Plan Termination Procedures Clause Samples
The Plan Termination Procedures clause outlines the steps and requirements for properly ending a plan, such as an employee benefit or retirement plan. It typically details the notice that must be given, the responsibilities of the parties involved, and the process for distributing any remaining assets or benefits. By establishing a clear process for winding down the plan, this clause ensures compliance with legal obligations and helps prevent disputes or confusion among participants and administrators.
Plan Termination Procedures. In connection with the termination of any Plan in accordance with the provisions of applicable Plan Documents and this Section 7, the Custodian will furnish the Planholder and the Sponsor with a notice of termination showing all changes in such Planholder's account since the date of the last previous statement issued by the Custodian, and the Planholder shall thereafter have no further claim against the Custodian, except as may be set forth in such statement, and shall not be entitled to any further accounting. In the event of termination of a Plan, liquidation of the Planholder's account and final payment to said Planholder shall be effected by the Custodian in accordance with applicable Plan Documents.
Plan Termination Procedures. The Employer may terminate the Plan at any time by appropriate action of its managing body. The termination becomes effective on the date specified by the Employer. Until all of the assets have been distributed from the Fund, the Employer must keep the Plan in compliance with current laws and regulations by (a) making appropriate amendments to the Plan and (b) taking other measures that may be required. If the Plan is terminated, the Individual Account balances of the Participants shall be distributed in the time and manner determined by the Employer, subject to the applicable notice, election and consent requirements of Sections 401(a)(11), 411(a)(11) and 417 of the Code, and the restriction on distributions under Section 11.06(B)(1) of the Plan. However, if the Plan does not offer an annuity form of benefit payment, and if neither the Employer nor any of the Affiliated Companies maintain any defined contribution plan (other than an "employee stock ownership plan," as defined in Section 4975(e)(7) of the Code), then, if the employer so determines, each Participant's Individual Account balance shall be distributed to him or her, in the form of a single lump-sum payment, without the requirement that any consent be obtained.
Plan Termination Procedures. The Employer may terminate the Plan at any time by appropriate action of its managing body. The termination becomes effective on the date specified by the Employer. Until all of the assets have been distributed from the Fund, the Employer must keep the Plan in compliance with current laws and regulations by (a) making appropriate amendments to the Plan and (b) taking other measures that may be required.
Plan Termination Procedures. 83 9.07 PLAN CONTINUED BY SUCCESSOR EMPLOYER......................................83 9.08 FAILURE OF PLAN QUALIFICATION.............................................83 10. MISCELLANEOUS..................................................................85 10.01 STATE COMMUNITY PROPERTY LAWS............................................85 10.02 HEADINGS.................................................................85 10.03 GENDER AND NUMBER........................................................85 10.04
Plan Termination Procedures. 46 9.7 Plan Continued by Successor Employer........................46 9.8