RULES AND REGULATIONS

ARTICLE I
NAME, CREATION AND EFFECTIVITY

SECTION 1 – NAME
In connection with appendix 2-1 of the IBF JSU/AMOSUP-IMMAJ Collective Bargaining Agreement and appendix A of the ITF-JSU/AMOSUP Collective Bargaining Agreement for Filipino Officers and Ratings, a pension fund known as the JSU/AMOSUP Widow/Widower Survivorship Pension Fund (the “WSPF”) was established.

SECTION 2 – OBJECTIVE
The aim of this WSPF is to provide, through a pension fund to be established by AMOSUP through the Board of Trustees of the JSU/AMOSUP Widow/Widower Survivorship Pension Fund and with the Trustee for the payment of a fixed regular and reasonable stream of funds for an appropriately limited period of time to help assist the surviving widow/widower or other designated next of kin of Seafarers as part of the benefits under IBF JSU/AMOSUP-IMMAJ CBA or ITF-JSU/AMOSUP CBA covered vessels, subject to the following terms and conditions.

SECTION 3 – EFFECTIVE DATE
This Rules and Regulations governing the WSPF shall be effective as of date of its approval and adoption.

ARTICLE II
DEFINITIONS OF TERMS

The following words and phrases, as used herein,shall have the meaning indicated, unless a different meaning is plainly required by the text.

(a) “WSPF” means the JSU-AMOSUP Widow/Widower Survivorship Pension Fund Plan, described herein and as may from time to time be amended;
(b) “AMOSUP” as used herein shall refer to the Associated Marine Officers and Seamen’s Union of the Philippines;
(c) “JSU” as used herein shall refer to the All Japan Seamen’s Union;
(d) “IMMAJ” as used herein shall refer to the International Mariners Management Association of Japan
(e) “PJMCC” as used herein shall refer to the Philippine Japan Manning Consultative Council Inc.;
(f) “Seafarer” means any Filipino seafarer, whether an officer or rating, who is covered by the IBF JSU/AMOSUP-IMMAJ CBA or the ITF-JSU/AMOSUP CBA while in service or while traveling to or from the vessel;
(g) “Employers” shall mean the employers of Seafarers working on board IBF JSU/AMOSUP-IMMAJ CBA or ITF-JSU/AMOSUP CBA covered vessels;
(h) “Beneficiary” means a person(s) designated by the Seafarer under Article V hereof to receive, in the event of the latter’s death, while in service, or while traveling to or from the ship or vessel, the benefit due such person(s) in accordance with this WSPF;
(i) “Trust Fund” or “Fund” means the trust fund established in accordance with Article VI, hereof;
(j) “Trustee” means the Philippine National Bank, thru its Trust Banking Group, or such Successor trustee at any time holding the assets of the Fund;
(k) “Board of Trustees” as used herein shall refer to the Board of Trustees of the JSU/AMOSUP Widow/Widower Survivorship Pension Fund which is the highest consultative and policy-making body of the Fund;
(l) “CBA” as used herein shall refer to the IBF JSU/AMOSUP-IMMAJ collective bargaining agreement and ITF-JSU/AMOSUP collective bargaining agreement.
(m) “Whenever used herein, the masculine pronoun shall be construed to include the feminine gender, the singular number to include the plural, and the plural to include the singular, unless the context indicates otherwise.

ARTICLE III
COVERAGE

SECTION 1 – SEAFARERS’ AT EFFECTIVE DATE
Any Seafarer who is a member of AMOSUP working on board CBA covered vessels as of 1 January 2006 is covered by the WSPF as of such date, subject to the provisions of letter (f) Article II of this WSPF.

SECTION 2 – SEAFARERS AFTER EFFECTIVE DATE
Any seafarer not covered by the WSPF as of 1 January 2006 and any seafarer thereafter employed under an existing CBA after such date, shall be covered by the WSPF on the first day of the month coincident with or next following his working on board an CBA covered vessel as a Seafarer as defined in letter (f) Article II of this WSPF.

ARTICLE IV
SURVIVORSHIP BENEFIT

SECTION 1 – MONTHLY PENSION
In the event of the death of a Seafarer while in service, or while traveling to or from a CBA covered ship or vessel, his designated Beneficiary shall receive a death benefit, as follows

a) A monthly pension of DOLLARS: TWO HUNDRED FIFTY ($250.00) for a fixed non-extendible period of sixty (60) months in case the deceased Seafarer is a rating;
b) A monthly pension of DOLLARS: THREE HUNDRED SEVENTY FIVE ($375.00) for a fixed non-extendible period of sixty (60) months in case the deceased Seafarer is an officer.

The payment of the foregoing benefit shall be subject to any and all applicable taxes or similar fees and charges, unless a contrary final ruling is issued by the Bureau of Internal Revenue or any appropriate taxing authority or agency of the Philippine Government. The monthly pension shall be subject to review and may be adjusted by the Board of Trustees. Unless otherwise determined by the Board of Trustees, no death benefit however shall be paid to the designated beneficiary unless remittances by the Employer of the monthly contribution to cover the deceased Seafarer at the time of his death are complete or made current and up-to-date.

Payment of the monthly pension shall be made to the account opened and maintained by the Beneficiary with any branch of the Trustee Bank.

SECTION 2 – DENIAL OF DEATH BENEFIT
Should the death of a Seafarer arise on account of self-inflicted injuries, suicide, or any criminal act attributable to him, no benefit under this WSPF shall be paid to the Beneficiary.

ARTICLE V
NOMINATION OF BENEFICIARIES

SECTION 1 – NOMINATION
A Seafarer shall, upon being covered by the WSPF, forthwith nominate in writing, in such forms as shall be prescribed by the Board of Trustees, any of the following person or persons in the order specified to receive the amount prescribed in Article IV in case the seafarer dies:

a) The surviving legitimate spouse, if the seafarer is married;
b) The seafarer’s legitimate unmarried child or children under the age of 21 at the time of nomination, if the legitimate spouse pre-deceases the seafarer;
c) The surviving parents or parent, in case the seafarer is unmarried; and
d) In the absence of the foregoing, any other person or entity named by the seafarer.

Every nomination or appointment shall remain in force until the death of the nominee or appointee or until revoked by the Seafarer making it by delivering to the Board of Trustees an instrument of revocation in the prescribed form. In the event of death of his designated beneficiary, the Seafarer may nominate or appoint another person or persons as his beneficiary, in accordance with the foregoing provisions. Should there be more than one designated beneficiary, the benefit shall be shared equally by all of the designated beneficiaries jointly in a single account with the Trustee as provided for under Article IV (Sec. 1).

SECTION 2 – FAILURE TO NOMINATE
If at the death of a Seafarer there shall exist no valid nomination by him of a beneficiary, he shall be conclusively presumed to have appointed as his beneficiary or beneficiaries the person or persons in the following classes then surviving, in the order stated below:

a) Legitimate spouse;
b) Legitimate Unmarried Child or Children under the age of 21;
c) Parent/Parents

SECTION 3 – PAYMENT TO BENEFICIARY OR BENEFICIARIES

3.1 After the death of the Seafarer, the monthly pension shall commence to be paid twenty four months following the valid and due payment of the death compensation in accordance with Article 29 of the existing IBF JSU/AMOSUP-IMMAJ CBA and Article 20 of the existing ITF-JSU/AMOSUP CBA; provided however, that pending final resolution of any action or dispute arising from such payment of the death compensation, no monthly pension under this WSPF shall commence to be paid. When payable, the monthly pension shall be paid to the beneficiary or beneficiaries named by the deceased Seafarer in the existing nomination on file with the Board of Trustees or his presumed beneficiary or beneficiaries as provided for in Sections 1 and 2 above.

3.2 If a beneficiary is a minor or is declared judicially incompetent, payment to his legal guardian shall be deemed as if made to the beneficiary in person and shall discharge the Fund from liability to the extent of the amount paid. However, in no case will the beneficiary be entitled to any interest on the amount of the benefit during the period that payment was deferred because of the absence of a judicial guardian.

3.3 Upon the remarriage of the surviving legitimate spouse, who was named as a beneficiary, the latter shall immediately lose the right to receive the unpaid balance of the monthly pension benefit, which shall be forfeited in favor of the Fund. The Fund shall be reimbursed for any payments made to and received by the surviving legitimate spouse in bad faith after such remarriage.

ARTICLE VI
TRUST FUND

SECTION 1 – THE JSU/AMOSUP WIDOW/WIDOWER SURVIVORSHIP PENSION FUND
The funding of the WSPF and payment of the benefits hereunder shall be provided for through the medium of a Trust Fund held by the Trustee and covered by an appropriate Trust Agreement. The contributions to the Trust Fund, together with any assets, liabilities, income, gains or losses, less expenses and distributions, shall constitute the WSPF.

SECTION 2 – REMITTANCE OF CONTRIBUTIONS

2.1 Contribution to the WSPF shall come from the Employers through their respective manning agencies in the Philippines, which provides for a contribution to the Fund at the rate specified in the CBA.

2.2 Within 15 days after the end of the previous month, employers through the Philippine manning agents shall ensure remittance of the due contributions for the previous month, with information regarding principal name, vessel name, number of crew, period covered, and amount, to the following account:

Bank Name     :           Philippine National Bank
Account Name:           AMOSUP-JSU Widow’s Pension Fund
Account No.    :           206-7006324

2.3 The total monthly remittances to the Fund shall be exclusive of any bank fees, charges and expenses whatsoever, which shall be for the account of the employer.

2.4 The other details of the process, funding and documentation flow of the monthly remittance of contribution to the Fund and the payment of the pension benefit by the Fund not otherwise inconsistent herewith shall be made in accordance with, but not limited to Appendix “1” hereto, which is an integral part of this WSPF.

SECTION 3 – IRREVOCABILITY
All contributions made to the Trust Fund shall be used for the exclusive benefit of the Seafarers’ beneficiaries and for related administrative expenses under the WSPF as approved by the Board of Trustees.

SECTION 4 – EXTENSION OF BENEFITS
Contingent upon expected Fund liability, the Board of Trustees may extend assistance under this WSPF at appropriate amounts it may determine to the beneficiaries of those Seafarers who died on board other vessels but have accumulated sea service under the CBA of at least five years on board covered vessels.

ARTICLE VII
MODIFICATION, SUSPENSION OR TERMINATION OF THE WSPF

Although it is expected that the WSPF will continue indefinitely, it may be modified, amended, suspended, or terminated at any time by the Board of Trustees as economic conditions may warrant or as may be provided for in the CBA. In no case, however, shall such modification, amendment, termination or suspension be effected in order to permit any asset of the Trust Fund to be used for, or diverted to, purposes other than for the exclusive benefit of the Seafarers Beneficiaries and for related administrative expenses under the WSPF as approved by the Board of Trustees, nor shall it be applied retroactively so as to adversely affect or reduce in any way the benefit accrued to any Seafarer Beneficiaries on account of service prior to the date of such amendment, suspension or termination. In no event shall any part of the assets of the Trust Fund revert to AMOSUP or the Seafarers’ employers.

ARTICLE VIII
MISCELLANEOUS PROVISIONS

SECTION 1 – ADMINISTRATION OF THE WSPF
The WSPF will be administered and implemented by the Trustee Bank in accordance with this Rules and Regulations and such other rules, guidelines and terms of reference as may be issued by the Board of Trustees.

SECTION 2 – BOARD OF TRUSTEES

2.1 The administration and implementation of the WSPF by the Trustee Bank shall be overseen and reviewed by the Board of Trustees, which shall be composed of six (6) members, consisting of:

a) Two (2) representatives each from JSU and AMOSUP

b) One (1) representative each from IMMAJ and PJMCC

The members of the Board of Trustees shall elect from among themselves the Chairperson and such other officers, as it may deem necessary and proper to designate.

2.2 The Board of Trustees shall set the rules, guidelines and terms of reference for remittance collection, general fund administration, investment management and pension annuity payments of the Fund. It shall authorize the engagement of Fund administrator/s, investment manager/s, payments agent/s and such other agent/s as may be required and necessary to implement and achieve the purposes of the Fund.

2.3 In case of the termination of the WSPF under Article VII when after all liabilities under the WSPF have been paid, all residual assets of the Fund shall be distributed in accordance with the instructions of the Board of Trustees provided that such residual assets shall not revert to AMOSUP or the Employers but shall be used for the benefit of the Seafarers.

SECTION 3 – NON-TRANSFERABILITY OF RIGHTS
No benefit payable under this WSPF shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge and any action by way of anticipating, alienating, selling, transferring, assigning, pledging, encumbering or charging the same shall be null and void.

SECTION 4 – INTEREST IN THE JSU-AMOSUP WIDOW/WIDOWER SURVIVORSHIP PENSION FUND

4.1 No Seafarer or beneficiary shall have the right, title or interest in or to any part of the assets of the WSPF except as and to the extent expressly provided in the WSPF Fund.

4.2 Any person rights or claim rights under the WSPF shall be restricted within the assets of the WSPF and shall not affect any other assets out of the WSPF.

SECTION 5 – MANAGEMENT POWERS
Nothing contained in these Rules and Regulations shall be deemed as a limitation on the inherent powers and prerogative of the Board of Trustees.

SECTION 6 – AUDITING AND REPORTING
The Board of Trustees shall appoint an independent auditor to perform an annual examination of the books of account of the WSPF and WSPF Fund, and at such other times as may be determined by the Board of Trustees. Following the audit, the Board of Trustees shall make available copies of the audited financial report to concerned parties.

SECTION 7 – EFFECT OF SOCIAL LEGISLATION
Whatever benefits may be due to the Seafarer on account of the Social Security Act and the Employee’s Compensation under the State Insurance Fund as provided for in the Labor Code existing as of the effective date of the WSPF shall not be deducted from the benefit granted under this WSPF.

SECTION 8 – BUREAU OF INTERNAL REVENUE REGULATIONS
The Rules and Regulations of the WSPF have been designed to meet the requirement of the Bureau of Internal Revenue regulations as a tax-qualified plan. AMOSUP reserves the right to amend any provisions of the WSPF in order that it may obtain and/or maintain its tax-qualified status in accordance with the present and future Bureau of Internal Revenue Regulations.

SECTION 9 – APPLICABLE LAWS
The laws of the Republic of the Philippines shall govern in resolving questions arising from the WSPF.

ARTICLE IX
REVISION OF RULES AND REGULATIONS

Any question arising in the context of this rules and regulations shall be modified and amended through consultation among the parties.

ANNEX A (to the Trust Agreement)

AMOSUP IMEC TCCC Survivorship Pension Fund Plan RULES AND REGULATIONS, AS AMENDED

ARTICLE I
NAME, CREATION AND EFFECTIVITY

SECTION 1 – NAME
In connection with Article 48 of the AMOSUP IMEC TCCC collective bargaining agreements for Filipino seafarers, a pension fund known as the AMOSUP IMEC TCCC Survivorship Pension Fund Plan (the “Plan”) was established.

SECTION 2 – OBJECTIVE
The aim of this Plan is to provide, through a pension fund to be established by AMOSUP through the AMOSUP IMEC TCCC Survivorship Pension Fund Board of Trustees and with the Trustee for the payment of a fixed regular and reasonable stream of funds for an appropriately limited period of time to help assist the surviving widow/widower or other designated next of kin of Seafarers as part of the benefits under AMOSUP IMEC TCCC covered vessels, subject to the following terms and conditions.

SECTION 3 – EFFECTIVE DATE
This Rules and Regulations governing the Plan shall be effective as of date of its approval and adoption.

ARTICLE II

DEFINITIONS OF TERMS
The following words and phrases, as used herein, shall have the meaning indicated, unless a different meaning is plainly required by the text.

(a) “Plan” means the AMOSUP IMEC TCCC Survivorship Pension Fund Plan, described herein and as may from time to time be amended;
(b) “AMOSUP” as  used  herein  shall  refer  to  the  Associated  Marine  Officers  and Seamen’s Union of the Philippines;
(c) “IMEC” as used herein shall refer to the International Maritime Employers Committee Ltd.;
(d) “Seafarer” means any Filipino seafarer, whether an officer or rating, who is covered by an AMOSUP IMEC TCCC collective bargaining agreement while in service or while traveling to or from the vessel;
(e) “Employers” shall mean the employers of Seafarers working on board AMOSUP IMEC TCCC covered vessels;
(f) “Beneficiary” means a person(s) designated by the Seafarer under Article V hereof to receive, in the event of the latter’s death, while in service, or while traveling to or from the ship or vessel, the benefit due such person(s) in accordance with this Plan;
(g) “Trust Fund” or “Fund” means the trust fund established in accordance with Article VI, hereof;
(h) “Trustee” means the Philippine National Bank, thru its Trust Banking Group, or such successor trustee at any time holding the assets of the Fund;
(i) “ TCCC” means Total Crew Cost Concept collective bargaining agreements;
(j) “AMOSUP IMEC TCCC Survivorship Pension Fund Board of Trustees” or the “Board of Trustees” is the highest consultative and policy-making body of the Fund;
(k) “AMOSUP IMEC TCCC” refers to AMOSUP IMEC collective bargaining agreements;
(l) Whenever used herein, the masculine pronoun shall be construed to include the feminine gender, the singular number to include the plural, and the plural to include the singular, unless the context indicates otherwise.

ARTICLE III
COVERAGE

SECTION 1 – SEAFARERS’ AT EFFECTIVE DATE
Any Seafarer who is a member of AMOSUP working on board AMOSUP IMEC TCCC covered vessels as of 1 January 2006 is covered by the Plan as of such date, subject to the provisions of letter (d) Article II of this Plan.

SECTION 2 – SEAFARERS AFTER EFFECTIVE DATE
Any seafarer not covered by the Plan as of 1 January 2006 and any seafarer thereafter employed under an existing AMOSUP IMEC TCCC after such date, shall be covered by the Plan on the first day of the month coincident with or next following his working on board an AMOSUP IMEC TCCC covered vessel as a Seafarer as defined in letter (d) Article II of this Plan.

ARTICLE IV

SURVIVORSHIP BENEFIT
SECTION 1 – MONTHLY PENSION[1]
In the event of the death of a Seafarer while in service, or while traveling to or from an AMOSUP IMEC TCCC covered ship or vessel, his designated Beneficiary shall receive a death benefit, as follows:

a) A monthly pension of US DOLLARS: TWO HUNDRED SEVENTY FIVE (US$275.00) for a fixed non-extendible period of sixty (60) months in case the deceased Seafarer is a rating[2];
b) A monthly pension of US DOLLARS: FOUR HUNDRED TWELVE & 50/100 (US$412.50) for a fixed non- extendible period of sixty (60) months in case the deceased Seafarer is an “officer”.[3]

The payment of the foregoing benefit shall be subject to any and all applicable taxes or similar fees and charges, unless a contrary final ruling is issued by the Bureau of Internal Revenue or any appropriate taxing authority or agency of the Philippine Government. The monthly pension shall be subject to review and may be adjusted by the Board of Trustees. Unless otherwise determined by the Board of Trustees, no death benefit however shall be paid to the designated beneficiary unless remittances by the Employer of the monthly contribution to cover the deceased Seafarer at the time of his death are complete or made current and up-to-date.

Payment of the monthly pension shall be made to the account opened and maintained by the Beneficiary with any branch of the Trustee Bank.

SECTION 2 – DENIAL OF DEATH BENEFIT
Should the death of a Seafarer arise on account of self-inflicted injuries, suicide, or any criminal act attributable to him, no benefit under this Plan shall be paid to the Beneficiary.

ARTICLE V
NOMINATION OF BENEFICIARIES

SECTION 1 – NOMINATION
A Seafarer shall, upon being covered by the Plan, forthwith nominate in writing, in such forms as shall be prescribed by the Board of Trustees, any of the following person or persons in the order specified to receive the amount prescribed in Article IV in case the seafarer dies:

a) The surviving legitimate spouse, if the seafarer is married;
b) The seafarer’s legitimate unmarried child or children under the age of 21 at the time of nomination, if the legitimate spouse pre-deceases the seafarer;
c) The surviving parents or parent, in case the seafarer is unmarried; and
d) In the absence of the foregoing, any other person or entity named by the seafarer.

Every nomination or appointment shall remain in force until the death of the nominee or appointee or until revoked by the Seafarer making it by delivering to the Board of Trustees an instrument of revocation in the prescribed form. In the event of death of his designated beneficiary, the Seafarer may nominate or appoint another person or persons as his beneficiary, in accordance with the foregoing provisions. Should there be more than one designated beneficiary, the benefit shall be shared equally by all of the designated beneficiaries jointly in a single account with the Trustee as provided for under Article IV (Sec.1).

SECTION 2 – FAILURE TO NOMINATE
If at the death of a Seafarer there shall exist no valid nomination by him of a beneficiary, he shall be conclusively presumed to have appointed as his beneficiary or beneficiaries the person or persons in the following classes then surviving, in the order stated below:

a) Legitimate spouse;
b) Legitimate Unmarried Child or Children under the age of 21;
c) Parent/Parents.

SECTION 3 – PAYMENT TO BENEFICIARY OR BENEFICIARIES
3.1 After the death of the Seafarer, the monthly pension shall commence to be paid  twenty-four months following the valid and due payment of the death compensation in accordance with Article 20 of the existing AMOSUP IMEC TCCC agreement; provided however, that pending final resolution of any action or dispute arising from such payment of the death compensation, no monthly pension under this

Plan shall commence to be paid[4]. When payable, the monthly pension shall be paid to the beneficiary or beneficiaries named by the deceased Seafarer in the existing nomination on file with the Board of Trustee or his presumed beneficiary or beneficiaries as provided for in Sections 1 and 2 above.

3.2 If a beneficiary is a minor or is declared judicially incompetent, payment to his legal guardian shall be deemed as if made to the beneficiary in person and shall discharge the Fund from liability to the extent of the amount paid. However, in no case will the beneficiary be entitled to any interest on the amount of the benefit during the period that payment was deferred because of the absence of a judicial guardian.

3.3 Upon the remarriage of the surviving legitimate spouse, who was named as a beneficiary, the latter shall immediately lose the right to receive the unpaid balance of the monthly pension benefit, which shall be forfeited in favor of the Fund. The Fund shall be reimbursed for any payments made to and received by the surviving legitimate spouse in bad faith after such remarriage.

ARTICLE VI
TRUST FUND

SECTION 1 – THE AMOSUP IMEC TCCC SURVIVORSHIP PENSION FUND
The funding of the Plan and payment of the benefits hereunder shall be provided for through the medium of a Trust Fund held by the Trustee and covered by an appropriate Trust Agreement. The contributions to the Trust Fund, together with any assets, liabilities, income, gains or losses, less expenses and distributions, shall constitute the AMOSUP IMEC TCCC Survivorship Pension Fund.

SECTION 2 – REMITTANCE OF CONTRIBUTIONS

2.1 Contribution to the AMOSUP IMEC TCCC Survivorship Pension Fund shall come from the Employers through their respective manning agencies in the Philippines, in accordance with Article 48 of the AMOSUP IMEC TCCC collective bargaining agreement, which provides for a contribution to the Fund at the rate specified in the AMOSUP IMEC TCCC.

2.2 Within 15 days after the end of the previous month, employers through the Philippine manning agents shall ensure remittance of the due contributions for the previous month, with information regarding principal name, vessel name, number of crew, period covered, and amount, to the following account:

 Account Name: PNB-TBG FAO
AMOSUP IMEC TCCC Survivorship Pension Fund

Account No.  : 206-7006375

2.3 The total monthly remittances to the Fund shall be exclusive of any bank fees, charges and expenses whatsoever, which shall be for the account of the employer.

2.4 The other details of the process, funding and documentation flow of the monthly remittance of contribution to the Fund and the payment of the pension benefit by the Fund not otherwise inconsistent herewith shall be made in accordance with, but not limited to Appendix “1” hereto, which is an integral part of this Plan.

SECTION 3 – IRREVOCABILITY
All contributions made to the Trust Fund shall be used for the exclusive benefit of the Seafarers’ beneficiaries and for related administrative expenses under the Plan as approved by the Board of Trustees.

SECTION 4 – EXTENSION OF BENEFITS
Contingent upon expected Fund liability, the Board of Trustees may extend assistance under this Plan at appropriate amounts it may determine to the beneficiaries of those Seafarers who died on board other vessels but have accumulated sea service under the AMOSUP IMEC TCCC of at least five years on board covered vessels.

ARTICLE VII
MODIFICATION, SUSPENSION OR TERMINATION OF THE PLAN

Although it is expected that the Plan will continue indefinitely, it may be modified, amended, suspended, or terminated at any time by the Board of Trustees as economic conditions may warrant or as may be provided for in the AMOSUP IMEC TCCC. In no case, however, shall such modification, amendment, termination or suspension be effected in order to permit any asset of the Trust Fund to be used for, or diverted to, purposes other than for the exclusive benefit of the Seafarers Beneficiaries and for related administrative expenses under the Plan as approved by the Board of Trustees, nor shall it be applied retroactively so as to adversely affect or reduce in any way the benefit accrued to any Seafarer Beneficiaries on account of service prior to the date of such amendment, suspension or termination. In no event shall any part of the assets of the Trust Fund revert to AMOSUP or the Seafarers’ employers.

ARTICLE VIII
MISCELLANEOUS PROVISIONS

SECTION 1 – ADMINISTRATION OF THE PLAN
The Plan will be administered and implemented by the Trustee Bank in accordance with this Rules and Regulations and such other rules, guidelines and terms of reference as may be issued by the Board of Trustees.

SECTION 2 – BOARD OF TRUSTEES

2.1 The administration and implementation of the Plan by the Trustee Bank shall be overseen and reviewed by the Board of Trustees, which shall be composed of eight (8) members, consisting of:

a) Four (4) representatives designated by AMOSUP
b) Four (4) representatives designated by IMEC

The members of the Board of Trustees shall elect from among themselves the Chairperson and such other officers, as it may deem necessary and proper to designate.

2.2 The Board of Trustees shall set the rules, guidelines and terms of reference for remittance collection, general fund administration, investment management and pension annuity payments of the Fund. It shall authorize the engagement of Fund administrator/s, investment manager/s, payments agent/s and such other agent/s as may be required and necessary to implement and achieve the purposes of the Fund.

2.3 In case of the termination of the Plan under Article VII when after all liabilities under the Plan have been paid, all residual assets of the Fund shall be distributed in accordance with the instructions of the Board of Trustees provided that such residual assets shall not revert to AMOSUP or the Employers but shall be used for the benefit of the Seafarers.

SECTION 3 – NON-TRANSFERABILITY OF RIGHTS
No benefit payable under this Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge and any action by way of anticipating, alienating, selling, transferring, assigning, pledging, encumbering or charging the same shall be null and void.

SECTION 4 – INTEREST IN THE SURVIVORSHIP PENSION FUND
4.1 No Seafarer or beneficiary shall have the right, title or interest in or to any part of the assets of the AMOSUP IMEC TCCC Survivorship Pension Fund except as and to the extent expressly provided in the fund Plan.
4.2 Any person having a right or claim under the Plan shall look solely to the assets of the AMOSUP IMEC TCCC Survivorship Pension Fund.

SECTION 5 – MANAGEMENT POWERS
Nothing contained in these Rules and Regulations shall be deemed as a limitation on the inherent management powers and prerogative of the Board of Trustees.

SECTION 6 – AUDITING AND REPORTING
The Board of Trustees shall appoint an independent auditor to perform an annual examination of the books of accounts of the Plan and Plan funds, and at such other times as may be determined by the Board of Trustees. Following the audit, the Board of Trustees shall make available copies of the audited financial report to concerned parties.

SECTION 7 – EFFECT OF SOCIAL LEGISLATION
Whatever benefits may be due to the Seafarer on account of the Social Security Act and the Employee’s Compensation under the State Insurance Fund as provided for in the Labor Code existing as of the effective date of the Plan shall not be deducted from the benefit granted under this Plan.

SECTION 8 – BUREAU OF INTERNAL REVENUE REGULATIONS
The Rules and Regulations of the Plan have been designed to meet the requirement of the Bureau of Internal Revenue regulations as a tax-qualified plan. AMOSUP reserves the right to amend any provisions of the Plan in order that it may obtain and/or maintain its tax-qualified status in accordance with the present and future Bureau of Internal Revenue Regulations.

SECTION 9 – APPLICABLE LAWS
The laws of the Republic of the Philippines shall govern in resolving questions arising from the Plan.

Approved and adopted by the AMOSUP IMEC TCCC Survivorship Pension Fund Board of Trustees this 17^th day of May, 2006, Manila, Philippines.

Associated Marine Officers’ and  Seamen’s Union of the Phils.

By:

[Signed]
Capt. Gregorio S. Oca

Dr. Conrado F. Oca

[Signed]
Atty. Jesus P. Sale, Jr.

[Signed]
Atty. Maximo Jose Luigi C. Abad

International Maritime Employers Committee, Ltd.

By:

[Signed]
Mr. Ian Sherwood

[Signed]
Mr. Stephen Treadwell

[Signed]
Mr. James Nicoll

[Signed]
Mr. Michael Estaniel

AMOSUP NORWEGIAN Survivorship Pension Fund Plan
RULES AND REGULATIONS, AS AMENDED [1]

ARTICLE I
NAME, CREATION AND EFFECTIVITY

 SECTION 1 – NAME
In connection with the Norwegian International Ship Register (NIS) Collective Bargaining Agreements and the Norwegian Model Collective Bargaining Agreements for Filipino seafarers, a pension fund known as the AMOSUP-Norwegian Survivorship Pension Fund Plan (the “Plan”) was established.

SECTION  2  – OBJECTIVE
The aim of this Plan is to provide, through a pension fund to be established by AMOSUP through the AMOSUP-Norwegian Survivorship Pension Fund Board of Trustees, for the payment of a fixed regular and reasonable stream of funds for an appropriately limited period of time to help assist the surviving widow/widower or next of kin of Filipino Seafarers who are AMOSUP members as part of the benefits under NIS CBAs covering NIS-registered vessels and Model Agreements  covering Norwegian-owned, operated and managed vessels, subject to the following terms and conditions.

SECTION 3 – EFFECTIVE DATE
These Rules and Regulations governing the Fund shall be effective as of 1 March 2010.

ARTICLE II
DEFINITIONS OF TERMS

 The following words and phrases, as used herein, shall have the meaning indicated, unless a different meaning is plainly required by the text.

(a) “Plan” means the AMOSUP-Norwegian Survivorship Pension Fund Plan, described herein and as may from time to time be amended;
(b) “AMOSUP” as used herein shall refer to the Associated Marine Officers and Seaman’s Union of the Philippines;
(c) “NIS” as used herein shall refer to the Norwegian International Ship Register;
(d) “Seafarer” means any Filipino seafarer, whether an officer or rating, who is covered by a NIS CBA or a Norwegian Model Agreement.
(e) “Employer” shall mean the employers of Seafarers working on board NIS-registered or Norwegian-owned, operated and managed vessels.
(f) “Beneficiary” means a person(s) designated by the Seafarer under Article V hereof to receive, in the event of his death, the amount due him in accordance with the provisions of this Plan;
(g) “Trust Fund” or “Fund” means the trust fund established in accordance with Article VI, hereof;
(h) “Norwegian Maritime Unions” shall collectively refer to the Norwegian Maritime Officers Association (NMOA), Norwegian Union of Marine Engineers (NUME) and the Norwegian Seafarers Union (NSU);
(i) “NSA” means the Norwegian Shipowners Association;
(j) “FIL-NORGAIN” is the Joint Filipino Norwegian Maritime Unions General Assistance and Information Office, Inc., Manila;
(k) “AMOSUP-Norwegian Survivorship Pension Fund Board of Trustees” or the “Board Of Trustees” is the highest consultative and policy-making body of the Fund;

Whenever used herein, the masculine pronoun shall be construed to include the feminine gender, the singular number to include the plural, and the plural to include the singular, unless the context indicates otherwise.

ARTICLE III
COVERAGE

SECTION 1 – SEAFARERS’ AT EFFECTIVE DATE
Any Seafarer who is a member of AMOSUP working on board a NIS-registered or Norwegian-owned, controlled or managed vessel covered by an existing NIS CBA or Norwegian Model Agreement as of 1 March 2010 is covered by the Plan as of such date, subject to the provisions of letter (f) Article II of the Plan.

SECTION 2 – SEAFARERS AFTER EFFECTIVE DATE
Any seafarer not covered by the Plan as of 1 March 2010 and any seafarer thereafter hired after such date, shall be covered by the Plan on the first day of the month coincident with or next following his working on board a NIS-registered or Norwegian-owned, controlled or managed vessel as a Seafarer under an existing NIS CBA or Norwegian Model Agreement, subject to the provision of letter (f) Article II of the Plan.

ARTICLE IV
SURVIVORSHIP BENEFIT

 SECTION 1 – MONTHLY PENSION
In the event of the death of a Seafarer while on board a covered ship or vessel, his designated Beneficiary shall receive a death benefit, as follows:

a) A monthly pension of US DOLLARS: TWO HUNDRED FIFTY ($250.00) for a fixed non-extendible period of sixty (60) months in case the deceased Seafarer is a rating;
b) A monthly pension of US DOLARS: THREE HUNDRED SEVENTY FIVE ($375.00) for a fixed non-extendible period of sixty (60) months in case the deceased Seafarer is an “officer”

The foregoing rate shall be subject to review and may be increased by the Board of Trustees.

ARTICLE V
NOMINATION OF BENEFICIARIES

SECTION 1 – NOMINATION
A Seafarer shall, upon being covered by the Plan, forthwith nominate in writing, in such forms and/or such manner as shall be prescribed by the Board of Trustees, a person or persons to receive the amount which may be due him in case of his death from among those enumerated hereunder in the order specified.

a) The surviving legitimate spouse, if the seafarer is married;
b) The seafarer’s legitimate children, if the legitimate spouse pre-deceased the seafarer;
c) The surviving parents or parent, in case the seafarer is unmarried.

The nomination must be made and executed in accordance with existing laws.  Every nomination or appointment shall remain in force until the death of the nominee or appointee or until revoked by the Seafarer making it by delivering to the Board of Trustees an instrument of revocation in the prescribed form. In the event of death of his designated beneficiary, the Seafarer may nominate or appoint another person or persons as his beneficiary.

SECTION 2 – FAILURE TO NOMINATE
If at the death of a Seafarer there shall exist no valid nomination by him of a beneficiary, he shall be conclusively presumed to have appointed as his beneficiary or beneficiaries the person or persons the following classes then surviving, in the order stated below:

a) Legitimate spouse;
b) Children;
c) Parents.

SECTION 3 – PAYMENT TO BENEFICIARY OR BENEFICIARIES
3.1.On the death of a Seafarer while working on board the ship or vessel, the monthly pension shall be made payable to the beneficiary or beneficiaries named by the deceased Seafarer in the existing nomination on file with the Board of Trustees or his presumed beneficiary or beneficiaries as provided for in Section 2 above.

3.2 If a beneficiary is a minor or is declared judicially incompetent, payment to his legal guardian shall be deemed as if made to the beneficiary in person and shall discharge the Fund from liability to the extent of the amount paid. However, in no case will the beneficiary be entitled to any interest on the amount of the benefit during the period that payment was deferred because of the absence of a judicial guardian.

3.3 Upon the remarriage of the surviving legitimate spouse, who was named as a beneficiary, the latter shall immediately lose the right to receive the unpaid balance of the monthly pension benefit, which shall be forfeited in favor of the Fund.  The Fund shall be reimbursed for any payments made to and received by the surviving legitimate spouse in bad faith after such remarriage.

ARTICLE VI
TRUST FUND

SECTION 1 – THE AMOSUP-NORWEGIAN SURVIVORSHIP PENSION FUND
The funding of the Plan and payment of the benefits hereunder shall be provided for through the medium of a Trust Fund, to be held, managed, and administered by a Board of Trustees. The contributions to the Trust Fund, together with any assets, liabilities, income, gains or losses, less expenses and distributions, shall constitute the AMOSUP-Norwegian Survivorship Pension Fund.

SECTION 2 – REMITTANCE OF CONTRIBUTIONS
2.1 Contribution to the AMOSUP-Norwegian Survivorship Pension Fund shall come from the Employers, thru their respective manning agencies in the Philippines, in accordance with the 2 March 2010 Protocol among AMOSUP, the Norwegian maritime Unions and NSA, which provides for a contribution to the Fund at the rate of US$5.00 per seafarer per month.

2.2 Within 15 days after the end of the previous month, the Fund Secretariat will issue Statement of Accounts/ Invoices to the Employers for the previous month, indicating therein the total amount of contributions due based on the total number of covered ships and crew for the period, including the list of remitting manning agency/agencies.

2.3 The Fund Secretariat will transmit one (1) copy of the monthly statement of account in Sec. 2.1 to the Norwegian Maritime Unions/FIL-NORGAIN and another copy to NSA for information.

2.4 Within fifteen (15) days from receipt of the monthly statement of account in Sec. 2.1, the Employers will remit their total due monthly contributions to their respective manning agent/s in the Philippines.

2.5 Upon receipt of contributions due from their Principals, the respective manning agents will remit such amounts directly to the Philippine National Bank-Intramuros, Manila Branch as the designated Depositary Bank for the benefit of the AMOSUP-Norwegian Survivorship Pension Fund, under the following account details:

Account Name: AMOSUP-Norwegian Survivorship Pension Fund

Account No.  : 434400400011

2.6 The NSA, as far as member companies are concerned, shall provide the necessary assistance in ensuring that remittances to the Depositary Bank are properly and timely made.

2.7 The total monthly remittances to the Fund shall be exclusive of any bank fees, charges and expenses whatsoever, which fees and expenses shall be for the account of the remitter.

SECTION 3 – IRREVOCABILITY
All contributions made to the Trust Fund shall be held solely and exclusively for the benefit of the Seafarers or their beneficiaries, and no part of said Trust Fund shall be used for, or diverted to, purposes other than for the exclusive benefit of the Seafarers or their Beneficiaries.

SECTION 4 – EXTENSION OF BENEFITS
Contingent upon expected Fund liability, the Board of Trustees may extend assistance under this Plan at appropriate amounts it may determine to the qualified beneficiaries of those Seafarers who died on board other vessels but have accumulated sea service under the NIS CBA or Norwegian Model Agreement of at least five (5) years on board covered vessels.

ARTICLE VII
MODIFICATION, SUSPENSION OR TERMINATION OF THE PLAN

SECTION 1 – MODIFICATION, SUSPENSION OR DISCONTINUANCE
Although it is expected that the Plan will continue indefinitely, it may be modified, amended, suspended, or terminated at any time by the Board of Trustees as economic conditions may warrant. In no case, however, shall such modification, amendment, suspension, termination or suspension be effected in order to permit any asset of the Trust Fund to be used for, or diverted to, purposes other than for the exclusive benefit of the Seafarers or their Beneficiaries, nor shall it be applied retroactively so as to adversely affect or reduce in any way the benefit accrued to any Seafarer on account of service prior to the date of such amendment, suspension or termination. In no event shall any part of the assets of the Trust Fund revert to AMOSUP or the Seafarers’ employers.

ARTICLE VIII
MISCELLANEOUS PROVISIONS

SECTION 1 – ADMINISTRATION OF THE PLAN
The Plan will be administered by a Board of Trustees in accordance with the Rules and Regulations and such other rules, guidelines and terms of reference as said Board may issue.

SECTION 2 – BOARD OF TRUSTEES

2.1   The Board of Trustees shall be composed of four (4) members, consisting of:

a) two (2) representatives designated by AMOSUP, and
b) two (2) representatives designated by the Norwegian Maritime Unions

The members of the Board of Trustees shall elect from among themselves the Chairperson and such other officers, as it may deem necessary and proper to designate.

2.2 The Board of Trustees shall set rules, guidelines and terms of reference for remittance collection, general fund administration, investment and management and pension annuity payments of the Fund. It shall authorize the engagement of Fund administrator/s, investment manager/s, payments agent/s and such other agent/s as may be required and necessary to implement and achieve the purposes of Fund.

2.3 In case of the termination of the Plan under Article VII when after all liabilities under the Plan have been paid, all residual assets of the Fund shall be distributed in accordance with the instructions of the board of Trustees provided that such residual assets shall not revert to AMOSUP or the Employers but shall be used for the benefit of the Seafarers.

SECTION 3 – NON-TRANSFERABILITY OF RIGHTS
No benefit payable under this Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge and any action by way of anticipating, alienating, selling, transferring, assigning, pledging, encumbering or charging the same shall be null and void.

SECTION 4 – INTEREST IN THE SURVIVORSHIP FUND

4.1 No Seafarer or beneficiary shall have the right, title or interest in or to any part of the assets of the AMOSUP-Norwegian Survivorship Pension Fund except as and to the extent expressly provided in the Plan.

4.2 Any person having a right or claim under the Plan shall look solely to the assets of the AMOSUP-Norwegian Survivorship Pension Fund.

SECTION 5 – MANAGEMENT POWERS
Nothing contained in these Rules and Regulations shall be deemed as a limitation on the inherent management powers and prerogative of the Board of Trustees.

SECTION 6 – EFFECT OF SOCIAL LEGISLATION
Whatever benefits may be due to the Seafarer on account of the Social Security Act and the Employee’s Compensation under the State Insurance Fund as provided for in the Labor Code existing as of the effective date of the Plan shall not be deducted from the benefit granted under this Plan.

SECTION 7 – BUREAU OF INTERNAL REVENUE REGULATIONS
The Rules and Regulations of the Plan have been designed to meet the requirement of the Bureau of Internal Revenue regulations as a tax-qualified plan.  AMOSUP reserves the right to amend any provisions of the Plan in order that it may obtain and/or maintain its tax-qualified status in accordance with the present and future Bureau of Internal Revenue Regulations.

SECTION 8 – APPLICABLE LAWS
The laws of the Republic of the Philippines shall govern in resolving questions arising from the Plan.