Common use of Return of Employer Contributions Clause in Contracts

Return of Employer Contributions. Notwithstanding any other provisions of this Plan, contributions made by an Employer may be returned to such Employer if: (a) the contribution was made by reason of a mistake of fact and is returned to the Employer within one year of the mistaken contribution, or (b) the contributions was conditioned upon its deductibility by the Employer for income tax purposes, the deduction was disallowed and the contribution is returned to the Employer within one year of the disallowance of the deduction, or (c) the contribution was conditioned upon the initial qualification of the Plan: the Plan was submitted to the Internal Revenue Service for a determination as to its initial qualification within the time prescribed by law for filing the Employer's return for the taxable year in which the Plan was adopted or such later date as the Secretary of the Treasury may prescribe; the Plan received an adverse determination, and the contribution is returned to the Employer within one year of the date of the adverse determination.