Common use of Exclusion of Non-Salaried Employees Clause in Contracts

Exclusion of Non-Salaried Employees. The Employer, at its election, may exclude non-salaried (hourly paid) Employees from participation in the Plan, regardless of the number of Hours of Employment such Employees complete in any Plan Year. Notwithstanding the foregoing, for purposes of this Section and all purposes under the Plan, a non-salaried Employee that is hired following the adoption date of the Plan by the Employer, but prior to the adoption of this exclusion by the Employer, shall continue to be deemed to be an Employee and will continue to receive benefits on the same basis as a salaried Member, despite classification as a non-salaried Employee.

Appears in 10 contracts

Samples: Adoption Agreement (Newport Bancorp Inc), Adoption Agreement (Ottawa Savings Bancorp, Inc.), Trust Agreement (Northeast Community Bancorp Inc)

AutoNDA by SimpleDocs

Exclusion of Non-Salaried Employees. The Employer, at its election, may exclude non-salaried (hourly paid) Employees from participation in the Plan, regardless of the number of Hours of Employment such Employees complete in any Plan Year. Notwithstanding the foregoing, for purposes of this Section 2.4 and all purposes under the Plan, a non-salaried Employee that is hired following the adoption date of the Plan by the Employer, but prior to the adoption of this exclusion by the Employer, shall continue to be deemed to be an Employee and will continue to receive benefits on the same basis as a salaried Member, despite classification as a non-salaried Employee.

Appears in 3 contracts

Samples: Adoption Agreement (Sugar Creek Financial Corp./Md/), Adoption Agreement (Cape Bancorp, Inc.), Adoption Agreement (First Savings Financial Group Inc)

AutoNDA by SimpleDocs
Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!