WITHDRAWAL OF EMPLOYER UPON ITS REJECTION OF AN AMENDMENT. An Employer may withdraw from the Plan and the Trust if the Sponsor does not acquiesce in the Employer’s rejection of an amendment or by giving written notice of its intent to withdraw to the Committee. The Committee shall then determine the portion of the Trust assets that is attributable to the Participants and former Participants employed by the withdrawing Employer and shall notify the Trustee to segregate and transfer those assets to the successor trustee when it receives a designation of the successor from the withdrawing Employer. The determination of the Committee, in its sole discretion, of the portion of the Trust assets that is attributable to the Participants and former Participants employed by the withdrawing Employer shall be final and binding upon all parties; and, the Trustee’s transfer of those assets to the designated successor Trustee shall relieve the Trustee of any further obligation, liability or duty to the withdrawing Employer, the Participants and former Participants employed by that Employer and their Beneficiaries, and the successor trustee.
Appears in 2 contracts
Sources: 401(k) Savings Investment Plan (Furmanite Corp), 401(k) Savings Investment Plan Amendment (Furmanite Corp)
WITHDRAWAL OF EMPLOYER UPON ITS REJECTION OF AN AMENDMENT. An Employer may withdraw from the Plan and the Trust if the Sponsor does not acquiesce in the Employer’s 's rejection of an amendment or by giving written notice of its intent to withdraw to the Committee. The Committee shall then determine the portion of the Trust assets that is attributable to the Participants and former Participants Members employed by the withdrawing Employer and shall notify the Trustee to segregate and transfer those assets to the successor trustee when it receives a designation of the successor from the withdrawing Employer. The determination of the Committee, in its sole discretion, of the portion of the Trust assets that is attributable to the Participants and former Participants Members employed by the withdrawing Employer shall be final and binding upon all parties; and, the Trustee’s 's transfer of those assets to the designated successor Trustee shall relieve the Trustee of any further obligation, liability or duty to the withdrawing Employer, the Participants and former Participants Members employed by that Employer and their Beneficiaries, and the successor trustee.
Appears in 2 contracts
Sources: 401(k) Savings Plan (Kaneb Services LLC), 401(k) Savings Plan (Kaneb Services LLC)
WITHDRAWAL OF EMPLOYER UPON ITS REJECTION OF AN AMENDMENT. An Employer may withdraw from the Plan and the Trust if the Sponsor does not acquiesce in the Employer’s 's rejection of an amendment or by giving written notice of its intent to withdraw to the Committee. The Committee shall then determine the portion of the Trust assets that is attributable to the Participants and former Participants employed by the withdrawing Employer and shall notify the Trustee to segregate and transfer those assets to the successor trustee when it receives a designation of the successor from the withdrawing Employer. The determination of the Committee, in its sole discretion, of the portion of the Trust assets that is attributable to the Participants and former Participants employed by the withdrawing Employer shall be final and binding upon all parties; and, the Trustee’s 's transfer of those assets to the designated successor Trustee shall relieve the Trustee of any further obligation, liability or duty to the withdrawing Employer, the Participants and former Participants employed by that Employer and their Beneficiaries, and the successor trustee.
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