Exhibit 10.20
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RECIPROCITY AGREEMENT
BY AND BETWEEN
TORCHMARK CORPORATION AND
XXXXXXX & XXXX FINANCIAL, INC.,
ON BEHALF OF THE
TORCHMARK CORPORATION PENSION PLAN,
THE XXXXXXX & XXXX FINANCIAL, INC. RETIREMENT INCOME PLAN,
THE TORCHMARK CORPORATION SAVINGS AND INVESTMENT PLAN, AND
THE XXXXXXX & XXXX FINANCIAL, INC. SAVINGS AND INVESTMENT PLAN
Recitals:
Xxxxxxx & Xxxx Financial, Inc. and its affiliates (collectively, "W&R
Financial") employ individuals who were formerly employed by Torchmark
Corporation and its affiliates (collectively, "Torchmark") and who accrued
benefits under the Torchmark Corporation Pension Plan (the "Torchmark
Pension Plan") and the Torchmark Corporation Savings and Investment Plan
(the "Torchmark Thrift Plan").
Torchmark employs individuals who were formerly employed by Xxxxxxx &
Xxxx Financial or its predecessor, Xxxxxxx & Xxxx, Inc. and its
affiliates (collectively, "W&R") and who accrued benefits under the
Xxxxxxx & Xxxx Financial, Inc. Retirement Income Plan (the "W&R Financial
Pension Plan") and the Xxxxxxx & Xxxx Financial, Inc. Savings and
Investment Plan (the "W&R Financial Thrift Plan").
In connection with the initial public offering of Class A common stock
of W&R Financial, the parties hereto desire for the plans identified
herein to transfer certain assets and liabilities among and between said
plans.
NOW, THEREFORE, the parties hereto hereby agree as follows:
1. The W&R Financial Thrift Plan shall transfer to the Torchmark Thrift
Plan assets and liabilities related to the following classes of employees:
(a) Existing and former employees of United Investors Life Insurance
Company;
(b) Existing sales persons of Xxxxxxx & Xxxx Asset Management Company;
and,
(c) Former employees of W&R or W&R Financial who are current employees of
Torchmark.
2. The Torchmark Thrift Plan shall transfer to the W&R Financial Thrift Plan
assets and liabilities related to the following classes of employees:
(a) Former employees of Torchmark who are current employees of W&R
Financial.
3. The W&R Financial Pension Plan shall transfer to the Torchmark Pension
Plan assets and liabilities related to the following classes of employees:
(a) Existing sales persons of Xxxxxxx & Xxxx Asset Management Company;
and,
(b) Former employees of United Investors Real Estate Company.
4. The Torchmark Pension Plan shall transfer to the W&R Financial Pension
Plan assets and liabilities related to the following classes of employees:
(a) Former employees of Torchmark who are current employees of W&R
Financial; and,
(b) Former employees of Torch Energy Advisors Incorporated.
5. The transfers of assets and liabilities provided for herein shall take
place no sooner than the filing of appropriate Forms 5310-A with the Internal
Revenue Service, the Department of Labor, and the Pension Benefit Guaranty
Corporation unless a regulatory exemption for the filing of such forms exists.
6. The parties hereto may amend this agreement at any time pursuant to a
writing signed by both parties.
DONE as of this the __ day of __________, 1998.
Torchmark Corporation, as sponsor and plan
administrator of the Torchmark Corporation Pension
Plan and the Torchmark Corporation Savings and
Investment Plan
ATTEST: By:_______________________________________
Its:___________________________________
________________________________
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Xxxxxxx & Xxxx Financial, Inc., as sponsor and
plan administrator of the Xxxxxxx & Xxxx
Financial, Inc. Retirement Income Plan and the
Xxxxxxx & Xxxx Financial, Inc. Savings and
Investment Plan
ATTEST: By:_______________________________________
Its:___________________________________
________________________________
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