Common use of Separate Trusts Clause in Contracts

Separate Trusts. Deemed IRAs established pursuant to this paragraph may be held in a trust separate from the Trust established under the Plan as determined by the Employer’s administrative policy. Any separate trust established to hold Deemed IRA contributions shall satisfy the applicable requirements of Code Sections 408 and 408(A), whose requirements are set forth in Articles XVIII and XIX, and will not be considered an Employer Qualified Plan. All contributions made to a separate trust of a Deemed IRA will be treated as contributions to such Deemed IRA and not to the Employer’s Qualified Plan. Similarly, the requirements of Code Sections 408 and 408(A) and the rules set forth in Articles XVIII and XIX will not be applicable to the Employer’s Qualified Plan established hereunder if the Deemed IRA contributions are made to a separate trust. When a separate Deemed IRA is not established, the Deemed IRA contributions will be included as part of the Employer’s Qualified Plan, but separate accounting of the Deemed IRA contributions must be established as outlined in paragraphs 5.1 and 17.8. Where an Employer Qualified Plan and Deemed IRAs are included in the same Trust, the Trustee of the Plan must be the same Trustee of the IRA; therefore, the Trustee must be either a bank or a non-bank trustee that satisfies the requirements of Code Section 408(a)(2) and the Regulations thereunder.

Separate Trusts. Deemed IRAs established pursuant to this paragraph may be held in a trust separate from the Trust established under the Plan as determined by the Employer’s administrative policy. Any separate trust established to hold Deemed IRA contributions shall satisfy the applicable requirements of Code Sections 408 and 408(A), whose requirements are set forth in Articles XVIII and XIX, and will not be considered an Employer Qualified Plan. All contributions made to a separate trust of a Deemed IRA will be treated as contributions to such Deemed IRA and not to the Employer’s Qualified Plan. Similarly, the requirements of Code Sections 408 and 408(A) and the rules set forth in Articles XVIII and XIX will not be applicable to the Employer’s Qualified Plan established hereunder if the Deemed IRA contributions are made to a separate trust. When a separate Deemed IRA is not established, the Deemed IRA contributions will be included as part of the Employer’s Qualified Plan, but separate accounting of the Deemed IRA contributions must be established as outlined in paragraphs 5.1 and 17.8. Where an Employer Qualified Plan and Deemed IRAs are included in the same Trust, the Trustee of the Plan must be the same Trustee of the IRA; 113 therefore, the Trustee must be either a bank or a non-bank trustee that satisfies the requirements of Code Section 408(a)(2) and the Regulations thereunder.

Separate Trusts. Deemed IRAs established pursuant to this paragraph may be held in a trust separate from the Trust established under the Plan as determined by the Employer’s administrative policy. Any separate trust established to hold Deemed IRA contributions shall satisfy the applicable requirements of Code Sections 408 and 408(A), whose requirements are set forth in Articles XVIII and XIX, and will not be considered an Employer Qualified Plan. All contributions made to a separate trust of a Deemed IRA will be treated as contributions to such Deemed IRA Trust and not to the Employer’s Qualified Plan. Similarly, the requirements of Code Sections 408 and 408(A) and the rules set forth in Articles XVIII and XIX will not be applicable to the Employer’s Qualified Plan established hereunder if the Deemed IRA contributions are made to a separate trust. When a separate Deemed IRA Trust is not established, the Deemed IRA contributions will be included as part of the Employer’s Qualified Plan, but separate accounting of the Deemed IRA contributions must be established as outlined in paragraphs 5.1 and 17.8. Where an Employer Qualified Plan and Deemed IRAs are included in the same Trust, the Trustee of the Plan must be the same Trustee of the IRA; therefore, the Trustee must be either a bank or a non-bank trustee that satisfies the requirements of Code Section 408(a)(2) and the Regulations thereunder.