Carpenters Retirement Plan
Amendment and Termination
The Board of Trustees expressly reserves the right, in their sole discretion at any time and from time to time, but upon a nondiscriminatory basis, to:
- Terminate or amend either the amount or condition to eligibility with respect to any benefit even though such termination or amendment affects claims which have already accrued;
- Terminate this plan even though such termination affects claims which have already accrued;
- Alter or postpone the method of payment of any benefit;
- Construe the provisions of the plan and to determine any and all questions pertaining to administration, eligibility, and benefit entitlement, including the right to remedy possible ambiguities and inconsistencies or omissions. Any construction or determination by the Trustees made in good faith shall be conclusive on all persons affected thereby; and
- Amend or rescind any other provisions of this plan.
The Trust may be terminated by the employers and union by an instrument in writing executed by mutual consent at any time, subject, however, to all of the requirements and procedures for plan termination under ERISA and all regulations issued thereunder. Upon the termination of the Trust, any and all monies remaining in the Trust after the payment of all expenses shall be used for the continuance of one or more benefits of the type provided by the plan, until such monies have been exhausted. If the termination occurs as a result of merger, any and all monies and assets remaining in the Trust after payment of expenses, may be transferred to the surviving trust with which the merger was negotiated.
Last Updated: 01/09/2018