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VIINVESTMENT OF PLAN ASSETSThe Trustees will invest all amounts heldunder the Plan pursuant to the Trust Agreementestablishing the Plan. (You do not direct theinvestment of your Individual Account.) As a generalmatter, each quarter, the Trustees will determine thefair market value of all the assets held by the Plan.This is known as the Valuation Date. Your IndividualAccount will share in the net income, gain or losson the Plan’s assets since the last Valuation Date ona pro rata basis (based on your Individual Accountbalance on the Valuation Date) with the IndividualAccounts of other Participants in the Plan.Each quarter, a fee of fifteen dollars ( 15.00) willbe debited from each Participant’s Individual Accountto pay for the Trust Fund’s administrative expenses.In the event that the Trust Fund’s administrativeexpenses exceed the monthly fees, the remainingexpenses will be allocated proportionally to eachParticipant’s Individual Account in connection withthe valuation of the account, as determined by thePlan Administrator.VIIDISTRIBUTION OF BENEFITS1.When you may receive benefitsYou will be entitled to a distribution of yourIndividual Account balance when you: Terminate employment with allContributing Employers; Retire at or after age 65; Become Disabled; or Retire from the Buffalo Laborers PensionFund under an Early Retirement Date orSpecial Retirement Date.9Security Fund

Termination of Employment: Terminationof employment will occur under the Plan if youdo not work at least one hour for a ContributingEmployer (in covered employment or non-coveredemployment) for which you are paid, or entitled topayment, for twelve (12) consecutive months.Retirement: If you retire at or after age 65, youwill be entitled to apply for a distribution of yourIndividual Account. You must present documentaryevidence satisfactory to the Trustees of yourretirement.Disability: Disability is defined as a physicalor mental condition resulting from bodily injury,disease or mental disorder, which renders youincapable of continuing your normal covered workwith a Contributing Employer, as determined bythe Trustees in their sole and absolute discretion,based upon medical evidence. The Trustees mayrequire you to submit to an independent medicalexamination (at the Plan’s expense) to determinewhether you are disabled.Retirement from the Buffalo Laborer’sPension Fund: If you retire from the BuffaloLaborers Pension Plan (the “Pension Plan”) under anEarly Retirement Date or Special Retirement Dateyou are entitled to receive a distribution of yourIndividual Account balance on the second monthafter the end of the first quarter of your retirement.2.Distribution of BenefitsGenerally, if you become entitled to a benefitfrom the Plan, the value of your Individual Accountwill be payable to you as soon as administrativelypractical after the end of the quarter in which yousubmit a completed application for your benefit(including any required documentation).Thestandard method of benefit payment is a singlelump sum payment.Security Fund10

If you terminate employment prior to yournormal retirement age (age 65), you may elect topostpone distribution of your benefits until you reachage 65 by not completing a benefit application. Youmust take distribution of your account at that time.If you don’t elect to postpone your distribution, itwill begin not later than 60 days after the end of thePlan Year in which your termination of employmentoccurred.If you continue to be employed after youreach normal retirement age, you will continue tobe credited with the employer contributions madeon your behalf. Distribution of your account will bedeferred until you actually retire, or if earlier, untilyour “required distribution date”. If you are a 5%owner of a Contributing Employer, your “requireddistribution date” is the April 1 following the closeof the calendar year in which you reach age 70-1/2,whether or not you are employed. Otherwise, it isthe April 1 following the close of the year in whichyou reach age 70-1/2 or, if later, you terminateemployment.3.BeneficiaryIf you die before commencement of benefitsunder the Plan, your Individual Account balance willbe distributed to your designated Beneficiary in asingle lump sum payment as soon as practicableafter the end of the calendar year in which you die(or, if later, when the Plan receives notice of yourdeath and can locate the Beneficiary).If you are married at the time of your death,your surviving spouse will automatically be yourBeneficiary, unless you designate a differentbeneficiary in writing on a form to be furnished to youby the Fund Administrator in accordance with theterms of the Plan. IF YOU WISH TO DESIGNATEA BENEFICIARY OTHER THAN YOUR SPOUSE,YOUR SPOUSE MUST CONSENT TO WAIVEANY RIGHT TO THE DEATH BENEFIT OR YOU11Security Fund

MUST PROVE THAT YOUR SPOUSE CANNOTBE LOCATED. Your spouse’s consent must be inwriting, witnessed by a notary or Plan representativeand acknowledge the non-spouse beneficiary. If youlater decide to change your beneficiary designationand you are married, you would need your spouse’swritten consent again.In order to designate a Beneficiary, you mustfully complete and return to the Fund Administratora form provided to you for this purpose by theFund Administrator. If you wish to change yourBeneficiary, you must complete a second form andreturn it to the Fund Administrator. The latest formyou have properly completed and returned beforeyour death will control. Beneficiary designationsand revocations are not valid unless they aremade in a form and manner required by the FundAdministrator.If you do not have a Beneficiary living at the timeof your death, your death benefit will be distributedto your surviving issue (children or grandchildren) perstirpes, or if none, to the personal representative ofyour estate. If you designate a class of Beneficiariesand upon your death none of the members of theclass can be located after reasonable efforts, themembers shall cease to be entitled to benefitsunder the Plan.Please note: Every time the term “spouse”or “married” is used in this SPD, the term refersto the person to whom you are legally marriedunder the Code (or to whom you are treated asmarried pursuant to a valid qualified domesticrelations order).4.Treatment of Distributions From Your Plan.Whenever you receive a distribution from yourPlan, it will normally be subject to income taxes.An automatic 20% withholding applies to a lumpsum distribution. Further, if you are under age 55Security Fund12

when you receive your distribution, you may alsobe subject to an IRS tax penalty of 10%. You may,however, reduce, or defer entirely, the tax due onyour distribution, as well as the withholding taxand tax penalty, through the use of a “rollover”.Spouses and (with certain conditions on how therollover can be made) non-spousal Beneficiaries canalso rollover distributions.When you receive a distribution, the FundOffice will provide you with a detailed explanation ofrollovers. HOWEVER, THE RULES THAT DETERMINEWHETHER YOU QUALIFY FOR FAVORABLE TAXTREATMENT ARE VERY COMPLEX. THEREFORE,IT IS A GOOD IDEA TO CONSULT WITH AQUALIFIED TAX ADVISOR BEFORE RECEIVING APLAN DISTRIBUTION.5.Domestic Relations OrderAs a general rule, your interest in your IndividualAccount may not be alienated. This means thatyour interest may not be sold, used as collateralfor a loan, given away or otherwise transferred. Inaddition, your creditors may not attach, garnish orotherwise interfere with your Individual Account.However, the law provides certain limitedexceptions to this general rule. One exceptionis that the Plan Administrator may be required bylaw to assign your benefits pursuant to a “qualifieddomestic relations order.” A “qualified domesticrelations order” is generally defined as a decree ororder issued pursuant to state domestic relations lawthat requires distribution of a portion of your benefitsunder the Plan to provide child support, alimony orspousal rights to a spouse, former spouse, child orother dependent. A qualified domestic relationsorder may not require the Plan to provide any typeor form of benefit or any option not otherwiseprovided under the Plan. The Plan Administratorwill determine the validity of any domestic relationsorder received in accordance with the Plan’s rules13Security Fund

for determining whether an order constitutes aqualified domestic relations order. A copy of theserules can be obtained upon written request to theFund Office.6.Pension Benefit Guaranty CorporationBenefits provided by your Plan are NOT insuredby the Pension Benefit Guaranty Corporation (the“PBGC”), which is a Federal agency that insurescertain pension plan benefits upon plan termination,because the benefits you receive under this typeof plan are based upon the amount in your Planaccount.7.OverpaymentA Participant or a Beneficiary who receivesany payment in excess of the amount which suchindividual is entitled to receive (including, withoutlimitation, due to mistake of fact or law, reliance onfalse or fraudulent statements, information or proofsubmitted by a claimant (“Excess Payments”)), shallbe obligated to repay such Excess Payments uponreceipt of a written notice by the Board of Trustees(or any designee duly authorized by the Board ofTrustees) requesting such payment.The Board of Trustees shall have full authority,in its sole and absolute discretion, to the extentpermitted by law, to recover the amount of anyExcess Payments (plus interest and costs) paidby the Fund to or on behalf of any Participant orBeneficiary. Such authority (either individually or incombination) shall include, but shall not be limitedto, the right to seek the Excess Payment in a lumpsum from such individual and initiate legal action ortake such other legal action as may be necessaryor appropriate to recover any overpayment (plusinterest and costs).Security Fund14

VIIICLAIMS BY PARTICIPANTS AND BENEFICIARIESGenerally, to request distribution of Planbenefits, you (or your Beneficiary) must file a writtenapplication with the Trustees. Set forth below arethe Plan’s special rules regarding the determinationon your claim and your right to request a reviewif an adverse benefit determination is made onyour initial claim. These rules differ for claims fordisability benefits and all other claims.When you see the term “adverse benefitdeterminations,” you should understand that thisincludes not only claim denials, but also reductionsor terminations of benefits and failures to makepayment (in whole or in part) for a benefit, includingdeterminations that are based on decisions relatingto a participant’s or beneficiary’s eligibility toparticipate in the Fund.1.All Claims Other than for Disability BenefitsThe Initial ClaimYou will be notified of the acceptance or denialof your claim for benefits within 90 days from thedate the Plan Administrator receives your claim.In some cases, your request may take more timeto review and an additional processing period ofup to 90 days may be required. If that happens,you will be notified in writing. The written noticeof extension will indicate the special circumstancesrequiring the extension of time and the date bywhich the Plan Administrator expects to make adetermination with respect to the claim. If theextension is required due to your failure to submitinformation necessary to decide the claim, theperiod for making the determination will be tolledfrom the date on which the extension notice is sentto you until the date on which you respond to thePlan’s request for information.15Security Fund

If your claim is wholly or partially denied, orany other adverse benefit determination is madewith respect to your claim, the Plan Administratorwill furnish you with a written notice of thisdetermination. This written notice will be providedto you within a reasonable period of time (generally90 days) after the receipt of your claim by the PlanAdministrator. The written notice will contain thefollowing information:(a) the specific reason or reasons for thedetermination;(b) reference to the specific Plan provisions onwhich the determination is based;(c) a description of any additional materialor information necessary for you to perfectthe claim and an explanation of why suchmaterial or information is necessary; and(d) a description of the Plan’s reviewprocedures and the time limits applicableto such procedures, including a statementof your right to bring a civil action underSection 502(a) of ERISA following anadverse benefit determination on review.If notice of the denial of a claim is notfurnished to you in accordance with the abovewithin a reasonable period of time, your claim willbe deemed denied. You will then be permittedto proceed to the review stage described in thefollowing paragraphs.The Appeal of Adverse Benefit DeterminationsIf your claim has been denied, or any otheradverse benefit determination is made with respectto your claim, and you wish to submit your claimfor review, you must file your claim for review, inwriting, with the Plan Administrator. You mustfile the claim for review no later than 60 daysafter you have received written notification ofthe denial of your claim for benefits (or, if nonewas provided, no later than 60 days after theSecurity Fund16

deemed denial of your claim). In connection withthe request for review, you (or your duly authorizedrepresentative) may submit to the Plan Administratorwritten comments, documents, records, and otherinformation relating to the claim. In addition, youwill be provided, upon written request and free ofcharge, with reasonable access to (and copies of) alldocuments, records, and other information relevantto the claim. The review by the Trustees will takeinto account all comments, documents, records,and other information you submit relating to theclaim, without regard to whether the informationwas submitted or considered in the initial benefitdetermination.The Board of Trustees will make a final writtendecision on a claim review at its next regularlyscheduled meeting following receipt of yourrequest for review, unless the request is filed lessthan thirty (30) days prior to the next regularlyscheduled meeting, in which case a decision willbe made by no later than the date of the secondregularly scheduled meeting following receipt of therequest for review. If special circumstances requirean extension of time for processing the requestfor review, the decision may be made at the thirdmeeting following receipt of such request. Youwill be notified in advance of any such extension.The notice will describe the special circumstancesrequiring the extension, and will inform you of thedate as of which the determination will be made.If the extension is required due to your failure tosubmit information necessary to decide the claim,the period for making the determination will betolled from the date on which the extension noticeis sent to you until the date on which you respond tothe Plan’s request for information.You will be notified in writing of the determinationon review within 5 days after the determination ismade. If an adverse benefit determination is made,this notice will include (i) the specific reason(s) for theadverse benefit determination; (ii) reference to the17Security Fund

specific Plan provisions on which the determinationis based; (iii) a statement that you are entitled toreceive, upon request and free of charge, reasonableaccess to (and copies of) all documents, records andother information relevant to the claim; and (iv) astatement of your right to bring a civil action underSection 502(a) of ERISA.2.Claims for Disability BenefitsThese procedures apply to claims in which thePlan Administrator (or other claims adjudicator)must make a determination of disability in order todecide your claim. For the purposes of this section,the SPD refers to such claims as “claims for disabilitybenefits.”The Initial ClaimYou will be notified in writing of the acceptanceor denial of your claim for benefits within 45 daysfrom the date the Plan Administrator receives yourclaim. If the Plan Administrator determines that anextension of time is necessary for processing yourclaim (due to circumstances beyond the control ofthe Fund), the 45-day period may be extended forup to an additional 30 days and, if additional timeis still needed after that period ends, there may beone more extension of an additional 30 days. If anextension is needed, you will be notified (within theinitial 45-day period) of the circumstances requiringthe extension and the date by which a decision isexpected to be made. The notice will inform you ofthe standards for entitlement to disability benefitsand the issues that are delaying a decision on yourclaim, as well as the additional information neededto resolve those issues. You will have 45 days toprovide the Fund with the requested information.If your claim is wholly or partially denied, orany other adverse benefit determination is madewith respect to your claim, the Plan Administratorwill furnish you with a written notice of thisSecurity Fund18

determination. This written notice will include:(a) the specific reasons for the determination;(b) reference to the specific Plan provisions onwhich the determination is based;(c) a description of any additional informationor material needed to complete your claim(including an explanation of why theinformation is needed);(d) a discussion of the decision, including anexplanation of the basis for disagreeingwith or not following:a.b.c.the views you present the Plan ofhealth care professionals treating youand vocational professionals whoevaluated you;the views of medical or vocationalexperts whose advice was obtained onbehalf of the Plan in connection withthe adverse benefit determination(without regard to whether theadvice was relied upon in making thebenefit determination); ora disability determination you presentto the Plan made about you by theSocial Security Administration;(e) a statement that you have the right tosubmit written comments, documents,records and other information relatingto the claim, and that, you are entitled toreceive, up

Buffalo Laborers Security Fund 25 Tyrol Drive, Suite 200 Cheektowaga, NY 14227 (716) 894-8061 The Board of Trustees has delegated certain day to day administrative duties to the Fund Administrator. The Fund Administrator is: Thomas L. Panek 25 Tyrol Drive, Suite 200 Cheektowaga, NY 14227 (716) 894-8061 The Board of Trustees has authorized the Fund