AMENDMENT NUMBER ONE TO THE AMERICAN FEDERATION OF MUSICIANS AND EMPLOYERS’ PENSION PLAN (As Amended and Restated Effective as of June 1, 2010)
AMENDMENT NUMBER ONE TO THE
AMERICAN FEDERATION OF MUSICIANS AND EMPLOYERS’ PENSION PLAN
(As Amended and Restated Effective as of June 1, 2010)
WHEREAS, the Board of Trustees (the “Board”) of the American Federation of Musicians and Employers’ Pension Fund (the “Fund”) adopted the American Federation of Musicians and Employers’ Pension Plan, as amended and restated effective as of June 1, 2010 (the “Plan”); and
WHEREAS, pursuant to Article 9, Section 9.01 of the Plan, the Board reserves the right to amend the Plan at any time; and
WHEREAS, the Board agreed to amend the Plan in order to clarify certain provisions of the Plan as set forth herein and authorized the undersigned to execute this document to memorialize such agreement; and
NOW, THEREFORE, the Plan is hereby amended, effective June 1, 2010, as follows:
1. Article 5, Section 5.06 is amended by deleting the existing text of Section 5.06(c)(1) and replacing it with the following:
(1) The provisions concerning the timing of the payment of an additional pension benefit contained in subsection (b) above shall apply.
2. Article 5, Section 5.06 is amended by deleting the existing text of Section 5.06(c)(2) and replacing it with the following:
Subject to adjustment where the additional pension benefit is to be paid in the form of a 50% Joint and Survivor Annuity or a 75% Joint and Survivor Annuity, the amount of the additional monthly pension benefit that will become payable to an early disability Pensioner as of his or her later Annuity Starting Date shall be the monthly benefit computed using the Basic Monthly Amount dollar rate set forth in Section 5.03(a) applicable to age 65 as of the later Annuity Starting Date as applied to Contributions earned from the initial Annuity Starting Date through the end of the month during which the Pensioner attains Normal Retirement Age during each calendar year in which at least $50 of Contributions were earned.
3. Article 7 Section 7.01of the Plan is amended by deleting the last sentence of Section 7.01(b) and replacing the second sentence of Section 7.01(a) with the following:
No death benefit is payable under this Section 7.01 if the Participant dies without having designated a primary or alternate Beneficiary, if there is no designated primary or alternate Beneficiary living on the date of the Participant’s death, or if the Beneficiary dies prior to the commencement of payment of the death benefit.
4. Article 10, Section 10.05 of the Plan is amended by deleting the existing text of Section 10.05(b) and replacing it with the following:
If an Employer subsequently reports and makes Contributions (including interest) for Covered Employment that was not included in the statement, or if the Plan Administrator determines that Contributions from an Employer are due and unpaid, the Plan Administrator will correct the Plan's records to include the Contributions and related Covered Earnings, notwithstanding any other provision in this Section.