Additional Plan Terms a. Employer and Employee Paid Contributions and growth thereon will be considered taxable income upon distribution from the plan. Further, a penalty may apply for distributions made prior to the age allowed by State and Federal laws and regulations. Qualified Rollover options may allow a terminated employee to defer taxation until a later date.
b. A Cooperative Retirement Plan Oversight Committee will be established. It will be composed of three Board of Directors appointees, three special Services NEA appointees, and a representative of a third party administrator as an ex officio member. It will be the intention of the oversight committee to meet at least once throughout the contract year. It will be the Association’s responsibility to schedule and to provide minutes of the meeting which will be accessed electronically on the Cooperative’s website.
c. The Cooperative Retirement Plan Oversight Committee will choose a third party administrator, who will also provide annual training to the oversight committee.
d. The Cooperative Retirement Plan Oversight Committee, made up of representatives from the Board of Directors appointees, Special Services NEA and the third party administrator, will select and maintain a group of investment options, including Conservative, Moderate and Aggressive investment tracks. Certified/licensed employees must select from these options for all investments into their Retirement Plan Portfolio at the time of enrollment. Separate investment options may be made for an employee’s Employer Paid Account and his/her Employee Paid Account. Employer Paid Contributions for certified/licensed employees who do not make investment elections will be placed in the Moderate investment track at the time of enrollment. NOTE: This plan in no way limits additional voluntary contributions into separate qualified retirement accounts with qualified providers up to the amount(s) allowed by State and Federal laws and regulations.
e. A certified/licensed employee may access the vested portion of his/her Employer Paid Account value upon termination of an employment contract with the Cooperative.
f. Any abandoned funds will revert back to the retirement fund. A certified/licensed employee that leaves employment with the Cooperative and then returns at a later time reverts back to year one on the vesting schedule. A certified/licensed employee who terminates employment with the Cooperative after being vested, may leave the vested amount in the Retirement Pl...
Additional Plan Terms a. Employer and Employee Paid Contributions and growth thereon will be considered taxable income upon distribution from the plan. Further, a penalty may apply for distributions made prior to the age allowed by State and Federal laws and regulations. Qualified Rollover options may allow a terminated employee to defer taxation until a later date.
b. A Cooperative Retirement Plan Oversight Committee will be established. It will be composed of three Board of Directors appointees, three special Services NEA appointees, and a representative of a third party administrator as an ex officio member. It will be the intention of the oversight committee to meet at least once throughout the contract year. It will be the Association’s responsibility to schedule and to provide minutes of the meeting which will be accessed electronically on the Cooperative’s website.
Additional Plan Terms. Releases and Injunction The Plan will include the release, injunction, channeling, and exculpation provisions set forth on Exhibit A to the PSA. Adversary Proceeding The Debtor, the Committee, and to the extent the Motion to Intervene in Adversary Proceeding [Adv. No. 23-50758; Docket No. 490] has been granted, Xxxxxxx, agree to move to stay the Adversary Proceeding. If the Adversary Proceeding is not stayed, or if costs and attorneys fees are nevertheless incurred relating to the Adversary Proceeding, or any other Debtor initiated Insurance Action, the Estate shall pay the costs and expenses associated with the Adversary Proceeding, or any other Debtor initiated Insurance Action, and will be reimbursed from future insurance recoveries before payment of Net Insurance Proceeds to any party. Executory Contracts and Unexpired Leases On the Effective Date, each executory contract and unexpired lease of the Debtor not previously assumed shall be deemed rejected unless such contract or lease is otherwise assumed or the subject of a motion to be assumed. Conditions Precedent to Effective Date The occurrence of the Effective Date shall be subject to customary conditions precedent including the following conditions, unless otherwise agreed by the Settling Parties: • the Bankruptcy Court shall have determined that the Estate Claims Settlement is a fair, equitable, and reasonable compromise, in the best interests of the Debtor’s estate, the product of good faith, arms’-length negotiations, and satisfies all applicable requirements of the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure, including Bankruptcy Rule 9019; • the Bankruptcy Court shall have determined that the releases set forth in the Estate Claims Settlement Agreement and Plan are an integral component of the Estate Claims Settlement and that the Estate Claims Settlement is fair, equitable, reasonable, in the best interests of the Debtor’s estate, and consistent with all applicable provisions of the Bankruptcy Code; • the Bankruptcy Court shall have determined that the Estate Claims Settlement is a good faith settlement that bars any Cause of Action by a non-Released Party against any Released Party for contribution, for indemnification, or otherwise seeking to recover any amounts paid by or awarded against that non-Released Party and paid or awarded to any holder of a Claim by way of settlement, judgment, or otherwise on any Claim that would be a Released Claim were such non-Released Party ...
