ARTICLE V
PAYMENT OF INDIVIDUAL ACCOUNTS AT RETIREMENT

Section 3: Distribution of Benefits on Retirement.

For distributions prior to April 1, 2008, the following language shall be applicable: On attainment of his Normal or Early Retirement Date, a Participant may elect to retire and receive a distribution of his Individual Account. Such distribution will be equal to (a) his Individual Account determined as of the Valuation Date coinciding with or immediately preceding his retirement date, plus (b) any Contributions paid into the Participant's Individual Account since the Valuation Date described in (a), less (c) any distribution made from the Participant's Individual Account since the Valuation Date described in (a). Such distribution will be paid in the form determined pursuant to Section 4. A Participant may elect to receive a partial distribution of his Individual Account if the balance remaining in his account exceeds $5,000.00.

Distributions under this Section shall be subject to the following options:

1. Distribution of accrued contributions at the earliest possible date upon receipt of application by the Pension Trust Fund Administrative Office and satisfaction of the eligibility criteria therefore, with any subsequently received contributions to be distributed thereafter;
2. Distribution following the next quarterly valuation date; or
3. Distribution following the next quarterly valuation date following receipt of all contributions by the Pension Trust Fund.

If options (b) or (c) are elected, the Participant's distribution shall include the amounts set forth above. The above provisions shall be effective for distributions made on or after July 1, 1989 and prior to April 1, 2008.

For distributions on and after April 1, 2008, the Plan utilizes daily valuation. The amount of the distribution shall be the value of the Individual Account valued as of the date of the distribution.