Page 26 - HarborLight CU 2014-15 SPD
P. 26
-discrimination
In accordance with IRC Section 125, the Plan is intended not to discriminate in favor of Key
Employees (as defined in Code Section 416) or Highly Compensated Individuals as to eligibility
to participate; or in favor of Highly Compensated Participants as to contributions and benefits,
nor to provide more statutory nontaxable benefits than permitted under applicable law to Key
Employees. The Plan Administrator will take such actions necessary to ensure that the Plan
does not discriminate in favor of Key Employees, Highly Compensated Individuals, or Highly
Compensated Participants.
Future of the Plan
The Employer expects that the Plan will continue indefinitely. However, the Employer has the
sole right to amend, modify, suspend, or terminate all or part of the Plan at any time.
The Employer may also change the level of benefits provided under the Plan at any time. If a
change is made, benefits for claims incurred after the date the change takes effect will be paid
according to the revised Plan provisions. In other words, once a change is made, there are no
rights to benefits based on earlier Plan provisions.
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In accordance with IRC Section 125, the Plan is intended not to discriminate in favor of Key
Employees (as defined in Code Section 416) or Highly Compensated Individuals as to eligibility
to participate; or in favor of Highly Compensated Participants as to contributions and benefits,
nor to provide more statutory nontaxable benefits than permitted under applicable law to Key
Employees. The Plan Administrator will take such actions necessary to ensure that the Plan
does not discriminate in favor of Key Employees, Highly Compensated Individuals, or Highly
Compensated Participants.
Future of the Plan
The Employer expects that the Plan will continue indefinitely. However, the Employer has the
sole right to amend, modify, suspend, or terminate all or part of the Plan at any time.
The Employer may also change the level of benefits provided under the Plan at any time. If a
change is made, benefits for claims incurred after the date the change takes effect will be paid
according to the revised Plan provisions. In other words, once a change is made, there are no
rights to benefits based on earlier Plan provisions.
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