Common use of Structure of Trust Clause in Contracts

Structure of Trust. The Company shall become an Employer in the Trust Fund and the Union shall become a participating Union in the Trust Fund. It is understood that the provisions of the Trust Agreement are as follows: (i) The Trust Agreement is entered into by the participating Unions (“The Union”) and the Trustees. (ii) The Board of Trustees consists of at least three (3) Trustees who are appointed by the Unions. (iii) The Trustees have complete authority and are responsible for the operation of the Trust Fund and the selection of all persons, firms or organizations who shall serve the Trustees. (iv) The Trust Fund does not require any participating Company or the Union to guarantee the benefits or assure the solvency of the Fund and it is understood and agreed that the Company has no obligation to finance the benefits promised under the Trust Fund beyond making contributions pursuant to its Collective Agreement with the Union. It is the responsibility of the Trustees to ensure that the Trust Fund satisfies the minimum funding and solvency requirements of the Pension Benefits Act of Saskatchewan. The Trust Fund provides for the reduction of benefits for the purpose of meeting the prescribed tests for solvency of the Trust Fund subject to the approval of the reduction by the Superintendent of Pensions. (v) The Trust Fund will be operated so that it is registered under the Income Tax Act and any applicable Pension Benefits Act. (vi) Inter-Plan Transfer Agreements may be effected with the Company and any other Board of Trustees or plan sponsor to and from which employees represented by the Unions may transfer. The provisions of any such agreement between the Pension Plan of the Company and the Trust Fund shall be mutually acceptable to the Company, the Union and the Board of Trustees. (vii) All employees represented by the Union shall be informed of the provisions of the Trust Fund by the Union in accordance with the Province of Saskatchewan Pension Benefits Act.

Structure of Trust. The Company Employer shall become an Employer in the Trust Fund and the Union shall become a participating Union in the Trust Fund. It is understood that the provisions of the Trust Agreement are as follows: (i) The Trust Agreement is entered into by the participating Unions (“The the Union”) and the Trustees. (ii) The Board of Trustees consists of at least three (3) Trustees who are appointed by the Unions. (iii) The Trustees have complete authority and are responsible for the operation of the Trust Fund and the selection of all persons, firms or organizations who shall serve the Trustees. (iv) The Trust Fund does not require any participating Company Employer or the Union to guarantee the benefits or assure the solvency of the Fund and it is understood and agreed that the Company Employer has no obligation to finance the benefits promised under the Trust Fund beyond making contributions pursuant to its Collective Agreement with the Union. It is the responsibility of the Trustees to ensure that the Trust Fund satisfies the minimum funding and solvency requirements of the Pension Benefits Act of Saskatchewan. The Trust Fund provides for the reduction of benefits for the purpose of meeting the prescribed tests for solvency of the Trust Fund subject to the approval of the reduction by the Superintendent of Pensions. (v) The Trust Fund will be operated so that it is registered under the Income Tax Act and any applicable Pension Benefits Act. (vi) Inter-Plan Transfer Agreements may be effected with the Company Employer and any other Board of Trustees or plan sponsor to and from which employees Employees represented by the Unions may transfer. The provisions of any such agreement between the Pension Plan pension plan of the Company Employer and the Trust Fund shall be mutually acceptable to the CompanyEmployer, the Union and the Board of Trustees. (vii) All employees Employees represented by the Union shall be informed of the provisions of the Trust Fund by the Union in accordance with the Province of Saskatchewan Pension Benefits Act.

Structure of Trust. The Company shall become an Employer in the Trust Fund and the Union shall become a participating Union in the Trust Fund. It is understood that the provisions of the Trust Agreement are as follows: (i) The Trust Agreement is entered into by the participating Unions unions (“The the Union”) and the Trustees. (ii) The Board of Trustees consists of at least three (3) Trustees who are appointed by the Unions. (iii) The Trustees have complete authority and are responsible for the operation of the Trust Fund and the selection of all persons, firms or organizations who shall serve the Trustees. (iv) The Trust Fund does not require any participating Company or the Union to guarantee the benefits or assure the solvency of the Fund and it is understood and agreed that the Company has no obligation to finance the benefits promised under the Trust Fund beyond making contributions pursuant to its Collective Agreement with the Union. It is the responsibility of the Trustees to ensure that the Trust Fund satisfies the minimum funding and solvency requirements of the Pension Benefits Act of Saskatchewan. The Trust Fund provides for the reduction of benefits for the purpose of meeting the prescribed tests for solvency of the Trust Fund subject to the approval of the reduction by the Superintendent of Pensions. (v) The Trust Fund will be operated so that it is registered under the Income Tax Act and any applicable Pension Benefits Act. (vi) Inter-Plan Transfer Agreements may be effected with the Company and any other Board of Trustees or plan sponsor to and from which employees Employees represented by the Unions Union may transfer. The provisions of any such agreement between the Pension Plan pension plan of the Company and the Trust Fund shall be mutually acceptable to the Company, the Union and the Board of Trustees. (vii) All employees Employees represented by the Union shall be informed of the provisions of the Trust Fund by the Union in accordance with the Province of Saskatchewan Pension Benefits Act.