Common use of Orphan Plan Clause in Contracts

Orphan Plan. With respect to VCP and Audit CAP, the term “Orphan Plan” means any Qualified Plan with respect to which an “Eligible Party” (defined in section 5.06(2)) has determined that the Plan Sponsor (a) no longer exists, (b) cannot be located, (c) is unable to maintain the plan, or (d) has abandoned the plan pursuant to regulations issued by the Department of Labor. However, the term “Orphan Plan” does not include any plan terminated pursuant to Department of Labor regulations governing the termination of abandoned individual account plans.

Orphan Plan. With respect to VCP and Audit CAP, the term “Orphan Plan” means any Qualified Plan or other plan with respect to which an “Eligible Party” (defined in section 5.06(25.03(2)) has determined that the Plan Sponsor (a) no longer exists, (b) cannot be located, or (c) is unable to maintain the plan, or (d) has abandoned the plan pursuant to regulations issued by the Department of Labor. However, the term “Orphan Plan” does not include any plan which is subject to Title I of the Employee Retirement Income Security Act of 1974 (“ERISA”) terminated pursuant to section 2578.1 of the Department of Labor regulations governing the termination of abandoned individual account plans.