The Board of Trustees of the Alaska Teamster-Employer Welfare Trust has the right in its sole discretion to amend, modify, revoke or terminate the Plan, in whole or in part, at any time. Benefits provided under this Plan are not vested. The Board of Trustees’ authority includes the right, in its sole discretion, to:

  1. terminate or amend either the amount or condition with respect to any benefit even though such termination or amendment affects claims which have already accrued; and/or
  2. alter or postpone the method of payment of any benefit; and/or
  3. amend, terminate or rescind any provision of the Plan; and/or
  4. merge the Plan with other plans, including the transfer of assets.

Except as delegated pursuant to this section, the authority to make changes to the Plan rests solely with the Board of Trustees. Any amendment, modification, revocation or termination of the Plan is made by a resolution adopted by the Board of Trustees, or by resolution adopted by a committee of the Board of Trustees which has been delegated authority to act on behalf of the Board of Trustees. No individual Trustee, Union representative, or Employer representative is authorized to interpret this Plan on behalf of the Board of Trustees, or to act as an agent of the Board of Trustees.

Upon termination, the Trustees may allocate remaining funds to pay expenses and administrative costs, and distribute assets so as to carry out the Trust’s purpose. No Trust funds may revert to the Union, an Employer, an Employee or Plan Participant.

The Trustees may require that information be submitted as reasonably necessary to determine the Plan’s compliance with any nondiscrimination requirements of the Internal Revenue Code or any other law or regulation, and may require additional employer contributions as reasonably necessary to ensure compliance with any such statutes.