Common use of 401(k) PLAN STUDY Clause in Contracts

401(k) PLAN STUDY. “A committee shall be established consisting of representatives of the Producers, and the Location Managers to conduct a study regarding the establishment of a 401(k) plan funded solely by employee salary deferrals for participants in the Motion Picture Industry Pension Plan. Among other considerations, the study will address the following: (a) Whether the establishment and administration of the plan will cause the Producers to incur increased costs; (b) Whether the Motion Picture Industry Pension and Health Plan or another entity such as a third party administrator would be able to administer the 401(k) plan as a separate plan; and (c) Whether the plan is likely to or can be structured to satisfy all legal requirements for 401(k) plans (e.g., non-discrimination testing requirements, etc.). “The committee shall meet as soon as practicable in the beginning of 2019. Once the study is complete, the committee shall report the results of the study to the bargaining parties, who will determine jointly whether to establish a 401(k) plan, and the nature of that 401(k) plan. It is understood that other Union parties to the Motion Picture Industry Pension and Health Plan may join the committee, if agreed by Producers.”

401(k) PLAN STUDY. “A committee shall be established consisting of representatives of the Producers, Producers and the Location Managers to conduct a study regarding the establishment of a 401(k) plan funded solely by employee salary deferrals for participants in the Motion Picture Industry Pension Plan. Among other considerations, the study will address the following: (a) Whether the establishment and administration of the plan will cause the Producers to incur increased costs; (b) Whether the Motion Picture Industry Pension and Health Plan or another entity such as a third party administrator would be able to administer the 401(k) plan as a separate plan; and (c) Whether the plan is likely to or can be structured to satisfy all legal requirements for 401(k) plans (e.g., non-discrimination testing requirements, etc.). “The committee shall meet as soon as practicable in the beginning of 2019. Once the study is complete, the committee shall report the results of the study to the bargaining parties, who will determine jointly whether to establish a 401(k) plan, and the nature of that 401(k) plan. It is understood that other Union parties to the Motion Picture Industry Pension and Health Plan may join the committee, if agreed by Producers.”