Common use of EMPLOYER MAY HOLD ELECTIVE CONTRIBUTIONS Clause in Contracts

EMPLOYER MAY HOLD ELECTIVE CONTRIBUTIONS. Pending payment of benefits in accordance with the terms of this Plan, Elective Contributions may be retained by the Employer in a separate account or, if elected by the Employer and as permitted or required by regulations of the Internal Revenue Service, Department of Labor or other governmental agency, such amounts of Elective Contributions may be held in a trust pending payment.