Northwest Carpenters Individual Account Pension Plan
Amendment and Termination
The Trustees reserve the right to change, modify or amend the plan at any time, retroactively or otherwise. It is intended that the plan will constitute a qualified pension plan under the applicable provisions of the Internal Revenue Code 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 employer or the union or for any other purpose other than for the exclusive benefit of the participants and their beneficiaries.
No amendment will be effective if it has the effect of decreasing a participant’s accrued benefit, except to the extent permitted by the Internal Revenue Code. If the vesting schedule is amended, in the case of an individual who is a participant as of the later of the date of adoption of the amendment or the date the amendment becomes effective, the nonforfeitable percentage of the 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 an amendment changing the vesting schedule, or prior to the end of an election period, will have the right to elect at any time, but no later than 60 days after the election period provided by the plan, to have his or her vested percentage computed without regard to the amendment.
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 termination or partial termination of the plan the individual accounts of all affected participants shall become fully vested and non-forfeitable. The plan administrator shall arrange for payment of the account balances of the affected participants after payment of any expenses properly chargeable thereto. If any balance remains in the Trust, such remaining balance shall be allocated among all participants in accordance with a non-discriminatory formula to be determined by the Trustees. Any amount to be allocated to a participant may be in cash or in the form of a monthly benefit at the discretion of the Trustees.
Last Updated: 04/25/2023