HomeMy WebLinkAbout1434 .
b~~ 230 racL 092
i
of any survivor's benefits on behalf of a Participant who dies
while in the Plan and the full current costs have been met.
(e) These conditions shall not restrict the current payment
of full retirement benefits called for by the Plan for any Retired
Participant while the Plan is in full effect and its full current
costs have been met provided an agreement, adequately secured,
guarantees the repayment of any part of the distribution that
is or may become restricted.
(f) If the benefits of, or with respect to, any Participant
shall have been suspended or limited in accordance with the
limitations of Paragraphs 9.2(a), (b) and (c) above, because
the full current costs of the plan shall not then have been met,
and if such full current costs shall thereafter be met, then
the full amount of the benefits payable to such Participant
shall be resumed and the parts of such benefits which have been
suspended shall then be paid in full.
(g) Notwithstanding anything in Paragraphs 9.2(a), (b),
and (c) above, if on the termination of the Plan within the
first ten (10) years after the Effective Date, the funds, con-
tracts, or other property under the Plan are more than sufficient
to provide Accrued Benefits as defined in Section 1.1 for Par-
ticipants and their Beneficiaries including full benefits for all
Participants other than such of the twenty-five (25) highest
paid Employees as are still in the service of the Employer and
also including Accrued Benefits as limited by this Section for
such twenty-five (25) highest paid Employees, then any excess
of such funds, contracts, and property shall be used to provide
Accrued Benefits for the twenty-five (25) highest paid employees
in excess of such limitations of this Section up to the benefits
to which such Employees would be entitled under Section 1.1
without such limitations.
(h) In the event that Congress should provide by statute, or
the Treasury Department or the Internal Revenue Service should
provide by regulation or ruling, that the limitations provided
for in this Article IV are no longer necessary in order to meet
the requirements for a qualified pension plan under the Internal -
Revenue Code as then in effect, the limitations in this Article
IX shall become void and shall no longer apply without the neces-
I ity of amendment to this Plan.
I
(i) In the event a lump-sum distribution is made to an -
Employee subject to the above restrictions in an amount in
j excess of that amount otherwise permitted under this Article,
I an agreement shall be made, with. adequate security guaranteeing
repayment of any amount of the distribution that is restricted.
Adequate security shall mean property having a fair market value
of at least 1251 of the amount which would be repayable if the
Plan had terminated on the date of distribution of such lump sum.
If the fair market value of the property falls below 110 of the
amount which would then be repayable if the Plan were then to
i terminate, the distributee shall deposit additional property to
bring the value of the property to 125$ of such amount.
END OF ARTICLE IX
i -
f
i
s
0
~ -34-
~ OR
~ g~~r.315 P~cE1432
~:'~p' 230 092
}