Should Amendments be made, they will be posted on this web page until a new ITPEU Pension Plan book is printed. Portions of the Pension Plan which have been Amended will be highlighted per this example in yellow.
AMENDMENT 2015-1 TO THE ITPEU PENSION PLAN SUMMARY PLAN DESCRIPTION
Effective May 1, 2015, the ITPEU Pension Plan Summary Plan Description shall be amended as follows:
1. Under the heading “How do I become Vested?” Paragraph 1(a) shall be amended by adding the following sentence:
“If you are not vested as of May 1, 2015, you become vested if you perform at least 200 hours of service during any twelve (12) consecutive month period that starts on the annual anniversary date of your employment with an Employer contributing to the Fund and ends on or after May 1, 2015.”;
2. Under the heading “How do I become Vested?” Paragraph 4 shall be deleted;
3. Under the heading “How do I become Vested?” A new Paragraph 5G shall be
added which shall read as follows:
“You start work with a contributing Employer on May 1, 2015. You work over
200 hours during the 12 consecutive month period after your first date of employment. You are vested.
AMENDMENT 2015-1 TO THE ITPEU PENSION PLAN DOCUMENT
Effective May 1, 2015, the ITPEU Pension Plan shall be amended as follows:
1. Section 1.17 shall be amended by adding a new subsection (e) which shall read as follows:
“(e) With respect to any Employee or Participant whose interest in his or her Accumulated Share has not vested prior to May 1, 2015 in accordance with Section 4.2 hereof, the term “Year of Service” shall mean any period of twelve (12) consecutive months ending on or after May 1, 2015, on an annual anniversary date of commencement of such Employee or Participant’s employment with any Employer, during which period such Employee or Participant performs at least 200 hours of service.”
2. Section 1.23 shall be deleted and the remaining portion of Section 1 shall be renumbered accordingly.
3. Section 4.20 shall be amended by deleting subpart (4) and renumbering the remaining portion accordingly.
AMENDMENTS TO ITPEU PENSION PLAN
AMENDMENT 2013-2 TO THE ITPEU PENSION PLAN
Effective September 30, 2011, the ITPEU Pension Plan document shall be amended as follows:
1. Paragraph 1 of Amendment 2011-2 to the ITPEU Pension Plan Document shall be repealed, with the result that effective September 30, 2011, Section 1.11 of the ITPEU Pension Plan shall be amended to read as follows:
1.11 Retires. The term "Retires" or "Retired" shall mean the complete withdrawal by an
Employee from any employment with an Employer as defined in Section 1.06 hereof."
2. Paragraph 4 of Amendment 2011-2 to the ITPEU Pension Plan Document shall be repealed and, effective September 30, 2011, Section 6.02(C) of the Pension Plan shall be amended to read as follows:
"(C) As a condition of payment of any benefit from this Plan to any Participant who has
not yet reached age 62, such Particpant must submit documentation satisfactory to the Trustees that his
employement has been terminated and that he is not currently employed pursuant to a Collective
Bargaining Agreement between the Union and an Employer which requires contributions to this Plan."
AMENDMENT 2013-1 TO THE PENSION PLAN
Effective October 1, 2013, the ITPEU Pension Plan Document shall be amended bu adding a new Section 1.17(d) which shall read as follows:
"(d) With respect to any Employee or Participant whose interest in his or her Accumulated Share has not vested prior to October 1, 2013 in accordance with Section 4.02 hereof, the term "Year of Service" shall mean any period of twelve (12) consecutive months ending on or after October 1, 2013, or an annual anniversary date of the commencement of such Employee or Participant's employment with any Employer, during which period such Employee or Participant performs at least 600 hours of service."
AMENDMENT 2011-2 TO THE ITPEU PENSION PLAN
Effective September 30, 2011, the ITPEU Pension Plan shall be amended as follows:
1. Section 1.11 shall be amended to read as follows:
“1.11 Retires. The term “Retires” or “Retired” shall mean the complete withdrawal by an Employee through voluntary or involuntary termination, from any employment in connection with a Service Contract, or with an Employer as defined in Section 1.06 hereof.”
2. Section 6.02 shall be amended to read as follows:
“6.02. Time of Entitlement to Benefits.
(A) Except as provided in Sub-section (C) herein, a Participant who has Retired after having attained age 62 is entitled to payment of his Accumulated Share as provided by Section 4, in the month following the processing of that Participant’s application or on any later date as he elects, but not later than the Required Beginning Date set forth in Section 2.1 hereof, provided, however, that any Participant entitled to payment of his Accumulated Share whose employment is terminated voluntarily or involuntarily prior to attaining age 62, shall not be entitled to receive any benefit from the Plan until one hundred and twenty (120) days from the date of his termination from employment, provided that Participant has remained Retired."
3. Sections 6.02 (C) and (D) shall be deleted in their entirety.
4. A new subsection (C) of 6.02 shall be added which reads as follows:
“(C) As a condition of payment of any benefit from this Plan to any Participant who has not yet reached age 62, such Participant must submit documentation satisfactory to the Trustees that his employment has been terminated and that he is not currently employed in connection with a Service Contract or pursuant to a Collective Bargaining Agreement between the Union and an Employer which requires contributions to this Plan.”
AMENDMENT 2012-1 TO THE PENSION PLAN
Effective July 1, 2007, Section 6.09 of the ITPEU Pension Plan shall be amended by adding a new paragraph (F) to the end thereof to read as follows:
F) Effective for limitation years beginning after July 1, 2007, for the purposes of applying the limitations of the IRC Section 415, compensation paid or made available during such limitation year shall include compensation paid by the later of 2½ months after an employee’s severance from employment from all Employers or the end of the limitation year that includes the date of the employee’s severance from employment, and that is required to be recognized under Treasury Regulations Section 1.415(c)-2(e).
AMENDMENT 2011-1 TO THE PENSION PLAN
Effective September 30, 2011, Section 5.02 of the ITPEU Pension Plan shall be amended as follows:
5.02 Application of Forfeitures
Forfeitures of Accumulated Shares shall be applied first to payment of the expenses of the Fund. Thereafter, any remaining forfeitures shall be applied in the sole discretion of the Trustees for any purpose which is permitted under the Agreement and Declaration of Trust, the Plan and applicable Law.
AMENDMENTS TO PLAN SUMMARY PLAN DESCRIPTION
AMENDMENT 2013-2 TO THE SUMMARY PLAN DESCRIPTION OF THE ITPEU PENSION PLAN
Effective October 1, 2013, the Summary Plan Description for the ITPEU Pension Plan shall be amended by revising Item A under the heading "How Do I Become Vested?" to read as follows:
"A. Start with the date you become a Participant and, if within one year from that date, you perform at least
1,000 hours of service (600 hours if your employment began before April 1, 2001), you have completed one
Year of Service and you are vested. If you are not vested as of April 1, 2008, you become vested if you
perform at least 800 hours of service during any twelve (12) consecutive month period that starts on the
annual anniversary date of your employment with an Employer contributing to the Fund and ends on or
after April 1, 2008. If you are not vested as of October 1, 2013, you become vested if you perform
at least 600 hours of service during any twelve (12) consecutive month period that starts on
the annual anniversary date of your employment with an employer contributing to the Fund and
ends on or after October 1, 2013.
AMENDMENT 2013-1 TO THE SUMMARY PLAN DESCRIPTION OF THE ITPEU PENSION PLAN
Effective September 30, 2011, the Summary Plan Description for the ITPEU Pension Plan shall be amended as follows:
1. Item 2 of Amendment 2011-1 to the Summary Plan Description of the ITPEU Pension Fund shall be repealed and, effective September 30, 2011 the language under the heading "What does 'Retired' mean under the Plan?", shall be amended to read:
"Retired" means that you have withdrawn completely from any employment covered by a Collective Bargaining Agreement between the Union and your Employer which requires contributions to this Plan.
If you are a vested Participant who has Retired, you shall receive payment of your benefit the month following the month in which you attain age 62, so long as all necessary documentation is received by the Plan Office in time to make such payment. If you are a vested Participant who has Retired and whose employment is terminated voluntarily or involuntarily prior to age 62, you shall not be entitled to receive any benefits until one hundred and twenty (120) days from the date of your termination from employment. This is generally a five (5) month period, since the Plan Office cannot determine that you have not been employed by a Contributing Employer for that one hundred and twenty (120) day period until the month after the one hundred and twenty (120) days has elapsed. If you are due for payment in April or Octobor that payment may be deferred until May or November in order to assure proper crediting of income. As a condition of payment of your benefit, you will be required to submit documentation from your Employer confirming your termination from employment."
AMENDMENT 2011-1 TO THE SUMMARY PLAN DESCRIPTION FOR THE ITPEU PENSION FUND
Effective September 30, 2011, the Summary Plan Description for the ITPEU Pension Fund shall be amended as follows:
1. The language under the heading “Okay, Now I’m vested. There is money in my account. How do I get the money?” shall be amended to read as follows:
“You must be 'Retired'".
2. The language under the heading “What does ‘Retired’ mean under the Plan?”
“’Retired’ means that you have completely withdrawn from employment in connection with a Service
Contract, and you are no longer covered by a Collective Bargaining Agreement between the Union and
an Employer which requires contributions to this Plan, due to either voluntary (quit) or involuntary
(layoff or firing) termination.
These examples should help you:
1. Your employment which is covered by a “Collective Bargaining Agreement between the Union and
your Employer is voluntarily or involuntarily terminated. Within 120 days of such termination start employment in connection with a Service Contract with an Employer who is not a party to a
Collective Bargaining Agreement with the Union requiring contributions to this Plan. You are not considered “Retired” and are not eligible for payment of the money in your account so long as you
remain employed in connection with a Service Contract;
2. Your employment which is covered by a Collective Bargaining Agreement between the Union and an
Employer is voluntarily or involuntarily terminated. Within 120 days of such termination you start
employment in connection with a Service Contract with an Employer who is not a party to a
Collective Bargaining Agreement with the Union requiring contributions to this Plan. You are not
considered “Retired” and are not eligible for payment of the money in your Account so long as you
continue in such employment;
3. Your employment which is covered by a Collective Bargaining Agreement between the Union and an
Employer is voluntarily or involuntarily terminated. More than 120 days have gone by since the date
of termination and you have not resumed employment in connection with a Service Contract or
which is covered by a Collective Bargaining Agreement between a new employer and the Union. You
are considered “Retired” and are eligible for payment of the money in your Account.
If you are a vested Participant who has Retired, you shall receive payment of your benefit the month following the month in which you attain age 62, so long as all necessary documentation is received by the Plan Office in time to make such payment. If you are a vested Participant who has Retired and whose employment is terminated voluntarily or involuntarily prior to age 62, you shall not be entitled to receive any benefit until one hundred and twenty (120) days from the date of your termination from employment. This generally is a five (5) month period, since the Plan office cannot determine that you have not been employed by a contributing Employer for that one hundred and twenty (120) day period until the month after the one hundred and twenty (120) days have elapsed. If you are due for payment in April or October that payment may be deferred until May or November in order to assure proper crediting of income. As a condition of payment of your benefit, you will be required to submit documentation from your Employer confirming your termination from employment.”
3. The heading entitled “When you leave your job, make application for benefits immediately and do not wait for the year to pass. Otherwise, your benefit payment may be delayed for an additional period.” shall be amended to read as follows:
“When you leave your job, make application for benefits immediately and do not wait for the one hundred and twenty (120) day period to pass. Otherwise, your benefit payment may be delayed for an additional period.”
4. The portion entitled “The one year waiting provision will not apply if your termination was due to:” shall be deleted in its entirety.