Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant shall deliver to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly. (b) In accordance with said deferral and election form, the Bank shall deliver to Trustee a schedule (the, "Payment Schedule") that indicates the amounts payable in respect of each Benefit Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit Plan), and the time of commencement for payment of such amounts. The Trustee shall make payments in accordance with said Payment Schedule. (c) The Trustee shall, in accordance with the written instructions of the Bank, withhold and report any federal, state or local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan and shall pay amounts withheld to the appropriate taxing authorities. In addition, the Trustee shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to the Trustee with respect to income or assets of the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting and withholding requirements. (d) The entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit Plan shall be determined by the Bank or such party (other than the Trustee) as it shall designate under the Benefit Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit Plan.
Appears in 1 contract
Samples: Rabbi Trust Agreement (Peoples Bancorp of North Carolina Inc)
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant shall deliver to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank Company shall deliver to Trustee a schedule (the, the "Payment Schedule") that indicates the amounts payable in respect of each Benefit Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to Trustee for determining the amounts amount so payable, the form in which such amount is to be paid (as provided for or available under the Benefit Plan), and the time of commencement for payment of such amounts. The Except as otherwise provided herein, Trustee shall make payments to Plan participants and their beneficiaries in accordance with said such Payment Schedule.
(c) The . Trustee shall, in accordance with shall make provision for the written instructions reporting and withholding of the Bank, withhold and report any federal, state or local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan and shall pay amounts withheld to the appropriate taxing authorities. In additionauthorities or determine that such amounts have been reported, the Trustee shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to the Trustee with respect to income or assets of the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting withheld and withholding requirementspaid by Company.
(db) The entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit Plan shall be determined by the Bank Company or such party (other than the Trustee) as it shall designate under the Benefit Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit Plan.
(c) Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan. Company shall notify Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plan, Company shall make the balance of each such payment as it falls due. Company may direct Trustee to reimburse it from the Trust for any direct payments it has made pursuant to this paragraph. Company shall be responsible for tax reporting and withholding applicable to such direct payments. Trustee shall notify Company where principal and earnings are not sufficient.
Appears in 1 contract
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant 2.1 Except for the records dealing solely with the Fund and its investment which shall deliver be maintained by the Trustee, CNG shall maintain all the participant records contemplated by the Plan. All such records shall be made available promptly on request to the Bank Trustee. CNG shall also perform such other duties and responsibilities as CNG determines are necessary or advisable to achieve the objectives of this Agreement.
2.2 CNG shall prepare a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions certification to the Trust in accordance with said deferral Trustee that the participant's benefits under a Plan have become payable. Such certification shall include the amount of such benefits, the manner of payment, and election formcommencement date thereof, and the name, address and Social Security number of the recipient. Upon the receipt of such certified statement and appropriate federal tax withholding information, the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein commence distributions from the Fund in accordance therewith to the contrary, the Bank shall have the sole discretion person or persons so indicated and to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance CNG with said deferral and election form, the Bank shall deliver respect to Trustee a schedule (the, "Payment Schedule") that indicates the amounts payable in respect of each Benefit Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit Plan), and the time of commencement for payment of such amounts. The Trustee shall make payments in accordance with said Payment Schedule.
(c) The Trustee shall, in accordance with the written instructions of the Bank, withhold and report any federal, state or local taxes that may be required to be withheld and reported with respect to withheld. CNG shall have full responsibility for the payment of benefits pursuant to the terms of the Benefit Plan and shall pay amounts withheld all withholding taxes to the appropriate taxing authorities. In addition, authority and shall furnish each participant or beneficiary with the Trustee shall be authorized to pay any federal, state or local taxes to any government body that presents a appropriate tax deficiency notice to the Trustee with respect to income or assets of the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies information form evidencing such payment and the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting and withholding requirementsthereof.
(d) 2.3 The entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit Plan shall be determined by the Bank CNG or such party (other than the Trustee) as it shall designate under the Benefit Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit Plan.
2.4 CNG may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan. CNG shall notify Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries.
2.5 No further benefits shall be payable from the Fund with respect to any participant or beneficiary at any time when the Fund has been exhausted; provided, however, that no such reduction shall eliminate CNG's remaining liability, if any, under the Plan with respect to the participants and their beneficiaries.
2.6 Nothing provided in this Agreement shall relieve CNG of its liabilities to pay the benefits provided under the Plan except to the
Appears in 1 contract
Payments to Plan Participants and Their Beneficiaries. (a) The A. Whenever payment of a benefit is due to commence under a Plan to a Participant or Beneficiary and whenever there is a change in the amount of such benefit payment or in the amount of withholding taxes, Company or such party as it shall deliver designate in writing to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank shall deliver to Trustee a schedule or schedules (the, "a “Payment Schedule"”) that indicates (i) the amounts payable and applicable withholding taxes in respect of each Benefit Plan participant (Participant and his Beneficiary, or her beneficiaries), that provides a formula or other instructions acceptable to Trustee for determining the amounts so payable, (ii) the form in which such amount is to be paid (as provided for or available under the Benefit PlanPlans), and (iii) the time of commencement for payment of such amounts. The Each Payment Schedule shall be accompanied by (1) a certification or other statement acceptable to Trustee from the Actuary to the effect that the amount payable (before provision for withholding taxes) has been computed by or under supervision of the Actuary and on the basis of the information regarding such Participant’s age, service, compensation and other relevant facts provided by Company to the Actuary and that such amount represents the amount or amounts payable to such Participant or Beneficiary under the Plan; and (2) a statement by Company in form satisfactory to Trustee that the amount shown as withholding tax has been correctly computed by Company and will be forwarded to the taxing authorities accompanied by appropriate documentation for crediting to the account of such Participant or Beneficiary with such taxing authority. Except as otherwise provided herein, Trustee shall make pay an amount equal to the amount so indicated as withholding taxes to Company and the net amounts so indicated as payments due to each such Participant and Beneficiary in accordance with said such Payment Schedule.
(c) The . Trustee shall, in accordance with shall have no responsibility or liability for the written instructions reporting and withholding of the Bank, withhold and report any federal, state or local taxes that may be required to be withheld and reported with respect to the payment of benefits from the Trust pursuant to the terms of the Benefit Plan and shall pay Plans or, except as provided in Subsection C hereof, the accuracy of any such amounts withheld to indicated on the appropriate taxing authoritiesPayment Schedule. In additionthe event of any changes in law that might require Trustee to have or assume any responsibility for withholding taxes notwithstanding the provisions of this sentence, Company at the request of Trustee shall be authorized to pay take any federal, state and all actions (including amendment of this Agreement) which under any then prevailing legal requirements would reduce or local taxes to any government body that presents a tax deficiency notice to the eliminate such responsibility of Trustee with respect to income or assets of the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting and for withholding requirementstaxes.
(d) B. The entitlement of a Benefit Plan participant Participant or his or her beneficiaries Beneficiary to benefits under the Benefit Plan Plans shall be determined by the Bank Company or such party (other than the Trustee) as it shall designate under the Benefit PlanPlans, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit PlanPlans. Except as provided in Subsection C hereof, under no circumstances shall Trustee have any duty to determine any person’s payment rights or other entitlements under the Plans or the accuracy of any such amounts indicated on the Payment Schedule.
C. In the event any Participant or Beneficiary of a deceased Participant claims that Company or its designee has not determined the benefit payable to him and that more than thirty (30) days have elapsed since the date such benefit should have been paid under the terms of a Plan or that any such benefit has not been correctly computed, Trustee may, on the basis of information supplied to it by such Participant or Beneficiary and Company, cause such benefit (and (i) in the case of benefits of a Participant not then in Company’s employ and after a Credit Rating Reduction, the Interim Funding Amount or, (ii) if during a Potential Change in Control Period or after a Change in Control, the Full Funding Amount) to be determined by the Actuary or an actuary selected by it. In the event Trustee does so, it shall inform both Company and such Participant or Beneficiary and make payment of such benefits if both such parties agree and Company so directs and funds are so available as a result of additional Company contributions hereunder or otherwise; and if they fail so to agree, Trustee may bring an action of interpleader or take similar court action or, at the direction of such Participant or Beneficiary, submit the matter to arbitration in accordance with the provisions of Section 15 E. In the event Trustee does not cause such benefit to be determined by an actuary, such Participant or Beneficiary or Company may institute court action or, to the extent permitted in the provisions of Subsection E of Section 15, submit such matter to arbitration. The present values of any additional benefits as determined by the Actuary or another actuary selected by Trustee or determined in any proceedings pursuant to the provisions of this Section 4C (including any determination pursuant to the provisions of Subsection 15E), shall be included in computing additional contribution required pursuant to Section 3B or 3C as the case may be.
D. Company may make payment of benefits directly to Plan Participants or their Beneficiaries as they become due under the terms of the Plans. Company shall notify Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to Participants or their Beneficiaries.
Appears in 1 contract
Samples: Non Qualified Pension Trust Agreement (People's United Financial, Inc.)
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant Company shall deliver to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank shall deliver to Trustee a schedule (the, the "Payment Schedule") that indicates the amounts payable in respect of each Benefit Plan participant Participant (and his or her beneficiaries), and that provides a formula or other instructions acceptable to the Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit Plan), and the time of commencement for payment of such amounts. The Company shall be responsible for notifying the Trustee of any change in the information on the Payment Schedule. Except as otherwise provided herein, the Trustee shall make payments to the Participants and their beneficiaries in accordance with said such Payment Schedule.
(c) The Trustee shall, in accordance with . It is the written instructions intent of the Bank, withhold Company and report any the Trustee that the Company shall be responsible for determining and effecting all federal, state and local tax aspects of the Plan and the Trust Fund, including without limitation income taxes payable on the Trust Fund's income, if any, any required withholding of income or local other payroll taxes that may be required to be withheld and reported in connection with respect to the payment of benefits from the Trust Fund pursuant to the terms of Plan, and all reporting required in connection with any such taxes. To the Benefit Plan and extent that the Company is required by applicable law to pay or withhold such taxes or to file such reports, such obligation shall pay amounts withheld be a responsibility allocated to the appropriate taxing authoritiesCompany, as the case may be, hereunder. In additionTo the extent the Trustee is required by applicable law to pay or withhold such taxes or to file such reports, the Company shall inform the Trustee of such obligation, shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to direct the Trustee with respect to income or assets the performance of the Trust. The Bank such obligations and shall deliver to provide the Trustee each year a schedule which specifies with all information required by the Trustee to meet such obligations. Notwithstanding the foregoing, the Company may elect to pay any applicable taxes directly. In the event the Company pays taxes directly, such amounts may be reimbursed from Trust assets by the Trustee, provided that the Company certifies the amount of taxes paid directly and instructs the Trustee to be withheld, if any, with respect remit a reimbursement of such taxes to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting and withholding requirementsCompany.
(db) The entitlement of a Benefit Plan participant Participant or his or her beneficiaries to benefits under the Benefit Plan shall be determined by the Bank Company or such party (other than the Trustee) as it shall designate under the Benefit Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit Plan. The Company shall notify the Trustee of such determination and shall direct commencement of payments of such benefits.
(c) The Company may make payment of benefits directly to the Participants or their beneficiaries as they become due under the terms of the Plan. The Company shall notify the Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to Participants or their beneficiaries. If requested by the Company, the Trustee shall reimburse the Company for any benefits under the Plan and Trust which are paid by the Company or otherwise satisfied. In addition, if the principal of the Trust, together with any earnings thereon, are not sufficient to make payment of benefits in accordance with the terms of the Plan, the Company shall immediately make up the balance of each such payment as it falls due. The Trustee shall notify the Company when principal and earnings are not sufficient.
Appears in 1 contract
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant shall deliver to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank SECTION 2.1 Company shall deliver to Trustee a schedule (the, the "Payment Schedule") that indicates the amounts payable in respect of each Benefit Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit Plan), and the time of commencement for payment of such amounts. The Trustee shall remit such payment to Company and Company shall make such payments in accordance with said Payment Schedule.
(c) The Trustee shall, in accordance with to the written instructions Plan participants and beneficiaries. Company shall make provision for the reporting and withholding of the Bank, withhold and report any federal, state or local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan and shall pay amounts withheld to the appropriate taxing authorities. In addition, Company shall indemnify and hold harmless the Trustee shall be authorized from any and all liability to which the Trustee may become subject due to Company's failure to properly withhold and/or remit amounts due or to pay any federal, state or local taxes benefits to any government body participants in connection with the Trust; provided that presents such liability is not incurred as a tax deficiency notice to the Trustee with respect to income or assets consequence of the Trust. The Bank shall deliver to Trustee's own negligence or misconduct or the Trustee each year a schedule which specifies negligence or misconduct of any affiliate of the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting and withholding requirementsTrustee.
(d) SECTION 2.2 The entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit Plan shall be determined by the Bank Company or such party (other than the Trustee) as it shall designate under the Benefit Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit Plan.
SECTION 2.3 Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan, and the Trustee shall reimburse the Company for such payments upon presentation of appropriate evidence of payment to Trustee. Company shall notify Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries. In addition, if the principal of the Trust and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plan, Company shall make the balance of each such payment as it falls due. Trustee shall notify Company where principal and earnings are not sufficient.
Appears in 1 contract
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant shall deliver to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank Company shall deliver to Trustee a schedule attached hereto as Schedule A (the, the "Payment Schedule") ), that indicates the amounts payable (subject to Section 2(c)) in respect of each Benefit Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit Plan), and the time of commencement for payment of such amounts. Except as otherwise provided herein, Trustee shall make payments to the Plan participants and their beneficiaries in accordance with such Payment Schedule. The Trustee shall make payments in accordance with said Payment Schedule.
(c) The Trustee shall, in accordance with provision for the written instructions reporting and withholding of the Bank, withhold and report any federal, state or local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan and shall pay amounts withheld to the appropriate taxing authorities. In additionauthorities or determine that such amounts have been reported, the Trustee shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to the Trustee with respect to income or assets of the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting withheld and withholding requirementspaid by Company.
(db) The entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit Plan shall be determined by the Bank Company or such party (other than the Trustee) as it shall designate under the Benefit Plan, Plan and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit Plan.
(c) Company, in its sole discretion, may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan. Company shall notify Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plan the Company shall not make or be required to make the balance of each such payment as it falls due. If the principal of the Trust and any earnings thereon are not sufficient to make all the payments due on Schedule A, the Company shall not be obligated to fund any such shortfall. In the case of a shortfall, the amount payable to any participant shall be reduced for such short fall proportionately by the same percentage they share the Trust expenses. Trustee shall notify Company where principal and earnings are not sufficient.
Appears in 1 contract
Samples: Trust Agreement (Interchange Financial Services Corp /Nj/)
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant shall deliver Company may (i) make all payments directly to the Bank a deferral Plan participants and election form, their beneficiaries in accordance with the terms of the Benefit PlanPlan and (ii) make provisions for the reporting and withholding of any federal, state or local taxes that directs may be required to be withheld with respect to the deferrals, investments and payments payment of benefits pursuant to the terms of the Participant's Deferred Compensation Account. The Bank Plan and shall make Contributions pay amounts withheld to the Trust in accordance with said deferral and election formappropriate taxing authorities. For the avoidance of doubt, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein have no duties with respect to the contraryprovisions of this Section 2, subsection (a) to the Bank shall have the sole discretion extent Company performs such duties. The Company may request reimbursement for payments made pursuant to direct the investments of the Rabbi Trust and shall direct the Trustee accordinglythis Section 2, subsection (a) as set forth in Section 4 below.
(b) In accordance with said deferral and election form, the Bank The Company shall deliver to the Trustee a schedule (the, "the “Payment Schedule"”) that indicates the amounts payable in with respect of to each Benefit Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to the Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit Plan), and the time of commencement for payment of such amounts. The Should the Company elect not to proceed as set forth in Section 2, subsection (a), and except as otherwise provided herein, the Trustee shall make payments to the Plan participants and their beneficiaries in accordance with said such Payment Schedule.
(c) The . With respect to payments made directly by the Trustee, the Trustee shall, in accordance with shall make provisions for the written instructions reporting and withholding of the Bank, withhold and report any federal, federal or state or local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan and shall pay amounts withheld to the appropriate taxing authoritiesauthorities or determine that such amounts have been reported, withheld and paid by the Company. In additionorder to facilitate payment of taxes with respect to Plan payments made directly by the Trustee, the Trustee may transfer cash to any service provider, including a payroll agent, retained and designated by the Company to remit and report required taxes thereon (including federal, state and local taxes). Such paying agent services may be provided by Company at no cost to the Trust, and in the event the Company provides such services, the Trustee shall be authorized transfer cash to pay the Company not as a reversion of Trust assets to the Company but solely for the Company to remit and report taxes withheld. Upon transferring such amounts to such paying agent (including the Company), the Trustee shall have no further responsibility with respect to remitting or reporting such tax payments. The Company shall, or shall cause any federalpaying agent, state or local to timely remit and report such withholding taxes and to any government body that presents a tax deficiency notice to provide the Trustee with respect to income or assets such evidence of the Trust. The Bank shall deliver to remittance and reporting of taxes as the Trustee each year a schedule which specifies shall require. Until the amount Company notifies the Trustee otherwise in writing, it is hereby acknowledged that the Company will be the paying agent for the remitting and reporting of taxes to be withheld, if any, tax payments with respect to benefit Plan payments to be made hereunder. Trustee shall be entitled to rely conclusively on directly by the written instructions of Bank as to all tax reporting and withholding requirementsTrustee.
(dc) The entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit Plan shall be determined by the Bank Company or such party (other than the Trustee) as it shall designate under the Benefit Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit Plan.
(d) As set forth in Section 2, subsection (a) above, Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan. Company shall notify Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries. In addition, if the principal of the Trust, and any earning thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plan as indicated to the Trustee on the Payment Schedule, Company shall make the balance of each such payment as it falls due.
Appears in 1 contract
Samples: Rabbi Trust Agreement (PNC Financial Services Group, Inc.)
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant shall deliver to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank Company shall deliver to Trustee a schedule (the, "the “Payment Schedule"”) that indicates the amounts payable in respect of each Benefit Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit PlanPlans), and the time of commencement for payment of such amounts. The Except as otherwise provided herein, Trustee shall make payments in accordance with said Payment Schedule.
(c) The Trustee shall, to the Plan participants and their beneficiaries in accordance with the written instructions Payment Schedule. In accordance with the terms of its fee schedule, Trustee shall make provision for the Bank, withhold reporting and report withholding of any federal, federal or state or local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan Plans and shall pay amounts withheld to the appropriate taxing authorities. In additionauthorities or determine that such amounts have been reported, the Trustee shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to the Trustee with respect to income or assets of the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting withheld and withholding requirementspaid by Company.
(db) The entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit Plan Plans shall be determined by the Bank Company or such party (other than the Trustee) as it shall designate under the Benefit PlanPlans, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit Plans.
(c) Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan. Either directly or through the Recordkeeper (as defined in Section 7), Company shall notify Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to Plan participants or their beneficiaries. If Company makes payments according to this subsection, Company shall make provision for the reporting and withholding of any federal, state or local taxes that may be required to be withheld with respect to the payment of benefits pursuant to the terms of the Plan and shall pay amounts withheld to the appropriate taxing authorities. If the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plan as reflected on the Payment Schedule or as otherwise directed by Company or its designee, Company shall make the balance of each such payment as it falls due. Trustee shall notify Company where principal and earnings are not sufficient to make payments as directed.
Appears in 1 contract
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant Company shall deliver to the Bank Trustee (with a deferral and election formcopy to the applicable Plan participant) a schedule (the “Payment Schedule”) in the form of Appendix A to this Trust Agreement, or in accordance such other form as requested by the Trustee, consistent with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank shall deliver to Trustee a schedule (the, "Payment Schedule") Plans that indicates the amounts payable in respect of each Benefit Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to the Trustee for determining the amounts so payable, the form in which such amount is amounts are to be paid (as provided for or available under the Benefit PlanPlans), and the time of commencement for payment of such amounts. The Company shall deliver to the Trustee and to the applicable Plan participant, together with any Payment Schedule, such documentation as the Company deems appropriate to confirm the accuracy of the information contained in such Payment Schedule. Except as otherwise provided herein, the Trustee shall make payments to the Plan participants and their beneficiaries in accordance with said such Payment Schedule.
Schedule as directed by the Company within thirty (c30) days before such payment is due and payable. The Company shall on a timely basis provide the Trustee shall, in accordance with the written instructions for the reporting and withholding of the Bank, withhold and report any federal, state or and local taxes that may be be
(b) required to be reported and withheld and reported with respect to any amount paid under the payment of benefits pursuant to Trust Agreement and the terms of the Benefit Plan Trustee shall comply with such written instructions and shall pay amounts any taxes withheld to the appropriate taxing authorities. In additionPrior to and after a Change of Control, the Trustee may rely conclusively (and shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to the Trustee with respect to income or assets of the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively fully protected in such reliance) on the written instructions of Bank the Company as to all benefits payment, tax reporting and withholding requirements.
(dc) The Prior to and after a Change of Control, the entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit Plan Plans shall be determined by the Bank Company or such party (other than which shall not be the Trustee) as it shall designate under the Benefit PlanPlans, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit PlanPlans. Prior to or after a Change of Control, the Trustee shall have no responsibility for considering or reviewing any claims for such benefits.
(d) The Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plans. The Company shall notify the Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries, if the Company has previously made a contribution to the Trust with respect to such participant or beneficiary. In such a case where the Company has previously made a contribution to the Trust with respect to such participant or beneficiary, any applicable Form of Payment Schedule shall be disregarded, subject to Section 12(d) and (e). In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plans, the Company shall make the balance of each such payment as it falls due. The Trustee shall notify the Company if or when such principal and earnings are not so sufficient.
(e) TRUSTEE’S RESPONSIBILITY REGARDING PAYMENTS TO TRUST BENEFICIARY WHEN THE COMPANY IS iNSOLVENT.
(f) The Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent. The Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) the Company is unable to pay its debts as they become due, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
(g) At all times during the continuance of this Trust, as provided in Section 1(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
(1) The Board of Directors and the Chief Executive Officer of the Company shall have the duty to inform the Trustee in writing of the Company’s Insolvency. If a person claiming to be a creditor of the Company alleges in a notarized written statement delivered to the Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Plan participants or their beneficiaries. The Trustee need not make any determination that the Company is no longer Insolvent unless it receives a certification so stating from the independent accounting firm regularly auditing the books of the Company.
(2) Unless the Trustee has actual knowledge of the Company’s Insolvency, or has received notice from the Company or a person claiming to be a creditor alleging that the Company is Insolvent, the Trustee shall have no duty to
(3) inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s solvency.
(4) If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s general creditors. Nothing in this Trust Agreement shall in any way diminish any rights of Plan participants or their beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Plans or otherwise.
(5) The Trustee shall resume the payment of benefits to Plan participants or their beneficiaries in accordance with Section 2 of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent).
(h) The Trustee shall determine that the Company is not Insolvent, or is no longer Insolvent, as follows:
(1) If the Trustee has received a notarized written statement from a person claiming to be a creditor of the Company alleging that the Company is Insolvent by reason of failure to pay its debts as they come due, the Trustee may rely on a certification by the Chief Executive Officer and the Chief Financial Officer of the Company that the Company is paying its debts (unless subject to bona fide
(2) dispute) as they come due in the ordinary course of its business, unless the Trustee has actual knowledge to the contrary.
(3) If the Company has become Insolvent by virtue of being subject to a pending proceeding as a debtor under the United States Bankruptcy Code, the Trustee shall determine that the Company is no longer Insolvent upon receipt of a copy of an order of such Court dismissing such case, or confirming a plan of reorganization therein.
(4) If the Trustee has received written notice of the type described in paragraph (1) above, but does not receive a certification as described in such paragraph within ten (10) days of its written request therefor, the Trustee shall make a determination as to the Company’s solvency based on its own investigation. In making such determination, the Trustee may retain accountants (including the Company’s regularly employed independent auditors), counsel and other consultants, as provided in Sections 8(e) and 8(d); and the Trustee may rely on, and shall be fully protected in relying on, any advice or opinion furnished to it by any such person. In making such determination, the Trustee may also rely on, and shall be fully protected in relying on, information as to the Company’s financial condition contained in any written statement from the Company’s independent auditors as well as the Company’s annual or quarterly balance sheet and income statement and supporting schedules filed with any regulator having jurisdiction.
(i) Provided that there are sufficient assets held in the Trust, if the Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b)(3) hereof and subsequently
(j) resumes such payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plans for the period of such discontinuance, less the aggregate amount of any payments made to Plan participants or their beneficiaries by the Company in lieu of the payments provided for hereunder during any such period of discontinuance. The Trustee shall be entitled to assume that no payments were made by the Company unless prior to making the first payment, it has received written notice from the Company specifying the amount of payments made by the Company to Plan participants or their beneficiaries during the period of discontinuance.
Appears in 1 contract
Samples: Grantor Trust Agreement (Minerals Technologies Inc)
Payments to Plan Participants and Their Beneficiaries. (a1) The Plan Participant shall deliver As soon as reasonably possible after a Change of Control occurs that results in funding of the Trust under Section 1(f) (provided that the funding has not been returned to the Bank a deferral and election formEmployers pursuant to Section 4), in accordance with the terms Company’s Director of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Executive Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(bor his or her successor) In accordance with said deferral and election form, the Bank shall deliver to Trustee a schedule (the, "Payment Schedule") that indicates Schedule showing the amounts amount payable in respect of to each Benefit Plan participant or beneficiary under each Plan.
(and his or her beneficiaries), that provides a formula or other instructions acceptable to Trustee for determining i) The Payment Schedule will provide the amounts so amount payable, determined as of the form in which date of the Change of Control, as well as the method and rate to credit earnings on such amount is amounts, if any, until amounts are paid to be paid (as provided for or available under the Benefit Plan)Plan participant, and the date on which the amounts are payable.
(ii) The Payment Schedule shall, with respect to any amounts subject to Internal Revenue Code section 409A, only provide for payments under an allowable distribution event under Code section 409A. The Payment Schedule shall reflect the time and form of commencement for payment of such amounts. The distribution as provided under the respective Plan.
(2) Except as otherwise provided in subsection (c), Trustee shall make payments to the Plan participants and their beneficiaries in accordance with said such Payment Schedule, and may rely conclusively on such Payment Schedule in making payments.
(c3) The Trustee shall, in accordance with shall make provision for the written instructions reporting and withholding of the Bank, withhold and report any federal, state or local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan Plans and shall pay amounts withheld to the appropriate taxing authoritiesauthorities or determine that such amounts have been reported, withheld and paid by the Employers. In addition, the Trustee may rely on instructions from Company as to any required withholding and shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to the Trustee with respect to income or assets fully protected hereunder in relying on such instructions. For purposes of the Trust. The Bank shall deliver preceding sentence, a failure by Company to the provide any instructions as to required withholding may be deemed by Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting and an instruction by Company that no withholding requirementsis required.
(db) The Prior to a Change of Control described in subsection (a), the entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit Plan Plans shall be determined by the Bank Company or such party (other than the Trustee) as it shall designate under the Benefit PlanPlans, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit Plans. Company shall make (or cause other Employers to make) payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plans, and Trustee shall have no obligation to make such payments prior to such Change of Control.
(c) In the event of a dispute over a payment under subsection (a) following a Change of Control, a participant or beneficiary who claims to be entitled to a larger payment from the Plans than shown in the Payment Schedule may submit a written claim for payment to Trustee within 90 days from the date the payment was otherwise scheduled to be made. The claim shall be processed as follows:
(1) Trustee shall give notice of the claim to Company. If Trustee receives no notice of response from Company within 30 days after the date Company is given the notice of claim, Trustee shall pay the participant or beneficiary the amount claimed from the assets in the Trust held on behalf of such participant. If a notice of response is received within such 30 days, Trustee shall consider the claim, including Company’s response. If the merits of the claim depend on compensation, service or other data in the possession of Company and such information is not provided to Trustee by Company, Trustee may rely upon information provided by the participant or beneficiary.
(2) Trustee shall give notice to the participant or beneficiary and Company of its decision on the claim, which shall be made within any period applicable to the particular Plan. The participant or beneficiary shall then pursue the appeals procedure for the Plan, if any, if he or she wishes to contest Trustee’s decision. Either the participant or beneficiary (after any applicable claims procedure has been exhausted) or Company may challenge Trustee’s decision by filing suit in a court of competent jurisdiction. If no such suit is filed within 60 days after notice of Trustee’s decision (and exhaustion of any applicable appeals procedure provided for a Plan), the decision shall become final and binding on all parties. If the decision is to grant the claim, Trustee shall make payment to the participant or beneficiary of the appropriate amount; provided, however, that the amount of any distribution from the Trust shall not exceed the total amount of assets held in the Trust on behalf of such participant.
(3) Trustee may decline to decide a claim and may file suit to have the matter resolved by a court of competent jurisdiction. All of Trustee’s expenses in the court proceeding, including attorneys’ fees, shall be allowed as administrative expenses of the Trust.
(4) In the event of a dispute to be resolved under this subsection (c), Trustee may retain a third party to review the calculations and the payment amounts and advise Trustee as to the correct amount to be paid. All expenses of such a third party shall be allowed as administrative expenses of the Trust.
(d) If payment is made to a participant or beneficiary under this Section 2, the obligation of the Employers under the terms of the applicable Plan or Plans shall be extinguished to the extent of the amount paid. Trustee has no obligation to make payments to a participant or beneficiary from the Trust under this Section 2 except to the extent amounts have been contributed to the Trust with respect to such person.
Appears in 1 contract
Samples: Deferred Compensation Trust Agreement (Target Corp)
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant Company shall deliver to the Bank a deferral periodically (and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(bno event no less often than annually on or about December 1) In accordance with said deferral and election form, the Bank shall deliver to Trustee a schedule (the, the "Payment Schedule") that indicates the amounts payable in respect of each Benefit Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit PlanPlan(s), and the time of commencement for payment of such amounts. Except as otherwise provided herein, Trustee shall make payments to the Plan participants and their beneficiaries in accordance with such Payment Schedule. The Trustee shall make payments in accordance with said Payment Schedule.
(c) The Trustee shall, in accordance with provision for the written instructions reporting and withholding of the Bank, withhold and report any federal, state state, local or local other taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan Plan(s) and shall pay amounts withheld to the appropriate taxing authorities. In additionauthorities or determine that such amounts have been reported, the Trustee shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to the Trustee with respect to income or assets of the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting withheld and withholding requirementspaid by Company.
(db) The entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit Plan Plan(s), to the extent that such benefits are not set forth in the Payment Schedule shall upon request of such participant or his or her beneficiaries be determined under the express terms of the Plan(s), in good faith, by the Bank Company or such party (other than the Trustee) as it or the plan(s) shall designate designate. The Trustee may then pay the benefit so determined.
(c) The Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the Benefit Planterms of the Plan(s). Company shall notify Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries. In addition, if the principal of the Trust, and any claim for earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plan(s), Company shall make the balance of each such payment as it falls due. Trustee shall notify Company where principal and earnings are not sufficient.
(d) In the event at any time assets are insufficient to pay all benefits due and payable to a participant or participants and the Company fails to make the balance of such payments, the Trustee shall be considered and reviewed under make payments to the procedures set out participants in accordance with the applicable Payment Schedule by priority with all payments first being made pro-rata up to the maximum or full benefit payable to participants in the Benefit PlanEquity Restoration Plan of Santa Fe International Corporation; and if assets thereafter remain, on a pro-rata basis to the maximum or full benefit payable to participants in the Special Pension Plan for Selected Employees of the Santa Fe International Corporations.
Appears in 1 contract
Samples: Trust Agreement (Globalsantafe Corp)
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant Company shall deliver to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank shall deliver to Trustee a schedule (the, "the “Payment Schedule"”) that indicates the amounts payable in respect of each Benefit Plan participant (and his or her beneficiaries), ) or that provides a formula or other instructions acceptable to the Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit Plan), and the time of commencement for payment of such amounts. The Except as otherwise provided herein, the Trustee shall make payments to the Plan participants and their beneficiaries in accordance with said such Payment Schedule.
(c) . The Company shall provide the Trustee shall, in accordance with the written instructions as to the aggregate amount of the Bank, withhold and report any federal, state or and local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant from the Trust, and the Trustee shall remit such amounts to the terms of the Benefit Plan Company for payment and shall pay amounts withheld reporting to the appropriate taxing authorities. In addition, authorities by the Trustee shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to the Trustee with respect to income or assets of the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting and withholding requirementsCompany.
(db) The entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit Plan Plan(s) shall be determined by the Bank Company or such party (other than the Trustee) as it shall designate under the Benefit PlanPlan(s) (which party shall not be the Trustee), and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit PlanPlan(s).
(c) The Company shall be responsible for providing the Trustee complete and accurate information required or otherwise requested by the Trustee, within the time frame and in the manner prescribed or agreed to by the Trustee, in order to make such payments or transfers, including, without limitation, a payee’s name and address.
(d) The Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan(s). In such event, the Company may direct the Trustee to reimburse the Company for its payment of Plan benefits or other expenses paid by the Company upon the Company’s written certification that it has made such payment and the amount to be reimbursed. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the Payment Schedule provided to the Trustee by the Company, the Company shall make the balance of each such payment as it falls due. The Trustee shall notify the Company where principal and earnings are not sufficient to comply with the Company’s specific payment instructions.
(e) The Trustee shall have no duty to question the propriety of any direction of the Company to make payments, reimbursements or transfers, to account for funds retained in or disbursed from any accounts to which payments or transfers are made, to see to the application of payments, reimbursements or transfers, or to ascertain whether the Company’s directions to make payments, reimbursements or transfers comply with the terms of the Plan(s). The Trustee shall have no liability hereunder and shall be fully protected by the Company against any claims, damages, liabilities, losses, costs and expenses, including reasonable attorney’s fees, resulting from its making payments, reimbursements or transfers pursuant to the Company’s direction or failure to make any payments, reimbursements or transfers in the absence of directions.
Appears in 1 contract
Samples: Trust Agreement (Teco Energy Inc)
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant shall deliver to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank Company shall deliver to Trustee annually, prior to a Change in Control, and at least annually after a Change in Control, a schedule (the, the "Payment Schedule") that indicates the amounts payable in respect of each Benefit Plan participant Participant (and his or her beneficiaries), and that provides a formula or other instructions acceptable to Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit PlanPlans), and the time of commencement for payment of such amounts. Except as otherwise provided herein, Trustee shall make payments to Participants and their beneficiaries in accordance with such Payment Schedule. The Trustee shall make payments in accordance with said Payment Schedule.
(c) The Trustee shall, in accordance with provision for the written instructions reporting and withholding of the Bank, withhold and report any federal, state or local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan Plans and shall pay amounts withheld to the appropriate taxing authorities. In additionauthorities or determine that such amounts have been reported, withheld and paid by Company or an Affiliate, it being understood among the Trustee parties hereto that Company, on behalf of itself and Affiliates, (i) shall be authorized to pay any federal, state or local taxes to any government body that presents on a tax deficiency notice to the timely basis provide Trustee with respect specific information as to income or assets of the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee withheld and (ii) shall be entitled obligated to rely conclusively on make provisions to receive such withheld taxes from Trustee and properly pay and report such amounts to the written instructions of Bank as to all tax reporting and withholding requirementsappropriate taxing authorities.
(db) The entitlement of a Benefit Plan participant Participant or his or her beneficiaries to benefits under the Benefit Plan Plans shall be determined by the Bank Company or such party (other than the Trustee) as it shall designate under the Benefit PlanPlans, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit PlanPlans; provided, however, that following a Change in Control, the final benefit determination with respect to both entitlement and the amount and timing of benefits for the Participants and their beneficiaries shall be the sole responsibility of the Trustee.
(c) Company or its Affiliate may make payment of benefits directly to Participants or their beneficiaries as they become due under the terms of the Plans. Company, on behalf of itself and the Affiliates, shall notify Trustee of the decision to make payment of benefits directly prior to the time amounts are payable to Participants or their beneficiaries. In addition, if the principal of the Trust, and any income thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plans, Company or its Affiliates shall make the balance of each payment as it falls due, to the extent of their respective obligations under the Plans. Trustee shall notify Company when principal and income are not sufficient.
(d) Trustee shall not be liable for payments or liabilities of the Plans in excess of the fair market value of the Trust's assets.
Appears in 1 contract
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant Company shall deliver to the Bank Trustee (with a deferral and election form, copy to the applicable Plan participant) a schedule (the "Payment Schedule") in accordance the form of Appendix A to this Trust Agreement consistent with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank shall deliver to Trustee a schedule (the, "Payment Schedule") Plans that indicates the amounts payable in respect of each Benefit Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to the Trustee for determining the amounts so payable, the form in which such amount is amounts are to be paid (as provided for or available under the Benefit PlanPlans), and the time of commencement for payment of such amounts. The Company shall obtain from its actuary for the Supplemental Retirement Plan, and its administrator for the Deferred Compensation and Savings Plan, or both, as appropriate, certification(s) of the accuracy of the information contained in any Payment Schedule. The Company shall deliver such certification(s) together with any Payment Schedule to the Trustee and to the applicable Plan participant. Except as otherwise provided herein, the Trustee shall make payments to the Plan participants and their beneficiaries in accordance with said such Payment Schedule.
(c) . The Company shall on a timely basis provide the Trustee shall, in accordance with the written instructions for the reporting and withholding of the Bank, withhold and report any federal, state or and local taxes that may be required to be reported and withheld and reported with respect to any amount paid under the payment of benefits pursuant to Trust Agreement and the terms of the Benefit Plan Trustee shall comply with such written instructions and shall pay amounts any taxes withheld to the appropriate taxing authorities. In addition, the The Trustee may rely conclusively (and shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to the Trustee with respect to income or assets of the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively fully protected in such reliance) on the written instructions of Bank the Company as to all tax reporting and withholding requirements.
(db) The entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit Plan Plans shall be determined by the Bank Company or such party (other than the Trustee) as it shall designate under the Benefit PlanPlans, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit PlanPlans.
(c) The Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plans. The Company shall notify the Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plans, the Company shall make the balance of each such payment as it falls due. The Trustee shall notify the Company if or when such principal and earnings are not so sufficient.
Appears in 1 contract
Samples: Grantor Trust Agreement (Minerals Technologies Inc)
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant At least annually, the Company shall deliver to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank shall deliver to Trustee Trustees a schedule (the, "the “Payment Schedule"”) that indicates the amounts payable in respect of each Benefit Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to Trustee the Trustees for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit PlanPlan(s)), and the time of commencement for payment of such amounts. The Trustee To the extent that any amounts are due to an employee (or beneficiary of an employee) of a subsidiary of the Company, and the subsidiary fails to make such payment, the Company shall do so. Except as otherwise provided herein, if the Company has failed to make payments to the Plan participants and their beneficiaries in accordance with said such Payment Schedule.
(c) , the Trustees shall do so. The Trustee shall, in accordance with Company shall make provision for the written instructions reporting and withholding of the Bank, withhold and report any federal, state or local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan Plan(s) and shall pay amounts withheld to the appropriate taxing authorities. In addition, the Trustee shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to the Trustee with respect to income or assets of the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting and withholding requirements.
(db) The entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit Plan Plan(s) shall be determined by the Bank Company or such party (other than the Trustee) as it shall designate under the Benefit PlanPlan(s), and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit Plan(s). Notwithstanding the foregoing, the Trustees may, without direction from the Company, make payments to Plan participants and beneficiaries in such manner and in such amounts as the Trustees shall determine they are entitled to be paid under the Plans (to the extent funded through the Trust) based on the most recent information furnished to the Trustees by the Company and any supplemental information furnished to the Trustees by a participant or beneficiary upon which the Trustees may reasonably rely in making such determination. Notwithstanding any other provision hereof, persons (other than persons covered by the Tenneco Inc. Pilots’ Supplemental Retirement Plan) who were employees of Tenneco Management Company (“TMC”) immediately prior to November 4, 1999, or who are treated as such under the HR Agreement (as defined in the Original Agreement), except such persons who are employed by the Company or a subsidiary of the Company other than TMC immediately after November 4, 1999, though they may be participants in the Plans listed in Appendix A, shall not be entitled to payments under the Trust, and payments shall be available for their benefit Obligations through a separate rabbi trust.
(c) The Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan(s). The Company shall notify the Trustees of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payment of benefits in accordance with the terms of the Plan(s), the Company shall make the balance of each such payment as it falls due. The Trustees shall notify the Company where principal and earnings are not sufficient.
(d) The Company shall cause its actuary to determine the Obligations under all of the Plans as of each January 1. To the extent that the value of the assets of the Trust as of the January 1 in question is less than the total Obligations under all of the Plans as so determined, the Company shall contribute additional assets to the Trust with a value equal to the difference. To the extent that the assets of the Trust exceed 110% of the Obligations, the Company may withdraw assets with a value equal to the excess of the value of the Trust’s assets over 110% of such Obligations.
(e) In the event of a material change the amount of the Obligations (including as the result of the termination or pay-out of a Plan), the Company shall cause its actuary to determine the remaining Obligations under all of the Plans after giving effect to such change. To the extent that the value of the assets of the Trust as of such date is less than the total Obligations under all of the Plans as so determined, the Company shall contribute additional assets to the Trust with a value equal to the difference. To the extent that the assets of the Trust exceed 110% of the Obligations, the Company may withdraw assets with a value equal to the excess of the value of the Trust’s assets over 110% of such Obligations.
Appears in 1 contract
Samples: Rabbi Trust Agreement (Pactiv Corp)
Payments to Plan Participants and Their Beneficiaries. (a) The A. Whenever payment of a benefit is due to commence under the Plan to a Participant or Beneficiary and whenever there is a change in the amount of such benefit payment or in the amount of withholding taxes, Company or such party as it shall deliver designate in writing to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank shall deliver to Trustee a schedule or schedules (the, "a “Payment Schedule"”) that indicates (i) the amounts payable and applicable withholding taxes in respect of each Benefit Plan participant (Participant and his Beneficiary, or her beneficiaries), that provides a formula or other instructions acceptable to Trustee for determining the amounts so payable, (ii) the form in which such amount is to be paid (as provided for or available under the Benefit Plan), and (iii) the time of commencement for payment of such amounts. The Each Payment Schedule shall be accompanied by (1) a certification or other statement acceptable to Trustee from the Recordkeeper to the effect that the amount payable (before provision for withholding taxes) has been computed by the Recordkeeper and on the basis of the information regarding such Participant’s elections under the 401k Plan and other relevant factors provided by Company to the Recordkeeper and that on such basis such amount represents the amount or amounts payable to such Participant or Beneficiary under the Plan; and (2) a statement by Company in form satisfactory to Trustee that the amount shown as withholding tax has been correctly computed by Company and will be forwarded to the taxing authorities accompanied by appropriate documentation for crediting to the account of such Participant or Beneficiary with such taxing authority. Except as otherwise provided herein, Trustee shall make pay an amount equal to the amount so indicated as withholding taxes to Company and the net amounts so indicated as payments due to each such Participant and Beneficiary in accordance with said such Payment Schedule.
(c) The . Trustee shall, in accordance with shall have no responsibility or liability for the written instructions reporting and withholding of the Bank, withhold and report any federal, state or local taxes that may be required to be withheld and reported with respect to the payment of benefits from the Trust pursuant to the terms of the Benefit Plan and shall pay or, except as provided in Subsection C hereof, the accuracy of any such amounts withheld to indicated on the appropriate taxing authoritiesPayment Schedule. In additionthe event of any changes in law that might require Trustee to have or assume any responsibility for withholding taxes notwithstanding the provisions of this sentence, Company at the request of Trustee shall be authorized to pay take any federal, state and all actions (including amendment of this Agreement) which under any then prevailing legal requirements would reduce or local taxes to any government body that presents a tax deficiency notice to the eliminate such responsibility of Trustee with respect to income or assets of the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting and for withholding requirementstaxes.
(d) B. The entitlement of a Benefit Plan participant Participant or his or her beneficiaries Beneficiary to benefits under the Benefit Plan shall be determined by the Bank Company or such party (other than the Trustee) as it shall designate under the Benefit Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit Plan. Except as provided in Subsection C hereof, under no circumstances shall Trustee have any duty to determine any person’s payment rights or other entitlements under the Plan or the accuracy of any such amounts indicated on the Payment Schedule.
C. In the event any Participant or Beneficiary of a deceased Participant claims that Company or its designee has not determined the benefit payable to him and that more than thirty (30) days have elapsed since the date such benefit should have been paid under the terms of a Plan or that any such benefit has not been correctly computed, Trustee may, on the basis of information supplied to it by such Participant or Beneficiary and Company, cause such benefit (and (i) in the case of benefits of a Participant not then in Company’s employ and after a Credit Rating Reduction, the Interim Funding Amount or, (ii) if during a Potential Change in Control Period or after a Change in Control, the Full Funding Amount) to be determined by the Recordkeeper or a recordkeeper selected by it. In the event Trustee does so, it shall inform both Company and such Participant or Beneficiary and make payment of such benefits if both such parties agree and Company so directs and funds are so available as a result of additional Company contributions hereunder or otherwise; and if they fail so to agree, Trustee may bring an action of interpleader or take similar court action or, at the direction of such Participant or Beneficiary, submit the matter to arbitration in accordance with the provisions of Section 16 hereof. In the event Trustee does not cause such benefit to be so determined, or having done so, does not institute any such court action or submit the matter to arbitration, such Participant or Beneficiary or Company may institute court action or, to the extent permitted in the provisions of Subsection F of Section 16, submit such matter to arbitration. The amount of any additional benefits as determined by the Recordkeeper or determined in any proceedings pursuant to the provisions of this Section 4C (including any determination pursuant to the provisions of Subsection 16F), shall be included in computing additional contributions required pursuant to Section 3B or 3C as the case may be.
D. Company may make payment of benefits directly to Plan Participants or their Beneficiaries as they become due under the terms of the Plan. Company shall notify Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to Participants or their Beneficiaries.
Appears in 1 contract
Samples: Non Qualified Trust Agreement (People's United Financial, Inc.)
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant Company shall deliver to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank shall deliver to Trustee Trustees a schedule (the, the "Payment Schedule") that indicates the amounts payable in respect of each Benefit Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to Trustee Trustees for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit Plan), and the time of commencement for payment of such amounts. The Trustee Payment Schedule shall be updated as required to reflect Company's obligations under the Plan. Except as otherwise provided herein, Trustees shall make payments to the Plan participants and their beneficiaries in accordance with said such Payment Schedule.
(c) . The Trustee shall, in accordance with Trustees shall make provision for the written instructions reporting and withholding of the Bank, withhold and report any federal, state or local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan and shall pay amounts withheld to the appropriate taxing authorities. In additionauthorities or determine that such amounts have been reported, the Trustee shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to the Trustee with respect to income or assets of the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting withheld and withholding requirementspaid by Company.
(db) The entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit Plan shall be determined by the Bank Company or such party (other than the Trustee) as it shall designate under the Benefit Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit Plan.
(c) Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan. Company shall notify Trustees of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plan, Company shall make the balance of each such payment as it falls due. Trustees shall notify Company where principal and earnings are not sufficient.
(d) The Plan is required to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, governing non-qualified deferred compensation. ("Section 409A"). Distributions by the Trustees will be subject to Section 409A. The Company is, therefore, required to ensure that the Payment Schedule supplied to the Trustees conforms to the provisions of the Plan and Section 409A. The Trustees are required to follow the terms of the Payment Schedule.
Appears in 1 contract
Samples: Trust Agreement (North American Galvanizing & Coatings Inc)
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant At least annually, the Company shall deliver to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank shall deliver to Trustee a schedule (the, the "Payment Schedule") that indicates the amounts payable in respect of each Benefit Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to the Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit PlanPlan(s)), and the time of commencement for payment of such amounts. The Trustee To the extent that any amounts are due to an employee (or beneficiary of an employee) of a subsidiary of the Company, and the subsidiary fails to make such payment, the Company shall do so. Except as otherwise provided herein if the Company has failed to make payments to the Plan participants and their beneficiaries in accordance with said such Payment Schedule.
(c) Schedule the Trustee shall do so. The Trustee shall, in accordance with Company shall make provision for the written instructions reporting and withholding of the Bank, withhold and report any federal, state or local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan Plan(s) and shall pay amounts withheld to the appropriate taxing authorities. In addition, the Trustee shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to the Trustee with respect to income or assets of the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting and withholding requirements.
(db) The entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit Plan Plan(s) shall be determined by the Bank Company or such party (other than the Trustee) as it shall designate under the Benefit PlanPlan(s), and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit PlanPlan(s). Notwithstanding the foregoing, the Trustee may, without direction from the Company, make payments to participants and beneficiaries in such manner and in such amounts as the Trustee shall determine they are entitled to be paid under the Plans (to the extent funded through the Trust) based on the most recent information furnished to the Trustee by the Company and any supplemental information furnished to the Trustee by a participant or beneficiary upon which the Trustee may reasonably rely in making such determination.
(c) The Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan(s). The Company shall notify the Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plan(s), the Company shall make the balance of each such payment as it falls due. the Trustee shall notify the Company where principal and earnings are not sufficient.
(d) Some or all of the Plans may be fully or partially funded under the Tenneco Benefits Protection Trust ("BPT"). Each participant and beneficiary shall be entitled only to the benefits called for by the Plan and shall not be entitled to additional benefits because of the existence of multiple funding media. The Trustee shall take care that it pays benefits only to the extent not paid by the Company or the BPT.
(e) The Company shall cause its actuary to determine the projected benefit obligation ("PBO") under all of the Plans as of each January 1, commencing with January 1, 1999. To the extent that the value of the assets of the Trust as of the January 1 in question is less than the total PBO under all of the Plans as so determined, the Company shall contribute additional assets to the Trust with a value equal to the difference. To the extent that the assets of the Trust exceed 110% of the PBO, the Company may withdraw assets with a value equal to the excess of the value of the Trust's assets over 110% of such PBO.
(f) Notwithstanding any other provision hereof, promptly after a Change in Control (as defined in Section 13 below), the Trustee shall sell Tenneco Inc. common stock or other assets in order to provide cash to pay benefits hereunder. Notwithstanding any other provision hereof, Trustee may sell Tenneco Inc. common stock in order to provide cash to pay benefits hereunder.
Appears in 1 contract
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant Company shall deliver to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank shall deliver to Trustee a schedule (the, "the “Payment Schedule"”) that indicates the amounts payable in respect of each Benefit Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit Plan), and the time of commencement for payment of such amounts, provided that all Common Shares held by the Trust shall be distributed immediately to the Plan participants upon a Change of Control of the Company. Such Payment Schedule shall be attached to this Trust Agreement as “Exhibit 2.” Except as otherwise provided herein, Trustee shall make distributions to the Plan participants and their beneficiaries only in accordance with such Payment Schedule and shall distribute to the Company any amounts required for the withholding of federal, state or local taxes on such distributions to Plan participants. The Trustee shall make payments in accordance with said Payment Schedule.
(c) The Trustee shall, in accordance with provision for the written instructions reporting and withholding of the Bank, withhold and report any federal, state or local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan and shall pay distribute amounts withheld to the appropriate taxing authorities. In additionauthorities or determine that such amounts have been reported, withheld and paid by the Trustee shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to the Trustee with respect to income or assets of the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting and withholding requirementsCompany.
(db) The entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit Plan shall be determined by the Bank Company or such party (other than the Trustee) as it shall designate under the Benefit Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit Plan.
(c) The Company may make distributions directly to Plan participants or their beneficiaries as they become due under the terms of the Plan. The Company shall notify Trustee of its decision to make distributions directly prior to the time amounts are due to participants or their beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make distributions in accordance with the terms of the Plan, the Company shall make the balance of such distribution as it falls due. Trustee shall notify the Company where principal and earnings are not sufficient.
Appears in 1 contract
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant Company shall deliver to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank shall deliver to Trustee a schedule (the, "the “Payment Schedule"”) that indicates the amounts payable in respect of each Benefit Plan participant (and his or her beneficiaries), ) or that provides a formula or other instructions acceptable to the Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit Plan), and the time of commencement for payment of such amounts. The Except as otherwise provided herein, the Trustee shall make payments to the Plan participants and their beneficiaries in accordance with said such Payment Schedule.
(c) . The Company shall provide the Trustee shall, in accordance with the written instructions as to the aggregate amount of the Bank, withhold and report any federal, state or and local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant from the Trust, and the Trustee shall remit such amounts to the terms of the Benefit Plan Company for payment and shall pay amounts withheld reporting to the appropriate taxing authorities. In addition, authorities by the Trustee shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to the Trustee with respect to income or assets of the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting and withholding requirementsCompany.
(db) The entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit Plan Plan(s) shall be determined by the Bank Company or such party (other than the Trustee) as it shall designate under the Benefit PlanPlan(s) (which party shall not be the Trustee), and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit PlanPlan(s).
(c) The Company shall be responsible for providing the Trustee complete and accurate information required or otherwise requested by the Trustee, within the time frame and in the manner prescribed or agreed to by the Trustee, in order to make such payments or transfers, including, without limitation, a payee’s name and address.
(d) The Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan(s). In such event, the Company may direct the Trustee to reimburse the Company for its payment of Plan benefits or other expenses paid by the Company upon the Company’s written certification that it has made such payment and the amount to be reimbursed. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the Payment Schedule provided to the Trustee by the Company, the Company shall make the balance of each such payment as it falls due. The Trustee shall notify the Company where principal and earnings are not sufficient to comply with the Company’s specific payment instructions.
(e) The Trustee shall have no duty to question the propriety of any direction of the Company to make payments, reimbursements or transfers, to account for funds retained in or disbursed from any accounts to which payments or transfers are made, to see to the application of payments, reimbursements or transfers, or to ascertain whether the Company’s directions to make payments, reimbursements or transfers comply with the terms of the Plan(s). The Trustee shall have no liability hereunder and shall be fully protected by the Company against any claims, damages, liabilities, losses, costs and expenses, including reasonable attorneys fees, resulting from its making payments, reimbursements or transfers pursuant to the Company’s direction or failure to make any payments, reimbursements or transfers in the absence of directions.
(f) After payment of all benefits pursuant to each Plan made hereunder, any remaining assets shall be paid in a lump sum to the Company (and not to any affiliate of the Company) at the direction of the Company’s Board, which shall certify to the Trustee that all Plan obligations have been satisfied. Additionally, the Company shall have the right annually, by written notice to the Trustee within one hundred twenty (120) days after the end of each calendar year, to request a distribution to the Company from the Trust of the amount, if any, by which the fair market value of Plan assets at the end of the most recently completed calendar year is more than 110% of the aggregate present value of all applicable Plan liabilities; provided, however, that this withdrawal right may not be exercised by the Company on or after a Change of Control (as defined in Section 5 below). For purposes of this Section 2(f), the present value of amounts to be paid under the Plans shall, if withdrawal is to be made, be certified to the Trustee by an independent firm of accredited actuarial consultants, such independent firm of accredited actuarial consultants which shall be selected by the Company,and which is acceptable to the Trustee.
Appears in 1 contract
Samples: Trust Agreement (Flowserve Corp)
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant Company shall deliver to the Bank Trustee a deferral and election form, in accordance with the terms copy of the Benefit Plan, that directs the deferrals, investments and payments Plan document for each of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance Plans, together with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank shall deliver to Trustee a schedule (the, "the “Payment Schedule"”) that indicates the amounts payable in respect of each Benefit Plan participant Participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to the Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit Plan), and the time of commencement for payment of such amounts. The If the Company has not done so previously, it shall deliver the Plan documents and the Payment Schedule to the Trustee before the occurrence of any Change of Control, as defined herein, and upon the occurrence of a Change of Control, shall deliver to the Trustee a current census of Participants and a current Payment Schedule (to the extent revisions to the most previous Payment Schedule are necessary or appropriate). Following any Change of Control, the Payment Schedule may not be modified or amended by the Company. Except as otherwise provided herein, the Trustee shall make payments to the Participants and their beneficiaries in accordance with said such Payment Schedule or, to the extent benefits cannot be determined pursuant to the Payment Schedule.
(c) The Trustee shall, in accordance with the written instructions Plan documents (as interpreted and directed by the Company). The Trustee shall make provisions for the reporting and withholding of the Bank, withhold and report any federal, state or local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan Plans and shall pay amounts withheld to the appropriate taxing authorities. In additionauthorities or determine that such amounts have been reported, withheld and paid by the Trustee shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to the Trustee with respect to income or assets of the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting and withholding requirementsCompany.
(db) The Subject to any determination made and set forth in the Payment Schedule described in Section 2(a) following a Change of Control, the entitlement of a Benefit Plan participant Participant or his or her beneficiaries to benefits under the Benefit Plan Plans shall be determined by the Bank Company or such party (other than the Trustee) as it shall designate under the Benefit PlanPlans, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit Plans.
(c) The Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plans. The Company shall notify the Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plan, the Company shall make the balance of each such payment as it falls due. The Trustee shall notify the Company where principal and earnings are not sufficient.
(d) Upon a Change of Control, the Company shall, as soon as possible, but in no event later than 5 days following the Change of Control or the plan termination, as the case may be, make an irrevocable contribution to the Trust in an amount equal to $570,000, to pay each Participant or beneficiary the vested benefits to which he or she would be entitled pursuant to the terms of the Plans as of the date on which the Change of Control or plan termination, as the case may be, occurred.
Appears in 1 contract
Samples: Executive Supplemental Retirement Income Agreement (Greater Community Bancorp)
Payments to Plan Participants and Their Beneficiaries. (a) The Employer with respect to each Plan Participant shall deliver to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank shall deliver to Trustee a schedule (the, the "Payment Schedule") that indicates the amounts payable in with respect of to each Benefit Plan participant Participant (and his or her beneficiaries)) and identifies the Separate Account of the Employer from which such amounts are payable, that provides a formula or other instructions acceptable to the Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit PlanPlans), and the time of commencement for payment of such amounts. An updated Payment Schedule shall be provided by each Employer to the Trustee periodically, but no less frequently than once each calendar quarter. Except as otherwise provided herein, the Trustee shall make payments to the Plan Participants and their beneficiaries in accordance with such Payment Schedule. The Trustee shall make payments in accordance with said Payment Schedule.
(c) The Trustee shall, in accordance with provision for the written instructions reporting and withholding of the Bank, withhold and report any federal, state or local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan Plans and shall pay amounts withheld to the appropriate taxing authoritiesauthorities or determine that such amounts have been reported, withheld and paid by an Employer under the Plan. In addition, the Trustee The Company shall be authorized to pay responsible for any federal, state or local taxes to any government body that presents a employee records and federal and tax deficiency notice to the Trustee with respect to income or assets of the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting and withholding requirementsreporting.
(db) The entitlement of a Benefit Plan participant Participant or his or her beneficiaries to benefits under the Benefit a Plan shall be determined by the Bank Employer or such other party (other than the Trustee) as it shall designate may be designated under the Benefit Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit Plan.
(c) The Employer participating in a Plan may make payments of benefits directly to the Plan Participant or beneficiaries as they become due under the terms of the Plan in lieu of payment from the Trust. The Employer shall notify the Trustee of its decision to make payments of benefits directly prior to the time amounts are payable to Participants or their beneficiaries. In addition, if the assets allocated to a Separate Account under the Trust are not sufficient to make payments of benefits to its respective Plan Participant and beneficiaries in accordance with the terms of the Plan for which such Separate Account is maintained, the Employer participating in such Plan shall make the balance of each such payment as it falls due, and the other Separate Accounts hereunder shall not be liable for the payment of such benefits. The Trustee shall not be responsible for notifying the Company or other Employer when the assets allocated to a Separate Account under the Trust are not sufficient to satisfy all payments due.
(d) Any provision of this Trust Agreement to the contrary notwithstanding, upon and after a Change in Control, (i) the Trustee shall make payments to Plan Participants or their beneficiaries in accordance with the direction of the Independent Committee rather than the Employer, regardless of whether the Trustee has received a Payment Schedule or any other form of direction from the Employer to make such payments, and (ii) to the extent that a Separate Account if not sufficient to satisfy all vested benefit liabilities of an Employer under the Plan for which the Separate Account is maintained, whether or not then due or payable, at the time a benefit payment is owed to a Plan Participant or beneficiary upon or after a Change in Control, then such Participant or beneficiary entitled to payment shall receive from such Separate Account under the Trust Fund only the amount so available and the remaining amount owed shall be paid directly by the Employer.
Appears in 1 contract
Samples: Deferred Compensation Trust Agreement (Trinity Marine Products, Inc.)
Payments to Plan Participants and Their Beneficiaries. 2.1 The Company shall designate an Administrative Committee (a"Committee") The in accordance with the Plan Participant and the Committee shall deliver to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank shall deliver to Trustee a schedule (the, "the Payment Schedule") that indicates the amounts payable in respect of each Benefit Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to the Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit Plan), and the time of commencement for payment of such amounts. Except as otherwise provided herein, the Trustee shall make payments to the Plan participants and their beneficiaries in accordance with such Payment Schedule. The Trustee shall make payments in accordance with said Payment Schedule.
(c) The Trustee shall, in accordance with provision for the written instructions reporting and withholding of the Bank, withhold and report any federal, state or local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan and shall pay amounts withheld to the appropriate taxing authoritiesauthorities or determine that such amounts have been reported, withheld and paid by the Company. In addition, the Trustee The Company shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to provide the Trustee with respect all information necessary to income or assets of make such tax withholding provisions and the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on such information. The Company shall be responsible for the written instructions remittance to the appropriate tax authorities of Bank its share of any applicable employment taxes, as distinguished from those employment taxes required to all tax reporting be withheld from the benefits due Plan participants and withholding requirementstheir beneficiaries.
(d) 2.2 The entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit Plan shall be determined by the Bank or such party (other than the Trustee) as it shall designate under the Benefit Plan, Committee and any claim for such benefits shall be considered and reviewed by the Committee under the procedures set out in the Benefit Plan.
2.3 The Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan. The Company shall notify the Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plan, the Company shall make the balance of each such payment as it falls due. Trustee shall notify the Company where principal and earnings are not sufficient to cover payments required by the Payment Schedule under paragraph 2.1 hereof.
Appears in 1 contract
Samples: Deferred Compensation Plan Trust Agreement (New England Business Service Inc)
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant Company shall deliver to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank shall deliver to Trustee a schedule (the, the "Payment SchedulePAYMENT SCHEDULE") that indicates the amounts payable in respect of each Benefit Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to the Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit respective Plan), and the time of commencement for payment of such amounts. Except as otherwise provided herein, the Trustee shall make payments to the Plan participants and their beneficiaries in accordance with such Payment Schedule. The Trustee shall make payments in accordance with said Payment Schedule.
(c) The Trustee shall, in accordance with provision for the written instructions reporting and withholding of the Bank, withhold and report any federal, state or local taxes (including without limitation any FICA and FUTA taxes) that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit respective Plan and shall pay amounts withheld to the appropriate taxing authoritiesauthorities or determine that such amounts have been reported, withheld and paid by the Company. In additionWithin sixty (60) days after the end of each calendar year, the Trustee Company shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to the Trustee with respect to income or assets deliver an updated Payment Schedule as of the Trustend of such calendar year. The Bank Within ten (10) days after the Company determines that a Change of Control is imminent, the Company shall deliver to an updated Payment Schedule as of the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting and withholding requirementsdate such determination is made.
(db) The entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit each Plan shall be determined by the Bank Company or such party (other than the Trustee) as it shall designate under the Benefit such Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit such Plan.
(c) The Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the respective Plan. Notwithstanding any other provision of this Agreement to the contrary, prior to a Change of Control, any payments of account balances and benefits due under any Plan shall be paid from the general assets of the Company instead of from the Trust and the Trust shall reimburse the Company for such payments within thirty (30) days after the end of the month in which such payments are made. The Company shall notify the Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of a Plan, the Company shall make the balance of each such payment as it falls due. The Trustee shall notify the Company when principal and earnings are not sufficient.
Appears in 1 contract
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant Company or such party as it shall designate in writing shall deliver to the Bank Trustee from time to time a deferral and election formwritten schedule or schedules (each, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank shall deliver to Trustee a schedule (the, "Payment Schedule") that indicates the amounts payable in respect of each Benefit Plan participant (and his or her beneficiaries), ) or that provides a formula or other instructions acceptable to Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit PlanPlan(s)), and the time of commencement for payment of such amounts. Except as otherwise provided herein, the Trustee shall make payments to the Plan participants and their beneficiaries in accordance with such Payment Schedule. The Trustee shall make payments in accordance with said Payment Schedule.
(c) The Trustee shall, in accordance with provision for the written instructions reporting and withholding of the Bank, withhold and report any federal, state or local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan Plan(s) and shall pay amounts withheld to the appropriate taxing authorities. In additionauthorities or determine that such amounts have been reported, withheld and paid by the Trustee shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to the Trustee with respect to income or assets of the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting and withholding requirementsCompany.
(db) The entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit Plan Plan(s) shall be determined by the Bank Company or such party (other than the Trustee) as it shall designate under the Benefit PlanPlan(s), and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit PlanPlan(s). Notwithstanding the foregoing, upon a Change in Control (as defined in Section 12(d)), the responsibility of the Company and any of its delegates for determining benefit entitlement or directing any payment or disbursement shall cease and the Trustee shall have full authority and responsibility for such matters.
(c) The Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan(s). The Company shall notify the Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plan(s), the Company shall make the balance of each such payment as it falls due. The Trustee shall notify the Company where principal and earnings are not sufficient. In addition, the Trustee shall provide the Company with written confirmation of the fact and time of any payment hereunder within the time limit agreed to by the Company and the Trustee from time to time.
(d) To enable the Trustee to perform its functions after a Change in Control, the Company shall supply full and timely information to the Trustee on all matters relating to the compensation of Plan participants, the date and circumstances of the termination of employment or death of a Plan participant and such other pertinent information as the Trustee may reasonably require. In addition, each Plan participant shall cooperate with the Trustee by furnishing any and all information reasonably requested by the Trustee and take such other actions as may be requested in order to facilitate the administration of the Trust and the payment of benefits hereunder.
(e) The Trustee and its officers, directors and employees shall be entitled to rely on all certificates and reports made by any duly appointed accountants, actuaries and consultants, and on all opinions given by any properly consulted legal counsel, which legal counsel may be counsel for the Trustee or the Company.
Appears in 1 contract
Payments to Plan Participants and Their Beneficiaries. (a) 2.1 The Plan Participant Company shall deliver to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank shall deliver to Trustee a schedule (the, the "Payment Schedule") that indicates the amounts payable in respect of each Benefit Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to the Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit Plan), and the time of commencement for payment of such amounts. The Except as otherwise provided herein, the Trustee shall make payments to the Plan participants and their beneficiaries in accordance with said such Payment Schedule.
(c) . The Company shall direct the Trustee shall, in accordance with as to the written instructions of the Bank, withhold and report amounts required to be withheld from such payments for any federal, state or local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan and Plan. The Trustee shall pay such amounts withheld to the Company for reporting and forwarding to the appropriate taxing authorities. In addition, the Trustee shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to the Trustee with respect to income or assets of the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting and withholding requirements.unless such amounts have been
(d) 2.2 The entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit Plan shall be determined by the Bank Company or by such party (other than Committee the Trustee) as it Company shall designate under the Benefit Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit Plan.
2.3 The Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan. The Company shall notify the Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plan, the Company shall make the balance of each such payment as it falls due. The Trustee shall notify the Company where principal and earnings are not sufficient.
Appears in 1 contract
Samples: Trust Agreement (Chicago Title Corp)
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant shall deliver to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank Company shall deliver to Trustee a schedule (the, "the “Payment Schedule"”) that indicates the amounts payable in respect of to each Benefit Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable directions to Trustee for determining regarding the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit PlanPlan(s)), and the time of commencement for payment of such amounts. The Except as otherwise provided herein, Trustee shall make payments to the Plan participants and their beneficiaries in accordance with said such Payment ScheduleSchedule (and such Payment Schedule may include instructions to the Trustee to distribute the assets of the Trust to Plan participants in accordance with a third party’s allocation of Trust assets among certain record keeping accounts held with such third party for a Plan participant). Company shall have the sole responsibility for all tax withholding filings and reports. Trustee shall withhold such amounts from distributions as Company directs and shall follow the instructions of Company with respect to remission of such withheld amounts to appropriate governmental authorities and related reporting and filings.
(c) The Trustee shall, in accordance with the written instructions of the Bank, withhold and report any federal, state or local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan and shall pay amounts withheld to the appropriate taxing authorities. In addition, the Trustee shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to the Trustee with respect to income or assets of the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting and withholding requirements.
(db) The entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit Plan Plan(s) shall be determined by the Bank Company or such party (other than the Trustee) as it shall designate under the Benefit PlanPlan(s), and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit PlanPlan(s).
(c) Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan(s). Company shall notify Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries. If Company pays or will pay benefits that are otherwise payable by the Trust, Company may direct the Trustee to distribute the amount of such benefit payments to Company. Trustee shall be entitled to rely conclusively upon Company’s written certification that such benefit payments have been or will be made by Company.
(d) In addition, if the principal of the Trust and any earnings thereon are not sufficient to make payments of benefits in accordance with the terms of the Plan(s), Company shall make the balance of each such payment as it falls due. Trustee shall notify Company where principal and earnings are not sufficient to make a payment then due under the Payment Schedule.
Appears in 1 contract
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant Company shall deliver to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank shall deliver to Trustee a schedule (the, "the “Payment Schedule"”) that indicates the amounts payable in respect of each Benefit Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to the Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit respective Plan), and the time of commencement for payment of such amounts. Except as otherwise provided herein, the Trustee shall make payments to the Plan participants and their beneficiaries in accordance with such Payment Schedule. The Trustee shall make payments in accordance with said Payment Schedule.
provision for the reporting and withholding of any federal and state taxes (c) The Trustee shallother than FICA, in accordance with the written instructions of the Bank, withhold and report any federal, state FUTA or local taxes taxes) that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit respective Plan and shall pay amounts withheld to the appropriate taxing authorities. In additionNotwithstanding the foregoing, the Trustee shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to Company may direct the Trustee with respect to the state and federal income tax withholding on such payments. If applicable, the Company shall direct the Trustee to remit any FICA, FUTA or assets of local taxes with respect to the benefit payments to the Company and the Company shall have the responsibility for determining, reporting, and paying the FICA, FUTA or local taxes to the appropriate taxing authorities. The Company will indemnify and hold harmless the Trustee from any and all liability to which the Trustee may become subject due to the Company’s failure to properly withhold and remit FICA, FUTA or local taxes in connection with payments from the Trust. The Bank Within sixty (60) days after the end of each calendar year, the Company shall deliver to an updated Payment Schedule as of the Trustee each year end of such calendar year. Within ten (10) days after the Company determines that a schedule which specifies Change of Control is imminent, the amount Company shall deliver an updated Payment Schedule as of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting and withholding requirementsdate such determination is made.
(db) The entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit each Plan shall be determined by the Bank Company or such party (other than the Trustee) as it shall designate under the Benefit such Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit such Plan.
(c) The Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the respective Plan. Notwithstanding any other provision of this Agreement to the contrary, prior to a Change of Control, any payments of account balances and benefits due under any Plan shall be paid from the general assets of the Company instead of from the Trust and the Trust shall reimburse the Company for such payments within thirty (30) days after the end of the month in which such payments are made. The Company shall notify the Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of a Plan, the Company shall make the balance of each such payment as it falls due. The Trustee shall notify the Company when principal and earnings are not sufficient.
Appears in 1 contract
Payments to Plan Participants and Their Beneficiaries. 2.1 The Company shall designate an Administrative Committee (a“Committee”) The in accordance with the Plan Participant and the Committee shall deliver to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank shall deliver to Trustee a schedule (the, "“the Payment Schedule"”) that indicates the amounts payable in respect of each Benefit Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to the Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit Plan), and the time of commencement for payment of such amounts. Except as otherwise provided herein, the Trustee shall make payments to the Plan participants and their beneficiaries in accordance with such Payment Schedule. The Trustee shall make payments in accordance with said Payment Schedule.
(c) The Trustee shall, in accordance with provision for the written instructions reporting and withholding of the Bank, withhold and report any federal, state or local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan and shall pay amounts withheld to the appropriate taxing authoritiesauthorities or determine that such amounts have been reported, withheld and paid by the Company. In addition, the Trustee The Company shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to provide the Trustee with respect all information necessary to income or assets of make such tax withholding provisions and the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on such information. The Company shall be responsible for the written instructions remittance to the appropriate tax authorities of Bank its share of any applicable employment taxes, as distinguished from those employment taxes required to all tax reporting be withheld from the benefits due Plan participants and withholding requirements.
(d) their beneficiaries. The entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit Plan shall be determined by the Bank or such party (other than the Trustee) as it shall designate under the Benefit Plan, Committee and any claim for such benefits shall be considered and reviewed by the Committee under the procedures set out in the Benefit Plan.
2.3 The Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan, The Company shall notify the Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the Icons of the Plan, the Company shall make the balance of each such payment as it falls due. Trustee shall notify the Company where principal and earnings are not sufficient to cover payments required by the Payment Schedule under paragraph 2.1 hereof.
Appears in 1 contract
Samples: Deferred Compensation Plan Trust Agreement (Innotrac Corp)
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant ATC shall deliver to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank shall deliver to Trustee a schedule (the, the "Payment Schedule") that indicates the amounts payable in respect of each Benefit Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to the Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit Plan), Plans) and the time of commencement for payment of such amounts. Except as otherwise provided herein, the Trustee shall make payments to the Plan participants and their beneficiaries in accordance with such Payment Schedule. The Trustee shall make payments in accordance with said Payment Schedule.
(c) The Trustee shall, in accordance with provision for the written instructions reporting and withholding of the Bank, withhold and report any federal, state or local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan Plans and shall pay amounts withheld to the appropriate taxing authorities. In additionauthorities or determine that such amounts have been reported, withheld and paid by the Company.
(b) Except in the event of a Change of Control and for the 3-year period following such Change of Control, the Trustee may rely upon, and shall be authorized under no duty to pay verify, the formula and other instructions contained in the Payment Schedule delivered to the Trustee by ATC in accordance with Section 2(a), and may determine that any federal, state or local taxes that may be required to any government body that presents a tax deficiency notice to the Trustee be withheld with respect to income or assets the payment of benefits pursuant to the terms of the Trust. The Bank shall deliver Plans have been reported, withheld and paid by the Company by receipt of a certification to that effect from the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting and withholding requirementsCompany.
(dc) The entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit Plan Plans shall be determined by the Bank ATC or such party (other than the Trustee) as it shall designate under the Benefit PlanPlans, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit PlanPlans.
(d) The Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plans. The Company shall notify the Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plans, the Company shall make the balance of each such payment as it falls due. The Trustee shall notify the Company where principal and earnings are not sufficient.
(e) In the event the Company makes payment of benefits as permitted in Section 2(d), the Company shall provide the Trustee with a schedule of all benefits, and taxes attributable thereto, that have been paid by the Company within 15 days after the end of the quarter in which such payments have been made.
Appears in 1 contract
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant shall deliver As soon as reasonably possible after a Change of Control occurs that results in funding of the Trust under Section 1(f) (provided that the funding has not been returned to the Bank a deferral and election formEmployers pursuant to Section 4), in accordance with the terms Company’s Director of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Executive Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(bor his or her successor) In accordance with said deferral and election form, the Bank shall deliver to Trustee a schedule (the, "Payment Schedule") that indicates Schedule showing the amounts amount payable in respect of to each Benefit Plan participant or beneficiary under each Plan. Except as otherwise provided in subsection (and his or her beneficiariesd), that provides a formula or other instructions acceptable to Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit Plan), and the time of commencement for payment of such amounts. The Trustee shall make payments to the Plan participants and their beneficiaries in accordance with said such Payment Schedule.
(c) The , and may rely conclusively on such Payment Schedule in making payments. Trustee shall, in accordance with shall make provision for the written instructions reporting and withholding of the Bank, withhold and report any federal, state or local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan Plans and shall pay amounts withheld to the appropriate taxing authoritiesauthorities or determine that such amounts have been reported, withheld and paid by the Employers. In addition, the Trustee may rely on instructions from Company as to any required withholding and shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to the Trustee with respect to income or assets fully protected hereunder in relying on such instructions. For purposes of the Trust. The Bank shall deliver preceding sentence, a failure by Company to the provide any instructions as to required withholding may be deemed by Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting and an instruction by Company that no withholding requirementsis required.
(db) The Prior to a Change of Control described in subsection (a), the entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit Plan Plans shall be determined by the Bank Company or such party (other than the Trustee) as it shall designate under the Benefit PlanPlans, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit Plans. Company shall make (or cause other Employers to make) payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plans, and Trustee shall have no obligation to make such payments prior to such Change of Control.
(c) If a Change of Control occurs that results in funding of the Trust under Section 1(f), notwithstanding any provision of a Plan to the contrary, the entire benefit to which a Plan participant or beneficiary is entitled from the Trust shall be distributed in a lump sum as soon as administratively feasible following the date that amount is contributed to the Trust pursuant to Section 1(f). However, this subsection shall not apply if the funding is returned from the Trust to the Employers pursuant to Section 4.
(d) In the event of a dispute over a payment under subsection (a) following a Change of Control, a participant or beneficiary who claims to be entitled to a larger payment from the Plans than shown in the Payment Schedule may submit a written claim for payment to Trustee, which shall be processed as follows:
(1) Trustee shall give notice of the claim to Company. If Trustee receives no notice of response from Company within 30 days after the date Company is given the notice of claim, Trustee shall pay the participant or beneficiary the amount claimed from the assets in the Trust held on behalf of such participant. If a notice of response is received within such 30 days, Trustee shall consider the claim, including Company’s response. If the merits of the claim depend on compensation, service or other data in the possession of Company and such information is not provided to Trustee by Company, Trustee may rely upon information provided by the participant or beneficiary.
(2) Trustee shall give notice to the participant or beneficiary and Company of its decision on the claim, which shall be made within any period applicable to the particular Plan. The participant or beneficiary shall then pursue the appeals procedure for the Plan, if any, if he or she wishes to contest Trustee’s decision. Either the participant or beneficiary (after any applicable claims procedure has been exhausted) or Company may challenge Trustee’s decision by filing suit in a court of competent jurisdiction. If no such suit is filed within 60 days after notice of Trustee’s decision (and exhaustion of any applicable appeals procedure provided for a Plan), the decision shall become final and binding on all parties. If the decision is to grant the claim, Trustee shall make payment to the participant or beneficiary of the appropriate amount; provided, however, that the amount of any distribution from the Trust shall not exceed the total amount of assets held in the Trust on behalf of such participant.
(3) Trustee may decline to decide a claim and may file suit to have the matter resolved by a court of competent jurisdiction. All of Trustee’s expenses in the court proceeding, including attorneys’ fees, shall be allowed as administrative expenses of the Trust.
(4) In the event of a dispute to be resolved under this subsection (d), Trustee may retain a third party to review the calculations and the payment amounts and advise Trustee as to the correct amount to be paid. All expenses of such a third party shall be allowed as administrative expenses of the Trust.
(e) If payment is made to a participant or beneficiary under this Section 2, the obligation of the Employers under the terms of the applicable Plan or Plans shall be extinguished to the extent of the amount paid. Trustee has no obligation to make payments to a participant or beneficiary from the Trust under this Section 2 except to the extent amounts have been contributed to the Trust with respect to such person.
Appears in 1 contract
Samples: Deferred Compensation Trust Agreement (Target Corp)
Payments to Plan Participants and Their Beneficiaries. (a) a. The Plan Participant Employer shall deliver to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank shall deliver to Trustee a schedule (the, "the “Payment Schedule"”) that indicates the amounts payable in respect of each Benefit Plan participant (and his or her beneficiariesbeneficiary), that provides a formula or other instructions acceptable to the Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit Plan), and the time of commencement for payment of such amounts. The Trustee will issue checks hereunder representing final payment of cash disbursements from the plan. Mercer will net any remaining applicable withholding from payments issued to participants and transmit these withholding assets directly to Employer to facilitate W-2 tax reporting. The Employer shall make payments in accordance with said Payment Schedule.
(c) The Trustee shall, in accordance with provision for the written instructions reporting and withholding of the Bank, withhold and report any federal, state or local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan and shall pay amounts withheld to the appropriate taxing authorities. In addition, The Employer shall be solely responsible for the accuracy of such withholding calculations and related matters and shall make withholding information available to Trustee immediately upon Trustee’s reasonable request. The parties specifically acknowledge and agree that Trustee shall be authorized to pay serving only as a mere disbursing vendor in this regard, and not in any federalagency or fiduciary capacity, state or local taxes to any government body that presents a tax deficiency notice to the Trustee consistent with respect to income or assets of the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting and withholding requirements.federal regulation 26 CFR 31.3505-1 (c)
(d) b. The entitlement of a Benefit Plan participant or his or her beneficiaries beneficiary to benefits under the Benefit Plan shall be determined by the Bank Employer or such party (other than the Trustee) as it shall designate under the Benefit Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit Plan.
c. The Employer may make payment of benefits, less income taxes, and FICA taxes to the extent applicable, directly to Plan participants or their beneficiaries as they become due under the terms of the Plan. The Employer shall notify the Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries, and if such payments are made, may be reimbursed from Trust to the extent of such benefits. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of Plan benefits directly from the Trust, the Employer shall make the balance of each such payment as it falls due. The Trustee shall notify the Employer when principal and earnings are not sufficient.
Appears in 1 contract
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant Bank shall deliver to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank shall deliver to Trustee a schedule (hereinafter referred to as the, "“Payment Schedule"”) that indicates the amounts payable in respect of to each Benefit Plan Plans participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to the Trustee for determining the amounts so payable, the form in which such amount is to be paid (as a provided for or available under the Benefit PlanPlans), and the time of commencement for payment of such amounts. The Bank shall be deemed to be in default if it fails to fulfill its payment obligations required under the Benefit Plans Supplemental Retirement Plan Agreement and Endorsement Method Split Dollar Plan Agreement dated March 17, 2000 and shall fail to cure any such failure within thirty (30) days after receiving written notice of such failure from any affected Benefit Plans participant or beneficiary. Upon the Trustee’s receipt of a written certification of such default from the affected Benefit Plans participant or beneficiary, the Trustee shall make payments in accordance with said such Payment Schedule. Unless such certification shall have been provided by the Bank, the Trustee shall provide to Bank a copy of such certification and notice of its commencement of such payments. The Trustee shall then continue to make such payments until such time, if any, as it may receive written instructions to the contrary signed by both the Bank and the affected participant or beneficiary.
(cb) The Trustee shall, in accordance with the written instructions of the Bank, or in the event of a Change in Control of the Bank, the written instructions of the Benefits Determiner (as defined in Article XIII), withhold and report any federal, state or local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan Plans and shall pay amounts withheld to the appropriate taxing authorities. In addition, the Trustee shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to the Trustee with respect to income or assets of the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. The Trustee shall be entitled to rely conclusively on the written instructions of Bank the Bank, or in the event of a Change of Control, the Benefits Determiner, as to all tax reporting and withholding requirements.
(dc) The entitlement of a Benefit Plan Plans participant or his or her beneficiaries to benefits under the Benefit Plan Plans shall be determined by the Bank or such party (other than the Trustee) as it shall designate under the Benefit PlanPlans, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit PlanPlans.
(d) The Bank may make payment of benefits directly to Benefit Plans participants or their beneficiaries if they become so payable under the Benefit Plans to such participants or beneficiaries. The Bank shall notify the Trustee of its decision to make payment of benefits directly, prior to the time amounts are payable to participants or their beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Benefit Plans, the Bank shall make the balance of each such payment as it falls due. Trustee shall notify the Bank if and when such principal and earnings are not sufficient to discharge obligations currently due under the Payment Schedule and shall have no further obligation hereunder to anyone interested in the Trust.
(e) In the event of a Change in Control, the Trustee shall rely on the written direction of the Benefits Determiner who shall confirm the accuracy of the Payment Schedule or who shall deliver to the Trustee a new Payment Schedule upon which the Trustee may rely.
Appears in 1 contract
Samples: Rabbi Trust Agreement (Centra Financial Holdings Inc)
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant shall deliver to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank Section 2.1 Company shall deliver to Trustee a schedule (the, "the “Payment Schedule"”) that indicates the amounts payable in respect of each Benefit Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit Plan), and the time of commencement for payment of such amounts. The On and after the date of a Change of Control, as defined herein, except as otherwise provided herein, Trustee shall make payments to the Plan participants and their beneficiaries in accordance with said such Payment Schedule.
, and Trustee shall in such event make provision for the reporting and withholding of any federal and state taxes (c) The Trustee shallother than FICA, in accordance with the written instructions of the Bank, withhold and report any federal, state FUTA or local taxes taxes) that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan and shall pay amounts withheld to the appropriate taxing authorities. In additionIf applicable, Company shall direct the Trustee to remit any FICA, FUTA or local taxes with respect to the benefit payments to Company and Company shall be authorized to pay any federalhave the responsibility for determining, state reporting and remitting the FICA, FUTA or local taxes to any government body that presents a tax deficiency notice to the appropriate taxing authorities. Company shall indemnify and hold harmless the Trustee from any and all liability to which the Trustee may become subject due to Company’s failure to properly withhold and remit FICA, FUTA or local taxes in connection with respect to income or assets of payments from the Trust. The Bank shall deliver (Prior to the date of a Change of Control, Trustee each year a schedule which specifies the amount of taxes shall have no obligation to be withheld, if any, with respect to benefit make payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting and withholding requirementsPlan participants or their beneficiaries.)
(d) Section 2.2 The entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit Plan shall be determined by the Bank Company or such party (other than the Trustee) as it shall designate under the Benefit Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit Plan.
Section 2.3 Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan, and may request reimbursement for such payments upon presentation of appropriate evidence of payment to Trustee. On and after the date of a Change of Control, as defined herein, Company shall notify Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to Plan participants or their beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plan, Company shall make the balance of each such payment as it falls due. Trustee shall notify Company where principal and earnings are not sufficient. Trustee shall not be liable for the inadequacy of the Trust to pay all amounts due under the Plan.
Appears in 1 contract
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant shall deliver to the Bank a deferral and election formCompany, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to or the Trust in accordance with said deferral and election formContractor engaged for such purpose, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank shall deliver to Trustee a schedule (the, "the “Payment Schedule"”) that indicates the amounts payable in accordance with the terms and conditions of the Plan(s) in respect of each Benefit Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit PlanPlan(s)), and the time of commencement for payment of such amounts. Except as otherwise provided herein, Trustee shall make payments to the Plan participants and their beneficiaries in accordance with such Payment Schedule. The Trustee shall make payments in accordance with said Payment Schedule.
(c) The Trustee shall, in accordance with provision for the written instructions reporting and withholding of the Bank, withhold and report any federal, state or local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan Plan(s) and shall pay amounts withheld to the appropriate taxing authoritiesauthorities or determine that such amounts have been reported, withheld and paid by Company. In additionPayments may be made in cash or, where called for under the terms of the Plan(s), in Company Stock (as such term is defined in Section 5(g) hereof). Notwithstanding the foregoing, if a benefit which is distributable in the form of Company Stock under the terms of a Plan becomes payable at a time when there is no (or insufficient) Company Stock in the Trust with which to satisfy such benefit obligation and if the Company fails or refuses to pay such benefit within a reasonable time after notice from Trustee that it has become so payable, Trustee shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to the Trustee with respect to income or use other assets of the Trust. The Bank shall deliver Trust to the Trustee each year a schedule which specifies the amount of taxes to be withheldacquire Company Stock, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as open market or otherwise in its discretion, sufficient to all tax reporting and withholding requirementssatisfy such benefit obligation.
(db) The entitlement of a Benefit Plan participant or his or her beneficiaries to benefits payable by Company under the Benefit Plan Plan(s) shall be determined in accordance with the terms of the Plan(s) by the Bank Company or such party (other than the Trustee) as it shall designate under the Benefit PlanPlan(s), or by a Trust Contractor engaged for such purpose, and any claim for such benefits shall be considered and reviewed and paid or not paid under the procedures set out in the Benefit Plan(s). Notwithstanding any Plan provision to the contrary, upon and following the appointment of the Independent Fiduciary, all such determinations shall be made by the Independent Fiduciary, whose determinations shall be final, conclusive and binding on all persons. Neither Trustee, the Independent Fiduciary nor any Trust Contractor shall have any obligation for determining whether any Plan participant or beneficiary has died and shall be entitled to rely upon any information in this regard furnished by Company.
(c) Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan(s). In such event, Company shall make provision for the reporting and withholding of any federal, state or local taxes that may be required to be withheld with respect to the payment of benefits pursuant to the terms of the Plan(s) and shall pay amounts withheld to the appropriate taxing authorities. Company shall notify Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits payable by Company in accordance with the terms of the Plan(s), Company shall make the balance of each such payment as it falls due. Trustee shall notify Company where principal and earnings are not sufficient.
(d) Company (prior to a Change of Control) or the Independent Fiduciary (following a Change of Control) may engage one or more third-party administrators as contractors with respect to the Trust (each such contractor, a “Trust Contractor”), who shall not be a Plan participant or beneficiary (but who may be the Trustee), to perform functions described in this Section 2(d) and elsewhere in this Trust Agreement which would otherwise be performed by Company or the Independent Fiduciary; provided, however, that neither the Company (prior to a Change of Control) nor the Independent Fiduciary (following a Change of Control) may delegate to any Trust Contractor the determinations of claims for benefits under the Plans or appeals therefrom. Such Trust Contractor shall have such duties and responsibilities as conferred upon it by the instrument by which such Trust Contractor is appointed, which may include (by way of example) (i) responsibilities for a specific function with respect to more than one Plan or (ii) responsibility for several functions with respect to a single Plan.
(1) Upon engagement of a Trust Contractor, as soon as practicable but in no event longer than thirty (30) days thereafter, Company shall furnish to the Trust Contractor all information necessary with respect to the scope of such Trust Contractor’s engagement, which may include (but not be limited to) copies of the Plan documents, employment records of participants, and other information necessary to determine the benefits which are or may become payable by Company to or with respect to each participant in each Plan, including any benefits payable after the participant’s death, and the recipient of same and the procedures which Company has adopted to calculate such benefit payments. Company shall regularly, at least annually, and upon each benefit change under the Plan(s) furnish revised, updated information to such Trust Contractor. In the event Company refuses or neglects to provide updated participant information as contemplated herein, the Trust Contractor shall be entitled to rely on the most recent information furnished to it by Company.
(2) In the event of a Change of Control, the Independent Fiduciary shall have the duty to engage, as soon as practicable thereafter, one or more Trust Contractors if there shall at that time be no Trust Contractors then serving. In addition, if as of a Distribution Date (as such term is defined in Section 1(g) hereof), there shall be no Trust Contractors then serving, Company shall have the duty to designate on a stand-by basis one or more Trust Contractors who shall commence to serve as Trust Contractors in the event such Distribution Date is followed by a Change of Control. After a Change of Control, Company shall not have any control or authority with respect to any Trust Contractor so engaged or then serving, or any successor Trust Contractor, including without limitation any rights with respect to the appointment, removal or replacement of any such Trust Contractor or its duties pursuant to this Trust Agreement.
(3) Unless Trustee agrees to perform the functions of the Trust Contractors described herein, Trustee shall have no responsibility hereunder for any obligation assigned to any Trust Contractor or (subject to subsection (4) below) for the performance of any Trust Contractor’s duties and responsibilities under this Trust Agreement.
(4) Company may replace or remove any Trust Contractor from time to time serving hereunder, in its sole discretion, prior to the occurrence of a Change of Control. Following a Change of Control, the Independent Fiduciary, in its sole discretion, may remove any Trust Contractor engaged by Company or any successor Trust Contractor and shall remove any such person and engage a successor to such person if the Independent Fiduciary deems any such person’s performance as a Trust Contractor unsatisfactory. At all times following a Change of Control, upon any such removal, or the voluntary resignation of any such Trust Contractor or the occurrence of any other event which shall result in the cessation of performance of any Trust Contractor’s duties hereunder, the Independent Fiduciary shall use its best efforts to engage a new Trust Contractor to perform the functions of such prior Trust Contractor; provided, however, that, following a Change of Control, the Independent Fiduciary shall perform the duties of any such Trust Contractor during any period for which Trustee or the Independent Fiduciary is unable to find a replacement Trust Contractor (so that there will be no default in payments under the Plan(s) as a result of the absence of such Trust Contractor), and any person engaged as a Trust Contractor shall in the judgment of the Independent Fiduciary be independent of Company. The person who removes or replaces a Trust Contractor shall be responsible for assuring that there is a timely and complete transfer of records from such Trust Contractor to such person’s successor.
(5) Except for the records dealing solely with the assets of the Trust and investment of those assets, which shall be maintained by the Trustee, Trustee or a Trust Contractor engaged for such purpose shall maintain all Plan participant records contemplated by this Agreement, including the Payment Schedule. All such records and copies of the Plan(s) documents and employment records of the participants in the possession of such Trust Contractor shall be made available promptly upon request of Trustee or Company. Such Trust Contractor shall also prepare and distribute participant statements to participants and beneficiaries and shall perform such other duties and responsibilities contemplated under the terms of this Trust Agreement as Company or Trustee or the Independent Fiduciary if appointed, as the case may be, determines is necessary or advisable to achieve the objectives of this Trust Agreement, other than the determinations of claims for benefits under the Plans or appeals therefrom.
(6) Company shall indemnify and hold harmless each Trust Contractor for any liability or expenses, including without limitation advances for or prompt reimbursement of reasonable fees and expenses of counsel and other agents retained by it, incurred by such Trust Contractor with respect to keeping the records for participants’ benefits, reporting thereon to participants and beneficiaries, certifying benefit information to Trustee, determining the status of benefits hereunder and otherwise carrying out its obligations under this Trust Agreement, other than those resulting from such Trust Contractor’s negligence or willful misconduct or its failure to reasonably calculate and certify the amount of benefits based on the applicable terms of the Plan documents and other information and procedures furnished by Company to such Trust Contractor in accordance with this Trust Agreement. Each Trust Contractor shall be entitled to reasonable compensation for services hereunder, the amount of which shall be agreed upon from time to time by Company or, following a Change of Control, the Independent Fiduciary, and such Trust Contractor in writing, and reimbursement for reasonable expenses incurred in connection with its performance of such services. Following a Change of Control, the Independent Fiduciary’s good faith determination of compensation to be paid to a Trust Contractor (including the Independent Fiduciary) when it acts in such capacity) shall be binding on the Company and each other person having an interest in the Trust. All such compensation and expenses shall be paid by Trustee from the assets of the Trust. If not so paid, such compensation and expenses shall be paid by Company.
(7) Except as may be otherwise agreed by a Trust Contractor and Company, or the Independent Fiduciary following a Change of Control, each Trust Contractor’s obligations shall be limited solely to those explicitly set forth herein and in the scope of such Trust Contractor’s engagement, and such Trust Contractor shall have no responsibility, authority or control, direct or indirect, over the maintenance or investment of the Trust and shall have no obligation in respect of Trustee or the Trustee’s compliance with the Trust Contractor’s certifications hereunder.
Appears in 1 contract
Samples: Trust Agreement (At&t Inc.)
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant shall deliver establishment of the Trust and the payment or delivery to the Bank a deferral and election formTrustee of money or other property acceptable to the Trustee, including life insurance policies, shall not entitle any Participant or Beneficiary to any right, title or interest in accordance with the terms or to any assets of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordinglyTrust.
(b) In accordance with said deferral and election form, The Administrative Committee of the Bank Plan (the “Administrative Committee”) shall deliver to the Trustee a schedule (the, "the “Payment Schedule"”) that indicates the amounts payable in with respect to each Participant and Beneficiary under the terms of each Benefit the Plan participant (and his or her beneficiaries), that provides shall provide a formula or other instructions acceptable to the Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit Plan), and the time of commencement for of payment of such amounts. The Except as otherwise provided herein, the Trustee shall make payments to the Participants and Beneficiaries in accordance with said such Payment Schedule.
(c) The Trustee shallCompany, in accordance with its discretion, may make payment of benefits directly to the written instructions Participants or Beneficiaries as they become due under the terms of the BankPlan. Prior to the time amounts are payable to Participants or Beneficiaries, withhold the Company or the Administrative Committee shall notify the Trustee of the Company’s decision to make direct payment of benefits. Upon presentation of proof of payment, the Trustee shall reimburse the Company out of the Trust Fund an amount equal to the benefit payments made directly by the Company to the Participants or Beneficiaries.
(d) Nothing in this Agreement shall relieve the Company of its liabilities to pay the benefits due under the Plan except to the extent such liabilities are satisfied by Trust assets.
(e) Except as provided in Section 14(c)(1), the entitlement of a Participant or Beneficiary to benefits under the Plan shall be determined by the Company or the Administrative Committee and report any claim for such benefits shall arise under and be subject to the review and appeal procedures set out in the Plan.
(f) The Trustee shall make provision for the reporting and withholding of any federal, state or local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan and shall pay amounts withheld to the appropriate taxing authoritiesauthorities unless such amounts have been reported, withheld and paid by the Company. With the consent of the Company, the Trustee may delegate to the Company or the Administrative Committee the responsibility for the reporting and withholding as described above.
(g) In additionaddition to any returns required of the Trustee by law, the Trustee shall be authorized to pay any federal, state or local taxes to any government body that presents a prepare and file such tax deficiency notice to reports and other returns as the Company and the Trustee with respect may from time to income or assets of the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting and withholding requirementstime agree.
(d) The entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit Plan shall be determined by the Bank or such party (other than the Trustee) as it shall designate under the Benefit Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit Plan.
Appears in 1 contract
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant Section 3.1 Company shall deliver to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank shall deliver periodically to Trustee a schedule (the, the "Payment Schedule") that indicates the amounts payable in respect of each Benefit Plan participant Participant (and his or her beneficiariesBeneficiaries), that provides a formula or other instructions acceptable to Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit PlanPlan or Contracts), and the time of commencement for payment of such amounts. In the event Company fails to provide a Payment Schedule to the Trustee, the Trustee may demand such Payment Schedule and Company shall promptly provide such Payment Schedule to Trustee.
(a) Except as otherwise provided herein, Trustee shall make payments to the Participants and their Beneficiaries in accordance with such Payment Schedule. The Payment Schedule may be amended periodically by Company to reflect additional retirements of Participants, changes in their marital status, terminations as a result of disability and such other matters as may result in a change in the form or amount of benefits payable to Participants. The Trustee shall make payments in accordance with said Payment Schedule.
(c) The Trustee shall, in accordance with provision for the written instructions reporting and withholding of the Bank, withhold and report any federal, state or local taxes (other than FICA, FUTA) that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan and/or Contracts and shall pay amounts withheld to the appropriate taxing authoritiesauthorities or determine that such amounts have been reported, withheld and paid by Company. In additionNotwithstanding the foregoing, the Trustee shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to Company may direct the Trustee with respect to the state and federal income or assets of the Trust. The Bank shall deliver to tax withholding on such payments, and must direct the Trustee each year if any tax withholding is required on a schedule payment subject to state/local income taxes in a state/locality other than the state/locality in which specifies the amount of participant currently resides (“Non-resident taxes”). If applicable, Company shall direct the Trustee to remit any FICA, FUTA or local taxes to be withheld, if any, with respect to the benefit payments to be made hereunder. Trustee Company and Company shall be entitled to rely conclusively on have the written instructions of Bank as to all tax responsibility for determining, reporting and paying the FICA, FUTA or local taxes to the appropriate taxing authorities. Company will indemnify and hold harmless the Trustee from any and all liability to which the Trustee may become subject due to Company’s failure to properly withhold and remit FICA, FUTA or local taxes in connection with payments from the Trust, or for failure to direct the Trustee regarding withholding requirementson any payment subject to Non-resident taxes.
(d) Section 3.2 The entitlement of a Benefit Plan participant Participant or his or her beneficiaries Beneficiaries to benefits under the Benefit Plan or Contracts shall be determined by the Bank Company or such party (other than the Trustee) as it shall designate under the Benefit PlanPlan or Contracts, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit Plan or Contracts.
Section 3.3 Company may make payment of benefits directly to Participants or their Beneficiaries as they become due under the terms of the Plan or Contracts, and may request reimbursement for such payments upon presentation of appropriate evidence of payment to Trustee. Company shall notify Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to Participants or their Beneficiaries, and a revised Payment Schedule reflecting such direct payments shall promptly be delivered by Company to Trustee. The Trustee shall have no tax reporting or withholding requirements with respect to payments made directly from the Company. In addition, if the principal of the Trust and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plan and Contracts, Company shall make the balance of each such payment as it falls due. Trustee shall notify Company where principal and earnings are not sufficient. Trustee shall not be liable for the inadequacy of the Trust to pay all amounts due under the Plan. The establishment and funding of the Trust shall not relieve Company from its obligations to provide the benefits under the Plan or the Contracts except the extent that amounts are paid to Participants and Beneficiaries from the Trust.
Appears in 1 contract
Samples: Rabbi Trust Agreement (Brinks Co)
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant Bank shall deliver to the Bank Trustee a deferral and election form, in accordance schedule (the “Payment Schedule”) consistent with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral applicable Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank shall deliver to Trustee a schedule (the, "Payment Schedule") that indicates the amounts payable in respect of each Benefit a Participant in a Plan participant (and his or her beneficiariesa Participant’s Beneficiaries), that provides a formula or other instructions acceptable to the Trustee for determining which set forth the amounts so payablepayable to a Participant in the applicable Plan or a Participant’s Beneficiaries, if applicable, the form in which such amount is to be paid (as provided for or available under the Benefit Plan)paid, and the time of commencement for payment of such amounts. The As provided for herein, the Payment Schedule may be revised by the Bank. Except as otherwise provided herein, the Trustee shall make payments to a Participant or a Participant’s Beneficiaries in each of the Plans in accordance with said such Payment Schedule.
(c) , as such Payment Schedule may be revised from time-to-time by the Bank, and any instructions received from the Bank. The preparation and delivery of the Payment Schedule referred to in this subsection shall be the responsibility of the Bank. The Trustee shall, shall use the Trust Assets to make such payments to Participants or their Beneficiaries in accordance with the written instructions Payment Schedule. In respect of such amounts payable, the Bank, withhold and report Bank shall determine the provision for any withholdings required by federal, state or state, and local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms Plan. The Bank shall, prior to the date such payment is due, instruct the Trustee to withhold the appropriate amount from any payment to be made under the Payment Schedule, and the Trustee shall then make payment of the Benefit net benefits, without any further reduction, directly to a Participant or a Participant’s Beneficiaries in the Plan as the payments become due unless either the Company or the Bank elects to make such payments directly. Either the Company or the Bank shall report and shall pay withheld amounts withheld to the appropriate taxing authorities. In addition, the Trustee shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to the Trustee with respect to income or authorities from assets of outside the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled reinvest any amounts withheld pursuant to rely conclusively on the written instructions of Bank as to all tax reporting and withholding requirementsthis Section in accordance with Section 5.
(db) The entitlement of a Benefit Plan participant Participant or his or her beneficiaries a Participant’s Beneficiaries to benefits under the Benefit Plan shall be determined by the Bank or such party (other than the Trustee) as it shall designate under the Benefit Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit Plan.
(c) Either the Company or the Bank may make payment of benefits directly to a Participant or a Participant’s Beneficiaries as the payments become due under the terms of a Plan. In such event, the Bank shall revise the Payment Schedule as appropriate to reflect any direct payments by the Company or the Bank. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of a Plan, either the Company or the Bank shall make the balance of each such payment as it falls due. The Trustee shall notify the Bank when principal and earnings are not sufficient to make any payment pursuant to the Payment Schedule.
Appears in 1 contract
Samples: Trust Agreement (Tierone Corp)
Payments to Plan Participants and Their Beneficiaries. (a) 2.1 The Plan Participant Company shall deliver to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank shall deliver to Trustee a schedule (the, the "Payment Schedule") that indicates the amounts payable in respect of each Benefit Plan participant (and his or her beneficiaries), or that provides a formula or other instructions acceptable to the Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit Plan), and the time of commencement for payment of such amounts. Except as otherwise provided herein, the Trustee shall make payments to the Plan participants and their beneficiaries in accordance with the most recent Payment Schedule received by the Trustee. The Trustee shall make payments in accordance with said Payment Schedule.
(c) The Trustee shall, in accordance with provision for the written instructions reporting and withholding of the Bank, withhold and report any federal, state or local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan and shall pay amounts withheld to the appropriate taxing authorities. In additionauthorities or determine that such amounts have been reported, withheld and paid by the Trustee shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to the Trustee with respect to income or assets of the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting and withholding requirementsCompany.
(d) 2.2 The entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit Plan shall be determined by the Bank Company or such party (other than the Trustee) as it shall designate under the Benefit Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit Plan.
2.3 The Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan. The Company shall notify the Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plan, the Company shall make the balance of each such payment as it falls due. The Trustee shall notify the Company where principal and earnings are not sufficient.
Appears in 1 contract
Samples: Trust Agreement (Ies Utilities Inc)
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant shall deliver to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank A. Semele shall deliver to Trustee a schedule (the, "Payment Schedule") copy of the Plan that indicates the amounts payable in respect of each Benefit the Plan participant Participants (and his or her their beneficiaries), that provides a formula or other instructions acceptable to Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit Plan), and the time of commencement for payment of such amountsamounts under the Plans. Except as otherwise provided herein, Trustee shall make payments to each Plan Participant and his beneficiaries (or, in the event of forfeiture of a Participant's benefit, to Semele) in accordance with the Plan. Semele shall provide the Trustee with all information necessary to make such distribution and the Trustee will be entitled to rely on such information.
B. The Trustee shall make payments in accordance with said Payment Schedule.
(c) The Trustee shall, in accordance with provision for the written instructions reporting and withholding of the Bank, withhold and report any federal, state or local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan Plans and shall pay amounts withheld to the appropriate taxing authoritiesauthorities or determine that such amounts have been reported, withheld and paid by Semele. In addition, the Trustee Semele shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to provide the Trustee with respect all information necessary to income or assets of make such tax withholding provision and the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting and withholding requirementssuch information.
(d) C. The entitlement of a Benefit the Plan participant Participant or his or her beneficiaries to benefits under the Benefit Plan Plans shall be determined by the Bank Semele or such party (other than the Trustee) as it shall designate under the Benefit PlanPlans, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit Plans.
D. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plan, Semele shall make the balance of each such payment as it falls due.
E. Once all assets of the Trust have been expended in Plan payments in accordance with Section 2, to or for the benefit of general creditors of Semele in accordance with Section 3(b), or for Trust expenses in accordance with Section 8 or 9, the Trust shall terminate and the Trustee shall have no further responsibility to make payments to Participant or his beneficiaries. Upon termination of the Trust, Trustee shall make payment as set forth in Section 12(b).
Appears in 1 contract
Samples: Trust Agreement (Semele Group Inc)
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant Company shall deliver to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank shall deliver to Trustee a schedule (the, the "Payment Schedule") that indicates the amounts payable in respect of each Benefit Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to the Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit Plan), and the time of commencement for payment of such amounts. Except as otherwise provided herein, the Trustee shall make payments to the Plan participants and their beneficiaries in accordance with such Payment Schedule. The Trustee shall make payments in accordance with said Payment Schedule.
(c) The Trustee shall, in accordance with provision for the written instructions reporting and withholding of the Bank, withhold and report any federal, state or local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan and shall pay amounts withheld to the appropriate taxing authorities. In additionauthorities or determine that such amounts have been reported, withheld and paid by the Trustee shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to the Trustee with respect to income or assets of the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting and withholding requirementsCompany.
(db) The entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit Plan shall be determined by the Bank Company or such party (other than the Trustee) as it shall designate under the Benefit Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Benefit Plan.
(c) The Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan. The Company shall notify the Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plan, the Company shall make the balance of each such payment as it falls due. The Trustee shall notify the Company where principal and earnings are not sufficient.
Appears in 1 contract
Samples: Deferred Compensation Plan Trust Agreement (Dendrite International Inc)
