The Board of Trustees makes the rules and regulations to administer your Pension Plan. By amendment, the Board of Trustees may change the terms, conditions or benefits of your Pension Plan. Only the Board of Trustees
can make a final decision regarding any question, interpretation or application of any part of your Pension Plan. No Employer or Union or any representative of any Employer or Union, in such capacity, is authorized to interpret this Pension Plan.
The Board of Trustees is both the Plan Sponsor and Plan Administrator.
The number assigned to this Plan by the Board of Trustees pursuant to instructions of the Internal Revenue Service is 36-6042061. The Plan number is 001.
If legal disputes involving the Plan arise, any legal documents should be served upon the Board of Trustees, Automobile Mechanics’ Local No. 701 Union and Industry Pension Fund, 500 West Plainfield Road, Countryside,
Illinois 60525.
This Plan is maintained pursuant to collective bargaining agreements between the contributing Employers and the Union.
The Fund Office will provide you, upon written request, information as to whether a particular Employer is a contributing Employer.
Although this booklet is intended to serve as a comprehensive source of information regarding this Pension Plan, it is not the actual Pension Plan document. In the event of any conflict between these two documents,
the actual Pension Plan Document will govern.
The benefits described in this booklet are provided through Employer contributions. The amount of the Employer contributions and the Employees on whose behalf contributions are made are determined by the provisions
of the collective bargaining agreements.
All assets are held in trust by the Board of Trustees for the purpose of providing benefits to eligible Participants and defraying reasonable administrative expenses.
The records of the Plan are kept separately for each calendar year (January 1 through December 31).
This is a defined benefit plan maintained for the purpose of providing retirement benefits to eligible Participants.
The types of benefits provided and the Plan’s requirements with respect to eligibility, as well as circumstances that may result in disqualification, ineligibility, denial or loss of any benefits, are described in
this booklet.
While the Board of Trustees intends to continue your Plan indefinitely, it reserves the right to terminate, modify, suspend, or amend the Pension Plan at any time, in whole or in part. You will be notified of any
changes that are made.
If the Plan terminates or ends, the money in the Trust Fund, to the extent possible, would be used to provide the benefits due according to the priority required by law and stated in the Plan document. Generally, the funds would first be used to
provide the benefits of retired Participants and Participants with longer service, and then would be used to provide the benefits of shorter service Participants.
Benefits may be paid as soon as the Plan termination has been approved by government agencies, or payment could be deferred to a later time. The Board of Trustees, with government approval if applicable, will determine when benefits are to be paid.
Plan Insurance. Your pension benefits under this Plan are insured by the Pension Benefit Guaranty Corporation (PBGC), a federal insurance agency. If the Plan terminates (ends) without enough money to pay all benefits, the PBGC will step in to pay
pension benefits. Most people receive all of the pension benefits they would have received under their plan, but some people may lose certain benefits.
The PBGC guarantee generally covers: (1) normal and early retirement benefits; (2) disability benefits if you become disabled before the Plan terminates; (3) certain benefits for your survivors. The PBGC guarantee generally does not cover: (1) benefits
greater than the maximum guaranteed amount set by law for the year in which the Plan terminates;
(2) some or all of benefit increases and new benefits based on Plan provisions that have been in place for fewer than 5 years at the time the Plan terminates; (3) benefits that are not vested because you have not worked long enough under the Plan; (4)
benefits for which you have not met all of the requirements at the time the Plan terminates; (5) certain retirement payments (such as supplemental benefits that stop when you become eligible for Social Security) that result in an early retirement
monthly benefit greater than your monthly benefit at the Plan’s normal retirement age; and (6) non-pension benefits, such as health insurance, life insurance, certain death benefits, vacation pay, and severance pay. Even if certain of your benefits are
not guaranteed, you still may receive some of these benefits from the PBGC depending on how much money your plan has and on how much the PBGC collects from Employers. For more information about the PBGC and the benefits it guarantees, ask your Plan
Administrator or contact the PBGC’s Technical Assistance Division, 1200 K Street N.W., Suite 930, Washington, D.C. 20005-4026 or call (202) 326-4000 (not a toll-free number). TTY/TDD users may call the federal relay service toll-free at 1-800-877-8339
and ask to be connected to (202) 326-4000. Additional information about the PBGC’s pension insurance program is available through the PBGC’s website on the Internet at http:/www.pbgc.gov.
Rights and Responsibilities. The benefits are paid in accordance with Plan provisions out of a Trust Fund, which is used solely for that purpose. You have always had the right to get answers from the Trustees who administer the Plan. The same basic
rights are incorporated in the Employee Retirement Income Security Act, which Congress adopted in 1974, for application to all benefit plans. Those rights are set forth in the following.
