Document ID: ./input/supremecourt_opinions/opinions/boundvolumes/524bv.pdf
Page Number: 552.0

524US2

Unit: $U94

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Cite as: 524 U. S. 498 (1998)

507

Opinion of O(cid:146)Connor, J.

ship between revenues and expenditures. Resolutions
adopted by the Trustees governing Fund Beneﬁts—Pen-
sions, Hospital and Medical Care, and Widows and Sur-
vivors Beneﬁts—speciﬁcally provide that all these Bene-
ﬁts are subject to termination, revision, or amendment,
by the Trustees in their discretion at any time. No
vested interest in the Fund extends to any beneﬁciary.”
Id., at 3–4, App. (CA1) 869–870.

See also Mine Workers Health and Retirement Funds v.
Robinson, 455 U. S. 562, 565, and n. 2 (1982). Thus, the
Fund operated using a ﬁxed amount of royalties, with the
trustees having the authority to establish and adjust the
level of beneﬁts provided so as to remain within the budget-
ary constraints.

Subsequent annual reports of the 1950 W&R Fund reiter-
ated that beneﬁts were subject to change. See, e. g., 1950
W&R Fund Annual Report for the Year Ending June 30,
1956 (1956 Annual Report), p. 30, App. (CA1) 929 (“Resolu-
tions adopted by the Trustees governing Fund Beneﬁts—
Pensions, Hospital and Medical Care, and Widows and Survi-
vors Beneﬁts—speciﬁcally provide that all these Beneﬁts are
subject to termination, revision, or amendment, by the
Trustees in their discretion at any time”); 1950 W&R Fund
Annual Report for the Year Ending June 30, 1958, pp. 20–21,
App. (CA1) 955–956 (“Trustee regulations governing Bene-
ﬁts speciﬁcally provide that all Beneﬁts which have been au-
thorized are subject to termination, suspension, revision, or
amendment by the Trustees in their discretion at any time.
Each beneﬁciary is ofﬁcially notiﬁed of this governing provi-
sion at the time his Beneﬁt is authorized”).1 Thus, although

1 See also 1950 W&R Fund Annual Report for the Year Ending June 30,
1959, pp. 27–28, App. (CA1) 995–996; 1950 W&R Fund Annual Report for
the Year Ending June 30, 1960 (1960 Annual Report), pp. 19–20, App.
(CA1) 1028–1029; 1950 W&R Fund Annual Report for the Year Ending
June 30, 1961 (1961 Annual Report), p. 5, App. (CA1) 1047; 1950 W&R
Fund Annual Report for the Year Ending June 30, 1962, p. 5, App. (CA1)