Defined Contribution Plan Document

ARTICLE V
PAYMENT OF INDIVIDUAL ACCOUNTS AT RETIREMENT

Section 4: Form of Distribution.

  1. Automatic 50% Joint and Survivor Annuity. If a Participant is married on his retirement date, and he and his spouse do not elect otherwise, his Individual Account will be payable in the form of a 50% Joint and Survivor Annuity.

    Under the Automatic 50% Joint and Survivor Annuity, monthly payments will be made to the Participant as long as he survives. If, at the death of the Participant, he is survived by his spouse, monthly payments will continue to the spouse during her remaining lifetime in an amount equal to 50% of the monthly amount payable to the Annuitant under the Automatic 50% Joint and Survivor Annuity.

    A Participant and his spouse may, pursuant to subsection (d) of this Section 4, elect not to receive the Automatic 50% Joint and Survivor Annuity, and may elect instead to receive an optional form of Annuity described in section (b) or (c) below.

  2. Normal Form of Annuity. If a Participant is not married on his retirement date, and does not elect an optional form described in subsection (c), his Individual Account will be payable in the form of a monthly annuity payable to the Participant for his lifetime only.

  3. The optional forms are as follows:
    1. For a married Participant, the optional forms are:
      1. The Normal Form of Annuity described in subsection (b) above.
      2. A single lump sum payment of his Individual Account.
      3. Annual installments over a period of not less than two nor more than five years. The amount of any particular installment is to be determined by the value of the Participant's Individual Account on the Valuation Date preceding the distribution divided by the number of installments remaining to be paid. If the Participant's death occurs before all installments have been paid, the remaining installments will be paid to the Participant's beneficiary.
      4. 66 2/3% Joint and Survivor Annuity. Under the 66 2/3% Joint and Survivor Annuity, monthly payments will be made to the Participant as long as he survives. If, at the death of the Participant, he is survived by his spouse, monthly payments will continue to the spouse during her remaining lifetime in an amount equal to 66 2/3% of the monthly amount payable to the Annuitant under the 66 2/3% Joint and Survivor Annuity.
      5. 75% Joint and Survivor Annuity. Under the 75% Joint and Survivor Annuity, monthly payments will be made to the Participant as long as he survives. If, at the death of the Participant, he is survived by his spouse, monthly payments will continue to the spouse during her remaining lifetime in an amount equal to 75% of the monthly amount payable to the Annuitant under the 75% Joint and Survivor Annuity.
      6. 100% Joint and Survivor Annuity. Under the 100% Joint and Survivor Annuity, monthly payments will be made to the Participant as long as he survives. If, at the death of the Participant, he is survived by his spouse, monthly payments will continue to the spouse during her remaining lifetime in an amount equal to 100% of the monthly amount payable to the Annuitant under the 100% Joint and Survivor Annuity.
      7. Certain and Life Annuity. This Annuity provides for monthly annuity payments commencing on the Participant's Annuity Starting Date and is payable over the lifetime of the Participant. Monthly payments end with the payment due on or before the day the Participant dies but not before the guarantied period of monthly payments have been made. If the Participant dies during the guarantied period, the payments will continue for the remainder of the guarantied period to the Participant's beneficiary. One hundred and twenty (120) monthly annuity payments are guaranteed under the Certain and Life Annuity.
      8. Full Cash Refund Annuity. This form of benefit provides for monthly annuity payments commencing on the Participant's Annuity Starting Date and continuing during the Participant's lifetime. The annuity benefit will end with the last monthly payment due on or before the Participant's date of death. However, upon receipt of the Participant's death certificate, the beneficiary will receive the excess of the cost of the annuity over the total of the annuity benefit payments due the Participant up to and including their date of death.
    2. For an unmarried Participant, the optional forms will be the single sum payment described in subsection (c)(1)(B), the installment payments described in subsection (c)(1)(C), the Certain and Life Annuity described in subsection (c)(1)(G) and the Full Cash Refund Annuity described in subsection (c)(1)(H).

  4. Election of Optional Forms.

    An optional form must be elected by the Participant, and, if the Participant is married, by the Participant and his spouse. Such election must be in writing. A spouse's election must be witnessed by a notary public.

    The election must be made during the one hundred and eighty (180) day period ending on the date distribution of the Participant's benefit will be made or will begin.

  5. Notice Requirements.

    Election of any form of distribution must be made in writing. The period during which any such election may be made ("Election Period") shall be the one hundred and eighty (180) day period ending on the date of benefit commencement which has been elected by the Participant. However, if the Participant has not received the description and explanation of the optional forms of benefits available under the Plan at least 30 days before his elected benefit commencement date, the election period shall end 60 days after the date the description and explanation of optional benefit forms are mailed to the Participant.

    Any such election of a form of distribution or benefit commencement date shall be revocable during the Election Period, except as provided inan individual annuity contract. However, if benefits have commenced, no change in effective date or form of distribution shall be recognized unless arrangements, under reasonable rules established by the Trustees, are made for repayment of any amounts owing to the Plan as a result of the previously elected benefit commencement date.

    Once the election period has expired, a Participant may not change his form of distribution, except as provided in an individual annuity contract. After benefits have commenced to a Participant pursuant to an Automatic Joint and Survivor form, the Participant may not designate a new spouse to be entitled to any benefits payable under said Automatic Joint and
    Survivor form.

    If a Participant is married on the date distribution commences and is electing a form of distribution other than an Automatic Joint and Survivor, described under Section 4(a) above, the election must be made jointly by the Participant and his spouse, and must be made only after the Trustees have provided the Participant and his spouse with a written explanation of the results of an election not to elect an Automatic Joint and Survivor option. A spouse's election must be witnessed by a notary public.

  6. Purchase of Annuities.

    If an annuity becomes payable under Article V, VI, VII or VIII, the Trustees shall provide such annuity through purchase of an annuity contract from an insurance company.

  7. Required Distribution.

    A Participant is not required to receive a distribution of his account under this Plan even if the Participant has retired under the Southern California IBEW-NECA Pension Plan (Defined Benefit Plan) unless the Participant has attained age 70½. In no event will distribution of a Participant's account be made or commence later than April 1 of the calendar year following the calendar year in which the Participant attains age 70½. However, if a participant is not a 5% owner as defined by applicable Treasury Regulations, the Participant attained age 70½ before January 1988, and the Participant is still employed, distributions are required to commence on the date that Covered Employment is terminated. Moreover, if a participant is a 5% owner and the Participant attained age 70½ before January 1, 1988, distributions are required to commence April 1 of the calendar year following the later of:
    1. The calendar year in which he attains age 70½ or
    2. The earlier of
      1. The calendar year with or within which ends the Plan Year in which he becomes a 5% owner, or
      2. The calendar year in which he terminates Covered Employment.
    Effective January 1, 1997, at the option of the Participant, distribution of benefits will commence upon the later of April 1 of the calendar year following actual retirement or attainment of age 70½, if the Participant is not a 5% owner of an Employer. If the Participant opts to defer commencement of benefits under this Section until after actual retirement, the Participant shall file an election form with the Administrative Office of the Trust Fund. Distributions will be made in accordance with the Regulations under Section 401(a)(9) of the Code, including the minimum distribution incidental benefit requirement of Code Section 401(a)(9)(G). Subject to Treasury Regulation 1.411(a)-11(c)(7) and the provisions of this Plan upon receipt of an application from a Participant, a Participant's benefits shall become payable no later than 60 days after the last to occur of:
    1. The last day of the Plan Year in which the Participant attains age 65,
    2. The last day of the Plan Year in which the Participant separates from employment with Employer, or
    3. The 5th anniversary of the last day of the Plan Year in which the Participant commenced participation in the Plan.
    Distributions must be made over the life of the Participant or life of the Participant and the Participant's Beneficiary, or over a period not extending beyond the life expectancy of the Participant or life expectancy of the Participant and his Beneficiary.