"Act" means the Employee Retirement Income Security Act of 1974, any amendments to the Act and any regulations issued under the provisions of the Act.
"Annuitant" means an Employee who has retired and (a) who is receiving a Single Life Pension or a 50% Husband-and-Wife Pension under this Plan; or (b) to whom a pension would be paid but for the time required for administrative processing.
"Association" means the National Fire Sprinkler Association, Inc., a membership corporation organized under the laws of the State of New York. Prior to January 1, 1983, the Association was named the National Automatic Sprinkler and Fire Control Association, Inc.
"Beneficiary" means a person (other than the Annuitant) who is (a) legally entitled to receive benefits under this Plan because of his or her designation for such benefits by an Employee or Annuitant under the provisions of Section 5.05 or 7.04; or (b) legally entitled to and receiving or is entitled to receive benefits by operation of law.
"Collective Bargaining Agreement" means the Collective Bargaining Agreements in force and effect between Sprinkler Local Unions and the Association, together with any modifications, supplements or amendments thereto or any other written labor agreement or written contract which requires Contributions to this Fund in a manner acceptable to the Trustees together with any modifications, supplements or amendments thereto.
"Contributions" means the payments made to the Fund by an Employer pursuant to a Collective Bargaining Agreement or other written agreement with the Trustees.
"Covered Employment" means employment covered by a Collective Bargaining Agreement for which Contributions are made to the Fund. The term "Covered Employment" also means work performed by other individuals on whose behalf appropriate Contributions are made to the Fund under a written agreement with the Trustees.
those persons employed by an Employer and on whose behalf payments are required to be made to the Fund pursuant to a Collective Bargaining Agreement or, as additionally defined in the Agreement and Declaration of Trust or policies adopted by the Trustees; and
Non-Collectively Bargained Employees of Employers and Employees of Sprinkler Local Unions who meet the requirements of Section 7.02 of the Plan.
The term Employee does not include any person who has a direct or indirect interest in a sole proprietorship, or a partnership which is an Employer.
"Fund" means the Sprinkler Industry Supplemental Defined Contribution Pension Fund established by the Trust Agreement, and means generally the monies, insurance policies and other things of value which comprise the corpus, income and additions to the Trust Fund.
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 shall not include any time compensated under a Workers' 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 will be computed and credited in accordance with Department of Labor Regulations 2530.200b.
"Hour of Work" means (a) each hour for which an Employee was paid or entitled to payment for the performance of duties for an Employer, and (b) each hour for which back pay, regardless of mitigation of damages, is either awarded or agreed to by the Employer, excluding any hour credited under (a). Hours of Work will be computed and credited in accordance with Department of Labor Regulations 2530.200b-3(d).
"Individual Account" means the account established for each Employee, pursuant to Article III of the Plan.
"Normal Retirement Age" means age 65 or, if later, the age of the Employee on the fifth anniversary of his participation.
"Participant" means a person who has a Contribution made on his behalf to this Fund and who has satisfied the participation requirements of Section 2.03. A Participant ceases to be a Participant when final payment of his Accumulated Share has been made.
"Plan" means the Sprinkler Industry Supplemental Pension Plan. The Plan is a profit sharing plan as defined in the Internal Revenue Code and related regulations.
"Plan Year" means the period from January 1 to the following December 31, inclusive, except that the initial Plan Year commenced July 1, 1977 and ended December 31, 1977.
"Qualified Domestic Relations Order" means a domestic relations order which has been reviewed by the Plan and determined to be a qualified order as defined in Section 203(d) of the Act.
"Retires" or "Retired" or "Retirement" as used herein and as further defined in Section 5.02, means the complete withdrawal by an Employee from any employment which is within the collective bargaining jurisdiction of the United Association of Journeymen and Apprentices of the Plumbing and Pipefitting Industry of the United States and Canada, regardless of whether a Collective Bargaining Agreement actually exists with respect to the employment.
"Sprinkler Local Union" means Sprinkler Fitters Local Unions No. 709, Los Angeles; No. 483, San Francisco; No. 699, Seattle; No. 183, Milwaukee; No. 268, St. Louis; No. 281, Chicago; No. 314, Kansas City; No. 536, Baltimore; No. 542, Pittsburgh; No. 669, Road Local; No. 676, Meriden, CT; No. 692, Philadelphia; No. 696, Newark; No. 703, Buffalo; No. 704, Detroit; and any other Sprinkler Fitter Local Union affiliated with the United Association of Journeymen and Apprentices of the Plumbing and Pipefitting Industry of the United States and Canada who is bound to the Trust Agreement.
"Trust Agreement" means the Agreement and Declaration of Trust entered into as of January 25, 1978, establishing the Sprinkler Industry Defined Contribution Supplemental Pension Fund, including any amendments, supplements or modifications.
"Trustees" means the persons who are serving from time to time as Trustees in accordance with the terms of the Trust Agreement.
"Valuation Date," means the date on which the Trustees determine the value of each Employee's " Individual Account" in accordance with Sections 4.02 and 4.03. The Valuation Dates will be each March 31, June 30, September 30, and December 31 and such other date or dates which may be determined by the Trustees.
Other terms are defined or explained elsewhere as follows: