Participants Without Active Plan Accounts Sample Clauses

Participants Without Active Plan Accounts. The Settlement Administrator shall cause payments to be issued to Participants Without Active Plan Accounts in the amounts of their respective Final Individual Dollar Recoveries, and the Settlement Administrator shall process any appropriate tax withholding and issue and file the applicable IRS Form 1099-Rs to them in relation to the payments. An accompanying notice to such Participants Without Active Plan Accounts will include any disclosures required to be provided under ERISA, the Internal Revenue Code or applicable law. The Settlement Administrator will send the notice and payment to the last known addresses of Participants Without Active Plan Accounts on file with the Plan and, if returned, will use a commercial locator service to search for a more current address for each such individual and send the notice and forms to such address. To the extent Participants Without Active Plan Accounts cannot be located using a commercial locator service, if: (i) in the opinion of Class Counsel (and subject to the Court’s approval), such funds are sufficient to justify a secondary distribution, then such a secondary distribution shall be made, and (ii) in the opinion of Class Counsel (and subject to the Court’s approval), such funds are insufficient to justify a secondary distribution, then such remaining funds shall be directed to the Trustee for deposit in the Plan to offset any administrative expenses borne as a result of Sections II.B.1 (above). Any funds remaining in the Net Settlement Fund after the distribution(s) (the “Forfeiture Amount”) shall be treated as “cancelled” pursuant to Plan Section 14.04, which provides that: Upon such cancellation . . . in the event such person or his beneficiary later notifies the Plan Administrator of his whereabouts and requests the payment or payments due to him under the Plan, the amount so applied shall be paid to him, without interest, in accordance with the provisions of the Plan. For avoidance of doubt, in no event shall Defendants, IBM, the Plan, the Trust Fund (as defined in the Plan), or any other party be required to contribute more than the Forfeiture Amount deposited into the Plan as payment to Participants Without Active Plan Accounts who cannot be located using a commercial locator service but who later notify the Plan Administrator of their whereabouts. Once the Plan has contributed the Forfeiture Amount to Participants Without Active Plan Accounts who could not be located using a commercial locator service,...
Sample 1
AutoNDA by SimpleDocs

Related to Participants Without Active Plan Accounts

  • Multiple Individual Retirement Accounts In the event the depositor maintains more than one Individual Retirement Account (as defined in Section 408(a)) and elects to satisfy his or her minimum distribution requirements described in Article IV above by making a distribution from another individual retirement account in accordance with Item 6 thereof, the depositor shall be deemed to have elected to calculate the amount of his or her minimum distribution under this custodial account in the same manner as under the Individual Retirement Account from which the distribution is made.

  • Broad Participation Retirement Fund A fund established in The Bahamas to provide retirement, disability, or death benefits, or any combination thereof, to beneficiaries that are current or former employees (or persons designated by such employees) of one or more employers in consideration for services rendered, provided that the fund:

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Inactive Accounts If your PayPal account is inactive for at least 12 consecutive months, we may charge an annual inactivity fee. Inactive means that you have not logged into your PayPal account or otherwise used your PayPal account to send, receive or withdraw money. Your liability You are responsible for all reversals, chargebacks, claims, fees, fines, penalties and other liability incurred by PayPal, any PayPal user, or any third party caused by or arising out of your breach of this user agreement and/or your use of PayPal services irrespective of termination, suspension or closure You agree to reimburse PayPal, a user, or a third party for any and all such liability. Reimbursement for your liability You agree that we may set off any of the amounts held in accounts held or controlled by you with any fees, charges or other amounts you owe us and any such amounts you owe to our affiliates as defined in the Indemnification and Limitation of Liability section below (including, without limitation, in respect of any services provided by any such affiliate). In simple terms, our right to set off means that we may deduct such fees, charges or other amounts mentioned in this section from a balance in a PayPal account held or controlled by you. If there are insufficient funds in your balance to cover your liability, we reserve the right to collect the amount you owe us by deducting the amount (or any part of it) from any payments received in or money you add to your PayPal account. Otherwise you agree to reimburse us through other means. We may also recover amounts you owe us through legal means, including, without limitation, through the use of a debt collection agency.

  • Group Registered Retirement Savings Plan 9.9.1 The College agrees to implement a group Registered Retirement Savings Plan for participation by employees. For regular employees who wish to participate in the Plan, the College agrees to contribute the total amount of the annual contribution by the fifteenth of the first month of the Benefit Year. The employee shall repay that contribution through payroll deduction in equal instalments throughout the Benefit Year.

  • Non-Retirement Savings Accounts An account maintained in the Cayman Islands (other than an insurance or Annuity Contract) that satisfies the following requirements under the laws of the Cayman Islands.

  • Full-Time Equivalent (FTE) and Employer Contributions a) The FTE used to determine the Board’s benefits contributions will be based on the average of the Board’s FTE as of October 31st and March 31st of each year.

  • Preexisting Individual Accounts The following rules and procedures apply for purposes of identifying U.S. Reportable Accounts among Preexisting Accounts held by individuals (“Preexisting Individual Accounts”).

  • Narrow Participation Retirement Fund A fund established in Guernsey to provide retirement, disability, or death benefits to beneficiaries that are current or former employees (or persons designated by such employees) of one or more employers in consideration for services rendered, provided that:

  • Beneficiary Rollovers from Employer-Sponsored Retirement Plans If you are a spouse Beneficiary, nonspouse Beneficiary, or the trustee of an eligible type of trust named as Beneficiary of a deceased employer plan participant, you may directly roll over inherited assets from a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan to an inherited IRA. The IRA must be maintained as an inherited IRA, subject to the beneficiary distribution requirements.

Time is Money Join Law Insider Premium to draft better contracts faster.