Carpenters Retirement Plan
Article 9 - Funding of Plan Benefits
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.
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.
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.
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.
In no event will any part of the Plan funds revert to any Individual 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 Individual Employer as a mistake of fact or law may be refunded by the Trustees within six months after the Trustees determine that the contribution was paid by mistake, or such additional period as may be permitted by law.
No person shall have any claim for benefits with respect to this Plan against the Trustees, the Union, an Individual 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.
Neither the Union, the Individual 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 Individual Employer shall have any liability for the obligations under the Plan of any other Individual Employer, except as provided by applicable law. Each Individual Employer shall be discharged of all obligations to contribute under the Plan upon making the contributions required of such Individual Employer under the applicable collective bargaining agreement, except for withdrawal liability and other requirements of law.
Last Updated: 01/09/2018