HomeMy WebLinkAbout2476 Purchase of 12.05 Upon the termination of employment of a Parti-
policy at cipant for reasons other than retirement or
termination death, the Trustees shall offer any Policy to
the Participant at a price equal to its total
cash surrender value.
Must sell If the Participant purchases such Policy, the
policy free Trustees shall transfer ownership of the Policy ~
and clear to such Participant, endorsed so as to vest in
the transferee all right, title, and interest
thereto, free and clear of the Trust.
Declination If such Participant declines to purchase such
of purchase by Policy, the Trustees shall liquidate the Policy
participant for its cash surrender value or transfer the
Policy to the Participant as a distribution of
benefits. The Trustees may designate themselves,
if not so designated, as beneficiaries under such
Policy for the period prior to the date on which
it was liquidated.
' ARTICLE XIII
; PARTICIPANT CONTRIBUTIONS
; May allow 13.01 The Trustees, solely at their option, may grant
; voluntary all Active Participants the right to contribute
~ contributions to the Trust Fund a sum not to exceed ten (10$)
~ per cent of the total amount actually paid by
the Employer to •such Participant for service
~ rendered since becoming a Participant.
~
~ Trustees make13.02 At such times as the Trustees may determine that
~ rules regard- Participant contributions will be permitted, the
ing voluntary Trustees shall promulgate specific rules and
~ contributions regulations governing all aspect of this ARTICLE
XIII, and any Active Participant electing to make
~ such contributions shall complete and sign the
form provided by the Trustees as a condition for
E eligibility to make such contributions.
~ Separate 13.03 The_contributing Participant's Account shall re-
- accounts flect all of his contributions in a manner so as
for volun- to distinguish between his contributions and the
~y tary contri- contributions of the Employer and shall be sub-
%w butions ject to the provisions of ARTICLE VI hereof.
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