Retirement Plan for Hourly Paid Employees of GAF Materials

Because benefits are union-negotiated, the plan operates under collective bargaining agreements that define eligibility, benefit formulas, and contribution rates. This often leads to a more conservative investment posture — focused on liability-driven strategies — compared to non-union corporate plans. The asset mix is broadly diversified across public and private markets, but the specific glide path is tied to negotiated benefit obligations rather than discretionary employer decisions.