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On March 11, 1991, IFTI forwarded the 1989 annual report for
On-Site's account in the Prime Plan to Mr. Traegde. This report
included an actuarial valuation signed by Deloitte & Touche, and
it listed nine other employees of On-Site, none of whom qualified
for a 1989 vested severance benefit. In order to accommodate On-
Site's 1989 contribution, the accrual percentage for DWB's was
increased from 25.54 percent to 27.220 percent. The 1989 report
acknowledged a $50,000 contribution from On-Site, and applied the
$50,000 amount to the increase in DWB's allowed because of the
change in the accrual percentage, the increase due to the
increased vesting of Mr. Traegde, and the increase due to the
cost of death benefits.
The annual reports for On-Site's account in the Prime Plan
listed the following relevant data:
1988 1989 1990 1991
Fund value at yearend $99,996 $138,653 $158,161 $167,047
Policy values 99,996 138,653 157,814 167,055
Surrender value Unstated Unstated 136,959 147,056
Addit. contr. available (11) 2 61,519 128,443
Date of report 03/11/91 03/11/91 07/10/91 01/20/93
1992 1992 1993 1993 1994
Fund value at yearend $177,095 $177,095 $184,012 $176,364 $148,625
Policy values 177,103 177,103 186,612 178,964 177,545
Surrender value 157,104 157,104 166,613 161,097 162,772
Addit. contr. available 202,263 197,155 248,761 243,663 296,318
Date of report 09/94 03/95 09/94 03/95;10/95 10/95
On March 31, 1989, Prime forwarded to On-Site its 1988
summary plan description. On April 4, 1990, Prime forwarded to
On-Site its 1989 summary plan description. On February 24, 1993,
Prime forwarded to On-Site its summary plan description with
amendments through January 1992.
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