Under a Variable Pension Plan ("VPP") design, the annual accruals, both while working and in retirement, are subject to change depending on the performance of the Plan's investments.

Your contributions and accruals for work prior to the Variable Pension Plan, the "Legacy Pension Plan," or "LPP," will be frozen and will not be impacted by the VPP. For former Philadelphia Participants this includes any Pension Supplement "Double Bubble" benefit accrued through December 31, 2022. You may still be eligible for a Pension Supplement Double Bubble benefit at retirement based on your pre-merger accruals.

For former Philadelphia Participants, any Pension Supplement "Double Bubble" benefit accrued through December 31, 2022 will be frozen and will not be impacted by the VPP.

These Participants may still be eligible for a Pension Supplement Double Bubble benefit at retirement based on your pre-merger accruals.

Any accrued benefit amounts under the LPP are locked in. These amounts, along with the VPP benefits you accrue will be combined as your total Pension Benefit at your retirement date.

• Example: Legacy Pension Plan + Variable Pension Plan = Total Pension Benefit at Retirement.

No, since the Legacy Pension Plan (LPP) assets are already pledged to the accruals earned under that Plan, they cannot be rolled into the new Eastern Atlantic States Carpenters Variable Pension Plan.

No, the maximum credit you can earn in one Plan Year is one (1) credited year of service. However, the more hours you work in a Plan Year, the higher your accrued benefit will be.

For example:

• If you work 800 hours, you will earn 1 credited year of service with an accrued benefit of $90
• If you work 1600 hours, you will still earn 1 credited year of service, but your accrued benefit for that year will double to $180

These two survivor options are payment guarantees if the member receiving a pension passes away before all of the monthly payments have been made.

If either of these options are elected and the member passes away before the payment guarantee has been met, the remaining payments go to the named beneficiary or beneficiaries. Otherwise, the normal monthly pension payments continue until the member passes away.