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payments. The assets of the fund held by the trustee
may not be used for any purpose other than for the
exclusive benefit of persons entitled to benefits under
the plan * * *.
The booklet states that the Kodak "LTD Plan is paid for entirely
by the company. There is no cost to employees." From the record
in this case, we conclude that the payments received by Mr.
Crandall during 1991 from the Kodak Welfare Benefit Trust were
benefits under the Kodak LTD Plan, and that such payments were
attributable exclusively to contributions by Kodak.
In support of their contention that the payments at issue
were not attributable to employer contributions, petitioners
submitted into the record a copy of a Summary Annual Report
issued by Kodak for 1991. With respect to the Kodak LTD Plan,
the Summary Annual Report states that "During the plan year, the
plan had total income of $13,853,115 including employer
contributions of $927,838 and realized net investment gains of
$12,925,277." Petitioners conclude from this statement that
93.31 percent of the Plan income was from employee contributions
or assets. We disagree with petitioners' interpretation. The
quoted statement does not classify the $12,925,277 as employee
contributions or assets, but defines that amount as "realized net
investment gains". Moreover, petitioners' interpretation is
inconsistent with the statement in Kodak's Long Term Disability
booklet stating that the "Plan is paid for entirely by the
company. There is no cost to employees."
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