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"Retirement Pension" is defined in the plans as "the monthly
payment to which * * * [Rozenblatt or Jakubowicz] shall become
entitled pursuant to the terms * * * [of the plans]".
Under the plans, the trustee, the administrator, and the
actuary were not expressly given discretionary authority to
interpret plan provisions, and funding decisions of the trustee,
the administrator, and the actuary were not to be regarded as
final and unreviewable.
During the years in issue, Rozenblatt and Jakubowicz each
were married.
For each of the years in issue, Silberstein, the actuary who
drafted the plans, made actuarial valuations and made funding
decisions with regard to the plans. In calculating petitioner's
yearly contributions to the plans, Silberstein concluded that
Rozenblatt and Jakubowicz each were entitled to receive a benefit
in the form of a subsidized joint and 100-percent survivor
annuity (i.e., a joint and 100-percent survivor annuity under
which Rozenblatt and Jakubowicz each would receive the full
present value of a single life annuity during their lives).
The present value of a subsidized joint and 100-percent
survivor annuity generally exceeds the present value of a single
life annuity for the life of each participant because each
participant receives the full present value of a single life
annuity during the participant's life and also each surviving
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Last modified: May 25, 2011