What is the Supplemental Retirement Plan?
The Supplemental Retirement Plan (the “Plan”) is a defined contribution profit-sharing plan where your employer makes contributions to the Plan and those contributions are transferred to an account established in the Plan in your name. The contributions made to the Plan (including any you may make to a Rollover Account) and the investment gains or losses of the investment options you select ultimately determine your benefits under the Plan. Although it technically qualifies as a “profit-sharing plan,” your employer’s obligation to contribute on your behalf does not depend on its profits. Instead, your employer must contribute for hours you work under a collective bargaining agreement between your union and the employers or other written agreement requiring contributions.
Who Administers The Plan?
A Board of Trustees, which serves without compensation, acts on your behalf and on behalf of your fellow employees in managing all aspects of the Plan’s operations. An equal number of union and employer representatives comprise the Board of Trustees, whose powers and duties are established in the Trust Agreement. The Board of Trustees may appoint a person, or persons, to act as Plan Administrator on its behalf as to certain matters. The Plan Administrator has the power and discretionary authority to interpret the Plan and answer questions related to the Plan. The Plan Administrator's interpretations and decisions are binding on all participants, employees, former employees, and their beneficiaries.