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5. WHAT YOUR MONTHLY BENEFITS WILL BE

A. NORMAL RETIREMENT BENEFITS

The following schedules apply in determining the amount of benefit you will receive if you retire on or after the effective date of this booklet, and you receive a Single Life Annuity benefit, commencing at normal retirement age. This amount is called your Normal Retirement Benefit.

BASIC BENEFIT AMOUNTS

Past Service: $12.00 per month for each year of Past Service Credit during the period from July 1, 1940, to June 30, 1960, up to a maximum of twenty (20) years.

Future Service:

• $17.00 per full year of Credited Service earned from July 1, 1960 to June 30, 1970. A year of Credited Service for this period is 2,000 hours. If you had fewer than 2,000 hours of service, you will receive a percentage of $17.
• 2.1% of your average monthly straight-time wages earned during each Plan Year from July 1, 1970 through July 31, 2007, determined by taking your total straight time wages for the year and dividing them by 12.
• Effective August 1, 2007, for the period from August 1, 2007 through December 31, 2007, Participants who had 750 or more hours of covered employment for a contributing employer in the 2007 Plan Year were credited with the fixed amount of $8.33.
• Effective January 1, 2008, Participants who had 750 or more hours of covered employment for a contributing employer were credited with the fixed amount of $20.00 for that Plan Year.

All benefit accruals ceased on the date your employer ceased to have an obligation to contribute to the Plan on your behalf.

If you were part of a bargaining unit which began participation in the Plan on a deferred effective date, your benefit rates may be different from the above, according to what the Trustees determined to be actuarially sound and fair to all of the employees covered by the Plan.

INCREASES

Note that the basic benefit amounts above have been increased from time to time by the Trustees for qualifying employees so that the effective benefit amounts for qualifying employees were higher. For example, a Participant retiring on January 1, 2007 who had performed 160 hours of covered employment in the Plan Year ending December 31, 2000, would be credited with an amount of Retirement Income equal to the sum of the following amounts:

Past Service: $20.77 per month for each year of Past Service Credit during the period from July 1, 1940 to June 30, 1960, up to a maximum of twenty (20) years.

Future Service:

• $29.43 for each year in which he or she had 2,000 or more hours of service during the July 1, 1960 through June 30, 1970 Plan Years; or, if the Participant had fewer than 2,000 hours of service in any of those Plan Years, a percentage of $29.43 in proportion to the number of hours of service; plus
• 4.12% of the average, monthly, straight time wages earned during each Plan Year from July 1, 1970 through June 30, 1989, computed by dividing the total straight time wages earned during the year by twelve; plus
• 3.23% of the average, monthly, straight time wages earned during each Plan Year from July 1, 1989 through December 31, 1994, computed by dividing the total straight time wages earned during the year by twelve; plus
• 2.83% of the average, monthly, straight time wages earned during each Plan Year from January 1, 1995 through December 31, 1997, computed by dividing the total straight time wages earned during the year by twelve; plus
• 2.69% of the average, monthly, straight time wages earned during the 1998 Plan Year, computed by dividing the total straight time wages earned during the year by twelve; plus
• 2.31% of the average, monthly, straight time wages earned during the 1999 Plan Year, computed by dividing the total straight time wages earned during the year by twelve; plus
• 2.19% of the average, monthly, straight time wages earned during the 2000 Plan Year, computed by dividing the total straight time wages earned during the year by twelve; plus
• 2.1% of the average, monthly, straight time wages earned during each Plan Year from January 1, 2001 through December 31, 2006, computed by dividing the total straight time wages earned during the year by twelve.

In addition, the Trustees have adopted numerous benefit increases for retirees. See Section XI of the Formal Plan Text for the rules for calculating the amount of your pension. If you need additional information or assistance in determining your accrued benefit, contact the Administration Office.

B. ADJUSTMENTS TO YOUR NORMAL RETIREMENT BENEFIT

There are two types of adjustments to your Normal Retirement Benefit:

Early Retirement

If you receive Early Retirement benefits, there will be an actuarial reduction to your Normal Retirement Benefit so that the amount which you receive will not exceed the value of your accrued Normal Retirement Benefit on your early retirement date. This reduction in your monthly benefit payment reflects the fact that you will probably be receiving benefits longer than someone retiring at age 65. The Early Retirement adjustment factors are stated in Appendix B at the end of this booklet.

Actuarial Adjustment for Form of Benefits

If you receive a form of benefit other than the Single Life Annuity, your benefits will be adjusted to reflect your form of benefit, and your age and the age of your spouse , so that the form of benefit you select has the same estimated value as your Normal Retirement Benefit. For example, if you choose the 50% Joint and Survivor Annuity, your benefit will be reduced by 12%, plus or minus 0.5% for each year that your spouse is older or younger than you. The adjustment factors are stated in Appendix A at the end of this booklet. When you apply for benefits, you may ask for estimates of how much you would receive under the available options.

C. EXAMPLES OF BENEFIT CALCULATIONS:

Normal Retirement: Let's say you are retiring at age 65 and have accrued a normal retirement benefit of $800 per month. Here's what you would receive in different situations.

(1) Single Life Annuity: Your monthly benefit will be $800 for life. No further benefits will be paid following your death.

(2) 50% Joint and Survivor Annuity. Let's say you are married and have a spouse 3 years younger, and you elect the 50% Joint and Survivor Annuity. Your monthly benefit amount will be $692 ($800 x .865, the 50% Joint and Survivor factor for a spouse who is 3 years younger than the retiree). If you die and your spouse is still living, your spouse will receive $346 (50% of $692) for life. No further benefits will be paid after the death of your surviving spouse.

(3) 75% Joint and Survivor Annuity. If you elect the 75% Joint and Survivor Annuity and have a spouse 3 years younger, your monthly benefit amount will be $652 ($800 x .815, the 75% Joint and Survivor factor for a spouse who is 3 years younger). If you die and your spouse is still living, your spouse will receive $489 (75% of $652) for life. No further benefits will be paid after the death of your surviving spouse.

Early Retirement: Let's say instead that you retire at exactly age 62, with a Normal Retirement Benefit of $800 per month. In that case, all of the benefit amounts listed above would be reduced by 27.46%.

(1) Your Single Life Annuity benefit would be $580.32 per month.

(2) Your 50% Joint and Survivor Annuity benefit would be $501.98 for life, followed by a survivor benefit of $250.99.

(3) Your 75% Joint and Survivor Annuity benefit would be $472.96 for life, followed by a survivor benefit of $354.72.