SUMMARY OF MATERIAL MODIFICATIONS FOR ACTIVE PARTICIPANTS, PRE-MEDICARE RETIREES, AND PRE-MEDICARE ELIGIBLE DEPENDENTS
Wednesday, November 26, 2025

SUMMARY OF MATERIAL MODIFICATIONS
FOR ACTIVE PARTICIPANTS, PRE-MEDICARE RETIREES, AND PRE-MEDICARE ELIGIBLE DEPENDENTS

November 2025

Dear Participant:

This notice, referred to as a Summary of Material Modifications (SMM), describes important changes to the benefits offered by the National Automatic Sprinkler (NAS) Metal Trades Welfare Fund (Fund) effective January 1, 2026. We encourage you to read this notice carefully and to keep it with your Summary Plan Description and Plan Document (Plan). If you have any questions, please contact the Fund Office.

Important Benefit Changes Effective January 1, 2026

In recent years, healthcare and prescription drug costs have surged. In addition, the Plan has seen increased enrollment and an increased number of high-cost claimants. Consequently, the amount of money the Fund pays in benefits has increased significantly. Accordingly, in an effort to lessen the impact of these issues on the Fund’s financial resources, the following changes to the Plan’s Schedules of Benefits (Plan A, Plan B, and Plan C) will take effect on January 1, 2026:

1. Increased Out-of-Pocket Maximums for Prescription Drugs. Effective January 1, 2026, your out-of-pocket maximums for covered prescription drugs will increase to $1,250/individual and $2,500/family. Currently, your prescription drug out-of-pocket maximums are $500/individual and $1,000/family. An out-of-pocket maximum is the most you could pay for covered prescriptions each year. Once you reach your out-of-pocket maximum, the Fund pays 100% for covered prescriptions for the remainder of the year, in accordance with applicable Plan rules.
   
   
2. Increased Deductibles for Dental Benefits. Effective January 1, 2026, your deductibles for dental benefits will increase to $150/individual and $450/family. Currently, your deductibles are $75/individual and $225/family. A deductible is the dollar amount you must pay out-of-pocket for dental expenses before the Fund begins paying for such expenses.
   
   
3. Lower Annual Maximum for Dental Benefits. Effective January 1, 2026, the Fund will pay up to $2,000 in covered dental benefits per person per calendar year. Currently, the annual maximum is $3,000. This means the Fund will pay for its portion of your dental benefits (after you reach your deductible) based on the Plan’s coinsurance rules until the Fund has paid a total of $2,000. Upon reaching the $2,000 annual maximum, you will be responsible for additional costs until the following year.
   
   
4. Elimination of Vision Benefits. Effective January 1, 2026, the Plan will no longer offer vision benefits. Currently, after you pay a $10 deductible, annual examinations and covered materials are paid in full if you use a Vision Service Plan (VSP) provider; there is no coverage for vision related expenses incurred out of the VSP network.

Conclusion

The Trustees are sympathetic to the impact of these Plan changes. They sought to make meaningful adjustments that would yield cost-savings for the Fund while balancing the financial burden Participants and their families would shoulder. If you have any questions about this correspondence, or the Fund in general, please feel free to contact the Fund Office.

This summary of material modifications is intended as a non-technical summary of certain changes to the rules of the NAS Metal Trades Welfare Fund, so it does not contain all the details. It modifies the information set forth in the Fund’s Summary Plan Description and Plan Document that was previously provided to you. In the event of a discrepancy between this summary of material modifications and the official Plan document, the official Plan document, as interpreted and applied solely by the Trustees pursuant to their exclusive discretionary authority, will prevail. The Trustees reserve the right to modify the official Plan document and the benefits offered by the NAS Metal Trades Welfare Fund at any time.