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Gant was the president and 100 percent shareholder of
Products from 1981 through 1994. Products adopted the O.W.G.
Products, Inc. Employees' Defined Benefit Plan and Trust (Pension
Plan) and the O.W.G. Products, Inc. Employees' Money Purchase
Plan and Trust (Money Purchase Plan), both effective July 1,
1980. Initially, both the Pension Plan and Money Purchase Plan
were qualified plans within the meaning of section 401(a). The
Money Purchase Plan was converted into the O.W.G. Products, Inc.
Employees' Profit Sharing Plan and Trust (Profit Sharing Plan)
effective July 1, 1988. Each plan had a plan year ending June
30.
Gant was the trustee of the Pension Plan, Money Purchase
Plan, and Profit Sharing Plan and also the Plan Fiduciary under
the Money Purchase Plan and Profit Sharing Plan.
The Pension Plan's normal retirement benefit was 100 percent
of a participant's highest average monthly compensation. The
Money Purchase Plan maintained individual accounts for each
participant, contained a mandatory contribution formula, and
provided a retirement benefit equal to the participant's
accumulated account balance. The Profit Sharing Plan contained a
discretionary contribution formula and provided for a retirement
benefit equal to a participant's accumulated account balance.
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Last modified: May 25, 2011