Annuity Plan Glossary

GLOSSARY

Annuitant

means a participant who is receiving a benefit from the Fund.

Annuity Plan or Plan

means the Plan document as adopted by the Trustees and as thereafter amended by the Trustees.

Annuity Starting Date

means the first day of the first calendar month beginning after the participant has fulfilled all of the conditions for entitlement to benefits and after the later of:

• 30 days after you have submitted a completed application for benefits; or
• 30 days after the Plan advises you of the available benefit payment options, unless the benefit is paid: as a 50% jeiiAhusband-and-sup4v-ývife annuity, at or after your normal retirement age; the benefit is automatically paid as a lump sum; or you and your spouse, consent in writing to begin payments before the end of that 30-day period, provided however, that payment may not be made sooner than the eighth day after the notice was issued by the Plan.
• The Annuity Starting Date will not be later than your required beginning date.

The annuity starting date for a beneficiary or alternate payee pursuant to a Qualified Domestic Relations Order will be determined as above, except that references to the jeinthusband-and-jwwivonwife annuity and spousal consent do not apply.

Beneficiary

means a person, other than you, who is receiving or entitled to receive benefits from the Plan because of designation for the benefits by you and because of the provisions of the Plan.

Collective Bargaining Agreement or Agreement

means a written agreement between the Union and an Employer that requires contributions to the Fund and which is written in conformance with language prescribed by the Trustees.

Contributing Employer or Employer

means an employer who is subject to the terms of the collective bargaining agreement of the Union or International Association; for the purpose of this Trust only, the Union; or any trust, institute, or similar entity. For purposes of identifying highly compensated employees and applying the rules on participation, vesting and statutory limits on benefits under the Fund but not for determining covered employment, the employer" includes all members of an affiliated service group with the employer within the meaning of Internal Revenue Code §414(m) and all other businesses aggregated with the employer under Internal Revenue Code §414(o).

Contributions

means the payments to the Fund by an employer pursuant to the Collective Bargaining Agreement, or other written agreement between the employer and the Union. The term "contributions" as also include contributions owed for periods of qualified military service in the Armed Forces of the United States consistent with and to the extent required by the Uniformed Services Employment and Reemployment Rights Act of 1994, as amended. Contributions owed to your account for a period of military service will come from the assets of the Trust. Additionally, "contributions" also includes contributions owed for periods of work in covered employment that are not remitted by the employer.

Covered Employment

means employment for which an employer is obligated to contribute to the Annuity Plan on or after May 1, 1971 with respect to a particular employee.

District Council

means the Iron Workers District Council of Southern Ohio & Vicinity of the International Association.

Employee

means any person working within the jurisdiction of a Local Union, employed by an employer and for whom a contribution is required to be made to the Trust under a collective bargaining agreement or other written agreement. Employee does not include:

• A sole proprietor who is a contributing employer;
• A partner who is a contributing employer, regardless of the size of the partnership interest; or
• Anyone else whose ownership would, in the opinion of the Trustees, jeopardize the tax-exempt status of the Fund or violate provisions of the Employee Retirement Income Security Act of 1974.

Hour of Work or Service

means:

• Each hour you are directly or indirectly paid, or entitled to payment, by your employer for the performance of duties during the applicable computation period. These hours will be credited to you for the computation period(s) in which the duties were performed.
• Each hour you are paid, or entitled to payment, by your employer when no duties are performed (regardless of whether the employment relationship has ended) due to vacation, holiday, illness, incapacity (including disability), but excluding any time compensated under a workers' or unemployment compensation law, or a plan for mandatory disability benefits law, layoff, jury duty, military duty, or leave of absence. No more than 501 hours of service are required to be credited during these periods. These hours will be credited for the computation period(s) in which the performance period occurred.
• Each hour for which back pay, regardless of mitigation of damages, has been awarded or agreed to by the employer. These hours will be credited for the computation period(s) applicable to the award or agreement rather than the computation period in which the award, agreement, or payment was made.

Individual Account

means the account established for each participant.

Normal Retirement Age means age 65.

Participant

means an Annuitant or an employee who meets the requirements for participation in the Plan, or a former employee who has acquired a right to an annuity under the Plan.

Plan Year or Fiscal Year

means the 12-month period from February 1 through January 31.

Required Beginning Date

, other than a 5% owner, is April 1 st of the calendar year following the calendar year in which you reach age 70 V2 ; provided, however, that you have not elected to defer benefits until you stop working in covered employment and retire.

Trust Agreement

means the Agreement and Declaration of Trust entered into as of April 27, 1971 establishing the Iron Workers District Council of Southern Ohio Annuity Trust or as the same may hereafter be amended.

Union

means those Iron Workers Local Unions affiliated with the District Council and any other Iron Workers' Local Unions affiliated with the District Council accepted for participation in the Annuity Trust.

Valuation Date

means the date on which each participant's account is valued taking into consideration the earnings and losses as well as the expenses being credited or debited as appropriate to each account. The Valuation Date is each business day that the Investment Manager and New York Stock Exchange are open for business, provided however, that the Investment Manager will not be obligated for the valuation of the participant's account in the event that through circumstances beyond its control appropriate prices may not be obtained for the assets held in the Investment Funds.