Common use of Benefit Changes Clause in Contracts

Benefit Changes. The Board of Trustees is authorized and directed to amend future benefit accruals for Current Actives effective April 1, 2004, based on the following: (a) Future benefit accruals will be reduced to sixty-five percent (65%) of the current benefit accrual rates, for example, the current rates would be adjusted as follows: (1) For the first (1st) ten (10) years of benefit credit the current benefit accrual rate of fifty-one dollars and eighty-two cents ($51.82) will be changed to thirty-three dollars and seventy cents ($33.70). (2) For all years of benefit credit after the first (1st) ten (10) years the current benefit accrual rate of sixty-nine dollars and nine cents ($69.09) will be changed to forty-four dollars and ninety cents ($44.90). (b) These benefit accrual rates will apply to all Current Actives, including Clerk's Helpers. (c) The Board of Trustees is authorized and directed to provide the following schedule of benefits under the Pension Fund for New Hires: (1) New Hires, including Clerk’s Helpers, are eligible to participate in this plan (2) New Hires must be at least age twenty-one (21) and have one (1) year of service to meet the eligibility requirements (3) One (1) year of service for eligibility purposes shall be defined to be at least seven hundred and fifty (750) hours of service (4) New Hires will become participants on the earlier of: a) The first (1st) day of the plan year beginning after the date the New Hire meets the eligibility requirements, or b) The date six (6) months after the New Hire meets the eligibility requirements (5) New Hire Benefit accrual rates will be set at thirty-five percent (35%) of the current top benefit accrual rates as follows: a) For the first (1st) ten (10) years of benefit credit the benefit accrual rate shall be eighteen dollars and fourteen cents ($18.14). b) For all years of benefit credit after the first (1st) ten (10) years the benefit accrual rate shall be twenty-four dollars and eighteen cents ($24.18). (6) Normal retirement age will be age sixty-five (65). (7) Early retirement eligibility will be age fifty-five (55) with five (5) years of service (8) For early retirement prior to age sixty-five (65), participant’s accrued benefits will be reduced on an actuarial equivalent basis (9) New Hires will not be eligible for the Rule of 85 retirement benefits (10) Except for the changes enumerated above, and subject to the Trustees' right to make changes under subsection 15(B)(2)(e), all provisions of the current Plan shall apply to New Hires. (d) Fund Co-counsel and Co-consultants are instructed to prepare an ERISA Section 204(h) notice, and any other required notices and filings, and the Administrator is instructed to distribute any such notices to plan participants in order to implement the above referenced changes by April 1, 2004. (e) The Board of Trustees shall implement and maintain over time a pension plan design that can be supported by the above contribution rates, and the Trustees are further authorized and directed to make the necessary amendments for future benefit accruals under the Pension Fund from time to time to avoid any funding deficiencies under ERISA and the Internal Revenue Code, and otherwise in accordance with the provisions of the long term funding policy set forth herein. These changes shall first be effective on April 1, 2004 or as soon thereafter as legally permitted.

Benefit Changes. The Board of Trustees is authorized and directed to amend future benefit accruals for Current Actives effective April 1, 2004, based on the following: (a) Future benefit accruals will be reduced to sixty-five percent (65%) of the current benefit accrual rates, for example, the current rates would be adjusted as follows: (1) For the first (1st) ten (10) years of benefit credit the current benefit accrual rate of fifty-fifty- one dollars and eighty-two cents ($51.82) will be changed to thirty-three dollars and seventy cents ($33.70). (2) For all years of benefit credit after the first (1st) ten (10) years the current benefit accrual rate of sixty-nine dollars and nine cents ($69.09) will be changed to forty-four dollars and ninety cents ($44.90). (b) These benefit accrual rates will apply to all Current Actives, including Clerk's ’s Helpers. (c) The Board of Trustees is authorized and directed to provide the following schedule of benefits under the Pension Fund for New Hires: (1) New Hires, including Clerk’s Helpers, are eligible to participate in this plan (2) New Hires must be at least age twenty-one (21) and have one (1) year of service to meet the eligibility requirements (3) One (1) year of service for eligibility purposes shall be defined to be at least seven hundred and fifty (750) hours of service (4) New Hires will become participants on the earlier of: a) The first (1st) day of the plan year beginning after the date the New Hire meets the eligibility requirements, or b) The date six (6) months after the New Hire meets the eligibility requirements (5) New Hire Benefit accrual rates will be set at thirty-five percent (35%) of the current top benefit accrual rates as follows: a) For the first (1st) ten (10) years of benefit credit the benefit accrual rate shall be eighteen dollars and fourteen cents ($18.14). b) For all years of benefit credit after the first (1st) ten (10) years the benefit accrual rate shall be twenty-four dollars and eighteen cents ($24.18). (6) Normal retirement age will be age sixty-five (65). (7) Early retirement eligibility will be age fifty-five (55) with five (5) years of service (8) For early retirement prior to age sixty-five (65), participant’s accrued benefits will be reduced on an actuarial equivalent basis (9) New Hires will not be eligible for the Rule of 85 retirement benefits (10) Except for the changes enumerated above, and subject to the Trustees' ’ right to make changes under subsection 15(B)(2)(e), all provisions of the current Plan shall apply to New Hires. (d) Fund Co-counsel and Co-consultants are instructed to prepare an ERISA Section 204(h) notice, and any other required notices and filings, and the Administrator is instructed to distribute any such notices to plan participants in order to implement the above referenced changes by April 1, 2004. (e) The Board of Trustees shall implement and maintain over time a pension plan design that can be supported by the above contribution rates, and the Trustees are further authorized and directed to make the necessary amendments for future benefit accruals under the Pension Fund from time to time to avoid any funding deficiencies under ERISA and the Internal Revenue Code, and otherwise in accordance with the provisions of the long term funding policy set forth herein. These changes shall first be effective on April 1, 2004 or as soon thereafter as legally permitted.

Benefit Changes. The Board of Trustees is authorized and directed to amend future benefit accruals for Current Actives effective April 1, 2004, based on the following: (a) Future benefit accruals will be reduced to sixty-five percent (65%) of the current benefit accrual rates, for example, the current rates would be adjusted as follows:; (1) For the first (1st) ten (10) years of benefit credit the current benefit accrual rate of fifty-one dollars and eighty-two cents ($51.82) will be changed to thirty-three dollars and seventy cents ($33.70). (2) For all years of benefit credit after the first (1st) ten (10) years the current benefit accrual rate of sixty-nine dollars and nine cents ($69.09) will be changed to forty-four dollars and ninety cents ($44.90). (b) These benefit accrual rates will apply to all Current Actives, including Clerk's ’s Helpers. (c) The Board of Trustees is authorized and directed to provide the following schedule of benefits under the Pension Fund for New Hires: (1) New Hires, including Clerk’s Clerks Helpers, are eligible to participate in this plan (2) New Hires must be at least age twenty-one (21) and have one (1) year of service to meet the eligibility requirements (3) One (1) year of service for eligibility purposes shall be defined to be at least seven hundred and fifty (750) hours of service (4) New Hires will become participants on the earlier of: a) The first (1st) day of the plan year beginning after the date the New Hire meets the eligibility requirements, or b) The date six (6) months after the New Hire meets the eligibility requirements (5) New Hire Required Benefit accrual rates will be set at thirty-five percent (35%) of the current top benefit accrual rates as follows:; a) For the first (1st) ten (10) years of benefit credit the benefit accrual rate shall be eighteen dollars and fourteen cents ($18.14). b) For all years of benefit credit after the first (1st) ten (10) years the benefit accrual rate shall be twenty-four dollars and eighteen cents ($24.18). (6) Normal retirement age will be age sixty-five (65). (7) Early retirement eligibility will be age fifty-five (55) with five (5) years of service (8) For early retirement prior to age sixty-five (65), participant’s participants accrued benefits will be reduced on an actuarial equivalent basis (9) New Hires will not be eligible for the Rule of 85 retirement benefits (10) Except for the changes enumerated above, and subject to the Trustees' ’ right to make changes under subsection 15(B)(2)(e), all provisions of the current Plan shall apply to New Hires. (d) Fund Co-counsel and Co-consultants are instructed to prepare an ERISA Section 204(h) notice, and any other required notices and filings, and the Administrator is instructed to distribute any such notices to plan participants in order to implement the above referenced changes by April 1, 2004. (e) The Board of Trustees shall implement and maintain over time a pension plan design that can be supported by the above contribution rates, and the Trustees are further authorized and directed to make the necessary amendments for future benefit accruals under the Pension Fund from time to time to avoid any funding deficiencies under ERISA and the Internal Revenue Code, and otherwise in accordance with the provisions of the long term funding policy set forth herein. These changes shall first be effective on April 1, 2004 or as soon thereafter as legally permitted.