Common use of Automatic Termination on Distribution Clause in Contracts

Automatic Termination on Distribution. The Employer is permitted to terminate the 403(b) arrangement and allow for an Employee’s Account to be distributed upon termination provided the conditions set forth in Code Section 403(b) and applicable Treasury regulations have been satisfied. This Agreement will terminate when all the assets held in the Account have been distributed or otherwise transferred out of the Account.

Automatic Termination on Distribution. The Employer is permitted to terminate the Code Section 403(b) arrangement and allow for an Employee’s Account to be distributed upon termination provided the conditions set forth in Code Section 403(b) and applicable Treasury regulations Regulations have been satisfied. This Agreement will terminate when all the assets held in the Account have been distributed or otherwise transferred out of the Account.