Pension Plan Summary Plan Description

1. INTRODUCTION

This Northern California Electrical Workers Pension Plan (Plan) is a multiemployer, collectively bargained, defined benefit pension plan that provides retirement benefits for vested Participants. A Participant is an individual who is owed benefits under the Plan. The Plan contains a formula for determining Participant benefits at retirement. If you are vested, you will be entitled to a monthly benefit at retirement based on your years of service and the formula provided in the Plan.

The Plan was restated effective as of January 1, 2008. Previous Plan documents and amendments govern retirement, eligibility and other issues relating to your benefit before that date. Many Plan provisions have earlier effective dates pursuant to the Internal Revenue Code and applicable regulations.

The Plan is funded by Employer contributions required to be made to the Plan by a collective bargaining agreement or subscription agreement. Plan assets are held in a trust established under the Plan to hold Plan assets ("Trust"). Employees may not make contributions to the Plan, so therefore you do not have an individual account in the Plan. Instead, benefits are based on your years of Pension Credit and Past Service Credit, and the value of those credits when you retire. The amount of your retirement benefit will also depend on when you retire and the benefit option you select. Benefits are also provided upon your becoming permanently and totally disabled, and upon your death.

The current collective bargaining agreement between IBEW Local 6 and the San Francisco Electrical Contractors Association, and individual Employers if applicable, requires employers to contribute to the Plan's Trust at fixed rates per hour for each hour worked by their covered employees. Subscription agreements currently require the same fixed rate contributions from Employers.

Prior Plan provisions recognized benefits accrued by employees covered under a Motor Shop Agreement and a Neon Sign Agreement. Because neither of these agreements are in effect, Participants who have accrued benefits under them are generally subject to Plan terms contained in those prior documents. If you think those provisions may affect your benefits, contact the Plan Office for more information. This summary does not provide a comprehensive summary of special rules that apply to benefits accrued under the Motor Shop and Neon Sign agreements.

The Plan is governed by a federal law known as the Employee Retirement Income Security Act of 1974, as amended (ERISA). Certain vested Plan benefits are insured under the Pension Benefit Guarantee Corporation (PBGC), which was established under ERISA. The PBGC does not, however, guarantee all types of Plan benefits and the amount of benefit protection is subject to limitations.

This table will help you find several terms that are used in this booklet in addition to those defined above: