Frozen Plans Clause Samples
The "Frozen Plans" clause establishes that a specific employee benefit or retirement plan is closed to new participants and that no further benefits will accrue for current participants after a certain date. In practice, this means that while existing members retain the benefits they have already earned, no new employees can join the plan, and current members stop earning additional benefits under its terms. This clause is typically used to control costs, limit future liabilities, and provide clarity regarding the ongoing obligations of the employer with respect to the plan.
Frozen Plans. The Employer may designate that the Plan is a frozen Plan at the Contribution Types Section of the Adoption Agreement. As a frozen Plan, the Employer will not make any Employer contributions with respect to Compensation earned after the date the Plan is frozen, and if the Plan is a 401(k) Plan, no Participant will be permitted to make Elective Deferrals to the Plan for any period following such date. In addition, once a Plan is frozen, no additional Employees shall become Participants.
Frozen Plans. The Employer in its Adoption Agreement (or in an Employer resolution subsequently reflected in an executed Adoption Agreement) may elect to treat the Plan as a Frozen Plan. Under a Frozen Plan, the Employer and the Participants will not make any new contributions to the Plan (other than loan repayments). The Plan provisions, other than those requiring contributions, continue in effect until the Employer terminates the Plan. An Eligible Employee will not become a Participant in a Frozen Plan after the date the Plan becomes a Frozen Plan.
Frozen Plans. Seller maintains the Melnor Inc. Retirement Income Plan and the Melnor Inc. Cash or Deferred Plan (collectively, the "Frozen Plans"). Buyer shall not assume any of Seller's obligations, liabilities or responsibilities under the Seller's Frozen
Frozen Plans. If the Plan holds any unallocated forfeitures at the time the Plan is frozen, such forfeitures may be allocated in accordance with this Section 7.08, regardless of any contrary elections under AA §8-6.