Section 13 - Transfers Between the Plan and the US Plan

13.01 - Pursuant to an agreement made between the Trustees of this Plan and the Trustees of the U.S. Plan, a payment shall be made, as of the date of transfer of each Transferred Participant, from the trust fund of the plan in which he or she formerly participated to the trust fund of the plan to which such Transferred Participant transferred. The amount of such payment shall be equal to twice the amount of such Transferred Participant's Contribution Account under the former plan, calculated as of the first day of the month in which the Transferred Participant becomes a Participant in the other plan.

Once the payment described in the preceding paragraph has been made, the Transferred Participant shall have no further rights under the plan from which the Transferred Participant transferred. Under the new plan, the Transferred Participant shall have the same Vesting Service and Adjusted Credited Participating Service as under the former plan, and the Transferred Participant's rights under the new plan shall be determined as if all of the contributions which were made under the former plan had been made under the new plan.

Notwithstanding the foregoing, a transfer of funds between pension plans is no longer permitted effective September 1, 1987.

13.02 - If, because of termination of the agreement referred to in the first paragraph of Section 13.01, or for any other reason, the payment described in such paragraph is not made, the rights under this Plan of a Transferred Participant who transferred from this Plan to the U.S. Plan shall be determined as if (while the Transferred Participant continues as an active participant in the U.S. Plan) the Transferred Participant had continued as an active Participant in this Plan, subject to the following exceptions:

  • The Transferred Participant will not make any contributions under this Plan while a participant in the U.S. Plan.
  • The Transferred Participant's credited service accrued under the U.S. Plan will be deemed to be Vesting Service under this Plan for the purpose of determining Vested Percentage and eligibility for early retirement but such credited service under the U.S. Plan will not count in the calculation of any pension under Section 6.
  • If the Transferred Participant becomes Disabled while employed in the U.S., the Transferred Participant will not be entitled to disability benefits under Section 6.06 of the Plan.

If a Transferred Participant moves from the U.S. Plan to this Plan, and if the payment described in the first paragraph of Section 13.01 is not made, such Transferred Participant's credited service accrued under the U.S. Plan shall be combined with Vesting Service under this Plan for the purpose of determining Vested Percentage and eligibility for early retirement but such credited service under the U.S. Plan will not count in the calculation of any pension under Section 6.