Forfeiture Of Account Balance a. If an active employee dies prior to retirement, the amount of account balance is available to participating spouses and dependents to reimburse them for medical expenses permitted under the relevant section of the Internal Revenue Code.
b. Account balances in part or in total for active participants or retirees without any eligible spouse or dependent or unused account balances after the death of the last eligible spouse or dependent will be forfeited and returned to all other active and retired participants in the form of a dividend allocated in direct proportion to the amount to be distributed divided by the total account balance for all participants applied to each individual account balance. These distributions will occur within one hundred twenty (120) days after the annual certified audit of the plan is submitted to the administrator and the County.
Forfeiture Of Account Balance. The Employee and the Beneficiary shall completely forfeit the full amount of the account balance held hereunder for the benefit of the Employee as valued on the last date of the Contract Period as a result of:
(i) The Employer's termination of the Employee's service for cause prior to the tenth anniversary date of this Agreement. If the Employer terminates the Employee's service for cause after the tenth anniversary date of this Agreement, the Employee shall be entitled to receive the full amount of the account balance maintained for the Employee under this Agreement; or
(ii) The Employee's termination of service with the Employer prior to the tenth anniversary date of this Agreement unless such termination is within a period of twelve (12) months following a Change of Control. In that latter event, the Employee shall receive a full distribution of the entire amount that would have been credited to the account referred to in Paragraph 3.01 had the Employee's employment with the Employer continued for the ten (10) year term specified under that Paragraph together with all earnings and accruals related thereto through the date on which the termination of service occurs.
Forfeiture Of Account Balance.
a. If an active employee dies prior to retirement, the amount of account balance is available to eligible spouses and dependents to reimburse them for medical expenses permitted under the applicable section of the Internal Revenue code.
b. Account balances in part or in total for active participants or retirees without any eligible spouse or dependent or unused account balances after the death of the last eligible spouse or dependent will be forfeited and returned to all other active and retired participants in the form of a dividend allocated in direct proportion to the amount to be distributed divided by the total account balance for all participants applied to each individual account balance.
