Thrift Fund

This Fund is a defined contribution pension plan and is administered by a Board of Trustees, consisting of an equal number of Union and Employer Trustees. The Trustees are responsible for carrying out the provisions of the Plan in a fair and equitable way.

Benefits are provided from the Fund’s assets, which are accumulated under the provisions of the collective bargaining agreement and the trust agreement and held in a trust fund for the purpose of providing benefits to covered participants and defraying reasonable administrative expenses.

October 1 through September 31

Under the terms of the collective bargaining agreement between the Union and the Employer, the Employers make contributions to the Thrift Fund on your behalf through the Annuity Fund.

In addition, you make contributions to the Thrift Fund on your own behalf through your Vacation Fund.

The amounts of the Employer contributions and Employee Vacation contri-butions are specified in the collective bargaining agreement and may be changed from time to time.

Individual Accounts are established for Employees. All Employer contributions and Employee Vacation contributions are credited to the Employees’ Individual Accounts. At the end of each fiscal year (September 30) each Employee’s Individual Account is valued according to the following formula:

1. The total market value of his Participant Directed Account (see page 4) as of September 30, plus
2. The total amount of Employer contributions which have not yet been transferred to his Participant Directed Account as of September 30, plus
3. The total amount of rollovers received on his behalf, if any, which have not been transferred to his Participant Directed Account as of Septem-ber 30, plus
4. The total amount of contributions made by the Employee (to the Vacation Fund) and not withdrawn as of September 30, plus
5. Investment earnings, if any, on the Employee Vacation contributions as of September 30, plus
6. Principal and interest paid on an outstanding loan which has not yet been transferred to his Participant Directed Account as of Septem-ber 30, minus
7. Any applicable administrative fees.

You choose how to invest the money in your Participant Directed Account (which does not include your Employee Vacation contributions or the earnings attributable to them) from among the investment fund options. You may invest your Participant Directed Account among any of the funds offered using increments of 1% — with the total amount equaling 100%. You may change how this account is invested daily.

The investment fund options have a variety of investment objectives. These are:

Capital Preservation

Income

Growth and Income

Growth

Life Stage Asset Allocation Portfolios

If you do not make an election, your Participant Directed Account will be invested in a money market fund.

More specific information concerning investment fund options is provided by the investment provider.

Your Participant Directed Account is adjusted for investment earnings or losses on a daily basis. Investment income includes interest, dividends and other earnings and also gains and losses in the market value of the investment funds you select.

Investment fund options available to Participants are subject to change by the Trustees on a periodic basis.

The Plan recordkeeper and custodian charges fees for its services. In addition, the Fund Office charges a monthly fee to defray its administrative costs. Such fees are charged to your Participant Directed Account. All fees are subject to change.

You’re eligible for participation in this Plan if you’re working in a job covered by the collective bargaining agreement between your Employer and the Union, which requires your Employer to make contributions to the Fund on your behalf (this is called Covered Employment).

You are also eligible to be a Plan participant if the Union or the Fund Office is your Employer and contributions are required to be made to the Fund on your behalf.

Once you complete one hour of service in Covered Employment, you are fully vested in both your Employer and Employee Vacation contributions. This means that you are entitled to the full value of your account:

• At the time of your retirement
• At the end of 9 consecutive months during which no Employer contributions were due on your behalf, provided you are not working for the same Employer who made contributions on your behalf (this is called Termination)
• When you become totally and permanently disabled as a roofer.

You may withdraw from the Employee Vacation contributions in your individual Account four times per calendar year.

A $10.00 fee will be assessed for any additional checks.

Participants must give 48 hours notice to the Fund Office to allow for check preparation.

The minimum amount that you may withdraw at one time is $200.00, unless you have less than $200.00 in Employee vacation contributions in your account, in which case the minimum amount that you may withdraw is the total amount of your Employee Vacation contribution.

Please be advised if you withdraw any Vacation Funds during the plan year (October 1- September 30th) you will not be entitled to any interest income whatsoever.

Please see the Summary Plan Description for the rules governing payment of benefits.

If you are married, your spouse is automatically your beneficiary, unless your spouse consents to your naming someone else as your beneficiary. This consent must be in writing and witnessed by a notary public or a representative of this Plan.

• Be sure to complete a beneficiary form available at the Fund Office. You may change your beneficiary designation at any time if you are not married. If you are married, you may only change your beneficiary with your spouse’s consent.
• If you have not designated a beneficiary, or your beneficiary dies before you, the remaining amount will be distributed to your spouse. If you have no spouse, benefits otherwise payable to your beneficiary will be paid to the executor or administrator of your estate.