ERISA Requirements Clause Examples
The ERISA Requirements clause sets forth the obligations and standards that must be met to ensure compliance with the Employee Retirement Income Security Act (ERISA). This clause typically applies to employee benefit plans, such as retirement or health plans, and may require the plan sponsor or administrator to adhere to specific reporting, disclosure, and fiduciary duties mandated by ERISA. Its core function is to ensure that the parties involved in managing or providing benefits under the plan operate within the legal framework established by ERISA, thereby protecting the interests of plan participants and beneficiaries.
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ERISA Requirements. Each of the Company and the ERISA Affiliates:
(i) has fulfilled all obligations under the minimum funding standards of ERISA and the IRC with respect to each Pension Plan that is not a Multiemployer Plan;
(ii) is in compliance in all material respects with all other applicable provisions of ERISA and the IRC with respect to each Pension Plan and each Multiemployer Plan; and
(iii) has not incurred any liability under Title IV of ERISA to the PBGC (other than in respect of required insurance premiums, all of which that are due having been paid), with respect to any Pension Plan, any Multiemployer Plan or any trust established thereunder.
ERISA Requirements. (a) Borrower will not engage in any transaction which would cause an obligation, or action taken or to be taken under this Loan Agreement (or the exercise by Lender of any of its rights under the Note, this Loan Agreement or any of the other Loan Documents) to be a non-exempt prohibited transaction under ERISA or Section 4975 of the Tax Code.
(b) Borrower will deliver to Lender such certifications or other evidence from time to time throughout the term of this Loan Agreement, as requested by Lender in Lender’s Discretion, confirming each of the following:
(i) Borrower is not an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, a “plan” to which Section 4975 of the Tax Code applies, or an entity whose underlying assets constitute “plan assets” of one or more of such plans.
(ii) Borrower is not a “governmental plan” within the meaning of Section 3(32) of ERISA.
(iii) Borrower is not subject to state statutes regulating investments or fiduciary obligations with respect to governmental plans.
(iv) One or more of the following circumstances is true:
(A) Equity interests in Borrower are publicly offered securities within the meaning of 29 C.F.R. Section 2510.3-101(b)(2), as amended from time to time or any successor provision.
(B) Less than 25% of each outstanding class of equity interests in Borrower are held by “benefit plan investors” within the meaning of Section 3(42) of ERISA, as amended from time to time or any successor provision.
(C) Borrower qualifies as either an “operating company” or a “real estate operating company” within the meaning of 29 C.F.R. Section 2510.3-101(c) or (e), as either may be amended from time to time or any successor provisions, or is an investment company registered under the Investment Company Act of 1940.
ERISA Requirements. Maintain responsibility for making reports and disclosures required by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), including the creation, distribution and final content of summary plan descriptions, summary of material modifications and summary annual reports.
ERISA Requirements. If this Agreement is determined to constitute part of an "employee benefit plan" established or maintained by the Employer subject to Title I of ERISA, then the Employer shall be solely responsible for assuring such employee benefit plan complies at all times with the requirements of Title I of ERISA. In such a case, the Employer (or a person designated by the Employer) will be the "plan administrator" of such employee benefit plan for purposes of ERISA. Neither the Custodian nor the Company will be the "plan administrator" of such employee benefit plan for purposes of ERISA.
ERISA Requirements. If Owner is an employee benefit plan or a trust formed as a part of an employee benefit plan as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974 check the following space: _____. If the space is checked, the provisions of Exhibit B attached to this Agreement are made a part of this Agreement by this reference. If the space is not checked Exhibit B shall not be applicable.
ERISA Requirements. The following provisions are part of this Agreement and are intended to meet the requirements of the Employee Retirement Income Security Act of 1974;
a. The named fiduciary: The Employer.
b. The funding policy under this Plan is that all premiums on the Policy be remitted to the Insurer when due.
c. Direct payment by the Insurer is the basis of payment of benefits under this Plan, with those benefits in turn being based on the payment of premiums as provided in the Plan.
d. For claims procedure purposes, the “Claims Manager” shall be the Employer.
i. If for any reason a claim for benefits under this Plan is denied by the Employer, the Claims Manager shall deliver to the claimant a written explanation setting forth the specific reasons for the denial, pertinent references to the Plan paragraph on which the denial is based, such other data as may be pertinent and information on the procedures to be followed by the claimant in obtaining a review of his claim, all written in a manner calculated to be understood by the claimant. For this purpose:
1. The claimant’s claim shall be deemed filed when presented orally or in writing to the Claims Manager.
2. The Claims Manager’s explanation shall be in writing delivered to the claimant within 90 days of the date of the claim filed.
e. The claimant shall have 60 days following his receipt of the denial of the claim to file with the Claims Manager a written request for review of the denial. For such review, the claimant or his representative may submit pertinent documents and written issues and comments.
f. The Claims Manager shall decide the issue on review and furnish the claimant with a copy within 60 days of receipt of the claimant’s request for review of his claim. The decision on review shall be in writing and shall include specific reasons for the decision, written in a manner calculated to be understood by the claimant, as well as specific references to the pertinent Plan provisions on which the decision is based. If a copy of the decision is not so furnished to the claimant within such 60 days, the claim shall be deemed denied on review.
ERISA Requirements. (a) This Section 6.18 is not applicable to Borrowers who are natural persons.
(b) Borrower will not engage in any transaction which would cause an action by either Borrower or Lender permitted or required under this Loan Agreement or any other Loan Document to be a non-exempt prohibited transaction under either ERISA or Section 4975 of the Tax Code.
(c) When requested by Lender, Borrower will deliver to Lender a certification from Borrower with supporting evidence satisfactory to Lender that each of the following is true:
(i) Borrower is not any of the following:
(A) An “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA.
(B) A “plan” to which Section 4975 of the Tax Code applies.
(C) An entity whose underlying assets constitute “plan assets” of one or more of the plans described in Sections 6.18(c)(i)(A) and (B).
(D) A “governmental plan” within the meaning of Section 3(32) of ERISA.
(ii) Borrower is not subject to state statutes regulating investments or fiduciary obligations with respect to governmental plans.
(iii) At least one of the following circumstances is true:
(A) None of the equity interests in Borrower are held by “benefit plan investors” within the meaning of Section 3(42) of ERISA.
(B) Less than 25% of each outstanding class of equity interests in Borrower are held by “benefit plan investors” within the meaning of Section 3(42) of ERISA.
(C) Equity interests in Borrower are publicly offered securities within the meaning of 29 C.F.R. Section 2510.3-101(b)(2), as amended or any successor provision.
(D) Borrower qualifies as either an “operating company” or a “real estate operating company” within the meaning of 29 C.F.R. Section 2510.3-101(c) or (e), as either may be amended or any successor provisions.
(E) Borrower is an investment company registered under the Investment Company Act of 1940.
ERISA Requirements. 12 2.11. Pollution and Environmental Control; Hazardous Substances ....12 2.12.
ERISA Requirements. Borrower will not engage in any transaction which would cause an obligation, or action taken or to be taken under this Loan Agreement (or the exercise by Lender of any of its rights under the Note, this Loan Agreement or any of the other Loan Documents) to be a non-exempt prohibited transaction under ERISA or Section 4975 of the Tax Code.
ERISA Requirements. Neither the Borrower nor any Subsidiary has incurred any material accumulated funding deficiency within the meaning of ERISA, or incurred any material liability to the Pension Benefit Guaranty Corporation established under ERISA (or any successor thereto under ERISA) in connection with any employee pension benefit plan established or maintained by it or by any Person under common control with any of them (within the meaning of Section 414(c) of the Internal Revenue Code of 1986, as amended, or of Section 4001(b) of ERISA), or in which employees of any of them are entitled to participate. No Reportable Event (as defined in ERISA) in connection with any such plan has occurred or is continuing.