BGC » Topics » Funding

This excerpt taken from the BGC 8-K filed Jun 27, 2007.

Funding


(a)

Nothing contained in this Plan shall require the Employer to segregate any monies from its general funds, or to create any trusts, or to make any special deposits for any amounts to be paid to any Participant, former Participant or Beneficiary.  Neither a Participant, former Participant or Beneficiary or their heirs or personal representatives shall have any right, title or interest in or to any of the funds of the Employer on account of this Plan.


(b)

All benefits payable in accordance with this Plan, as well as any administrative costs relating to the Plan, shall constitute a general unsecured obligation of the Employer and shall be payable only from the general assets of the Employer unless the provisions of Section 4.02(c) below are applicable.


(c)

The Employer may, for administrative reasons, establish a grantor trust or similar arrangement for the benefit of Plan Participants and their Beneficiaries.  The assets of said trust or arrangement will be held separate and apart from other funds of the Employer and shall be used exclusively for the purposes set forth in the Plan and the applicable documents establishing the trust or similar arrangement, subject to the following conditions:


(i)

the creation of said trust shall not cause the Plan to be other than “unfunded” for purposes of Title I of ERISA;




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(ii)

the Employer shall be treated as the “grantor” of said trust for purposes of Sections 671 and 677 of the Internal Revenue Code; and

(iii)

the documents establishing the trust or similar arrangement shall provide that the assets held under the trust or similar arrangement may be used to satisfy claims of the Employer’s general creditors, provided that the rights of such general creditors are enforceable under federal and state law.


4.03

"Funding" elsewhere:

Baldor Electric Company (BEZ)
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