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Electrical Workers Local No. 26 Individual Account Plan provides you with a retirement benefit that supplements retirement benefits provided by the Electrical Workers Local No. 26 Pension Trust Fund, social security and other retirement benefits. This Plan is intended to be a retirement plan. It is not a savings plan or an account that can be used to supplement current income or, except in special circumstances, meet financial needs during your working lifetime (such as financial needs associated with the purchase of a home, medical treatment or education).

How Your Individual Account Plan Works

Employer Contributions to the Plan

Contributions are made to the Plan on your behalf under the terms of the collective bargaining agreement between Local 26 and signatory employers or pursuant to a written agreement established between the Trustees and certain other employers (participation agreement). The amount of the contribution your Employer is required to make to the Plan on your behalf is specified in the collective bargaining agreement or participation agreement. Employer contribution rates can change from time to time in accordance with the terms of a collective bargaining agreement or Participation Agreement.

As an employee, you are not permitted to make contributions to the Plan.
Contributions may also be made on your behalf through reciprocal payments from other pension plans that participate in the Electrical Industry Pension Reciprocal Agreement. In the event you work in a jurisdiction outside Local 26 and have contributions made on your behalf to a pension plan participating in the Electrical Industry Pension Reciprocal Agreement, that pension plan may make reciprocal payments to this Plan. To be eligible, you must enter into a Reciprocal Payment Allocation Election Agreement. You may obtain a copy of this agreement from Local 26 or the Fund Office. If you have any questions regarding reciprocity, please contact the Fund Office or Local 26.

While the Plan does not accept employee contributions, the Plan does accept rollovers of eligible rollover distributions from any tax-qualified plans or IRAs sponsored by your former employers.

Depending on your marital status when you retire, your benefit amount may be adjusted if you elect a Joint & Survivor form of payment.

How Money in Your Individual Account Can Grow

All contributions made to the Plan on your behalf are placed in a trust fund established to hold the funds for the benefit of all Participants. Once the Plan receives contributions on your behalf, the Plan will establish and maintain an Individual Account on your behalf. Your Individual Account will be used to track your share in the total trust fund.

The money in your Individual Account is invested according to the investment options you choose. Depending on how well your investments perform, the money in your Individual Account can grow, tax-deferred, until distribution of the entire balance of your Individual Account.

Individual Account, Valuation Date, Investment Yield, and Accumulated Share

Throughout this SPD, you will find four important terms: Individual Account, Valuation Date, Investment Yield, and Accumulated Share. Each of these terms is defined below.

• Individual Account
  Individual Account means the separate account established for each participant of the Plan.
• Valuation Date
  Valuation Date means the date on which the assets of your Individual Account are valued, and the Valuation Date for each Individual Account is each day of the Plan Year.
• Investment Yield
  The Investment Yield for any of the Plan’s investment options for each participant is determined on a daily basis by multiplying the participant’s interest (or shares) in each investment option in which the participant is invested by the value of each share for that investment option based on the following amounts:
  (1) the value of that investment option as of the end of the day, and
  (2) the value of that investment option as of the previous Valuation Date.
• Accumulated Share
  Upon the occurrence of any event calling for the payment of a lump sum amount to you or your beneficiary, the amount of such lump sum payment will be:
  • The amount of your Individual Account as of the last preceding Valuation Date; plus
  • Any additional employer contributions made on your behalf, plus any Rollover Contributions received by the Plan on your behalf as of the last preceding Valuation Date and net of any benefit payments made since the last preceding Valuation Date; plus
  • The Investment Yield applicable to your Individual Account as of the Valuation Date preceding your effective date; plus
  • The pro-rata portion of any payment directed by the Trustees to your Individual Account from any revenue credit account maintained by the Plan as of the previous Valuation Date; plus
  • The pro-rata portion of any participant revenue credit amount to your Individual Account as of the previous Valuation Date; minus
  • a share of the Plan’s administrative expenses assessed since the last Valuation Date.

The amount described above is your Accumulated Share.

Your Accumulated Share includes only actual contributions received by the Plan and allocated to you. Employer contributions are made on a monthly basis as required by a collective bargaining agreement. If an employer makes all of the contributions in a month as required by a collective bargaining agreement, the contributions are allocated to the employees on whose behalf they are made. If an employer does not make the monthly contributions as required by a collective bargaining agreement, the employer’s delinquency is allocated proportionately among the employees of that employer in that month.

If the Trustees collect overdue contribution payments from an employer, the contributions will be allocated among the employees of the employer in the month in which they are received by the Trustees. Any amount collected in interest on the contributions will be allocated among the employees of the employer in the month in which the interest is received by the Trustees.

Selecting Your Investment Options

The Plan’s Board of Trustees offers a wide variety of investment options. To review the Plan’s current investment options, log on to https://nb.fidelity.com, contact Fidelity by phone at 1-866-84UNION or contact the Fund Office. Each of the Plan’s investment options has different risks and potential for investment returns. Remember, the choice is yours.

When You May Begin Receiving Your Benefit

You are eligible to receive a distribution from this Plan:

• When you Retire (at age 50 or older).
• When you separate from Covered Employment.
• If you become Totally and Permanently Disabled.

You may also be eligible to receive a Hardship Withdraw in the event of the following immediate and heavy financial needs:

• If you are at risk of losing your home.
• If you have significant medical expenses.

For more information concerning when you may begin receiving a distribution from the Plan, see When You Can Receive Your Benefit.

How You May Receive Your Benefit

You may receive your benefit in a number of forms:

• Normal Forms
  • The Plan’s normal form for married Participants is a 50% Joint and Survivor Annuity.
  • The Plan’s normal form for unmarried Participants is a Life Annuity.

The Plan has been administered so that if a married Participant didn’t waive the 50% Joint and Survivor Annuity or an unmarried Participant didn’t waive the Life Annuity, the Plan would purchase an irrevocable annuity from an insurance company with the Participant’s entire Accumulated Share.

• Optional Forms
  • Single Lump Sum Payment Option
  • Partial Lump Sum Payment Option
  • Fixed Periodic Amount Option
  • Partial Lump Sum with Fixed Periodic Amount Option
  • Fixed Time Frame Option
  • Fixed Percent Option
  • Life Expectancy Option
  • 75% Joint and Survivor Annuity (married Participants only). The Plan will purchase an irrevocable joint and survivor annuity from an insurance company with the Participant’s entire Accumulated Share.

Benefit payment options are described in Your Payment Options.