Opinion ID: 78128
Heading Depth: 2
Heading Rank: 2

Heading: Modification of the ICC Plan

Text: On or about 20 December 1996, ICC changed its name to Great Dane Holdings Inc. and the ICC Plan became the Great Dane Holdings Inc. Employee Welfare Benefit Plan (the Great Dane Plan). In January of 1997, Great Dane Holdings Inc. changed its name to CRA Holdings Inc. (CRA) and the Great Dane Plan became the CRA Holdings Inc. Employee Welfare Benefit Plan (CRA Plan). The parties agree that CRA and the CRA Plan were, under the names International Controls Corp. and International Controls Corp. Group Health Insurance Plan, respectively, defendants in the Original Action and thus subject to the terms of the Agreed Judgment. In May of 2005, after consultation with actuaries and analysis of the financial viability of the CRA Plan, CRA determined that the CRA Plan was actuarily unsound and, consequently, amended the CRA Plan to require a $50 per month contribution from Transway retirees participating in the CRA Plan and a $100 per month contribution from retirees who also had coverage for their eligible dependents. Under the new amendment, retired employees of Transway, including class members in the Original Action, who failed to make the required monthly contribution would forfeit their right to all future participation in the CRA Plan. Payment of these contributions has been a condition of continued coverage under the CRA Plan for Transway retirees since the amendment became effective on 1 June 2005. At all times prior to the amendment, including the date of the 1992 Settlement Agreement and the 1993 Agreed Judgment, neither the CRA Plan nor its predecessors required participant contributions. Although as of 1 April 2005 the trust from which benefits under the CRA Plan are paid had assets of $2,857,539, the parties stipulated that CRA is no longer actively engaged in business and does not have the ability to make any contributions to the CRA Plan.