Minneapolis Retail Meat Cutters and Food Handlers Pension Fund

The Minneapolis Retail Meat Cutters and Food Handlers Pension Fund (the “Pension Fund”) was established in March 1960. The pension trust was set up pursuant to a collective bargaining agreement between the Amalgamated Meat Cutters and Butcher Workmen of North America AFL-CIO District Local 663 and 653A and contributing employers. Pension benefits are funded by employer contributions and returns on pension fund investments. The Pension Fund does not allow employee contributions.

The Pension Fund is considered a Defined Benefit Plan. This type of plan provides for a monthly lifetime benefit payable at retirement age to those who meet the vesting requirements. To become vested for benefits and entitled to a pension at retirement age, employees currently need 5 years of Vesting Service. For those employees whose last hours of service with the Pension Fund occurred prior to March 1, 1998, 10 years of Vesting Service is required to be eligible for a pension at retirement age. To earn one (1) year of Vesting Service, employees currently need to be credited with 1,000 hours of service in the Plan Year (March through February). Prior to May 2, 2010, employees were required to be credited with 850 hours of service in the Plan Year to earn one (1) year of Vesting Service.

17 years Credited Service x $65.00 = $1,105.00
6 years Credited Service x $35.00 = $ 210.00

Monthly Benefit at Normal Retirement Age $1,315.00

Currently a complete year of Credited Service requires 2,000 hours of service in a Plan Year. No more than one (1) year of Credited Service can be earned during any Plan Year. A partial year of Credited Service will be granted on a pro-rata basis for Plan Years with less than 2,000 hours and will be calculated by dividing the number of hours of service earned in the Plan Year by 2,000. However, except in Plan years during which you started or terminated employment, no partial years of Credited Service will be granted for a Plan Year:

1. For hours of Credited Service earned on or after May 2, 2010, if you have less than 1,000 hours of service.
2. For hours of Credited Service earned on or before May 1, 2010, if you have less than 850 hours of service.

The Pension Fund offers the following benefits to its participants:

• • Normal Retirement Benefit – Requires 5 years of service and attainment of age 62
• • Early Retirement Benefit – Requires 15 years of Credited Service and attainment of age 52
• • Thirty-Year Retirement Benefit – Requires 30 years of Credited Service without regard to age
• • Disability Retirement Benefit – Requires 15 years of Credited Service and Total and Permanent Disability

For complete information regarding the Pension Fund, please refer to your Summary Plan Description.