PLAN MERGER OR CONSOLIDATION Sample Clauses
PLAN MERGER OR CONSOLIDATION. In the case of any merger or consolidation of the Plan with, or transfer of assets or liabilities of such Plan to, any other plan, each Participant shall be entitled to receive benefits immediately after the merger, consolidation, or transfer (if the Plan had then terminated) which are equal to or greater than the benefits he or she would have been entitled to receive immediately before the merger, consolidation, or transfer (if the Plan had then terminated). The Trustee (or Custodian) has the authority to enter into merger agreements or agreements to directly transfer the assets of this Plan but only if such agreements are made with trustees or custodians of other retirement plans described in Section 401(a) of the Code.
PLAN MERGER OR CONSOLIDATION. 41 10.05 Standard Of Fiduciary Conduct..................................................................41 10.06 General Undertaking Of All Parties.............................................................41 10.07 Agreement Binds Heirs, Etc.....................................................................41 10.08 Determination Of Top-Heavy Status..............................................................41 10.09 Special Limitations For Owner-Employees........................................................43 10.10
PLAN MERGER OR CONSOLIDATION. 40 10.05 STANDARD OF FIDUCIARY CONDUCT....................................................40 10.06 GENERAL UNDERTAKING OF ALL PARTIES...............................................40 10.07 AGREEMENT BINDS HEIRS, ETC.......................................................40 10.08 DETERMINATION OF TOP-HEAVY STATUS................................................40 10.09 SPECIAL LIMITATIONS FOR OWNER-EMPLOYEES..........................................42 10.10 INALIENABILITY OF BENEFITS.......................................................42 10.11 CANNOT ELIMINATE PROTECTED BENEFITS..............................................42 SECTION ELEVEN 401(K) PROVISIONS.............................................................43 11.
PLAN MERGER OR CONSOLIDATION. (a) If a Plan Sponsor wishes to merge the value of its Participant's Accounts with or into another Code §401(k) plan and remove them from this Plan, the Plan Sponsor must first terminate its participation under this Plan in accordance with Section 11.2. Upon the Plan Sponsor's compliance with the provisions of Section 11.2, the assets held under this Plan allocable to such Participants will be transferred to such other fund only if:
(i) The Trustee agrees to such merger, consolidation, or transfer;
(ii) Each Participant would receive a benefit immediately after the merger, consolidation, or transfer that is equal to or greater than the benefit such Participant would have been entitled to receive immediately before such merger, consolidation, or transfer if this Plan had then terminated; and
(iii) Resolutions of the board of trustees or directors of the Plan Sponsor and the board of trustees or directors of any new or successor employer of all affected Participants authorizes such transfer of assets; provided, the resolutions of any such new or successor employer will include an assumption of all liabilities related to such Participants’ inclusion in such new or successor plan. In the case of unincorporated Plan Sponsors or other employers, binding action comparable to resolutions of a board of trustees or directors may be substituted.
(b) The Administrator will direct the Trustee to transfer the aggregate of the value of the Participants’ Accounts held by the Trustee to the funding agency or trust for the other plan, as specified by the Plan Sponsor within six months after the effective date of such consolidation or merger. The Accounts of Accountholders other than Participants will not be transferred, and such Accountholders will retain their Accounts in this Plan.
(c) The Administrator may require a release and indemnity agreement, and any other forms the Administrator may deem necessary, from the Plan Sponsor before any assets held by the Trustee are distributed as provided in this Section.
(d) Any distribution of assets made under this Section may be made in whole or in part in cash, securities, nontransferable annuity contracts, or such other form as the Trustee in its sole discretion may determine, so long as no discrimination in value results.
(e) With the consent of the Trustee, an adopting Plan Sponsor may merge another Church Plan that is a Code §401(k) plan or a Code §403(b) plan into this Plan. The assets of the merged plan will be transferred ...
PLAN MERGER OR CONSOLIDATION. In the event of a merger or consolidation with, or transfer of assets or liabilities to any other plan, each Participant will be entitled to receive a benefit immediately after such merger, etc. (determined as if the plan then terminated) which is at least equal to the benefit the Participant was entitled to receive immediately before such merger, etc. (determined as if the Plan had then terminated).
PLAN MERGER OR CONSOLIDATION. In the event of a merger or consolidation with, or transfer of assets or liabilities to any other plan, each Participant will be entitled to receive a benefit immediately after such merger, etc. (determined as if the plan then terminated) which is at least equal to the benefit the Participant was entitled to receive immediately before such merger, etc. (determined as if the Plan had then terminated).