22 Cost of COBRA Continuation Coverage The cost of coverage under COBRA is paid totally by you or the other qualified beneficiary covered und er the Plan. The monthly rates you will self - pay reflect the cos t of medical benefits under the Plan, plus a 2% administration fee as allowed under COBRA. In the event that your coverage is based on a Social Security Administration or Railroad Retirement B oard disability award, your monthly premium may include a surcha rge. Also, the rate for COBRA coverage may change due to changes in the benefits offered by the Plan and, in certain circumstances, to reflect changes in the cost of the Plan’s benefits. Absent these restrictions or conditions, your COBRA rate generally wi ll remain in effect for a period of 12 - months. Under the law, you are required to pay the full cost for this coverage. More details are included in the individual COBRA election notice you wi ll receive. The initial payment must be received by the Plan wit hin 45 days after the date of your election for COBRA Continuation Coverage. The initial premium must be paid to cover the period of coverage from the date of the election, retroactive to the date of the loss of coverage due to the Qualifying Event. Subseq uent premiums amounts will be due on the first day of each calendar month for the duration of the applicable period of coverage. It is the responsibility of each qualified beneficiary or person acting on behalf of a qualified beneficiary, to ensure that th e Fund Office receives the correct payment on a timely basis. Nether the Plan or the Fund Office is responsible if the qualified beneficiary causes himself or herself to lose the Continuation Coverage through a failure to submit the corre ct payment in a ti mely fashion. Termination of COBRA Continuation Coverage Continuation Coverage will terminate as noted above, or the earliest of: • The date of death for the covered individual; • The last day of the applicable maximum continuation period; • The last day of t he month for which you made a timely self - payment for COBRA Continuation Coverage; • The date you (as a Spouse) remarry or marry and obtain coverage under another group health plan; • The date you obtain coverage as an employee under another employer - sponsore d group health plan; • The date you become eligible for coverage under Medicare unless other rules apply as noted above; • The date the Social Security Administration or Railroad Retirement Board makes a determination that you are no longer disabled; • The date the Plan terminates; or • The date your employer ceases to be a Contributing Employer, except as noted below. If your Employer stops participating in the National IAM Benefit Trust Fund, the Fund will continue to carry the COBRA Continuation Coverage benefi ts for you, your Spouse, and your Eligible Dependent Children only if the Employer does not substitute another plan. If the Employer establishes one or more group health plans, or starts contri buting to another multi - employer group health plan, the plan es tablished by the Employer or the other multi - employer plan must make COBRA Continuation Coverage available to you, your Spouse and/or your Eligible Dependent Child, who: • Was receiving coverage under the Plan (including Retiree coverage) immediately before the Employer’s cessation of participation; and • Is, or whose qualifying event occurred in connection with, a covered Employee or Retiree whose last coverage before the qualifying event was through the applicable Employer.