Common use of Xxxxx Participation Retirement Fund Clause in Contracts

Xxxxx Participation Retirement Fund. A fund established in the Cayman Islands to provide retirement, disability, or death benefits, or any combination thereof, to beneficiaries that are current or former employees (or persons designated by such employees) of one or more employers in consideration for services rendered, provided that the fund: 1. Does not have a single beneficiary with a right to more than five percent of the fund’s assets; 2. Is subject to government regulation and provides annual information reporting about its beneficiaries to the relevant authorities in the Cayman Islands; and 3. Satisfies at least one of the following requirements: a) The fund is generally exempt from tax in the Cayman Islands on investment income under the laws of the Cayman Islands due to its status as a retirement or pension plan; b) The fund receives at least 50 percent of its total contributions (other than transfers of assets from other plans described in paragraphs C through F of this section or from retirement and pension accounts described in subparagraph B.1. of section IV of this Annex II) from the sponsoring employers; c) Distributions or withdrawals from the fund are allowed only upon the occurrence of specified events related to retirement, disability, or death (except rollover distributions to other retirement funds described in paragraphs C through F of this section or retirement and pension accounts described in subparagraph B.1. of section V of this Annex II), or penalties apply to distributions or withdrawals made before such specified events; or d) Contributions (other than certain permitted make-up contributions) by employees to the fund are limited by reference to earned income of the employee or may not exceed $50,000 annually, applying the rules set forth in paragraph C of section VI of Annex I for account aggregation and currency translation.

Xxxxx Participation Retirement Fund. A fund established in the Cayman British Virgin Islands to provide retirement, disability, or death benefits, or any combination thereof, to beneficiaries that are current or former employees (or persons designated by such employees) of one or more employers in consideration for services rendered, provided that the fund: 1. Does not have a single beneficiary with a right to more than five percent of the fund’s assets; 2. Is subject to government regulation and provides annual information reporting about its beneficiaries to the relevant authorities in the Cayman British Virgin Islands; and 3. Satisfies at least one of the following requirements: a) The fund is generally exempt from tax in the Cayman British Virgin Islands on investment income under the laws of the Cayman Virgin Islands due to its status as a retirement or pension plan; b) The fund receives at least 50 percent of its total contributions (other than transfers of assets from other plans described in paragraphs C through F of this section or from retirement and pension accounts described in subparagraph B.1. of section IV of this Annex II) from the sponsoring employers; c) Distributions or withdrawals from the fund are allowed only upon the occurrence of specified events related to retirement, disability, or death (except rollover distributions to other retirement funds described in paragraphs C through F of this section or retirement and pension accounts described in subparagraph B.1. of section V of this Annex II), or penalties apply to distributions or withdrawals made before such specified events; or d) Contributions (other than certain permitted make-up contributions) by employees to the fund are limited by reference to earned income of the employee or may not exceed $50,000 annually, applying the rules set forth in paragraph C of section VI of Annex I for account aggregation and currency translation.

Xxxxx Participation Retirement Fund. A fund established in the Cayman Islands Isle of Man to provide retirement, disability, or death benefits, or any combination thereof, to beneficiaries that are current or former employees (or persons designated by such employees) of one or more employers in consideration for services rendered, provided that the fund: 1. Does not have a single beneficiary with a right to more than five percent of the fund’s assets; 2. Is subject to government regulation and provides annual information reporting about its beneficiaries to the relevant tax authorities in the Cayman IslandsIsle of Man; and 3. Satisfies at least one of the following requirements: a) The fund is generally exempt from tax in the Cayman Islands Isle of Man on investment income under the laws of the Cayman Islands Isle of Man due to its status as a retirement or pension plan; b) The fund receives at least 50 percent of its total contributions (other than transfers of assets from other plans described in paragraphs C through F of this section or from retirement and pension accounts described in subparagraph B.1. of section IV of this Annex IIXxxxx XXX) from the sponsoring employers; c) Distributions or withdrawals from the fund are allowed only upon the occurrence of specified events related to retirement, disability, or death (except rollover distributions to other retirement funds described in paragraphs C through F of this section or retirement and pension accounts described in subparagraph B.1. of section V IV of this Annex IIIII), or penalties apply to distributions or withdrawals made before such specified events; or d) Contributions (other than certain permitted make-up contributions) by employees to the fund are limited by reference to earned income of the employee or may not exceed $50,000 annually, applying the rules set forth in paragraph C of section VI of IV Annex I for account aggregation and currency translation.

Xxxxx Participation Retirement Fund. A fund established in the Cayman Islands Isle of Man to provide retirement, disability, or death benefits, or any combination thereof, to beneficiaries that are current or former employees (or persons designated by such employees) of one or more employers in consideration for services rendered, provided that the fund: 1. Does not have a single beneficiary with a right to more than five percent of the fund’s assets; 2. Is subject to government regulation and provides annual information reporting about its beneficiaries to the relevant tax authorities in the Cayman IslandsIsle of Man; and 3. Satisfies at least one of the following requirements: a) The fund is generally exempt from tax in the Cayman Islands Isle of Man on investment income under the laws of the Cayman Islands Isle of Man due to its status as a retirement or pension plan; b) The fund receives at least 50 percent of its total contributions (other than transfers of assets from other plans described in paragraphs C through F of this section or from retirement and pension accounts described in subparagraph B.1. of section IV of this Annex IIIII) from the sponsoring employers; c) Distributions or withdrawals from the fund are allowed only upon the occurrence of specified events related to retirement, disability, or death (except rollover distributions to other retirement funds described in paragraphs C through F of this section or retirement and pension accounts described in subparagraph B.1. of section V IV of this Annex IIIII), or penalties apply to distributions or withdrawals made before such specified events; or d) Contributions (other than certain permitted make-up contributions) by employees to the fund are limited by reference to earned income of the employee or may not exceed $50,000 annually, applying the rules set forth in paragraph C of section VI of IV Annex I for account aggregation and currency translation.