Common use of Excess Benefit Plan Clause in Contracts

Excess Benefit Plan. It is agreed that a portion of the negotiated pension contributions to the Locals 302 and 612 of the International Union of Operating Engineers-Employers Construction Industry Retirement Fund (“Retirement Fund”) shall be remitted to a Non-Qualified Excess Benefit Trust (“Excess Benefit Trust”) to be utilized as necessary to establish, fund and administer the Excess Benefit Trust and a Non-Qualified Excess Benefit Plan under guidelines established in Internal Revenue Service (“IRS”) Private Letter Rulings and under any other IRS private letter ruling the parties may request. The amount remitted to the Excess Benefit Trust shall be the amount necessary to pay benefits and administrative expenses under the Non-Qualified Excess Benefit Plan for the following month, including any retroactive payments authorized by the Excess Benefit Plan, as calculated by the third-party administrator for the Retirement Fund and Excess Benefit Trust. The balance of the contributions not paid to the Excess Benefit Trust shall be remitted to the Retirement Fund. In no event shall amounts previously contributed to the Retirement Fund be reallocated to the Excess Benefit Trust. The Excess Benefit Plan will be designed solely to provide pension benefits to Retirement Fund participants, whose benefits are otherwise limited by Internal Revenue Code Section 415. The Excess Benefit Plan and Trust will be administered by a Board of Trustees, consisting of the same Trustees who administer the Retirement Fund. The Retirement Fund Trustees are granted the authority to establish and maintain the Excess Benefit Plan and Trust, provided that the language of the Excess Benefit Plan will allow for its termination if continuing benefits under that Plan will impair the funding status of the Retirement Fund, or if legislation is adopted modifying Internal Revenue Code Section 415 to such an extent that the Excess Benefit Plan is no longer required.

Excess Benefit Plan. It is agreed that a portion of the negotiated pension contributions to the Locals 302 and 612 of the International Union of Operating Engineers-Engineers – Employers Construction Industry Retirement Fund (“Retirement Fund”) shall be remitted to a Non-Qualified Excess Benefit Trust (“Excess Benefit Trust”) to be utilized as necessary to establish, fund and administer the Excess Benefit Trust and a Non-Qualified Excess Benefit Plan under guidelines established in Internal Revenue Service (“IRS”) Private Letter Rulings and under any other IRS private letter ruling the parties may request. The amount remitted to the Excess Benefit Trust shall be the amount necessary to pay benefits and administrative expenses under the Non-Qualified Excess Benefit Plan for the following month, including any retroactive payments authorized by the Excess Benefit benefit Plan, as calculated by the third-party administrator for the Retirement Fund and Excess Benefit Trust. The balance of the contributions not paid to the Excess Benefit Trust shall be remitted to the Retirement Fund. In no event shall amounts previously contributed to the Retirement Fund be reallocated to the Excess Benefit Trust. The Excess Benefit Plan will be designed solely to provide pension benefits to Retirement Fund participants, whose benefits are otherwise limited by the Internal Revenue Code Section 415. The Excess Benefit Plan and Trust will be administered by a Board of Trustees, consisting of the same Trustees who administer the Retirement Fund. The Retirement Fund Trustees are granted the authority to establish and maintain the Excess Benefit Plan and Trust, provided that the language of the Excess Benefit Plan will allow for its termination if continuing benefits under that Plan will impair the funding status of the Retirement Fund, or if legislation is adopted modifying Internal Revenue Code Section 415 to such an extent that the Excess Benefit excess benefit Plan is no longer required.

Excess Benefit Plan. It is agreed that a portion of the negotiated pension contributions to the Locals 302 and 612 of the International Union of Operating Engineers-Employers Construction Industry Retirement Fund (“Retirement Fund”) shall be remitted to a Non-Qualified Excess Benefit Trust (“Excess Benefit Trust”) to be utilized as necessary to establish, fund and administer the Excess Benefit Trust and a Non-Qualified Excess Benefit Plan under guidelines established in Internal Revenue Service (“IRS”) Private Letter Rulings and under any other IRS private letter ruling the parties may request. The amount remitted to the Excess Benefit Trust shall be the amount necessary to pay benefits and administrative expenses under the Non-Qualified Excess Benefit Plan for the following month, including any retroactive payments authorized by the Excess Benefit Plan, as calculated by the third-party administrator for the Retirement Fund and Excess Benefit Trust. The balance of the contributions not paid to the Excess Benefit Trust shall be remitted to the Retirement Fund. In no event shall amounts previously contributed to the Retirement Fund be reallocated to the Excess Benefit Trust. The Excess Benefit Plan will be designed solely to provide pension benefits to Retirement Fund participants, participants whose benefits are otherwise limited by Internal Revenue Code Section 415. The Excess Benefit Plan and Trust will be administered by a Board of Trustees, Trustees consisting of the same Trustees who administer the Retirement Fund. The Retirement Fund Trustees are granted the authority to establish and maintain the Excess Benefit Plan and Trust, provided that the language of the Excess Benefit Plan will allow for its termination if continuing benefits under that Plan will impair the funding status of the Retirement Fund, or if legislation is adopted modifying Internal Revenue Code Section 415 to such an extent that the Excess Benefit Plan is no longer required.