Carpenters Individual Account Pension Plan
Article 7: Amendments
The Trustees reserve the right to change, modify or amend the Plan at any time, retroactively or otherwise. Action by the Trustees to amend the Plan will be taken in accordance with the procedures set forth in the Trust Agreement.
It is intended that the Plan will constitute a qualified Pension Plan under the applicable provisions of the Internal Revenue Code and Internal Revenue Service and Department of Labor regulations. Any amendment of the Plan may be made retroactively, if necessary and appropriate to qualify the Plan to meet the requirements of the applicable law and regulations. No amendment of the Plan shall be adopted which will cause or result in the expenditure of any portion of the funds to inure to the benefit of any Individual Employer or the Union or for any other purpose other than for the exclusive benefit of the Participants and their beneficiaries.
Notwithstanding the foregoing, no amendment shall be effective if it has the effect of decreasing, either directly or indirectly a Participant's accrued benefit, except to the extent permitted under Internal Revenue Code § 412(c)(8). If the vesting schedule is amended, in the case of an individual who is a Participant as of the later of the date the amendment is adopted or the date it becomes effective, the nonforfeitable percentage (determined as of such date) of the Participant's employer-derived accrued benefit will not be less than the percentage computed under the Plan without regard to such amendment.
Each Participant with at least three years of Credited Service for vesting at the time of adoption of any amendment changing any vesting schedule under the Plan, or prior to the end of the election period, shall have the right to elect at any time, but no later than 60 days after the election period, to have his vested percentage computed under the Plan without regard to such amendment. For purposes of this Article, the term "election period" means the later of:
- The date the amendment is adopted;
- The date on which the amendment is effective; or
- The date on which the Participant is given written notice of the amendment.
Amendments shall be approved by the Trustees and signed by the Co-Chairmen of the Board of Trustees.
No merger, consolidation or other transfer of the assets and liabilities of the Trust to another Trust shall be made unless each Participant to this Trust would (if the Plan then terminated) receive a benefit immediately after the merger, consolidation or transfer which is equal to or greater than the benefit he would have been entitled to receive immediately before the merger, consolidation or transfer (if the Plan had been terminated).
Last Updated: 11/10/2020