Common use of FORFEITURE BY LOST MEMBERS OR BENEFICIARIES Clause in Contracts

FORFEITURE BY LOST MEMBERS OR BENEFICIARIES. If a person who is entitled to a distribution cannot be located during a reasonable search after the Trustee has initially attempted making payment, that person's Account shall be forfeited. Such amount shall be used to reduce the Employer's contribution under the Plan. However, if at any time prior to the termination of the Plan and the complete distribution of the Trust assets, the former Member or Beneficiary files a claim with the Committee for the forfeited benefit, that benefit shall be reinstated (without adjustment for trust income or losses during the forfeited period) effective as of the date of the receipt of the claim. As soon as appropriate following the Employer's Contribution of the reinstated amount, it shall be paid to the former Member or Beneficiary in a single sum.

Appears in 4 contracts

Samples: 401(k) Savings Plan Amendment and Restatement (Mens Wearhouse Inc), 401(k) Savings Plan (Mens Wearhouse Inc), 401(k) Savings Plan Amendment and Restatement (Mens Wearhouse 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!