ERISA Event definition: Copy, customize, and use instantly
Introduction
The term "ERISA Event" refers to a specific occurrence or situation related to the Employee Retirement Income Security Act of 1974 (ERISA), which governs employee benefit plans in the United States. It is essential for identifying triggers that may result in compliance obligations, liabilities, or penalties under ERISA.
Below are various examples of how "ERISA Event" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "ERISA Event" as a noncompliance trigger
This definition ties "ERISA Event" to instances of noncompliance.
"ERISA Event" means any event or condition that results in a violation of ERISA’s requirements, including breaches of fiduciary duties or failure to meet minimum funding standards.
Definition of "ERISA Event" as a withdrawal liability occurrence
This definition connects "ERISA Event" to withdrawal liability under multiemployer plans.
"ERISA Event" refers to an event that triggers withdrawal liability under a multiemployer pension plan, such as a partial or complete withdrawal by a contributing employer.
Definition of "ERISA Event" as a reportable event
This definition links "ERISA Event" to events that must be reported to regulatory agencies.
"ERISA Event" means any reportable event under ERISA, including those requiring notification to the Pension Benefit Guaranty Corporation (PBGC), as outlined in ERISA Section 4043.
Definition of "ERISA Event" as a minimum funding failure
This definition applies "ERISA Event" to failures in meeting funding requirements.
"ERISA Event" refers to the failure of an employer to meet the minimum funding standards for a defined benefit pension plan as required by ERISA.
Definition of "ERISA Event" as a termination or distress event
This definition ties "ERISA Event" to the termination of pension plans.
"ERISA Event" means the termination of a pension plan or the occurrence of a distress termination under ERISA, which may involve regulatory oversight and financial obligations.
Definition of "ERISA Event" as a prohibited transaction
This definition ties "ERISA Event" to transactions disallowed under ERISA.
"ERISA Event" means any transaction involving a plan that is classified as prohibited under ERISA, including self-dealing or transactions with disqualified persons.
Definition of "ERISA Event" as a multiemployer plan insolvency
This definition connects "ERISA Event" to the insolvency of a multiemployer plan.
"ERISA Event" refers to the insolvency or financial instability of a multiemployer pension plan, triggering obligations for contributing employers under ERISA.
Definition of "ERISA Event" as a breach of fiduciary duty
This definition links "ERISA Event" to fiduciary responsibility violations.
"ERISA Event" means any breach of fiduciary duties owed to a plan under ERISA, including mismanagement of plan assets or failure to act in participants’ best interests.
Definition of "ERISA Event" as a funding deficiency notice
This definition applies "ERISA Event" to notices related to funding shortfalls.
"ERISA Event" refers to any notice received regarding a funding deficiency in a pension plan, requiring corrective actions under ERISA standards.
Definition of "ERISA Event" as a failure to remit contributions
This definition ties "ERISA Event" to missed plan contributions.
"ERISA Event" means the failure to remit required contributions to a plan within the timeframes mandated by ERISA and related regulations.
Definition of "ERISA Event" as a withdrawal from a multiemployer plan
This definition connects "ERISA Event" to employer withdrawals.
"ERISA Event" refers to a complete or partial withdrawal by an employer from a multiemployer plan, leading to the assessment of withdrawal liability under ERISA.
Definition of "ERISA Event" as a plan underfunding status
This definition links "ERISA Event" to underfunded pension plans.
"ERISA Event" means the designation of a pension plan as underfunded, requiring additional contributions or corrective measures to comply with ERISA.
Definition of "ERISA Event" as a liability acceleration
This definition applies "ERISA Event" to events that accelerate liabilities.
"ERISA Event" refers to any occurrence that accelerates liability obligations under a pension plan, such as plan termination or a significant reduction in workforce.
Definition of "ERISA Event" as a PBGC enforcement action
This definition ties "ERISA Event" to actions by the Pension Benefit Guaranty Corporation.
"ERISA Event" means any enforcement action initiated by the Pension Benefit Guaranty Corporation (PBGC), including penalties or requirements to restore plan funding.
Definition of "ERISA Event" as plan disqualification
This definition connects "ERISA Event" to the disqualification of a plan.
"ERISA Event" refers to the disqualification of a retirement plan due to noncompliance with ERISA or the Internal Revenue Code, resulting in tax implications for the plan sponsor.
Definition of "ERISA Event" as a default on plan obligations
This definition ties "ERISA Event" to defaults on obligations related to employee benefit plans.
"ERISA Event" means any default by a plan sponsor or employer on its obligations to an ERISA-covered plan, including failure to pay benefits or fund required contributions.
Definition of "ERISA Event" as a reduction in active participants
This definition connects "ERISA Event" to workforce changes impacting plans.
"ERISA Event" refers to a significant reduction in the number of active participants in a plan, triggering potential funding or liability adjustments under ERISA regulations.
Definition of "ERISA Event" as a significant benefit modification
This definition links "ERISA Event" to changes in plan benefits.
"ERISA Event" means any material modification to plan benefits that could affect the plan’s compliance with ERISA or increase the liabilities of the plan sponsor.
Definition of "ERISA Event" as failure to meet annual reporting requirements
This definition applies "ERISA Event" to reporting noncompliance.
"ERISA Event" refers to the failure to file required annual reports or disclosures with regulatory authorities, such as Form 5500, as mandated by ERISA.
Definition of "ERISA Event" as a cessation of plan operations
This definition ties "ERISA Event" to the discontinuation of a plan.
"ERISA Event" means the cessation of operations of a plan or plan sponsor, leading to potential termination or regulatory intervention under ERISA.
Definition of "ERISA Event" as an early warning trigger
This definition connects "ERISA Event" to early warning systems for underfunded plans.
"ERISA Event" refers to any occurrence flagged by early warning mechanisms, indicating potential financial instability or noncompliance within an ERISA-covered plan.
Definition of "ERISA Event" as a violation of participation requirements
This definition links "ERISA Event" to eligibility rule violations.
"ERISA Event" means any violation of participation, vesting, or nondiscrimination requirements for plan participants, as outlined in ERISA and related laws.
Definition of "ERISA Event" as a delinquency in funding waivers
This definition applies "ERISA Event" to delayed or waived funding.
"ERISA Event" refers to any delinquency in meeting waived or extended funding obligations under an ERISA plan, resulting in potential penalties or regulatory actions.
Definition of "ERISA Event" as a PBGC financial assistance request
This definition ties "ERISA Event" to plans seeking assistance from PBGC.
"ERISA Event" means any request for financial assistance submitted to the Pension Benefit Guaranty Corporation (PBGC) due to a plan’s inability to meet its obligations.
Definition of "ERISA Event" as noncompliance with fiduciary duties
This definition connects "ERISA Event" to breaches of fiduciary responsibility.
"ERISA Event" refers to any instance of noncompliance with fiduciary duties under ERISA, including imprudent investments or failure to act in the best interest of participants.
Definition of "ERISA Event" as a failure to provide required disclosures
This definition ties "ERISA Event" to noncompliance with disclosure requirements.
"ERISA Event" means any failure to provide mandatory disclosures to plan participants or beneficiaries, such as summary plan descriptions or annual funding notices, as required under ERISA.
Definition of "ERISA Event" as a triggering event for excise taxes
This definition connects "ERISA Event" to excise tax liabilities.
"ERISA Event" refers to any event that triggers the imposition of excise taxes under ERISA, such as prohibited transactions or underfunded plan contributions.
Definition of "ERISA Event" as a termination-related notice failure
This definition links "ERISA Event" to failures in providing termination notices.
"ERISA Event" means the failure to issue required notices related to the termination or partial termination of an ERISA-covered plan.
Definition of "ERISA Event" as a lapse in fiduciary bond coverage
This definition applies "ERISA Event" to failures in maintaining fiduciary bonds.
"ERISA Event" refers to any lapse or inadequacy in fiduciary bond coverage required for individuals managing plan assets, resulting in potential ERISA violations.
Definition of "ERISA Event" as an operational plan deficiency
This definition ties "ERISA Event" to operational errors in plan administration.
"ERISA Event" means any operational deficiency in the administration of an ERISA-covered plan, such as errors in benefit calculations or missed contributions.
Definition of "ERISA Event" as plan underfunding below statutory thresholds
This definition connects "ERISA Event" to critical underfunding levels.
"ERISA Event" refers to any situation where a plan’s funding falls below statutory thresholds, triggering additional funding requirements or penalties under ERISA.
Definition of "ERISA Event" as a breach of co-fiduciary responsibility
This definition links "ERISA Event" to shared fiduciary obligations.
"ERISA Event" means any breach of co-fiduciary duties where one fiduciary fails to address another fiduciary’s breach of responsibilities under ERISA.
Definition of "ERISA Event" as an audit or investigation initiation
This definition applies "ERISA Event" to regulatory scrutiny.
"ERISA Event" refers to the initiation of an audit or investigation by the Department of Labor, IRS, or PBGC into an ERISA-covered plan’s compliance or operations.
Definition of "ERISA Event" as a significant asset loss
This definition ties "ERISA Event" to major reductions in plan assets.
"ERISA Event" means a significant loss of plan assets, whether through mismanagement, market conditions, or fraud, impacting the plan’s ability to meet obligations.
Definition of "ERISA Event" as a failure to adopt required plan amendments
This definition connects "ERISA Event" to unimplemented legal updates.
"ERISA Event" refers to the failure to adopt mandatory amendments to a plan document required to comply with changes in ERISA or related regulations.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.