7 What Should I Know About Applying for Benefits? You must apply for benefits on the form provided by the Plan. However, you must begin to receive benefits, and will be paid automatically if you can be located, no later than the April 1 of the calendar year following the calendar year in which you are 72 years old, or if later, the April 1 following the calendar year in which you retire. Payment to a spouse must begin by the date on which you would have reached age 72. If you do not start to receive benefits by that date, the IRS can assess a 50 percent excise tax on the value of your benefits. To get an application, call 833-38-UNION (833-388-6466) or access the website at https:// myplan.johnhancock. com/login. In What Form Are Benefits Paid? Benefits are paid in a single lump sum consisting of the value of your Individual Account. Accounts are valued daily. To the extent the Plan has agreed to provide paperless transactions, such transactions requested and approved via the website before 4:00 pm ET on a NYSE business day will be processed within two business days. However, distributions following termination of employment will not be processed earlier than the time period established by the Plan. Transactions requested and approved on or after 4:00 pm ET on a NYSE business day will be deemed to be received as of the next NYSE business day. If you began participation in the Fund before July 1, 2001, please refer to the section of this booklet entitled “Additional Information for Employees of Employers that Participated in the IAM National Individual Account Plan” for information about the forms of benefits available to you. What Is the Effective Date of Benefits? The effective date of benefits is generally the day after you have fulfilled all of the conditions for entitlement to benefits, subject to certain notice requirements found in Section 6.01 of the Plan Document. Benefit payments cannot be made if you are employed by a contributing employer unless you have attained age 59½ and request an in-service withdrawal. How Are These Benefits Taxed? As long as your contributions and their earnings stay in your Individual Account, you do not pay taxes on your contributions or their earnings. To continue to defer taxes on the value of your Individual Account, you may also elect to roll over all or a part of an eligible rollover distribution to another qualified plan, a tax qualified annuity, IRA, or qualified state and local government plan which accepts rollovers. An eligible rollover distribution includes your pre-tax contributions, after-tax contributions, non-elective contributions, matching contributions, other rollover contributions, and transfer contributions. Effective January 1, 2010, the Plan will also permit you to transfer an eligible rollover distribution to a Roth IRA, although you should contact a tax advisor about how such a transfer may be treated for federal income tax purposes. These rollover rules are also applicable to pre-retirement death benefits payable to a surviving spouse. If you (or your surviving spouse in the case of a pre-retirement death benefit) choose not to roll over an eligible rollover distribution, the Plan is required to withhold 20 percent of the distribution for federal income taxes and a percentage for state income taxes where required. This withholding will be used to pay income taxes due on your benefit payment. Additional taxes may be required at the time you file your income taxes for the year in which you receive the lump sum payment. Taxes on the earnings from your after-tax account are payable upon distribution.