You are eligible for benefits from the Plan if, in accordance with Plan rules, you:

• retire;



• become totally and permanently disabled; or



• separate from employment.

This booklet describes the rules for receiving benefits in each of these circumstances.

When you become eligible for the payment of your benefit, the amount you receive is equal to the value of your Individual Account determined as of the date benefits are paid to you. See page 8, which describes how the value of your Individual Account is determined. The value of your Individual Account includes employer contributions that have been received on your behalf, your share of the investment income, gains and losses value and expenses of the investment option you have selected, as well as your share of the general Plan administrative expenses.

To be considered retired under the Plan, you must completely withdraw from any employment in the piping industry, that is, employment of the type that is within the collective bargaining jurisdiction of the United Association, whether or not the employment is actually covered by a collective bargaining agreement.

You must also meet the age and other conditions for a retirement benefit stated in the Plan.

A Retirement Benefit is payable when you:

• completely withdraw from employment in the piping industry;



• apply for your benefit; and



• you are either:



1. age 65 or over; or



2. age 55 or over and you provide proof that you are receiving a pension from the National Automatic Sprinkler Industry Pension Plan or another collectively bargained pension plan. (If you are not vested in the NASI Plan or another Pension Plan, you must provide evidence that you are receiving Social Security retirement benefits.)

You may choose to withdrawal only a portion of your Individual Account as a Retirement Benefit. If you receive only a portion of your Account, you must file a new application when you wish to receive additional benefits from your Account. You must meet the requirements for a Retirement Benefit at the time that you file your application for additional Retirement Benefits.

A Separation Benefit is payable if you have "separated" from employment as defined below. You must apply for a Separation Benefit; it will not be paid automatically.

The definition of "separation" changed on January 1, 1996. For the portion of your Individual Account based on your employment before 1996, you have separated when you meet the requirements of either the old rule or the new rule. For the portion of your Individual Account based on your employment in 1996 and later, only the new rule applies.

For the portion of your Individual Account based on your employment before 1996, you separate on the earlier of:

• The end of the second calendar year following the calendar year in which you last work in employment covered by the Plan or in which you last work for an employer who contributes to the Plan (even if the employer does not contribute to the Plan on your behalf).
  
  or



• The end of a period of 12 consecutive months during which you have not worked in employment covered by this Plan or performed any direct or indirect services for any employer in the piping industry whether or not you are paid for those services.

For the portion of your Individual Account based on your employment in 1996 and later, you Separate at the end of a period of 12 consecutive months during which you have not worked in employment covered by this Plan or performed any direct or indirect services for any employer in the piping industry whether or not you are paid for those services.

You may not be eligible to receive your entire Account at the same time as a Separation Benefit. You may also choose to withdraw only a portion of your Individual Account as a Separation Benefit. If you receive only a portion of your Account, you must wait at least 12 months and file a new application when you wish to receive additional benefits from your Account. You must meet the requirements for a Separation Benefit at the time that you file your application for additional Separation Benefits.

There is also a special separation rule for small accounts (under $2,500). Effective January 1, 2005, you are eligible to receive a separation benefit of your small account if you are not working for an employer maintaining the Plan and you have not worked in employment covered by the Plan for the most recent six consecutive months.

Your Individual Account is payable as a Disability Benefit at any age if you are totally and permanently disabled. You are totally and permanently disabled if you are completely unable to engage in Covered Employment and it is reasonably certain that your condition will continue for your remaining lifetime.

In order to receive a Disability Benefit, you must apply for it, and provide proof of your total and permanent disability. The evidence of your disability which may be submitted includes proof of your entitlement to Social Security Disability Benefits or medical reports sufficiently detailed for the Trustees to determine whether you are totally and permanently disabled. In addition, the Trustees may require you to be examined by a physician selected by the Trustees.