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Annuity Plan

 
Plan Definitions

ARTICLE 1. DEFINITIONS
(As used herein)

Unless the context of subject matter otherwise requires, the following definitions shall govern the Plan:

"Accumulated Share" means the amount payable from an Individual Account as defined and described in Section 3.01.

"Annuitant" means an Employee who Retirees and who receives a benefit from the Plan.

"Annuity Plan" or "Plan" means the Bay Area Painters and Tapers Annuity Plan established pursuant to the Collective Bargaining Agreements and the Trust Agreement and any modification, amendment, or extension of said Plan.

"Annuity Starting Date" for a Participant means the first day of the first calendar month starting after the Participant has fulfilled all of the conditions for benefits including the filing of an application.

"Association" means the Chapters of the Painting and Decorating Contractors Association or the Northern California Drywall Contractors Association, which are parties signatory to the Trust Agreement.

"Beneficiary" means a person designated by a Participant pursuant to the Plan or by the terms of the Plan who is or who may become entitled to a benefit under the terms of the Plan.

"Board of Trustees" or "Trustees" means the Board of Trustees established by the Trust Agreement.

"Collective Bargaining Agreement" means any contract by and between the Association, or any Employer, and any Local Union or District Council, including any and all extensions, amendments or renewals thereof.

"Contribution" means the payment made or required to be made to the Annuity Plan by an Employer as determined from time to time by the Board of Trustees. "Contributions" shall also include:

  1. Any supplemental payments made or required to be made to the Annuity Plan by an Employer under the provisions of a Collective Bargaining Agreement or as allowed under Section 1.3 of the Trust Agreement.
  2. Contributions owed for period 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 (USERRA), and Section 414(u) of the Internal Revenue Code, as amended. Contributions owed to the Individual Account of any Participant for a period of Qualified Military Service shall come from investment income or forfeitures, if any, before coming from the Participant’s last employer prior to the period of Qualified Military Service.

    A Participant who have reemployment rights under USERRA shall be credited with hours worked equal to the average amount of hours earned by the Participant during the 12-month period of employment immediately prior to the period of Qualified Military Service (or, if shorter, the period of employment immediately preceding such period).

    The hourly Contribution rate shall be the average of Contributions for all Participants during the Plan Year in which the Qualified Military Service was performed.

"Covered Employment" means work as an Employee as defined in Section 1.12.

"Continuous Non-Covered Employment" means employment for a Contributing Employer in a job not covered by this Plan which is continuous with a Participant’s Covered Employment with the same Contributing Employer. A period of Non-Covered Employment will be considered to be continuous with Covered Employment only if there is no termination of employment between the periods of Covered and Non-Covered Employment.

"District Council" means any District Council affiliated with the International Brotherhood of Painters and Allied Trades and which is signatory to the Trust Agreement.

"Employee" means (a) any person who performs work covered by a Collective Bargaining Agreement between the District Council or Local Union and the Association or other employers, and for whom the Employer is obligated to make Contributions to the Annuity Plan and any person who has previously performed work covered by a Collective Bargaining Agreement between an Employer and a Local Union or District Council and who satisfies the requirements adopted by the Trustees; (b) any full-time salaried officer or representative of a District Council or Local Union which extends pension coverage to such officers or representatives pursuant to regulations adopted by the Trustees; (c) any employee of the Board of Trustees who, pursuant to resolution of the Board of Trustees, is included under the Annuity Plan; (d) any other persons who, pursuant to resolution of the Board of Trustees, are included under the Annuity Plan. The term "Employee" does not include any self-employed person, whether a sole proprietor or a partner.

Solely for purposes of testing for compliance with the nondiscrimination regulations under Section 401(a)(4) of the Internal Revenue Code, all leased employees as defined in Code §414(n) or §414(o) who have performed services for a Contributing Employer on a substantially full-time basis for a period of at least one year shall be treated as employed by a Contributing Employer except to the extent such leased employees are excluded in accordance with Code Section 414(n)(5).

"Employer" or "Contributing Employer" means any corporation, individual or partnership which has presently in force, or hereafter executes, or is a member of a chapter of the Association or is a member of any employer association, which has executed on its behalf, or is otherwise bound by, a Collective Bargaining Agreement with a Local Union or District Council, which Agreement provides for Contributions into the Annuity Plan, and shall also include any employer who may be authorized by the Trustees to make payments into the Annuity Plan on behalf of particular employees, and any District Council or Local Union which extends pension coverage to its full-time salaried officers and representatives pursuant to regulations adopted by the Board of Trustees, and also the Board of Trustees. An employer shall not be deemed a Contributing Employer simply because it is part of a controlled group of corporations (within the meaning of §1563(a) of the Internal Revenue Code, determined without regard to §1563(a)(4) and (e)(3)(C), or of a trade or business under common control (within the meaning of §414(c) of the Internal Revenue Code), some other part of which is a Contributing Employer.

"ERISA" means the Employee Retirement Income Security Act of 1974 as amended and any regulations issued pursuant thereto.

"Fiscal Year" means January 1 to December 31 of any one year.

"Fund" means the Bay Area Painters and Tapers Pension Trust Fund and shall include all Contributions - designated for the Bay Area Painters and Tapers Annuity Plan - to the Fund created under the Trust Agreement received by the Trustees under the said Collective Bargaining Agreements and any additional Contributions thereto that may hereafter be agreed upon by the parties under these said Collective Bargaining Agreements, or other collective bargaining agreements between the parties, or any modification, amendment, revision or extension thereof, together with all income, increments, earnings and profits therefrom, and all other funds (as defined in the Trust Agreement) received by the Trustees for the uses, purposes and trusts set forth in the Trust Agreement.

"Highly Compensated Employee" means each highly compensated active employee and highly compensated former employee of a Contributing Employer. Whether an individual is a highly compensated employee is determined separately with respect to each Contributing Employer, based solely on that individual’s compensation from or status with respect to that Contributing Employer.

A highly compensated active employee is an employee of the Contributing Employer who performs service for the Contributing Employer during the determination year and who:

  1. During the look-back year received compensation from the Contributing Employer in excess of $80,000 (as adjusted under Section 414(q) of the Internal Revenue Code) and was one of the top 20 percent (20%) of the employees of the Contributing Employer during the look-back year when ranked on the basis of the compensation during that year.
  2. Is a five percent (5%) owner at any time during the look-back year or the determination year.
  3. The "determination year" is the Plan Year for which the test is being applied, and the "look-back year" is the 12-month period immediately preceding that Plan Year.

A "highly compensated former employee" is an employee who was a Highly Compensated Employee when he or she separated from service or was a Highly Compensated Employee at any time after attaining age 55. The determination of who is Highly Compensated Employee will be made in accordance with Section 414(q) of the Internal Revenue Code and the regulations thereunder.

"Hours of Work" means hours for which an Employee, as defined in Section 1.12, is paid, or entitled to payment, for the performance of duties for a Contributing Employer. "Hours of Work" shall also include hours for which back pay, irrespective of mitigation of damages, is awarded or agreed to by an Employer, to the extent that such award or agreement is intended to compensate an Employee for periods during which the Employee would have been engaged in the performance of duties for the Employer.

"Individual Account" means the account established for each Participant pursuant to Section 3.01 of the Plan.

"Local Union" means any local union affiliated with District Council Nos. 8 or 16 of the International Brotherhood of Painters and Allied Trades, which local union is a party to a Collective Bargaining Agreement requiring Contributions to the Annuity Plan.

"Non-Bargained Employee" means an Employee whose participation in the Annuity Plan is not covered by a Collective Bargaining Agreement.

"Participant" means any Employee who meets the requirements of Article 2 for participation in the Annuity Plan.

"Plan" means the rules and regulations set forth herein.

"Qualified Domestic Relations Order" means a domestic relations order which has been determined, pursuant to procedures established by the Board of Trustees, to be a qualified domestic relations order as defined in §206(d) of ERISA.

"Qualified Military Service". Notwithstanding any provision in the Plan to the contrary, a Participant’s benefits shall include Contributions (but not investment income or forfeitures) 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 (USERRA), and Section 414(u) of the Internal Revenue Code, as amended.

Qualified Military Service will be counted for purposes of crediting a Participant’s Individual Account with Contributions provided the following conditions are satisfied:

  1. Participant must have reemployment rights under USERRA in order for his period of Qualified Military Service to be recognized.
  2. The Participant must be an active Participant in the Plan.
  3. After discharge from Qualified Military Service, the Participant must return to work within the time frame required by USERRA.
  4. No more than five years of Qualified Military Service may be recognized for any purpose, except as required by law.

"Required Beginning Date" means the April 1 following the calendar year in which the Participant attains age 70½ or, if later, retires. Effective January 1, 1989, Required Beginning Date means the April 1 following the calendar year in which the Participant attains age 70½, regardless of whether the Participant Retires.

"Retires" or "Retired" means the complete withdrawal by a Participant from employment for wages or profit as a painter or taper in the geographic area covered by the Annuity Plan.

The date of retirement shall be deemed to be (a) the first day on the month following the sixth consecutive month for which Contributions cease to be required on the Participant’s behalf, or (b) the effective date of pension payments from the Bay Area Painters and Tapers Pension Plan or (c) the date of commencement of primary Social Security Benefits, whichever is the earliest date.

"Spouse" means a person to whom a Participant or Annuitant is legally married.

"Trust Agreement" means the Trust Agreement dated January 1, 1960, establishing the Bay Area Painters Pension Trust Fund and any modification, amendment, extension or renewal thereof.

"Valuation Date" means the last business day of each Fiscal Year.

Contact Plan Administrator

Telephone NumberPhone:
(866) 894-3705

ContactEmail:
paintersinfo@hsba.com

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4160 Dublin Boulevard, Suite 400
Dublin, CA 94568-7756

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