Common use of Class of Beneficiaries Clause in Contracts

Class of Beneficiaries. ‌ (a) Each Plan may contain one or more classes of beneficiaries provided that, with respect to each Participating Employer (i) the members of one class of beneficiaries represent at least 25% of all the beneficiaries of the Trust who are employees of the Participating Employer within the meaning of s. 144.1(2)(d) the Income Tax Act (Canada), and (ii) at least 75% of the members of that class are not “key employees” of such Participating Employer within the meaning of s. 144.1(1) of the Income Tax Act (Canada); (b) No more than 25% of the members of a class of beneficiaries of a Plan may be “key employees” within the meaning of s. 144.1(1) of the Income Tax Act (Canada). No key employee shall have rights under a Plan that are more advantageous than the rights of the other members of the Plan; (c) No Plan may be operated or maintained primarily for the benefit of one or more “key employees” within the meaning of s. 144.1(1) of the Income Tax Act (Canada) or persons related to any such key employee.

Class of Beneficiaries. ‌ (a) Each Plan may contain one or more classes of beneficiaries provided that, with respect to each Participating Employer (i) the members of one class of beneficiaries represent at least 25% of all the beneficiaries of the Trust who are employees of the Participating Employer within the meaning of s. 144.1(2)(d) the Income Tax Act (Canada), and (ii) at least 75% of the members of that class are not “key employees” of such Participating Employer within the meaning of s. 144.1(1) of the Income Tax Act (Canada); (b) No more than 25% of the members of a class of beneficiaries of a Plan may be “key employees” within the meaning of s. 144.1(1) of the Income Tax Act (Canada). No key employee shall have rights under a Plan that are more advantageous than the rights of the other members of the Plan; (c) No Plan may be operated or maintained primarily for the benefit of one or more “key employees” within the meaning of s. 144.1(1) of the Income Tax Act (Canada) or persons related to any such key employee.

Class of Beneficiaries. ‌ (a) Each Plan The Trust may contain provide Benefits to one or more classes of beneficiaries provided that, with respect to each Participating Employer (i) the members of one class of beneficiaries represent at least 25% of all the beneficiaries of the Trust who are employees of the Participating Employer within the meaning of s. section 144.1(2)(d) the Income Tax Act (Canada), and (ii) at least 75% of the members of that class are not “"key employees” " of such Participating Employer within the meaning of s. section 144.1(1) of the Income Tax Act (Canada); (b) No more than 25% of the members of a class of beneficiaries of a Plan may be “"key employees” " within the meaning of s. section 144.1(1) of the Income Tax Act (Canada). No key employee shall have rights under a Plan that are more advantageous than the rights of the other members of the Plan; (c) No Plan may be operated or maintained primarily for the benefit of one or more “"key employees” " within the meaning of s. section 144.1(1) of the Income Tax Act (Canada) or persons related to any such key employee.

Class of Beneficiaries. ‌ (a) Each Plan may contain one or more classes of beneficiaries Beneficiaries provided that, with respect to each Participating Employer Employer, (i) the members of one class of beneficiaries represent at least 25% of all the beneficiaries Beneficiaries of the Trust who are employees Employees of the Participating Employer within the meaning of s. 144.1(2)(d) of the Income Tax Act (Canada), and and (ii) at least 75% of the members of that class are not “key employees” of such Participating Employer within the meaning of s. 144.1(1) of the Income Tax Act (Canada);. (b) No more than 25% of the members of a class of beneficiaries of a Plan may be “key employees” within the meaning of s. 144.1(1) of the Income Tax Act (Canada). No key employee shall have rights under a Plan that are more advantageous than the rights of the other members of the Plan; (c) No Plan may be operated or maintained primarily for the benefit of one or more “key employees” within the meaning of s. 144.1(1) of the Income Tax Act (Canada) or persons related to any such key employee.