chris Posted July 2, 2002 Posted July 2, 2002 Current MPPP is integrated with Social Security. E/er also has a PSP. E/er considering terminating the MPPP within the next year (e/er does not want to terminate and distribute assets now given the market fluctuations). Also, both plans are to be amended for GUST shortly. As e/er is considering eventually terminating the MPPP, e/er wants to amend the PSP to add integration with Soc. Sec. It would seem that if e/er froze the MPPP (allocation formula to 0% of compensation...) the e/er should be able to amend the PSP to add integration with Soc. Sec.. I have yet to research it but this would not seem to run afoul of the "only one plan providing for disparity" rule. Any suggestions??? Thanks.
chris Posted July 2, 2002 Author Posted July 2, 2002 I guess the amendment of the allocation formula to 0% of compensation in and of itself would suffice since no disparity can take place where there is no contribution. The amendment would replace the allocation language incl. disparity with 0% of compensation. Given the last day of the plan year employment requirement (the plans have a 6/30 year end) assuming the MPPP is amended shortly after 7/1, then no participants will "benefit" under the MPPP for the plan year beginning 7/1/02. So obvious I missed it.....
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