A master commutation release and restructuring agreement is one that is entered into between the employees and the management of a company. The need for this kind of an agreement arises on account of mismanagement of the funds of the company whereby large number of employees are at a huge financial and retirement benefits loss.
The situation for this agreement also arises when the company has declared bankruptcy and has payments pending and at default towards the employees. The agreement acts as a settlement agreement that help in commutation of the pension benefits of the employees all over again and final release of the payments due to the employees.
The agreement also gives details of the restricting of the financial assets of the company that will help it to make the overdue payments of pension settlement to its employees. The restructuring of the commuted amount provides the break-up of the contribution made by both the employer and the employee individually.
Sample for Master Commutation, Release and Restructuring Agreement
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