SHEET METAL WORKERS’ LOCAL 88 401(K) PLAN Contribution & Employer Match

SHEET METAL WORKERS’ LOCAL 88 401(K) PLAN Average Participant Retirement Account Value

SHEET METAL WORKERS’ LOCAL 88 401(K) PLAN Estimated Average Employee Contribution Amount

• A participant may elect to make voluntary contributions by entering into, with his or her employer, a written wage reduction agreement approved by the trustees.
• The wage reduction agreement shall provide that the participant agrees to accept a reduction in wages or salary from his or her employer for the years ended December 31, 2024 and 2023 not to exceed $23,000 and $22,500, respectively ($30,500 and $30,000, respectively, for participants who will turn age 50 or older).

• The Plan Document provides that the employers shall make base contributions at the rate specified in the collective bargaining agreements.
• The base contribution rate was 75 cents an hour and 25 cents an hour for Local Union 88 and Local Union 26 employers, respectively, during the contribution period.
• Effective July 1, 2023, the employer contribution rate increased to $1.00 an hour for Local Union 88 employers.
• The employers of the non-bargaining units shall make contributions at varying rates from 25 cents to $3.50 an hour for each eligible participant during the contribution period.

• Each participant’s account is credited with the participant’s contribution and allocations of the employer’s contribution, deductions for administrative expenses, an allocation of Plan earnings (losses), and charges for withdrawals.
• The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
• Amounts credited to a participant’s base and voluntary wage reduction account shall be 100% vested and non-forfeitable at all times.
• Each participant has an account set up by Empower and is fully vested upon the establishment of the account.