Other Information

Plan Termination

As it is currently structured, the Plan can be terminated by the Employers and the Union at any time, if they agree to do so in writing. The Plan also can be terminated by the Trustees if no further contributions to the Pension Fund are required by any collective bargaining agreement.

In the event of Plan termination, you will not accrue any further benefits under the Plan. However, the benefits that you have already accrued will become vested, that is, non-forfeitable to the extent your benefit can be funded by the Plan assets allocated to such benefits. If there are more than enough assets available to pay the expenses of termination and fund all the benefits described in the Plan, the Trustees will distribute any surplus remaining in a way that they determine best achieves the purposes of the Trust Fund. No assets will be used for the benefit of any Employer or any Union. They will be used only to pay benefits to employees (or their families, beneficiaries or dependents), to pay the cost of administering the Trust Fund, or for other purposes of the Trust Fund.

However, if there are not enough assets to pay for all the benefits described in the Plan after providing for the expenses of termination, the remaining assets will be allocated in accordance with Article X of the Plan and as otherwise required by law. In general, that Article provides that benefits will be divided into categories of descending order of priority. Available assets will be allocated first to the first category which, as a general rule, includes pensions that were in pay status three years prior to the termination or would have been in pay status at the time if the participant had chosen to retire. If there are enough assets to pay for all the benefits in this category, the excess will be allocated to each of the remaining categories in succession. No assets will be allocated to any category unless there are enough assets to fund all benefits in the preceding category.