- 19 - We paid off the ones that wanted to be paid off, and bought annuities for everyone else, and had them sent to their homes. However, the participants' accumulated vested account balances were valued at $413,746, while the group annuity contract purchased and distributed by Gant was valued at only $56,031. Even if the plan participants had received some notice of termination, the substantial discrepancy in value between benefits and distribution is inconsistent with a plan termination. Finally, although Products' board of directors resolution stated an intent to terminate the Money Purchase Plan by the end of the plan year ended June 30, 1988, the subsequent conversion of the Money Purchase Plan into the Profit Sharing Plan on September 1, 1988, is inconsistent with the board's stated intent. We hold that the Money Purchase Plan was not terminated in the plan year ended June 30, 1988, because the evidence fails to show that Products intended to or did terminate it. We further hold that the Profit Sharing Plan was not terminated and was an ongoing plan until June 30, 1991.Page: Previous 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Next
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