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Annuity Fund ofWardrobe Local 764, IATSESummary Plan DescriptionNovember 2015
Annuity Fund of Wardrobe Local 764, IATSEc/o Benserco, 140 Sylvan Avenue, Suite 303Englewood Cliffs, NJ 07632(866) 798-5733 (Toll Free)Dear Annuity Fund Participant:We are pleased to present you with this Summary Plan Description ("SPD") for theAnnuity Fund of Wardrobe Local 764, IATSE ("Plan").The Plan provides benefits for eligible employees of employers who are required tocontribute to the Plan under a collective bargaining agreement or other agreement withTheatrical Wardrobe Union, Local 764, IATSE or the Plan.This SPD is designed to provide you with a simple explanation of the most importantfeatures of the Plan. We urge you and your family to read this SPD carefully so that youwill understand the Plan as it applies to you. This SPD describes the provisions of thePlan as of November 1, 2015.The formal terms of the Plan are not changed by this SPD. To the extent that any of theinformation contained in this SPD is inconsistent with the Plan’s Rules and Regulations,the Trust Agreement establishing the Plan, or applicable collective bargaining or otheragreements (collectively “official Plan documents”), the official Plan documents willgovern in all cases. Please note that the Trustees reserve the right to change or endthe Plan (or any of its benefits) at any time in their sole and absolute discretion.Please call the Fund Office at (866) 798-5733 or Mary Ferry, the Fund Liaison, at (212)957-3900 any time you have questions regarding your Plan benefits.We suggest that you keep this SPD in your permanent records for future reference.With our very best wishes,Annuity Fund Board of Trustees1
PLAN ADMINISTRATORBenserco, Inc.140 Sylvan Avenue, Suite 303Englewood Cliffs, NJ 07632Phone: 866-798-5733 (Toll Free)201-947-8000Fax: LAN LIAISONMary Ferry545 West 45th Street, 2nd FloorNew York, NY 10036Phone: 212-957-3900Fax: 212-957-3782mgferry@ia764.orgBOARD OF TRUSTEESUnion TrusteesRochelle FriedmanWardrobe Local 764 IATSE545 West 45th Street, 2nd FloorNew York, NY 10036Employer TrusteesChristopher J. G. BrockmeyerThe Broadway League226 West 47th StreetNew York, NY 10036Kristin GardnerWardrobe Local 764, IATSE545 West 45th Street, 2nd FloorNew York, NY 10036Ann Marie HackettMetropolitan Opera30 Lincoln Center PlazaNew York, NY 10023Frank GallagherWardrobe Local 764 IATSE545 West 45th Street, 2nd FloorNew York, NY 10036Neil MukhoNBC Universal Media, LLC30 Rockefeller PlazaRoom 1221/28A85New York, NY 10112Third Party AdministratorBenserco, Inc.ConsultantThe Segal CompanyLegal CounselSpivak Lipton LLPAccountantGould, Kobrick & Schlapp, PC2
Table of ContentsThe Plan in General .4Employer Contributions .4When Your Participation Begins .4When Your Participation Ends .4Your Individual Account.5How Individual Account Is Calculated .5How Distributions Can Affect Your Individual Account Valuation .5Qualified Military Service .6Rollover Contributions .6Vesting .6Distributions .6Total and Permanent Disability .7Required Distribution Date.7Forms of Payment .8Normal Form .8Waiving the Normal Form .8Optional Forms .9Survivor Benefits.9Naming a Beneficiary .10Other Information About Your Plan .12Claims and Review Procedure .12Taxation of Benefits .16Suspension of Benefits.17Benefit Limitations .17Plan Continuation .17Restriction on Transfer of Benefits .17Recovery of Overpayments .17Plan Information .18Keeping Your Plan Records Current .19Your Rights Under the Employee Retirement Income Security Act (ERISA) .19Administrative Information .213
Annuity Fund of Wardrobe Local 764, IATSESummary Plan DescriptionThe Plan in GeneralThe Annuity Fund of Wardrobe Local 764, IATSE (“Plan”) is a money purchase planestablished in 1980 by Theatrical Wardrobe Union, Local 764, IATSE (“Union”) andemployers contributing to the Plan (“Contributing Employers”).The Plan establishes an “Individual Account” in the name of each Plan participant.Each Individual Account is funded by contributions from Contributing Employers.The assets in each Individual Account are invested by the Plan’s Board of Trustees.This Summary Plan Description (“SPD”) provides an overview of the benefitsavailable through the Plan as of November 1, 2015. It also discusses when you areeligible to receive benefits and how they will be paid. The SPD does not change theterms of the Annuity Fund’s Rules and Regulations, the Trust Agreementestablishing the Plan, or applicable collective bargaining or other agreements(collectively “Official Plan Documents”). The Official Plan Documents are availableupon request or for your inspection at the Fund Office. Contact the Fund Office at(866) 798-5733 or Mary Ferry, the Fund Liaison, at (212) 957-3900, to make anappointment.Employer ContributionsEmployers who contribute to the Fund, including the Union or the Funds whencontributions are made on behalf of Union or Fund Office employees, are referred toas Contributing Employers. Your Contributing Employer will make contributions tothe Fund on your behalf in accordance with the terms of a collective bargainingagreement or other written agreement. You are not permitted to contribute your ownmonies to the Fund. Your employment with a Contributing Employer is known as“Covered Employment.”When Your Participation BeginsYou will become a Plan participant on your first day of work for a ContributingEmployer for which a contribution is required to be made to the Plan; that is, yourfirst day of Covered Employment. There is no waiting period.When Your Participation EndsYour participation ends when you no longer have money in your Individual Accountas of the last day of the calendar year (December 31).4
Your Individual AccountValuation of Your Individual AccountThe balance of your Individual Account will be adjusted as of December 31 of eachyear to reflect any employer contributions, withdrawals, investment gains,investment losses, and your share of the Plan's administrative expenses.Within a reasonable period of time following the end of each calendar year, you willreceive a statement in the mail showing the balance of your Individual Account as ofthe immediately preceding December 31.The Plan generally determines the contributions allocated to your Individual Accountbased on remittance reports and other information submitted by ContributingEmployers for whom you work. While the Plan may conduct random payroll reviewsof Contributing Employers that sometimes provide information regarding theaccuracy of remittance reports and other information submitted by ContributingEmployers, these reviews may not reveal every instance in which a ContributingEmployer may have failed to provide complete and/or accurate informationconcerning your employment.In the event of a discrepancy between the information received by the Plan fromContributing Employers, or obtained during payroll reviews, and the credit to whichyou believe you are entitled, it is your responsibility to prove that the work inquestion was both actually performed by you for a Contributing Employer and wasCovered Employment for which contributions were required to be made to the Plan.Accordingly, it is important that you retain adequate records of your CoveredEmployment (i.e., pay stubs and other documentary evidence) that would assist youin demonstrating both the amount of work you performed for each ContributingEmployer and that the work constituted Covered Employment. Please rememberthat the longer you wait to file a claim to correct any issue, the more difficult it maybe for you to provide, and for the Plan to verify, the necessary documentation.Failure to provide such documentation could result in loss of credit. You have theright to inquire into your credited service at any time.How Distributions Can Affect Your Individual Account ValuationIf you request a distribution (or distributions) from your Individual Account prior toreceipt of your Annual Statement of Individual Account Valuation for the prior PlanYear (usually received in June following close of the Plan Year), the maximumamount that will be distributed is 80% of the amount stated on the Annual Statementof Individual Account Valuation last received by you plus any employer contributionsmade to your Individual Account through the date you request distribution. The Planwill retain the remaining 20% until your Individual Account has been reconciled forthe prior Plan Year investment earnings/losses and expenses, at which point anyremaining sum will be distributed. If distributions from your Individual Account takeyour balance to 0 by December 31, of any Plan Year, your account will not be5
adjusted for investment earnings or losses or expenses for that Plan Year.Example: Your Individual Account Balance is 100,000 as of December 31, 2015and on March 1, 2016, you request cash out (prior to receipt of the valuation for PlanYear 2015) and suppose investment yield for 2015 was negative. The maximumamount that will be distributed to you is 80,000, plus any employer contributionsmade on your behalf through March 1, 2016. The remaining 20,000 will beretained and adjusted for 2015 investment losses and expenses. Any sumsremaining will be distributed to you. Because your Individual Account will be 0 asof December 31, 2016, your account will not be adjusted for 2016 investmentearnings/losses or expenses.Qualified Military ServiceYou may also qualify for contributions, benefits and service credit under the Planbased on certain military service, provided you return to Covered Employment afteryour military service within the time required by law. If you left Covered Employmentto serve in the military, you should contact the Fund Office at (866) 798-5733 orMary Ferry, the Fund Liaison, at (212) 957-3900, to advise the Fund so that you canreceive credit for contributions that may be due for the period of your military service.Rollover ContributionsYou can roll over funds from another employer-sponsored, qualified retirement planinto this Plan and postpone taxes on the amount you roll over. You may not roll overany money from a plan that was contributed to on an after-tax basis; only funds thatwere contributed on a before-tax basis may be rolled over into the Plan. Any moneyyou roll over into the Plan will be subject to the same Plan rules, includinginvestment gains and losses, administrative expenses, and distribution restrictionsas the rest of your Individual Account.VestingYou are always fully vested in the entire amount of your Individual Account. Thismeans that you have a non-forfeitable right to the contributions and investmentearnings allocated to your Individual Account even if you cease to work in CoveredEmployment before you are eligible for a distribution.DistributionsThe Plan allows for distributions from your Individual Account when:1. You reach Normal Retirement Age which is age 62, or, the fifth anniversary ofyour participation in the Plan, whichever is later.2. You have reached age 60 and have not had any contributions made on yourbehalf to the Fund for two consecutive months.6
3. You have not yet reached age 60, but have terminated Covered Employmentand have not had any contributions made on your behalf to the Fund fortwelve (12) consecutive months.4. You become totally and permanently disabled.Your distribution will be paid as described below in the section titled Forms ofPayment. There are important tax considerations for all distributions. You shouldcarefully review the Taxation of Benefits section below, before requesting adistribution.Unless otherwise specified, the portion of your Individual Account that you areeligible to receive will be payable to you as soon as administratively possible afteryou submit to the Fund Office a completed application for distribution. Applicationsmay be obtained by contacting the Fund Office at (866) 798-5733 or Mary Ferry, theFund Liaison, at (212) 957-3900.Total and Permanent DisabilityYou are considered totally and permanently disabled if, as a result of bodily injury,illness or disease, you are unable to perform the essential elements of the type ofwork within the scope of the Union’s trade jurisdiction. The Trustees may requiremedical examination and documentary proof of your condition.Required Distribution DateIf you reach your "Required Beginning Date," the Trustees will automatically startdistributing your Individual Account balance to you whether or not you apply for adistribution, and whether or not you are still working in Covered Employment. YourRequired Beginning Date is April 1 of the calendar year following the year in whichyou reach age 70½.If you die before receiving your Required Beginning Distribution, the timing of therequired distribution to your beneficiary will be as follows:1. If your sole beneficiary is your spouse, distribution must begin by the later of:(a) December 31 of the calendar year following the year in which you died, or(b) December 31 of the year in which you would have reached age 70½.2.If your spouse is not your sole beneficiary, distribution to yourbeneficiary(ies) must begin by December 31 of the year after the year inwhich you died. However, for single or partial lump sum payments, or ifthere is no designated beneficiary as of September 30 of the year after theyear in which you died, your entire Individual Account balance must bedistributed by December 31 of the year in which the fifth anniversary of yourdeath occurs.7
Forms of PaymentNormal FormMarried ParticipantsThe normal form of benefit for a married participant is a 50% Joint and SurvivorAnnuity purchased with your Individual Account balance from an insurance companyselected by the Trustees. The amount of your monthly annuity will depend on manyfactors, including your Individual Account balance, interest rates, your age, yourspouse’s age, and other assumptions used by the insurance company. A 50% Jointand Survivor Annuity will pay you a monthly benefit and, upon your death, pay yourspouse 50% of the benefit you had been receiving for the rest of your spouse’s life.A married participant also has the option of electing a 75% Optional SurvivorAnnuity, which operates like the 50% Joint & Survivor Annuity, but will pay yoursurviving spouse 75% of the monthly benefit you had been receiving for the rest ofyour spouse’s life. The amount of the reduction in your monthly benefit is greater forthe 75% Optional Survivor Annuity due to the greater lifetime protection for yourspouse.Unmarried ParticipantsThe normal form of benefit for an unmarried participant is a Single Life Annuitypurchased with the monies in your Individual Account balance from an insurancecompany selected by the Trustees. The amount of your monthly annuity will dependon many factors, including your Individual Account balance, interest rates, your age,and other assumptions used by the insurance company. You do not name abeneficiary for a Single Life Annuity. Upon your death, no further payments aremade.Waiving the Normal FormYou may elect in writing to waive receipt of your benefits in the normal form, i.e., aqualified annuity, and elect an optional form of benefit instead. You must make thiselection during the 180-day period before your benefits are due to be paid. Between30 to 180 days before your benefits are scheduled to begin, the Fund Office willprovide you with a detailed written explanation of the terms and conditions of thequalified annuity, the right to waive that form of benefit (and the effect of doing so),the right to revoke the waiver, the rights of your spouse under the law, and theoptional forms of payment that are available. However, you may waive the minimum30-day waiting period, in which case you are permitted to revoke your waiver of thequalified annuity at least until the date your benefits commence, or, if later, at anytime within seven days after this explanation is provided to you.8
If you are married, you must have the written consent of your spouse to waive thequalified annuity. Your spouse must also agree to your choice of beneficiary and thealternate form in which you wish to receive your benefits. You may not change yourbeneficiary or form of payment without the consent of your spouse. Your spouse'sconsent must be in writing and witnessed by a notary public or an authorized Planrepresentative. You may revoke your waiver of the qualified annuity without theconsent of your spouse at any time before benefits are paid.Any election (or revocation of an election) that you make, or any consent to waive aqualified annuity by your spouse must be made on a form provided by the FundOffice and shall not be effective until delivered to the Fund Office. Spousal consentwill not be required if it is established to the satisfaction of the Trustees that consentmay not be obtained because you do not have a spouse, because your spousecannot be located, or because of such other circumstances as may be prescribed byIRS regulations.Optional FormsBelow are the optional forms of payment available to unmarried participants, and tomarried participants who have obtained written, notarized spousal consent. A single or partial lump sum paymentMonthly install
Annuity Fund of Wardrobe Local 764, IATSE Summary Plan Description The Plan in General The Annuity Fund of Wardrobe Local 764, IATSE (“Plan”) is a money purchase plan established in 1980 by Theatrical Wardrobe Union, Local 764, IATSE (“Union”) and emplo
