The Board of Trustees intends to continue the Pension Plan indefinitely, although it reserves the right to change or end the Plan at any time. The Trustees may, in their sole discretion, modify, amend or terminate the Plan in any manner or at any time in accordance with the provisions of the Trust Agreement. If the Trustees amend or terminate the Plan, they will notify you in writing. The Plan would end automatically if every employer withdraws from the Plan as defined by law.
If the Plan ends, you would stop earning benefits. However, you would become fully vested in all benefits you had earned up to the time the Plan ended, regardless of your service.
If the Plan ends, money in the Pension Fund, to the extent possible, would be used to provide the benefits due according to the priority required by law and stated in the Plan Document. No funds will be returned to any employer. This is a summary of how benefits will be allocated if the Plan is terminated:
Benefits earned as of the date of termination, partial termination, or discontinuance, to the extent funded as of such date, are non-forfeitable.
In the event of termination, the Plan's administrative expenses will be paid and all remaining assets will be allocated as follows:
First, to pension benefits that have been in pay status for the three years immediately before the Plan's termination date and then to pension benefits that would have been in pay status during that three-year period if the Participant had chosen to retire.
Second, to all other benefits (if any) of the individuals under the Plan guaranteed by the PBGC under Title IV of ERISA.
Third, to all other vested benefits under the Plan.
Fourth, to all other benefits under the Plan.
If the assets of the Plan are insufficient to satisfy the benefits described above in full, the remaining assets will be allocated pro rata among the Participants and Beneficiaries on the basis of present value.
Benefits may be paid as soon as the Plan termination has been approved by government agencies, or payment could be deferred to a later time. The Board of Trustees, with government approval, if applicable, will determine when benefits are to be paid.