IRS Qualification Clause Samples
IRS Qualification. This Plan is intended to qualify under section 401(a) of the Code as a defined contribution stock bonus and employee stock ownership plan (and not as a defined contribution profit sharing plan or money purchase pension plan or a defined benefit pension plan). The Plan is intended to qualify as an employee stock ownership plan under section 4975(e)(7) of the Code. SECTION 13
IRS Qualification. In the event this plan is determined to be non-qualified in accordance with any laws or Internal Revenue Service rules applicable to 403(b) plans, the parties shall meet and negotiate to correct this plan or find alternative plans.
IRS Qualification. The Employer intends that the Plan (including the Trust Agreement forming a part thereof) shall be a qualified defined contribution plan for the exclusive benefit of Employees and their Beneficiaries, as provided in Sections 401(a), 401(k) and 501(a) of the Code.
IRS Qualification. The Plan meets the requirements for qualification under Section 401(a) or 403(b) of the Internal Revenue Code of 1986, as amended (the “Code”), and Client will inform Broker Dealer/Representative immediately should the Plan fail to continue to meet such qualification requirements.