Based on ERISA Considerations Clause Samples
The "Based on ERISA Considerations" clause defines how the agreement or plan will comply with the requirements of the Employee Retirement Income Security Act (ERISA). This clause typically outlines the responsibilities of the parties to ensure that employee benefit plans are administered in accordance with ERISA's fiduciary standards, reporting, and disclosure obligations. For example, it may specify that certain actions or decisions must be made with the best interests of plan participants in mind, or that the plan must avoid prohibited transactions. The core function of this clause is to ensure legal compliance with ERISA, thereby protecting both the plan sponsors and participants from regulatory violations and associated penalties.
Based on ERISA Considerations. The Manager may, at any time, cause the Company to purchase all or any portion of the Investor Shares owned by a Member whose assets are governed by Title I of the Employee Retirement Income Security Act of 1974, Code section 4975, or any similar Federal, State, or local law, if the Manager determines that all or any portion of the assets of the Company would, in the absence of such purchase, more likely than not be treated as “plan assets” or otherwise become subject to such laws.
Based on ERISA Considerations. The Board may, at any time, cause the Company to purchase all or any portion of the Investor Shares owned by a Member whose assets are governed by Title I of the Employee Retirement Income Security Act of 1974, Code section 4975, or any similar Federal, State, or local law, if the Board determines that all or any portion of the assets of the Company would, in the absence of such purchase, more likely than not be treated as “plan assets” or otherwise become subject to such laws.
Based on ERISA Considerations. The General Partner may, at any time, cause the Company to purchase all or any portion of the Investor Shares owned by a Limited Partner whose assets are governed by Title I of the ERISA, Code section 4975, or any similar Federal, State, or local law, if the General Partner determines that all or any portion of the assets of the Company would, in the absence of such purchase, more likely than not be treated as "plan assets" or otherwise become subject to such laws.
Based on ERISA Considerations. The Company may, at any time, cause the Company to purchase all or any number of the Litigation Support Shares owned by a holder of Litigation Support Shares whose assets are governed by Title I of the Employee Retirement Income Security Act of 1974, section 4975 of the Internal Revenue Code, or any similar Federal, State, or local law, if the Company determines that all or any portion of the assets of the Company would, in the absence of such purchase, more likely than not be treated as “plan assets” or otherwise become subject to such laws.