AGREEMENT FOR APPOINTMENT OF TRUSTEE AND TERMINATION OF PLAN
Exhibit
10.2
AGREEMENT
FOR APPOINTMENT OF
TRUSTEE
AND TERMINATION OF PLAN
This is
an AGREEMENT between the Pension Benefit Guaranty Corporation (“PBGC”) and
Ronson Corporation.
RECITALS:
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A.
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PBGC
is a United States government agency established by Title IV of the
Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C.
§§ 1301-1461 (“ERISA”).
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B.
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Ronson
Corporation (“Company”) is a corporation organized under the laws of New
Jersey, with its principal place of business located in Woodbridge, New
Jersey.
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C.
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The
Company maintains the Ronson Corporation Retirement Plan (“Plan”) to
provide retirement benefits for certain of its employees. The
Plan was established effective July 1,
1960.
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D.
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The
Plan is an employee pension benefit plan to which 29 U.S.C. § 1321(a)
applies and is not exempt under 29 U.S.C. § 1321(b). The Plan
is therefore covered by Title IV
of ERISA.
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E.
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Ronson
Corporation is the administrator of the Plan within the meaning of 29
U.S.C. §§ 1002(16) and 1301(a)(1).
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F.
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The
Company is preparing to sell substantially all of its assets and the
assets of each of its three subsidiaries, leaving no ongoing entity to
maintain the Plan.
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G.
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On
December 30, 2009, the Company was a contributing sponsor of the Plan
within the meaning of 29 U.S.C. §
1301(a)(13).
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H.
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PBGC
has issued to Ronson Corporation a Notice of Determination under 29 U.S.C.
§ 1342(a) that the Plan will be unable to pay benefits when due, and that
the Plan should be terminated under 29 U.S.C. §
1342(c).
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NOW
THEREFORE, the parties agree:
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1.
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The
Plan is terminated under 29 U.S.C. §1342
(c).
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2.
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The
Plan termination date is December 30, 2009, under 29 U.S.C. §
1348.
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3.
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PBGC
is appointed trustee of the Plan under 29 U.S.C. § 1342
(c).
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4.
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Ronson
Corporation and any other person having possession or control of any
records, assets or other property of the Plan shall convey and deliver to
PBGC any such records, assets or property in a timely
manner. PBGC reserves all its rights to pursue such records,
assets, and other property by additional means, including but not limited
to issuance of administrative subpoenas under 29 U.S.C. §
1303.
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5.
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PBGC
will have, with respect to the Plan, all of the rights and powers of a
trustee specified in ERISA or otherwise granted by
law.
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The
persons signing this Agreement are authorized to do so. The Agreement
will take effect on the date the last person signs below.
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Ronson
Corporation, Plan Administrator
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Dated:
July 8, 2010
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By:
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/s/
Xxxxx Xxxxxxx
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Xxxxx
Xxxxxxx
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Vice
President & Chief Financial Officer
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PENSION
BENEFIT GUARANTY CORPORATION
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Dated:
July 12, 2010
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By:
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/s/
Xxxxx Xxx
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Auditor
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