Summary of Plan Benefits

1. Benefits Covered by Alternative and Default Schedules

Benefits under the Plan are either covered by the benefit provisions under the Plan's Default Schedule or the Plan's Alternative Schedules. The benefit provisions under these schedules are significantly different.

2009 and 2016 Rehabilitation Plans

Effective October 28, 2009, a Rehabilitation Plan was implemented to assist the Plan in recovering from severe investment market downturns. Under the Rehabilitation Plan, each Local Union chose a recovery schedule from a list containing Alternative Schedules and the Plan's Default Schedule. The Plan's Default Schedule decreases benefits to help along the Plan's recovery before considering increasing contributions. The Plan's Alternative Schedules take a balance between decreasing benefits and increasing contributions.

In 2016, the Plan implemented an updated Rehabilitation Plan which provides for additional measures to help the Plan recover.

Default and Alternative Schedules

All Local Unions under this Plan elected one or more Alternative Schedules under the Rehabilitation Plans which generally have the same benefit reductions and similar contribution increases. Benefits earned for service prior to October 28, 2009, and for contributions earned from work with Locals 11, 440, 441 or 477, on or after October 28, 2009, are covered by the Plan's Alternative Schedule.

Benefits earned on or after October 28, 2009, that are based on contributions remitted pursuant to a reciprocity agreement (from areas outside of the Local Unions' geographical area) are subject to the Plan's Default Schedule. The Default Schedule has different and additional benefit reductions from the Alternative Schedules.

The Alternative Schedules and Default Schedule are periodically referred to throughout this SPD to point out when the benefits available under the schedules are different.

Normal Retirement Benefit

A Normal Retirement Benefit is payable to a retired Active, Inactive or Inactive Vested Participant at the later of:

1. age 65; or
2. the 5th anniversary of the date the Participant began covered employment.

Early Retirement Benefit

An Early Retirement Benefit is payable prior to age 65 to a Participant who has retired by severing all employment with contributing Employers (including those Employers who are signatory to a collective bargaining agreement with an IBEW Local Union sponsoring this Plan but are not making contributions on the Participant's behalf¹) after meeting the following age and service requirements:

1. At the later of age 55 and the completion of 10 or more years of Credited Service (15,000 Covered Hours), including at least two (2) Future Service years (3,000 Covered Hours); or
2. For benefits first in pay status prior to April 1, 2017:
   1. At any age with at least 42,500 Covered Hours and at least 23 combined years of credit, based on the number of years of Credited Service through June 30, 1996, plus the number of years of at least 300 hours for Plan Years on and after July 1, 1996; or
   2. At any age with at least 37,500 Covered Hours at retirement. The portion of the benefit accrued in the Plan on or before June 30, 1996, is payable immediately. If a Participant is under age 55 and does not meet the requirements of paragraph A above, the portion of the benefit accrued after June 30, 1996 would be deferred until age 55.
3. For benefits first in pay status on or after April 1, 2017, you can retire at any age with at least 37,500 Covered Hours at retirement. Unless specific requirements are met, your Early Retirement Benefit will generally be actuarially reduced.

¹ A Participant who last worked in covered employment in 2013 and who wishes to begin receiving Early Retirement Benefits in 2015, if eligible, would not be entitled to benefits if currently working as a project manager for a different signatory contractor prior to attainment of age 65 because the Participant has not severed employment with all contributing Employers.

You may qualify for an unreduced Early Retirement Benefit for benefits covered by the Alternative Schedule if, at the time of retirement, you:

1. Are at least age 56;
2. Have 44,500 Covered Hours; and
3. Are an Active Status Participant.

Alternative Schedule benefits subject to a Grace Period reduction would still receive an 0.4% reduction per month prior to age 65 (please see Section 4.4(c) of the Plan Document for further details).

All benefits earned under the Default Schedule are actuarially reduced so that, on average, the total value of benefits paid over a longer Early Retirement Benefit timeframe are equivalent to what would have been paid under the shorter Normal Retirement timeframe. These actuarial reductions also apply to any benefits covered by the Alternative Schedule where you do not meet the following requirements at retirement:

1. Age 56;
2. 44,500 Covered Hours;
3. Active Status.

Prior to age 65, if you work in Non-Covered Electrical Employment after working in covered employment, your Early Retirement Benefit accrued on and after October 1, 1987, will be suspended. Please refer to Question 14, which begins on page 25 for a description of Non-Covered Electrical Employment and how it impacts your right to an Early Retirement Benefit.

Pre-Retirement Death Benefit

A Pre-Retirement Death Benefit is available on behalf of:

1. An Active Participant with five (5) years of Credited Vesting Service; or
2. An Active Participant with 10 years of Total Credited Service including at least two (2) years of Future Service Credit; or
3. Participants who have attained Normal Retirement Age.

The Pre-Retirement Death Benefit is payable to the deceased Participant's surviving Spouse, if any. If the Participant was not married:

1. For benefits earned under the Alternative Schedule, the Pre-Retirement Death Benefit is payable to children under age 21, or a designated Beneficiary.
2. For benefits earned under the Default Schedule, there is no non-Spouse Pre-Retirement Death Benefit.

There is no Disability Benefit available under the Plan for benefits first in pay status on or after April 1, 2017. For Disability Benefits first in pay status prior to April 1, 2017, please refer to the applicable historical SPD.