Return of Employer Contributions Sample Clauses
The 'Return of Employer Contributions' clause outlines the conditions under which contributions made by an employer to a benefit plan or fund may be returned to the employer. Typically, this clause applies if contributions were made based on a mistake of fact, such as an administrative error or overpayment, or if the plan fails to qualify for tax-exempt status. By specifying when and how employer contributions can be recovered, this clause helps prevent financial loss due to errors and ensures compliance with relevant laws and regulations.
Return of Employer Contributions. Notwithstanding any other provision of this Plan, contributions made by an Employer may be returned to such Employer if:
Return of Employer Contributions. The Trustee shall, upon request by the Employer, return to the Employer the amount (if any) determined under Section 14.22. Such amount shall be reduced by amounts attributable thereto which have been credited to the Accounts of Participants who have since received distributions from the Trust, except to the extent such amounts continue to be credited to such Participants' Accounts at the time the amount is returned to the Employer. Such amount shall also be reduced by the losses of the Trust attributable thereto, if and to the extent such losses exceed the gains and income attributable thereto, but will not be increased by the gains and income of the Trust attributable thereto, if and to the extent such gains and income exceed the losses attributable thereto. In no event will the return of a contribution hereunder cause the balance of the individual Account of any Participant to be reduced to less than the balance which would have been credited to the Account had the mistaken amount not been contributed.
Return of Employer Contributions. Notwithstanding any other provisions of this Plan, contributions made by an Employer may be returned to such Employer if:
(a) the contribution was made by reason of a mistake of fact and is returned to the Employer within one year of the mistaken contribution, or
(b) the contributions was conditioned upon its deductibility by the Employer for income tax purposes, the deduction was disallowed and the contribution is returned to the Employer within one year of the disallowance of the deduction, or
(c) the contribution was conditioned upon the initial qualification of the Plan: the Plan was submitted to the Internal Revenue Service for a determination as to its initial qualification within the time prescribed by law for filing the Employer's return for the taxable year in which the Plan was adopted or such later date as the Secretary of the Treasury may prescribe; the Plan received an adverse determination, and the contribution is returned to the Employer within one year of the date of the adverse determination.
Return of Employer Contributions. Upon written request by the Employer, the Trustee must return any Employer Contributions provided that the circumstances and the time frames described below are satisfied. The Trustee may request the Employer to provide additional information to ensure the amounts may be properly returned. Any amounts returned shall not include earnings, but must be reduced by any losses.
Return of Employer Contributions. The Trustee shall, upon request by the Employer, return to the Employer the amount (if any) determined under Section 20.24. Such amount shall be reduced by amounts attributable thereto which have been credited to the Accounts of Participants who have since received distributions from the Trust, except to the extent such amounts continue to be credited to such Participants' Accounts at the time the amount is returned to the Employer. Such amount shall also be reduced by the losses of the Trust attributable thereto, if and to the extent such losses exceed the gains and income attributable thereto, but shall not be increased by the gains and income of the Trust attributable thereto, if and to the extent such gains and income exceed the losses attributable thereto. To the extent such gains exceed losses, the gains shall be forfeited and applied as provided in Section 11.
Return of Employer Contributions. Except as provided in this Section, any Employer contributions to the Trust shall be irrevocable and neither such contributions nor any income therefrom shall be used for, nor diverted to, purposes other than for the exclusive benefit of Participants or their Beneficiaries under the Plan; however, upon written request from the Employer, the Trustee shall return to the Employer the amount of the Employer's contribution made by mistake of fact. Any contribution made by the Employer because of a mistake of fact must be returned to the Employer within one year after the date when the contribution was made. The Trustee shall not increase the amount of the Employer contribution to be returned for any earnings attributable to the contribution, but the Trustee shall decrease the Employer contribution to be returned for any losses attributable to the contribution.
Return of Employer Contributions. The Trustee shall, upon request by the Employer, return to the Employer the amount (if any) determined under Section 14.22. Such amount shall be reduced by amounts attributable thereto which have been credited to the Accounts of Participants who have since received distributions from the Trust, except to the extent such amounts continue to be credited to such Participants' Accounts at the time the amount is returned to the Employer. Such amount shall also be reduced by the losses of the Trust attributable thereto, if and to the extent such losses exceed the gains and income attributable thereto, but will not be increased by the gains and income of the Trust attributable thereto, if and to the extent such 25
Return of Employer Contributions. Upon written request by the Employer, the Trustee must return any Employer Contributions made because of a mistake of fact must be returned to the Employer within one year of the contribution.
Return of Employer Contributions. Upon written request by the Employer, the Trustee may return any Employer Contributions made because of a mistake of fact to the Employer.
Return of Employer Contributions. Notwithstanding Section 16.02, Employer Contributions to the Plan shall be resumed to the Employer in the following circumstances:
(a) If a Contribution is made by reason of a mistake of fact, such Contribution shall, if requested by the Employer, be resumed to the Employer within one ( 1 ) year after the payment thereof.
(b) In the event that the Commissioner of Internal Revenue or his delegate determines that the Plan is not initially qualified under the Internal Revenue Code, any Employer Contribution (other than salary deferrals under a cash or deferred arrangement) made incident to that initial qualification by the Employer (plus any earnings on such contributions) shall be returned to the Employer within one year after the date the initial qualification is denied, but only if the application for the qualification is made by the time prescribed by law for filing the Employer's return for the taxable year in which the Plan is adopted, or such later date as the Secretary of the Treasury may prescribe. However, any employee contributions or salary deferrals contributed by or on behalf of Employees (plus any earnings on such Contributions or deferrals) shall be resumed to such Employees.
(c) Since any Employer Contribution under this Plan is expressly conditioned upon its deductibility under Section 404 of the Code, then, to the extent the deduction is disallowed, such Contribution shall be resumed to the Employer within one year after the disallowance of the deduction.
(d) The amount which shall be resumed to the Employer under paragraphs (a) or (c) is the excess of (1) the amount contributed over (2) the amount that would have been contributed had there not occurred a mistake of factor a disallowance of the deduction. Earnings attributable to the excess contribution may not be resumed to the Employer, but losses attributable thereto must reduce the amount to be so resumed. Furthermore, if the return of any such amount would cause the balance of the Individual Account of any Participant to be reduced to less than the balance which would have been in the Individual Account had the mistaken amount not be contributed, then the amount to be resumed to the Employer will be limited so as to avoid such reduction.