GENERAL INFORMATION

The Sheet Metal Workers' Savings Plan of Southern California was established to provide eligible Sheet Metal Workers with Vacation and Holiday benefits. Members of Local 108 for whom contributions are made into the Plan by contributing employers are automatically participants in the Plan.

A percentage of each eligible employee's gross taxable wages are paid directly to the Plan by his Employer. Half of that percentage is credited to the individual account of the employee for Vacation benefits and half to Holiday benefits.

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VACATION BENEFITS

For 1994, 50% of all participant vacation accounts through January 1994, work hours will be paid out April 1, 1994. Also, 75% of all participant vacation accounts through May 1994, work hours will be paid out August 1, 1994. The Trustees will notify participants of the 1995 and subsequent payouts. After the initial accumulation of six months of contributions, hardship distributions are permitted for one or more of the following reasons only:

1. To make payment in order to avoid loss of primary residence.
2. To pay that portion of bill for medical procedures which are the responsibility of the member and which have gone to collection, due to the member's inability to pay.
3. To pay Local Union financial obligations if member is both unemployed and hardship status is established.
4. To pay self-pay health plan premiums as a bridge until the next scheduled payout from the Savings Plan.

The participant requesting a Hardship distribution must complete and file the required application form and submit all such documentation to show eligibility as requested by the Trust.

The amount of such Hardship payments will be limited to the lesser of amount necessary to cure the debt or the Participant's account balance.

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HOLIDAY BENEFITS

Holiday benefits are paid automatically by the Plan once each year at the beginning of December. The amount of the Holiday benefit is the amount contributed by the employer on each employee's behalf into the Holiday Benefit account from October of the previous year through September of the current year. Holiday payments are mailed to each employee and may not be picked up at the Plan Office.

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DIVIDENDS

In addition to the Holiday and Vacation benefits regularly paid to employees participating in the Savings Plan there may be additional payments made to employees in the form of dividends. Dividends are determined by the Trustees from time to time, based upon the accumulated earnings in the Savings Plan.

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DELINQUENT OWNER OR MANAGEMENT PARTICIPANTS

No owner or management employee-participant may withdraw any funds from either his/her vacation or holiday account if the Employer with which the participant has an ownership or management interest is delinquent in contributions to the Trust or to any other Trust to which the Employer is required to contribute under a Collective Bargaining Agreement. The Trustees may, in their discretion, allocate all or part of such participant's account to pay such delinquent contributions.

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APPLICATIONS

All applications for benefits must be completed and submitted with any required documentation to the Plan Office. The address of the Plan Office is: