IRM » Topics » ARTICLE 9 FUNDING

These excerpts taken from the IRM 10-K filed Feb 29, 2008.

ARTICLE 9
FUNDING

        9.1.    Plan Unfunded.    The Plan constitutes a mere promise by the Company to make benefit payments to Participants and Beneficiaries in accordance with the terms hereof, and Participants and Beneficiaries shall have only the status of general unsecured creditors of the Company. Any amounts payable under the Plan shall be paid out of the general assets of the Company and each Participant and Beneficiary shall be deemed to be a general unsecured creditor of the Company.

        9.2.    Rabbi Trust.    The Company shall create a grantor trust to pay its obligations hereunder (a so-called "Rabbi Trust"), the assets of which shall be treated, for all purposes, as the assets of the Company. The terms of any such trust shall generally conform to the terms of the model trust described in Revenue Procedure 92-64, or any successor guidance. In the event the trustee of the trust is unable or unwilling to make payments directly to Participants and Beneficiaries and such trustee remits payments to the Company for delivery to Participants and Beneficiaries, the Company shall promptly remit such amount, less applicable income and other taxes required to be withheld, to the Participant or Beneficiary.

ARTICLE 9
FUNDING

        9.1.    Plan Unfunded.    The Plan constitutes a mere promise by the Company to make benefit payments to Participants and Beneficiaries in accordance with the terms hereof, and Participants and Beneficiaries shall have only the status of general unsecured creditors of the Company. Any amounts payable under the Plan shall be paid out of the general assets of the Company and each Participant and Beneficiary shall be deemed to be a general unsecured creditor of the Company.

        9.2.    Rabbi Trust.    The Company has created a grantor trust to pay its obligations hereunder (a so-called "rabbi trust"), the assets of which shall be treated, for all purposes, as the assets of the Company. The terms of the trust generally conform to the terms of the model trust described in Revenue Procedure 92-64. In the event the trustee of the trust is unable or unwilling to make payments directly to Participants and Beneficiaries and such trustee remits payments to the Company for delivery to Participants and Beneficiaries, the Company shall promptly remit such amount, less applicable income and other taxes required to be withheld, to the Participant or Beneficiary.

        In all events, it is the intent of the Company that the Plan be treated as unfunded for tax purposes and for purposes of Title I of ERISA.

ARTICLE 9

FUNDING



        9.1.SIZE=2>    Plan Unfunded.    The Plan constitutes a mere promise by the Company to make benefit payments to Participants
and Beneficiaries in accordance with the terms hereof, and Participants and Beneficiaries shall have only the status of general unsecured creditors of the Company. Any amounts payable under the Plan
shall be paid out of the general assets of the Company and each Participant and Beneficiary shall be deemed to be a general unsecured creditor of the Company.



        9.2.SIZE=2>    Rabbi Trust.    The Company shall create a grantor trust to pay its obligations hereunder (a
so-called "Rabbi Trust"), the assets of which shall be treated, for all purposes, as the assets of the Company. The terms of any such trust shall generally conform to the terms of the
model trust described in Revenue Procedure 92-64, or any successor guidance. In the event the trustee of the trust is unable or unwilling to make payments directly to Participants and
Beneficiaries and such trustee remits payments to the Company for delivery to Participants and Beneficiaries, the Company shall promptly remit such amount, less applicable income and other taxes
required to be withheld, to the Participant or Beneficiary.



EXCERPTS ON THIS PAGE:

10-K (3 sections)
Feb 29, 2008

"ARTICLE 9 FUNDING" elsewhere:

Unifirst (UNF)
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