AMENDMENT TO THE
LABORERS LOCAL 17 PENSION FUND PLAN
SUMMARY OF MATERIAL MODIFICATIONS
Amended Effective January 1, 2012
This notice has been prepared as required by the regulations to advise you that the Laborers Local 17 Pension Fund Plan has been amended to create a Tier II Plan of Benefits for all employees who first work in contributory employment on or after January 1, 2012. Tier I Plan of Benefits will remain in effect for employees who were participants as of January 1, 2012, or who worked in contributory employment during the 2011 Plan Year and become participants by January 1, 2013.
Normal Retirement Pension —upon attaining the age of 65 and 5 years of vesting service a participant shall be eligible to receive a Normal Retirement benefit calculated as follows:
Tier I — Plan of Benefits — remains unchanged
Tier II — Plan of Benefits — the basic future service credits and additional future service credits shall be multiplied by $40 per month
Early Retirement Pension — Tier I — Plan of Benefits —remains unchanged
Early Retirement Pension — Tier II — Plan of Benefits —the monthly amount of a participant's early retirement benefit is his Normal Retirement Benefit determined as of his Early Retirement Date, reduced by '/2 of 1% per month for each month that the participant's Early Retirement Date precedes his 65th birthday. An active participant who attains age 57 after achieving at least 30 years of Basic Future Service Credit or at age 62 achieving at least 20 years of Basic Future Service Credit may retire early with no reduction in benefit. For purposes of the early retirement computation of benefits, no more than one year of Basic Future Service Credit may be counted in any one Plan Year.
Should you have any questions regarding this notice please contact the fund office:
451 B Little Britain Road Newburgh, NY 12550
NOTE: This document is a Summary of Material Modifications. It should be kept with your Laborers Local 17 Pension Fund Plan Summary Plan Description.
Employer Identification Number (EIN): 14-6025196 Plan Number: 001
Date: November 11, 2011