Individual Accounts
Section 4.01. Establishment of Accounts.

A separate Individual Account will be established for each Participant when Contributions are received by the Fund on his behalf unless an Individual Account has already been established.

Employer Contributions are allocated to a Participant's Individual Account when they are actually received by the Fund. Contributions are made on a monthly basis as required by the Collective Bargaining Agreement. If an Employer makes all of the Contributions in a month as required by the Collective Bargaining Agreement, the Contributions are allocated to the Participants on whose behalf they are made. If an Employer does not make a complete monthly Contribution as required by the Collective Bargaining Agreement, the Employer's delinquency is allocated proportionally among the Employees of that Employer in that month working within the jurisdiction of the Sprinkler Local Union in which the delinquency arose.

Section 4.02. Valuation of Participant's Individual Accounts.

As soon as practical after each Valuation Date, the Fund will determine the amount in each Participant's Individual Account as of the Valuation Date. The amount of each Participant's Individual Account will be the total of the following:

  1. The total of the Adjusted Account Balances of the Participant in each Investment Alternative as of the Valuation Date, determined in accordance with Section 4.03, minus


  2. The administrative expenses of the Plan, to the extent not included in the valuation of each Investment Alternative as provided in Section 4.03, allocated to Participants in proportion to Participants' total Adjusted Account Balances as of the Valuation Date, minus


  3. if applicable, charges to specific individual accounts for the processing of a Qualified Domestic Relations Order or a transfer (other than a roll-over) of the individual account to another Plan. Such charges will be the actual fees and costs incurred by the Plan in connection with the processing of the QDRO or the transfer.


Section 4.03. Valuation of Investment Alternatives.

As of each Valuation Date, before crediting any Contributions to or making any investment transfers to or from a Participant's Individual Account in an Investment Alternative as of that Valuation Date, the fees and expenses of each Investment Alternative and the investment income and gains and losses in asset value in each separate Investment Alternative since the preceding Valuation Date will be credited or charged to Participants' Individual Accounts in such Investment Alternative.

The allocation of the fees and expenses of each Investment Alternative and investment income and gains or losses in asset value in each separate Investment Alternative since the preceding Valuation Date will be in proportion to the Adjusted Account Balances of Participants in such Investment Alternative as of each Valuation Date.

The Adjusted Account Balance of a Participant's Individual Account invested in a separate Investment Alternative is the amount in that Individual Account in the Investment Alternative as of the close of business on the preceding Valuation Date, increased by Employer Contributions actually received as of the current Valuation Date and allocated to the Participant's Individual Account in that Investment Alternative, decreased by any withdrawals, transfers or distributions from the Individual Account in the Investment Alternative since the preceding Valuation Date.

Section 4.04. Termination of Accounts.

An Individual Account will be considered terminated as of the date on which final payment of the Individual Account is made.

Section 4.05. Valuation of Total Fund.

In no event and at no time will the total amount in all Individual Accounts at any Valuation Date exceed the total net assets of the Fund. The Trustees may, at any time, uniformly reduce the amount in each Individual Account if financial circumstances so require, as determined by the Trustees in their sole and absolute discretion. If such an event should occur, then all Individual Accounts will automatically be proportionately reduced so that the total of all Individual Accounts does not exceed the net assets of the Fund.

Section 4.06. No Right to Assets.

The fact that Individual Accounts are established and valued as of each Valuation Date does not give any Participant or others any right, title or interest in the Fund or its assets, or in a Participant's Individual Account, except at the time or times, and upon the terms and conditions provided in this Plan, or as required by law.

Section 4.07. Statements.

Each Participant who has an Individual Account will receive a statement of his or her Individual Account as of the end of each calendar quarter.