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Summary Plan Description

Summary Plan Description

The NPF is managed and administered by a joint labor/management Board of Trustees, which consists of eight Trustees. Four Trustees are appointed by the International Association of Sheet Metal, Air, Rail and Transportation Workers (the Union or SMART), and four Trustees are appointed by the Sheet Metal and Air Conditioning Contractors’ National Association (the Employer Association or SMACNA). The Board of Trustees is the NPF’s “Administrator,” as defined in the Employee Retirement Income Security Act of 1974 (ERISA), as amended. While the Trustees have the ultimate decision-making authority over the administration of the NPF, the day-to-day administration of the NPF is performed by an in-house staff. The NPF’s Executive Director, Lori Wood, reports directly to the Trustees and is responsible for oversight of the day-to-day administration of the NPF. The NPF receives its funding from contributions made by the Employers, who maintain the NPF pursuant to Collective Bargaining Agreements or similar agreements. These contributions come from the wage package negotiated between SMART local unions and SMACNA. The contributions are held in trust by the Board of Trustees along with any investment earnings, which comprise the Fund’s assets. The assets of the trust are invested by the investment manager(s) appointed by the Trustees,and the trust’s assets are used to pay all NPF benefits and administrative expenses.

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