(a) The corpus or income of the assets held in trust as required by the plan may not be diverted or used for other than the exclusive benefit of the participants.
(b) If plan benefits are provided through the distribution of annuity or insurance contracts, any refunds or credits in excess of plan benefits due to dividends, earnings, or other experience rating credits, or surrender or cancellation credits, shall be paid to the trust fund.
(c) The assets of the plan may not be used to pay premiums or contributions of the employer under another plan maintained by the employer.
(d) The administrator shall use forfeitures in the fixed benefit account of the plan that arise for any reason, including from termination of employment or death, to reduce employer contributions. Forfeitures may not be applied to increase the benefits of any member.
(e) The administrator shall determine the amount of any fixed benefit that is determined on the basis of actuarial tables using assumptions approved by the commissioner. The amount of benefits is not subject to employer discretion.
Section: Previous 39.35.880 39.35.890 39.35.891 39.35.892 39.35.893 39.35.894 39.35.895 39.35.900 39.35.910 39.35.920 39.35.930 39.35.932 39.35.940 39.35.950 39.35.955 NextLast modified: November 15, 2016