Transfer of Employment with Transfer of Funds

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.