Required Changes in Plan Provisions for Plan Years Sample Clauses

Required Changes in Plan Provisions for Plan Years. During Which the ---- ------------------------------------------------------------------- Plan Is Top-Heavy ------------------ Notwithstanding any other provision of this Plan, the following provisions of this Section 14.2 shall supersede any contrary provisions of the Plan for Plan Years during which the Plan is top-heavy: (a) The Employer Matched Contribution and Special Employer Contribution, if any, (hereinafter collectively referred to as "Employer Contributions" for purposes of this Article 14) shall be whichever of the following is applicable: (i) If the Non-Key Employee Participant is not a participant in a top-heavy defined benefit plan of the Employer, three percent (3%) of the Participant's Credited Compensation; or (ii) If the Non-Key Employee Participant is a participant in a top-heavy defined benefit plan of the Employer, five percent (5%) of the Participant's Credited Compensation; provided, however, that if the percentage for the Key Employee Participant for whom such percentage allocation of Employer Contributions for the Plan Year is highest for the Plan Year of all Key Employee Participants (as determined by dividing the Employer Contributions of such Key Employee Participant by his Credited Compensation) is a lesser percentage, the minimum percentage referred to herein shall be reduced to said lesser percentage. Notwithstanding the foregoing provisions of this subsection (a), additional Employer Contributions for the Plan Year shall be made only on behalf of Non-Key Employee Participants who are Participants on the last day of the Plan Year. (b) Distribution of any benefits to which a Key Employee Participant is entitled shall commence not later than the (c) The number 1.00 shall be substituted for the number 1.25 in Article 5, Section 5.4 of the Plan wherever it appears therein; provided, however, that a Participant's benefit under any defined benefit plan accrued during any Plan Years with respect to which this Plan was not top-heavy shall not be reduced as a result of such substitution.
Sample 1
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Related to Required Changes in Plan Provisions for Plan Years

  • Absence of Changes in Benefit Plans From the date of the most recent audited financial statements included in the Parent SEC Documents to the date of this Agreement, there has not been any adoption or amendment in any material respect by Parent of any collective bargaining agreement or any bonus, pension, profit sharing, deferred compensation, incentive compensation, stock ownership, stock purchase, stock option, phantom stock, retirement, vacation, severance, disability, death benefit, hospitalization, medical or other plan, arrangement or understanding (whether or not legally binding) providing benefits to any current or former employee, officer or director of Parent (collectively, “Parent Benefit Plans”). As of the date of this Agreement there are not any employment, consulting, indemnification, severance or termination agreements or arrangements between the Parent and any current or former employee, officer or director of the Parent, nor does the Parent have any general severance plan or policy.

  • Termination for Changes in Budget or Law The JBE’s payment obligations under this Agreement are subject to annual appropriation and the availability of funds. Expected or actual funding may be withdrawn, reduced, or limited prior to the expiration or other termination of this Agreement. Funding beyond the current appropriation year is conditioned upon appropriation of sufficient funds to support the activities described in this Agreement. The JBE may terminate this Agreement or limit Contractor’s Services (and reduce proportionately Contractor’s fees) upon Notice to Contractor without prejudice to any right or remedy of the JBE if: (i) expected or actual funding to compensate Contractor is withdrawn, reduced or limited; or (ii) the JBE determines that Contractor’s performance under this Agreement has become infeasible due to changes in applicable laws.

  • Changes in Benefits The Bank shall not make any changes in such plans, benefits or privileges previously described in Section 3(c), (d) and (e) which would adversely affect the Executive's rights or benefits thereunder, unless such change occurs pursuant to a program applicable to all executive officers of the Bank and does not result in a proportionately greater adverse change in the rights of, or benefits to, the Executive as compared with any other executive officer of the Bank. Nothing paid to Executive under any plan or arrangement presently in effect or made available in the future shall be deemed to be in lieu of the salary payable to Executive pursuant to Section 3(a) hereof.

  • Limitation on Changes in Fiscal Periods Permit the fiscal year of the Borrower to end on a day other than December 31 or change the Borrower's method of determining fiscal quarters.

  • Adoption of Subsequent Orders to Incorporate Terms That a State Mortgage Regulator, if deemed necessary under the laws and regulations of the corresponding Participating State, may issue a separate administrative order to adopt and incorporate the terms and conditions of this Agreement. A State Mortgage Regulator may sua sponte issue such subsequent order without the review and approval of Respondent provided the subsequent order does not amend, alter, or otherwise change the terms of the Agreement. In the event a subsequent order amends, alters, or otherwise changes the terms of the Agreement, the terms of the Agreement, as set forth herein, will control.

  • Plan Provisions Control In the event that any provision of the Agreement conflicts with or is inconsistent in any respect with the terms of the Plan, the terms of the Plan shall control.

  • Limitation on Changes in Fiscal Year Permit the fiscal year of the Borrower to end on a day other than December 31.

  • Plan Changes In the event the Employer modifies its current benefit plans, or provides an alternative plan(s), the Employer will review the plan changes with the Union prior to implementation. The Employer shall notify the Union at least ninety (90) days prior to the intended implementation date. The implementation date is the effective date of the new plan.

  • Changes in Fiscal Periods Permit the fiscal year of the Borrower to end on a day other than December 31 or change the Borrower’s method of determining fiscal quarters.

  • ADOPTION OF BUDGET The budget shall be approved and signed below by members of the School Board. Adopted this day of , 20 by a roll call vote of Nays, to wit:

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