Plan Termination Procedures Clause Samples

The Plan Termination Procedures clause outlines the steps and requirements for properly ending a plan, such as an employee benefit or retirement plan. It typically details the notice that must be given, the responsibilities of the parties involved, and the process for distributing any remaining assets or benefits. By establishing a clear process for winding down the plan, this clause ensures compliance with legal obligations and helps prevent disputes or confusion among participants and administrators.
Plan Termination Procedures. In connection with the termination of any Plan in accordance with the provisions of applicable Plan Documents and this Section 7, the Custodian will furnish the Planholder and the Sponsor with a notice of termination showing all changes in such Planholder's account since the date of the last previous statement issued by the Custodian, and the Planholder shall thereafter have no further claim against the Custodian, except as may be set forth in such statement, and shall not be entitled to any further accounting. In the event of termination of a Plan, liquidation of the Planholder's account and final payment to said Planholder shall be effected by the Custodian in accordance with applicable Plan Documents.
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Plan Termination Procedures. The Employer may terminate the Plan at any time by appropriate action of its managing body. The termination becomes effective on the date specified by the Employer. Until all of the assets have been distributed from the Fund, the Employer must keep the Plan in compliance with current laws and regulations by (a) making appropriate amendments to the Plan and (b) taking other measures that may be required. If the Plan is terminated, the Individual Account balances of the Participants shall be distributed in the time and manner determined by the Employer, subject to the applicable notice, election and consent requirements of Sections 401(a)(11), 411(a)(11) and 417 of the Code, and the restriction on distributions under Section 11.06(B)(1) of the Plan. However, if the Plan does not offer an annuity form of benefit payment, and if neither the Employer nor any of the Affiliated Companies maintain any defined contribution plan (other than an "employee stock ownership plan," as defined in Section 4975(e)(7) of the Code), then, if the employer so determines, each Participant's Individual Account balance shall be distributed to him or her, in the form of a single lump-sum payment, without the requirement that any consent be obtained.
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Plan Termination Procedures. The Employer may terminate the Plan at any time by appropriate action of its managing body. The termination becomes effective on the date specified by the Employer. Until all of the assets have been distributed from the Fund, the Employer must keep the Plan in compliance with current laws and regulations by (a) making appropriate amendments to the Plan and (b) taking other measures that may be required.
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Plan Termination Procedures. 83 9.07 PLAN CONTINUED BY SUCCESSOR EMPLOYER......................................83 9.08 FAILURE OF PLAN QUALIFICATION.............................................83 10. MISCELLANEOUS..................................................................85 10.01 STATE COMMUNITY PROPERTY LAWS............................................85 10.02 HEADINGS.................................................................85 10.03 GENDER AND NUMBER........................................................85 10.04
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Plan Termination Procedures. 46 9.7 Plan Continued by Successor Employer........................46 9.8
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Related to Plan Termination Procedures

  • Termination Procedures The Contractor acknowledges that this Agreement may be terminated for Convenience or Default.

  • Termination Procedure a. Upon termination of this Contract the DCYF, in addition to any other rights provided in this Contract, may require the Contractor to deliver to DCYF any property specifically produced or acquired for the performance of such part of this Contract as has been terminated. The provisions of Section (TREATMENT OF ASSETS) shall apply in such property transfer. b. DCYF shall pay to the Contractor the agreed upon price, if separately stated, for completed work and service(s) accepted by DCYF, and the amount agreed upon by the Contractor and DCYF for (i) completed work and service(s) for which no separate price is stated, (ii) partially completed work and service(s), (iii) other property or services which are accepted by DCYF, and (iv) the protection and preservation of property, unless the termination is for default, in which case DCYF and Contractor may agree to the extent of the liability of DCYF. Failure to agree to the extent of the liability shall be a dispute within the meaning of Section (DISPUTES) of this Contract. DCYF may withhold from any amounts due the Contractor such sum as DCYF determines to be necessary to protect DCYF against potential loss or liability. c. The rights and remedies of DCYF provided in this Section (TERMINATION PROCEDURE) shall not be exclusive and are in addition to any other rights and remedies provided by law or under this Contract. d. After receipt of a notice of termination, and except as otherwise directed by DCYF, the Contractor shall: (1) Stop work under the contract on the date, and to the extent specified, in the notice; (2) Place no further orders or subcontracts for materials, services, or facilities except as may be necessary for completion of such portion of the work under the Contract as is not terminated; (3) Assign to DCYF, in the manner, at the times, and to the extent directed by DCYF, all of the rights, title, and interest of the Contractor under the orders and subcontracts so terminated, in which case DCYF has the right, at its discretion, to settle or pay any or all claims arising out of the termination of such orders and subcontracts; (4) Settle all outstanding liabilities and all claims arising out of such termination of orders and subcontracts, with the approval or ratification of DCYF to the extent DCYF may require, which approval or ratification shall be final for all the purposes of this clause; (5) Transfer title to DCYF and deliver in the manner, at the times, and to the extent directed by this Contract or by DCYF any property which, if the contract had been completed, would have been required to be furnished to DCYF; (6) Complete performance of such part of the work as shall not have been terminated by DCYF; and (7) Take such action as may be necessary, or as DCYF may direct, for the protection and preservation of the property related to this contract which is in the possession of the Contractor and in which DCYF has or may acquire an interest.

  • Plan Termination The Plan Sponsor reserves the right to terminate this Plan in accordance with one of the following, subject to the restrictions imposed by Section 409A and authoritative guidance:

  • Plan Terminations Promptly and in any event within two Business Days after receipt thereof by any Loan Party or any ERISA Affiliate, copies of each notice from the PBGC stating its intention to terminate any Plan or to have a trustee appointed to administer any Plan.

  • Plan Termination Generally This Agreement may be terminated only by a written agreement signed by the Bank and the Executive. The benefit shall be the Accrual Balance as of the date this Agreement is terminated. Except as provided in Section 8.3, the termination of this Agreement shall not cause a distribution of benefits under this Agreement. Rather, upon such termination benefit distributions will be made at the earliest distribution event permitted under Article 2 or Article 3.