Common use of Amendment by Plan Sponsor Clause in Contracts

Amendment by Plan Sponsor. The Plan Sponsor reserves the right to amend the Plan (for itself and each Employer). The Plan Sponsor’s Benefits Administrative Committee may adopt amendments to the Plan that result in an increase or decrease in the then current annual cost of the Plan by 50% or less. The Plan Sponsor’s Chief Executive Officer, Chief Financial Officer and Chief Operations Officer (the “Specified Executives”) may jointly adopt amendments to the Plan that increase the then current annual cost of the Plan by up to 100%. The Plan Sponsor’s Human Resources Committee may adopt amendments to the Plan that decrease the annual cost of the Plan by more than 50% or increase the annual cost of the Plan by more than 100%. Such amendments shall be as set forth in an instrument in writing executed as follows. Amendments adopted by the Plan Sponsor’s Benefits Administrative Committee shall be executed by a member of such Committee. Amendments adopted by the Specified Executives shall be executed by the Specified Executives. Amendments adopted by the Plan Sponsor’s Human Resources Committee shall be executed by a member of such Committee. No amendment can directly or indirectly deprive any current or former Participant or Beneficiary of all or any portion of his Account which had accrued prior to the amendment.