Plan Amendment or Termination Sample Clauses
Plan Amendment or Termination. The Company may, subject to any applicable Collective Bargaining Agreement, amend, modify or terminate the Plan at any time by resolution of the Board or by resolution of or other action recorded in the minutes of the Administrator or Committee. Execution and delivery by the Administrator or the Committee or by the Chairman of the Board, the President, or any Vice President of the Company of an amendment to the Plan is conclusive evidence of the amendment, modification or termination. The Committee in any event shall have the authority to amend the Plan at any time to the extent that such amendments are required in order to obtain a favorable determination letter from the Internal Revenue Service regarding the Plan’s qualification under the Code or to conform the Plan to such regulations and rulings as may be issued by the Internal Revenue Service or the United States Department of Labor.
Plan Amendment or Termination. Dignity Health retains the right to amend or terminate the Plan at any time, in its sole discretion, provided that no amendment would result in a reduction in a Participant or Beneficiary’s Accrued Benefit. In the event the Plan is partially or completely terminated (as defined by the Internal Revenue Service), the Accrued Benefit of each affected Participant shall be 100% vested. For the avoidance of doubt, this provision is not intended to prohibit Dignity Health from modifying or amending the Plan in a manner that would reduce the rate at which the Settlement Class or any portion thereof accrues benefits under the Plan. In addition, this provision is not intended to make Dignity Health liable to any Settlement Class member to pay benefits in addition to those which can be provided from the assets of the Plan Trust.
Plan Amendment or Termination. 11.1 Plan Amendment or Termination ----------------------------- 11.2 Limitations on Plan Amendment -----------------------------
(a) authorize any part of the Trust Fund to be used for, or diverted to, purposes other than the exclusive benefit of Participants or their Joint Annuitants and Beneficiaries;
(b) decrease the accrued benefits of any Participant or his or her Joint Annuitant or Beneficiary under the Plan; or
(c) except to the extent permitted by law, eliminate or reduce an early retirement benefit or retirement-type subsidy (as defined in Code Section 411) or an optional form of benefit with respect to service prior to the date the amendment is adopted or effective, whichever is later. Upon termination of the Plan, each Participant's rights to benefits accrued hereunder shall be vested and nonforfeitable, and the Trust shall continue until the Trust Fund has been distributed as provided in Section 11.4. Any other provision hereof notwithstanding, the Participating Employers shall have no obligation to continue making contributions to the Plan after termination of the Plan. Except as otherwise provided in ERISA, neither the Participating Employers nor any other person shall have any liability or obligation to provide benefits hereunder after such termination in excess of the value of the Trust Fund. Upon such termination, Participants, Joint Annuitants, and Beneficiaries shall obtain benefits solely from the Trust Fund. Upon partial termination of the Plan, this Section 11.3 shall apply only with respect to such Participants, Joint Annuitants and Beneficiaries as are affected by such partial termination. On termination of the Plan, the Trust Fund shall be allocated by the Administrator on an actuarial basis among Participants, Joint Annuitants and Beneficiaries in the manner prescribed by Section 4044 of ERISA. Any residual assets of the Trust Fund remaining after such allocation shall be distributed to the Company if (a) all liabilities of the Plan to Participants, Joint Annuitants and Beneficiaries have been satisfied and (b) such a distribution does not contravene any provision of law. The foregoing notwithstanding, if any remaining assets of the Plan are attributable to Employee Contributions, such assets shall be equitably distributed to the FMC Participants who made such contributions (or to their Beneficiaries) in accordance with their rate of contribution. The benefit of any highly compensated employee or former employee (determined in ac...
Plan Amendment or Termination. Any amendment to the Plan or termination of the Plan shall be effected as provided in Section 4(b) of the Agreement.
Plan Amendment or Termination. The Board of Directors reserves the right to discontinue use of payroll deductions or lump sum contributions at any time and further reserves the right to amend, terminate or suspend the Plan, in whole or in part at any time. Any such amendment, termination or suspension will not result in the forfeiture of any funds deducted from the salary of any Participant prior to the date of amendment or termination of the Plan.
Plan Amendment or Termination. 87 11.1 Prototype Plan Amendment......................................................................87 11.2
Plan Amendment or Termination. The Combined Company Board has the authority to amend, suspend, or terminate the 2021 Plan at any time, provided that such action does not materially impair the existing rights of any participant without such participant’s written consent. Certain material amendments also require approval of the
Plan Amendment or Termination