Retirement Savings Plan Summary Plan Description

1.1 General Plan Information

This San Francisco Electrical Workers Retirement Savings Plan (Plan) is a multiemployer, collectively bargained, defined contribution retirement plan providing contributions to Participant accounts. A Participant is an individual with an account balance in the Plan. The Plan contains a formula for determining Participant and Employer contributions. As a Participant, you will be entitled to the balance contained in your account, generally at retirement, but also before retirement for certain specified reasons.

The Plan was last restated effective as of January 1, 2008, which was approved by the Internal Revenue Service on October 22, 2015, and which supersedes previous Plan documents and amendments. This Summary reflects the IRS-approved 2008 restatement through Amendment #7. Before 2007, the Plan was a money purchase pension plan. The Plan was converted to a profit sharing plan on January 1, 2007, to allow for Participant 401(k) contributions.

The Plan year for the Plan is the calendar year.

The Plan is funded by Employer contributions required to be made to the Plan by a collective bargaining agreement or subscription agreement, and by Participant elective contributions. Plan assets are held in a trust established under the Plan to hold Plan assets (Trust), and are divided up among all Participants in individual accounts. Each account receives its own contributions, bears its own earnings and losses based upon the performance of investment funds that may be selected by the Participant, and bears an allocation of administration expenses incurred to operate the Plan. A Participant's benefits are in the form of distributions from the Participant's account. The more Participant contributions you make to the Plan, and the higher your investment return over the years, the greater your account will be when you need to withdraw amounts to help with your retirement.

The current collective bargaining agreement between the bargaining parties (Local 6 of the International Brotherhood of Electrical Workers (Local 6) and the San Francisco Electrical Contractors Association (Association)), and individual employers if applicable, (referred to as the "Local 6 CBA" in this Summary) requires Employers to contribute to the Plan at fixed rates per hour for each hour worked by their covered employees, and allows Participants to elect additional contributions that are paid directly from your wages on a pre-tax basis. Subscription agreements also require fixed rate contributions from Employers. Upon request, the Plan Office will provide you with a complete list of the Employers and employee organizations sponsoring the Plan. You may also examine that list at the Plan Office or other locations (such as Local 6's office). The Plan Office will also provide you upon written request information on whether a particular employer for whom you are employed is contributing to the Plan and, if the employer is a contributor, the employer's address.