Pension Glossary

DEFINITIONS

Actuarial Present Value:

For lump-sum payments on or after February 1, 2000, other than under to a Qualified Domestic Relations Order, unless otherwise specified in the Plan, the actuarial present value of a benefit is determined using the Interest Rate for the 30 Year Treasury Securities (Applicable Interest Rate). The Applicable Interest Rate is effective for lump-sum payments as of February 1, 2000 and is adjusted on the first day of each Plan Year. The Applicable Interest Rate will be determined in December preceding each Plan Year.
For converting the normal form of benefit to all other optional forms, including pursuant to a Qualified Domestic Relations Order after February 1, 2000 and lump-sum payments, the actuarial present value of a benefit is determined using the immediate interest rate of 7% unless otherwise specified in the Plan.
For lump-sum payments and converting the normal form of benefit to all optional forms, unless otherwise specified in the Plan, the mortality assumption will be based on the 1971 Group Annuity Mortality Table

Actuarial Equivalence or Actuarial Equivalent:

Two benefits are of actuarial equivalence if they are of equal actuarial present value based on the actuarial factors and assumptions specified in the provision in which that phrase is used or, if not otherwise specified, based on the assumptions described in the actuarial present value.
For payments to an alternate payee pursuant to a Qualified Domestic Relations Order, when payments begin due to the commencement of a Disability Pension, the mortality assumption is based on the 1971 Group Mortality Table – Female for the alternate payee and the 1965 Railroad Retirement Board – Disabled Life Table for the Participant.

Beneficiary:

A person (other than a Pensioner) who is receiving benefits under this Plan because of his or her designation for benefits by a Participant.

Calendar Year:

The period from January 1 through the next December 31. For purposes of ERISA regulations, the Calendar Year is the vesting computation period, benefit accrual computation period, and after the initial period of employment, computation period for eligibility to participate in the Plan.

Collective Bargaining Agreement:

An agreement between the Union and an Employer that requires contributions to the Fund.

Continuous Employment:

Two periods of employment are continuous and contiguous if there is no quit, discharge, or other termination of employment between the periods.

Contribution Period:

With respect to a unit or classification of employment, the Contribution Period is the period during which an employer is a Contributing Employer with respect to the unit or classification of employment.

Covered Employment:

Employment of an Employee by an Employer in a category covered by the Collective Bargaining Agreement, including employment before the Contribution Period.

District Council:

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

Employee:

A person who is:

• Employed in Covered Employment;
• An Employee of an Employer; and
• Covered by a Collective Bargaining Agreement or any written Agreement requiring Employer contributions on his or her behalf.

If the Union, or any trust, institute, or similar entity participates in the Plan and meets the Plan’s definition of Contribution Employer, Employees with respect to whom such Employer participates in this Plan are to also Employees.
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.

Employer or Contributing Employer:

Under this Plan, an Employer or Contributing Employer means:

• An employer signatory to a Collective Bargaining Agreement with the Union or International Association requiring contributions to this Fund;
• An employer signatory to any other agreement requiring contributions to this Fund provided the Trustees have accepted the employer as a Contributing Employer.
• Any trust, institute, or similar entity that is jointly administered by an association of other employers (or by one or more employers) and by a Union that is established for the purpose of providing training and instruction in the craft of iron working and the entity is approved for status in conformity with the provisions of the Trust Agreement.

An employer is not considered a Contributing Employer simply because it is part of a controlled group of corporations or of a trade or business under common control, some other part of which is a Contributing Employer.
For purposes of identifying highly compensated employees and applying participation rules, vesting, and statutory limits on benefits under the Fund but not for determining Covered Employment, Employer includes all members of an affiliated service group with the Employer within the meaning of Internal Revenue Code Section §414(m) and all other businesses aggregated with the Employer under Internal Revenue Code §414(o).

Fiscal Year:

The period from February 1 through the following January 31. The Fiscal Year is the period various governmental reports are required to be filed by the Board of Trustees as the Plan Administrator.

International Association:

The International Association of Bridge, Structural Ornamental and Reinforcing Iron Workers, AFL-CIO.

Normal Retirement Age:

Age 65, or if later, your age on the fifth anniversary of Plan participation. Participation before a permanent break in service is not counted.

Participant:

A Pensioner or an Employee who meets the requirements for participation in the Plan or a former Employee who has earned a right to a pension under this Plan.

Pension Fund:

The Iron Workers District Council of Southern Ohio & Vicinity Pension Trust Fund established under the Trust Agreement.

Pension Plan or Plan:

The Plan Document and any modification or amendment as enacted by the Trustees.

Pensioner:

A person to whom a pension under this Plan is being paid or to whom a pension would be paid but for time for administrative processing. A Pensioner who has returned to Covered Employment and is accruing benefits on the same basis as other Employees as of the effective date of a benefit increase will not be considered a Pensioner for purposes of that benefit increase.

Required Beginning Date:

April 1 of the Calendar Year following the Calendar Year in which you reach age 70½.

Service or Hour of Service:

Each hour you:

• Are directly or indirectly paid or entitled to payment for the performance of duties. These hours will be credited to you for the computation period or periods in which the duties are performed;
• Are paid, or entitled to payment, by an Employer, directly or indirectly, during which no duties are performed, including payments for disability from the Iron Workers District Council of Southern Ohio & Vicinity Benefit Trust. This does not include any time compensated under a workers’ or workmen’s compensation, unemployment compensation law, or a plan under a mandatory disability benefits law or any hours of non-work time in excess of 501 in any one continuous period. Two periods of paid non-work time will be considered continuous if they are compensated for the same reason (for example, disability) and are not separated by at least 90 days. These hours will be credited for the computation period or periods in which the nonperformance period occurred;
• Have been awarded or agreed to be paid back pay, regardless of mitigation of damages. These hours will be credited for the computation period or periods the award or agreement pertains to rather than the computation period in which the award, agreement, or payment was made.

Service in the Uniformed Services:

The performance of duty on a voluntary or involuntary basis in the Uniformed Services under competent authority, including active duty, active duty for training, initial active duty for training, inactive duty training, full-time national guard duty, and a period you are absent from covered service for an examination to determine the your fitness to perform any duty.

Trust Agreement:

The Agreement and Declaration of Trust entered into October 30, 1962 establishing the Iron Workers District Council of Southern Ohio & Vicinity Trust, and any modification, amendment, extension, or renewal.

Trustees, Board of Trustees, or Board:

The Board of Trustees as constituted from time to time and as designated in the Trust Agreement together with their successors designated and appointed in accordance with the terms of the Trust Agreement.

Uniformed Services:

The Armed Forces, Army National Guard, and Air National Guard when engaged in active duty for training, inactive duty training, or full time national guard duty, Commissioned Corps of the Public Health Service, and any other category of persons designated by the President of the United States in time of war or emergency.

Union:

Those Iron Workers local unions affiliated with the District Council and any other Iron Workers’ local union affiliated with the District Council accepted for participation in the Pension Trust subsequent to February 1, 2002.