DB Plan. Funding and Distribution of Pension Reserve Fund On or before September 1, 2020, transfer $47.0 Million from the Pension Reserve Fund to pre-fund the past service costs attributable to all retirement plan improvements made for benefits accrued as of April 30, 2020. The remainder of the past service cost (service accrued after April 30, 2020 but prior to April 30, 2022) to be amortized over 25 years starting in 2022. This amortization charge is included in the annual funding amounts outlined above. The remaining balance in the Pension Reserve Fund will remain invested and will not be distributed at the expiration of the current CBA or earlier. Annual contributions in the amount of $5.0 Million will be made to the Pension Reserve Fund for the 2019/20 season and annually through the 2025/26 season (total additional new contributions of $35.0 Million over 7 years).
DB Plan. Add a Preretirement Death Benefit for Unmarried Participants with Minor Children as of the Player’s Date of Death CBA Article 21 amended to provide for a preretirement death benefit payable to minor children of Players who are unmarried as their date of death: • Monthly benefit shall equal the unreduced value of Player’s accrued benefit as a monthly benefit at age 62. • Monthly benefit shall continue until the youngest dependent child attains age 19. • In the event that there is more than one minor dependent child as of the Player’s date of death, the total monthly benefit shall be allocated proportionally among the accounts established for the support and use of each dependent child until that child attains age 19, at which date, the monthly benefit shall be reallocated among the remaining accounts of dependent children who have not attained age 19.
DB Plan. Modify the Disability Pension Benefit to Provide for New Minimum Benefit Payable to Age 62 and to Eliminate Service Requirements CBA § 21.18 amended to add new minimum disability benefit payable until a Player attains age 62 and to eliminate service requirement: • New minimum benefit shall equal $6,000 per month payable to any Player or Former Player who becomes disabled before he commences his retirement benefit • Disability definition synonymous with Social Security definition (but Social Security Award not required)
DB Plan. With respect to the U.K. DB Plan, Seller shall, and shall cause the U.K. Pension Entities, to, use reasonable best efforts to enter into the FAA on or prior to the Closing Date. Notwithstanding the foregoing, in the event that no FAA has been executed prior to the earlier to occur of (A) ninety (90) days after the Closing and (B) receipt on or after the Closing by a U.K. Pension Entity of a written demand for payment of the Section 75 Debt arising as a result of the transactions contemplated under this Agreement, then promptly following the earlier to occur of such events, Seller shall transfer to Purchaser a lump sum amount equal to the Section 75 Debt, in satisfaction of Seller’s obligations with respect thereto as an Excluded UK DB Plan Liability. In connection with the foregoing: in the event that such Section 75 Debt amount is being paid in the circumstance identified in clause (A) above, such amount shall be based on the best estimate of such a debt that would be certified by the scheme actuary to the U.K. DB Plan (determined by the third party actuary mutually acceptable to Seller and Purchaser). However, if the actual amount of any Section 75 Debt (as certified by the scheme actuary to the U.K. DB Plan) payable by a U.K. Pension Entity is higher than the sum which the Seller has transferred to the Purchaser, the Seller will promptly pay the amount of any shortfall to the Purchaser, such that the Purchaser will receive the full amount from the Seller of any Section 75 Debt payable by a U.K Pension Entity. If the amount transferred by the Seller to the Purchaser is higher than the amount of the Section 75 Debt owed by a U.K. Pension Entity, the Purchaser shall return any excess amount (with any interest that has accrued) to the Seller promptly upon receiving confirmation from the U.K. DB Plan scheme actuary as to the amount of the Section 75 Debt. If such Section 75 Debt amount is being paid in the circumstance identified in clause (B) above, such amount shall be based on such a debt as certified by the scheme actuary to the U.K. DB Plan. If, after payment of such an amount to Purchaser, an FAA (or similar form of apportionment entered into in respect of any U.K. Pension Entity such that the relevant U.K. Pension Entity has no actual or potential liability in respect of the U.K. DB Plan (an “Apportionment”)), Purchaser shall return such amount (with any interest that has accrued) to Seller promptly upon being notified in writing that an Apportionment...
