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Pension Plan received determination letters from the Internal
Revenue Service finding that the plan qualified under section
401(a).
The term "employee pension benefit plan" or "pension plan"
means:
any plan, fund, or program which * * * is hereafter
established or maintained by an employer * * * to the extent
that by its express terms or as a result of surrounding
circumstances such plan, fund, or program--
(i) provides retirement income to employees, or
(ii) results in a deferral of income by employees for
periods extending to the termination of covered employment
or beyond,
regardless of the method of calculating the contributions
made to the plan, the method of calculating the benefits
under the plan or the method of distributing benefits from
the plan. [ERISA sec. 3(2), 29 U.S.C. sec. 1002(2)(A).]
Title IV does not cover a plan "which is an individual
account plan." ERISA sec. 4041(b)(1), 29 U.S.C. sec. 1321(b)(1).
An "individual account plan" or "defined contribution plan" means
a pension plan which provides for an individual account
for each participant and for benefits based solely upon
the amount contributed to the participant's account,
and any income, expenses, gains and losses, and any
forfeitures of accounts of other participants which may
be allocated to such participant's account. [ERISA sec.
3(34), 29 U.S.C. sec. 1002(34).]
The Pension Plan is not an individual account plan because
it does not maintain individual accounts for each participant and
bases a participant's retirement benefit upon 100 percent of the
participant's average monthly compensation. Thus, the Pension
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