The Plan is established under collective bargaining agreements between U.A. 447 and employers or employer associations. It is funded by employer contributions for eligible employees. The Plan is administered and maintained by a Joint Board of Trustees, consisting of equal numbers of Employer Trustees and Union Trustees. The Plan, originally effective December 19, 1956, has a designated fiscal year from December 1 through November 30.

VACATION BENEFITS

To be eligible for vacation benefits, an employee must work for one or more participating employers, and the employer(s) must make contributions to the plan on behalf of the employee.

An eligible employee is entitled to payment of amounts contributed on his or her behalf by employers during the fiscal year, minus authorized transfers, plus a pro-rata share of earnings less administrative expenses. An annual payment is made to all eligible employees in December. Each employee is permitted to draw vacation benefits at other times as permitted by the Trustees, up to a maximum of two additional withdrawals during a fiscal year. A special withdrawal will be authorized in the event of bona fide hardship or emergency. An employee leaving the jurisdiction of Local 447 may request vacation benefit payments sixty (60) days after leaving the jurisdiction.

TRANSFERS TO SAVINGS ACCOUNTS AND SPECIAL PURPOSE ACCOUNTS

The first $1.43 per hour, or such other amount as may be established by the Trustees, is deducted from employer contributions on behalf of each eligible employee for each calendar month and deposited in a savings account in the name of that employee. All contributions for travelers, less authorized deductions, are deposited in individual savings accounts. An employee may withdraw any amount deposited in his or her account at any time. If authorized in writing by the employee, the amount or amounts established from time to time by the membership of Local 447 are deducted from the employer contributions made to the Plan on behalf of that employee and transferred to a special purpose account or accounts owned by Local 447 and expressly designated on the authorization form. Trustee Jurisdiction does not include validation of the authorization procedure nor oversight of the use of funds.

CONTRIBUTIONS FOR RESIDENTIAL/LIGHT COMMERCIAL PARTICIPANTS

Effective July 1, 1994, the sum of $.22 per hour is deducted from the contributions received for each general foreman, senior general foreman, foreman, journeyman, 10th period apprentice and 9th period apprentice. At the end of each fiscal year, the amount deducted, less certain administrative expenses, is divided among Residential/Light Commercial Participants based on the R/LC hours worked by that participant in relation to the total R/LC hours worked during the 12-month period ending on October 31 of the same fiscal year.

UNCLAIMED BENEFITS

Vacation benefits unclaimed within three years of the date when they are due, or vacation checks uncashed within three years after the date of issuance, shall permanently revert to a pooled vacation fund; and if all administrative expenses have been covered, they shall be allocated on a pro-rata basis among eligible employees as additional earnings. In the event of death of any employee who is entitled to vacation benefits, payment shall be made to the beneficiary designated by the employee under the terms of the U.A. Local 447 Health and Welfare Trust or under the terms of this Plan, whichever designation is later. If there is no designated beneficiary, any remaining benefits shall be paid to the employee's surviving spouse or legal representative.

ERISA RIGHTS

As a participant in this Plan, you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974 (ERISA). ERISA provides that all Plan participants are entitled to examine without charge at the administrative office all plan documents, including documents filed with the U.S. Department of Labor, detailed annual reports and plan descriptions, a complete list of participating employers and copies of pertinent collective bargaining agreements. Copies of these documents and other plan information may be obtained by written request to the Plan administrator for a reasonable charge to cover copying costs.

Each participant is also entitled to receive a summary of the Plan's annual financial report. In addition to creating rights for plan participants, ERISA imposes duties upon the people responsible for the operation of the plan. These people, called "fiduciaries" of the plan, have the duty to act prudently and in the interest of you and other plan participants and beneficiaries. No one, including your employer, your union, or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a vacation benefit or exercising your rights under ERISA. If your claim for a vacation benefit is denied in whole or in part, you must receive a written explanation of the reason for the denial, and you have the right to have the Trustees review and reconsider your claim.

Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request materials as provided above and do not receive them within thirty days, you may file suit in a federal court. In such a case, the court may require the Plan administrator to provide the materials and to pay up to $100 per day until you receive the materials, unless they were not sent because of reasons beyond the administrator's control. If you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or federal court. If it should happen that Plan fiduciaries misuse the Plan's money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a federal court. The Court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous.

If you have any questions about your Plan, you should contact the Administrative office. If you have any questions concerning this statement or about your right under ERISA, you should contact the nearest Area Office of the Pension and Welfare Benefits Administration, U.S. Department of Labor.

SERVICE OF PROCESS

Legal process may be served on any Trustee or upon the Plan Administrator, 5841 Newman Court, Sacramento, CA 95819 Phone (916) 457-0821

PLAN TERMINATION

This Plan may be terminated by the trustees, by the bargaining parties, or by operation of law. On termination, any funds remaining after payment of all administrative expenses shall be used to provide vacation benefits to eligible employees.