No Funding. The Plan constitutes a mere promise by the Employer to make payments in accordance with the terms of the Plan, and Participants and beneficiaries shall have the status of general unsecured creditors of the Employer. Nothing in the Plan will be construed to give any employee or any other person rights to any specific assets of the Employer or of any other person. In all events, it is the intent of the Employer that the Plan be treated as unfunded For tax purposes and for purposes of Title I of ERISA.
Appears in 1 contract
Samples: Agreement (Packaging Dynamics Corp)
No Funding. The Plan constitutes a mere promise by the Employer Company to make payments in accordance with the terms of the Plan, Plan and Participants and beneficiaries shall have the status of general unsecured creditors of the EmployerCompany. Nothing in the Plan will be construed to give any employee or any other person rights to any specific assets of the Employer Company or of any other person. In all events, it is the intent of the Employer Company that the Plan be treated as unfunded For for tax purposes and for purposes of Title I of ERISA.
Appears in 1 contract
Samples: Trust Agreement (Brunswick Bancorp)
No Funding. The Plan constitutes a mere promise by the Employer Company to make payments in accordance with the terms of the Plan, and Participants and beneficiaries shall have the status of general unsecured creditors of the EmployerCompany. Nothing in the Plan will be construed to give any employee or any other person rights to any specific assets of the Employer Company or of any other person. In all events, it is the intent of the Employer Company that the Plan be treated as unfunded For for tax purposes and for purposes of Title I of ERISA.
Appears in 1 contract
Samples: Autotote Corp
No Funding. The Plan constitutes a mere promise by the Employer to make payments in accordance with the terms of the Plan, Plan and Participants and beneficiaries shall have the status of general unsecured creditors of the Employer. Nothing in the Plan will be construed to give any employee or any other person rights to any specific assets of the Employer or of any other person. In all events, it is the intent of the Employer that the Plan be treated as unfunded For tax for Code purposes and for purposes of Title I of ERISA.
Appears in 1 contract
