Common use of Owner-Employee Provisions Clause in Contracts

Owner-Employee Provisions. If the Plan provides contributions or benefits for one or more Owner-Employees who control both the business for which this Plan is established and one or more other trades or businesses, this Plan and the plan established for such other trades or businesses must, when looked at as a single plan, satisfy Code sections 401(a) and (d) for the employees of this and all other trades or businesses. If the Plan provides contributions or benefits for one or more Owner-Employees who control one or more other trades or businesses, the employees of the other trades or businesses must be included in a plan which satisfies Code sections 401(a) and (d) and which provides contributions and benefits not less favorable than provided for such Owner-Employees under this Plan. For purposes of this Section, an Owner-Employee, or two or more Owner-Employees, shall be considered to control a trade or business if the Owner-Employee or two or more Owner-Employees together, (1) own the entire interest in an unincorporated trade or business, or (2) in the case of a partnership, own more than 50% of either the capital interest or the profits interest in the partnership. An Owner-Employee shall be treated as owning any interest in a partnership which is owned, directly or indirectly, by a partnership which such Owner-Employee, or two or more such Owner-Employees, are considered to control within the meaning of the preceding sentence.