- 4 -
was responsible for the day-to-day administration of the
plan, such as engaging an actuary to specify the amount
of contributions required to satisfy the minimum funding
standard of section 412 and the maximum contributions
deductible under section 404(a). The committee was also
authorized to appoint one or more investment managers and
was responsible for the determination of benefits due
under the plan. The plan document provides that its terms
should be construed in accordance with the laws of the
Commonwealth of Pennsylvania. Article VI of the plan
document gives Mr. Stein's wife, Mrs. Helen M. Stein, the
right to receive Mr. Stein's benefits in the event of his
death.
Article VIII, section 8.2 of the plan document sets
forth a disclaimer of the partnership's liability to make
contributions to the plan which states as follows:
Although it is the intention of the Firm [i.e.,
the partnership] that the Plan shall be continued
and that contributions hereunder shall be made as
provided in Section 8.1 above, the Plan is
entirely voluntary on the part of the Firm and
its continuance and the payment of contributions
hereunder are not assumed as contractual
obligations of the Firm, and the Plan shall have
no cause of action against the Firm. The Firm
does not guarantee or promise to pay or cause to
be paid any of the benefits provided by the Plan.
* * * The Firm specifically reserves the right,
in its sole and absolute discretion, to modify,
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Last modified: May 25, 2011