- 4 - for the payment of retirement benefits in the event an employee ceased employment with Hadd-Too due to total disability: 4.05 Disability: A participant whose service with the Employer ceases due to a total disability for a period of twelve (12) months or more, prior to his normal, or where applicable, late retirement date, shall receive the actuarial equivalent of his Accrued Benefit. A participant is deemed disabled, if he is receiving Social Security disability payments or is receiving disability insurance payments from any duly organized insurance company by reason of total disability as defined by the payor of the disability benefit. * * * A participant's "accrued benefit" was defined by the Plan as the normal benefit as of normal retirement age multiplied by a fraction, the numerator of which is the number of years of participation in the Plan, and the denominator of which is the number of years of participation if the participant had continued to his normal retirement age. At the time of the distribution to Mr. Hall, he had a diseased foot, which later required amputation below the knee. Mr. Hall essentially lost the use of his right foot prior to 1988. He remained employed with Hadd-Too until his retirement in 1988. As of December 31, 1988, Mr. Hall was fully vested in the Plan. In 1992, Mr. and Mrs. Hall separated, and Mrs. Hall initiated divorce proceedings. They lived separate and apart from 1992 until late 1993. At the time of Mr. Hall's death in January 1994, however, Mrs. Hall had returned to live with andPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Next
Last modified: May 25, 2011