Nomination: Hearings Before the Committee on Labor and Human Resources, United States Senate, Ninety-eighth Congress, Second Session, on Francis Xavier Lilly, of Maryland, to be Solicitor, U.S. Department of Labor, February 8 and March 14, 1984U.S. Government Printing Office, 1984 - 378 páginas |
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Términos y frases comunes
accrued benefits action actuarial Administration agencies Agreement AMAX amended annuities approval asset reversions Benefit Guaranty Corporation Board of Directors CHAIRMAN Chapoton Committee Company CONGRESS THE LIBRARY decision defined benefit plan defined contribution plan Department of Labor Department's determination letter discussed distribution doctrine documents Donovan employer enforcement ERISA ESOP excess assets fiduciary filed Fund Harper & Row Harper and Row Internal Revenue Code Internal Revenue Service Investment Manager involved issue liabilities LIBRARY OF CONGRESS LILLY litigation LMSA matter memorandum ment million Notice of Sufficiency Office overfunded plan participants and beneficiaries PBGC PBGC's pending Pension Benefit Guaranty plan assets plan participants plan sponsor position Profit Sharing Plan proposed purchase question request residual assets respect result reversion terminations Section Senator METZENBAUM settlement spin-off spin-off/termination surplus assets technique terminated plan Title transaction Treasury Trustee U.S. Department violations Washington
Pasajes populares
Página 250 - ... if under the trust instrument it is impossible, at any time prior to the satisfaction of all liabilities with respect to employees and their beneficiaries under the trust, for any part of the corpus or income to be (within the taxable year or thereafter) used for, or diverted to, purposes other than for the exclusive benefit of his employees or their beneficiaries...
Página 56 - ... with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent individual acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims...
Página 71 - President of , the corporation described in and which executed the foregoing instrument; that he knows the seal of said corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by order of the Board of Directors of said Corporation and that he signed his name thereto by like order.
Página 250 - In section 401(aX2) of the phrase “prior to the satisfaction of all liabilities with respect to employees and their beneficiaries under the trust” is to permit the employer to reserve the right to recover at the termination of the trust, and only at such termination, any balance remaining in the trust which is due to erroneous actuarial computations during the previous life of the trust. A balance due to an “erroneous actuarial computation...
Página 211 - In witness whereof the parties hereto have caused this agreement to be executed by their duly authorized officers, and to be sealed with their respective corporate seals, attested by their proper secretaries, the day and year first above written.
Página 21 - ... may form a portion of a plan the balance of which includes a qualified pension, profit-sharing, or stock bonus plan which is not an ESOP. A reference to an ESOP includes an ESOP that forms a portion of another plan. (5) Conversion of existing plan to an ESOP. If an existing pension, profitsharing, or stock bonus plan is converted into an ESOP, the requirements of section 404 of the Act, relating to fiduciary duties, and section...
Página 251 - Post, pp. 1021, (d),or under section 4042 and 4044 (relatingto tarinination of insured 1025. plans), the assets of a plan shall never inure to the benefit of any employer and shall lx? held for the exclusive, purposes of providing benefits to participants in the plan and their beneficiaries and defraying reasonable expenses of administering the plan.
Página 21 - ... PBGC reserves the right to review the actuarial assumptions used and to re-value the benefits determined by the plan administrator if the actuarial assumptions are found to be unreasonable. (2) The following interest assumptions are among those that will normally be considered reasonable. (i) The rate by the plan for determining lump sum amounts prior to the date of termination. This rate may appear in the plan documents or may be inferred from recent plan practice. (ii) The rate used by the...
Página 21 - ... beneficiaries have been satisfied, (B) the distribution does not contravene any provision of law, and (C) the plan provides for such a distribution in these circumstances.
Página 54 - Inquire into the validity or expediency of any such sale or other disposition: <b) To make, execute, acknowledge, and deliver any and all documents of transfer and conveyance and any and all other instruments that may be necessary or appropriate to carry out the powers herein granted; (c) To register any securities held in the Fund in its own name or in the name of a nominee and to hold any security in bearer...