Excess Benefit Fund. The Contractor agrees to pay a portion of the Pension Fund contribution due under this Collective Bargaining Agreement to the Michigan Regional Council of Carpenters Excess Benefit Fund (hereinafter referred to as the Excess Benefit Fund). The amount of the contribution to the Excess Benefit Fund shall be determined by the administrator of the Excess Benefit Fund based on its funding requirements. Said contributions shall not be cumulative with the pension contributions. The amount of the Contractor’s contribution to the Pension Fund shall be reduced by the amount of the contribution to the Excess Benefit Fund. It is the intent of the parties that the full amount of the pension contribution, prior to any reduction for the contribution to the Excess Benefit Fund, shall be used in determining the benefit amount of covered employees. To that end, the Trustees shall also investigate the implementation of a second Defined Benefit Pension Plan and Trust in order to eliminate the need for the Excess Benefit Plan in the future. If the limitation on benefits imposed by Section 415, this Amendment shall automatically terminate for the first Plan year after the effective date of the elimination of Section 415 of the Code. The foregoing notwithstanding, the obligations described herein shall terminate automatically on the second anniversary of the adoption of the Excess Benefit Plan, unless the term of it is extended thereafter by its Trustees.
Excess Benefit Fund. The Employer agrees to pay a portion of the Pension Fund contribution due under this Collective Bargaining Agreement to the Michigan Regional Council of Carpenters Excess Benefit Fund (hereinafter referred to as “Excess Benefit Fund”). The administrative manager of xxx Xxxxxxxxxx Pension Trust Fund - Detroit and Vicinity (hereinafter “Pension Fund”) shall, on a monthly basis, determine the amount of benefits to be paid to participants and beneficiaries of the Excess Benefit Fund in the following month, based on the funding requirements set forth in the Excess Benefit Plan. Before the pension contributions made by Employers are allocated to the Pension Fund, the administrative manager shall cause the monies necessary to pay the total amount determined hereunder to be deducted and paid to the Excess Benefit Fund for distribution. That amount shall be the aggregate of all benefits calculated in accordance with the Pension Fund’s Plan in excess of the payment permitted under Section 415 of the Internal Revenue Code, increased to reflect FICA, FUTA and any other similar taxes applicable thereto, together with any administrative expenses. The amount of the Employer’s contribution paid over to the Pension Fund shall be reduced by the amount of the contribution allocated to the Excess Benefit Fund hereunder. The foregoing notwithstanding, the full amount of the pension contributions, prior to the aforesaid reduction for the contribution to the Excess Benefit Fund, shall be used in determining the pension benefit amount of Covered Employees. If the limitation on benefits imposed by Section 415 of the Code is eliminated or modified such that no current, past or future participant’s benefit amount will be affected by Section 415, this provision shall automatically terminate, as of the effective date of such law.
Excess Benefit Fund. A Section 415 Excess Benefit Fund shall be established for the purpose of providing alternative benefit to any employees of the Employer who become unable to receive the entire amount of the accrued pension benefits to which they would be entitled under one or more of the pension plans sponsored by their Employer because of limitations estab- lished by Section 415 of the Internal Revenue Code. The Employer may be required and directed by the Board of Trustees of the Excess Benefit Fund to contribute a por- tion of its agreed-upon “pension” contribution to the Section 415 Excess Benefit Fund and shall not increase the Employer’s cost beyond the amount that the Employer is obligated to contribute to the Laborers’ Pension Fund and that the funding of the Section 415 Excess Benefit Fund shall be fully tax deductible to the Employer for Federal Income Tax purposes. The Employer hereby agrees that the Board of Trustees of any such Section 415 Excess Benefit Fund shall be authorized to determine each year the amount that will be contributed by the Employer and the amount to be credited to the account of any eligi- ble retiree for payment in lieu of accrued benefits that would exceed the limits set by Section 415 of the Internal Revenue Code.
Excess Benefit Fund. The parties hereby agree to create an Excess Benefit Plan Fund (“Fund”) to pay any benefits in excess of the Section 415 Limits.
