- 29 - Group had insufficient assets to pay DWB's, or an Employee Group withdrew from the Trust. This formula was stated as follows: fair market theoretical actuarial actual employer value of liability for employee group contributions suspense x theoretical actuarial x theoretical account on liability for Trust employer valuation Date contributions Prime added other provisions that defined the relevant terms in the formula and gave Prime the absolute discretion not to use the formula if using it would be inconsistent with a purpose of the Prime Plan. Sixth, Prime added a provision that specified that a withdrawing employer's written notice must list a withdrawal date no later than 90 days after Prime received the notice. Prime added another new provision specifying that it would deliver to the employer within 60 days of Prime's receipt of the notice an accounting of the employer's account in the Prime Plan. Seventh, Prime listed the asset allocation procedures that it would use to distribute assets to employees of a withdrawing employer. Eighth, Prime listed the trustee's rights and duties to include: (1) The right to be reimbursed for the employment of experts that it considered necessary to carry out its obligations, (2) the right to be held harmless from and against any loss, liability, or expense incurred without gross negligence, breach of trust, or violation of the Employee Retirement Income Security Act of 1974 (ERISA), Pub. L. 93-406,Page: Previous 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 Next
Last modified: May 25, 2011