity?

Your application should be filed at least three months in advance of the date you wish to have your annuity become effective. This will enable the Trustees to process your application and be ready to pay benefits promptly on the first day of the month that you wish. You may file an application while you are still working. Annuity benefits cannot commence effective with a day prior to the first day of the month that is at least 30 days after the Plan Office has provided you with information regarding the Married Couple form of your annuity.

43. Will proof of age be required?

Yes. In order to receive an annuity benefit, proof of age must be submitted to the Plan Office. A birth certificate is the best proof of age; however, if you cannot obtain a birth certificate, the Plan Office will tell you what will be required. The same rule applies to a surviving spouse entitled to a benefit under the plan.

You need not wait until your annuity date to submit evidence of your date of birth; the earlier you submit evidence, the better.

44. If I forget to apply when I am eligible, can my annuity payments be retroactive?

No!

45. Must I apply for my annuity as soon as I am eligible?

No. You may postpone the start of your annuity, but you cannot postpone the effective date of your annuity beyond the April 1st right after the calendar year in which you reach age 70-1/2. At that time you must receive your annuity even if you are still working in covered employment.

There is special treatment for anyone who reached age 70-1/2 before 1988. Such a participant need not start receiving an annuity before ceasing to work in employment covered by the plan.

Whether or not you start receiving your annuity by age 70-1/2, federal law requires that the amount of the annuity you receive each year after you reach age 70-1/2 be a certain minimum amount which must be tested each year. The Plan Office will provide you with these minimum amounts.

46. Must my beneficiary apply for the Death Benefit?

Yes. Your beneficiary must apply for the Death Benefit just as you must apply for any other benefit. There are forms available at the Plan Office.

47. May I "roll over" a benefit payable to me?

Yes. You may elect, with the consent of your spouse and at the time and in the manner prescribed by the Trustees, to have any portion of your distribution from this plan paid directly to an Individual Retirement Account (IRA), or to another qualified retirement plan which accepts rollover contributions. Of course, you may only roll over a benefit at the time when you are eligible to receive such benefit. However, you cannot make a direct rollover of a minimum distribution that must be paid to you because you have attained the age of seventy and one-half (70-1/2) years, or any portion of a distribution not includible in your gross income. Your spouse has this privilege, also, under certain conditions.

For more information regarding direct rollovers, please see Part B. of this booklet or contact the Plan Manager.

RECEIVING YOUR ANNUITY

Since your annuity payments will be a substantial part of your retirement income, the details regarding the actual payment are explained in the following questions and answers.

48. When will my annuity payments start once I have applied?

If you have satisfied all of the requirements, your annuity will start effective with the first day of the calendar month that you choose; but it cannot be before 30 days after the Plan Office receives your application.

For example, if you submit your application to the Plan Office on January 15th, your annuity is scheduled to start no earlier than effective with March 1st.

49. How often will I receive my annuity payments?

Annuity payments are made monthly at the beginning of the month for the month then starting.

50. For how long will I receive my annuity payments?

Annuity payments, not payable by an insurance company, are payable until you die or your account is exhausted, whichever occurs earlier. But see the next question.

51. Are there any circumstances under which my annuity payments can be reduced, suspended or forfeited?

The only instance in which a suspension of such payments may take place is the situation in which, for at least 40 hours (one hour if you are under age 65) during a particular month, you are employed or self-employed in prohibited employment.

If you do work (or are self-employed) in such employment, you are not entitled to an annuity payment for that month.

Please refer to the portion of the plan (in Part C. of this booklet) describing the suspension provisions and prohibited employment.

52. Are there any special provisions regarding small accounts?

Yes. If your annuity account balance is less than $3,500. when you reach Normal Annuity age, the Trustees will distribute it to you in a lump sum regardless of any other plan provision.

Your spouse's consent for any type of benefit distribution is not required if your annuity account balance is less than $3,500. at the time of distribution.

Finally, if the amount of the death benefit payable to your eligible surviving spouse if you die before your Normal Annuity date is less than $3,500., your surviving spouse must take it in a lump sum; your spouse does not have the annuity option.

APPEAL PROCEDURE

Each claim for any benefit disbursement under this plan is re-viewed under the direction of the Trustees. The facts that are presented with the claim are what are considered, pri-marily, in evaluating it. Sometimes the Plan Office will not receive all the pertinent details when a claim is presented. However, regard-less of the reason for the denial, you are entitled to a review of your denied claim.

53. How can I appeal a decision by the Trustees to deny my application for a benefit under the plan?

If your claim is denied, completely, or in part, you should write to the Trustees at the Plan Office, asking that the claim denial be reviewed. The Trustees will set a meeting for the review. You may attend the meeting yourself, or you may present your appeal in writing, or both. You will have an opportunity to review the documents which relate to the claim itself.

After the hearing, the Trustees will review their decision and communicate the results of the review directly to you.

54. Is there a time limit for appeal?

Yes. In order for you to be able to use the appeal procedure, you must make your written request to the Trustees for the review within 60 days following the date that you receive the denial.

55. Where can I find out more about the appeal procedure?

The complete text of the procedure is contained in Part D. of this booklet.

DIRECT ROLLOVER. Notwithstanding any provision of the Plan to the contrary that would otherwise limit a Distributee's election under this article, a Distributee may elect, at the time and in the manner prescribed by the Trustees, to have any portion of an Eligible Rollover Distribution paid directly to an Eligible Retirement Plan specified by the Distributee in a Direct Rollover request.

DEFINITIONS. For purposes of this article, the following terms shall have the meanings indicated:

A. Direct Rollover. A Direct Rollover is a payment by the Plan to the Eligible Retirement Plan specified by the Distributee.

B. Distributee. A Distributee includes an employee or former employee. In addition, the employee's or former employee's surviving spouse and the employee's or former employee's spouse or former spouse who is an alternate payee under a Qualified Domestic Relations Order (with regard the Plan) as defined in Section 414(p) of the Code, are Distributees with regard to the interest of the spouse or former spouse.

C. Eligible Retirement Plan. An Eligible Retirement Plan is an individual retirement account described in Section 408(a) of the Code, an individual retirement annuity described in Section 408(b) of the Code, an annuity plan described in Section 403(a) of the Code or a qualified trust described in Section 401(a) of the Code, that accepts the Distributee's Eligible Rollover Distribution. However, in the case of an Eligible Rollover Distribution to the surviving spouse, an Eligible Retirement Plan is an individual retirement account or individual retirement annuity.

D. Eligible Rollover Distribution. An Eligible Rollover Distribution is any distribution of all or any portion of the balance of the credit of the Distributee under the Plan, except that an Eligible Rollover Distribution does not include: any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the Distributee or the joint lives (or joint life expectancies) of the Distributee and the Distributee's designated bene-ficiary, or for a specified period of ten years or more; any distribution to the extent such distribution is required under Section 401(a)(9) of the Code; and the portion of any distribution that is not includable in gross income (deter-mined without regard to the exclusion for net unrealized appreciation with respect to employer securities).

GENERAL. In the event an Annuitant works at least 40 hours (one hour if under age 65) in Prohibited Employment in the Plan Area in a Month for which the Annuitant is entitled to an annuity payment hereunder as the result of successful application for such payment, the Annuitant's payment hereunder for such Month shall be withheld and forfeited provided the proper notice is provided to the Annuitant by the Trustees.

PROHIBITED EMPLOYMENT. For the purposes of this article, Prohibited Employment means an hour of employment (whether union or non-union, whether in self-employment or employed, whether actually working or supervising such work, whether contributions are required to be made to the Fund on account of such hour or not), for which the Annuitant is compensated by an employer:

A. in the same industry in which Employees covered by the Plan worked at the effective date of the affected Annuitant's Annuity; and

B. in the same profession, trade or craft in which the affected Annuitant worked at any time for which contributions to the Fund were required for the Annuitant.

PLAN AREA. For the purposes of this article, "Plan Area" means the state of New York.

NOTIFICATION. No annuity benefit payment may be withheld from an Annuitant in any Month unless, and until, during the first Month the Trustees notify the Annuitant of the suspension. Such notification shall be delivered personally or by first class mail and shall contain:

A. a description of the reason annuity payments are being suspended;

B. a general description of this article;

C. a copy of this article;

D. a statement that an appeal of the Trustees' decision in the matter may be accomplished using the Plan's claim denial appeal procedure; and

E. a statement that the Department of Labor regulations dealing with suspension of benefits may be found in Section 23530.203-3 of the Code of Federal Regulations.

PRESUMPTION. Subject to correction by actual evidence, the Trustees may presume that an Annuitant who works at least some time in Prohibited Employment in a Month has or will work at least 40 hours in such Prohibited Employment in that Month unless, within five days of the start of such employment, the Annuitant notifies the Trustees of such commencement and has not refused to cooperate with reasonable requests by the Trustees to assist them in administering the provisions of this article.

RESUMPTION OF ANNUITY PAYMENTS. In order that the payment of monthly annuity benefits be resumed under the Plan once a suspension described in the first two sections of this article has taken place, the Annuitant must notify the Trustees in writing that the Annuitant has ceased working in Prohibited Employment.

Such payments shall resume with the first day of the third calendar Month following the calendar Month in which the Trustees receive the Annuitant's notice called for in this article. Subject to the next section, should the Annuitant be due any payments for Months in which the Annuitant did not work the proscribed duration of Prohibited Employment, such withheld payments shall be paid upon recommencement of annuity payments.

RECOVERY. In the event an Annuitant receives a monthly annuity payment for a Month for which the Trustees have the right to withhold and forfeit such payment, the Trustees shall recover such payment by reducing the payments otherwise payable to the Annuitant for the Months immediately following the Annuitant's cessation of work in Prohibited Employment for which payment is not due until the third Month following the Annuitant's notification to the Trustees called for in the preceding section. If the reductions described in the prior sentence are not sufficient to permit recovery of payments that should not have been made, the Trustees shall recover such unrecovered difference by reducing the otherwise size of future recommenced monthly annuity payments by no more than 25% until such recovery is complete.

STATUS DETERMINATION. An Annuitant may write to the Trustees to determine if an actual or contemplated employment is Prohibited Employment, and the Trustees shall reply to such request for information after securing enough details to make such judgment.

EXCEPTION. The provisions of this article shall not apply to any annuity benefits paid to an Annuitant after the March in the calendar year that immediately follows the calendar year in which the Annuitant reaches age 70 and one-half years.

CLAIM DENIAL. The Trustees shall make determinations regarding claims for benefits under the plan by all persons.

In the event a claim is denied, wholly or in part, the Trustees shall furnish, within 90 days of filing of the claim, to a claimant whose claim has been denied a written notice stating:

A. the specific reason(s) for the denial;

B. the specific reference(s) to the plan provisions on which the denial is based;

C. the way(s) in which the claim might be perfected; and

D. a statement of the plan appeal procedure.

If special circumstances require that the Trustees need more time than 90 days to consider a claim, then the period for notification to the claimant may be extended an additional 90 days provided the Trustees notify the claimant, within the initial 90-day period, explaining the special circumstances and indicating the date by which a final decision is expected.

If the claimant receives no response as to the claim's disposition within 90 days of filing the claim (180 days in the case of special circumstances), the claim shall be considered denied.

APPEAL. Any claimant whose claim for benefits has been denied shall have the right to an appeal to the Trustees for a review of the Trustees' decision, provided that the claimant requests such appeal in writing within 60 days from the receipt of the Trustees' denial.

The claimant may present the claimant's views in writing and/or appear in person before the Trustees at a date set for such hearing, with an opportunity to review the plan documents which relate to the claim.

Following such hearing, the Trustees shall communicate their decision in writing to the claimant.

As a participant in this plan, 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:

A. Examine, without charge, at the Plan Office, 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.

B. Obtain copies of all plan documents and other plan information upon written request to the Plan Office. The Trustees may make a reasonable charge for the copies.

C. Receive a summary of the plan's annual financial report. The Trustees are required by law to furnish each participant with a copy of this summary annual report.

D. Obtain a statement, free of charge, telling you whether you have a vested right to receive an annuity at age 60 and, if so, what your benefits would be at your normal annuity date if you stopped working under the plan now. This statement must be requested by you in writing and it is not required to be given more than once a year.

In addition to creating rights for plan participants, ERISA imposes duties upon the people who are responsible for the operation of the 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 the other plan participants and beneficiaries.

No one, including your employer, your union, or any other person, may terminate your employment (or otherwise discriminate against you in any way) to prevent you from obtaining a benefit or exercising your rights under ERISA.

If your claim for a 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. You may file suit in a federal court. In such a case, the court may require the Trustees to provide the materials and pay you up to $100. a day until you receive them, unless the materials were not sent because of reasons beyond the control of the Trustees. 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. 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.

As required by the Employee Retirement Income Security Act of 1974 ("ERISA")

1. PLAN NAME: Bricklayers and Allied Craftworkers Local 5 New York Annuity Plan.

2. EDITION DATE: This Summary Plan Description is produced as of January 1, 1997.

3. PLAN SPONSOR: Board of Trustees of the Bricklayers and Allied Craftworkers Local 5 New York Annuity Fund.

4. PLAN SPONSOR'S EMPLOYER IDENTIFICATION NUMBER: 23-7107109.

5. PLAN NUMBER: 002.

6. TYPE OF PLAN: A defined contribution pension plan, the contributions to which are negotiated.

7. PLAN YEAR ENDS: December 31st.

8. PLAN ADMINISTRATOR: Dickinson Group, LLC, 825 East Gate Boulevard, Garden City, NY 11530, Phone #: (516) 833-9300.

9. AGENT FOR THE SERVICE OF LEGAL PROCESS:  Dickinson Group, LLC, 825 East Gate Boulevard, Garden City, NY 11530, Phone #: (516) 833-9300.

In addition to the person designated as agent of service of legal process, service of legal process may also be made upon any Plan Trustee.

10. TYPE OF PLAN ADMINISTRATION: Direct employees of the Trustees.

11. TYPE OF FUNDING: Self-administered.

12. SOURCES OF CONTRIBUTIONS TO PLAN: Employers required to contribute to the Bricklayers and Allied Craftworkers Local 5 New York Annuity Fund.

13. COLLECTIVE BARGAINING AGREEMENT: This plan is maintained in accordance with a collective bargaining agreement. A copy of this agreement may be obtained by you upon written request to the Plan Manager and is available for examination by you at the Plan Office.

14. PARTICIPATING EMPLOYERS: You may receive from the Plan Manager, upon written request, information as to whether a particular employer participates in the sponsorship of the plan. If so, you may also request the employer's address.

15. PLAN BENEFITS PROVIDED BY: Bricklayers and Allied Craftworkers Local 5 New York Annuity Fund.

16. ELIGIBILITY REQUIREMENTS, BENEFITS AND TERMINATION PROVISIONS OF THE PLAN: See Part A. of this booklet.

17. HOW TO FILE A CLAIM: Application for all benefits must be made in writing on forms that should be obtained from the Plan Manager at the Plan Office. You may secure such forms by writing, telephoning or visiting (during the hours of 8:00 A.M. to 4:00 P.M. on regular business days) the Plan Office. The address is:

18. REVIEW OF CLAIM DENIAL: If you submit a benefit application to the Plan Office and it is denied, in whole or part, you will be so notified.

If a denial takes place, you are entitled to appeal the decision by writing to the Trustees, within 60 days of the denial, at the Plan Office, asking that a review of the denial be made. You, or your representative, may review the pertinent records and documents. You may attend the review hearing.

After the review, you will be notified of the results of the review.

More specific information regarding this procedure may be obtained from the Plan Manager.

19. PENSION BENEFIT GUARANTY CORPORATION (PBGC) INSURANCE: Benefits under this plan are not insured by the Pension Benefit Guaran-ty Corporation (PBGC) if the plan terminates because it is not a defined benefit pension plan.

20. THE PLAN SPONSOR AND PLAN ADMINISTRATOR: Is the Board of Trustees of the Bricklayers and Allied Craftworkers Local 5 New York Annuity Fund. The following are the individual Trustees that make up the Board.

21. LOSS OF BENEFITS: Under certain circumstances you may lose all or part of your accrued benefits. Some situations are:

A. if you return, after retiring, to certain prohibited employment, your annuity benefit for such months of work will be forfeited;

B. under certain circumstances, in accordance with federal law and guidelines, the Trustees may retroactively reduce benefits;

C. if any detail regarding your participation under the plan has been misstated, or a clerical error occurs, which causes a higher benefit to be paid you than that which you are entitled, an adjustment in your benefit will be made, based upon the correct facts; and

D. because current federal legislation places a maximum on how much retirement benefit (from one or more plans sponsored by the employee's employer) an employee is permitted to receive from one or more qualified retirement plans, it is possible, in unusual circumstances, that a reduction might take place in your benefit accrued under this plan.

1. The Trustees amended the Plan of Benefits, effective 2/17/1999, to permit an additional method of paying benefits. A plan participant receiving a normal, disability, or spouse's annuity from the Plan may elect an immediate lump sum payment of any amount, in addition to the ongoing monthly income. The election may be made only once per year.

2. This amendment is effective 2/17/99