Common use of Termination of Entire Pension Plan Clause in Contracts

Termination of Entire Pension Plan. ‌ If the Pension Plan is terminated in its entirety, the assets of the Pension Fund shall be disbursed in accordance with the Pension Plan Rules, provided that the Pension Plan Rules must always, and shall be deemed to always, provide that if any surplus assets remain in the Pension Fund after full provision has been made for all entitlements to receive a pension in respect of the Plan Members’ membership in the Pension Plan, one half of such surplus assets must be used to provide pension improvements or other benefits to the Plan Members, and the other half must be paid to the Employers.

Termination of Entire Pension Plan. ‌ If the Pension Plan is terminated in its entirety, the assets of the Pension Fund shall be disbursed in accordance with the Pension Plan Rules, provided that the Pension Plan Rules must always, and shall be deemed to always, provide that if any surplus assets remain in the Pension Fund after full provision has been made for all entitlements to receive a pension in respect of the Plan Members’ membership in the Pension Plan, one half of such surplus remaining assets must be used to provide pension improvements or other benefits to the Plan Members, and the other half of such remaining assets must be paid to the Employers.