TEFRA Transitional Rule Sample Clauses

The TEFRA Transitional Rule is a provision that governs how certain tax regulations under the Tax Equity and Fiscal Responsibility Act (TEFRA) are applied during a transition period. It typically specifies which partnerships or tax years are subject to the old rules versus the new TEFRA procedures, often based on when a partnership was formed or when a tax year began. For example, partnerships established before a certain date may continue to follow previous audit and adjustment procedures for a limited time. The core function of this clause is to provide clarity and administrative ease by ensuring a smooth transition from old to new tax compliance frameworks, thereby preventing confusion or unfair retroactive application of new rules.
TEFRA Transitional Rule. Notwithstanding any other provisions of this Plan, distribution on behalf of any Participant may be made in accordance with the following requirements (regardless of when such distribution commences): (a) The distribution must have been one provided for in the Plan. (b) The distribution by the Plan is one which would not have disqualified the Plan under Section 401(a)(9) of the Code as in effect prior to amendment by the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”). (c) The distribution is in accordance with a method of distribution designated by the Participant whose interest is being distributed or, if the Participant is deceased, by a Beneficiary of such Participant. (d) Such designation was in writing, was signed by the Participant or the Beneficiary, and was made before January 1, 1984. (e) The Participant had accrued a benefit under the Plan as of December 31, 1983. (f) The method of distribution designated by the Participant or the Beneficiary specifies the time at which distribution will commence, the period over which distribution will be made, and in the case of any distribution upon the Participant’s death, the Beneficiaries of the Participant listed in order of priority.
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TEFRA Transitional Rule. Where a Participant had 1) accrued a benefit under the Plan (or a predecessor plan as merged herein) before July 1, 1984, and 2) designated a method of distribution which would not have disqualified the trust under Code section 401(a)(9) as in effect prior to amendment by the Deficit Reduction Act of 1984, and 3) such designation was in writing signed by the Participant before January 1, 1984, distribution to such Participant (or his Beneficiary) need not begin prior to termination of his or her employment with all Related Companies. If benefit payments cannot begin at the time required because the location of the Participant cannot be ascertained (after a reasonable search), the Administrator may, at any time thereafter, treat such person's Account as forfeited subject to the provisions of Section 18.5.
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TEFRA Transitional Rule. (a) Notwithstanding other requirements in Article 6, the Plan Administrator may direct the Trustee to make distributions on behalf of any Employee, including a Five-Percent Owner, subject to the following provisions, regardless of when the distributions commence, if: (1) The distribution would not have disqualified the trust under Code section 401(a)(9) as in effect prior to amendment by the Deficit Reduction Act of 1984. (2) The distribution is consistent with a method elected by the Employee whose Account is being distributed or, if the Employee is deceased, by a Beneficiary of the Employee. (3) The election was made in writing before January 1, 1984 and signed by the Employee or Beneficiary. (4) The Employee had accrued a benefit under the plan as of December 31, 1983. (5) The distribution method elected by the Employee or Beneficiary specifies a commencement date, the distribution period and, in the case of any distribution at the Employee's death, the Beneficiaries of the Employee listed in order of priority. (b) A distribution at death will not be covered by this transitional rule unless the distribution election contains the required information for distributions to be made when the Employee dies. (c) For any distribution that commenced before January 1, 1984, and continues after December 31, 1983, the Employee or Beneficiary to whom the distribution is being made, will be presumed to have designated the method of distribution under which the distribution is being made if the method was specified in writing and the distribution satisfied the requirements in subsection (a)(1) and (5). (d) If a Participant or Beneficiary revokes an election, any subsequent distribution must satisfy the requirements of Code section 401(a)(9) and the proposed regulations thereunder. If a Participant or Beneficiary revokes a designation after the date distributions are required to begin, the Plan Administrator must direct the Trustee to distribute by the end of the calendar year following the calendar year in which the revocation occurs the total amount not yet distributed that would have been required to have been distributed in order to satisfy Code section 401(a)(9) and the proposed regulations thereunder but for the election authorized under Code section 242(b)(2). For calendar years beginning after December 31, 1988, such distributions also must meet the minimum distribution incidental benefit requirements in section 1.40l(a)(9)-2 of the proposed federal income tax ...
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TEFRA Transitional Rule. Notwithstanding other requirements in Article 6, the Plan Administrator may direct the Trustee to make distributions on behalf of any Employee, including a Five-Percent Owner, subject to the following provisions, regardless of when the distributions commence, if:
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Related to TEFRA Transitional Rule

  • Transitional Rule Notwithstanding the other requirements of this Section and subject to the requirements of Section 8.2, distribution on behalf of any Employee, including a five percent (5%) owner, may be made in accordance with all of the following requirements (regardless of when such distribution commences): (i) The distribution by the trust is one which would not have disqualified such trust under section 401(a)(9) of the Code as in effect prior to amendment by the Deficit Reduction Act of 1984. (ii) The distribution is in accordance with a method of distribution designated by the Employee whose interest in the trust is being distributed or, if the Employee is deceased, by a Beneficiary of such Employee. (iii) Such designation was in writing, was signed by the Employee or the Beneficiary, and was made before January 1, 1984. (iv) The Employee had accrued a benefit under the Plan as of December 31, 1983. (v) The method of distribution designated by the Employee or the Beneficiary specifies the time at which distribution will commence, the period over which distributions will be made, and in the case of any distribution upon the Employee's death, the Beneficiaries of the Employee listed in order of priority. A distribution upon death will not be covered by this transitional rule unless the information in the designation contains the required information described above with respect to the distributions to be made upon the death of the Employee. For any distribution which commences before January 1, 1984, but continues after December 31, 1983, the Employee, or the Beneficiary, to who such distribution is being made, will be presumed to have designated the method of distribution under which the distribution is being made if the method of distribution was specified in writing and the distribution satisfies the requirements in Subsections (i) through (v) above. If a designation is revoked, any subsequent distribution must satisfy the requirements of section 401(a)(9) of the Code and the regulations thereunder. If a designation is revoked subsequent to the date distributions are required to begin, the trust must distribute by the end of the calendar year following the calendar year in which the revocation occurs the total amount not yet distributed which would have been required to have been distributed to satisfy section 401(a)(9) of the Code and the regulations thereunder, but for the election under section 242(b)(2) of Pub. L. No. 97-248. For calendar years beginning after December 31, 1988, such distributions must meet the minimum distribution incidental benefit requirements in section 1.401(a)(9)-2 of the Income Tax Regulations. Any changes in the designation will be considered to be a revocation of the designation. However, the mere substitution or addition of another Beneficiary (one not named in the designation) under the designation will not be considered to be a revocation of the designation, so long as such substitution or addition does not alter the period over which distributions are to be made under the designation, directly or indirectly (for example, by altering the relevant measuring life). The rules of Q&A J-2 and J-3 of Income Tax Regulations section 1.401(a)(9)-1 shall apply to rollovers and transfers from one plan to another.

  • Deferral Pending Change in Control The obligation of the Company to prepay Notes pursuant to the offers required by subparagraph (b) and accepted in accordance with subparagraph (d) of this Section 8.7 is subject to the occurrence of the Change in Control in respect of which such offers and acceptances shall have been made. In the event that such Change in Control does not occur on the Proposed Prepayment Date in respect thereof, the prepayment shall be deferred until and shall be made on the date on which such Change in Control occurs. The Company shall keep each holder of Notes reasonably and timely informed of (i) any such deferral of the date of prepayment, (ii) the date on which such Change in Control and the prepayment are expected to occur, and (iii) any determination by the Company that efforts to effect such Change in Control have ceased or been abandoned (in which case the offers and acceptances made pursuant to this Section 8.7 in respect of such Change in Control shall be deemed rescinded).

  • Additional Rules For purposes of determining the amount of the Tax Reimbursement Payment, the Executive shall be deemed to pay: (A) Federal income taxes at the highest applicable marginal rate of Federal income taxation for the calendar year in which the Tax Reimbursement Payment is to be made, and (B) any applicable state and local income and other taxes at the highest applicable marginal rate of taxation for the calendar year in which the Tax Reimbursement Payment is to be made, net of the maximum reduction in Federal incomes taxes which could be obtained from the deduction of such state or local taxes if paid in such year.

  • Termination of Employment Following Change in Control (a) If a Change in Control (as defined in Section 5(b) of this Agreement) shall occur and, thereafter, if at any time during the term of this Agreement there shall be: (i) any involuntary termination of Executive’s employment (other than for the reasons set forth in Section 3(c) of this Agreement; (ii) any reduction in Executive’s title, responsibilities, including reporting responsibilities, or authority, including such title, responsibilities or authority as such may be increased from time to time during the term of this Agreement; (iii) the assignment to Executive of duties inconsistent with Executive’s office on the date of the Change in Control or as the same may be increased from time to time after the Change in Control; (iv) any reassignment of Executive to a location greater than fifty (50) miles from the location of Executive’s office on the date of the Change in Control; (v) any significant reduction in Executive’s compensation as provided in Section 4 in effect on the date of the Change in Control or as the same may be increased from time to time after the Change in Control; (vi) any failure to provide Executive with benefits at least as favorable as those enjoyed by Executive under any of Corporation or Bank’s retirement or pension, life insurance, medical, health and accident, disability or other employee plans in which Executive participated at the time of the Change in Control, or the taking of any action that would materially reduce any of such benefits in effect at the time of the Change in Control; (vii) any requirement that Executive travel in performance of his duties on behalf of Corporation or Bank for a significantly greater period of time during any year than was required of Executive during the year preceding the year in which the Change in Control occurred; or (viii) any sustained pattern of interruption or disruption of Executive for matters substantially unrelated to Executive’s discharge of Executive’s duties on behalf of Corporation and Bank; then, at the option of Executive, exercisable by Executive within ninety (90) days of the Change in Control and occurrence of any of the foregoing events, Executive may resign from employment with Corporation and Bank (or, if involuntarily terminated, give notice of intention to collect benefits under this Agreement) by delivering a notice in writing (the “Notice of Termination”) to Corporation and Bank and the provisions of Section 6 of this Agreement shall apply. In addition, notwithstanding the payments to Executive contemplated by Section 6, if Executive is requested by the Corporation, Bank, or a successor thereto to remain in the employ of the Corporation, Bank, or a successor to the Corporation or Bank following the Date of Change of Control, Executive expressly agrees, subject to the condition set forth below, to remain in the employ of the Corporation, Bank, or a successor to the Corporation or Bank for not less than six months following the Date of Change of Control. The Corporation, Bank, or successor to the Corporation or Bank shall have the right to request Executive remain in the employ of the Corporation, Bank, or a successor to the Corporation or Bank for a period of less than six months following the Date of Change of Control. Executive agrees to remain an employee of the Corporation, Bank or successor to the Corporation or Bank pursuant to their request conditioned upon Executive being compensated in the same amount and on the same terms as he was compensated immediately prior to the Date of Change of Control, including participation in all employee benefit plans to which he would otherwise be entitled. (b) As used in this Agreement, “Change in Control” shall mean the occurrence of any of the following:

  • Termination Following Change in Control In the event of the occurrence of Constructive Termination within twelve (12) months after the effective date of a Change in Control, Employee may, at Employee's option, terminate Employee's employment due to Constructive Termination unless Employee has entered into an employment agreement with Successor. Such termination shall be effective upon Employee giving notice to Successor. In the event of termination of Employee's employment (1) by Successor within twelve (12) months after the effective date of a Change of Control, or (2) by Employee within twelve (12) months after the effective date of a Change of Control as a result of a Constructive Termination, then (a) Successor shall pay Employee a lump sum cash payment equal to the Severance Amount within 10 business days after the termination of employment; (b) Successor shall make available to Employee, at Employee's cost and expense, medical and other insurance coverage at a level and to the extent required by COBRA; and (c) any outstanding options held by Employee that remain unvested as of the date of termination shall become fully vested and exercisable as of the date of termination of Employee's employment with Successor and prior to the occurrence of an event otherwise terminating the options. Notwithstanding the foregoing, in the event that any payments under this Section 2 will be deemed to constitute an "excess parachute payment" as defined in Section 280G(b)(i) of the Internal Revenue Code of 1986, as amended (an "Excess Parachute Payment"), then the payments to Employee under this Section 2 shall be limited to an amount equal to the maximum amount that could be paid to Employee so that no such amount, along with all other payments to Employee by Successor, will be deemed to constitute an Excess Parachute Payment. Subject to the terms of this Section 2, Employee shall not be entitled to receive any other compensation or benefits under this Agreement as a result of the termination of Employee's employment following a Change of Control or Constructive Termination.