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Defined Contribution Plan Document

AMENDMENT NO. 16
TO THE SOUTHERN CALIFORNIA IBEW-NECA DEFINED CONTRIBUTION PLAN

This Plan Amendment to the Southern California IBEW-NECA Defined Contribution Plan executed October 21, 2021 is made by the Board of Trustees of the Southern California IBEW-NECA Defined Contribution Trust Fund (“Board of Trustees”) with reference to the following facts and circumstances:

A: In April of 2020 we amended the Plan to permit certain partial taxable distributions to eligible Participants under Article V, Payment on Individual Accounts at Retirement. Such distributions are permitted once during a rolling 365 day time period. We have been requested to delete the 365 day restriction and insert in its place a per calendar year limit. The Board intends that this Plan Amendment, just as the prior Amendment, avoid undue administrative expense to the Plan as a whole.

B: The Board of Trustees desires that this Plan Amendment be first effective for distributions on and after January 1, 2022 and as such this Plan Amendment is effective January 1, 2022. The existing provisions of Article V, Section 4, Subsection (c)(1), Part I remain in place for distributions through and including December 31, 2021. This Plan Amendment acts to expand and in no fashion restrict distribution options available at the time of adoption of this Plan Amendment.

C: The Board of Trustees have reserved to themselves the ability to amend the Plan from time to time.

NOW THEREFORE, the Plan is amended as follows:

Effective January 1, 2022 Article V, Section 4, Subsection (c)(1), Part I is amended to read as follows:

I. Partial Distribution: An initial minimum account balance of $100,000, excluding any defaulted loan balance, is required for a Partial Distribution. This form of benefit allows a Participant to receive between a minimum of $25,000 and a maximum of 25% of the Participant’s account value in a single initial Partial Distribution. One distribution under this (I) is available during a calendar year. Within the remaining calendar year which includes such a distribution, or thereafter, a Participant who has received a Partial Distribution may receive a further distribution of their entire remaining account balance pursuant to subsections (A) through (H). In any and all following calendar years, a Participant who has received a Partial Distribution may take a subsequent calendar year Partial Distribution if their account balance then exceeds $100,000. A Participant who has received one or more subsequent Partial Distributions may receive a further distribution of their entire remaining accounts balance pursuant to subsections (A) through (H).

Executed this 21st day of October, 2021 at Pasadena, California.

Board of Trustees Southern California IBEW-NECA Defined Contribution Trust Fund

By: Signature on File
Chairman

By: Signature on File
Secretary