Mistaken Contributions Clause Samples
The Mistaken Contributions clause addresses situations where a party makes a payment or contribution to a plan or agreement in error. It typically outlines the process for identifying such mistakes and provides a mechanism for correcting them, such as returning the mistaken funds to the contributor or adjusting future contributions. This clause is essential for ensuring that errors in financial transactions are rectified efficiently, thereby protecting both parties from unintended financial consequences and maintaining the integrity of the agreement.
Mistaken Contributions. If any contribution (or any portion of a contribution) is made to the Plan by a good faith mistake of fact, then within one year after the payment of the contribution, and upon receipt in good order of a proper request approved by the Administrator, the amount of the mistaken contribution (adjusted for any income or loss in value, if any, allocable thereto) shall be returned directly to the Participant or, to the extent required or permitted by the Administrator, to the Employer.
Mistaken Contributions. If, after the Employer's annual contribution for a Plan Year has been made and allocated, it should appear that, through oversight or a mistake of fact or law, a Participant (or an individual who was not a Participant) received an allocation which was more than the Participant should have received, the Committee may direct that the mistaken contribution, adjusted for its pro rata share of any net loss or net gain in the value of the Fund which accrued while such mistaken contribution was held therein, shall be withdrawn from the Account of such individual and retained in the Fund and used to reduce the amount of the next succeeding contribution of the Employer to the Fund due after the determination that such mistaken contribution had occurred.
Mistaken Contributions. Notwithstanding any other provision herein and to the extent permitted by law, if any Employer contribution made hereto is made as a result of a computational, recordkeeping, data entry or similar ministerial or administrative error, the Sponsor may return to the contributing Employer the amount of such erroneous contribution.
Mistaken Contributions. Notwithstanding any other provision herein and to the extent permitted by law, if any Employer contribution made hereto is made as a result of a computational, recordkeeping, data entry
Mistaken Contributions. If any contribution (or any portion of a contribution) is made to the Plan by a good faith mistake of fact, then within one year after the payment of the contribution, and upon receipt in good order of a proper request approved by the Administrator, the amount of the mistaken contribution (adjusted for any income or loss in value, if any, allocable thereto) shall be returned directly to the Employer, who shall include the contribution in the Participant’s taxable income. If the Participant is no longer an Employee, or other circumstances make inclusion of the mistaken contribution in the Participant’s taxable income administratively impractical, the mistaken contribution may be returned directly to the Participant, if permitted by the Administrator.