HomeMy WebLinkAbout1433 F ~N:. 230 ~ sc~ 091'
4022(b)(6) of the Act did not apply.
(iv) A11 other (uninsured) Vested Benefits.
(v) All other benefits under the Plan.
(vi) Return of any excess funds to the Employer or
reallocated to the Participants on the basis of their Accrued
Benefits, if authorized by the Employer.
The allocation of the Fund provided in this Subparagraph, if complete
distribution is directed per 9.1(b), may, as decided by the Adminis-
trator, be carried out through the purchase of annuity contracts to
provide the benefits determined in accordance with this subparagraph;
the Fund may be distributed in one sum to the persons entitled to
said benefits in the proportion of the then present value of said
benefits; or the allocation may be carried out in such other equitable
manner as the Administrator may direct.
9.2 LIMITATION ON BENEFITS ON EARLY TERMINATION. In the
event the Plan is terminated for any reason other than the
failure to obtain Internal Revenue Service approval pursuant
to Section 11.14, then notwithstanding any provision in this Plan
to the contrary, during the first ten (10) years after the Effective
Date hereof, and thereafter until full current costs are met,
the benefits provided by the Employer's contributions for the
Participants whose anticipated annual retirement benefit at Normal
Retirement Date exceeds =1,500 and who at the Effective Date of
the Plan were among the twenty-five highest paid Employees of
the Employer will be subject to the conditions set forth in the
following provisions:
(a) Such benefits payable to any such Participant or his
Beneficiary shall not exceed those purchasable by the greater
of (1) X20,000, or (2) an amount equal to 20~ of the first ;50,000
of the Participant's annual Compensation multiplied by the number
of years since the Effective Date of this Agreement and (i)
the date of termination of the Plan, (ii) in the case of an Employee
~ described in the first paragraph of this Section 9.2, the date
the benefit of the Employee becomes payable, if before the date
of the termination of the Plan, or (iii) in the case of an Employee
j described in the first paragraph of this Section, the date of
the failure to meet the full current costs of the Plan.
(b) If the Plan is terminated or the full current costs
thereof have not been met at any time within ten (10) years after
the Effective Date, the benefits which any of the Participants
described in this Section 9.2 may receive from the Employer's
contribution shall not exceed the benefits set forth in Section
9.2(a). If at the end of the first ten (10) years the full current
costs are not met, the restrictions will continue to apply until
the full current costs are funded for the first time.
f
(c) If a Participant described in Section 9.2 leaves the
employ of the Employer or withdraws from participation in the
~ Plan when the full current costs have been met, the benefits which
he may receive from the Employer contributions shall not at any
time within the first ten (10) years after the Effective Date,
exceed the benefits set forth in Section 9.2(a).
(d) These conditions shall not restrict the full payment
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