Vesting hours are calculated on December 31st of each year, based on the number of hours received during that calendar year (January 1st-December 31st).

RE:     SUMMARY OF MATERIAL MODIFICATION

            Effective August 4, 2020, a participant who becomes eligible for a disability benefit will be automatically vested in his or her Participant Account. The Plan previously only provided a disability benefit for Participants who were vested in their Participant Accounts.

            The Trustees have also adopted an amendment allowing Participants to choose not to receive required minimum distributions for the Plan Year 2020 if they notify the Plan in writing. This applies to both one-time payments as well as distributions that are part of a series of substantially equal payments. The required minimum distributions for Plan Year 2020 will also be considered eligible rollover distributions.

            For a complete copy of the Plan Document or the Amendments explained in this correspondence, please do not hesitate to contact the Plan Office.