State Community Property Laws Sample Clauses
The State Community Property Laws clause defines how property and assets are treated in accordance with the community property laws of a specific state. It typically clarifies that any property acquired during a marriage is considered jointly owned by both spouses, regardless of whose name is on the title or who earned the income. This clause is especially relevant in contracts or agreements involving married individuals, such as prenuptial agreements or estate planning documents. Its core function is to ensure that all parties understand how ownership and division of property will be handled under state law, thereby preventing disputes and providing legal clarity.
State Community Property Laws. The terms and conditions of the Prototype Plan and any Employer’s Plan established under the terms of this Basic Plan Document #01 and accompanying Adoption Agreement(s) shall be applicable without regard to community property laws of any state.
State Community Property Laws. The terms and conditions of the Plan shall be applicable without regard to community property laws of any state.
State Community Property Laws. The terms and conditions of the Prototype Defined Contribution Plan and any Employer’s Plan established under the terms of this Basic Plan Document #01 and accompanying Adoption Agreement shall be applicable without regard to community property laws of any state. With respect to distributions under the Plan made for calendar years beginning on or after: [ ] January 1, 2001 [ ] January 1, 2002 the Plan will apply the minimum distribution requirements of Code Section 401(a)(9) in accordance with the Regulations under Code Section 401(a)(9) that were proposed on January 17, 2001, notwithstanding any provision of the Plan to the contrary. This paragraph shall continue in effect until the end of the last calendar year beginning before the effective date of the final Regulations under Code Section 401(a)(9) or such other date as may be specified in guidance published by the Internal Revenue Service. The Employer named in the Adoption Agreement hereby amends the Plan to reflect certain provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”). This amendment is intended as a good faith compliance with the requirements of EGTRRA and is to be construed in accordance with EGTRRA and guidance issued thereunder. This amendment shall supersede the provisions of the Basic Plan Document #01 to the extent those provisions are inconsistent with the provisions of this amendment. The Basic Plan Document #01 is hereby amended as follows:
1. Paragraph 1.16 of the Basic Plan Document #01 entitled “Compensation”, under the paragraph entitled “Limitation on Compensation” is amended effective for Plan Years beginning after December 31, 2001, by the addition of the following three sentences at the end of the paragraph: “The annual Compensation of each Participant taken into account in determining allocations for any Plan Year beginning after December 31, 2001, shall not exceed $200,000, as adjusted for cost-of-living increases in accordance with Code Section 401(a)(17)(B). Annual Compensation means Compensation during the Plan Year or such other consecutive 12-month period over which Compensation is otherwise determined under the Plan (the determination period). The cost-of-living adjustment in effect for a calendar year applies to annual Compensation for the determination period that begins with or within such calendar year.”
2. Paragraph 1.55 of the Basic Plan Document #01 entitled “Key Employee”, is deleted in its entirety and replaced with the follo...
State Community Property Laws. The terms and conditions of the Prototype Defined Contribution Plan and any Employer’s Plan established under the terms of this Basic Plan Document #01 and accompanying Adoption Agreement shall be applicable without regard to community property laws of any state. With respect to distributions under the Plan made for calendar years beginning on or after: ¨ January 1, 2001 x January 1, 2002 the Plan will apply the minimum distribution requirements of Code Section 401(a)(9) in accordance with the Regulations under Code Section 401(a)(9) that were proposed on January 17, 2001, notwithstanding any provision of the Plan to the contrary. This paragraph shall continue in effect until the end of the last calendar year beginning before the effective date of the final Regulations under Code Section 401(a)(9) or such other date as may be specified in guidance published by the Internal Revenue Service. The Employer named in the Adoption Agreement hereby amends the Plan to reflect certain provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”). This amendment is intended as a good faith compliance with the requirements of EGTRRA and is to be construed in accordance with EGTRRA and guidance issued thereunder. This amendment shall supersede the provisions of the Basic Plan Document #01 to the extent those provisions are inconsistent with the provisions of this amendment. The Basic Plan Document #01 is hereby amended as follows:
1. Paragraph
State Community Property Laws. The terms and conditions of the Prototype Defined Contribution Plan and any Employer’s Plan established under the terms of this Basic Plan Document #01 and accompanying Adoption Agreement shall be applicable without regard to community property laws of any state. With respect to distributions under the Plan made for calendar years beginning on or after January 1, [2001/2002], the Plan will apply the minimum distribution requirements of Code Section 401(a)(9) in accordance with the Regulations under Code Section 401(a)(9) that were proposed on January 17, 2001, notwithstanding any provision of the Plan to the contrary. This paragraph shall continue in effect until the end of the last calendar year beginning before the effective date of the Regulations under Code Section 401(a)(9) or such other date as may be specified in guidance published by the Internal Revenue Service. With respect to distributions under the Plan made on or after [specify date on which the Plan began operating in accordance with the 2001 Proposed Regulations] for calendar years beginning on or after January 1, 2001, the Plan will apply the minimum distribution requirements of Code Section 401(a)(9) in accordance with the Regulations that were proposed on January 17, 2001 (the 2001 Proposed Regulations), notwithstanding any provision of the Plan to the contrary. If the total amount of required minimum distributions made to a Participant for 2001 prior to [specify date on which the Plan began operating in accordance with the 2001 proposed regulations] are equal to or greater than the amount of required minimum distributions determined under the Proposed Regulations, then no additional distributions are required for such Participant for 2001 on or after such date. If the total amount of required minimum distributions made to a Participant for 2001 prior to [specify date on which the Plan began operating in accordance with the 2001 Proposed Regulations] are less than the amount determined under the 2001 Proposed Regulations, then the amount of required minimum distributions for 2001 on or after such date will be determined so that the total amount of required minimum distributions for 2001 is the amount determined under the 2001 Proposed Regulations. This paragraph shall continue in effect until the last calendar year beginning before the effective date of the final Regulations under Code Section 401(a)(9) or such other date as may be published by the Internal Revenue Service. The Employer n...
State Community Property Laws. The terms and conditions of the Plan shall be applicable without regard to community property laws of any state. Diversified has developed the following procedures for locating former employees who were participants in the Plan. These procedures have been designed to satisfy your fiduciary requirements for locating lost participants. Diversified is prohibited from providing legal advice outside of the company. You should ask your legal counsel to review these procedures. The following Unclaimed Benefit Procedures will be followed for handling benefits, which are payable to former participants and beneficiaries of the Plan. A private locator service, ACCURINT, will be used to locate such former participants and beneficiaries. The Plan Administrator may chose to use another service in the future. No follow-up attempts will be made on check amounts of $5.00 or less. These amounts will be escheated to the appropriate state.
State Community Property Laws. 47 10.2 Headings....................................................47 10.3