The Class Settlement Amount. 7.1.1. SSM will contribute a minimum of $15 million per year to the Plans during the calendar years of 2019, 2020, 2021, and 2022, for a total of $60 million. SSM may use its discretion when during each year it makes these contributions. SSM will allocate these contributions among the Plans to attempt to have the Plans funded equally on a percentage basis, funding the Plan with the lowest funding percentage first. Any amount paid in excess of $15 million during the calendar years of 2019, 2020, and 2021 may be used to reduce subsequent contributions. SSM may satisfy its obligation by making payments to the Plans totaling $50 million before December 31, 2020.
Appears in 4 contracts
Samples: Settlement Agreement, Class Action Settlement Agreement, Settlement Agreement
