HomeMy WebLinkAbout2238 ase an annuity contract providinq a monthly retirement benetit
for life; ueginning at such participant's normal retirement date,
of at least S20.00, there shall be na aZternatives or elections
ana the amount to be distributeu s:~all be distributed in a lump
sum after first surrendering for it~ cash value any contract held
by the krustee fvr such participant.
IX. PLA;V CONDITIOtiAL O;~' APPRO~'AL BY COMMISSIONER OF INTERNAI,
REVEN[!E. The ~=a~~ption of this plan is conditi~nal on receipt of
a determination by the Commissioner of Ir3ternal Revenue that the
plan anc ~:ie trust are "qualifie:i" ~anr,er Section 4~1(a) of the
Internal ~evenue Code, or any amen~ment thereof. tlnless and until
su~h determination is made an~ communicated to the employer, no
employe~, beneficiary, participant or any otner person shall have
any rigi~t un~er the plan or aaainst the trust fund, thz trustee,
the employ~r, any insurer, er any other persor.. If the Commissior.er
of Internal Revenue shall fail or refuse, within a reasonable time
after t2ie effective date, to ~eterr;:ine tnat the plan and the
trast are "qualified," tni3 agre~ment, ~t the election of the ~m-
ployer, exercisab2e within one year frori the effective ciate by
written t~otice to the trustee, s~iall ter~inate and the trustee
shall refund , surrender and ciistrii:ute ~o or at the nirection of
the emplofer, to be dealt:t with in such manner as the employer in
its ;:iscrc:tian may datermiiie, as the proper~y of the employer, ~
all co~itracts ar.~ other oroperty included in the trvst fund, and,
upor~ complian~e ~~ith any such ~irection, tne trustee shall be dis-
charged from any further responsi~~i~.ity :iereunczer an~i no empl~~yee,
participant, beneficiarv or ott~er person, shall have any rights under
.
tne plan or tnis agree~r~nt.
~ :~:iSCE;,L~'`tE~~US .
I. ~ ffect of Plan oi~ Rights of Employees. .Veit:ier the
ado~tior~ of the plan, nor anyt;~ing in tiiis agreec;,ent, nor any
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