William Penn Life, 1984 (19. évfolyam, 1-4. szám)

1984-04-01 / 2. szám

he had prepared. The following Resolution was presented and read: RESOLUTION RESOLVED BY THE PENSION COMMITTEE of the Employees Pen­sion Plan of the William Penn Association that the Merger Agree­ment between this Committee and the Pension Committee of the Employees Pension Fund of the Catholic Knights of St. George in the form read at this meeting incor­porated herein by reference is approved and adopted. RESOLVED FURTHER that the Chairman and Secretary of the Com­mittee be and they are hereby authorized and directed to sign the Agreement and submit the same to the Board of Directors of the William Penn Association for its approval under terms of the Merger Agree­ment effective August 3, 1983. RESOLVED FURTHER that the Of­ficers of the Committee or the William Penn Association be and they are hereby authorized to make any change or amendment to the plan or Merger Agreement required to effectuate the intent of this Com­mittee in compliance with any direc­tive of the Internal Revenue Service or applicable rules of ERISA (Employees Retirement Income Security Act of 1974) without forfeiting any vested rights of the members in the fund. ADOPTED THIS________DAY OF MARCH, 1984. CERTIFICATION I hereby certify that the foregoing is a true and correct copy of a Resolution adopted by the Pension Committee consisting of the Board of Directors and National Officers of the William Penn Association at a meeting duly called and held on March 26, 1984 and the same is unrescinded. Secretary It was moved, seconded and the Pension Committee of the William Penn Association Employees Pen­sion Plan adopted the Resolution. (Roll Call) All yes. National Treasurer Lovász was absent at this time. 5) Chairman Danko then ad­journed the Pension Committee Meeting. MERGER AGREEMENT This Agreement made this_____ day of March, 1984, by and be­tween the Pension Committee of the Employees Pension Fund of the Catholic Knights of St. George, hereinafter called the "KNIGHTS” Committee: AND The William Penn Association, a Pennsylvania Fraternal Corporation and its Joint Pension Committee, with a principal place of business at 709 Brighton Road, Pittsburgh, Pennsylvania, 15233, hereinafter called the "ASSOCIATION" witnesseth: THAT WHEREAS, the William Penn Association is the successor by Merger to the Catholic Knights of St. George, under terms of a Merger Agreement approved by the In­surance Commissioner of the Com­monwealth of Pennsylvania on August 3, 1983 and, WHEREAS, the Agreement pro­vides in part, "The parties agree that the Employee Pension Plans of the KNIGHTS and the WILLIAM PENN shall be continued as separate entities until such time as the ratio of surplus to liabilities of the KNIGHTS por­tion of the total business of the merged society is equal to the ratio of surplus to liabilities of the ASSOCIATION on the ef­fective date of this Agreement. At such time, the Employees Pension Plan of the KNIGHTS shall be changed to provide benefits for the then active par­ticipants comparable to those of the WILLIAM PENN and the two plans shall be consolidated into one plan." WHEREAS, the ASSOCIATION as the surviving Corporation desires to submit a plan to the Internal Revenue Service to merge the Employees Pen­sion Fund of the KNIGHTS into the Employees Pension Plan of the ASSOCIATION as soon as prac­ticable. NOW THEREFORE, the Parties do agree as follows: 1 . That the assets of the KNIGHTS Employees Pension Fund and the assets of the Employees Pension Plan of the WILLIAM PENN ASSOCIATION be merged retroac­tive to January 1, 1 984. 2. That the plan for administering the merged fund prepared by Bruce and Bruce Company, Actuaries, is approved and attached hereto, .and shall constitute an amendment to the By-Laws of the Employees Pen­sion Plan of the WILLIAM PENN ASSOCIATION. 3. That the rights of former KNIGHTS employee members and retired former employee members are vested in the Fund in their pro­portional shares of the reserves to the extent that their accrued pension benefits will never be less than they would have enjoyed under the original Catholic Knights of St. George Employees Pension Fund. 4. That after the merger, the former KNIGHTS employees will begin accruing benefits as new members under the WILLIAM PENN ASSOCIATION Employees Pension Plan By-Laws. 5. That the merged pension funds will be managed and administered under the By-Laws of the WILLIAM PENN ASSOCIATION Employees Pension Plan. 6. That the Officers of the Pen­sion Plan Committees or the WILLIAM PENN ASSOCIATION are authorized to make any changes or amendment to the Plan or this Merger Agreement in compliance with any directive of the Internal Revenue Service or applicable rules of ERISA (Employee Retirement In­come Security Act of 1 974) or any other applicable statute or rules and regulations without forfeiting any vested rights of the members in the fund. IN WITNESS WHEREOF, THE PAR­TIES HERETO HAVE CAUSED THIS AGREEMENT TO BE DULY EX­ECUTED ON THE DATE FIRST ABOVE WRITTEN. William Penn Association a Pennsylvania Corporation and Joint Pension Committee under the By-Laws of the Employees Pension Plan of the William Penn Association. ATTEST By John Sabo, National President Gus G. Nagy, National Secretary Catholic Knights of St. George Pension Committee Witness By Chairman Secretary 43) Chairman Danko reconvened the Board of Directors meeting at this time. Secretary Radvany read the report of the Pension Committee. 44) It was moved, seconded and the Board of Directors approves the report, adopts the Resolution and 31

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