Amendment By Sponsor Clause Samples
The "Amendment by Sponsor" clause grants the sponsor the authority to modify or update the terms of an agreement or set of rules. In practice, this means the sponsor can make changes to the document, such as adjusting deadlines, eligibility criteria, or other key provisions, often by providing notice to the other parties involved. This clause ensures that the sponsor retains flexibility to address unforeseen circumstances or necessary updates, thereby maintaining the relevance and effectiveness of the agreement over time.
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 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 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 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 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- submitter plan, the mass-submitter shall amend the Plan on behalf of the Sponsor.
Amendment By Sponsor. The Regional Prototype sponsor may amend any part of the Plan.
Amendment By Sponsor. The employer, by signing the adoption agreement, authorizes and empowers the sponsor to amend the trust from time to time, subject to the following:
(a) Except as provided in subparagraphs (b) and (c) next below, no such amendment shall become effective until at least 30 days' prior written notice thereof has been given to the employer.
Amendment By Sponsor. Fidelity may amend this Plan and the Adoption Agreements at any time and from time to time, provided that:
(a) The duties or liabilities of the Trustee, Plan Administrator or the Employer shall be increased only upon sixty (60) days' prior written notice to the Trustee, Plan Administrator or the Employer respectively, unless such amendment is made in order to comply with the requirements of the Code and regulations and rulings of the Internal Revenue Service thereunder, or applicable regulations of any other governmental authority; and
(b) No amendment shall cause or permit any assets of the Trust to be diverted to purposes other than for the exclusive benefit of the eligible Employees of the Employer which established the Trust or their Beneficiaries or estates or would cause any reduction in the amount theretofore credited to any Participant or eliminate an optional form of benefit or would cause or permit any portion of the assets of the Trust to revert or become the property of the Employer. For purposes of Sponsoring Organization Amendments, Fidelity shall be recognized as the agent of the Sponsoring Organization. If any Sponsoring Organization does not adopt the amendments made by Fidelity, its plan will no longer be identical to or a minor modifier of the Fidelity mass submitter institutional prototype plan. Fidelity shall mail a copy of each amendment to the Employer at its last known address as shown on the books of Fidelity.
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.