Individually Designed Defined Contribution Plan Clause Samples
An Individually Designed Defined Contribution Plan clause establishes the framework for a retirement plan that is tailored to the specific needs of an employer, rather than following a standardized template. This clause outlines the unique features, eligibility requirements, and contribution formulas that are customized for the organization and its employees. By allowing for individualized plan design, it ensures that the retirement benefits structure aligns closely with the employer’s objectives and workforce characteristics, solving the problem of inflexible, one-size-fits-all retirement plans.
Individually Designed Defined Contribution Plan. If the Participant is covered under another qualified defined contribution plan maintained by the Employer, other than a master or prototype plan:
1. [_] The provisions of Section 3.05(B)(1) through 3.05(B)(6) of the Plan will apply as if the other plan were a master or prototype plan.
2. [_] Other method. (Provide the method under which the plans will limit total annual additions to the maximum permissible amount, and will properly reduce any excess amounts, in a manner that precludes Employer discretion.)
Individually Designed Defined Contribution Plan. If the Participant is covered under another qualified defined contribution plan maintained by the Employer, other than a master or prototype plan:
Individually Designed Defined Contribution Plan. If the Participant is covered under another qualified defined contribution plan MAINTAINED by the Employer, other than a master or prototype plan:
1. The provisions of Section 3.05(B)(1) through 3.05(B)(6) of the Plan will apply as if the other plan were a master or prototype plan.
2. Other method. (PROVIDE THE METHOD UNDER WHICH THE PLANS WILL LIMIT TOTAL ANNUAL ADDITIONS TO THE MAXIMUM PERMISSIBLE AMOUNT, AND WILL PROPERLY REDUCE ANY EXCESS AMOUNTS, IN A MANNER THAT PRECLUDES EMPLOYER DISCRETION.)
Individually Designed Defined Contribution Plan. If the Participant is covered under another qualified defined contribution plan maintained by the Employer, other than a master or prototype plan:
1. [ ] The provisions of Section 3.05(B)(1) through 3.05(B)(6) of the Plan will apply as if the other plan were a master or prototype plan.
2. [ ] Other method. (Provide the method under which the plans will limit total annual additions to the maximum permissible amount, and will properly reduce any excess amounts, in a manner that precludes Employer discretion.) ------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------
Individually Designed Defined Contribution Plan. If the Participant is covered under another qualified defined contribution plan maintained by the Employer, other than a master or prototype plan:
1. [X] The provisions of Section 3.05(B)(1) through 3.05(B)(6) of the Plan will apply as if the other plan were a master or prototype plan.
2. [ ] Other method. (PROVIDE THE METHOD UNDER WHICH THE PLANS WILL LIMIT TOTAL ANNUAL ADDITIONS TO THE MAXIMUM PERMISSIBLE AMOUNT, AND WILL PROPERLY REDUCE ANY EXCESS AMOUNTS, IN A MANNER THAT PRECLUDES EMPLOYER DISCRETION.)