NCSRCC DEFINED BENEFIT PENSION FUND REHABILITATION PLAN. 1. The parties agree that the North Central States Regional Council of Carpenters Defined Benefit Pension Fund (“DB Pension Fund”) actuary has certified that the DB Pension Fund is in critical status, within the meaning of Section 305 of the Employee Retirement Income Security Act of 1974 (ERISA), as amended by the Pension Protection Act of 2006, for the Plan Year beginning January 1, 2017. Effective May 1, 2017, based on information provided to them from the Trustees of the DB Pension Fund, the parties hereby adopt the joint labor/management Preferred Schedule from the Rehabilitation Plan executed by the DB Pension Fund’s officers and agree to implement the schedule of contribution increases from said Preferred Schedule no later than the respective effective dates of such contribution increases in the Preferred Schedule. The parties understand that, assuming the Pension Fund’s actuarial assumptions are met, the Preferred Schedule will result in the Plan’s emergence from endangered status within the time frame required under ERISA.
