A.C. Green Electrical Contractors, Inc. - Page 3

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               For the years in issue, the plans constituted qualified                
          pension plans under section 401, and Rozenblatt and Jakubowicz              
          were the only participants in their respective plans.                       
               Under section 3.02 of each plan, if Rozenblatt and                     
          Jakubowicz are not married at the time of retirement, each will             
          receive what is referred to as a normal retirement benefit in the           
          form of a single life annuity that will provide monthly payments            
          commencing after retirement and continuing for each participant's           
          life.  Section 3.02 of each plan provides as follows:                       

               [Rozenblatt’s or Jakubowicz’s] Normal Retirement                       
               Pension computed under Section 3.01 shall be paid * * *                
               in the form of a monthly annuity for his lifetime,                     
               commencing on the first day of the month following the                 
               date on which * * * [he] attains his Normal Retirement                 
               Date.  Such normal form of payment shall be subject to                 
               any election made by such Participant under Article IV                 
               and V of this Agreement.                                               

               Under section 4.01 of each plan, however, if Rozenblatt and            
          Jakubowicz are married at retirement, each will receive monthly             
          annuity payments in the form of a qualified joint and survivor              
          annuity (QJSA).  Under a QJSA, periodic annuity payments are made           
          over the joint lives of the participant and his spouse.  The                
          participant receives annuity payments for his life, and if the              
          spouse survives the participant, the surviving spouse receives              
          annuity payments for her life.  Also under section 4.01 of each             
          plan, Rozenblatt or Jakubowicz could elect in writing not to                
          receive the QJSA and instead to receive simply a single life                




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Last modified: May 25, 2011