CARPENTERS & JOINERS DEFINED … Defined...Carpenters & Joiners Defined Contribution Plan v Carpenters & Joiners Defined Contribution Plan Carpenters & Joiners Defined Contribution

CARPENTERS & JOINERS DEFINED CONTRIBUTION PLAN

SUMMARY PLAN DESCRIPTION

(Amended and Restated Effective January 1, 2011)

Carpenters & Joiners Defined Contribution Plan iii

Carpenters & Joiners Defined Contribution Plan

CARPENTERS & JOINERS DEFINED CONTRIBUTION PLAN 3001 Metro Drive, Suite 500, Bloomington, Minnesota 55425

(952) 854-0795 To All Participants: As Trustees of the Carpenters & Joiners Defined Contribution Plan (the "Plan"), we are pleased to provide you with this Summary Plan Description (“SPD”) which is effective January 1, 2011. It is intended to give you a summary of the important features of the Plan. A more detailed description of the Plan is provided in the Plan Document. If there is any inconsistency between the contents of this summary and the Plan Document, your rights will be determined from the Plan Document and not from this summary. We encourage you to read this booklet carefully and keep it with your important papers for future reference. You and your Beneficiaries or legal representatives may examine the Plan Document and certain other documents during regular business hours or by appointment at the office of the Plan Administrator. Copies of the official Plan Document and other governing documents are available at these locations:

● The North Central States Regional Council of Carpenters, 700 Olive Street, St. Paul, MN 55101.

● Wilson-McShane Corporation 3001 Metro Drive, Suite 500 Bloomington,

MN 55425 The only people authorized to answer questions concerning the Plan are the Board of Trustees and the staff at the Plan Administrator’s office. If you have any questions about the Plan, contact the Plan Administrator at (952) 854-0795 or (800) 535-6373. Sincerely yours, Board of Trustees

Carpenters & Joiners Defined Contribution Plan v



THE BOARD OF TRUSTEES OF THE

CARPENTERS & JOINERS DEFINED CONTRIBUTION PLAN

Union Trustees: Employer Trustees: Mr. James E. Moore North Central States Regional Council of Carpenters 700 Olive Street St. Paul, MN 55101

McGough Construction 2737 Fairview Ave. Roseville, MN 55113

Mr. Thomas Tinglov North Central States Regional Council of Carpenters 700 Olive Street St. Paul, MN 55101 Mr. Thomas Perrier North Central States Regional Council of Carpenters 700 Olive Street St. Paul, MN 55101

Mr. David Hamilton A.E. Conrad 308 West 59 1/2 St. Minneapolis, MN 55419 Mr. Peter Donnino Frana and Sons, Inc. 633 Second Avenue South Hopkins, MN 55343-7779

Mr. Burt A. Johnson North Central States Regional Council of Carpenters 700 Olive Street St. Paul, MN 55101

Mr. William Grimm Carpentry Contractors Association 830 Transfer Road Suite 1A St. Paul, MN 55114

(Alternate) Mr. Kenneth L. Clark North Central States Regional Council of Carpenters N2216 Bodde Road Kaukauna, WI 54130

(Alternate) Mr. Thomas Panek Minuti Ogle, Inc. 7030 – 6th Street North Oakdale, MN 55128

* Service of legal process may be made on any Trustee.

Mr. Tim McGough

vi Carpenters & Joiners Defined Contribution Plan



Plan Administrator: Wilson-McShane Corporation 3001 Metro Drive Suite 500 Bloomington, MN 55425 Phone (952) 854-0795

Fund Counsel: Mr. David S. Anderson Anderson, Helgen, Davis & Nissen, PA 150 South Fifth Street, Suite 3100 Minneapolis, MN 55402 Phone (612) 435-6363

Fund Auditor: Mr. Timothy J. Peterson, CPA Larson Allen LLP 220 South Sixth Street Suite 300 Minneapolis, MN 55402 Phone (612) 376-4603

Carpenters & Joiners Defined Contribution Plan vii

Carpenters & Joiners Defined Contribution Plan Table of Contents

Carpenters & Joiners Defined Contribution Plan i

TABLE OF CONTENTS DEFINTIONS .................................................................................................................. 1

Definitions .................................................................................................................... 1 Account...................................................................................................................... 1 Annual Valuation Date ............................................................................................... 1 Association ................................................................................................................ 1 Beneficiary or Beneficiaries ....................................................................................... 1 Break in Service......................................................................................................... 1 Contribution Agreement ............................................................................................. 1 Disability or Disabled ................................................................................................. 2 Employer.................................................................................................................... 2 Event of Maturity ........................................................................................................ 2 Fund........................................................................................................................... 2 Jurisdiction................................................................................................................. 2 Normal Retirement Age ............................................................................................. 3 Participant .................................................................................................................. 3 Plan............................................................................................................................ 3 Plan Document .......................................................................................................... 3 Plan Year ................................................................................................................... 3 Trust Agreement ........................................................................................................ 3 Trustees..................................................................................................................... 3 Union ......................................................................................................................... 4 Valuation Date ........................................................................................................... 4

Gender, Number, Compounds, and Headings ............................................................. 4 Participation .................................................................................................................... 5

Employees Eligible to Participate ................................................................................. 5 Military Service............................................................................................................. 6

Accumulating Benefits..................................................................................................... 8 The Sources of Your Retirement Income ..................................................................... 8

Distribution of Benefits .................................................................................................... 9 When Plan Benefits Can be Distributed ....................................................................... 9 Earliest Beginning Date.............................................................................................. 12 Required Beginning Date for Distributions ................................................................. 12 Required Minimum Distributions for 2003 and Later Calendar Years ........................ 12 Special Rules for Calendar Year 2009 ....................................................................... 13 Distribution Under a Qualified Domestic Relations Order........................................... 13

Forms of Distribution ..................................................................................................... 15 Taxation of Plan Benefits ........................................................................................... 15 Divestiture of Publicly Traded Employer Securities .................................................... 16

Survivor's Benefits......................................................................................................... 17


Carpenters & Joiners Defined Contribution Plan i

TABLE OF CONTENTS DEFINTIONS .................................................................................................................. 1

Definitions .................................................................................................................... 1 Account...................................................................................................................... 1 Annual Valuation Date ............................................................................................... 1 Association ................................................................................................................ 1 Beneficiary or Beneficiaries ....................................................................................... 1 Break in Service......................................................................................................... 1 Contribution Agreement ............................................................................................. 1 Disability or Disabled ................................................................................................. 2 Employer.................................................................................................................... 2 Event of Maturity ........................................................................................................ 2 Fund........................................................................................................................... 2 Jurisdiction................................................................................................................. 2 Normal Retirement Age ............................................................................................. 3 Participant .................................................................................................................. 3 Plan............................................................................................................................ 3 Plan Document .......................................................................................................... 3 Plan Year ................................................................................................................... 3 Trust Agreement ........................................................................................................ 3 Trustees..................................................................................................................... 3 Union ......................................................................................................................... 4 Valuation Date ........................................................................................................... 4

Gender, Number, Compounds, and Headings ............................................................. 4 Participation .................................................................................................................... 5

Employees Eligible to Participate ................................................................................. 5 Military Service............................................................................................................. 6

Accumulating Benefits..................................................................................................... 8 The Sources of Your Retirement Income ..................................................................... 8

Distribution of Benefits .................................................................................................... 9 When Plan Benefits Can be Distributed ....................................................................... 9 Earliest Beginning Date.............................................................................................. 12 Required Beginning Date for Distributions ................................................................. 12 Required Minimum Distributions for 2003 and Later Calendar Years ........................ 12 Special Rules for Calendar Year 2009 ....................................................................... 13 Distribution Under a Qualified Domestic Relations Order........................................... 13

Forms of Distribution ..................................................................................................... 15 Taxation of Plan Benefits ........................................................................................... 15 Divestiture of Publicly Traded Employer Securities .................................................... 16

Survivor's Benefits......................................................................................................... 17

viii Carpenters & Joiners Defined Contribution Plan


Carpenters & Joiners Defined Contribution Plan ii

Death Benefits Under Military Service........................................................................ 17 Other Plan Features...................................................................................................... 18

Participant Responsibilities ........................................................................................ 18 Assignment of Benefits and Qualified Domestic Relations Orders............................. 18 Applying for Benefits .................................................................................................. 18 Filing an Appeal if Benefits are Denied to You ........................................................... 18 Appeal of Adverse Benefit Determination................................................................... 18 Amendment, Termination and Merger........................................................................ 19

Plan Information ............................................................................................................ 21 Plan Name ................................................................................................................. 21 Plan Number .............................................................................................................. 21 Type of Plan ............................................................................................................... 21 Type of Administration................................................................................................ 21 Service of Legal Process............................................................................................ 21 Union and Association................................................................................................ 21 PBGC Insurance ........................................................................................................ 22 Plan Year ................................................................................................................... 22 Contributing Employers .............................................................................................. 22 Contribution Agreement ............................................................................................. 22 Plan Assets and Management ................................................................................... 23

Your Rights Under ERISA ............................................................................................. 24 Disclosure .................................................................................................................. 24 Fiduciaries.................................................................................................................. 24 Appeal ........................................................................................................................ 24


Carpenters & Joiners Defined Contribution Plan ii

Death Benefits Under Military Service........................................................................ 17 Other Plan Features...................................................................................................... 18

Participant Responsibilities ........................................................................................ 18 Assignment of Benefits and Qualified Domestic Relations Orders............................. 18 Applying for Benefits .................................................................................................. 18 Filing an Appeal if Benefits are Denied to You ........................................................... 18 Appeal of Adverse Benefit Determination................................................................... 18 Amendment, Termination and Merger........................................................................ 19

Plan Information ............................................................................................................ 21 Plan Name ................................................................................................................. 21 Plan Number .............................................................................................................. 21 Type of Plan ............................................................................................................... 21 Type of Administration................................................................................................ 21 Service of Legal Process............................................................................................ 21 Union and Association................................................................................................ 21 PBGC Insurance ........................................................................................................ 22 Plan Year ................................................................................................................... 22 Contributing Employers .............................................................................................. 22 Contribution Agreement ............................................................................................. 22 Plan Assets and Management ................................................................................... 23

Your Rights Under ERISA ............................................................................................. 24 Disclosure .................................................................................................................. 24 Fiduciaries.................................................................................................................. 24 Appeal ........................................................................................................................ 24

Carpenters & Joiners Defined Contribution Plan 1

Carpenters & Joiners Defined Contribution Plan Definitions


DEFINTIONS Definitions

When the following terms are used in this document with initial capital letters, they will have the following meanings:

1. Account -- the separate bookkeeping account maintained upon the books and records of the Plan by the Trustees and which is a Participant's entire interest in the Fund. The Account will be credited with all Employer Contributions made to the Fund on behalf of the Participant, together with any increase or decrease thereon.

2. Annual Valuation Date -- each December 31. 3. Association -- A group of Employers affiliated and jointly represented for

purposes of collective bargaining with the Union. For purposes of this Plan, Association includes, but is not limited to, those organizations listed under the “Union and Associations” Section of this document beginning on page 21.

4. Beneficiary or Beneficiaries -- the person or persons designated by a

Participant (or automatically by operation of the rules of the Plan Document) to receive the Participant's Account in the event of the Participant's death prior to full distribution of the Participant’s Account.

5. Break in Service -- a significant interruption in a Participant's employment in

the industry which will be deemed to occur on the earliest Valuation Date upon which the Participant is no longer an employee of any Employer (in any job classification) and which next follows the latest of the following events:

(a) the passage of twenty-four (24) consecutive calendar months

during which no Employer Contributions are required to be made to the Fund for allocation to such Participant's Account, or

(b) the passage of twenty-four (24) consecutive calendar months

during which the Participant is continuously unavailable for work in the Jurisdiction of the Union, or

(c) the passage of twenty-four (24) consecutive calendar months

during which the Participant is continuously unavailable for work in the carpentry industry in the State of Minnesota.

6. Contribution Agreement -- a written agreement to which a corporation,

partnership, sole proprietorship, or other legal person is directly or indirectly a party, and which incorporates the Trust Agreement by reference, and which obligates such corporation, partnership, sole proprietorship, or other legal person to make contributions

2 Carpenters & Joiners Defined Contribution Plan



to the Plan, and which specifies the detailed basis upon which such contributions are to be made to the Plan and which is:

(a) a collective bargaining agreement between the Union and the

Association;

(b) an agreement negotiated between the Union and an Employer;

(c) an agreement under which a signatory Employer agrees to be bound by the provisions of the bargaining agreement described in subparagraph (a); or

(d) an agreement between a corporation, partnership, sole proprietorship, or other legal person and the Trustees.

7. Disability or Disabled -- A physical or mental condition determined by the Trustees (or their authorized representative), on the basis of all available medical evidence, that totally or permanently prevents an employee from engaging in any regular occupation or employment which would be permanent and continuous during the remainder of the employee’s life; provided, however, that no employee will be deemed to be Disabled for the purposes of the Plan if the employee’s incapacity consists of chronic alcoholism or addiction to narcotics, or if such incapacity was contracted, suffered, or incurred while the employee was engaged in a felonious enterprise or resulted from such enterprise, or resulted from an intentionally self-inflicted injury.

8. Employer -- a corporation, partnership, sole proprietorship, or other legal

person which is required to make contributions to this Plan pursuant to a Contribution Agreement. The Union may become an Employer for the limited purpose of paying Employer Contributions to the Plan for the benefit of employees of the Union eligible to participate in this Plan by entering into a Contribution Agreement as provided in Section 6(d) above. The Union will not thereby be entitled to participate, directly or indirectly, in the selection of Association Trustees.

9. Event of Maturity -- any of the occurrences described in the “Distribution of

Benefits” Section of this document by reason of which a Participant or Beneficiary may become entitled to a distribution from the Fund.

10. Fund -- the assets of the Plan held by the Trustees as it may from time to

time be constituted, including all contributions of the Employers and the investments and reinvestments, earnings, and profits thereon.

11. Jurisdiction -- the combination of the geographical area and the job

classification which are subject to the current Contribution Agreement between the Union and the Association.




(a) An employee available for work in the geographical area covered by such Contribution Agreement but in a job classification which is not subject to such Contribution Agreement is not available for work in the Jurisdiction.

(b) An employee working in a job classification which is covered by such Contribution Agreement but in a geographical area not covered by such Contribution Agreement is not working in the Jurisdiction.

(c) An employee working in the geographical area covered by such

Contribution Agreement and in a job classification which is subject to such Contribution Agreement but who is working for a company not a party to such Contribution Agreement is not working in the Jurisdiction.

12. Normal Retirement Age -- the date upon which a Participant attains age fifty-

five (55). 13. Participant -- an employee of an Employer who completes one eligibility

period in accordance with the provisions of the “Participation” Section of this document. 14. Plan -- the tax-qualified profit sharing plan established by the Union,

Association, and Trustees for the benefit of employees eligible to participate therein, as first set forth in the Plan Document. (As used in this document, "Plan" refers to the legal entity established by the Union, Association and Trustees and not to the instruments or documents pursuant to which the Plan is maintained. Those documents are referred to in this document as the "Plan Document" and "Trust Agreement.") The Plan will be referred to as the "Carpenters & Joiners Defined Contribution Plan."

15. Plan Document -- the written instrument entitled "Carpenters & Joiners

Defined Contribution Plan" as approved and adopted by the Trustees effective January 1, 1996, as the same may be amended and restated from time to time.

16. Plan Year -- is a 12-month period beginning January 1 and ending

December 31. 17. Trust Agreement -- the agreement entitled "Agreement and Declaration of

Trust of the Twin City Carpenters Pension Master Trust Fund" dated December 5, 1995, and entered into by and between the Union, the Association, and eight individuals as Trustees, as the same may be amended and restated from time to time.

18. Trustees -- the trustees originally named in the Trust Agreement and their

successors in trust.




19. Union -- North Central States Regional Council of Carpenters, and/or its successor organizations, as they may exist.

20. Valuation Date -- each Annual Valuation Date and the last day of each Plan

Year quarter, and such other dates as may be designated by the Trustees from time to time.

Gender, Number, Compounds, and Headings Whenever appropriate, words used in this document in the singular may be read in the plural, or words used in this document in the plural may be read in the singular; the masculine may include the feminine (and the feminine the masculine); and the words "hereof," "herein," or "hereunder" or other similar compounds of the word "here" mean and refer to the entire SPD and not to any particular paragraph or section of the SPD unless the context clearly indicates to the contrary. The titles given to the various sections of this SPD are inserted for convenience of reference only and are not part of this SPD, and they must not be considered in determining the purpose, meaning, or intent of any provision of this document.


Carpenters & Joiners Defined Contribution Plan Participation


PARTICIPATION

Employees Eligible to Participate

If you are an employee who works for an Employer that is signatory to a Contribution Agreement requiring that Employer to make contributions to the Fund on your behalf, you may become a Participant in this Plan subject to the following restrictions:

• You will become a Participant upon the first date that you complete one Eligibility Period as provided below. An “Eligibility Period” is completed upon the first date during a

Computation Period that Employer Contributions are required for four hundred (400) or more hours of your work.

The “Computation Period” is the twenty-four (24) month period

beginning the first month during which you become entitled to have Employer Contributions made to this Plan on your behalf.

• You become a Participant immediately upon satisfying the four hundred

(400) hours of work requirement.

• If you fail to complete four hundred (400) hours of work during a Computation Period, a new Computation Period will begin in the next month following the original computation period in which you are entitled to have Employer Contributions made on your behalf under the Plan.

• Employer Contributions you earn during a Computation Period will be

credited to your account only if you become a Participant during that Computation Period.

For purposes of applying the provisions of this Section, "hour" will mean: Each hour for which an employee:

1. is paid, or entitled to payment, for the performance of duties for an Employer during the Computation Period;

2. is paid, or entitled to payment, due to vacation, holiday, illness, incapacity,

lay-off, jury duty, military service, or leave of absence during the Computation Period, or;

3. is awarded or entitled to (by agreement with the employee’s employer)

back pay attributable to the Computation Period, except for hours described in paragraphs 1 and 2 above.




It is intended that this Plan will be operated in compliance with the requirements of United States Department of Labor Regulations §§ 2530.200b-1, 2, and 3, and these provisions must be interpreted in a manner that is consistent therewith. Military Service

Under the Uniformed Services Employment and Reemployment Rights Act of 1994, you are entitled to Plan benefits for periods of Military Service of less than five (5) years. If you will be entering Military Service, you must notify both your Employer and the Plan in writing on a form available from the Plan Administrator.

Upon your return. When you return from Military Service and are going to return to employment, you must notify the Plan. To receive credit for Plan benefits for the period you were in the military, you must return to work within certain time limits:

1. If your Military Service was thirty-one (31) days or less, you must return to work by the next work day (with an eight (8) hour rest period);

2. If your Military Service was more than thirty-one (31) days but less than

one hundred eighty-one (181) days, you must return to work within fourteen (14) days of discharge; or

3. If your Military Service was longer than one hundred eighty (180) days,

you have ninety (90) days to return to work.

Upon return, you must also furnish the Plan with copies of your discharge papers showing the date of induction, date of discharge or termination of duty, and whether the discharge was honorable or not. You must provide those papers within fourteen (14) days after returning to work. If you did not receive an honorable discharge, you will not be entitled to Plan credit for the period of your Military Service.

You must also notify the Plan if you return to work with a different Employer than

with the Employer you were employed with at the time of you entered Military Service. Military Service – Defined. For purposes of this Subsection, Military Service

includes active duty, active duty for training, initial active duty for training, inactive duty training, and absence from work for examination to determine a person's fitness to perform any of these duties in the Uniformed Services.

For purposes of this Subsection, Uniformed Services includes the Army, Navy,

Air Force, Marine Corps, and Coast Guard, Reserve Units of those groups, the Army and Air National Guards, the Commissioned Corps of the Public Health Service, and any other category of persons designated by the President in time of war or emergency.

Determining Hours of Work to be Credited. In order to determine how many hours of work you will be credited for Military Service, the Plan will use a twelve (12) month look-back counting all your employment with all contributing Employers, including




hours for which reciprocal contributions are received by the Plan. The Employer Contributions required for credit will be determined based on the average number of hours you worked during the twelve (12) months prior to your Military Service. Increases in the contribution rate to the Plan (as set forth in the Contribution Agreement) specified in the agreement your Employer has with the Trustees will be applied based upon the hours of credit you receive for Military Service. The allocation to your Account as described above will be made on the first Valuation Date following your return to employment with a contributing Employer.


Carpenters & Joiners Defined Contribution Plan Accumulating Benefits


ACCUMULATING BENEFITS

The Sources of Your Retirement Income

Once you become a Plan Participant, all Employer Contributions made on your behalf are fully vested at all times. This means that the benefits in your individual Account in the Plan are yours and, generally, cannot be taken away from you.

Your individual Account in this Plan is funded by two sources:

• Employer Contributions; and

• Investment earnings on those contributions.

Employer Contributions. Your Employer contributes a certain dollar amount for each hour you work. This hourly contribution rate is specified in your Employer's collective bargaining agreement, participation agreement, or other written agreement with the Trustees.

Reciprocity Contributions. From time to time, the Trustees may cause the Plan to enter into reciprocity agreements with the representatives of other comparable plans. Under those agreements, this Plan may receive from another plan contributions made on behalf of a Participant in this Plan. If you perform work outside the area of the bargaining agreements negotiated by the Union, you should ask the Plan Administrator if a reciprocal agreement exists with the plan covering the area where you will work.

Contribution Limitations. All Employer Contributions made on your behalf are placed in your Individual Account. During any Plan Year, the total amount of Employer Contributions and any forfeitures credited to your individual Account generally may not exceed 25% of your pay from covered work (gross wages including vacation and holiday pay) for that Plan Year. Any excess contributions will be returned and will be taxable. Please contact the Plan Administrator’s office for further details on these limitations.

Your Individual Account in the Plan. Your share of the Plan is the amount of money you have accumulated in your individual Account (including Employer Contributions and investment earnings, less your share of the Plan's operating expenses) at the time of your distribution. The value of your individual Account is the amount that will be distributed to you and/or your Beneficiary.


Carpenters & Joiners Defined Contribution Plan Distribution of Benefits


DISTRIBUTION OF BENEFITS

When Plan Benefits Can be Distributed

Distributions for Retired, Disabled, and Terminated Participants

Your Plan benefits can be distributed when one of the following Events of Maturity occurs:

• You die; or • You terminate your employment in the Jurisdiction at or after reaching age

fifty-five (55), or on account of your Disability; or • You suffer a Break in Service as a Participant; or • You attain the age of seventy and one-half (70½) years; or • The Plan terminates; or • Hardship as defined below; or • Effective September 11, 2001, you are ordered or called to service for a

period in excess of one hundred seventy-nine (179) days or for an indefinite period if you are a member of a reserve component defined in 37 U.S.C. § 101. The Event of Maturity begins on the date of such order or call and ends at the close of the active duty period.

If you die, your benefits may be distributed to your survivors. Please see the

section entitled "Survivor Benefits."

Disability Benefit - You may receive your benefit upon termination of employment due to a Disability. Your Disability must be evidenced by the determination of a doctor of medicine approved by the Trustees. Such Event of Maturity will be considered to have occurred on the date of delivery to the Trustees of such doctor’s certificate to such effect. In lieu of such certification, the Trustees may accept, as proof of your Disability, an official written determination that you are eligible for disability benefits under the federal Social Security Act as now enacted or hereinafter amended. Hardship Distributions Due to Potential Loss of a Participant’s Principal Residence Due to Foreclosure, Contract Cancellation, or Eviction You may apply for and receive a limited distribution to prevent or forestall foreclosure of a mortgage or cancellation of a land contract or eviction from your principal residence under the following terms and conditions.




1. Definitions.

(a) “Foreclosure” is defined as the commencement of procedures that, if completed, will lead to your dispossession from your Principal Place of Residence which you own. Foreclosure must be evidenced by a notice of default from the holder of your mortgage or land contract in respect to your Principal Place of Residence.

(b) “Eviction” means the commencement of procedures that, if

completed, will lead to your dispossession from your Principal Place of Residence which you lease. Eviction must be evidenced by a notice of eviction from your landlord (Creditor) in respect to your Principal Place of Residence.

(c) “Principal Place of Residence” means a home owned or leased and

occupied by you as your full-time residence. Principal Place of Residence does not include rental property or income-producing property (unless it also meets the terms of the definition of “Principal Place of Residence”), or vacation property.

2. Availability of Distribution. In addition to other Plan rules related to

distributions, a distribution under this Subsection is available only if you meet the following conditions:

(a) You must be separated from employment with an Employer that is

signatory to a Contribution Agreement (whether or not the your employment is covered by the Contribution Agreement) at the time of application for the distribution, and

(b) You must have been:

i. unemployed for the three (3) consecutive calendar months

preceding the application, or ii unemployed for the one calendar month and four (4) of the

twelve (12) calendar months immediately preceding the application, or

iii. employed for less than five hundred (500) hours in the

preceding twelve (12) calendar months, and

(c) You must have, for the entire period of unemployment, either remained available for employment on the Union’s out-of-work list or been unavailable for work due to your sickness or injury.




3. Application for Foreclosure Distribution. You may apply for a distribution upon receipt of a notice of default on the mortgage or contract for deed or notice of eviction in respect to your Principal Place of Residence. The default must be one that is capable of being cured by the payment of money and must provide a period of time to cure the default of at least thirty (30) days. To apply for a distribution, you must complete a distribution application, in a form specified by the Trustees and submit it, along with all required supporting documentation, to the Plan Administrator in a sufficient time, as determined by the Plan in its sole discretion, to permit the application to be approved and payments made to the Creditor prior to the end of the time to cure the default.

The documentation for a distribution application must include a written acknowledgment by the Creditor of the Creditor’s willingness to accept payment directly from the Plan; to cure the default upon receipt of such payment; to accept additional funds from the Plan equal to up to six (6) additional future monthly mortgage, contract for deed, or lease payments, and; to apply such additional funds as a pre-payment of the specified number of future monthly payments instead of as a prepayment of principal.

4. Amount of Distribution. The amount of any distribution is limited to the

amount required to cure the payment default on your mortgage, contract for deed or lease; an additional amount equal to up to six (6) additional future monthly mortgage, contract for deed, or lease payments, and; the amount required to satisfy any excise tax or your additional tax withholding requirement related to the distribution. The amount of the distribution designated to cure the default and to pre-pay the mortgage, contract for deed, or lease will be made payable jointly to you and the Creditor and actually paid directly to the Creditor. The remainder of the distribution will be paid directly to you.

The entire amount of any distribution under this paragraph 4 is taxable income to you even if made to a Creditor, and will be reported as such to the appropriate taxing authorities. In addition, any distribution may be subject to federal excise tax as a premature distribution and to mandatory withholding.

Automatic Distributions of Small Account Balances

If you experience a Break in Service, and your Account has a balance of $1,000 or less, you will automatically receive a lump-sum distribution of your Account balance.




Earliest Beginning Date Distribution will not be made or commenced as until the Trustees receive an application for distribution and no earlier than the following:

1. if you are to receive the distribution, the Valuation Date concurrent with or next following the date of your Event of Maturity; or

2. if your Beneficiary is to receive the distribution because of your death, the

Valuation Date which is concurrent with or next following the date of your death.

Required Beginning Date for Distributions

Federal law requires you to begin to receive your Plan benefits by April 1 of the calendar year following the calendar year in which you reach the age of seventy and one-half (70½) years, or if later, the year in which you retire (i.e., no longer are working in the trade). However, if you are a five percent owner (as defined in Internal Revenue Code Section 416) you must commence to receive your benefits by April 1 of the Plan Year following the Plan Year ending in the calendar year in which you attain age seventy and one-half (70½) years, regardless of whether or not you have retired.

If you die before beginning to receive your benefits or you fail to designate a

Beneficiary, distribution of your benefits will be made as of the latest Valuation Date that will allow distribution to be commenced and completed as of the last day of the calendar year that contains the fifth anniversary of your death.

Except in the case of these mandatory or automatic distributions, you must complete the application form provided by the Plan Administrator and have it approved by the Board of Trustees in order to receive benefits from the Plan.

Required Minimum Distributions for 2003 and Later Calendar Years This Subsection will apply for purposes of determining required minimum distributions for calendar years beginning with 2003. The requirements of this Subsection will take precedence over any inconsistent provisions of the Plan. All distributions required under this Subsection will be determined and made in accordance with Internal Revenue Section 401(a)(9) and Treasury Regulations Sections 1.409(a)(9)-2 through 1.409(a)(9)-9.:

1. If you are the person to receive the distribution, your entire Account will be distributed not later than the Required Beginning Date as described above.




2. If you die before your Required Beginning Date, your entire Account will

be distributed to your Designated Beneficiary no later than the last day of the calendar year that contains the fifth anniversary of your death.

3. Notwithstanding Paragraph 2 above, if your Designated Beneficiary is your

surviving spouse and your spouse dies before distributions begin, your entire Account will be distributed as though your surviving spouse were you.

4. For purposes of this Subsection and the Subsection entitled “Special

Rules for Calendar Year 2009”, “Designated Beneficiary” means the person who is a Beneficiary as described in the “Definitions” Section.

Special Rules for Calendar Year 2009 The following rules apply for calendar year 2009, notwithstanding any contrary provision in this SPD or the Plan Document:

1. The Required Beginning Date described above will be determined without regard to calendar year 2009. Therefore, if you or a five percent (5%) owner attain age seventy and one-half (70 ½) years in calendar year 2009 or if you retire in calendar year 2009, the Required Beginning Date as to you or the five percent (5%) owner will be December 31, 2010.

2. The five-year period described above will be calculated without regard to

calendar year 2009. If you die in calendar year 2009, the five-year period will be calculated as though you died on January 1, 2010.

3. If you or your Beneficiary would have been required to receive a required

minimum distribution, as described above, for calendar year 2009, you or your Beneficiary will not receive those distributions for 2009 unless you or your Beneficiary chooses to receive such distributions by electing to receive those distributions on a form provided by the Plan Administrator.

Distribution Under a Qualified Domestic Relations Order

Generally, your benefits in the Plan are payable only to you, your spouse, or your chosen Beneficiary. In certain cases, if you divorce, the court may order that a portion or all of your benefits are payable to your ex-spouse or children (referred to as "Alternate Payees" in the court order). If the Plan Administrator determines that the order is a "qualified domestic relations order" as defined below, payments will be made to the alternate payee as required by that order.




A qualified domestic relations order, or "QDRO", is a court order granting an alternate payee the right to receive some or all of your benefits in a retirement plan such as this one. The order must satisfy each of the following requirements:

• It must contain the names and last known mailing address for you and the alternate payee(s).

• It must set forth the amount or percentage of your benefits that is assigned

to the alternate payee(s).

• It must describe the period to which it applies, for example, the period of the marriage.

• It must specify that it applies to this Plan.

A QDRO may not:

• Require the Plan to provide any type or form of benefits it does not otherwise provide;

• Require the Plan to pay more benefits than it would if the order did not

exist;

• Require the Plan to pay the same benefits to an alternate payee which have been assigned to another alternate payee by a prior QDRO; or

• Require the Plan to distribute the segregated Account at a time later than

the time when distribution would have been required to be made to you if the order did not exist.

If the Trustees receive such a court order, the Plan Administrator will promptly

notify you and any alternate payee that the order has been received and will describe the Plan's procedure for determining whether the order is a QDRO.


Carpenters & Joiners Defined Contribution Plan Forms of Distribution


FORMS OF DISTRIBUTION

Upon approval by the Trustees, the Plan Administrator will make a distribution of your Account to you or your Beneficiary in one of the following ways.

● Lump Sum Payment - You will receive your entire benefit by payment in a lump sum; or

● Direct Rollover - Under this option, you, or your Beneficiary, may be

entitled to have all your Account from this Plan paid directly into another qualified retirement plan or IRA. By doing so, you delay paying taxes on these benefits until you actually receive them. The Plan Administrator will provide you with a further explanation of this option when you apply for your benefits.

● Cash-Out Distributions – The Trustees may automatically distribute your

account balance to you in a single lump sum without your approval if all of the following occur:

– You are not working for a contributing Employer; – Your Account balance is $1,000 or less; – No Employer Contributions have been due to your Account for at

least twenty-four (24) consecutive months; – You have been continuously unavailable for work in the Union’s

Jurisdiction for at least twenty-four (24) consecutive months; and – You have been continuously unavailable for carpentry industry work

in Minnesota for at least twenty-four (24) consecutive months. Taxation of Plan Benefits

20% Withholding tax. Whenever you receive a lump sum distribution from the Plan, it will normally be taxed as ordinary income. You will receive only 80% of the payment because the Plan Administrator is required to withhold 20% of the payment and send it to the Internal Revenue Service as income tax withholding to be credited against your taxes.

If, instead, you choose to roll over the payment (as described in the section entitled "Direct Rollover" above), the money in your account will be transferred directly to another IRA or qualified retirement plan, and you will not be taxed until you take it out of the IRA or plan that accepted your rollover.

Additional 10% tax. In addition, if you receive a lump sum before you reach age fifty-five (55), and you do not roll the payment over to another plan, you may have to pay an extra 10% tax on the taxable portion of that distribution. However, this additional


Carpenters & Joiners Defined Contribution Plan Forms of Distribution


10% tax will not apply to your distribution if it is paid because you retire due to a Disability, or of it is paid to your Beneficiary as a result of your death.

When you apply for your payment, the Plan Administrator will send you an explanation of withholding and rollover options available to you.

Since tax laws change frequently, you should consult a tax expert to determine your exact tax liability. Divestiture of Publicly Traded Employer Securities. For Plan Years beginning after December 31, 2006, and notwithstanding any contrary provision of this document, you or your Beneficiary may direct the Plan to divest any Publicly Traded Employer Securities held in your Account and to reinvest an equivalent amount in a diversified investment described in Internal Revue Code § 401(a)(35)(D) if you have completed at least 1,000 hours of work in each of three (3) Plan Years or you die. For purposes of this Subsection, Publicly Traded Employer Securities means securities issued by an employer of employees covered by the Plan that are readily tradable on an established securities market.


Carpenters & Joiners Defined Contribution Plan Survivor’s Benefits


SURVIVOR'S BENEFITS

Upon the death of a Plan Participant the Plan will distribute the funds in a Participant's Account to the designated Beneficiaries, who may or may not be able to have the funds rolled over into another fund. Your Beneficiary should consult his or her tax advisor to determine the options available to him or her.

Naming a Beneficiary. When you become a Participant in the Plan you will be asked to complete a Beneficiary Designation Form. If you are not married, you can name anyone you wish to receive your Plan benefit in the event of your death, and you may change your Beneficiary at any time by simply filling out a new form and returning it to the Plan Administrator. If you are married, your spouse is automatically your Beneficiary but this designation may be changed if your spouse consents in writing to that change. You may obtain a Beneficiary Designation Form upon request from the Plan Administrator.

If you do not complete the Beneficiary Designation Form, or if your designated Beneficiary does not outlive you, the following persons will be considered your Beneficiary or Beneficiaries in the following order, if they outlive you:

1. Your spouse; 2. Your surviving children or the surviving children of one of your deceased

children; or 3. Your estate. Any designation of a Beneficiary will not be effective unless the designation

includes the name, Social Security number, and address of the Beneficiary, as well as a description of the Beneficiary’s relationship to you. An otherwise effective designation of a Beneficiary will become immediately ineffective if the relationship indicated on the designation ceases. Death Benefits Under Military Service. Effective December 31, 2009, if you die while performing qualified military service, as defined in Internal Revenue Code § 414(u), your Beneficiary or Beneficiaries will be entitled to any additional benefits (other than benefit accruals relating to the period of qualified military service) that would be provided had you resumed and then terminated employment in the Event of Maturity because of death.


Carpenters & Joiners Defined Contribution Plan Other Plan Features


OTHER PLAN FEATURES

Participant Responsibilities

Most information about this Plan is sent to you by mail. To ensure you receive this information, we need your correct address on file at all times. If you move, it is your responsibility to notify the Plan Administrator of your new address. Please call the Plan Administrator at (952) 854-0795 to notify that office of a change of address.

If your marital status changes or there are other changes in your personal life that affect the name of your Beneficiary, contact the Plan Administrator. You may change your Beneficiary at any time by completing a Beneficiary change form available from the Plan Administrator’s office. Assignment of Benefits and Qualified Domestic Relations Orders

Generally, your benefits may not be assigned or alienated. In other words, your funds in the Plan may not be sold, used as collateral for a loan, given away, or transferred. In addition, your creditors may not attach, garnish or secure funds from your Account. An exception to this rule exists when a court issues a QDRO, as discussed above in the section titled "Distribution Pursuant to a Qualified Domestic Relations Order." Applying for Benefits

You, or in the event of your death, your spouse or Beneficiary, must apply for benefits from the Plan. An application form is available from the Plan Administrator’s office. The completed application form and all necessary documents must be delivered to the Plan Administrator before any benefits will be paid. Applications for benefits payable due to your death must be accompanied by a death certificate. Filing an Appeal if Benefits are Denied to You

The Trustees have the sole authority to determine eligibility for benefits and to construe the terms of the Plan. They also have the authority to delegate the authority to determine eligibility for benefits to the Plan Administrator. Appeal of Adverse Benefit Determination

You or your Beneficiary will have sixty (60) days after receiving notice of an adverse benefit determination to submit a written appeal of the determination to the Plan Administrator explaining why the determination should be reviewed. In support of the appeal, you or your Beneficiary (or a duly authorized representative) may submit written comments, documents, records, and other information relating to the claim for benefits which you or your Beneficiary believes will support the claim but will not have the right to make a personal appearance before the Trustees or the Claim Appeals Committee. Upon request and free of charge, you or your Beneficiary (or a duly




authorized representative) will receive reasonable access to and copies of all documents, records, and other information relevant to the claim. The review will take into account all comments, documents, records, and other information you or your beneficiary submits relating to the claim regardless of whether they were submitted before the adverse benefit determination.

The Claim Appeals Committee will review the appeal at its next regularly

scheduled meeting after the Plan Administrator receives the appeal, unless the Plan Administrator receives the appeal within thirty (30) days of that meeting. In that case, the Claim Appeals Committee will review the appeal at the second regularly scheduled Claim Appeals Committee meeting after the Plan Administrator receives the appeal. If special circumstances require a further extension of time for processing, the Plan will notify you or your Beneficiary of the extension in writing (describing the special circumstances and the expected decision date) before the extension begins, and the Claim Appeals Committee will review the appeal no later than the third regularly scheduled Claim Appeals Committee meeting after the Plan Administrator receives the appeal.

Once the Claim Appeals Committee reviews the appeal, the Plan will notify you or your Beneficiary (or a duly authorized representative, if any) of the Claim Appeals Committee’s decision within five (5) days. The notification of any denied appeal will be written in a manner calculated to be understood by you or your Beneficiary and will: (i) Provide the specific reason or reasons for the denial of the appeal;

(ii) Reference the specific Plan provisions on which the denial is based;

(iii) State that you or your Beneficiary has the right to receive, upon request and free of charge, reasonable access to and copies of all documents, records, and other information relevant to the claim;

(iv) State that you or your Beneficiary has the right to bring a civil action under

Section 502(a) of the Employee Retirement Income Security Act of 1974 (ERISA);

The procedures specified in this Appeal Section will be the sole and exclusive

procedures available to you or your Beneficiary when dissatisfied with an eligibility determination or benefit award or who otherwise adversely affected by any action of the Trustees or the Claim Appeals Committee. Amendment, Termination and Merger

The Trustees have the right to amend or terminate the Plan at any time. However, in no event will any amendment:

• divert any of the Plan funds or income therefrom, or authorize or permit any part of the Plan assets to be used for purposes other than the




exclusive benefit of the Participants or their Beneficiaries or paying reasonable expenses to operate the Plan,

• eliminate or decrease a Participant's benefit except in unusual

circumstances, or

• cause any part of the Plan assets to revert to the contributing Employers or to the Union.

The Plan may be terminated at any time. In the event the Plan is terminated, you

will be entitled to receive benefits according to the terms of the Plan Document, the Trust Agreement, and federal law. Termination will not reduce or impair the vested benefit under the Plan as of the date of termination.

Upon termination, Plan assets will be allocated to Participants’ Accounts and used to satisfy outstanding obligations and costs of administration. If any residual assets remain, they will be transferred, paid, or delivered according to the written agreement of the Union and the Association but will in no event be used to benefit any Association, Employer, or Union that is a party to the Trust Agreement. The Trustees reserve the right to merge all or a part of the Plan with all or a part of any other plan and to transfer all or a part of the assets and liabilities from the Plan to another plan. In the case of merger or consolidation or transfer, you, or your Beneficiary or Beneficiaries, will be entitled to a benefit which is not less than the benefit you would have been entitled to receive immediately before the occurrence of the merger, consolidation, or transfer (if this Plan had then terminated).


Carpenters & Joiners Defined Contribution Plan Plan Information


PLAN INFORMATION

Plan Name

The name of the Plan is the Carpenters & Joiners Defined Contribution Plan. Plan Number

The number assigned to this Plan by the Trustees is 001. The Internal Revenue Service and Department of Labor identify this Plan by its name and the number: 41-1824896. Type of Plan

This Plan is known as a defined contribution pension plan. Type of Administration

The Plan is administered by a third-party administrator designated by the Trustees:

Wilson-McShane Corporation 3001 Metro Drive, Suite 500 Bloomington, Minnesota 55425 Phone (952) 854-0795 or 1 (800) 535-6373

Service of Legal Process

The name and address of the agent who the Trustees have appointed for service of legal process is:

Matthew Winkel, Administrator Wilson-McShane Corporation 3001 Metro Drive, Suite 500 Bloomington, Minnesota 55425 Phone (952) 854-0795

Also, service of legal process may be made upon any of the Trustees.

Union and Association

The names and addresses of the Union and the Association are:

North Central States Regional Council of Carpenters 700 Olive Street St. Paul, MN 55101




Carpentry Contractors’ Association 1270 Northland Drive, Suite # 150 Mendota Heights, MN 55120 Associated General Contractors of Minnesota Capital Office Building 525 Park Street, Suite 110 St. Paul, MN 55103-2186 Independent Millwright Contractors Association 1270 Northland Drive, Suite #150 Mendota Heights, MN 55120

PBGC Insurance

The Plan is a defined contribution plan providing for an individual account for each Participant and for benefits based upon the amount contributed to the participant's account, and any income, expenses, gains, and losses on such account. Therefore, plan earnings and losses are allocated to each Participant's individual Account and do not affect retirement plan costs. As a result, the Plan's benefits are not insured by the Pension Benefit Guaranty Corporation. Plan Year

The Plan Year is a 12-month period beginning January 1 and ending December 31. Contributing Employers

The names of the Employers contributing to this Plan are available to Participants and their Beneficiaries at any time by writing to the Trustees or the Plan Administrator.

If you or your Beneficiary would like to know if an Employer or employee organization is a contributor to the Plan, you may request that information in writing from the Trustees or the Plan Administrator. Contribution Agreement

Contributions to the Plan are made based on Contribution Agreements. Copies of collective bargaining agreements may be obtained upon written request and are available for review in the office of the Association and the Union. A copy of a participation agreement may be obtained upon written request and are available upon review in the office of the Plan Administrator.




Plan Assets and Management

The Plan assets are held in a trust fund administered by the Board of Trustees. The Participants will direct the investment of their Accounts. The Plan is designed to comply with Section 401(c) of the Internal Revenue Code.


Carpenters & Joiners Defined Contribution Plan Your Rights Under ERISA


YOUR RIGHTS UNDER ERISA

Disclosure

As a Participant in the Carpenters & Joiners Defined Contribution Plan, you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974 (ERISA). ERISA provides that all Plan Participants are entitled to:

• Examine, without charge, at the Plan Administrator's office or at other specified locations, all Plan documents, including insurance contracts, collective bargaining agreements, and copies of all documents filed by the Plan with the U.S. Department of Labor, such as detailed annual reports and Plan descriptions.

• Upon written request to the Plan Administrator, obtain copies of all Plan

documents and other Plan information, including a complete list of the names and addresses of Employers sponsoring the Plan, or information as to whether a particular employer is a, Plan sponsor and, if so, the employer's address. A reasonable charge may be made for the copies.

• Receive a summary of the Plan's annual financial report. The Plan

Administrator is required by law to furnish each Participant with a copy of this summary.

Fiduciaries

• In addition to creating rights for Plan Participants, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people who operate your Plan, called "fiduciaries" of the Plan, have a duty to do so prudently and in the interest of you and other Plan Participants and Beneficiaries.

• No one--including your Employer, your Union, or any other person--may

fire you or otherwise discriminate against you in any way to prevent you from obtaining a Plan benefit or exercising your rights under ERISA.

Appeal

• If your claim for a Plan benefit is denied in whole or in part, you must receive a written explanation of the reason for the denial. You have the right to have the Plan review and reconsider your claim.

• Under ERISA, there are steps you can take to enforce the above rights.

For instance, if you request materials from the Plan and do not receive them within thirty (30) days, you may file suit in a federal court. In such a case, the court may require the Plan Administrator to provide the material and pay you up to $100 a day until you receive the materials, unless the


Carpenters & Joiners Defined Contribution Plan Your Rights Under ERISA


materials were not sent because of reasons beyond the control of the Plan Administrator.

• If you have a claim for benefits which is denied or ignored, in whole or in

part, you may request a review of your claim by the Trustees by filing such request in writing with the Trustees pursuant to the claim appeal procedures found on page 18 of this booklet, after you receive the letter that your claim was denied. Please refer to "Filing an Appeal If Benefits Are Denied To You" on page 18 of this booklet.

• In addition, if you disagree with the Plan’s decision or lack thereof

concerning the qualified status of a domestic relations order or a medical child support order, you may file suit in federal court.

• If you believe that Plan fiduciaries have misused the Plan's money, or if

you believe you have been discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a federal court. The court will decide who should pay court costs and legal fees. The court may order the person you have sued to pay these costs and fees, or it may order you to pay the costs and fees.

• If you have any questions about your Plan, you should contact the Plan

Administrator. If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory, or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration.

31742

NOTES

NOTES

NOTES

Documents

CARPENTERS & JOINERS DEFINED … Defined...Carpenters & Joiners Defined Contribution Plan v Carpenters & Joiners Defined Contribution Plan Carpenters & Joiners Defined Contribution