§9702 Establishment of the United Mine Workers of America Combined Benefit Fund

Summary

Within 60 days after the law is passed, the people named in subsection (b) must pick trustees to create a private plan called the United Mine Workers of America Combined Benefit Fund. On February 1, 1993, the 1950 and 1974 UMWA Benefit Plans must be merged into the Combined Fund, and that merger will not count as an employer withdrawal under any 1988 coal wage agreement. The Combined Fund will be treated under federal law as a labor-management plan, an employee welfare benefit plan, and a multiemployer plan. For tax purposes, the Fund and its trust are treated as tax-exempt under section 501(a). The board of trustees will include 2 employer representatives chosen by the BCOA, 2 chosen by the United Mine Workers of America, and 3 chosen by those four trustees. Successor trustees are picked the same way, and the plan must allow trustees to be removed. If the BCOA stops existing, the two employer trustees must be chosen by the three employers who were BCOA members on the enactment date and who were assigned the most eligible beneficiaries under section 9706. The first plan year runs February 1, 1993 to September 30, 1993. After that, each plan year begins on October 1.