Section 1.01.     Actuarial Equivalent

"Actuarial Equivalent" means a benefit of equal Actuarial Present Value.

Section 1.02.     Actuarial Present Value.
  1. Except as otherwise provided in this Section, the "Actuarial Present Value" of a benefit will be determined on the basis of the 1971 Group Annuity Mortality Table for males for Employees (for Beneficiaries, a female version will be used). The Actuarial Present Value of a Disability Pension under Sections 3.07 and 3.09, will be determined on the basis of the 1983 Railroad Retirement Board Disabled Annuitants Mortality Table for males for Employees (for Beneficiaries, a female version will be used). However, the use of the 1983 Railroad Retirement Board Disabled Annuitants Mortality Table will not reduce the Actuarial Present Value of a Disability Pension to less than the value of the Vested Pension under Sections 3.05 and 3.06 calculated under the 1971 Group Annuity Mortality Table.

    The interest assumption will be equal to the rate promulgated by the Pension Benefit Guaranty Corporation, effective as of the beginning of the calendar year in which the payment is due to be made, for the valuation of immediate and deferred annuities in terminated non-multiemployer plans that do not close out under a notice of sufficiency.

  2. Effective January 1, 2000, the actuarial assumptions used in calculating the Partial Lump Sum Payment Option under Section 6.03, the Split Level Option under Section 6.07 and the small benefit cash out under Section 7.05(a) and 7.17 will be based on the "Applicable Interest Rate" and the "Applicable Mortality Table" as set forth below:

    1. The “Applicable Mortality Table” for use in the calendar year which contains the Annuity Starting Date is the mortality table described in Revenue Ruling 95-6 or such other table prescribed by the Secretary of the Treasury in accordance with Treas. Reg. Section 1.417(e)-1(d)(2). Effective January 1, 2003, the reference to mortality table prescribed in Revenue Ruling 95-6 is to be construed as a reference to the mortality table prescribed in Revenue Ruling 2001-62 for all purposes under the Plan..

    2. The "Applicable Interest Rate" as defined in Section 417(e)(3)(A)(ii)(II) of the Code is the annualized rate of interest on 30-year Treasury securities during the month of August preceding the Calendar Year which includes the Effective Date of Pension. For purposes of determining the Applicable Interest Rate, the "Stability Period" is the calendar year and the "Look Back Period" is five (5) months.
Section 1.03.     Association.

"Association" means the National Fire Sprinkler Association, Inc. of Patterson, New York, a membership corporation organized under the laws of the State of Delaware.

Section 1.04.     Beneficiary.

Beneficiary” means a person who is:

  1. legally entitled to receive benefits under this Plan because of his or her designation for those benefits by a Participant or Retiree under the provisions of Section 3.17; or

  2. legally entitled to receive benefits by law.

For purposes of Code Section 401(a)(9), a “Designated Beneficiary” is an individual who is designated as a Beneficiary in accordance with this Plan and otherwise satisfies the requirements of Code Section 401(a)(9) and § 1.401(a)(9)-4 of the Treasury Regulations.

Section 1.05.     Calendar Year.

"Calendar year" means the period from January 1 through the next December 31. For purposes of ERISA regulations, the calendar year is the vesting computation period, the benefit accrual computation period, and, after the initial period of employment, the computation period for eligibility to participate in the Plan. The Calendar Year is the Plan Year for the Plan.

Section 1.06.     Collective Bargaining Agreement.

"Collective Bargaining Agreement" or "Agreement" means the Collective Bargaining Agreements between the National Fire Sprinkler Association, Inc. and the Union together with any modifications, supplements, amendments or successor agreements thereto and it will also mean any collective bargaining agreement between an Employer engaged in the Sprinkler Industry and a Participating Sprinkler Local Union which provides for contributions to this Pension Plan.

Section 1.07.     Contributing Employer.

"Contributing Employer" or "Employer" means any employing unit which is a contractor member of the Fire Sprinkler Association or any other employing unit subject to the Agreement and required thereby to make periodic payments to the Fund provided:

  1. the employer has been accepted as a Contributing Employer by the Trustees, and

  2. the Trustees have not, by resolution, terminated the employer's status as a "Contributing Employer" pursuant to Section 12.04 because the employer has failed for a period of ninety (90) days after the due date to make contributions to the Fund as provided for in its Agreement.

Employer also includes Participating Sprinkler Local Unions and other employers participating in the Fund pursuant to an agreement with the Trustees. Except as may otherwise be required by law, an employer will not be deemed a Contributing Employer simply because it is part of a controlled group of corporations or of a trade or business under common control, some other part of which is a Contributing Employer.

Section 1.08.     Contribution Period.

"Contribution Period" means the period during which the employer is a Contributing Employer, with respect to a unit or classification of employees.

Section 1.09.     Covered Employment.

"Covered Employment" means employment of an Employee by an Employer in a category covered by a Collective Bargaining Agreement for which the Employer is obligated by its Agreement to contribute to the Fund. “Covered Employment” also means employment of an Employee by an Employer in a category of work for which the Employer is obligated to make contributions to the Fund pursuant to an agreement with the Trustees or as required by applicable law.

"Covered Employment" does not, however, include employment by an employer after termination of the employer's status as a Contributing Employer, for failure to pay contributions due, pursuant to the provisions of Section 12.04.

Section 1.10.     Employee.

"Employee" means a person who is an Employee of an Employer and on whose behalf payments are required to be made to the Fund pursuant to a Collective Bargaining Agreement as defined in Section 1.06, pursuant to an agreement with the Trustees or as required by applicable law or as the term “Employee” is additionally defined in the Trust Agreement.. The term "Employee" does not include any self-employed person or any person who has a direct or indirect interest in a sole proprietorship or partnership which is a Contributing Employer. The term "Employee" may include a person who is an officer or owner or the relative of an officer or owner of an incorporated employer or a relative of an owner of an unincorporated employer, or who is otherwise involved in the management of an Employer pursuant to rules adopted by the Trustees in accordance with the Trust Agreement.

Section 1.11. ERISA and "Code".

"ERISA" means the Employee Retirement Income Security Act of 1974, as amended. “Code” means the Internal Revenue Code of 1986 as amended.

Section 1.12. Hour of Service.

An "Hour of Service" is each hour for which an Employee is paid, or entitled to payment, by the Employer(s), directly or indirectly, including payments for disability from the National Automatic Sprinkler Industry Welfare Fund as well as each hour for which back pay, regardless of mitigation of damages, is awarded or agreed to by an Employer, to the extent that such award or agreement is intended to compensate an Employee for periods during which the Employee would have been entitled to compensation. However, Hours of Service do not include any time compensated under a workmen's compensation or unemployment compensation law or a plan pursuant to a mandatory disability benefits law and excluding any hours for non-work time in excess of 501 in any one continuous period. Two periods of paid non-work time will be deemed continuous if they are compensated for the same reason (e.g. disability) and are not separated by at least ninety days. Hours of Service are computed and credited in accordance with Department of Labor Regulations 2530.200b.

Section 1.13.     Normal Retirement Age.

"Normal Retirement Age" means age 65 or, if later, the age of the Participant on the fifth anniversary of his participation. Participation before a Permanent Break in Service is not counted.

Section 1.14.     Participant.

"Participant" means a Pensioner or an Employee who meets the requirements for participation in the Plan set forth in Article 2, or a former Employee who has acquired a right to a pension under this Plan.

Section 1.15.      Participating Local Union or Participating Sprinkler Fitter Local Union.

"Participating Sprinkler Local Union" or "Union" means Local 669 and any other Sprinklerfitter Local Union affiliated with the United Association of Journeymen and Apprentices of the Plumbing and Pipefitting Industry of the United States and Canada that participate in the Fund in a manner acceptable to the Trustees.

Section 1.16.      Participation Date.

"Participation Date" means the date a Participating Local Union begins participating in the Plan.

Section 1.17.      Pension Fund.

"Pension Fund" or "Fund" means the National Automatic Sprinkler Industry Pension Fund established under the Trust Agreement.

Section 1.18.      Pension Plan or Plan.

"Pension Plan" or "Plan" means this document as adopted by the Trustees and as thereafter amended by the Trustees.

Section 1.19.      Pensioner.

"Pensioner" means a person to whom a pension under this Plan is being paid or to whom a pension would be paid but for time for administrative processing or suspension of benefits.

Section 1.20.      Trust Agreement.

"Trust Agreement" means the Trust Agreement establishing the National Automatic Sprinkler Industry Pension Fund, made and entered into on January 17, 1957, and as thereafter amended and restated.

Section 1.21.      Trustees.

"Trustees" means the individuals serving as members of the Board of Trustees as established and constituted from time to time in accordance with the Trust Agreement.

Term Section(s)
(a) Break in Continuity 7.06(c)
(b) Break in Service (One-Year Break in Service,
   Permanent Break in Service)
(c) Collectively Bargained Employee 8.01(a)
(d) Compensation 8.01(e)
(e) Continuous Employment 4.02(b)(3)
(f) Determination Date 9.02(c)
(g) Date of Disability 3.07(b)
(h) Disability Pension 3.07 and 3.08
(i) Disabled for his Occupation 3.07(a)(4)(E)
(j) Direct Rollover 7.05(i)(2)(D)
(k) Disqualifying Employment 7.08(a) and (b)
(l) Distributee 7.05(i)(2)(C)
(m) Distribution Calendar Year 7.05(h)(1)(B)
(n) Early Retirement Pension 3.03 and 3.04
(o) Effective Date of Pension 7.05(b)(2)
(p) Election Period 7.05(b)(1)
(q) Eligible Retirement Plan 7.05(i)(2)(B)
(r) Eligible Rollover Distribution 7.05(i)(2)(A)
(s) Gender 12.09
(t) Highly Compensated Employee 8.01(d)
(u) Husband-and-Wife Pension 5.01
(v) Key Employee 9.02(a)
(w) Limitation Year 7.18(i)
(x) Life Expectancy 7.05(b)(1)(C)
(y) Non-Collectively Bargained Employee 8.01(e)
(z) Non-Key Employee 9.02(b)
(aa) Non-Standard Rate 7.06(d)
(bb) Partial Pensions 10.01 and 10.02
(cc) Participation Date (of Sprinkler Local Unions) 4.07
(dd) Payment Options 6.06
(ee) Pension Credits 4.01
(ff) Permissive Aggregation Group 9.02(e)
(gg) Pre-Retirement Surviving Spouse Pension 5.03
(hh) Qualified Spouse 5.02(b), 5.03(b)
(ii) Regular Pension 3.01 and 3.02
(jj) Related Plan 3.15(b)
(kk) Required Aggregation Group 9.02(d)
(ll) Required Beginning Date 7.17(c)
(mm) Retired or Retirement 7.07
(nn) Retroactive Effective Date 7.05(b)(3)
(oo) Spouse 5.01(c)
(pp) Standard Rate 7.06(d)
(qq) Super Top Heavy 9.03(d)(2)
(rr) Suspension 7.08(c)
(ss) Top Heavy Compensation 9.02(f)
(tt) Top Heavy Group 9.02(h)
(uu) Top Heavy Plan 9.02(g)
(vv) Totally and Permanently Disabled 3.07(b)
(ww) Vested Pension 3.05 and 3.06
(xx) Vested Status 7.10
(yy) Year of Vesting Service 4.02