Incidental Insurance Provisions. (a) Ordinary Life - For purposes of these incidental insurance provisions, ordinary life insurance contracts are contracts with both nondecreasing death benefits and nonincreasing premiums. If such contracts are purchased, less than 1/2 of the aggregate Employer Contributions allocated to any Participant will be used to pay the premiums attributable to them. (b) Term and Universal Life - No more than 1/4 of the aggregate Employer Contributions allocated to any Participant will be used to pay the premiums on term life insurance contracts, universal life insurance contracts, and all other life insurance contracts which are not ordinary life. (c) Combination - The sum of 1/2 of the ordinary life insurance premiums and all other life insurance premiums will not exceed 1/4 of the aggregate Employer Contributions allocated to any Participant.
Appears in 3 contracts
Samples: Individual 401(k) Plan Purchase Agreement, Employer Sponsored Plan Account Agreement, Employer Sponsored Plan Account Agreement
Incidental Insurance Provisions. (a1) Ordinary Life - For purposes of these incidental insurance provisions, ordinary life insurance contracts are contracts with both nondecreasing death benefits and nonincreasing premiums. If such contracts are purchased, less than 1/2 one-half (½) of the aggregate Employer Contributions employer contributions allocated to any Participant Member will be used to pay the premiums attributable to them.
(b2) Term and Universal Life - No more than 1/4 one-fourth (1/4) of the aggregate Employer Contributions employer contributions allocated to any Participant Member will be used to pay the premiums on term life insurance contracts, universal life insurance contracts, and all other life insurance contracts which are not ordinary life.
(c3) Combination - The sum of 1/2 one-half (1/2) of the ordinary life insurance premiums and all other life insurance premiums will not exceed 1/4 one-fourth (1/4) of the aggregate Employer Contributions employer contributions allocated to any ParticipantMember.
Appears in 2 contracts
Samples: Adoption Agreement (Sugar Creek Financial Corp./Md/), Adoption Agreement (Cape Bancorp, Inc.)
Incidental Insurance Provisions. (a1) Ordinary Life - For purposes of these incidental insurance provisions, ordinary life insurance contracts are contracts with both nondecreasing death benefits and nonincreasing premiums. If such contracts are purchased, less than 1/2 one-half ( 1/2) of the aggregate Employer Contributions employer contributions allocated to any Participant Member will be used to pay the premiums attributable to them.
(b2) Term and Universal Life - No more than 1/4 one-fourth (1/4) of the aggregate Employer Contributions employer contributions allocated to any Participant Member will be used to pay the premiums on term life insurance contracts, universal life insurance contracts, and all other life insurance contracts which are not ordinary life.
(c3) Combination - The sum of 1/2 one-half (1/2) of the ordinary life insurance premiums and all other life insurance premiums will not exceed 1/4 one-fourth (1/4) of the aggregate Employer Contributions employer contributions allocated to any ParticipantMember.
Appears in 1 contract
Samples: Adoption Agreement (First Savings Financial Group Inc)
