§ 154-218. Responsibility for adequacy of trust fund.
Latest version.
The board of trustees shall not be responsible for the inadequacy of the trust fund
to meet and discharge any and all payments and liabilities under the plan and trust,
other than an inadequacy resulting from the breach by the board of trustees or any
individual member thereof of any obligation imposed by the plan and trust or by applicable
law. It is expressly understood that this section does not condition the rights of
an employee, participant, beneficiary, successor, or assign to benefits upon a sufficiency
of assets, but rather limits the recourse of an employee, participant, beneficiary,
successor, or assign towards satisfaction of his nonforfeitable benefits solely to
or against the trust fund or such insurance company (there being no right against
the board of trustees, the employer, or any other person or entity involved in the
administration or operation of the plan or trust).
(91-RC-669, § 8.8, 12-18-91)
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