Common use of Broad Participation Retirement Fund Clause in Contracts

Broad Participation Retirement Fund. A fund, including a pension insurance company whether or not organized as a mutual pension insurance company, established in Finland to provide retirement, disability, or death benefits, or any combination thereof, to beneficiaries that are current or former employees (or persons designated by such employees) of one or more employers in consideration for services rendered, provided that the fund: 1. Does not have a single beneficiary with a right to more than five percent of the fund’s assets; 2. Is subject to government regulation and provides annual information reporting about its beneficiaries to the relevant tax authorities in Finland; and 3. Satisfies at least one of the following requirements: a) The fund is generally exempt from tax in Finland on investment income under the laws of Finland due to its status as a retirement or pension plan; b) The fund receives at least 50 percent of its total contributions (other than transfers of assets from other plans described in paragraphs A through D of this section or from retirement and pension accounts described in subparagraph A(1) of section V of this Annex II) from the sponsoring employers; c) Distributions or withdrawals from the fund are allowed only upon the occurrence of specified events related to retirement, disability, or death (except rollover distributions to other retirement funds described in paragraphs A through D of this section or retirement and pension accounts described in subparagraph A(1) of section V of this Annex II), or penalties apply to distributions or withdrawals made before such specified events; or d) Contributions (other than certain permitted make-up contributions) by employees to the fund are limited by reference to earned income of the employee or may not exceed $50,000 annually, applying the rules set forth in Annex I for account aggregation and currency translation.

Broad Participation Retirement Fund. A fund, including a pension insurance company whether or not organized as a mutual pension insurance company, fund established in Finland Antigua and Barbuda to provide retirement, disability, or death benefits, or any combination thereof, to beneficiaries that are current or former employees (or persons designated by such employees) of one or more employers in consideration for services rendered, provided that the fund: 1. Does not have a single beneficiary with a right to more than five percent of the fund’s assets; 2. Is subject to government regulation and provides annual information reporting about its beneficiaries to the relevant tax authorities in FinlandAntigua and Barbuda; and 3. Satisfies at least one of the following requirements: a) The fund is generally exempt from tax in Finland Antigua and Barbuda on investment income under the laws of Finland Antigua and Barbuda due to its status as a retirement or pension plan; b) The fund receives at least 50 percent of its total contributions (other than transfers of assets from other plans described in paragraphs A through D C of this section or from retirement and pension accounts described in subparagraph A(1) of section V of this Annex II) from the sponsoring employers; c) Distributions or withdrawals from the fund are allowed only upon the occurrence of specified events related to retirement, disability, or death (except rollover distributions to other retirement funds described in paragraphs A through D C of this section or retirement and pension accounts described in subparagraph A(1) of section V of this Annex II), or penalties apply to distributions or withdrawals made before such specified events; or d) Contributions (other than certain permitted make-up contributions) by employees to the fund are limited by reference to earned income of the employee or may not exceed $50,000 annually, applying the rules set forth in Annex I for account aggregation and currency translation.