Article 9 – Funding of Plan Benefits

9.1 Purpose

All benefits under the Plan shall be paid from assets held in Trust for the exclusive purpose of providing benefits to Participants and beneficiaries and defraying reasonable expenses of administering the Plan as authorized by the Trustees pursuant to the Plan and Trust Agreement. Such assets shall be held in Trust, but also may be physically held under a group annuity contract or contracts with reputable insurance companies experienced in pension underwriting and authorized to do business in the State of Washington, or by a bank under a custodial agreement authorized by the Trustees pursuant to the Trust Agreement.

9.2 No Employee Contributions

No Employee shall or may make any voluntary contributions to the Plan. The sole source of contributions to the Plan shall be Employer Contributions made in accordance with the applicable Collective Bargaining Agreement or written contribution agreement.

9.3 Delegation of Authority to Invest Assets

The Trustees may delegate investment responsibilities, pursuant to the Trust Agreement and Article 10 of this Plan, and may appoint an investment manager or managers which may be an insurance company with respect to assets deposited under an insurance contract, or an investment advisor registered under the Federal Investment Advisors Act of 1940, or a bank as defined in that Act with respect to assets of the Plan which are not held under an insurance contract. Such advisors shall not act until they have delivered to the Trustees written acknowledgement that they are fiduciaries with respect to the Trust and the Plan.

9.4 Investment Policy

The Trustees from time to time shall determine the immediate and long-term financial requirements of the Plan and on the basis of such determination establish a policy and method of funding which will enable the Trustees or the Investment Manager or Managers, if any, to coordinate the investment policies of the Plan’s funds with the objectives and financial needs of the Plan.

9.5 No Reversion to Employers or Union

In no event will any part of the Plan funds revert to any Employer or the Union or be used for or diverted to any purpose other than for the exclusive purpose of providing benefits to Participants and beneficiaries and for defraying reasonable expenses of administering the Plan as authorized by the Plan or the Trust Agreement. However, a contribution made by an Employer as a mistake of fact may be refunded by the Trustees within one year after the payment of such erroneous contribution, or such additional period as may be permitted by law.

9.6 Rights Against Trustees/Employers/Union

No person shall have any claim for benefits with respect to this Plan against the Trustees, the Union, an Employer or any insurance company except as may be specifically set forth in this Plan or any applicable insurance contract or as provided by applicable law. The receipt by the Fund of contributions that may be submitted on behalf of persons who may not be eligible to participate in the Plan shall not stop the Trustees from declining or terminating the participation of such persons nor shall it constitute a waiver of any of the provisions of this Plan.

9.7 No Guarantee of Benefits

Neither the Union, the Employer nor the Trustees guarantee the payment of any benefits under this Plan. It shall be specifically understood that benefits shall be paid under the Plan only to the extent that funds are available therefor under the Trust. No Employer shall have any liability for the obligations under the Plan of any other Employer, except as provided by applicable law. Each Employer shall be discharged of all obligations to contribute under the Plan upon making the contributions required of such Employer under the applicable collective bargaining agreement, except for withdrawal liability and other requirements of law.