Subtrusts. 2.03-1 The Trustee shall establish a separate subtrust ("Subtrust") for each Plan to which it shall credit contributions it receives which are earmarked for that Plan and Subtrust. The Trustee shall also establish a separate Subtrust to which it shall credit contributions it receives which are earmarked to the special reserve for payment of future fees and expenses of the Trustee and future trust fees and expenses for legal and administrative proceedings. Each Subtrust shall reflect an undivided interest in assets of the trust fund and shall not require any segregation of particular assets, except that an insurance contract covering benefits of a particular Plan shall be held in the Subtrust for the Plan. All contributions shall be designated by the Company for a particular Subtrust. However, any contribution received by the Trustee which is not earmarked for a particular Subtrust shall be allocated among the Subtrusts as the Trustee may determine in its sole discretion. The Committee may direct the Trustee, or the Trustee may determine on its own initiative, to maintain a separate sub-account within each Subtrust for a Plan for each Participant who is covered by the Subtrust. Each sub-account in a Subtrust shall reflect an individual interest in assets of the Subtrust and, as much as possible, shall operate in the same manner as if it were a separate Subtrust. 2.03-2 The Trustee shall allocate investment earnings and losses and expenses of the trust fund among the Subtrusts in proportion to their balances, except that changes in the value of an insurance contract (including premiums and interest on loans on an insurance contract) shall be allo- cated to the Subtrust for which it is held. Payments to creditors during Insolvency Administration under 5.02 shall be charged against the Subtrusts in proportion to their balances, except that payment of Plan benefits to a Participant as a general creditor shall be charged against the Subtrust for that Plan. 2.03-3 Assets allocated to a Subtrust for one (1) Plan may not be utilized to provide benefits under any other Plans until all benefits under such Plan have been paid in full, except that Excess Assets of a Subtrust may be transferred to other Subtrusts pursuant to 2.04-5.
Appears in 1 contract
Subtrusts. 2.03-1 The Trustee shall establish a separate subtrust ("Subtrust") for each Plan to which it shall credit contributions it receives which are earmarked for that Plan and Subtrust. The Trustee shall also establish a separate Subtrust to which it shall credit contributions it receives which are earmarked to the special reserve for payment of future fees and expenses of the Trustee and future trust fees and expenses for legal and administrative proceedings. Each Subtrust shall reflect an undivided interest in assets of the trust fund and shall not require any segregation of particular assets, except that an insurance contract covering benefits of a particular Plan shall be held in the Subtrust for the Plan. All contributions shall be designated by the Company for a particular Subtrust. However, any contribution received by the Trustee which is not earmarked for a particular Subtrust shall be allocated among the Subtrusts as the Trustee may determine in its sole discretion. The Committee may direct the Trustee, or the Trustee may determine on its own initiative, to maintain a separate sub-account within each Subtrust for a Plan for each Participant who is covered by the Subtrust. Each sub-account in a Subtrust shall reflect an individual interest in assets of the Subtrust and, as much as possible, shall operate in the same manner as if it were a separate Subtrust.
2.03-2 The Trustee shall allocate investment earnings and losses and expenses of the trust fund among the Subtrusts in proportion to their balances, except that changes in the value of an insurance contract (including premiums and interest on loans on an insurance contract) shall be allo- cated allocated to the Subtrust for which it is held. Payments to creditors during Insolvency Administration under 5.02 shall be charged against the Subtrusts in proportion to their balances, except that payment of Plan benefits to a Participant as a general creditor shall be charged against the Subtrust for that Plan.
2.03-3 Assets allocated to a Subtrust for one (1) Plan may not be utilized to provide benefits under any other Plans until all benefits under such Plan have been paid in full, except that Excess Assets of a Subtrust may be transferred to other Subtrusts pursuant to 2.04-5.
Appears in 1 contract
Subtrusts. 2.03-1 The Trustee shall establish a separate subtrust ("Subtrust") for each Plan to which it shall credit contributions it receives which are earmarked for that Plan and Subtrust. The Trustee shall also establish a separate Subtrust to which it shall credit contributions it receives which are earmarked to the special reserve for payment of future fees and expenses of the Trustee and future trust fees and expenses for legal and administrative proceedingsproceeding. Each Subtrust shall reflect an undivided interest in assets of the trust fund and shall not require any segregation of particular assets, . except that an insurance contract covering benefits of a particular Plan shall be held in the Subtrust for the Plan. All contributions shall be designated by the Company for a particular Subtrust. However, any contribution received by the Trustee which is not earmarked for a particular Subtrust shall be allocated among the Subtrusts as the Trustee may determine in its sole discretion. The Committee may direct the Trustee, or the Trustee may determine on its own initiative, to maintain a separate sub-account within each Subtrust for a Plan for each Participant who is covered discovered by the Subtrust. Each sub-account in a Subtrust shall reflect an individual interest in assets of the Subtrust and, as much as possible, shall operate in the same manner as if it were a separate Subtrust.
2.03-2 The Trustee shall allocate investment earnings and losses and expenses of the trust fund among the Subtrusts in proportion to their balances, except that changes in the value of an insurance contract (including premiums and interest on loans on an insurance contract) shall be allo- cated allocated to the Subtrust for which it is held. Payments to creditors during Insolvency Administration under 5.02 shall be charged against the Subtrusts in proportion to their balances, except that payment of Plan benefits to a Participant as a general creditor shall be charged against the Subtrust for that Plan.
2.03-3 Assets allocated to a Subtrust for one (1) Plan plan may not be utilized to provide benefits under any other Plans until all benefits under such Plan have been paid in full, except that Excess Assets of a Subtrust may be transferred to other Subtrusts pursuant to 2.04-5.
Appears in 1 contract
Samples: Trust Agreement (Keycorp /New/)
Subtrusts. 2.03-1 The Company may direct the Trustee, or the Trustee shall may determine on its own initiative after a Special Circumstance, to establish (i) a separate subtrust ("“Subtrust"”) for each Plan to which it the Trustee shall credit contributions it receives which are earmarked for that Plan and Subtrust. The Trustee shall also establish Subtrust and (ii) a separate Subtrust to which it the Trustee shall credit contributions it receives which are earmarked to the special reserve for payment of future fees and expenses of the Trustee and future trust Trust fees and expenses for legal and administrative proceedings. Each Subtrust shall reflect an undivided interest in assets of the trust fund and shall not require any segregation of particular assets. When Subtrusts are established, except that an insurance contract covering benefits of a particular Plan shall be held in the Subtrust for the Plan. All all contributions shall be designated by the Company for a particular Subtrust. However, any contribution received by the Trustee which is not earmarked designated by the Company for a particular Subtrust before a Special Circumstance shall be allocated among the Subtrusts as the Trustee may determine in its sole discretion. When Subtrusts are established at a later date subsequent to adoption of the Trust, the Trustee shall allocate the Trust assets among the separate Subtrusts as directed by the Company prior to a Special Circumstance, but otherwise as the Trustee may determine in its discretion. By way of illustration, but not limitation, the Trustee may allocate the Trust assets among the Subtrusts in proportion to the present value of all accrued benefits (vested and unvested) payable under each Plan on a pretax basis to Participants covered by the Trust, as determined under 2.01-3. The Committee may direct the Trustee, or the Trustee may determine on its own initiativeinitiative after a Special Circumstance, to maintain a separate sub-account subaccount within each Subtrust for a Plan for each Participant who is covered by the Subtrust. Each sub-account subaccount in a Subtrust shall reflect an individual interest in assets of the Subtrust and, as much as possible, shall operate in the same manner as if it were a separate Subtrust.
2.03-2 The Trustee shall allocate investment earnings and losses and expenses of the trust fund as of a valuation date among the Subtrusts in proportion to their balances, except that changes in the value of an insurance contract (including premiums and interest on loans on an insurance contract) shall be allo- cated to the Subtrust for which it is held. Payments to creditors during Insolvency Administration under 5.02 shall be charged against the Subtrusts in proportion to their balances, except that payment of Plan benefits to a Participant as a general creditor shall be charged against the Subtrust for that Plan.
2.03-3 Assets allocated to a Subtrust for one (1) Plan may not be utilized to provide benefits under any other Plans until all benefits under such Plan have been paid in full, except that Excess Assets of a Subtrust may be transferred to other Subtrusts pursuant to 2.04-5.. PAGE 12 - NONQUALIFIED RETIREMENT PLAN - TRUST AGREEMENT
Appears in 1 contract
Subtrusts. 2.03-1 The 2.4.1 Upon written direction of the Company, the Trustee shall establish a separate subtrust ("Subtrust") for each Plan to which it shall credit contributions it receives which are earmarked for that Plan and Subtrustparticipant in a Plan. The Trustee shall also establish a separate Subtrust to which it shall credit contributions it receives which are earmarked to the special reserve for payment of future fees and expenses of the Trustee and future trust fees and expenses for legal and administrative proceedings. Each Subtrust shall reflect an undivided interest in the Participating Trust's assets of the trust fund and shall not require any segregation of particular assets. In the event the Company directs the Trustee to establish separate Subtrusts, except that an insurance contract covering benefits the Company shall direct the Trustee with respect to the allocation of assets of the trust fund among each separate Subtrust. After a particular Plan shall be held Change in the Subtrust for the Plan. All contributions shall be designated Control, any such direction by the Company for with respect to the allocation of assets of the trust fund among separate Subtrusts may be made only with the Written Consent of Participants affected thereby. If the Trustee does not receive a particular Subtrustvalid direction with respect to the allocation of assets of the trust fund among separate Subtrusts within 90 days after such Subtrusts are established, the assets of the trust fund or affected portion thereof shall be allocated in accordance with the provisions of the applicable Participating Trust. However, With respect to any contribution received new contributions to the trust by the Company after separate Subtrusts have been established, the Company shall designate each participant for which such contributions are made. The Trustee which is not earmarked shall have no duty to inquire whether any of the foregoing allocations of assets of the trust fund or contributions to the trust are made in compliance with the terms of any Plan. After establishment of separate Subtrusts, the interest of each Subtrust in this trust shall be accounted for as a particular separate fund of the trust and no part of the assets allocable to one participant and his/her Subtrust shall be allocated among the Subtrusts as the Trustee may determine in its sole discretionutilized to provide any benefits under any Plan to any other participant. The Committee may direct the Trustee, or the Trustee may determine on its own initiative, to maintain a separate sub-account within each Subtrust for a Plan for each Participant who is covered by the Subtrust. Each sub-account in a Subtrust shall reflect an individual interest in assets of the Subtrust and, as much as possible, shall operate in the same manner as if it were a separate Subtrust.
2.03-2 The Trustee shall allocate investment earnings and losses and expenses of the trust fund among the Subtrusts in proportion to their account balances, except that changes in the value of an insurance contract (including premiums and interest on loans on an insurance contract) shall be allo- cated to the Subtrust for which it is held. Payments to general creditors during Insolvency Administration under 5.02 5.2 shall be charged against the Subtrusts each Subtrust in proportion to their balancesits account balance plus payment therefrom to the beneficiary thereof made during the previous duration of said Subtrust, except that payment of Plan benefits to a Participant Plan participant as a general creditor shall be charged against the Subtrust for that Planparticipant.
2.03-3 Assets 2.4.2 Upon direction of a Participating Trust Trustee, the Trustee shall establish a separate subtrust for each participant (each a "Participant Trust") in a Plan. The Participant Trust shall reflect an undivided interest in the Participating Trust's assets of the trust fund and shall not require any segregation of particular assets. The assets of the trust shall be allocated to such separate Participant Trusts in accordance with the provisions of the applicable Participating Trust. After such allocation, the interest of each Participant Trust in this trust shall be accounted for as a Subtrust for separate fund of the trust and no part of the assets allocable to one (1) Plan may not participant and his/her Participant Trust shall be utilized to provide any benefits under any Plan to any other Plans until all benefits under such Plan participant.
(a) With respect to any new contributions to the trust by the Company after the Participant Trusts have been paid established, the Company shall designate each participant and his/her associated Participant Trust for which such contributions are made.
(b) Investment earnings and losses of the trust fund of the Plan shall be allocated among the Participant Trusts in fullproportion to their account balances. Payments to general creditors during Insolvency Administration shall be charged, until each such trust is exhausted, against each Participant Trust in proportion to its account balance plus payments therefrom to the beneficiary thereof made during the previous duration of said Participant Trust, except that Excess Assets payment of benefits to a Plan participant as a general creditor shall be charged against the appropriate Participant Trust for that participant.
(c) Following the establishment of Participant Trusts, a Plan's benefits shall be paid to each participant or his/her beneficiary(ies) in accordance with the terms of the Plan until all assets allocable to his/her Participant Trust are exhausted. Thereafter, a participant shall have no claim against any of the other assets of this trust. Notwithstanding the foregoing, if at any time after the establishment of Participant Trusts, the value of a Subtrust participant's Participant Trust shall be $100,000 or less, distribution of the value of such Participant Trust shall be made by the Trustee to such participant at such time in a lump sum. Thereafter, such participant shall have no claim against any of the other assets of this trust, but shall retain any rights which he may be transferred to other Subtrusts have against the Company pursuant to 2.04-5the Plan.
(d) If at any time after the establishment of Participant Trusts in accordance with this 2.4.2, the Company shall fund the trust to the level required by the applicable Participating Trust to avoid the establishment of separate Participant Trusts, then at the Company's option and upon notice by the Company to the Trustee to such effect, the requirement of this 2.
Appears in 1 contract
Subtrusts. 2.03-1 The 2.4.1 Upon written direction of the Company, the Trustee shall establish a separate subtrust ("Subtrust") for each Plan to which it shall credit contributions it receives which are earmarked for that Plan and Subtrustparticipant in a Plan. The Trustee shall also establish a separate Subtrust to which it shall credit contributions it receives which are earmarked to the special reserve for payment of future fees and expenses of the Trustee and future trust fees and expenses for legal and administrative proceedings. Each Subtrust shall reflect an undivided interest in the Participating Trust's assets of the trust fund and shall not require any segregation of particular assets. In the event the Company directs the Trustee to establish separate Subtrusts, except that an insurance contract covering benefits the Company shall direct the Trustee with respect to the allocation of assets of the trust fund among each separate Subtrust. After a particular Plan shall be held Change in the Subtrust for the Plan. All contributions shall be designated Control, any such direction by the Company for with respect to the allocation of assets of the trust fund among separate Subtrusts may be made only with the Written Consent of Participants affected thereby. If the Trustee does not receive a particular Subtrustvalid direction with respect to the allocation of assets of the trust fund among separate Subtrusts within 90 days after such Subtrusts are established, the assets of the trust fund or affected portion thereof shall be allocated in accordance with the provisions of the applicable Participating Trust. However, With respect to any contribution received new contributions to the trust by the Company after separate Subtrusts have been established, the Company shall designate each participant for which such contributions are made. The Trustee which is not earmarked shall have no duty to inquire whether any of the foregoing allocations of assets of the trust fund or contributions to the trust are made in compliance with the terms of any Plan. After establishment of separate Subtrusts, the interest of each Subtrust in this trust shall be accounted for as a particular separate fund of the trust and no part of the assets allocable to one participant and his/her Subtrust shall be allocated among the Subtrusts as the Trustee may determine in its sole discretionutilized to provide any benefits under any Plan to any other participant. The Committee may direct the Trustee, or the Trustee may determine on its own initiative, to maintain a separate sub-account within each Subtrust for a Plan for each Participant who is covered by the Subtrust. Each sub-account in a Subtrust shall reflect an individual interest in assets of the Subtrust and, as much as possible, shall operate in the same manner as if it were a separate Subtrust.
2.03-2 The Trustee shall allocate investment earnings and losses and expenses of the trust fund among the Subtrusts in proportion to their account balances, except that changes in the value of an insurance contract (including premiums and interest on loans on an insurance contract) shall be allo- cated to the Subtrust for which it is held. Payments to general creditors during Insolvency Administration under 5.02 5.2 shall be charged against the Subtrusts each Subtrust in proportion to their balancesits account balance plus payment therefrom to the beneficiary thereof made during the previous duration of said Subtrust, except that payment of Plan benefits to a Participant Plan participant as a general creditor shall be charged against the Subtrust for that Planparticipant.
2.03-3 Assets 2.4.2 Upon direction of a Participating Trust Trustee, the Trustee shall establish a separate subtrust for each participant (each a "Participant Trust") in a Plan. The Participant Trust shall reflect an undivided interest in the Participating Trust's assets of the trust fund and shall not require any segregation of particular assets. The assets of the trust shall be allocated to such separate Participant Trusts in accordance with the provisions of the applicable Participating Trust. After such allocation, the interest of each Participant Trust in this trust shall be accounted for as a Subtrust for separate fund of the trust and no part of the assets allocable to one (1) Plan may not participant and his/her Participant Trust shall be utilized to provide any benefits under any Plan to any other Plans until all benefits under such Plan participant.
(a) With respect to any new contributions to the trust by the Company after the Participant Trusts have been paid established, the Company shall designate each participant and his/her associated Participant Trust for which such contributions are made.
(b) Investment earnings and losses of the trust fund of the Plan shall be allocated among the Participant Trusts in fullproportion to their account balances. Payments to general creditors during Insolvency Administration shall be charged, until each such trust is exhausted, against each Participant Trust in proportion to its account balance plus payments therefrom to the beneficiary thereof made during the previous duration of said Participant Trust, except that Excess Assets payment of benefits to a Plan participant as a general creditor shall be charged against the appropriate Participant Trust for that participant.
(c) Following the establishment of Participant Trusts, a Plan's benefits shall be paid to each participant or his/her beneficiary(ies) in accordance with the terms of the Plan until all assets allocable to his/her Participant Trust are exhausted. Thereafter, a participant shall have no claim against any of the other assets of this trust. Notwithstanding the foregoing, if at any time after the establishment of Participant Trusts, the value of a Subtrust participant's Participant Trust shall be $100,000 or less, distribution of the value of such Participant Trust shall be made by the Trustee to such participant at such time in a lump sum. Thereafter, such participant shall have no claim against any of the other assets of this trust, but shall retain any rights which he may be transferred to other Subtrusts have against the Company pursuant to 2.04-5the Plan.
(d) If at any time after the establishment of Participant Trusts in accordance with this 2.4.2, the Company shall fund the trust to the level required by the applicable Participating Trust to avoid the establishment of separate Participant Trusts, then at the Company's option and upon notice by the Company to the Trustee to such effect, the requirement of this 2.4.2 for separate Participant Trusts shall cease (and the provisions related thereto shall have no force or effect) and such requirement shall thereafter recommence only if the Participating Trust funding level thereafter falls below the level described in the applicable Participating Trust as requiring the establishment of separate Participant Trusts.
Appears in 1 contract
Samples: Master Trust Agreement (At&t Inc.)
Subtrusts. 2.03-1 The Trustee shall establish a separate subtrust ("Subtrust") for each Plan to which it shall credit contributions it receives which are earmarked for that Plan and Subtrust. The Trustee shall also establish a separate Subtrust to which it shall credit contributions it receives which are earmarked to the special reserve for payment of future fees and expenses of the Trustee and future trust fees and expenses for legal and administrative proceedings. Each Subtrust shall reflect an undivided interest in assets of the trust fund and shall not require any segregation of particular assets, except that an insurance contract covering benefits of a particular Plan shall be held in the Subtrust for the Plan. All contributions shall be designated by the Company for a particular Subtrust. However, any contribution received by the Trustee which is not earmarked for a particular Subtrust shall be allocated among the Subtrusts as the Trustee may determine in its sole discretion. The Committee Xxx Xxxxxxxxx may direct the Trustee, or the Trustee may determine on its own initiative, to maintain a separate sub-account within each Subtrust for a Plan for each Participant who is covered by the Subtrust. Each sub-account in a Subtrust shall reflect an individual interest in assets of the Subtrust and, as much as possible, shall operate in the same manner as if it were a separate Subtrust.
2.03-2 The Trustee shall allocate investment earnings and losses and expenses of the trust fund among the Subtrusts in proportion to their balances, except that changes in the value of an insurance contract (including premiums and interest on loans on an insurance contract) shall be allo- cated allocated to the Subtrust for which it is held. Payments to creditors during Insolvency Administration under 5.02 shall be charged against the Subtrusts in proportion to their balances, except that payment of Plan benefits to a Participant as a general creditor shall be charged against the Subtrust for that Plan.
2.03-3 Assets allocated to a Subtrust for one (1) Plan may not be utilized to provide benefits under any other Plans until all benefits under such Plan have been paid in full, except that Excess Assets of a Subtrust may be transferred to other Subtrusts pursuant to 2.04-5.
Appears in 1 contract
Samples: Trust Agreement (Milacron Inc)
Subtrusts. 2.03-1 The Company shall direct the Trustee shall to establish (i) a separate subtrust ("Subtrust") for each Plan to which it the Trustee shall credit contributions it receives which are earmarked for that Plan and Subtrust. The Trustee shall also establish Subtrust and (ii) a separate Subtrust to which it the Trustee shall credit contributions it receives which are earmarked to the special reserve for payment of future fees and expenses of the Trustee and future trust Trust fees and expenses for legal and administrative proceedings. Each Subtrust shall reflect an undivided interest in assets of the trust fund and shall not require any segregation of particular assets. When Subtrusts are established, except that an insurance contract covering benefits of a particular Plan shall be held in the Subtrust for the Plan. All all contributions shall be designated by the Company for a particular Subtrust. However, any contribution received by the Trustee which is not earmarked designated by the Company for a particular Subtrust before a Special Circumstance shall be allocated among the Subtrusts as the Trustee may determine in its sole discretion. The Committee may direct the TrusteeAfter a Special Circumstance, or the Trustee may determine on its own initiative, to shall maintain a separate sub-account within each Subtrust for a Plan for each Participant who is covered by the Subtrust. Each sub-account in a Subtrust shall reflect an individual interest in assets of the Subtrust and, as much as possible, shall operate in the same manner as if it were a separate Subtrust.
2.03-2 The Trustee shall allocate investment earnings and losses and expenses of the trust fund as of a valuation date among the Subtrusts in proportion to their balances, except that changes in the value of an insurance contract (including premiums and interest on loans on an insurance contract) shall be allo- cated equal to the Subtrust for which it is heldactual earnings and losses of each subtrust's assets. Payments to creditors during Insolvency Administration under 5.02 shall be charged against the Subtrusts in proportion to their balances, except that payment of Plan benefits to a Participant as a general creditor shall be charged against the Subtrust for that Plan.
2.03-3 Assets allocated to a Subtrust for one (1) Plan may not be utilized to provide benefits under any other Plans until all benefits under such Plan have been paid in full, except that Excess Assets of a Subtrust may be transferred to other Subtrusts pursuant to 2.04-5.
Appears in 1 contract
Samples: Not Specified (Egghead Inc /Wa/)
Subtrusts. 2.03-1 The Trustee shall establish a separate subtrust ("“Subtrust"”) for each Plan to which it shall credit contributions it receives which are earmarked for that Plan and Subtrust. The Trustee shall also establish a separate Subtrust to which it shall credit contributions it receives which are earmarked to the special reserve for payment of future fees and expenses of the Trustee and future trust fees and expenses for legal and administrative proceedingsproceeding. Each Subtrust shall reflect an undivided interest in assets of the trust fund and shall not require any segregation of particular assets, . except that an insurance contract covering benefits of a particular Plan shall be held in the Subtrust for the Plan. All contributions shall be designated by the Company for a particular Subtrust. However, any contribution received by the Trustee which is not earmarked for a particular Subtrust shall be allocated among the Subtrusts as the Trustee may determine in its sole discretion. The Committee may direct the Trustee, or the Trustee may determine on its own initiative, to maintain a separate sub-account within each Subtrust for a Plan for each Participant who is covered discovered by the Subtrust. Each sub-account in a Subtrust shall reflect an individual interest in assets of the Subtrust and, as much as possible, shall operate in the same manner as if it were a separate Subtrust.
2.03-2 The Trustee shall allocate investment earnings and losses and expenses of the trust fund among the Subtrusts in proportion to their balances, except that changes in the value of an insurance contract (including premiums and interest on loans on an insurance contract) shall be allo- cated allocated to the Subtrust for which it is held. Payments to creditors during Insolvency Administration under 5.02 shall be charged against the Subtrusts in proportion to their balances, except that payment of Plan benefits to a Participant as a general creditor shall be charged against the Subtrust for that Plan.
2.03-3 Assets allocated to a Subtrust for one (1) Plan plan may not be utilized to provide benefits under any other Plans until all benefits under such Plan have been paid in full, except that Excess Assets of a Subtrust may be transferred to other Subtrusts pursuant to 2.04-5.. PAGE 17 — UMBRELLA TRUST™ FOR EXECUTIVES
Appears in 1 contract
Samples: Trust Agreement (Keycorp /New/)
