- 7 -
has never transferred any value to the * * * [Defined Benefit
Plan] to repay these amounts."
Morrissey signed a form titled "Employee's Waiver of Portion
of Benefit Not Funded Upon Distribution of Plan's Assets Pursuant
to Plan Termination Effective: September 26, 1990," in which he
waived his right to any unfunded benefits, to the extent that the
Defined Benefit Plan assets were insufficient to provide the
actuarial equivalent of his normal retirement benefit on the date
of benefit distributions. This form states, in pertinent part:
I. The undersigned, a Participant in the captioned
Plan, hereby agrees that, to the extent Plan
assets as of the date of benefit distributions
are insufficient to provide (on a lump sum basis)
the actuarial equivalent of said Participant's
normal retirement benefit entitlement, the said
Participant waives his right to any portion of
said benefit not funded as of such date.
For the plan year ending October 31, 1989, the Form 55003
for the Defined Benefit Plan reports total plan assets as of the
beginning of the plan year of $179,296 and $191,680 at the end of
the plan year. In addition, the Form 5500 reports $129,031 as
"any loan or extension of credit by the plan to the employer, any
fiduciary, any of the five most highly paid employees of the
employer, any owner of a 10% or more interest in the employer, or
relatives of any such persons." Furthermore, the Form 5500
3The Form 5500 is the Annual Return/Report that must be
completed for Employee Benefit Plans.
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Last modified: May 25, 2011