M.J. Day – Plan Highlights

The following items provide a brief description of some of the key facts about your Account:

• The Plan will establish your Account on the first valuation date after contributions are made by a contributing employer on your behalf. Employer contributions will be made to your Individual Retiree Spending Account (“Account”) in accordance with the terms of your Collective Bargaining Agreement. Accounts may be increased by discretionary allocations of investment income and may be reduced by administrative expenses.
• Individual Retiree Spending Accounts are fully employer-funded; you cannot make contributions to your Account.
• Contributions to your Account are made by contributing employers each calendar quarter.
• The Plan invests the money in your Account so the money has the opportunity to grow and can help you pay a larger portion of healthcare premiums when you retire.
• You will receive a statement at the end of each Plan Year indicating your Account balance.
• You will become eligible for reimbursements from the Account when you retire.
• Reimbursement of eligible healthcare premiums incurred by you, your spouse, and eligible dependents are tax-free.
• Any balance in your Account at the end of the year will be carried forward into the next year.