Common use of AMENDMENT BY EMPLOYER Clause in Contracts

AMENDMENT BY EMPLOYER. The Employer may amend any option in the Adoption Agreement, and may include language as permitted in the Adoption Agreement to satisfy Code Section 415 or to avoid duplication of minimums under Code Section 416 because of the required aggregation of multiple plans. The Employer may also adopt certain model amendments published by the Internal Revenue Service which specifically provide that their adoption will not cause the Plan to be treated as an individually designed plan for which the Employer must obtain a separate determination letter. An Employer that amends the Plan for any other reason, including a waiver of the minimum funding requirement under Code Section 412(d), will no longer participate in this Prototype Plan program and will be considered an individually designed Plan. In such event, all references to the institution or company as Sponsor shall be deemed null and void.

AMENDMENT BY EMPLOYER. The Employer may amend any option in the Adoption Agreement, and may include language as permitted in the Adoption Agreement Agreement, (a) to satisfy Code Section 415 or 415, or (b) to avoid duplication of minimums under Code Section 416 of the Code, because of the required aggregation of multiple plans. The Employer may also adopt add certain model amendments published by the Internal Revenue Service which specifically provide that their adoption will not cause the Plan to be treated as individually designed. If the Employer amends the Plan and Trust/Custodial Account other than as provided above, including providing for a waiver of minimum funding under Code Section 412(d), the Employer's Plan shall no longer participate in this Prototype Plan and will be considered an individually designed plan for which the Employer must obtain a separate determination letter. An Employer that amends the Plan for any other reason, including a waiver of the minimum funding requirement under Code Section 412(d), will no longer participate in this Prototype Plan program and will be considered an individually designed Plan. In such event, all references to the institution or company as Sponsor shall be deemed null and void.