Examples of Transferee Plan in a sentence
In accordance with subsection 146.1(6.1) of the Tax Act, any registered education savings plan receiving a transfer will be deemed to have been entered into on the day that is the earlier of the day on which the registered education savings plan receiving the transfer (the "Transferee Plan") was entered into, and the day on which the registered education savings plan from which the transfer was made (the "Transferor Plan") was entered into.
SpinoffsA “Spinoff” is a transaction in which a plan (the Transferor Plan) transfers a portion of its assets and/or liabilities to another plan (the Transferee Plan).
In the event that a Participant becomes employed by any affiliated company, subsidiary corporation, parent corporation or unrelated corporation with which the Company enters into a transaction to acquire the assets or stock of such unrelated corporation, the Committee shall have the right, but not the obligation, to direct the Trustee to transfer funds in an amount equal to the amount credited to such Participant’s Account (the “Transferred Account”) to a trust established under a Transferee Plan.
This Plan is not subject to the Qualified Joint and Survivor Annuity rules, except to the extent required under Section 9.01 of the Plan (e.g., if the Plan is a Transferee Plan).
It differs from a Merger because in a Merger, the Transferee Plan existed before the transaction.
Each Subscriber under the Transferor Plan will be deemed to be a Subscriber under the Transferee Plan for the purposes of the over contribution tax payable as a result of a transfer, in accordance with subsections 204.9(5) and 204.91(1) of the Tax Act.
The Transferee Plan may be a New Plan, created by the Spinoff, or it may be a pre-existing plan.If the Transferee Plan is a New Plan, all of the special rules applicable to New Plans apply.
ConsolidationsA “Consolidation” is a transaction in which two or more plans transfer all of their assets and liabilities to a New Plan and, as a result, cease to exist (because the Transferor Plans become part of the new Transferee Plan).
Check the “Other” box if:• If your plan is the Transferee Plan and you have no way of determining whether the Transferor Plan ceased to exist in connection with the transaction, or• If the transfer is the result of a reciprocity arrangement where assets and liabilities are transferred between two plans when an employee changes locations or changes status (e.g., from Salaried to Hourly and as a result becomes covered by another plan).
In a Consolidation, the Transferee Plan is a New Plan that is created in the Consolidation.Thus, the plan that exists after a Consolidation follows the premium filing rules for New Plan.If, as the result of a Consolidation, a plan ceases to exist, in addition to reporting information about the transaction, you must also report that the filing is the last filing for the plan.