Profit Sharing Plans Sample Clauses

Profit Sharing Plans. Exception from Automatic Annuity Requirements Unless otherwise specified in the Adoption Agreement, the provisions of Sections 8.2 and 8.4 shall be inoperative in the case of a Profit Sharing Plan if the following two (2) conditions are met: (1) the Participant cannot or does not elect payments in the form of a life annuity, and (2) on the death of the Participant, the Participant's Vested Account Balance (as defined in Section 8.2) will be paid to the Participant's Surviving Spouse (as defined in Section 8.2), but if there is no Surviving Spouse, or, if the Surviving Spouse has already consented in a manner conforming to a Qualified Election to a waiver of a Qualified Pre-Retirement Survivor Annuity (under Section 8.2), then to the Participant's Beneficiary. However, the foregoing shall not be operative with respect to a Participant if it is determined that this Profit Sharing Plan is a direct or indirect transferee of a defined benefit plan, money purchase pension plan (including a target benefit plan), stock bonus, or profit-sharing plan which is subject to the survivor annuity requirements of sections 401(a)(11) and 417 of the Code.
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Profit Sharing Plans. If the Plan is designated in the Adoption Agreement as a Profit Sharing Plan and if the Employer elects in the Adoption Agreement to permit distributions to a Participant prior to his termination of employment, a Participant shall be entitled to receive a distribution of all or part of his interest in the Plan upon filing a written request with the Plan Administrator; provided that no distribution shall be made unless the interest of the Participant in the Account from which the distribution is to be made is fully vested and nonforfeitable and the balance in the Account to be distributed has accumulated for at least two (2) years or the individual has been a Participant for five (5) or more Plan Years; provided further that in-service distributions shall be permitted subject to the terms of Section 2.5.5 if the Employer elects in the Adoption Agreement to have such provision apply. Any distribution shall be subject to the written consent of the Participant's spouse.
Profit Sharing Plans. 7 (a) Manor Care, Inc. Retirement Savings and Investment Plan.......................................... 7 (b) Manor Care, Inc. Nonqualified Retirement Savings and Investment Plan.............................. 9
Profit Sharing Plans. 7 (a) Sunburst Hospitality Corporation Retirement Savings and Investment Plan.................................... 7 (b) Sunburst Hospitality Corporation Nonqualified Retirement Savings and Investment Plan........................ 10
Profit Sharing Plans. (a) Sunburst Hospitality Corporation Retirement Savings and ------------------------------------------------------- Investment Plan. --------------- (i) Continuation of Sponsorship of Sunburst Hospitality --------------------------------------------------- Corporation Retirement Savings and Investment Plan. Effective as of the -------------------------------------------------- Distribution Date, Sunburst shall continue sponsorship of the Sunburst Hospitality Corporation Retirement Savings and Investment Plan for all Retained Employees and Terminees. Participants in such Plan who are Retained Employees or Terminees shall have all Manor Care stock and Choice Common Stock credited to their accounts converted into cash and invested pursuant to the Participants' directions in other permitted investment vehicles or, absent such instructions, invested in a money market-type fund. Participants in such Plan who are Choice Employees and who retain accounts in such Plan pending the establishment of the Choice Hotels International, Inc. Retirement Savings and Investment Plan shall have all Manor Care stock and Sunburst Common Stock credited to their accounts converted into cash and invested pursuant to the Participants' directions in other permitted investment vehicles or, absent such instructions, invested in a money market-type fund. (ii) Establishment of Choice Hotels International, Inc. Retirement ------------------------------------------------------------- Savings and Investment Plan. On or before July 1, 1998, Choice shall take, or --------------------------- cause to be taken, all action necessary and appropriate to establish and administer a new Plan named the Choice Hotels International, Inc. Retirement Savings and Investment Plan and Trust and to provide benefits thereunder after the date of the establishment of such Plan and Trust for all Choice Individuals who, immediately prior to the Distribution Date, were participants in or otherwise entitled to benefits under the Sunburst Hospitality Corporation Retirement Savings and Investment Sharing Plan. Sunburst will fund the Company Matching Contribution required with respect to the Current Plan Year in consideration for the payment by Choice of the Funding Payment described in Section 2.01(c), above. The Choice Hotels International, Inc. Retirement Savings and Investment Plan shall be intended to qualify for tax-favored treatment under Sections 401(a) and 401(k) of the Code and to be in compliance with the re...
Profit Sharing Plans. (1) No 401(k) Feature. If the Plan is a profit sharing plan and if a Section 401(k) feature is not elected in the Adoption Agreement, then forfeitures occurring during a Plan Year (unadjusted for gain or loss during such Plan Year) shall be applied as determined by the Employer in the Adoption Agreement either to the reduction of the Employer's contributions to the Plan or, added to the Employer's contributions for such Plan Year and, subject to Article 4, shall be allocated to Participants' Employer Contribution Accounts as if they were part of such contributions. (2) With 401(k) Feature. If the Plan is a profit sharing plan and if a Section 401(k) feature is 1-38 elected in the Adoption Agreement, then, subject to Article 4, forfeitures occurring during a Plan Year shall be applied as determined by the Employer in the Adoption Agreement either to the reduction of the Employer's contributions to the Plan or, added to the Employer's contributions for such Plan Year under such of the following Sections of the Plan as the Employer shall determine, and shall be allocated as if they were part of such contributions: (A) Section 3.1(b); (B) Section 3.1(c); (C) Section 3.2; (D) Section 3.3; or (E) Section 3.10. Amounts allocated under (A), (B), or (C) shall be treated as Employer contributions under the applicable Section for purposes of determining the Actual Deferral Percentage or Actual Contribution Percentage.
Profit Sharing Plans. Upon the death of any Participant prior to commencement of benefit payments to such Participant under Section 7.7, the full amount of such Participant's Accounts shall then be distributable to the surviving spouse of such Participant pursuant to Sections 7.7 and 7.8; provided, however, that such Accounts shall be distributable in accordance with paragraph (c), below, instead of this paragraph (a), if there is no surviving spouse or if the Participant has elected to designate a non-spousal Beneficiary in a writing which satisfies either of the following conditions: (A) The Participant's surviving spouse has consented in writing to such election; (B) the election designates a specific Beneficiary, including any class of Beneficiaries or any contingent Beneficiaries which may not be changed without spousal consent (or the spouse expressly permits designation by the Participant without any further spousal consent); (C) the spouse's consent acknowledges the effect of the election, and (D) the spouse's consent has been witnessed by a Plan representative or a notary public; or (ii) It is established to the satisfaction of the Plan Administrator that the consent of the surviving spouse could not have been obtained because there is no spouse, because the spouse cannot be located, or because of other circumstances prescribed by regulations issued under Section 417(a)(2) of the Code. Notwithstanding the foregoing, any Accounts which contain assets resulting from a direct or indirect transfer on or after August 23, 1984 from a defined benefit plan, stock bonus plan, profit-sharing plan or money purchase plan and which is subject to the survivor annuity requirements of Section 401 (a)(11) and Section 417 of the Code (a "Transferee Plan") shall be subject to paragraph (b) below.
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Profit Sharing Plans. 8 (a) Sponsorship of Host Marriott Profit Sharing Plan............. 8 (b) Establishment of New Host Marriott Profit Sharing Plan....... 8 (c) Obligation to Make Company Contribution...................... 9 (d) Adjustment Made to Account Balances.......................... 9 (e) Transfer and Acceptance of Account Balances.................. 9 (f) HMC to Provide Information................................... 9 (g) Regulatory Filings........................................... 9
Profit Sharing Plans. Except as otherwise set forth in Schedule 3.22 hereto, all discretionary, employer contributions that have been declared by the Company have been contributed to the Company Employees' (401(k)) Profit Sharing Plan (the "Plan"), and all employer matching contributions for employee 401(k) contributions made to the Plan prior to Closing, have been made and contributed to the Plan. The Plan has been tested for compliance with, and has satisfied the requirements of, Section 401(k)(3) of the Code for each plan year ending prior to the Closing Date. The Plan permits, or prior to Closing shall be amended to
Profit Sharing Plans. If the Plan is designated in the Adoption Agreement as a Profit Sharing Plan, (including the Profit Sharing portion of a Cash or Deferred Profit Sharing Plan), the Employer may elect in the Adoption Agreement to permit distributions to a Participant prior to his termination of employment. A Participant shall be entitled to receive a distribution of all or part of his interest in the Plan upon filing a written request with the Plan Administrator; provided, that no distribution shall be made unless the amount to be distributed to the Participant is fully vested and nonforfeitable (unless otherwise elected in the Adoption Agreement) and has accumulated for at least two (2) years or the individual has been a Participant for five (5) or more Plan Years, or on account of Hardship; provided, further that In Service distributions on account of Hardship shall be subject to the restrictions of Section 2.5.10. In Service distributions are subject to the spousal consent requirements contained in Code sections 401(a)(11) and 417 unless the Plan meets the exception of Section 2.5.7(k). Short Form. In Service distributions are always available to Participants that are fully vested provided the balance in the Account to be distributed has accumulated for at least two (2) years or the individual has been a Participant for five (5) or more Plan Years or on account of Hardship.
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