Common use of Separate Plans Clause in Contracts

Separate Plans. ServCo shall be the “plan sponsor” (as defined in ERISA section 3(16)(B)), of the ServCo Benefit Plans, which shall not include any individuals other than ServCo Employees and their eligible dependents and beneficiaries. An individual or committee appointed by ServCo shall be the “administrator” (as defined in ERISA section 3(16)) and “named fiduciary” (as defined in ERISA section 402(a)(2)) of the ServCo Benefit Plans. The ServCo Benefit Plans’ assets will not be invested in a master trust or otherwise commingled with other plans sponsored or maintained by the Service Provider and will otherwise be administered or operated in a manner that will facilitate the assumption of the ServCo Benefit Plans by a successor service provider that acquires ServCo. If requested by LIPA, and subject to the applicable collective bargaining agreement then in effect, ServCo will create, sponsor and maintain one or more separate ServCo Benefit Plans for Transitioned Union Employees.

Separate Plans. ServCo shall be the “plan sponsor” (as defined in ERISA section 3(16)(B)), of the ServCo Benefit Plans, which shall not include any individuals other than ServCo Employees and their eligible dependents and beneficiaries. An individual or committee appointed by ServCo ▇▇▇▇▇▇ shall be the “administrator” (as defined in ERISA section 3(16)) and “named fiduciary” (as defined in ERISA section 402(a)(2)) of the ServCo Benefit Plans. The ServCo Benefit Plans’ assets will not be invested in a master trust or otherwise commingled with other plans sponsored or maintained by the Service Provider and will otherwise be administered or operated in a manner that will facilitate the assumption of the ServCo Benefit Plans by a successor service provider that acquires ServCo. If requested by LIPA, and subject to the applicable collective bargaining agreement then in effect, ServCo will create, sponsor and maintain one or more separate ServCo Benefit Plans for Transitioned Union Employees.