Amendment by Plan Sponsor Sample Clauses
The "Amendment by Plan Sponsor" clause grants the plan sponsor the authority to modify, revise, or update the terms of a plan at their discretion. In practice, this means the sponsor can change provisions such as eligibility requirements, benefits, or administrative procedures, typically by providing notice to participants or following a specified process. This clause ensures the plan remains adaptable to changing legal, financial, or organizational needs, allowing the sponsor to address unforeseen circumstances or regulatory updates efficiently.
Amendment by Plan Sponsor. The Plan Sponsor reserves the right to amend the Plan (for itself and each Employer) through action of its Board of Directors. No amendment can directly or indirectly deprive any current or former Participant or Beneficiary of all or any portion of his Account which had accrued and vested prior to the amendment.
Amendment by Plan Sponsor. The Plan Sponsor reserves the right to amend the Plan (for itself and each Employer). The Plan Sponsor’s Benefits Administrative Committee may adopt amendments to the Plan that result in an increase or decrease in the then current annual cost of the Plan by 50% or less. The Plan Sponsor’s Chief Executive Officer, Chief Financial Officer and Chief Operations Officer (the “Specified Executives”) may jointly adopt amendments to the Plan that increase the then current annual cost of the Plan by up to 100%. The Plan Sponsor’s Human Resources Committee may adopt amendments to the Plan that decrease the annual cost of the Plan by more than 50% or increase the annual cost of the Plan by more than 100%. Such amendments shall be as set forth in an instrument in writing executed as follows. Amendments adopted by the Plan Sponsor’s Benefits Administrative Committee shall be executed by a member of such Committee. Amendments adopted by the Specified Executives shall be executed by the Specified Executives. Amendments adopted by the Plan Sponsor’s Human Resources Committee shall be executed by a member of such Committee. No amendment can directly or indirectly deprive any current or former Participant or Beneficiary of all or any portion of his Account which had accrued prior to the amendment.
Amendment by Plan Sponsor. Plan Termination Following Change in Control or Corporate Dissolution
Amendment by Plan Sponsor. The Plan Sponsor reserves the right to amend the Plan (for itself and each Employer) through action of its Board of Directors. Notwithstanding the above, it shall not be necessary for the Board of Directors of the Plan Sponsor to approve amendments to the Plan that are to comply with technical legal requirements of ERISA or the Code or for any other reason that does not result in a material increase in cost to the Employer, provided that such amendment is set forth in a written instrument that is executed by an officer of the Plan Sponsor or a member of the Benefits Administrative Committee. No amendment can directly or indirectly deprive any current or former Participant or Beneficiary of all or any portion of his Account which had accrued prior to the amendment.”