Annuity

The Plan was established as the result of collective bargaining agreements between employers and Westchester Putnam Counties Heavy and Highway Laborers Local No. 60 ("the Union"). It covers employees employed by an employer who is obligated to make contributions to the Plan under a collective bargaining agreement with the Union, or by any other agreement with the Trustees and also means employees of the Annuity Fund, the Union and related Benefit Funds, provided the Employer contributes on their behalf.

The Plan is administered exclusively by the Board of Trustees (the "Trustees") which consists of an equal number of Union and Employer representatives. The Trustees have the sole power and discretionary authority to construe and interpret the terms of the Plan, and no other individuals have any authority to interpret the Plan (or other applicable documents) or to make any promises to you about it, including any claim for benefits. The Trustees have equal voting rights and serve without compensation.

PARTICIPATION AND EMPLOYER CONTRIBUTIONS

Becoming a Participant in the Plan

You will become a participant in the Plan as of the first date that an Employer becomes obligated to make contributions to the Plan on your behalf.

Employer Contributions

For each Plan Year (the period January 1st -December 31st), your Employer will make contributions to the Plan on your behalf in accordance with their collective bargaining agreements with the Union. Under the current collective bargaining agreement, contributions to the Plan are made at fixed rates per hour worked. These rates may change based upon future agreements.

Individual Accounts

All contributions made for you are placed in your Individual Account when you become a participant. Individual Accounts are maintained under the direction of the Trustees. This money is accumulated and invested for you and will eventually be paid out in benefits. The total amount to be paid out of an Individual Account will depend on the amount contributed, the investment results and the cost of operating the Plan.

Vesting

Effective April 1, 1996, you will be fully and immediately vested in your Individual Account. This means that you have a nonforfeitable right to the balance in your Individual Account. However, distribution of that balance can only be made at the time and under the conditions permitted by the Plan.