IFM Benefit Plan definition
Examples of IFM Benefit Plan in a sentence
Each IFM Benefit Plan is in material compliance with the provisions of all applicable laws including, but not limited to, ERISA and the Code with respect to the administration and documentation of said plan.
Neither IFM nor any IFM ERISA Affiliate maintains or has previously maintained a IFM Benefit Plan which meets or was intended to meet the requirements of Section 401(a) of the Code except as disclosed on Schedule 4.15.
The assets of each IFM Benefit Plan are reported at their fair market value on the books and records of each plan.
Each of IFM and each IFM ERISA Affiliate has made full and timely payment of all amounts required to be contributed under the terms of each IFM Benefit Plan and applicable law or required to be paid as expenses under such IFM Benefit Plan, and no excise taxes are assessable as a result of any nondeductible or other contributions made or not made to a IFM Benefit Plan.
Except for (i) those IFM Benefit Plans identified in Schedule 4.15, and (ii) IFM Benefit Plans which have been terminated and with respect to which neither IFM nor any IFM ERISA Affiliate has any material financial, administrative or other liability, obligation or responsibility, IFM neither maintains, nor have they at any time established or maintained, nor have they at any time been obligated to make, or otherwise made, contributions to or under or otherwise participated in any IFM Benefit Plan.
The assets of all IFM Benefit Plans which are required under applicable laws to be held in trust are in fact held in trust, and the assets of each such IFM Benefit Plan equal or exceed the liabilities of each such plan.
No IFM Benefit Plan has suffered any accumulated funding deficiency within the meaning of Section 302 of ERISA and Section 412 of the Code.
The only IFM Benefit Plan which provides healthcare benefits to IFM employees is a fully insured, group health plan issued in the State of Florida which IFM purchased from CIGNA HealthCare (the "CIGNA Plan").
Each IFM Benefit Plan that is an employee benefit plan (within the meaning of Section 3(2) of ERISA) that is funded through a trust or insurance contract or is a welfare benefit plan (within the meaning of Section 3(1) of ERISA) funded through a trust has at all times satisfied in all material respects, by its terms and in its operation, all applicable requirements for an exemption from federal income taxation under Section 501(a) of the Code.
There are no actions, audits, suits or claims which are pending or, to the knowledge of IFM, threatened against any IFM Benefit Plan, any fiduciary of any of IFM Benefit Plans with respect to IFM Benefit Plans or against the assets of any of IFM Benefit Plans, except claims for benefits made in the ordinary course of the operation of such plans.