Common use of Omission of Participant Clause in Contracts

Omission of Participant. 1. If the Plan is ▇ ▇▇▇▇▇ ▇▇▇▇▇ase plan or a target benefit plan and, if in any Plan Year, any Employee who should be included as a Participant is erroneously omitted and discovery of such omission is not made until after a contribution by the Employer tor the year has been mittle and allocated. the Employer shall make a subsequent contribution to include earn- thereon, with respect to the omitted Employee in the amount which the Ernplbyer would have contributed with respect to that Employee had he or she not been omitted. 2. If the Plan is a profit sharing plan, and if in any Plan Year, any Employee who should be included as a Participant is erroDeously omitted and discovery of such omission is not made until after the Employer Contribution has been made and allocated, then the Plan Adininistrator must re-do the allocation (if a corccction can be made) and infbrm the Employee. Alternatively, the Employer may choose to contribute for the omitted Employee the amount to include earnings thereon, which the Employer would have contributed for the Employee.

Omission of Participant. 1. If the Plan is ▇ ▇▇▇▇▇ ▇▇▇▇▇ase a money purchase plan or a target benefit plan and, if in any Plan Year, any Employee who should be included as a Participant is erroneously omitted and discovery of such omission is not made until after a contribution by the Employer tor for the year has been mittle made and allocated. , the Employer shall make a subsequent contribution to 13 ================================================================================ 9 include earn- earnings thereon, with respect to the omitted Employee in the amount which the Ernplbyer Employer would have contributed with respect to that Employee had he or she not been omitted. 2. If the Plan is a profit sharing plan, and if in any Plan Year, any Employee who should be included as a Participant is erroDeously erroneously omitted and discovery of such omission is not made until after the Employer Contribution has been made and allocated, then the Plan Adininistrator Administrator must re-do the allocation (if a corccction correction can be made) and infbrm inform the Employee. Alternatively, the Employer may choose to contribute for the omitted Employee the amount to include earnings thereon, which the Employer would have contributed for the Employee.