Cook Illinois Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan

• Category: Corporations - Public - Agreements - Transfers
• State: Multi-State
• County: Cook
• 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 Cook Illinois Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan is a legal document that outlines the terms and conditions related to the transfer of retirement benefits from the Cook Illinois Retirement Plan (CORP) to the Motorola, Inc. Pension Plan. This agreement is designed to provide a smooth and efficient transition for eligible employees who are switching their retirement plan from Cook Illinois to Motorola. The Cook Illinois Retirement Plan Transfer Agreement ensures that eligible employees' retirement benefits are preserved and properly transferred to the new pension plan. It specifies the process that employees need to follow to initiate the transfer and provides guidance on the required documentation and forms. Additionally, it outlines the timeframe within which the transfer must be completed. This transfer agreement caters to different types of employees who may be eligible for the transfer. Some common types of transfers covered under this agreement include: 1. Direct Transfer: This applies to employees who are currently active participants in the Cook Illinois Retirement Plan and choose to transfer their pension benefits directly to the Motorola, Inc. Pension Plan. This allows for a seamless transition without any interruption in the accumulation of benefits. 2. Deferred Transfer: Employees who have terminated their employment but have vested benefits in the Cook Illinois Retirement Plan may opt for a deferred transfer. This type of transfer ensures that accrued benefits are preserved and transferred to the Motorola, Inc. Pension Plan for future retirement. 3. Optional Transfer: In certain circumstances, employees may have the option to choose between transferring their retirement benefits to the Motorola, Inc. Pension Plan or retaining them in the Cook Illinois Retirement Plan. The agreement provides guidelines on the criteria for making an informed decision and facilitates the chosen transfer process accordingly. 4. Lump Sum Transfer: Employees who prefer to receive their retirement benefits as a lump sum payment rather than in the form of a monthly pension can potentially opt for a lump sum transfer. This type of transfer is subject to certain tax implications and considerations. It is important for eligible employees to carefully review the Cook Illinois Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan and consult with qualified professionals to ensure they understand their rights, responsibilities, and the impact of the transfer on their retirement benefits.

The Cook Illinois Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan is a legal document that outlines the terms and conditions related to the transfer of retirement benefits from the Cook Illinois Retirement Plan (CORP) to the Motorola, Inc. Pension Plan. This agreement is designed to provide a smooth and efficient transition for eligible employees who are switching their retirement plan from Cook Illinois to Motorola. The Cook Illinois Retirement Plan Transfer Agreement ensures that eligible employees' retirement benefits are preserved and properly transferred to the new pension plan. It specifies the process that employees need to follow to initiate the transfer and provides guidance on the required documentation and forms. Additionally, it outlines the timeframe within which the transfer must be completed. This transfer agreement caters to different types of employees who may be eligible for the transfer. Some common types of transfers covered under this agreement include: 1. Direct Transfer: This applies to employees who are currently active participants in the Cook Illinois Retirement Plan and choose to transfer their pension benefits directly to the Motorola, Inc. Pension Plan. This allows for a seamless transition without any interruption in the accumulation of benefits. 2. Deferred Transfer: Employees who have terminated their employment but have vested benefits in the Cook Illinois Retirement Plan may opt for a deferred transfer. This type of transfer ensures that accrued benefits are preserved and transferred to the Motorola, Inc. Pension Plan for future retirement. 3. Optional Transfer: In certain circumstances, employees may have the option to choose between transferring their retirement benefits to the Motorola, Inc. Pension Plan or retaining them in the Cook Illinois Retirement Plan. The agreement provides guidelines on the criteria for making an informed decision and facilitates the chosen transfer process accordingly. 4. Lump Sum Transfer: Employees who prefer to receive their retirement benefits as a lump sum payment rather than in the form of a monthly pension can potentially opt for a lump sum transfer. This type of transfer is subject to certain tax implications and considerations. It is important for eligible employees to carefully review the Cook Illinois Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan and consult with qualified professionals to ensure they understand their rights, responsibilities, and the impact of the transfer on their retirement benefits.