Section V: When You Can Retire

To help meet the different goals and retirement needs, there are various types of pension benefits. Regardless of when you decide to retire, please be sure to complete a retirement application not more than 90 calendar days before your benefit payments are to begin. This form may be picked up at the Administrative Office. After you terminate working in the industry monthly payments begin on the first day of the month coinciding with or following your retirement date.

1. NORMAL RETIREMENT DATE
   You are eligible for normal retirement benefits beginning the first day of the month following your normal retirement date. Your normal retirement date is age 63, provided you have earned 5 years of Credited Service (see Section III. B.) with at least 1 hour of Credited Service on or after July 1, 1998. 1
   
   There are special rules if you have not earned 5 years of Credited Service by age 63. Between age 63 and 65, your normal retirement date is when you earn 5 years of Credited Service. At age 65 or later, your normal retirement date is the date you have at least five years of Plan participation.
   
   The amount of your normal retirement benefit is calculated using the benefit formula explained in Section IV.
   
   
2. EARLY RETIREMENT BENEFIT
   You are eligible to elect to receive early retirement benefits commencing on the first day of the month following the date you attain age 53 and have earned at least 7 years of Credited Service.
   
   If you choose to begin receiving payments between ages 53 and 63, your accrued benefit is reduced to reflect the fact that you will receive payments for a longer period of time. The monthly benefit payment (calculated according to the benefit levels on the date your retirement election is made) is multiplied by the appropriate percentage shown below. These percentages reflect a reduction of 3% per year for ages 57 to 63 and 6% per year for ages 53 to 56.
   
   

   Age	Reduction Percentage	Benefit Percentage
   63 62 61 60 59 58 57 56 55 54 53	0% 3% 6% 9% 12% 15% 18% 21% 27% 33% 39%	100% 97% 94% 91% 88% 85% 82% 79% 73% 67% 61%

   (Note: These percentages are adjusted proportionately for fractional years falling between the ages shown.)
   
   If you retire before age 63 and then return to work in the plumbing and pipefitting industry, your retirement benefit will cease and you will not be permitted to retire again until you reach age 63. At age 63 you will receive your full normal retirement benefit, reduced by the value of any early retirement benefits paid to you. If you accept employment in Noncovered Plumbing and Piping Industry Service after April 1, 1996, your eligibility for early retirement will be restricted or eliminated as described in Section III. D.
   
   
3. UNREDUCED EARLY RETIREMENT BENEFIT
   If you retire after your 58th birthday on or after July 1, 1997, have thirty (30) years of Credited Service, have worked at least 300 hours per year in three of the five Plan Years preceding retirement, and have not worked in Noncovered Plumbing and Piping Industry Service after becoming covered by this Plan, you are eligible to receive unreduced early retirement benefits. If you retire before age 58 and meet the other three requirements, the early retirement reduction factors apply only to years before age 58.
   
   

   Age	Reduction Percentage	Benefit Percentage
   58 57 56 55 54 53	0% 3% 6% 12% 18% 24%	100% 97% 94% 88% 82% 76%

   
   (Note: These percentages are adjusted proportionately for fractional years falling between the ages shown.)
   
   If you retire before age 63 and then return to work in the plumbing and pipefitting industry, your retirement benefit will cease and you will not be permitted to retire again until you reach age 63. At age 63 you will receive your normal retirement benefit, reduced by the value of any early retirement benefits paid to you.
   
   
   
   
4. LATE RETIREMENT BENEFIT
   You may continue to work beyond your normal retirement date. Monthly benefit payments shall be calculated in accordance with the benefit formula as of the last date you participated in the Plan.
   
   Monthly payments will begin on the first day of the month coinciding with or following the date you retire. If you choose to defer the commencement of your benefits while you continue to work, your benefits may be suspended as described in Section VIII. If you defer the commencement of benefits beyond the calendar year in which you attain age 70 1/2, the payments made when you do retire will be actuarially increased to reflect the additional payments you would have received if you had retired at age 70 1/2. If you are a 5% owner as defined in the Internal Revenue Code, distributions must begin no later than April 1 of the calendar year following the year in which you attain age 70 1/2.
   
   If you defer commencement of your benefits after your normal retirement date and do not continue to work, your benefit may be actuarially adjusted to reflect the payments you would have received between your normal retirement date and the date you start receiving benefits.
   
   
   
   
5. DISABILITY RETIREMENT BENEFIT
   If you have become totally and permanently disabled, earned seven or more benefit credits and have been credited with at least 300 Hours of Service per year for at least the most recent three full Plan Years, you are eligible for a disability retirement benefit.
   
   The Trustees require a Social Security Disability Award to establish the existence of a total and permanent disability. Exceptions are permitted only for individuals who have applied for a Social Security award and who suffer from a terminal illness, and for individuals who have not made sufficient payments into the Social Security system to qualify for disability benefits.
   
   Monthly disability benefits begin with the first month Social Security benefits are paid pursuant to your award. If you qualify without an award under one of the two limited exceptions, your benefits will begin on the first day of the month on or after the Trustees determine that you are totally and permanently disabled. You may be required to submit additional information from time to time to confirm the continuing existence and extent of your disability.
   
   The amount of your monthly disability payment is calculated in the same way as a normal retirement benefit, but is based on your years of benefit service at the time you terminate employment due to disability.
   
   The disability benefit is not available to any participant who has accepted employment in Noncovered Plumbing and Piping Industry Service after April 1, 1996, except to the extent that the benefit amount is attributable to service before July 1, 1996.