Mandatory Contributions - Eligibility Conditions Sample Clauses
The 'Mandatory Contributions - Eligibility Conditions' clause defines the specific requirements that must be met for individuals or entities to be obligated to make required contributions under an agreement or plan. Typically, this clause outlines criteria such as employment status, minimum service periods, or other qualifying factors that determine who is subject to mandatory payments. For example, only full-time employees who have completed a probationary period may be required to contribute to a retirement fund. The core function of this clause is to clearly establish who is responsible for making contributions, thereby ensuring compliance and preventing disputes over contribution obligations.
Mandatory Contributions - Eligibility Conditions. If different conditions apply to Mandatory Contributions and Employee (after-tax) Contributions, to become a Participant with respect to Mandatory Contributions, an Employee must satisfy the following eligibility condition(s) (Choose (1) or (2) if applicable):
Mandatory Contributions - Eligibility Conditions. If different conditions apply to Mandatory Contributions and Employee (after-tax) Contributions, to become a Participant with respect to Mandatory Contributions, an Employee must satisfy the following eligibility condition(s) (Choose (1) or (2) if applicable):
(1) No Conditions.
(2) Conditions Apply. To become a Participant with respect to Mandatory Contributions, an Employee must satisfy the following eligibility condition(s) (Choose one or more of a. through d.):
a. Age . (See the Minimum Age Note that follows option 14(i) above.)
b. Year(s) of Service. (May not exceed two Years of Service; if this is an ERISA Plan, then the Employer must provide immediate 100% vesting if more than one Year of Service.)
Mandatory Contributions - Eligibility Conditions. If different conditions apply to Mandatory Contributions and Employee (after-tax) Contributions, to become a Participant with respect to Mandatory Contributions, an Employee must satisfy the following eligibility condition(s) (Choose (1) or (2) if applicable):
(1) 🞎 No Conditions.
(2) 🞎 Conditions Apply. To become a Participant with respect to Mandatory Contributions, an Employee must satisfy the following eligibility condition(s) (Choose one or more of a. through d.):
a. 🞎 Age . (See the Minimum Age Note that follows option 14(i) above.)
b. 🞎 Year(s) of Service. (May not exceed two Years of Service; if this is an ERISA Plan, then the Employer must provide immediate 100% vesting if more than one Year of Service.)
c. 🞎 Months. (May not exceed 24 months; if this is an ERISA Plan, then the Employer must provide immediate 100% vesting if more than 12 months.). Service need not be continuous (mere passage of time).
d. 🞎 Describe Eligibility Conditions: [Note: Election 14(k)(2)d. may only be used to describe different eligibility conditions in a manner consistent with the parameters set forth in the Notes following Election 14(i).]