provides pension benefits for the employee. The Plan is a defined contribution plan. A defined contribution plan means a pension plan which provides for an individual account for each participant and for benefits based solely upon the amount contributed to the participant's account, and any income, expenses and gains or losses which are allocated to each participant's account. The Pension Benefit Guaranty (PBGC) does not insure benefits under this Plan since the Plan is a defined contribution plan. The Board of Trustees has designated the ITPEU Pension Plan as a profit sharing plan pursuant to Section 401(a)(27)(B) of the Internal Revenue Code.

All contributions to the Plan are made by the Employers in accordance with their collective bargaining agreements with ITPEU, AFL-CIO. The collective bargaining agreements generally require contributions to the Plan at fixed rates per hour. ERISA Systems, the Contract Administrator, will advise you or your beneficiaries whether and how much a particular employer contributes to the Plan, if you request such information in writing.

Benefits are paid from the Plan's assets which are accumulated under the provisions of the collective bargaining agreements and the Agreement & Declaration of Trust establishing the ITPEU Pension Fund. These assets are held in a trust fund for the sole purpose of providing benefits to eligible participants and covering reasonable administrative expenses.

The majority of the Plan's assets are held in custody by the Bank of New York, and the Amalgamated Bank of New York. The balance of the Plan's assets are held in the custody of the Board of Trustees in various financial institutions or through various financial instruments.

The Plan's assets are managed and invested by the Board of Trustees and by Investment Managers designated by the Board of Trustees, acting in accordance with Investment Policies and Guidelines established by the Board of Trustees.

Upon retirement, if you are vested and your benefit is less than $1,000, it will be paid to you in one lump sum. Upon retirement, if you are vested and your benefit is $1,000 or more, you have the option of receiving your benefit in one lump sum or in the form of an annuity. You may receive your benefit in one lump sum if you make what is termed a "qualified election". The procedure for making a "qualified election" is explained at page 17 of this booklet. If you are married, any "qualified election" must be consented to by your spouse. If your benefit is $1,000 or more and you do not choose to make a "qualified election", your benefit will be paid in the form of a life annuity or, in the event you are married, in the form of a qualified joint and survivor annuity.

Please visit www.ITPEUBenefits.com for more information about this and other ITPEU Members Only Benefit Plans.