Common use of Leased Employees Clause in Contracts

Leased Employees. A Leased Employee shall be treated as an Employee of the recipient Employer. Notwithstanding the foregoing, a Leased Employee shall not be considered an Employee of the recipient Employer for purposes of participation in any Plan established under a Nonstandardized Adoption Agreement, unless otherwise elected in the Adoption Agreement. Contributions or benefits provided by the leasing organization which are attributable to services performed for the recipient Employer shall be treated as provided by the recipient Employer. A Leased Employee shall not be considered an Employee of the recipient if such Employee is covered by a money purchase pension plan sponsored by the leasing organization providing:

Appears in 9 contracts

Samples: Prototype Defined Contribution Plan (United Community Bancorp), Nonstandardized Adoption Agreement (Banctrust Financial Group Inc), Prototype Defined Contribution Plan (FNB United Corp.)

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Leased Employees. A Leased Employee shall be treated as an Employee of the recipient Employer. Notwithstanding the foregoing, a Leased Employee shall not be considered an Employee of the recipient Employer for purposes of participation in any Plan established under a Nonstandardized nonstandardized Adoption Agreement, unless otherwise elected in the Adoption Agreement. Contributions or benefits provided by the leasing organization which are attributable to services performed for the recipient Employer shall be treated as provided by the recipient Employer. A Leased Employee shall not be considered an Employee of the recipient if such Employee is covered by a money purchase pension plan sponsored by the leasing organization providing:

Appears in 3 contracts

Samples: Prototype Defined Contribution Plan (Georgetown Bancorp, Inc.), Nonstandardized Adoption Agreement (Chicopee Bancorp, Inc.), Thomasville Bancshares Inc

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