Sheet Metal Workers’ Local 73 Pension Fund

Announcement Letter for Changes Effective March 1, 2005

December 2004

Dear Pensioner or Surviving Spouse:

The Trustees would like to announce a limited supplement to the monthly pension payable to certain pensioners and surviving spouses who are covered under the Supplemental Medicare Wraparound Plus (SMW+) Program of the Sheet Metal Workers’ National Health Fund and are required to pay the non-subsidized SMW+ premium. This supplement was adopted in conjunction with the changes to the Local 73 Welfare Plan of Benefits that will take effect on January 1, 2005, and the changes to the Retiree Self-Pay Program that will take effect on March 1, 2005.

You have been identified as a participant who may qualify for this limited supplement. In order to qualify, you must be:

• Receiving a pension from the Local 73 Pension Fund prior to March 1, 2005,
• Covered under the Local 73 Welfare Fund prior to March 1, 2005,
• Covered under the Supplemental Medicare Wraparound Plus (SMW+) Program of the Sheet Metal Workers’ National Health Fund prior to March 1, 2005 as a non-subsidized participant.

If you are a pensioner prior to March 1, 2005 and elected Family Coverage from SMW Plus, your pension will increase by $112 per month beginning with your March, 2005 pension check. If you are a pensioner prior to March 1, 2005 and elected Single Coverage from SMW Plus, your pension will increase by $56 per month. Note: If you are married but elected Single Coverage from SMW Plus, your pension will increase by $56 per month.

If you are the surviving spouse of a deceased pensioner as of March 1, 2005, your pension will increase by $56 per month and will end upon your death.

Married participants will receive their pension supplement in the form of an Unreduced 50% Husband and Wife pension, regardless of the form of payment that was elected at initial retirement. Unmarried participants will receive their supplement in the form of a Single Life Annuity (with 60 payments guaranteed). If you are not married you are required to complete the attached beneficiary designation form.

If you have any questions regarding this change or your pension benefit in general, you should contact the Pension Fund Office at the address or phone number shown above.

Sincerely,

Board of Trustees
Sheet Metal Workers’ Local 73 Pension Fund