Pension Plans and Benefit Funds Sample Clauses

Pension Plans and Benefit Funds. The operation of any and all of the GCIU Pension Plans and Benefit Funds in existence as of the effective date of the merger shall be permitted to exist after merger and they shall remain separate and independent as long as the GCIU/IBT Conference desires. Moreover, all existing trustees serving on such plans or funds shall continue in their trustee positions and assignments, unaffected by the merger, whether or not their respective Local Unions affiliate with the IBT directly or through the GCIU/IBT Conference. Future trustee vacancies shall be filled according to the provisions of the respective individual trust agreements and plan documents, except, notwithstanding that the post-merger IBT is the successor International Union to the GCIU, the pre-merger powers and authority assigned to the GCIU President under any such trust agreement or plan document shall be effectively transferred to the GCIU/IBT Conference President at the time of merger, whether such transfer is accomplished by appropriate trustee amendment to the respective trust agreements and plan documents or by delegation of all such authority to the IBT General President to the GCIU/IBT Conference President. Moreover, no Union trustee vacancy shall be filled by any discretionary appointee who is not a member of a former GCIU Local Union. Participation by members of the predecessor International Union (GCIU) in the various trust funds and benefit plans referenced in the foregoing paragraph shall be permitted to continue, unaffected by the merger, whether their respective Local Unions affiliate with the IBT directly or through the GCIU/IBT Conference. Moreover, nothing in this Merger Agreement shall prevent the trustees of such trust funds and benefit plans from allowing, in their sole discretion subject to their fiduciary duties, participation by IBT members who were never members of a former GCIU or GCIU/IBT Local Union.
Sample 1
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Related to Pension Plans and Benefit Funds

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