Summary Plan Description Table of Contents
General Plan Provisions
TRUSTEE AUTHORITY - The Trustees have the right to determine all questions arising in the administration, interpretation and application of the SUB Fund, including questions of eligibility. The Trustees also have the power and authority to decide all questions or controversies arising in any manner, between any parties, in connection with the Trust Fund or the operation thereof, whether as to any claim for benefits, or as to the construction and meaning of the rules and language of the Plan. All such decisions require the use of the fullest measure of discretion available under law. Decisions of the Trustees (or, where appropriate, decisions of those acting for the Trustees) in such matters are final and binding on all persons dealing with the Fund or claiming a benefit from the Plan. If a decision of the Trustees or those acting for the Trustees is challenged in court, it is the intention of the parties to the Trust that such decision is to be upheld unless it is determined to be arbitrary or capricious.
AMENDMENTS AND CHANGES -The Trustees have the legal right to change the Plan, subject to any applicable collective bargaining agreement. Although the Trustees hope to maintain the present level of benefits, and to improve upon them if possible, a primary concern of the Trustees is to protect the financial soundness of the SUB Fund at all times. To do so may require Plan changes from time to time. Changes in the Plan may also be required in order to preserve the Fund’s tax-exempt status under Internal Revenue Service rules and regulations. These rules and regulations may change and, as a result, the Trustees may find it necessary to change Plan provisions so that the Trust Fund does not lose its taxexempt status.
DISCONTINUATION OR TERMINATION OF THE FUND -The SUB Fund may be discontinued or terminated under certain circumstances, for example if future collective bargaining agreements and participation agreements don't require employer contributions to the Fund. In such event, the Trustees shall:
Make provision for the payment from the Fund of obligations of the Fund; and
Distribute the balance of the available assets in the Fund in any manner which will, in the opinion of the Trustees, best effectuate the purpose of the Fund; provided, however, that no part of the corpus or income of said Fund shall be used for, or be diverted to, purposes other than for the exclusive benefit of the employees, their families, beneficiaries, or dependents; the administrative expenses of the Fund; or for other payments in accordance with the provisions of the Fund. Under no circumstances shall any portion of the corpus or income of the Fund, directly or indirectly, revert or accrue to the benefit of any contributing employer or Union.
TAX-EXEMPT STATUS OF THE FUND - Your SUB Fund is classified by the Internal Revenue Service as a Section 501(c) (9) tax-exempt Trust. This means that the employers’ contributions to the Trust are tax deductible and are not included as part of your income. Also, investment earnings on Fund assets are excluded as taxable income of the Trust since they are specifically set aside for the purpose of providing benefits to participants. Obviously such tax exemption works to the benefit of both employers and employees. In effect, it means that money that otherwise might be payable as taxes can be used to purchase benefits and to cover administrative expenses. The Trustees are well aware of these advantages and will take whatever steps are necessary to keep your Plan a tax-exempt Trust under Internal Revenue Service rules.
BENEFITS ARE NOT VESTED -No employee or any person claiming a benefit from this Fund shall have any right, title or interest in or to the Trust Fund or any property of the Trust Fund, except as may be specifically determined by the Trustees and required by ERISA or the Internal Revenue Code.
NON-ALIENATION OF BENEFITS - No SUB Fund benefits shall be subject in any manner to alienation, sale, transfer, assignment, pledge, attachment or encumbrance of any kind, and any attempt to do so will be void. The Fund shall not in any manner be liable for, or subject to, the debts or liability of any employee entitled to benefits. If an employee shall attempt to, or shall, alienate, sell, transfer, assign, pledge or otherwise encumber his benefits, or if by bankruptcy or other reason such benefits would devolve upon anyone else, the Trustees in their sole discretion may terminate the employee’s interest in such benefits, and hold or apply them to or for his dependent in a manner the Trustees may deem proper.