ITRI » Topics » Unfunded Plan.

These excerpts taken from the ITRI 10-K filed Feb 26, 2009.
Unfunded Plan.  Notwithstanding the existence of the Trust or any other trust created pursuant to Section 12.6 above, the Plan shall be unfunded.  All amounts deferred by, or credited to, Participants under the Plan, all Participant Accounts established and maintained pursuant to the Plan and all amounts contributed to the Trust or any other trust established pursuant to Section 12.6 above shall continue for all purposes to be part of the general assets of the Company until distributed; all benefits under the Plan shall be paid solely from the general assets of the Company.  The Plan constitutes a mere promise by the Company to make benefit payments in the future.  Participants and Beneficiaries shall have the status of general unsecured creditors of the Company with respect to the Plan and any rights and benefits thereunder.  No Participant or Beneficiary shall have any preferred claim to the amounts credited to a Participant's Accounts or to any assets of the Company (or any trust established pursuant to Section 12.6 above) on account of a Participant's participation in the Plan prior to the time such amounts are actually paid to the Participant or Beneficiary, and then only to the extent of any such payment.
 
Unfunded
Plan.
  Notwithstanding the existence of the Trust or any other
trust created pursuant to Section 12.6 above, the Plan shall be
unfunded.  All amounts deferred by, or credited to, Participants under
the Plan, all Participant Accounts established and maintained pursuant to the
Plan and all amounts contributed to the Trust or any other trust established
pursuant to Section 12.6 above shall continue for all purposes to be part
of the general assets of the Company until distributed; all benefits under the
Plan shall be paid solely from the general assets of the Company.  The
Plan constitutes a mere promise by the Company to make benefit payments in the
future.  Participants and Beneficiaries shall have the status of
general unsecured creditors of the Company with respect to the Plan and any
rights and benefits thereunder.  No Participant or Beneficiary shall
have any preferred claim to the amounts credited to a Participant's Accounts or
to any assets of the Company (or any trust established pursuant to
Section 12.6 above) on account of a Participant's participation in the Plan
prior to the time such amounts are actually paid to the Participant or
Beneficiary, and then only to the extent of any such payment.

 

EXCERPTS ON THIS PAGE:

10-K (2 sections)
Feb 26, 2009
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