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(1984))), affd. 65 F.3d 90 (8th Cir. 1995); see also Ins. Co. of N.
Am. v. McCoach, 224 F. 657, 659 (3d Cir. 1915) (defining “reserve
funds” as “funds as must be reserved to meet liabilities”); Black’s
Law Dictionary 1309 (7th ed. 1999) (defining “reserve” to mean
“Something retained or stored for future use; esp., a fund of money
set aside by a bank or an insurance company to cover future
liabilities.”).
Section 419A(c)(2) includes in the account limit a reserve
funded for the payment of postretirement medical (or life
insurance) benefits. The payment of those benefits is a liability
of the employer, and “reserve” as used in section 419A(c)(2)
connotes a measure of that liability; it refers to the accumulation
of assets in an amount necessary to satisfy the employer’s
liability to pay the covered employees’ postretirement medical (or
life insurance) benefits when those benefits become due.
b. Reserve Funded Over the Working Lives of the
Covered Employees and Actuarially Determined on a
Level Basis
Section 419A(c)(2) limits the reserve that may be included in
the account limit to “a reserve funded over the lives of the
covered employees and actuarially determined on a level basis”.
Respondent asserts that Norwest’s contribution in 1991 was
excessive because it created a reserve that was not “funded over
the working lives of the covered employees and actuarially
determined on a level basis”. Respondent maintains that the
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