AMENDMENT NUMBER TWO TO THE AMERICAN FEDERATION OF MUSICIANS AND EMPLOYERS’ PENSION PLAN (As Amended and Restated Effective as of June 1, 2010)
AMENDMENT NUMBER TWO 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 has agreed to amend the Plan to clarify the definition of “Beneficiary” and the contributions included in death benefits, and has authorized the undersigned to execute this document to memorialize such agreement; and
NOW, THEREFORE, the Plan is hereby amended as follows, effective as of the June 1, 2010 restatement date:
1. Section 1.07 (Beneficiary) is amended to read as follows:
. The term “Beneficiary” shall mean that natural person entitled to payments following the death of the Participant in accordance with a properly made designation by the Participant on a form provided by the Fund, and subject to the rules set forth below.
(a) General Designation of Beneficiary. For purposes of the pre-retirement benefit payable in accordance with Section 7.01, a Participant may designate up to three individuals (or if greater, the number of the Participant’s natural children or children placed with the Participant for adoption) as primary Beneficiary, and up to three individuals (or if greater, the number of the Participant’s natural children or children placed with the Participant for adoption) as alternate Beneficiary. The designated primary Beneficiary(ies) will be considered to be the Beneficiary for purposes of this subsection (a) except as set forth in subsection (a)(3) and (c) below.
(1) If more than one primary Beneficiary is designated, any payments under this subsection (a) will be divided ratably among them unless the Participant specified different allocations on the designation form. If any one or more (but not all) dies before the Participant’s death, the benefit payable under Section 7.01 will be divided ratably among the living primary Beneficiaries.
(2) A person named as an alternate Beneficiary shall become the Beneficiary only if none of the persons named as primary Beneficiary is alive on the date of the Participant’s death.
(3) If the Participant does not have an Eligible Spouse and is legally married to a person of the same gender at his or her date of death, that person shall be the Beneficiary in the event there is no living primary or alternate Beneficiary.
(b) Designation of Minors. A Participant may designate a minor as a primary or alternate Beneficiary only if such designation is properly made in accordance with the requirements of the designation forms provided by the Plan Administrator for such purpose.
(c) Eligible Spouse as Beneficiary. Notwithstanding anything in this Section to the contrary, to the extent required by Articles 6, 7 and 8, the deceased Participant’s surviving Eligible Spouse shall automatically be the Beneficiary for all purposes of the Plan regardless of previous designations on file at the Fund Office.
(d) Joint Annuitant as Beneficiary. Notwithstanding anything in this Section to the contrary, for purposes of Sections 8.06 (Timing and Distribution of Benefits), 8.07 (Forfeiture of Unclaimed Benefits of Los Participants or Beneficiaries), 10.03 (Information and Proof), 11.05 (Non-Alienation of Benefits), 11.06 (Recovery of Benefit Overpayments), and 11.15 (Rights in Fund), the term “Beneficiary” shall also include a Joint Annuitant.
2. Section 7.03 (Additional Death Benefit Rules) is amended to read as follows:
Section 7.03 ADDITIONAL DEATH BENEFIT RULES.
(a) Notwithstanding any other provision of this Article 7, if a Participant dies while performing qualified military service (as defined in Code section 414(u)) on or after January 1, 2007, the Participant’s Beneficiary shall be entitled to any additional benefits (other than benefit accruals relating to the period of qualified military service) provided under the Plan had the Participant resumed Covered Employment and then terminated Covered Employment on account of death.
(b) Notwithstanding any other provision of the Plan, all death benefits shall be based solely on Contributions received before (i) in the case of additional Contributions described in Section 5.06, and the Participant dies on or after July 1, the calendar year in which the Participant dies if the Participant dies on or after July 1, (ii) in the case of additional Contributions described in Section 5.06, the calendar year preceding the year in which the Participant dies if the Participant dies before July 1, or (iii) in all other cases, the date of the Participant’s death.