Neither the corpus nor assets of the Pension Fund will revert to the Employers or be subject to any claims of any kind by the Employers, except for the return of an erroneous contribution within the time limits prescribed by law.
This Pension Plan has been established on the basis of actuarial calculations which have established, to
the extent possible, that the contributions will, if continued, be sufficient to maintain the Plan on a
permanent basis, fulfilling the funding requirements of ERISA. Nothing in this Plan will be construed to
impose any obligation to contribute beyond the obligation of the Employer to make contributions as stipulated
in the Collective Bargaining Agreement or Agreements to which the Employer is bound.
There will be no liability upon the Trustees, individually or collectively, or upon the Union to provide
the benefits established by this Pension Plan, if the Pension Fund does not have assets to make such payments.
If an Employer is sold, merged or otherwise undergoes a change of company identity, the successor
company will participate as to the Employees previously covered in the Pension Plan just as if it were the
original company, provided it remains a Contributing Employer as defined in Section 1.07.
No new employer may be admitted to participate in this Pension Plan, except upon approval by the Trustees.
The participation of any new Employer is subject to terms and conditions established by the Trustees including,
but not limited to, the imposition of waiting periods in connection with the commencement of benefits, a
requirement for retroactive contributions, or the application of modified benefit conditions and amounts.
In adopting the applicable terms and conditions, the Trustees will take into account such requirements as
they, in their sole discretion, deem necessary to preserve an equitable relationship with the contributions
required from other Contributing Employers and the benefits provided to their Employees.
If the continued participation of an Employer would, in the judgment of the Trustees, adversely affect the
actuarial soundness of the Plan, the Trustees may, as a condition of continued participation, modify any terms
and conditions of participation that they consider necessary to preserve the actuarial soundness of the Plan.
If an Employer terminates its participation in the Fund with respect to a bargaining unit, the Trustees are
empowered to reduce or cancel that part of any pension for which a person was made eligible because of employment
in such bargaining unit prior to the Contribution Period with respect to that unit.
The Trustees may, by resolution, terminate an Employer's status as a Contributing Employer if the Employer has
failed, for a period of ninety (90) days after the due date, to make contributions to the Fund as provided for in
the Collective Bargaining Agreement to which the Employer is signatory.
If the delinquent Employer wishes to once again participate in this Plan, he must post a bond in an amount
determined by the Trustees which is at least twice the amount of the delinquency. If all delinquent contributions
are not paid within three (3) months of the posting of the bond, the bond will be forfeited by the Employer
and his participation in the Fund will be canceled.
Right to Terminate.
The Trustees have the right to discontinue or terminate this Plan in whole or in part in accordance with the
Trust Agreement. The rights of all affected Employees, Retired Employees, surviving Spouses and Beneficiaries
to benefits accrued to the date of termination, partial termination or discontinuance to the extent funded as
of such date will be non-forfeitable.
Termination of this Plan will occur as a result of:
the adoption of a Plan amendment which provides that Employees will receive no credit for any purpose
under the Plan for service with any Employer after the date specified by such amendment; or
- the withdrawal of every Employer from the Plan, or the cessation of the obligation of all Employers to
contribute under the Plan; or
- the adoption of an amendment to the Plan which causes the Plan to become a defined contribution plan.
Date of Termination.
- The date of termination under (b)(1) or (b)(3) above is the later of:
- the date on which the amendment is adopted, or
- the date on which the amendment takes effect.
- The date on which termination occurs under (b)(2) above is the earlier of:
- the date on which the last Employer withdraws, or
- the first day of the first Calendar Year for which no Employer contributions were required under the Plan.
In case of termination under (b)(2) above, the Plan sponsor will, except as provided in (g) below:
- limit the payment of benefits to benefits which are non-forfeitable under the Plan as of the date
of the termination, and
- pay benefits attributable to Employer contributions, other than death benefits, only in the form of
an annuity, unless the Plan assets are distributed in full satisfaction of all non-forfeitable benefits
under the Plan.
- In case of a termination under (b)(2) above, the Trustees will reduce benefits and suspend benefit
payments in accordance with Section 12.06 below.
- In the case of a termination under (b)(1) or (b)(3) above, the rate of an Employerís contributions
under the Plan for each Calendar Year beginning on or after the Plan termination date will equal or exceed
the highest rate of Employer contributions at which the Employer had an obligation to contribute under
the Plan in the five (5) preceding Calendar Years ending on or before the Plan termination date, unless
the PBGC approves a reduction in the rate based on a finding that the Plan is or soon will be fully
- The Plan sponsor may authorize the payment other than in the form of an annuity of an Employeeís
entire non-forfeitable benefit attributable to Employer contributions, other than a death benefit, if the
value of the entire non-forfeitable benefit does not exceed $1,750. The PBGC may authorize the payment
of benefits under the terms of the terminated Plan other than non-forfeitable benefits, or the payment
other than in the form of an annuity of benefits having a value greater than $1,750, if the PBGC determines
that such payment is not adverse to the interest of the Planís participants and beneficiaries generally and
does not unreasonably increase the PBGCís risk of loss with respect to the Plan.
- Upon termination of the Plan under Section 12.05(e) above, the Trustees will amend the Plan to reduce
benefits and will suspend benefit payments, as required by this Section.
- Value of Benefits and Assets.
- Upon termination under (a) above, the value of non-forfeitable benefits under the Plan and the value of the
Planís assets will be determined in writing, in accordance with regulations prescribed by the PBGC, as of the end
of the Calendar Year during which Section 12.05(e) above becomes applicable to the Plan, and each Calendar Year
- For purposes of this Section, Plan assets include outstanding claims for withdrawal liability.
- Reduction in Benefits.
- If, according to the determination made under (b) above, the value of non-forfeitable benefits exceeds the
value of the Planís assets, the Plan sponsor will amend the Plan to reduce benefits under the Plan to the extent
necessary to ensure that the Planís assets are sufficient, as determined and certified in accordance with
regulations prescribed by the PBGC, to discharge when due all of the Planís obligations with respect to non-forfeitable
- Any Plan amendment by this Subsection will, in accordance with regulations prescribed by the Secretary of the
- reduce benefits only to the extent necessary to comply with (c)(1);
- reduce accrued benefits only to the extent that those benefits are not eligible for the PBGCís guarantee under
Section 4022A(b) of ERISA;
- comply with the rules for and limitations on benefit reductions under a Plan in reorganization, as prescribed
in Section 4244A of ERISA except to the extent that the PBGC prescribes other rules and limitations in
regulations under this Section; and
- take effect no later than six(6) months after the end of the Calendar Year for which it is determined that
the value of non-forfeitable benefits exceeds the value of the Planís assets.
- If the Plan is insolvent under (d)(2)(A) below and the benefit payments exceed the resource benefit level,
any such payments which are not basic benefits will be suspended, in accordance with this Subsection, to the
extent necessary to reduce the sum of such payments and such basic benefits to the greater of the resource benefit
level or basic benefits, unless an alternative procedure is prescribed by the PBGC in connection with a supplemental
guarantee program established under Section 4022A(g)(2) of ERISA.
- For purposes of this Subsection, for a Calendar Year:
- the Plan is insolvent if:
- the Plan has been amended to reduce benefits to the extent permitted by (c) above, and
- the Planís available resources are not sufficient to pay benefits under the Plan when due for the Calendar
- Ďresource benefit levelí and Ďavailable resourcesí have the meanings set forth in paragraphs (2) and (3),
respectively, of Section 4245(b) of ERISA.
- If the Plan is insolvent under (2) (A) above, the Plan sponsor has the powers and duties of the plan sponsor
of a plan in reorganization which is insolvent within the meaning of Section 4245(b)(1) of ERISA, except that
regulations governing the plan sponsorís exercise of those powers and duties under this Section will be prescribed
by the PBGC, and the PBGC will prescribe by regulation notice requirements which assure that Plan participants and
beneficiaries receive adequate notice of benefit suspensions.
- The Plan is not required to make retroactive benefit payments with respect to that portion of a benefit which
was suspended under this Subsection, except that the provisions of Sections 4245(c)(4) and (5) of ERISA will apply
if the Plan is insolvent under (2)(A) above, in connection with the Calendar Year during which such Section 12.05(e)
first became applicable to the Plan and every year thereafter, in the same manner and to the same extent as such
provisions apply to insolvent plans in reorganization under Section 4245 of ERISA in connection with insolvency years
under such Section 4245.
Nothing in this Plan gives any Employee the right to be retained in the service of an Employer or to interfere with the right of an Employer to discharge such Employee at any time, nor does it give an Employer the right to require the Employee to remain in his service nor is it to interfere with the Employee's rights to terminate his service at any time.
The Trustees will appoint an actuary who will be independent of the Union and the Association and qualified through fellowship in the Society of Actuaries to perform all necessary actuarial services in connection with the operation of the Plan, or a firm of actuaries which has on its staff such an actuary.
The Fund is not bound by the representations of any person, other than the Board of Trustees acting in that
capacity, regarding participation in, and eligibility for, benefits under this Plan, status of Employees or Employers
or any other matter relating to the Pension Plan or Fund.
Except as the context may specifically require otherwise, use of the masculine gender will be understood to include both masculine and feminine genders.