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Site Map Glossary Employee Book of Benefits OneCall: 1-877-861-2255 |
Home > Administrative Information > Plan Termination & Amendment
The Company may also increase or decrease its contributions or the participants' contributions to the plans. The Company's decision to terminate or amend a plan may be due to changes in federal or state laws governing pension or welfare benefits, the requirements of the Internal Revenue Code or ERISA, or any other reason. A plan change may result in the transfer of plan assets and debts to another plan or split a plan into two or more parts. If the Company does terminate or amend a plan, it may decide to set up a different plan providing similar or identical benefits, but it is under no obligation to do so. If the pension plan or savings program is terminated, you will have a vested right to the value of your accrued retirement benefit under the pension plan or the entire value of your savings account, as applicable. Once your pension plan benefit or savings program account value has been determined, it may be paid in the form of one or more cash payments. The exact form of payment may be set by law; if there is a choice, the plan administrator will decide the type and timing of payment. If a welfare plan is terminated, you will not have any further rights, other than the payment of benefits for covered losses or expenses incurred before the plan was terminated, and for covered medical plan expenses related to a total disability existing before the plan was terminated, which are incurred within three months after termination of the plan. The amount and form of any final benefit you or your beneficiary receives will depend on any insurance contract provisions affecting the plan and the Company's decisions. Last updated: Thursday April 21 2005 | ||
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