Gulf Steamship Companies-International Longshoremen's Ass'n (GSC-ILA) Pension Plan & Agreement & Declaration of Trust v. Polk

SUGG, Justice,

for the Court:

Under the terms of a collective bargaining agreement effective October 1, 1956, certain employers and two local unions of the International Longshoremen’s Association agreed, among other things, to institute a pension plan and trust for the benefit of the employees covered under the collective bargaining agreements.

In 1958 the GSC-ILA Pension Plan and Trust (hereafter Plan) was created pursuant to the terms of the collective bargaining agreement. The Plan is operated by a Board of Trustees and is financed by employer contributions which are held by the Board in…