HomeMy WebLinkAbout0319 .
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~ The account is to be credited in each ~lan yeac for
employer contributions made for that year, with a~or- .
tized portions of plan cost decreases resulting from
the plan amendments and experience qains and with
~ amounts of any waived contributions. If the account
has a positive b~tance at the en~ of the year (i.e.,
credits exceec] charges) such. balance wil l be credited
with interest at the~rate used to determine plan
costs. Therefore, the need for future contibutions
to meet the minimum funding standard will be reduced
to the extent of the positive balance plus the in-
terest~credit appearing at the end of th~e year. On .
the other hand, if the account shows a deficit balance,
the deficiency is to be charged with interest at the
rate used to deternine plan c~osts. In the event the
Employec would otherwise incur substant.ial business
hardship and if appl ication of the minimun fundic~g
~ requirements would be adverse to plan participants in
the aggregate, the Internal Revenue Service may waive
the requirement of current payment of part or all of
the yea~'s contributions of normal costs, and a~ounts
needed to amortize past service liabilities and ex-
perience losses. The amount waived plus interest is
; to be amortized not less rapidly than ratably including
~ interest over 15 years, and no more than 5 waivers
s! may be granted for any 15 co~secutive years. _
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~ VI:4 An enrolled actuary shall be retained by the Plan.
~ Such actuary shall prepare an acturial statement as .
~ of the first anniversary date of the Plan for which
~ Interna~ Revenue Code Section 412 applies to the Plan
~ and each third anniversary date thereafter. '
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ARTICLE VII
PAYMENT OF RETIRMENET BENEFITS
~ VII:1 At retirer~ent, benefits shall be provided for the
~ retiring Participant in accordance with this Agree-
~ ment. Such benefits shall be provided by the cash
{ surrender value of any life insurance contract pre-
~ viously purchased on the life of such Participant~, ~
~ plus~whatever additional payment may be necessacy
~ from the Funds of tl~e 'Prust Account. Any annuity ;
= contract distributed to a retiring Participant from
~ the Trust shall contain the word "non-transferable". r
~ Such annuity contract shall not be assigned, pledqed ~
~ - or encumberec~ for a loan. ~ ~
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