- 39 -
the DWB's which had been unstated in any of the Adoption
Agreements executed by Young & Young before the report was
prepared. On December 30, 1992, Young & Young executed an
Adoption Agreement allowing for the 3.814 percent accrual
percentage.
Other annual reports prepared for Young & Young's account
reported the following relevant information:
1989 1990 1991
Fund value at yearend $50,018 $46,185 $48,015
Policy values - 0 - 46,005 48,026
Surrender value N/A 38,026 40,446
Additional contribution available (4) 1,467 3,866
Date of report 12/27/91 12/27/91 02/12/93
On March 16, 1990, Prime forwarded to Young & Young a copy
of the 1989 summary plan description required by section 102 of
ERISA. The description was later restated to reflect the
amendments to the Trust Agreement through January 1992.
E. Forms 5500-C/R (Return/Report of Employee Benefit Plan)
Forms 5500-C/R filed with the Commissioner for Young &
Young's account in the Prime Plan included the following
information:
1989 1990 1991 1992 1993
Yearend assets $100,018 $38,204 $40,435 $43,066 $43,256
Income 103 2,853 3,930 4,362 1,913
Expenses 114 14,667 1,699 1,731 1,723
Contributions 100,030 - 0 - - 0 - - 0 - - 0 -
These forms also reported the payment of insurance commissions of
zero, $7,793, zero, zero, and zero in the respective years from
1989 through 1993.
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