Employer contributions payable pursuant to collective bargaining agreements are allocated to your Participant Account. The amount in your Participant Account represents an undivided interest in the Annuity Fund and reflects income gains or losses, appreciation and depreciation, and your allocable share of Annuity Fund expenses. You may roll over or transfer contributions from another tax-qualified plan or individual retirement account or annuity into this Plan, which will accumulate in a separate account under your name. You may not make contributions to the Annuity Fund.

The Annuity Fund and the Participant Accounts are valued on the last day of each calendar month (the "Valuation Date"). Under the valuation:

• All payments and distributions made from your Account since the last valuation date are charged against your Account,
  
  
• Your Account is adjusted in relation to the value of all other Accounts to reflect the fair market value of the Annuity Fund as of the Valuation Date (less contributions) and
  Your Account is increased by any allocation of Employer contributions for service for the period ending with the Valuation Date.

You are not entitled to an allocation of Contributions until contributions to the Annuity Fund are made by the Employer and received by the Annuity Fund. After the close of each Plan Year, you will receive an annual report regarding the status of your Account as of the last Valuation Date for that Plan Year.

You are entitled to receive benefits under the Plan upon your termination of employment which occurs due to retirement with the Employer, termination of employment with the Employer, or death. You must apply for benefits in writing on a form prescribed by the Trustees. Your Account is valued and is payable as follows:

• as soon as practicable after your application for benefits is received by the Annuity Fund Administrator, you will receive a distribution of the full value of your Account determined as of the Valuation Date that next follows the receipt of your application by the Annuity Fund Administrator, and
  
  
• as soon as practicable after the Valuation Date next following the date on which any contributions attributable to your service prior to your termination of employment are received by the Annuity Fund after the calendar month that you apply for a distribution, you will receive a distribution of those contributions, if any.

Upon termination of employment with an Employer, you may request a direct rollover of a distribution from your Account to another tax-qualified plan (that accepts rollovers) or an individual retirement account ("IRA") or annuity. If you choose to receive the distribution in cash, it is subject to 20% mandatory federal income tax withholding by the Annuity Fund (except to the extent of any required minimum distribution after age 70 ). There is no direct rollover or income tax withholding if your distribution for the year is reasonably expected to total less than $200.

You may leave your Account in the Annuity Fund when you terminate employment. You continue to be a Participant and your Account shares in the Fund's gains and losses and expenses, until payment of your Account occurs. Benefits under the Plan must be distributed no later than April 1 of the calendar year following the calendar year in which you attain age 70 , or the calendar year in which you terminate employment with an Employer, whichever occurs last.

If you terminate your employment with an Employer who has made, was required to make, or continues to make contributions to the Annuity Fund, but you continue to be employed by a governmental entity that is affiliated with the City of New York:

• you may receive a distribution of your benefits,
  
  
• you may defer receipt of your benefits while continuing to have your Account invested under the Plan, or
  
  
• you may request a trust-to-trust transfer of your Account to a tax-qualified plan maintained by the affiliated entity with whom you are employed.