Chaparral 401(k) Plan definition
Examples of Chaparral 401(k) Plan in a sentence
Chaparral shall assume and thereafter be solely responsible for all then existing or future employer Liabilities arising from or related to the Chaparral 401(k) Plan and the administration thereof.
Chaparral shall assume and be responsible for making the employer contributions to the Chaparral 401(k) Plan accounts of Chaparral Business Employees for all calendar years beginning with 2005.
As soon as practicable after the adoption of the Chaparral 401(k) Plan, Chaparral shall submit an application to the IRS for a determination regarding the qualification of the Chaparral 401(k) Plan and shall take any actions not inconsistent with Chaparral’s other general commitments contained in this Agreement and make any amendments necessary to receive a favorable determination letter.
The portion of the TXI 401(k) Plan composed of assets allocable to the Chaparral Business Employees will then be merged into the Chaparral 401(k) Plan.
The assets which will be transferred in the merger to the Chaparral 401(k) Plan will include applicable TXI stock and Chaparral stock, and promissory notes evidencing outstanding loan balances of Chaparral Business Employees, all in accordance with section 414(l) of the Code.
As soon as administratively practicable after the Distribution Date, there shall be transferred to the Chaparral 401(k) Plan assets having a value as of the applicable valuation date that are equal to the value of the account balances of, and Liabilities with respect to, all Chaparral Business Employees who have an account balance under the TXI 401(k) Plan as of such valuation date and who are employed by a Chaparral Party immediately after the Cessation Time.
Liabilities under any qualified domestic relations orders (as defined in section 414(p) of the Code) received with respect to any assets transferred to the Chaparral 401(k) Plan shall be transferred to Chaparral at the time such assets are transferred.