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Plan Termination Rules
While the Trustees presently intend to continue the Plan
indefinitely, the Trustees reserve the right to amend or terminate it. The Plan
may be amended so that future benefit accruals (if any) may be different from
those that previously applied. If the Plan terminates, it will not affect your
right to any benefit to which you have already become entitled. In addition,
if the Plan terminates, you will become 100% vested in any benefit you have
earned to the extent that funds are available in the Trust.
Plan assets will be allocated to benefit categories in a
particular order. Beginning with the benefit category that has first claim on
Plan assets, payment will be made for:
- benefits held under the Supplementary Portion of the
Plan,
- benefits for pensioners or beneficiaries that are or
could be in effect as of the beginning of the three-year period ending with
the Plan's termination,
- benefits generally guaranteed by the Pension Benefit
Guaranty Corporation (PBGC) (see Termination Insurance),
- benefits that are nonforfeitable (vested) under the Plan,
and
- all other benefits under the Plan.
Assets will be allocated to the foregoing categories sequentially
until assets run out.
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