Common use of Operational Failure Clause in Contracts

Operational Failure. The term "Operational Failure" means, with respect to a 403(b) Plan, any of the following: (i) A failure to satisfy the requirements of § 403(b)(12)(A)(ii) (relating to the availability of salary reduction contributions); (ii) A failure to satisfy the requirements of § 401(m) (as applied to 403(b) Plans pursuant to § 403(b)(12)(A)(i)); (iii) A failure to satisfy the requirements of § 401(a)(17) (as applied to 403(b) Plans pursuant to § 403(b)(12)(A)(i)); (iv) A failure to satisfy the distribution restrictions of § 403(b)(7) or § 403(b)(11); (v) A failure to satisfy the incidental death benefit rules of § 403(b)(10); (vi) A failure to pay minimum required distributions under § 403(b)(10); (vii) A failure to give employees the right to elect a direct rollover under § 403(b)(10), including the failure to give meaningful notice of such right; (viii) A failure of the annuity contract or custodial agreement to provide participants with a right to elect a direct rollover under §§ 403(b)(10) and 401(a)(31); (ix) A failure to satisfy the limit on elective deferrals under § 403(b)(1)(E); (x) A failure of the annuity contract or custodial agreement to provide the limit on elective deferrals under §§ 403(b)(1)(E) and 401(a)(30); (xi) A failure involving contributions or allocations of Excess Amounts; or (xii) Any other failure to satisfy applicable requirements under § 403(b) that (i) results in the loss of § 403(b) status for the plan or the loss of § 403(b) status for one or more custodial account(s) or annuity contract(s) under the plan and (ii) is not a Demographic Failure, an Eligibility Failure, or a failure related to the purchase of annuity contracts, or contributions to custodial accounts, on behalf of individuals who are not employees of the employer.

Operational Failure. The term "Operational Failure" means, with respect to a 403(b) Plan, any of the following:means any (i) A failure to satisfy the requirements of § 403(b)(12)(A)(ii) (relating to the availability of salary reduction contributions); (ii) A failure to satisfy the requirements of § 401(m) (as applied to 403(b) Plans pursuant to § 403(b)(12)(A)(i)); (iii) A failure to satisfy the requirements of § 401(a)(17) (as applied to 403(b) Plans pursuant to § 403(b)(12)(A)(i)); (iv) A failure to satisfy the distribution restrictions of § 403(b)(7) or § 403(b)(11); § 403(b)(10); § 403(b)(10); (v) A failure to satisfy the incidental death benefit rules of § 403(b)(10);of (vi) A failure to pay minimum required distributions under § 403(b)(10);under (vii) A failure to give employees the right to elect a direct rollover under § 403(b)(10), including the failure to give meaningful notice of such right; (viii) A failure of the annuity contract or custodial agreement to provide participants with a right to elect a direct rollover under §§ 403(b)(10) and 401(a)(31); § 403(b)(1)(E); (ix) A failure to satisfy the limit on elective deferrals under § 403(b)(1)(E);under (x) A failure of the annuity contract or custodial agreement to provide the limit on elective deferrals under §§ 403(b)(1)(E) and 401(a)(30); (xi) A failure involving contributions or allocations of Excess Amounts; or (xii) Any other failure to satisfy applicable requirements under § 403(b) that (iA) results in the loss of § 403(b) status for the plan or the loss of § 403(b) status for one or more custodial account(s) or annuity contract(s) under the plan and (iiB) is not a Demographic Failure, an Employer Eligibility Failure, or a failure related to the purchase of annuity contracts, or contributions to custodial accounts, on behalf of individuals who are not employees of the employer.

Operational Failure. The term "Operational Failure" means, with respect to a 403(b) Plan, any of the following:means any (i) A failure to satisfy the requirements of § 403(b)(12)(A)(ii) (relating to the availability of salary reduction contributions); (ii) A failure to satisfy the requirements of § 401(m) (as applied to 403(b) Plans pursuant to § 403(b)(12)(A)(i)); (iii) A failure to satisfy the requirements of § 401(a)(17) (as applied to 403(b) Plans pursuant to § 403(b)(12)(A)(i)); § 403(b)(11); § 403(b)(10); § 403(b)(10); (iv) A failure to satisfy the distribution restrictions of § 403(b)(7) or § 403(b)(11);or (v) A failure to satisfy the incidental death benefit rules of § 403(b)(10);of (vi) A failure to pay minimum required distributions under § 403(b)(10);under (vii) A failure to give employees the right to elect a direct rollover under § 403(b)(10), including the failure to give meaningful notice of such right; (viii) A failure of the annuity contract or custodial agreement to provide participants with a right to elect a direct rollover under §§ 403(b)(10) and 401(a)(31); § 403(b)(1)(E); (ix) A failure to satisfy the limit on elective deferrals under § 403(b)(1)(E);under (x) A failure of the annuity contract or custodial agreement to provide the limit on elective deferrals under §§ 403(b)(1)(E) and 401(a)(30); (xi) A failure involving contributions or allocations of Excess Amounts; or (xii) Any other failure to satisfy applicable requirements under § 403(b) that (iA) results in the loss of § 403(b) status for the plan or the loss of § 403(b) status for one or more custodial account(s) or annuity contract(s) under the plan and (iiB) is not a Demographic Failure, an Employer Eligibility Failure, or a failure related to the tothe purchase of annuity contracts, or contributions to contributionsto custodial accounts, on behalf of individuals who are not employees of the employer.