- 18 -
1986" because "The evidence presented does not show that
petitioner desired or intended to terminate the plan in 1983."
This holding rested primarily upon application of the following
facts: (1) Form 5500-R stated that the plan was not terminated in
1983; (2) the waiver request indicated that contributions were to
resume in 1986 or 1987; (3) notice of termination was not sent to
any of the plan participants; and (4) the board's resolution to
terminate the plan was not adopted until June 16, 1986.
In this case, Products stated on Form 5500-R for the Money
Purchase Plan's June 30, 1988, plan year that the plan was not
terminated. Form 5500-R filed for the Profit Sharing Plan's
fiscal 1989 and 1990 plan years also stated that the plan was not
terminated. There is no evidence that Products notified plan
participants of its intent to terminate the Money Purchase Plan
during the plan year ending on June 30, 1988.
Gant's testimony suggests that he believed participants of
the Profit Sharing Plan received some notice of termination in
the latter part of calendar year 1988. At trial, Gant stated on
direct examination:
The plans were stopped by the corporation and
everything, and we advised the Pension Services
Corporation to stop the plans at that time.
At that time they came back, and we got bids and
we bought annuities for all participants of the plan,
with the * * * [exceptions] of ones that wanted to be paid
off.
Page: Previous 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 NextLast modified: May 25, 2011