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Plan Document
AMENDMENT NO. 3
SOUTHERN CALIFORNIA IBEW-NECA PENSION PLAN
(As Restated October 1, 2007)
This is to certify that at a meeting of the Board of Trustees of the
Southern California IBEW-NECA Pension Plan held on July 17, 2008, the Trustees
adopted the following Amendment No. 3 to the Southern California IBEW-NECA
Pension Plan (As Restated October 1, 2007).
- Article 1.39 shall be amended to add a new sentence as follows:
“ For completed applications received in the Fund office on or after July 1, 2008 for purposes of Section 417(e) of the Internal Revenue Code (but not for purposes of Section 415(b)(2)(B), (C), or (D)), the Applicable Mortality Table means the mortality table for the Plan Year under subparagraph (A) of Internal Revenue Code Section 430(h)(3) (without regard to subparagraph (C) or (D) of such section).”
- A new Article 1.40 shall be added as follows:
“1.40 “Applicable Interest Rate” for completed applications received in the Fund office on or after July 1, 2008 means the segment interest rates as determined under Internal Revenue Code Section 417(e)(3)(C) for the April preceding the Plan Year in which the completed application is received.”
- Article 5.3 is amended to add the following new subsection (c):
“(c) Joint and 75% Survivor Pension. The Joint and 75% Survivor Pension option contains the same provisions as the Automatic Joint and Survivor Pension Form as described in Section 5.1, except that the reduced monthly payments to the Participant’s surviving spouse shall be equal to 75% of the monthly pension payable to the Pensioner under this Joint and 75% Survivor Pension Option.”
- The current subsections 5.3 (c), 5.3 (d) and 5.3 (e) shall be renumbered as
new subsections (d), (e) and (f), respectively.
- New renumbered Article 5.3 (e)(2) shall be replaced with the following
language:
“(2) Upon the Participant’s death, prior to the commencement date of his Social Security Pension, monthly payments will continue to his surviving spouse. The amount of pension payable to the spouse shall be equal to 50%, 66⅔%, 75% or 100% (as elected) of the monthly Plan pension payable to the Pensioner before his Social Security payments began, and such amount shall continue to his surviving spouse until the earlier of the Participant’s commencement date of his Social Security pension (if the Participant would have survived) or the spouse’s date of death. If the spouse should survive to the Participant’s commencement date of his Social Security pension (if the Participant would have survived) she shall receive monthly payments for her remaining lifetime in an amount equal to 50%, 66⅔%, 75% or 100% (as elected) of the monthly Plan pension payable to the Pensioner after his Social Security payments began. Upon the death of the Participant on or after the commencement date of his Social Security pension, his surviving spouse shall receive monthly payments for her remaining lifetime in an amount equal to 50%, 66⅔%, 75% or 100% (as elected) of the monthly Plan pension payable to the Pensioner after his Social Security payments began.”
- New renumbered Article 5.3(f) is amended by replacing the existing
language with the following:
“(f) Effective for retirement benefits with an initial effective date commencing on or after July 1, 1995, a Participant may select, pursuant to a qualified election, to receive payment of a Joint and 50% Survivor Pension, a Joint and 66 ⅔% Survivor Pension, a Joint and 75% Survivor Pension or a Joint and 100% Survivor Pension, which shall further provide that if the Participant’s spouse predeceases the Pensioner, the Pensioner’s monthly pension benefit shall be increased effective as of the first month following the death of the spouse to the monthly pension amount that the Pensioner would have received on his retirement effective date had the Participant elected the Normal Form of Pension. No reversionary benefit is payable in the event a Participant selects and receives a Joint and Survivor Social Security Adjustment Pension.”
- The fourth paragraph of Article 5.4 shall be amended by replacing the
existing language with the following:
“If a Participant is married on the date his pension commences and is electing a form of pension other than a Joint and Survivor pension described under Sections 5.1, 5.3(a), 5.3(b) or 5.3(c), the election must be made jointly by the Participant and his spouse, and must be made only after the Plan Administrator has provided the Participant and his spouse with a written explanation of the results of an election not to elect a Joint and Survivor pension. Furthermore, the election of a form of pension other than a Joint and Survivor pension shall be subject to rules relating to designation of a beneficiary as provided in Article 8.”
- Article 7.10 is amended to add a new subsection (c) which shall provide
follows:
“(c) Joint and 75% Survivor Pension. The Joint and 75% Survivor Pension option contains the same provisions as the Automatic Joint and Survivor Pension Form as described in Section 7.10, except that the reduced monthly payments to the Disabled Participant’s surviving spouse shall be equal to 75% of the monthly pension payable to the Disabled Pensioner under this Joint and 75% Survivor Pension Option.”
- Current subsections 7.10(c), 7.10(d) and 7.10(e) shall be renumbered as
new subsections (d), (e) and (f), respectively.
- The first sentence in the new renumbered Article 7.10(d) shall be replaced
with the following:
“(d) Joint and Survivor Pension with Pop-up. A participant may select, pursuant to a qualified election, to receive payment of a Joint and 50% Survivor Pension, a Joint and 66⅔% Survivor Pension, a Joint and 75% Survivor Pension or a Joint and 100% Survivor Pension, which shall further provide that if the Participant’s spouse predeceases the Pensioner, the Pensioner’s monthly pension benefit shall be increased effective as of the first month following the death of the spouse to the monthly pension amount that the Pensioner would have received on his retirement effective date had the Participant elected the Normal form of pension. No reversionary benefit is payable in the event a Participant selects and receives a Joint and Survivor Social Security Adjustment Pension.”
- New renumbered Article 7.10(f)(2) is amended by replacing the existing
language with the following:
“(2) Upon the Participant’s death, prior to the commencement date of his Social Security pension, monthly payments will continue to his surviving spouse. The amount of pension payable to the spouse shall be equal to 50%, 66⅔%, 75% or 100% (as elected) of the monthly Plan pension payable to the Pensioner before his Social Security payments began, and such amount shall continue to his surviving spouse until the earlier of the Participant’s commencement date of his Social Security pension (if the Participant would have survived) or the spouse’s date of death. If the spouse should survive to the Participant’s commencement date of his Social Security pension (if the Participant would have survived) she shall receive monthly payments for her remaining lifetime in an amount equal to 50%, 66⅔%, 75% or 100% (as elected) of the monthly Plan pension payable to the Pensioner after his Social Security payments began. Upon the death of the Participant on or after the commencement date of his Social Security pension, his surviving spouse shall receive monthly payments for her remaining lifetime in an amount equal to 50%, 66⅔%, 75% or 100% (as elected) of the monthly Plan pension payable to the Pensioner after his Social Security payments began.” - Article 9.8(b)(2) shall be amended by replacing the existing language with
the following:
“(2) If the Pensioner originally elected to receive the Automatic Joint and Survivor Pension Form, or the Joint and 66⅔% Survivor Pension, Joint and 75% Survivor Pension or the Joint and 100% Survivor Pension, he will receive his additional pension in the same form as originally selected, provided the marriage in effect on the commencement date of the Pensioner’s original pension is still in effect. The Actuarial Equivalent value for such additional pension will be based on the ages of the Participant and his spouse on the commencement date of the additional pension.”
- Article 9.8(b)(3) shall be amended by replacing the existing language with
the following:
“(3) If the Pensioner originally elected to receive the Joint and Survivor Social Security Adjustment Pension, he will receive his additional pension in the form of an Automatic Joint and Survivor Pension, Joint and 66⅔% Survivor Pension, Joint and 75% Survivor Pension or Joint and 100% Survivor Pension (whichever corresponds to the percentage originally elected by the Participant when he elected the Joint and Survivor Social Security Adjustment Option) provided the marriage in effect on the commencement date of the Pensioner’s original pension is still in effect. The actuarial equivalent value for such additional pension will be based on the ages of the Pensioner and his spouse on the commencement date of the additional pension.”
- Appendix II shall be appended as follows:
“Notwithstanding any other plan provisions to the contrary, any optional form subject to 417(e)(3) shall be calculated as the greater of (i) or (ii) as follows: (i) the actuarially equivalent value as determined using the plan provisions in effect on June 30, 2008; or (ii) the actuarially equivalent value as determined under Section 417(e)(3) for plan years beginning after December 31, 2007 using the “Applicable Mortality Table” as defined in Plan Section 1.39 and the “Applicable Interest Rate” as defined in Plan Section 1.40.”
This Amendment shall be effective for the payment of pensions with completed applications received in the Fund office on or after July 1, 2008.
All other terms and conditions of the Plan shall remain in full force and effect.
Executed this 17th day of July, 2008, at Commerce, California.
BOARD OF TRUSTEES
SOUTHERN CALIFORNIA IBEW-NECA
PENSION PLAN
By: Signature on File
Chairman
By: Signature on File
Secretary