SUMMARY PLAN DESCRIPTION

To: All Participants, Pensioners, and Beneficiaries under the Asbestos Workers’ Local 47 Retirement Trust Pension Fund

Your Pension Plan was established effective July 1, 1956, by Asbestos Workers’ Local 47 and Employers who have Collective Bargaining Agreements with the Union. The Plan is administered and sponsored by Trustees appointed by the Union and the Employers.

This booklet contains the highlights of your Pension Plan and described how the Plan works, your rights and benefits and how you may obtain those benefits. Read and keep this booklet. The complete Plan is set forth in the Plan documents which are the Trust Agreement and the Retirement Plan. These may be reviewed at the office of the Trustees during normal business hours.

If you have any questions about your Pension Plan, your Trustees want those questions answered to your satisfaction. The Trustees have engaged an experienced Plan AdministratorManager, TIC International Corporation, to assist you in the aAdministration of the Plan. If yYou may write orwill call the Plan Administrator at Manager at 6525 Centurion Drive, Lansing, MI 48917 517-321-7502; 517-321-7508 (fax).the number below, your questions will be answered.

ASBESTOS WORKERS LOCAL 47

BOARD OF TRUSTEES

TABLE OF CONTENTS

PAGE

Board of Trustees Addresses 1

Type of Plan 2

Eligibility 2

How the Benefits are Paid 2

Important Factors in Determining Your Right to and the Amount of Your Pension 2

Credited and Vesting Service 2

Vesting Service 4

Loss of Service 4

Benefits Levels 5

Types of Benefits 5

Normal Retirement 6

Immediate Early Retirement After Age 57 6

Immediate Early Retirement Before Age 57 6

Deferred Early Retirement 7

Social Security Benefit 7

Total and Permanent Disability 8

Vested Deferred Retirement Benefit 8

Participants Terminated Prior to June 1, 1976 10

Pensioners Returning to Work 11

Adjustments in Retirement Benefits 11

Form of Benefit 11

Life Annuity Benefit Form 11

Joint And Survivor Benefit Form 11

Commencing Benefits and Terminating Benefits 13

Applying For Benefits 13

Suspension of Benefits 13

Death Benefits Before And After Retirement 14

Death Benefits Before Retirement 14

After-Retirement Death Benefits 15

Qualified Pre-Retirement Surviving Spouses’ Annuity Benefit 16

Your Rights 18

Appeals 18

Non-Assignment 18

Qualified Domestic Relations Orders 18

Rights of Participants 19

Some Other Things To Know 20

Funding 20

Maximum Benefits 20

Plan Changes 20

Reciprocity 21

Cash-Outs 21

Limit of Plan Liability 21

Plan Termination 21

Insured Benefits 21

ASBESTOS WORKERS’ LOCAL 47

RETIREMENT TRUST FUND

RETIREMENT TRUST FUND

The name of this Plan is ASBESTOS WORKERS’ LOCAL 47 RETIREMENT TRUST PLAN.

This Plan is sponsored by a Board of Trustees consisting of the following:

Employer Trustees Union Trustees

Robert Williams Larry Tolbert

TICON, INC. P. O. Box 19541

712 Townsend Kalamazoo, MI 49007-1914

Midland, MI 48640

Terry Cameron Craig Grigonis

4781 Willford Road 1220 Pacelli

Gladwin, MI 48624 Saginaw, MI 48603

Thomas Dylenski Mickey Loftus-Phillips

INDUSTRIAL ABATEMENT, INC. 6403 Allegan Road

4671 Paramount Dr., N.E. Vermontville, MI 49096

Grand Rapids, MI 49525

Gregory Revard, Alternate

Joel Christensen(Alternate) 4 Flaggs Office Center

MECHANICAL INSULATION, INC. 300 St. Andrews Rd. Ste 304A

3012 North Seventh Avenue Saginaw, MI 48603-5977

Lansing, MI 48906

The address of the Board of Trustees is:

Asbestos Workers Local 47 Retirement Fund

Board of Trustees

6525 Centurion Drive

Lansing, Michigan 48917

517--321-7502

517--321-7508 (fax)

The Plan Manager is:

TIC INTERNATIONAL CORPORATION

6525 Centurion Drive

Lansing, Michigan 48917

517--321-7502

517--321-7508 (fax)

The Agent for legal process of the Plan is:

Christopher E. LeVasseur

STARK, REAGAN & FINNERTY, P.C.

1111 West Long Lake Road - Suite 202

Troy, Michigan 48007-7037

(248) 641-9955

(248) 641-9921 (fax)

The name of this Plan is ASBESTOS WORKERS’ LOCAL 47 RETIREMENT TRUST PLAN.

This Plan is sponsored by a Board of Trustees consisting of the following:

Employer Trustees Union Trustees

Robert Williams Larry Tolbert

Terry Cameron Craig Grigonis

Thomas Dylenski Mickey Loftus-Phillips

Gregory Revard, Alternate

The address of the Trustee is:

c/o TIC INTERNATIONAL

6525 Centurion Drive

Lansing, Michigan 48917

517--321-7502 (o)

517--321-7508 (f)

The Plan Manager is:

TIC INTERNATIONAL

6525 Centurion Drive

Lansing, Michigan 48917

517--321-7502 (o)

517--321-7508 (f)

The Agent for legal process of the Plan is:

Christopher E. LeVasseur

STARK, REAGAN & FINNERTY, P.C.

1111 West Long Lake Road

Suite 202

Troy, Michigan 48007-7037

(248) 641-9955

Service of legal process may also be made upon the Trustees. The fiscal year of the Plan is January 1 through December 31.

Employer Identification Number: 38-6059001

Plan Number: 001

A. Type of Plan

This is a Defined Benefit Plan.

B. Eligibility

You are covered on the first day you do work which requires your Employer to contribute to the Plan. Employees of the Union are also covered.

C. How The Benefits Are Paid For

The entire cost of the benefits is paid by Employer Contributions.

D. Important Factors In Determining Your Right To And The Amount Of Your Pension

Your pension benefits are determined by:

1. Your Years of Service (See “E”);

2. The benefit levels established by the Trustees (See “F”);

3. Your age at retirement (See “G’); and

4. The type of benefits you elect (See “H”).

E. Credited And Vesting Service

CREDITED SERVICE, when multiplied by the benefit level applicable to you, will tell you the amount of your pension benefit. VESTING SERVICE will tell you when your right to a pension cannot be taken away.

1. Credited Service. Credited Service is divided into two parts.

(a) Past Credited Service. If you were working as a member of the Bargaining Unit on July 1, 1956, you received one year of Credited Service for each year since 1937 in which you worked 1600 hours. In a year in which you worked more than 400 but less than 1600 hours, you received partial credit.

(b) Future Credited Service. This is Service after July 1, 1956. Between July 1, 1956, and June 1, 1976, Service was determined by hours worked. After June 1, 1976, Service was determined by Hours of Service. An Hour of Service is an hour for which you were paid or entitled to be paid.

July 1, 1956 to January 1, 1972

Hours Worked in Each Calendar Year Credited Service

0 to 399 None

400 to 600 ¼ year

601 to 1000 ½ year

1001 to 1400 ¾ year

1401 or more 1 year

January 1, 1972 to January 1, 1995

Hours in Calendar Year Credited Service

0 to 399 None

400 ¼ year

each additional 16 hours 1/100^th year

1600 hours or more 1 year

January 1, 1995 to January 1, 1998

Hours in Calendar Year Credited Service

0 to 199 None

200 to 1600 Total hours x .000625

1600 hours or more 1 year

January 1, 1998 to January 1, 1999From January 1, 1998

Hours in Calendar Year Credited Service

0 to 199 None

200 to 2000 Total hours x .000625

2000 hours or more 1¼ year

From January 1, 1999

Hours in Calendar Year Credited Service

0 to 199 None

each additional hour Total hours x .000625