Pension Plan Document PDF (258 KB) Amendments: I  II  III  IV  V VI VII VIII IX X XI XII XIII XIV XV XVI XVII XVIII XIX XX XXI

    

Article IV, Section 7

Section 7. Fund. It shall be the duty of the Directors to devote the full amount of the Fund, less administrative and other proper expenses, solely to the payment of retirement benefits and death benefits hereunder. The Directors shall have full authority, in their sole discretion, to determine and change from time to time the amount of retirement benefits and death benefits to be paid hereunder irrespective of whether such Pensioners have retired theretofore or thereafter and irrespective of the provisions of Section 3 of Article VI. Any change in the amount of retirement benefits or death benefits to be paid hereunder which is made by the Directors shall be specified in writing by an appropriate amendment to this Plan. It shall be the duty of the Directors, who may rely upon the advice of the pension consultant, legal counsel and other experts whose advice is sought for such purpose, to establish, use and maintain sound actuarial methods in determining the amount of retirement benefits and death benefits to be paid. In determining the amount of retirement benefits to be paid hereunder, the Directors shall take into account the funding standards of Section 412 of the Code and shall establish an amount of retirement benefits consistent with such standards. The Directors’ determination of the amounts of retirement benefits and death benefits to be paid, and the actuarial calculations upon which such amounts are based, shall be final and binding.

Under no circumstances, except as set forth in Article VII, shall any amounts of money (other than payments of administrative and other proper expenses) in the Fund be recoverable by the Employers or be diverted to purposes other than the exclusive benefit of, and the payment of retirement benefits and death benefits to, Participants, Pensioners, and Beneficiaries entitled thereto under the provisions of this Plan.

The Directors shall determine the funding method (i.e., actuarial cost method) to be used in determining costs and liabilities under the Plan pursuant to Section 301 et seq. of ERISA and Section 412 of the Code. The Directors shall review such funding method from time to time and if the Directors determine that such funding method is no longer appropriate, then the Directors shall petition the Secretary of the Treasury or his delegate for approval of a change in the funding method pursuant to Section 412(c)(5) of the Code and Regulations thereunder.

The Directors from time to time shall estimate the benefits and administrative expenses to be paid out of the Trust during the period for which the estimate is made, and shall also estimate the contributions to be made to the Plan during such period by or on behalf of the Employers which participate in the Plan. The Directors shall inform the Trustee of the estimated cash needs of the Plan for each period with respect to which such estimates are made. Such estimates shall be made on an annual, quarterly, monthly or other basis as the Directors shall determine.

The Directors shall engage an independent qualified public accountant to conduct the examination and to render the opinion described in Section 103(a)(3)(A) of ERISA. The Directors in their discretion may remove and discharge the person so engaged, but in such case the Directors shall appoint a successor independent qualified public accountant to perform such examination and render such opinion.

The Directors shall engage an enrolled actuary to prepare the actuarial statement described in Section 103(d) of ERISA and to render the opinion described in Section 103(a)(4) of ERISA. The directors in their discretion may remove and discharge the person so engaged, but in such case the Directors shall appoint a successor enrolled actuary to perform such examination and render such opinion.