Summary Plan Description

CARPENTERS OF WESTERN WASHINGTON INDIVIDUAL ACCOUNT PENSION PLAN
RESTATED AS OF JANUARY 1, 2014

Effective June 1, 1981, the Trustees adopted the Carpenters of Western Washington Individual Account Pension Plan for the exclusive benefit of eligible Employees and their beneficiaries. The Plan is intended to meet the requirements of Section 401(a) of the Internal Revenue Code, as amended, and the Employee Retirement Income Security Act of 1974.

The Plan was previously restated and amended as of January 1, 1986, January 1, 1989, January 1, 1991, January 1, 1994, January 1, 1999, November 1, 2004, and November 1, 2009. The effective date of this restated and amended Plan is January 1, 2014.

Effective January 1, 2014, this Plan is converted from a money purchase pension plan to a "profitsharing plan" covering the same employees and subject to the same vesting rules. The eligibility and benefits of Participants who terminated or retired prior to January 1, 2014 shall be determined in accordance with the provisions of the Plan in effect as of the date of the Participant's termination or retirement unless specifically provided otherwise herein. Assets and liabilities in the ongoing Plan that are attributable to Contributions made prior to January 1, 2014 retain their money purchase pension plan attributes, in accordance with Revenue Procedure 2002-42 and other IRS guidance.

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