Kentucky Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan

• Category: Corporations - Public - Agreements - Transfers
• State: Multi-State
• Control #: US-EG-9312
• Format: Word; Rich Text

Description

Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan between Semiconductor Components Industries, LLC and Motorola, Inc. regarding benefit pension plan meeting requirements of the Internal Revenue Service dated May 10, 1999. 6 pages. The Kentucky Retirement Plan Transfer Agreement is a legally binding document that outlines the terms and conditions for the transfer of an employee's pension benefits from the Motorola, Inc. Pension Plan to the Kentucky Retirement System (MRS). This agreement is specifically designed for Motorola employees who have elected to transfer their pension benefits to the MRS. It allows participants to seamlessly transition their retirement savings from the company's pension plan to the state pension system. The Kentucky Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan has several variations, including: 1. Traditional Defined Benefit (DB) Plan Transfer Agreement: This agreement is applicable to participants who have a traditional pension plan with Motorola. It enables them to transfer their accrued benefits, including monthly retirement income, survivor benefits, and other related provisions, to the MRS. 2. Cash Balance Plan Transfer Agreement: For employees who have a cash balance pension plan with Motorola, this agreement facilitates the transfer of their cash balance account and related benefits to the MRS. This includes the conversion of their cash balance into an equivalent annuity or lump-sum payment options available through the MRS. 3. Hybrid Plan Transfer Agreement: Participants who have a hybrid pension plan, comprising elements of both defined benefit and defined contribution plans, can use this agreement to transfer their accrued benefits. It addresses the specific provisions and calculations required to determine the transfer value of the participant's pension benefits. Key elements covered in the Kentucky Retirement Plan Transfer Agreement include eligibility criteria for participants, transfer value calculation methodologies, timelines for initiating and completing the transfer, and the rights and obligations of both the participant and the plan administrators. It is crucial for all Motorola employees considering a transfer to carefully review and understand the specific terms and conditions stated in their respective Kentucky Retirement Plan Transfer Agreement, as they may differ based on the type of pension plan and individual circumstances. Seeking professional advice from financial advisors or legal experts well-versed in retirement planning is highly recommended ensuring a smooth and informed decision-making process.

The Kentucky Retirement Plan Transfer Agreement is a legally binding document that outlines the terms and conditions for the transfer of an employee's pension benefits from the Motorola, Inc. Pension Plan to the Kentucky Retirement System (MRS). This agreement is specifically designed for Motorola employees who have elected to transfer their pension benefits to the MRS. It allows participants to seamlessly transition their retirement savings from the company's pension plan to the state pension system. The Kentucky Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan has several variations, including: 1. Traditional Defined Benefit (DB) Plan Transfer Agreement: This agreement is applicable to participants who have a traditional pension plan with Motorola. It enables them to transfer their accrued benefits, including monthly retirement income, survivor benefits, and other related provisions, to the MRS. 2. Cash Balance Plan Transfer Agreement: For employees who have a cash balance pension plan with Motorola, this agreement facilitates the transfer of their cash balance account and related benefits to the MRS. This includes the conversion of their cash balance into an equivalent annuity or lump-sum payment options available through the MRS. 3. Hybrid Plan Transfer Agreement: Participants who have a hybrid pension plan, comprising elements of both defined benefit and defined contribution plans, can use this agreement to transfer their accrued benefits. It addresses the specific provisions and calculations required to determine the transfer value of the participant's pension benefits. Key elements covered in the Kentucky Retirement Plan Transfer Agreement include eligibility criteria for participants, transfer value calculation methodologies, timelines for initiating and completing the transfer, and the rights and obligations of both the participant and the plan administrators. It is crucial for all Motorola employees considering a transfer to carefully review and understand the specific terms and conditions stated in their respective Kentucky Retirement Plan Transfer Agreement, as they may differ based on the type of pension plan and individual circumstances. Seeking professional advice from financial advisors or legal experts well-versed in retirement planning is highly recommended ensuring a smooth and informed decision-making process.