Describe Clause Samples
The "Describe" clause requires one party to provide a detailed account or explanation of certain facts, conditions, or items relevant to the agreement. In practice, this clause may obligate a party to outline the specifications of goods, the scope of services, or the status of assets involved in the contract. Its core function is to ensure transparency and clarity by compelling parties to share necessary information, thereby reducing misunderstandings and disputes about the subject matter.
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Describe. [Note: Any allocation method the Employer elects under Election 27(b)(3)d. must be definitely determinable. See Section 4.10(C) as to targeting limitations applicable to QNEC nondiscrimination testing.]
Describe. [Note: Any distribution event described in subsection (3) will apply uniformly to all Participants under the Plan and may not be subject to the discretion of the Employer or Plan Administrator.]
Describe. To report a system or component by its type or other observed, significant characteristics to distinguish it from other systems or components.
Describe. Instead of using the maximum age and Service permitted under the Otherwise Excludible Employee rule, the Safe Harbor Contribution will be made to those Participants who have satisfied the following eligibility conditions: (The specified age and/or Service conditions cannot exceed the maximum age and Service conditions permitted under the Otherwise Excludible Employee rule described in Section 4.06(C).)
Describe. [Note: The Employer under this Election (g)(1)e. in Appendix B may describe restrictions on In-Service Distributions of Rollover Contributions and Employee (after-tax) Contributions using the options available for In-Service Distributions under Election 40 and/or a combination thereof as to all Participants or as to any Participant group. An Employer’s election under Election (g)(1)e. in Appendix B must: (i) be objectively determinable; (ii) not be subject to Employer discretion; (iii) preserve Protected Benefits as required; and (iv) be nondiscriminatory if this is an ERISA Plan.]
Describe. [Note: The Employer under Election 25(e)(3) may specify any definitely determinable contribution or allocation formula. No former Employee will be eligible to receive such an allocation for a calendar year beginning more than 5 years after the Employee Separated from Service.] Eligible Former Employees. Such contributions will be made with respect to the following Participants (Choose (4) or (5).):
Describe g., allocate pro rata to NHCEs and flat dollar to HCEs)
Describe. Does the patient manage the finances? If not, who, and since when?
Describe. Report in writing a system or component by its type, or other observed characteristics, to distinguish it from other components used for the same purpose.
Describe. [Note: The Employer may elect operationally to perform interim valuations, provided such valuations do not result in discrimination in favor of Highly Compensated Employees.]