Right to Amend or Terminate

12.01 - CSI reserves the right at any time or times, by action of its Board of Directors, to alter, amend, modify, revoke, suspend, or terminate the Plan or the Declaration of Trust, or both, provided that no amendment or modification may be made which shall enlarge the rights of any Participating Employer.

Except as may be permitted by applicable law, no amendment shall decrease the amount of a Participant's Accrued Benefit as of the effective date of the amendment.

If an amendment directly or indirectly changes the requirements for vesting set forth in Section 4, the Vested Percentage of any Participant whose Vested Percentage would be affected by the amendment and who is a Participant at the effective date of the amendment shall not be less at any time than the Vested Percentage of such Participant determined under the Plan without regard to the amendment.

Each Participating Employer reserves the right, by action of its Board of Directors or other governing body, to terminate its participation in the Plan at the end of any school year, in which event such Employer shall have no obligation or liability to make further contributions to the Trust Fund.

If the Plan is terminated (in whole or in part) by either CSI or any regulator authorized to take such action, Participants affected by such Plan termination will not be entitled to the enhanced early retirement benefits provided under either Section 7.02 or Section 7.03 but will instead be entitled to an actuarially reduced early retirement benefit. Each affected Participant shall continue to have a fully vested, non-forfeitable (to the extent funded) right to an Accrued Benefit, as defined in Section 1.01. The sole recourse for the payment shall be the assets of the Trust Fund.

Termination of participation in the Plan by a Participating Employer also may result from delinquency in payment of contributions to the Trust Fund, as provided in Section 5.02.