- 32 -
of employers' contributions to the Prime Plan. Mr. Weiss had
authorized the payment of these amounts.
III. Prime's Duties in Operation of the Prime Plan
Prime implemented the provisions of each employer's account
in the Prime Plan, issued annual reports and generated tax
filings on each account, and dealt with insurance providers.
Prime's responsibilities also included tracking money by Employee
Group, reviewing advertisements and sales materials, assisting
with tax audits, responding to legal issues, and assisting in
interpreting the Trust's provisions.
Prime computed each Covered Employee's vested DWB by
multiplying: (1) That employee's compensation listed on his or
her Form W-2 (Wage and Tax Statement) for the year before the
year the employer made the contribution, by (2) the accrual
percentage, by (3) the years of service (or the maximum accrual
years, if applicable), by (4) the employee's vesting percentage
as determined in accordance with the vesting schedule selected by
the employer in the Adoption Agreement. The accrual percentage
was a "plug" in that the percentage was based on how much money
the employer believed it could afford to spend for a certain
benefit.
Page: Previous 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 NextLast modified: May 25, 2011