Section 9. In addition to the waiver provisions authorized by section eight, the board, upon the advice and recommendation of the advisory committee, created by section seventeen, may grant a waiver of the requirements of section thirteen under terms and conditions set by the board upon a showing that a pension plan or profit-sharing retirement plan would suffer undue economic hardship that would be detrimental to the interests of its participants. No waiver herein provided shall extend longer than thirty-six months after it has been granted. Upon expiration of said waiver, a proposal for the gradual incorporation of the requirements of section thirteen shall be submitted for the approval of the board. In no instance shall such a proposal for gradual incorporation require more than ten years.
Any request for waiver shall be in writing in a form prescribed by the board. The advisory committee shall receive copies of all waiver requests. Any waiver issued by the board shall be in writing with a notice of its date of issuance. Rules and regulations issued by the board, pursuant to this section, shall be promulgated in accordance with the provisions of chapter thirty A.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
