Common use of Purposes of the Trust Clause in Contracts

Purposes of the Trust. The Trust is and shall constitute an irrevocable trust created pursuant to the provisions of section 302(c) of the Labor Management Relations Act, 1947, as amended, for the benefit of Employees and Beneficiaries to provide death benefits, accidental death and dismemberment benefits, accident and health insurance, hospital benefits and such other benefits as the Trustees shall determine in their discretion, subject to the provisions of applicable law, to Employees and Beneficiaries who meet the requirements to receive such benefits as established by the Trustees. The Trustees, within their discretion, shall provide the maximum amount of benefits that can be provided by the Trust, taking into consideration reasonable reserves and actuarial methods and assumptions that, in the aggregate are reasonable, and taking into account the experience of the each Benefit Plan and reasonable expected experience. The Trustees have the authority to increase or decrease benefits that in their judgment can best be procured and purchased with the moneys in the Trust and to amend each Benefit Plans accordingly. The parties intend that benefits provided under each Benefit Plan are limited to those that can be financed from the assets held for each Benefit Plan in the Trust. It is expressly understood and agreed that the Union, Local Union, Employers and Trustees have no liability for the furnishing of any specific type or amount of benefit, except as otherwise expressly provided in any Collective Bargaining Agreement.

Purposes of the Trust. The Trust is and shall constitute an irrevocable trust created pursuant to the provisions of section 302(c) of the Labor Management Relations Act, 1947, as amended, for the benefit of Employees and Beneficiaries to provide death benefits, accidental death and dismemberment benefits, accident and health insurance, hospital benefits and such other benefits as the Trustees shall determine in their discretion, subject to the provisions of applicable law, to Employees and Beneficiaries who meet the requirements to receive such benefits as established by the Trustees. The Trustees, within their discretion, shall provide the maximum amount of benefits that can be provided by the TrustFund, taking into consideration reasonable reserves and actuarial methods and assumptions that, in the aggregate are reasonable, and taking into account the experience of the each Benefit Plan Fund and reasonable expected experience. The Trustees have the authority to increase or decrease benefits that in their judgment can best be procured and purchased with the moneys in the Trust and to amend each the Benefit Plans accordingly. The parties intend that benefits provided under each Benefit Plan the Fund are limited to those that can be financed from the assets held for each Benefit Plan in proceeds of the Trust. It is expressly understood and agreed that the Union, Local Union, Employers and Trustees have no liability for the furnishing of any specific type or amount of benefit, except as otherwise expressly provided in any Collective Bargaining Agreement.