GCIU–Employer Retirement Fund (Formerly IP&GCU–Employer Retirement Fund)

Newspaper, Commercial Printing, and Printing Specialties & Paper Products Industries

Administrative Office

Telephone (562) 463-5010 (800) 322-1489

January 2015

Annual Notice Regarding Continued Employment In the Industry After Retirement

Under the GCIU-Employer Retirement Fund Dear Retiree, This is in regards to employment in the Industry following retirement under this Plan, and with regard to the Suspension of Benefit Rules in accordance with Article XI, Section 2 of the Retirement Benefit Plan and Federal Law. If you were engaged in Suspendible Employment during 2014, or are planning to engage in such employment at any time in 2015, you must contact the administrative office to schedule an orderly suspension of your monthly benefits, as outlined below. The Plan Rules, Article XI, Section 2 states: “Early and Normal Retirement benefits will be forfeited for each month that a Participant engages in (40) hours or more of work:

(a) in the newspaper, commercial printing and printing specialties and paper products industry;

(b) in a trade or craft in which the Participant earned Credited Service under this

Plan; and (c) in the geographic area covered by this Plan.

Preliminary Test: The benefits of a retiree who does work 40 hours or more in a given

month, in any calendar year, in contravention of the foregoing rule, shall not be subject to forfeiture, unless the retiree:

(a) is age 55 but less than 65 and the retiree's total dollar earnings exceed the

annual amount as may be established by the Social Security Administration from time to time for loss of Social Security benefits, or

(OVER)

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(b) is age 65 but less than 70½ and the retiree's total dollar earnings exceed the annual amount as set by the Board of Trustees from time to time. The earnings limitation in effect for a particular calendar year is available on an annual basis through the Administrative Office.

Employment and earnings outside the newspaper, commercial printing and printing specialties and paper products industry, or in the Industry, but in a different trade or craft, shall not disqualify. A retiree’s benefits will not be suspended based on employment and earnings after age 70½.” The term “work” as used above, means “Hours of Service” as defined in government regulations and shall include all work performed by a Participant whether as an employee, supervisor, sole proprietor, partner or corporate owner, and whether or not a collective bargaining agreement is applicable. In calendar year 2014, a retiree was engaged in suspendible employment as defined above if you worked 40 or more hours in a calendar month in the Industry and:

1) If you were under age 65 and your earnings in the Industry exceeded $15,480 or, 2) If you were age 65 or older, but less than age 70, and your earnings in the

Industry exceeded $17,000. Example: If under age 65, a retiree’s period of suspendible employment begins at the point that your total earnings after January 1, 2014 exceeded $15,480 and you worked more than 40 hours in the succeeding months. Thereafter, all payments made to you must be considered overpayments subject to recoupment by the Fund. For the year 2015, if under age 65, your earnings may not exceed $15,720. For the year 2015, if age 65 or older, but less than age 70, your earnings may not exceed $17,000, the same as 2014. The suspension of your monthly benefits would continue until such time as you inform this office, in writing, that you have again retired from employment in the Industry, or when you reach an attained age of 70½ years. At such time, you will again begin receiving benefits. If any overpayments were made, the Fund will withhold 100% of the initial payments (up to 3 months) and all succeeding monthly payments will be reduced by 25% until full recovery has been made. Information regarding suspension of benefits can be found on pages 60-62 of the Plan Document. The applicable Department of Labor Regulations, entitled “Suspension of Pension Benefits upon Re-employment of Retirees” may be found in the Code of Federal Regulations at 29 CFR 2530.203-3. A copy of these regulations may be obtained by a Participant upon request to the Administrative Office. If you have any questions please feel free to contact this office.

Sincerely,

Mathew J. Wenner Administrator

MJW:sac FO\GCIU-ERF\2015\LETTERS\ 2015 RETIREE CONT EMP NOTICE.DOC

Sincerely,

Mathew J. Wenner