Not correct. Profit sharing does of course originate from corporate by laws but its inclusion is written into the contract. If the by laws are changed eliminating PS, an immediate re-opener is triggered to replace it. The contract does not preclude the Board of Directors from ever canceling it but it does necessitate a replacement in that eventuality. I'm not sure if other unions at SWA have this requirement for a replacement in lieu of PS, but the pilot CBA most definitely does.

From our CBA:

SECTION 19: RETIREMENT
A. SOUTHWEST AIRLINES PROFIT SHARING PLAN
1. It is recognized that the pilots of Southwest Airlines depend on Southwest Airlines Profit Sharing Plan (referred to in this section as the "Plan") to provide for a significant portion of the pilots' retirement program.
2. Should the Southwest Airlines Board of Directors take action to terminate the Plan, this Agreement will be reopened for the limited purpose of negotiating a plan to replace the Profit Sharing Plan.