Procedures at Contract Termination Due to Plan Termination Sample Clauses

Procedures at Contract Termination Due to Plan Termination. The provisions of this section will apply to Contract Termination due to termination of the Plan for any reason. In the event that the Employer terminates the Plan for any reason, the Group Contractholder shall notify the Company of the Plan Termination Date and the date upon which the final Plan contributions will be remitted to the Company. The Contract Termination Charge as described in the Group Annuity Contract Section 7, Contract Charges and Fees, and/or the Group Annuity Contract Schedule of Terms and Fees will apply. The Code requires all participant accounts to be 100% vested upon Plan termination and the forfeiture account, if any, to be allocated in accordance with the terms of the Plan upon termination. After the Company has been notified of a Plan termination, no benefit payment will commence, no Transfers will be made, no payment option may be elected by a Participant, and no Contributions will be accepted under the provisions of the Group Annuity Contract. All amounts under the Group Annuity Contract shall be paid in a lump sum to each Participant or Beneficiary by reason of Plan Termination upon the Company's receipt of certain representations and instructions from the Group Contractholder, and all applicable charges and fees, if any, as described in the Group Annuity Contract Section 7, Contract Charges and Fees, and/or the Group Annuity Contract Schedule of Terms and Fees, will apply. The Group Contractholder shall provide to the Company evidence or representations that: (1) The Plan is a qualified plan; (2) The Plan has been properly terminated; (3) All necessary notices, reports, disclosures, or filings with respect to the Plan and its termination have been made; (4) The Group Contractholder has submitted all contributions to the Company; (5) The Group Contractholder will make the final Form 5500 filing for the Plan, and: (6) The Group Contractholder will provide any other information that may be required by the Company in order to make distributions to Participants and to properly tax report such distributions. The Group Contractholder shall provide specific instructions to the Company as to the method of allocating the forfeiture account, if any, pursuant to the terms of the Plan document. The Group Contractholder shall also designate a final distribution date, which shall be the Contract Termination Date, upon which the Company is to make a lump sum distribution to each Participant equal to the balance of each Participant Annuity Acc...
AutoNDA by SimpleDocs

Related to Procedures at Contract Termination Due to Plan Termination

  • Contract Termination debarment. A breach of the contract clauses in 29 CFR 5.5 may be grounds for termination of the contract, and for debarment as a contractor and a subcontractor as provided in 29 CFR 5.12.

  • Early Contract Termination The State may terminate this contract in whole or in part by giving fifteen (15) days written notice to the Purchaser when it is in the best interests of the State. If this contract is so terminated, the State shall be liable only for the return of that portion of the initial deposit that is not required for payment, and the return of unapplied payments. The State shall not be liable for damages, whether direct or consequential.

  • Effective Date of Benefit Termination Medical, dental and life coverage termination will take effect on the first of the month following the loss of eligible employee or dependent status. Disability benefit coverage terminations will take effect on the day following loss of eligible employee status.

  • CFR PART 200 Termination Termination for cause and for convenience by the grantee or subgrantee including the manner by which it will be eff ected and the basis for settlement. (All contracts in excess of $10,000) Pursuant to the above, when federal funds are expended by ESC Region 8 and TIPS Members, ESC Region 8 and TIPS Members reserves the right to terminate any agreement in excess of $10,000 resulting from this procurement process for cause after giving the vendor an appropriate opportunity an d up to 30 days, to cure the causal breach of terms and conditions. ESC Region 8 and TIPS Members reserves the right to terminate any agreement in excess of $10,000 resulting from this procurement process for convenience with 30 days notice in writing to the awarded vendor. The vendor would be compensated for work performed and goods procured as of the termination date if for convenience of the ESC Region 8 and TIPS Members. Any award under this procurement process is not exclusive and the ESC Region 8 and TIPS reserves the right to purchase goods and services from other vendors when it is in the best interest of t he ESC Region 8 and TIPS. Does vendor agree? Yes

  • Vendor’s Termination If TIPS fails to materially perform pursuant to the terms of this Agreement, Vendor shall provide written notice to TIPS specifying the default (“Notice of Default”). If TIPS does not cure such default within thirty (30) days, Vendor may terminate this Agreement, in whole or in part, for cause. If Vendor terminates this Agreement for cause, and it is later determined that the termination for cause was wrongful, the termination shall automatically be converted to and treated as a termination for convenience.

  • CFR PART 200 Termination Termination for cause and for convenience by the grantee or subgrantee including the manner by which it will be effected and the basis for settlement. (All contracts in excess of $10,000) Pursuant to the above, when federal funds are expended by ESC Region 8 and TIPS Members, ESC Region 8 and TIPS Members reserves the right to terminate any agreement in excess of $10,000 resulting from this procurement process for cause after giving the vendor an appropriate opportunity and up to 30 days, to cure the causal breach of terms and conditions. ESC Region 8 and TIPS Members reserves the right to terminate any agreement in excess of $10,000 resulting from this procurement process for convenience with 30 days notice in writing to the awarded vendor. The vendor would be compensated for work performed and goods procured as of the termination date if for convenience of the ESC Region 8 and TIPS Members. Any award under this procurement process is not exclusive and the ESC Region 8 and TIPS reserves the right to purchase goods and services from other vendors when it is in the best interest of the ESC Region 8 and TIPS. Does vendor agree? Yes

  • Employer’s Termination The Employer shall have the right to terminate this Agreement by providing at least days’ notice. If the Employer should terminate this Agreement, the Employee shall be entitled to severance, equal to their pay at the time of termination, for a period of . ☐ - For a Specified Time-Period beginning on the day of , 20 and ending on the day of , 20 . At the end of said time-period, both parties will no longer have any obligation to one another.

  • Company Termination The Company may at any time in its sole discretion terminate (a “Company Termination”) this Agreement and its right to initiate future Tranches by providing 30 days advanced written notice (“Termination Notice”) to Investor.

  • Contract Termination; Debarment A breach of the contract clauses in paragraph 1 through 10 of this section may be grounds for termination of the contract, and for debarment as a contractor and a subcontractor as provided in 29 CFR 5.12.

  • Employee Termination A) Regular employees other than those serving a probationary period, shall give twenty-eight (28) calendar days written notice of termination to a representative designated by the Employer with the authority to accept such written notice. B) In addition to the twenty-eight (28) calendar day notice, regular employees in positions above the level of general staff nurse shall inform the Employer of their intention to terminate as soon in advance as possible. C) The period of notice as set forth in (A) above must be for time scheduled to be worked and must not include accrued vacation, unless such vacation has been previously scheduled and approved in accordance with Article 45.03 -

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!