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vesting service

Vesting is used to establish your right to a benefit even if you leave Covered Employment. If you have at least five years of vesting service before you incur a break in service, you will be considered 100% vested in the Plan and will be entitled to a benefit in the future, provided you were a participant on June 1, 1999 and worked at least one hour of Covered Employment on or after June 1, 1999. If you left Covered Employment prior to June 1, 1999, you will need 10 years of vesting service to have a right to a pension.

Earning Years of Vesting Service

You will earn one year of vesting service for:

1. Each Plan Year (June 1 through the following May 31) that you had an hour of work before June 1, 1974, and
2. Each Plan Year on or after June 1, 1974 in which you had accumulated 300 or more hours of work in Covered Employment.

You will be credited with one year of vesting service in this Plan for each year of vesting service you had earned under the Plumbers and Pipefitters National Pension Fund, if you were a member of Local 383 and:

• A participant in the Plumbers and Pipefitters National Pension Fund immediately preceding your participation in this Plan, or
• You became a participant in this Plan prior to forfeiting your vesting service in the Plumbers and Pipefitters National Pension Fund.

If you are a former Local Union #81 Pension Plan participant and you earn years of vesting service in this Plan after June 1, 2000, your years of vesting service under the former Local Union #81 Pension Plan will count as vesting service under this Plan as outlined in more detail in the Retirement and Pension Summary Plan Description (SPD) booklet.

Breaks in Service

Until you have met the requirements for a pension, it is possible for you to lose your years of vesting service through a break in service. A one-year break in service occurs if you do not earn 300 hours in Covered Employment in a year. If your consecutive year breaks equal or exceed the greater of five or the number of your years of vesting service, you have a permanent break in service, are no longer a participant under the Plan, and your accumulated years of vesting service are cancelled. Some breaks are exceptions to the break in service rules.

In addition, if the Trustees improve the pension amount after you retire or separate from Covered Employment and incur a one-year break in service, you will not be eligible to receive the pension increase for any service performed prior to the date you Retired or separated from Covered Employment.

Refer to the Retirement and Pension Summary Plan Description (SPD) booklet for more details.