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each plan where the fees (net of actuarial costs) exceeded $1,500.
In 1992, Prime moved the bankruptcy court to terminate its
agreement with IFTI and to subcontract the administration
services to William M. Mercer, Inc.
II. The Trust Agreements
A. Overview
The Prime Plan and the Trust were established and operated
pursuant to the Prime Plan and Trust Agreement, effective
August 31, 1988, as subsequently amended and restated by various
versions of the agreement dated December 31, 1988, December 21,
1989, June 30, 1990, January 2, 1992, and November 1, 1993. (The
Prime Plan and Trust Agreement and each of these amended versions
are collectively referred to as the Trust Agreement and
separately referred to by the corresponding date.) Most of the
amendments were made to the language originally used in the
August 31, 1988, Trust Agreement in order to enhance the
marketability of the Prime Plan by increasing an employer's
control over its contributions (and income or loss thereon).
Other amendments were made to comply with changes in the law.
Employers became participants in the Prime Plan by
completing an agreement (Adoption Agreement) that enumerated the
key specifications of the plan and allowed each employer to
tailor the plan to its employees by selecting various options
that would apply to its employees. An employer could change the
options that applied to its employees, and modify the Adoption
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