- 3 - The Pension Plan Petitioner had carried on his dental practice as an employee of Kelter Professional Corp. (the corporation). Petitioner was the sole officer, director, and shareholder of the corporation. On December 31, 1984, the corporation adopted the “Kelter Professional Corporation Restated Pension Plan No. Two” (the Plan), a defined benefit plan. Section 9.3 of the Plan is entitled “Disability”, and provides: A participant who becomes totally and permanently disabled prior to his Normal Retirement Date shall be vested one hundred percent (100%) in his Accrued Benefit. The determination of the Committee based upon competent medical advice which shall include the opinion of a licensed physician shall be final as to whether any Participant is totally and permanently disabled within the meaning of this paragraph. * * * Benefits payable under this Section 9.3 shall be deemed made from a disability plan maintained by the Employer pursuant to Sections 105(c) and 105(e) of the Code. The “Committee” specified in section 9.3 of the Plan (the Committee) consisted only of petitioner and his wife. As defined by the Committee, the term “totally and permanently disabled” meant that the participant would be unable to do any job. The term “Accrued Benefit” is defined in the Plan to mean, “at any time the monthly retirement benefit to which a Participant is entitled * * * [subject to certain limitations] commencing at his Normal Retirement Date based upon his number of Years of Participation to the date of determination.”Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: May 25, 2011