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Is Central States pension fund ready to go under?
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<blockquote data-quote="JonFrum" data-source="post: 237689"><p><strong>Central States Trust Agreement (Your Homework for Labor Day)</strong></p><p></p><p>TRUST AGREEMENT CENTRAL STATES, SOUTHEAST AND SOUTHWEST AREAS PENSION FUND</p><p>AS AMENDED THROUGH MAY 31, 2007</p><p></p><p>(Exerpts. All emphasis added.)</p><p></p><p>ARTICLE III - CONTRIBUTIONS AND COLLECTIONS</p><p>Sec. 7. (b) <strong>An Employer’s obligation to contribute to the Fund will</strong></p><p><strong>immediately cease in the event the Union loses its status</strong></p><p><strong>as bargaining representative of the employee through an</strong></p><p><strong>NLRB election</strong> or valid disclaimer of interest by the</p><p>Union. In the event the Union loses its representative</p><p>status through an NLRB election, the duty to contribute</p><p>shall cease on the day the election results are certified</p><p>by the NLRB. This provision shall supersede any contrary</p><p>provision in any agreement, including any collective</p><p>bargaining agreement, participation agreement, this</p><p>Agreement and the certification clause of the Fund’s</p><p>billing forms.</p><p></p><p>ARTICLE IV - POWERS AND DUTIES OF TRUSTEES</p><p>Sec. 15. The Trustees shall be entitled to receive reasonable</p><p>compensation for services rendered, and the reimbursement of</p><p>expenses properly and actually incurred, in the performance of</p><p>their duties to the Fund; except that <strong>no Trustee who already</strong></p><p><strong>receives full-time pay from an Employer or an association of</strong></p><p><strong>Employers or from the Union shall receive compensation from the</strong></p><p><strong>Fund, except for reimbursement of expenses properly and actually</strong></p><p><strong>incurred.</strong></p><p></p><p>Sec. 20. <strong>The Trustees are authorized to reject any collective</strong></p><p><strong>bargaining agreement,</strong> participation agreement and/or terminate the</p><p>participation of an Employer (and all contributions from the</p><p>Employer) whenever they determine either that the agreement is</p><p>unlawful and/or inconsistent with any rule or requirement for</p><p>participation by Employers in the Fund and/or that the Employer is</p><p>engaged in one or more practices or arrangements that threaten to</p><p>cause economic harm to, and/or impairment of the actuarial</p><p>soundness of, the Fund (including but not limited to any</p><p>arrangement <strong>in which the Employer is obligated to make</strong></p><p><strong>contributions to the Trust Fund on behalf of some but not all of</strong></p><p><strong>the Employer's bargaining unit employees,</strong> and any arrangement in</p><p>which the Employer is obligated to make contributions to the Trust</p><p>Fund at different contribution rates for different groups of the</p><p>Employer's bargaining unit employees).</p><p></p><p>ARTICLE VI - OPERATION OF BOARD OF TRUSTEES</p><p>Sec. 6. Expenses - All proper and necessary expenses incurred</p><p>by any former or incumbent Trustee, including costs of defense in</p><p>litigation arising out of the Trusteeship of this Fund, and also</p><p>including costs incurred by any former or incumbent Trustee in</p><p>providing testimony or information about administration of this</p><p>Fund in any investigation, trial or other proceeding, shall be paid</p><p>out of the Trust Fund, as a matter of right of any such former or</p><p>incumbent Trustee, to the extent permitted by applicable law. As</p><p>used in the preceding sentence, the term "costs" includes, but is</p><p>not limited to, reasonable attorneys' fees.</p><p></p><p>ARTICLE - AMENDMENT OF AGREEMENT</p><p>. . . the provisions of this Trust, among</p><p>which is to pay the largest benefits possible, which are consistent</p><p>with the number of participants becoming and likely to become</p><p>eligible for such payments, the amounts of funds which are</p><p>available and which will probably become available, and the</p><p>following of sound actuarial practice.</p><p></p><p>ARTICLE XIV - MISCELLANEOUS</p><p><strong>Sec. 1. In no event shall Employers, directly or</strong></p><p><strong>indirectly, participate in the disposition of the Trust Fund or</strong></p><p><strong>receive any benefits from the Trust Fund.</strong></p><p></p><p><strong>Sec. 9. No person shall serve, or be permitted to serve, as</strong></p><p><strong>an administrator, fiduciary, officer, trustee, custodian, counsel,</strong></p><p><strong>agent, employee, adviser, provider of goods or services or</strong></p><p><strong>consultant of the Fund, or as its representative in any capacity,</strong></p><p><strong>or to serve in any capacity that involves decision making authority</strong></p><p><strong>or custody or control of the moneys, funds or assets of the Fund,</strong></p><p><strong>if such person has been convicted of: robbery, bribery, extortion,</strong></p><p><strong>embezzlement, fraud, grand larceny, burglary, arson, a felony</strong></p><p><strong>violation of Federal or State law involving substances defined in</strong></p><p><strong>section 802(6) of title 21 of the United States Code (hereinafter</strong></p><p><strong>referred to as the "Code"), murder, rape, kidnapping, perjury,</strong></p><p><strong>assault with intent to kill, any crime described in section</strong></p><p><strong>80a-9(a)(1) of title 15 of the Code, a violation of any provision</strong></p><p><strong>of the Employee Retirement Income Security Act of 1974, a violation</strong></p><p><strong>of section 186 of title 29 of the Code, a violation of chapter 63</strong></p><p><strong>of title 18 of the Code, a violation of sections 874, 1027, 1503,</strong></p><p><strong>1505, 1506, 1510, 1951 or 1954 of title 18 of the Code, a violation</strong></p><p><strong>of the Labor-Management Reporting and Disclosure Act of 1959, or</strong></p><p><strong>any felony involving abuse or misuse of such person's labor</strong></p><p><strong>organization or employee benefit plan position or employment; or</strong></p><p><strong>conspiracy to commit any such crimes; or attempt to commit any such</strong></p><p><strong>crimes, or a crime in which any of the foregoing crimes is an</strong></p><p><strong>element; or a misdemeanor involving a breach of fiduciary</strong></p><p><strong>responsibility. Upon conviction of any of the crimes described in</strong></p><p><strong>the preceding sentence, such person shall immediately be</strong></p><p><strong>disqualified from serving the Fund in any capacity described in the</strong></p><p><strong>preceding sentence, and any such service shall immediately be</strong></p><p><strong>terminated; provided that, upon final reversal of such conviction,</strong></p><p><strong>such person, unless otherwise ineligible, shall thereafter be</strong></p><p><strong>eligible to serve the Fund; and provided further that this</strong></p><p><strong>disqualification shall continue in effect until ten (10) years</strong></p><p><strong>after such conviction or after the end of imprisonment on such</strong></p><p><strong>conviction, whichever is the later, unless, prior to the end of</strong></p><p><strong>such ten-year period, in the case of a person so convicted or</strong></p><p><strong>imprisoned, (a) his citizenship rights, having been revoked as a</strong></p><p><strong>result of such conviction, have been fully restored, or (b) the</strong></p><p><strong>United States Parole Commission, pursuant to applicable law,</strong></p><p><strong>determines that such person's service would not be contrary to the</strong></p><p><strong>best interests of the Fund.</strong></p><p></p><p>ARTICLE XV - BENEFICIAL RIGHTS</p><p><strong>No Employer or Union, or Employees, shall have any right,</strong></p><p><strong>title or interest in or to the Trust Fund or any part thereof other</strong></p><p><strong>than vesting under the Pension Plan except in accordance with</strong></p><p><strong>applicable law. There shall be no pro rata or other distribution</strong></p><p><strong>of any of the assets of the Fund as a result of any Union, Employer</strong></p><p><strong>or group of Employees of Employers ceasing their participation in</strong></p><p><strong>this Fund for any purpose or reason, except as required by law.</strong></p></blockquote><p></p>
[QUOTE="JonFrum, post: 237689"] [B]Central States Trust Agreement (Your Homework for Labor Day)[/B] TRUST AGREEMENT CENTRAL STATES, SOUTHEAST AND SOUTHWEST AREAS PENSION FUND AS AMENDED THROUGH MAY 31, 2007 (Exerpts. All emphasis added.) ARTICLE III - CONTRIBUTIONS AND COLLECTIONS Sec. 7. (b) [B]An Employer’s obligation to contribute to the Fund will immediately cease in the event the Union loses its status as bargaining representative of the employee through an NLRB election[/B] or valid disclaimer of interest by the Union. In the event the Union loses its representative status through an NLRB election, the duty to contribute shall cease on the day the election results are certified by the NLRB. This provision shall supersede any contrary provision in any agreement, including any collective bargaining agreement, participation agreement, this Agreement and the certification clause of the Fund’s billing forms. ARTICLE IV - POWERS AND DUTIES OF TRUSTEES Sec. 15. The Trustees shall be entitled to receive reasonable compensation for services rendered, and the reimbursement of expenses properly and actually incurred, in the performance of their duties to the Fund; except that [B]no Trustee who already receives full-time pay from an Employer or an association of Employers or from the Union shall receive compensation from the Fund, except for reimbursement of expenses properly and actually incurred.[/B] Sec. 20. [B]The Trustees are authorized to reject any collective bargaining agreement,[/B] participation agreement and/or terminate the participation of an Employer (and all contributions from the Employer) whenever they determine either that the agreement is unlawful and/or inconsistent with any rule or requirement for participation by Employers in the Fund and/or that the Employer is engaged in one or more practices or arrangements that threaten to cause economic harm to, and/or impairment of the actuarial soundness of, the Fund (including but not limited to any arrangement [B]in which the Employer is obligated to make contributions to the Trust Fund on behalf of some but not all of the Employer's bargaining unit employees,[/B] and any arrangement in which the Employer is obligated to make contributions to the Trust Fund at different contribution rates for different groups of the Employer's bargaining unit employees). ARTICLE VI - OPERATION OF BOARD OF TRUSTEES Sec. 6. Expenses - All proper and necessary expenses incurred by any former or incumbent Trustee, including costs of defense in litigation arising out of the Trusteeship of this Fund, and also including costs incurred by any former or incumbent Trustee in providing testimony or information about administration of this Fund in any investigation, trial or other proceeding, shall be paid out of the Trust Fund, as a matter of right of any such former or incumbent Trustee, to the extent permitted by applicable law. As used in the preceding sentence, the term "costs" includes, but is not limited to, reasonable attorneys' fees. ARTICLE - AMENDMENT OF AGREEMENT . . . the provisions of this Trust, among which is to pay the largest benefits possible, which are consistent with the number of participants becoming and likely to become eligible for such payments, the amounts of funds which are available and which will probably become available, and the following of sound actuarial practice. ARTICLE XIV - MISCELLANEOUS [B]Sec. 1. In no event shall Employers, directly or indirectly, participate in the disposition of the Trust Fund or receive any benefits from the Trust Fund.[/B] [B]Sec. 9. No person shall serve, or be permitted to serve, as an administrator, fiduciary, officer, trustee, custodian, counsel, agent, employee, adviser, provider of goods or services or consultant of the Fund, or as its representative in any capacity, or to serve in any capacity that involves decision making authority or custody or control of the moneys, funds or assets of the Fund, if such person has been convicted of: robbery, bribery, extortion, embezzlement, fraud, grand larceny, burglary, arson, a felony violation of Federal or State law involving substances defined in section 802(6) of title 21 of the United States Code (hereinafter referred to as the "Code"), murder, rape, kidnapping, perjury, assault with intent to kill, any crime described in section 80a-9(a)(1) of title 15 of the Code, a violation of any provision of the Employee Retirement Income Security Act of 1974, a violation of section 186 of title 29 of the Code, a violation of chapter 63 of title 18 of the Code, a violation of sections 874, 1027, 1503, 1505, 1506, 1510, 1951 or 1954 of title 18 of the Code, a violation of the Labor-Management Reporting and Disclosure Act of 1959, or any felony involving abuse or misuse of such person's labor organization or employee benefit plan position or employment; or conspiracy to commit any such crimes; or attempt to commit any such crimes, or a crime in which any of the foregoing crimes is an element; or a misdemeanor involving a breach of fiduciary responsibility. Upon conviction of any of the crimes described in the preceding sentence, such person shall immediately be disqualified from serving the Fund in any capacity described in the preceding sentence, and any such service shall immediately be terminated; provided that, upon final reversal of such conviction, such person, unless otherwise ineligible, shall thereafter be eligible to serve the Fund; and provided further that this disqualification shall continue in effect until ten (10) years after such conviction or after the end of imprisonment on such conviction, whichever is the later, unless, prior to the end of such ten-year period, in the case of a person so convicted or imprisoned, (a) his citizenship rights, having been revoked as a result of such conviction, have been fully restored, or (b) the United States Parole Commission, pursuant to applicable law, determines that such person's service would not be contrary to the best interests of the Fund.[/B] ARTICLE XV - BENEFICIAL RIGHTS [B]No Employer or Union, or Employees, shall have any right, title or interest in or to the Trust Fund or any part thereof other than vesting under the Pension Plan except in accordance with applicable law. There shall be no pro rata or other distribution of any of the assets of the Fund as a result of any Union, Employer or group of Employees of Employers ceasing their participation in this Fund for any purpose or reason, except as required by law.[/B] [/QUOTE]
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