Orphan Plan Clause Samples

An Orphan Plan clause defines the procedures and rights related to a retirement or benefit plan that is left without a sponsoring employer, typically due to company dissolution or bankruptcy. This clause outlines how the plan's assets will be managed, who will assume fiduciary responsibility, and the process for distributing benefits to participants in the absence of the original sponsor. Its core function is to ensure that plan participants are protected and that their benefits are properly administered even if the employer can no longer fulfill its obligations, thereby safeguarding employee interests in unforeseen circumstances.
Orphan Plan. With respect to VCP and Audit CAP, the term “Orphan Plan” means any Qualified Plan or other plan with respect to which an “Eligible Party” (defined in section 5.03(2)) has determined that the Plan Sponsor (a) no longer exists, (b) cannot be located, or (c) is unable to maintain the plan. However, the term “Orphan Plan” does not include any plan which is subject to Title I of the Employee Retirement Income Security Act of 1974 (“ERISA”) terminated pursuant to section 2578.1 of the Department of Labor regulations governing the termination of abandoned individual account plans.
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Orphan Plan. Any Account that is not part of a Plan as of January 1, 2009, shall continue to be held by the Custodian for the benefit of the Participant in accordance with the provisions of this Agreement to the maximum extent possible, substituting the Participant for the Employer, subject to the provisions of Revenue Procedure 2007-71.
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Related to Orphan Plan

  • Plan The Award and all rights of the Participant under this Agreement are subject to the terms and conditions of the provisions of the Plan, incorporated herein by reference. The Participant agrees to be bound by the terms of the Plan and this Agreement. The Participant acknowledges having read and understanding the Plan, the Prospectus for the Plan, and this Agreement. Unless otherwise expressly provided in other sections of this Agreement, provisions of the Plan that confer discretionary authority on the Board or the Administrator do not (and shall not be deemed to) create any rights in the Participant unless such rights are expressly set forth herein or are otherwise in the sole discretion of the Board or the Administrator so conferred by appropriate action of the Board or the Administrator under the Plan after the date hereof.

  • Profit Sharing Plan Under the Northrim BanCorp, Inc. Profit Sharing Plan (the “Plan”), Executive shall be eligible to receive an annual profit share based on performance as defined by the Board of Directors. Executive will be classified in the Executive tier under the Plan’s Responsibility Factors. If Employer is required to prepare an accounting restatement due to “material noncompliance of the Employer,” the Employer will recover from the Executive any incentive compensation during the three (3) years prior to the date of the restatement, in excess of what would have been paid under the restatement. Executive’s signature on this Agreement authorizes Employer to offset or deduct from any compensation Employer may owe Executive, any excess payments (in whole or in part) that Executive may owe Employer due to such restatement(s).

  • Vision Plan The District will also make available a vision plan to be paid by the employee with pre-tax dollars through payroll deduction.