Amendment By Sponsor. The Sponsor may amend any or all provisions of this Prototype Defined Contribution Plan at any time without obtaining the approval or consent of any Employer which has adopted this Plan and Trust provided that no amendment shall authorize or permit any part of the corpus or income of the Plan to be used for or diverted to purposes other than for the exclusive benefit of Participants and their Beneficiaries, or eliminate an optional form of distribution. For purposes of Sponsor amendments, the mass submitter of this Basic Plan Document #01 shall be recognized as the agent of the Sponsor. If the Sponsor does not adopt the amendments made by the mass submitter, it will no longer be identical to or a minor modifier of the mass submitter plan.
Amendment By Sponsor. The Sponsor may amend any or all provisions of this Plan and Trust at any time without obtaining the approval or consent of any Employer which has adopted this Plan and Trust provided that no amendment shall authorize or permit any part of the corpus or income of the Fund to be used for or diverted to purposes other than for the exclusive benefit of Participants and their beneficiaries, or eliminate an optional form of distribution. In the case of a mass-submitted plan, the mass-submitter shall amend the Plan on behalf of the Sponsor.
Amendment By Sponsor. The Sponsor may amend or terminate any or all provisions of this prototype plan at any time without obtaining the approval or consent of any Employer or Participant, provided that no amendment shall authorize or permit any part of an Employer's contribution to be used for or diverted to purposes other than for the exclusive benefit of Participants. The Sponsor will inform each adopting Employer of any amendments to or termination of the prototype SARSEP.
Amendment By Sponsor. The Sponsor of this Regional Prototype may amend any or all provisions of this Plan and Trust Account at any time without obtaining the approval or consent of any Employer which has adopted this Plan and Trust Account provided that no amendment shall authorize or permit any part of the corpus or income of the Fund to be used for or diverted to purposes other than for the exclusive benefit of Participants and their beneficiaries, or eliminate an optional form of distribution. In the case of a mass-submitted plan, the mass-submitter shall amend the Plan on behalf of the Sponsor.
Amendment By Sponsor. The sponsor reserves the right to amend the Plan prospectively for any reason, or retroactively if necessary to comply with changes to the law, provided that:
(a) No amendment shall be effective unless the sponsor receives an opinion from the Internal Revenue Service (IRS) that the Plan, as amended, continues to satisfy the requirements of Code section 408(k), and
(b) If the Plan is converted from a prototype plan to an individually designed plan, the right of the sponsor to amend the Plan shall thereupon lapse. The Adopting Employer and each Affiliate hereby delegates to the sponsor the power to amend the Plan as specified above.
Amendment By Sponsor. The Regional Prototype sponsor may amend any part of the Plan.
Amendment By Sponsor. By written instrument, the officers of the Sponsor, upon authorization of the Board, shall have the right at any time and from time to time to amend or modify this Agreement, retroactively if required, in whole or in part as the Board may deem necessary or advisable without the consent of any Participant, former Participant or Beneficiary; except:
(a) No amendment shall increase the duties, responsibilities or liabilities of the Trustee or other Fiduciary without the consent of the Trustee or Fiduciary;
(b) No amendment shall have the effect of vesting in the Employer any interest in or control over any funds subject to the terms of the Trust or diverting any funds for any purpose other than for the exclusive benefit of the Participants, former Participants and their Beneficiaries;
(c) No amendment shall have any retroactive effect so as to deprive any Participant, former Participant or Beneficiary of any accrued or vested interest under the Plan unless such amendment is required to comply with mandatory provisions of the Code or any other applicable federal statute or any official regulations or rulings issued thereunder; and
(d) No amendment shall eliminate or restrict an optional form of benefit or an early retirement benefit or retirement-type subsidy (as defined in regulations) with respect to benefits accrued at the time of the amendment. The preceding sentence shall not apply to an amendment that eliminates a redundant, non-core or burdensome benefit in accordance with the provisions of Treasury Regulation Section 1.411(d)-3 or an amendment otherwise allowed under the provisions of that Section or Treasury Regulation Section 1.411(d)-4 Q&A2. All amendments to this Plan by the Sponsor shall automatically apply to all Employers, including all Participating Employers, without any action required on the part of such Employers.
Amendment By Sponsor. The sponsor may amend any or all provisions of this prototype plan at any time without obtaining the consent of the employer, and the employer (and each other adopting employer) hereby expressly delegates authority to amend this plan to the sponsor.
Amendment By Sponsor. The Sponsor may amend any or all provisions of this Plan at any time without obtaining the approval or consent of any Employer which has adopted this Plan; provided that no amendment shall authorize or permit any part of the corpus or income of the Trust Fund to be used for or diverted to purposes other than for the exclusive benefit of Participants and their Beneficiaries, or eliminate an optional form of distribution.
Amendment By Sponsor. The Employer hereby irrevocably delegates to the sponsor the right to amend the Plan to incorporate changes in the Code, applicable regulations and revenue rulings and other guidelines published by the Internal Revenue Service. By adopting the Plan, the Employer shall be deemed to have consented to any amendments adopted by the sponsor.
