Common use of Multiple Employer Plans Clause in Contracts

Multiple Employer Plans. If elected by the Employer in the Adoption Agreement, the Plan may also be adopted, by other employers that are not aggregated with the Employer under §414(b),(c), (m), or (o) of the Code. Such employers shall adopt the Plan by executing a separate Participation Agreement. In this case, the adopting Employer and each Participating Employer acknowledge that the Plan is a multiple employer plan subject to the rules of §413(c) and the regulations thereunder, specific annual reporting requirements, and different procedures for obtaining determination letters from the Internal Revenue Service regarding the qualified status of the plan. For purposes of plan participation and vesting, the adopting Employer and all Participating Employers shall be considered a single employer. An Employee’s service includes all service with the adopting Employer or any Participating Employer (or with any employer aggregated with the adopting or Participating Employer under §414(b), (c), (m), or (o)). An Employee who discontinues service with a Participating Employer but then resumes service with another Participating Employer shall not be considered to have severed employment. Except to the extent that the Participation Agreement allows, and the Participating Employer makes, separate elections with respect to its employees, the Participating Employer shall be bound by the terms of the Plan and Trust, including amendments thereto and any elections made by the adopting Employer. The limitation under the Plan relating to the requirements of §§415, 402(g), and 414(v) of the Code shall be applied to the plan as a whole. The requirements of §§410(b), 401(a)(4), 401(k)(3)(A)(ii), 401(m)(2)(A), 414(q), and 416 shall be applied separately to each Participating Employer. For purposes of determining a Participant’s Required Beginning Date for minimum required distributions, a Participant shall be considered a 5% owner in a year in which the Participant is both a 5% owner and an Employee of a Participating Employer. A participating Employer may terminate their participation in this Multiple Employer Plan at any time by notifying the Plan Sponsor. Such termination of participation shall not constitute a termination of the Plan but rather a transfer to another plan as a restatement. The determination of whether or not there is a termination, within the meaning of section 411(d)(3), of a section 413(c) plan is made solely by reference to the rules of sections 411(d)(3) and 413(c)(3).

Multiple Employer Plans. If elected by the Employer in the Adoption Agreement, Agreement the Plan may also be adoptedadopted as a Multiple Employer Plan, by other that is, to be adopted as a non-collectively bargained single plan benefiting the Employees of two (2) or more employers that who are not aggregated with the treated as a single Employer under §414(b),(cCode Section 414(b), (c), (m), or (o) ). The Plan includes, as an addendum to the Adoption Agreement, a Joinder Agreement to be executed by any Employer that adopts the Plan and which is acknowledged by the Sponsoring Employer (the entity executing the Adoption Agreement). The Joinder Agreement must provide that the Participating Employer agrees to be bound by the terms of the CodePlan and Trust as adopted by the Sponsoring Employer, including any amendments thereto and any elections made by the Sponsoring Employer, except to the extent the Participation Agreement allows for, and the Participating Employer makes, separate elections with respect to its Employees. Such employers Each Participating Employer shall adopt the Plan by executing a separate Participation Agreement. In this case, the adopting The Employer and each Participating Employer acknowledge that the Plan is a multiple employer plan Multiple Employer Plan subject to the rules of §Code Section 413(c) and the regulations thereunderRegulations thereunder which are incorporated by reference, specific annual reporting requirements, and different procedures for obtaining determination letters from the Internal Revenue Service regarding the qualified status of the planPlan. The exclusive benefit requirement is applied to a Multiple Employer Plan by treating all Employees of all Participating Employers as if they were the Employees of the same Employer. In addition, the minimum participation requirements of Code Section 410(a) and the minimum vesting requirements of Code Section 411 are applied as if all Participating Employers were a single Employer, and service for any Employer counts as service for all. The limitations of Code Section 415 (Annual Additions), Code Section 402(g) (Elective Deferrals), and Code Section 414(v) (Catch-up Contributions) are applied to the Plan as a whole, rather than on an employer-by-employer basis. Likewise, if a Participant is both a 5% owner and an Employee of any Participating Employer in the year the Employee reaches age 70½, then the Employee’s Required Beginning Date is April 1 of the following year. The minimum coverage requirements of Code Section 410(b), the nondiscrimination requirements of Code Section 401(a)(4), the determination of top-heavy status and minimum contributions under Code Section 416, and the ADP and ACP Tests of Code Sections 401(k) and 401(m), as well as the determination of Highly Compensated Employees under Code Section 414(q), are applied separately, on an employer-by employer basis. For purposes of plan Plan participation and vesting, the adopting Employer and all Participating Employers shall be considered a single employerEmployer. An Employee’s service Service includes all service Service with the adopting Employer or any Participating Employer ([or with any employer Employer aggregated with the adopting or Participating Employer under §Code Section 414(b), (c), (m), or (o))]. An Employee who discontinues service Service with a Participating Employer but then resumes service Service with another Participating Employer shall not be considered to have severed employment. Except to the extent that the Participation Agreement allows, and the Participating Employer makes, separate elections with respect to its employeesEmployees, the Participating Employer shall be bound by the terms of the Plan and Trust, including amendments thereto and any elections made by the adopting Sponsoring Employer. The limitation under the Plan relating to the requirements of §§Code Sections 415, 402(g), and 414(v) of the Code shall be applied to the plan Plan as a whole. The requirements of §§Code Sections 410(b), 401(a)(4), 401(k)(3)(A)(ii), 401(m)(2)(A), 414(q), and 416 shall be applied separately to each Participating Employer. For purposes of determining a Participant’s Required Beginning Date for minimum required distributions, a Participant shall be considered a 5% owner in a year in which the Participant is both a 5% owner and an Employee of a Participating Employer. A participating Employer may terminate their participation in this Multiple Employer Plan at any time by notifying the Plan Sponsor. Such termination of participation shall not constitute a termination of the Plan but rather a transfer to another plan as a restatement. The determination of whether or not there is a termination, within the meaning of section 411(d)(3), of a section 413(c) plan is made solely by reference to the rules of sections 411(d)(3) and 413(c)(3).