Highlights of the I.B.E.W. Local 405
Retirement Savings Plan

The I.B.E.W. Local 405 Retirement Savings Plan is a defined contribution retirement plan provided for Local 405 members through contributions paid by the Contractors. The amount of contribution is defined in the individual collective bargaining agreements through the Cedar Rapids/Iowa City Division, Iowa Chapter National Electrical Contractors Association (NECA) and I.B.E.W. Local 405. Currently the rate of contribution for the Cedar Rapids Inside Agreement is $4.34 per hour. The Iowa City Inside Agreement rate is $2.49 per hour and the Residential rate is $2.50.

The plan was initiated in 1977 with a contribution rate of $.25 per hour. The plan had approximately 125 members at inception and now has over 680 participants.

Members of the plan are allowed to self-direct their funds after they have completed an investment education class and passed a basic investment test. Funds are deposited in the Wells Fargo "Conservative Fund Portfolio" if self-direction is not desired.

Vesting

You are always 100% vested in the plan with the money contributed and the interest earnings on that money.

Managing Your Account

You will receive a personal account statement quarterly. You can call tollfree (888) 245-9798 to obtain information about your account 24 hours a day, seven days a week. Customer Service Representatives are available Monday - Friday from 7:00 am to 10:00 pm CST.

Distributions

The plan is designed to help you save for retirement. The IRS has placed restrictions on when money may be withdrawn from your Plan. You may only withdraw money from your Plan account for these events:

• Reaching the Plan's Normal Retirement Age of 59 1/2 and being completely retired from the employment of electrical work through Local 405 without the likelihood of returning to work prior to age 65
• You are placed on permanent disability through Social Security
• You have not received any contributions to your account by a contributing employer for a period of 12 consecutive months (either local Contractor or pension money reciprocated from another Local) and have not been registered on the Local 405 Out-of-Work list for that 12 month period

Your Summary Plan Description provides more details about making withdrawals from the Plan. You should consult with your tax advisor or counsel as to the income-tax consequences of withdrawals.

Highlights of the
401-K Retirement Savings Plan

Local 405 has established a 401-K Plan through Vanguard to help our members with their retirment goals.

The 401-K savings plan is a self-funded program with members being able to have deductions in $.50 increments per hour not to exceed the maximum allowable $15,000.00 for 2006. Participants over 50 years old may contribute a maximum of $20,000.00 per year. Maximum contributions are set by the Government and are changed each year.

Vanguard funds can be self-directed if desired. Participants must complete a self-directing class sponsored by Wells Fargo and pass a self-directing test to qualify to self-direct. Those who elect to not direct their 401-K investments have their funds automatically deposited in the Vanguard Conservative Growth Fund.

For additional fund information visit http://www.vanguard.com.

Pre-Retirement Checklist for IBEW
Applying For Your IBEW Pension

When To Apply:

Application should be completed three (3) months prior to the date of retirement.

Where To Apply:

You will need to inform the Local 405 staff that you intend to retire and someone from the office will request the forms from the International Office for you.

What To Submit:

• Completed Form from the International Office
• Confrimation from your bank for direct deposit of your check
• Confirmation of you Social Security Number

Your application for retirement needs to be read at the General Meeting of the members of IBEW Local 405 and approved by the members present. Approval from the Internation Office takes approximately one month. Benefits are paid on the last working Friday of the month for the current month and will be deposited into your account by the first of each month.

Pre-Retirement Checklist for NEBF
*compliments of the National Electrical Benefit Fund (NEBF)

This pre-retirement checklist is your guide toward planning a stress free retirment. It will assist you with planning ahead to ensure you have all the necessary documentation ready when you decide to retire. By doing so, you can reduce possible application processing delays due to missing documents or incomplete information.

Each section contains a list of documents and tasks you should obtain or complete at that time period.

I. At least ONE YEAR PRIOR TO YOUR INTENDED RETIREMENT DATE we suggust you obtain THESE REQUIRED DOCUMENTS:

All Participants:

• A legible copy of your Social Security Card issued by the Social Security Administration (metal Social Security Cards are not acceptable).
• A legible copy of your Birth Certificate.

Currently Married:

• A legible copy of your spouse's Social Security Card issued by the Social Security Administration (metal Social Security Cards are not acceptable).
• A legible copy of your spouse's Birth Certificate.
• A legible copy of your Marriage Certificate.
• A legible copy of your spouse's Divorce Decree if she/he was previously married.

Previously Married:

• Legible and complete copies of all signed Divorce Decrees, Qualified Domestic Relations Order (QDRO) separation papers.
• A legible copy of your spouse's Death Certificate if a marriage ended due to death.

II. Aproximately NINE MONTHS PRIOR TO YOUR INTENDED RETIREMENT DATE, you should:

• Submit a written request for a status of your pension benefits from the NEBF along with a completed Work History Inquiry Form and a Social Security Authorization Form. These Forms are available online at www.nebf.com, from your Local Union office or directly from our office.

III. Approximately SIX MONTHS PRIOR TO YOUR INTENDED RETIREMENT DATE, you should:

• Download and print an NEBF Pension Benefit Application from our website at www.nebf.com. You can also request a copy from your Local Union, the IBEW or directly from our office.

IV. Approximately THREE MONTHS PRIOR TO YOUR INTENDED RETIREMENT, you should:

Submit your completed NEBF Pension Beneift Application along with all the required documents from Section I above to the Local 405 office.

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