Forfeitures. (a) If a Participant terminates employment with the Employer and the Actuarial Value of the Participant's vested Accrued Benefit derived form Employer and Employee contributions is not greater than $3,500, the Employee shall receive a distribution of the Actuarial Value of the entire vested portion of such Accrued Benefit, and the nonvested portion will be treated as a forfeiture. For purposes of this Section 6.6, if the Actuarial Value of a Participant's vested Accrued Benefit is zero, the Participant shall be deemed to have received a distribution of such vested Accrued Benefit. (b) If a Participant terminates employment with the Employer, (and the present value of the Employee's vested Accrued Benefit exceeds $3,500), and elects (with his or her spouse's consent) in accordance with Section 9.2 to receive the Actuarial Value of his or her vested Accrued Benefit, the nonvested portion will be treated as a forfeiture. If the Participant elects to have distributed an amount that is less than the entire vested portion of the Accrued Benefit derived from Employer contributions, the part of the nonvested portion that will be treated as a forfeiture is the total nonvested portion multiplied by a fraction, the numerator of which is the amount of the distribution attributable to Employer contributions and the denominator of which is the total Actuarial Value of the vested Employer derived Accrued Benefit. (c) If a Participant receives a distribution pursuant to the Section 6.6 and resumes employment covered under the Plan, the Participant shall have the right to restore his or her Employer-provided Accrued Benefit (including all optional forms of benefit and subsidies relating to such benefits), to the extent forfeited, upon the repayment to the Plan of the full amount of the distribution plus interest compounded annually at the rate of (i) five percent (5%) from the date of distribution to the date of repayment or to the last day of the Plan Year beginning on or after January 1, 1987, if earlier, (ii) and one hundred twenty percent (120%) of the federal mid-term rate (as in effect under section 1274 of the Code for the first month of a Plan Year) from the first day of the Plan Year beginning on or after January 1, 1987 or the date of distribution, if later. Such repayment must be made before the earlier of (i) five (5) years after the Participant's Re-Employment Commencement Date or (ii) the date the Participant incurs five (5) consecutive one year Service Breaks following the day of distribution. If an Employee is deemed to receive a distribution pursuant to this Section, and the Employee resumes employment covered under this Plan before the date he incurs five (5) consecutive one year Service Breaks, upon the reemployment of such Employee, the Employer-provided Accrued Benefit will be restored to the amount on the date of such deemed distribution. (d) Any forfeitures under this Plan shall be used to reduce Employer contributions, and shall not be applied to increase benefits payable under the Plan.
Appears in 10 contracts
Samples: Adoption Agreement (Dreyfus Growth & Income Fund Inc /New/), Adoption Agreement (Dreyfus Growth Opportunity Fund Inc), Adoption Agreement (Dreyfus Strategic Investing)
Forfeitures. (a) If a Participant terminates employment with Member who was partially vested in his Account on the Employer and date of his termination of Employment returns to Employment, his Years of Employment prior to the Actuarial Value of the Participant's vested Accrued Benefit derived form Employer and Employee contributions is not greater than $3,500, the Employee Break(s) in Service shall receive a distribution of the Actuarial Value of the entire vested portion of such Accrued Benefit, and the nonvested portion will be treated as a forfeiture. For purposes of this Section 6.6included in determining future vesting and, if the Actuarial Value of a Participant's vested Accrued Benefit is zerohe returns before incurring 5 consecutive one year Breaks in Service, the Participant any Units forfeited from his Account shall be deemed restored to have his Account, including all interest accrued during the intervening period; provided, however, that if such a Member has received a distribution of such vested Accrued Benefit.
(b) If a Participant terminates employment with the Employer, (and the present value of the Employee's vested Accrued Benefit exceeds $3,500), and elects (with his or her spouse's consent) in accordance with Section 9.2 to receive the Actuarial Value of his or her vested Accrued Benefit, the nonvested portion will be treated as a forfeiture. If the Participant elects to have distributed an amount that is less than the entire vested portion of the Accrued Benefit derived from Employer contributions, the part of the nonvested portion that will be treated as a forfeiture is the total nonvested portion multiplied by a fraction, the numerator of which is the amount of the distribution attributable to Employer contributions and the denominator of which is the total Actuarial Value of the vested Employer derived Accrued Benefit.
(c) If a Participant receives a distribution pursuant to Article VII, his Account Units shall not be restored unless he repays the Section 6.6 and resumes employment covered under the Plan, the Participant shall have the right full amount distributed to restore his or her Employer-provided Accrued Benefit (including all optional forms of benefit and subsidies relating to such benefits), to the extent forfeited, upon the repayment him to the Plan of the full amount of the distribution plus interest compounded annually at the rate of (i) five percent (5%) from the date of distribution to the date of repayment or to the last day of the Plan Year beginning on or after January 1, 1987, if earlier, (ii) and one hundred twenty percent (120%) of the federal mid-term rate (as in effect under section 1274 of the Code for the first month of a Plan Year) from the first day of the Plan Year beginning on or after January 1, 1987 or the date of distribution, if later. Such repayment must be made before the earlier of (i) five (5) 5 years after the Participantfirst date on which the Member is subsequently reemployed by the Employer, or (ii) the close of the first period of 5 consecutive one-year Breaks in Service commencing after the withdrawal. The Units restored to the Member's Re-Employment Commencement Account will be valued on the Valuation Date coinciding with or next following the later of (i) the date the Employee is rehired, or (ii) the date a new enrollment application is received by the Participant incurs five (5) consecutive one year Service Breaks following the day of distributionTPA. If an Employee is a Member terminates Employment without any vested interest in his Account, he shall (i) immediately be deemed to receive have received a total distribution of his Account and (ii) thereupon forfeit his entire Account; provided that if such Member returns to Employment before the number of consecutive one-year Breaks in Service equals or exceeds the greater of (i) 5, or (ii) the aggregate number of the Member's Years of Service prior to such Break in Service, his Account shall be restored in the same manner as if such Member had been partially vested at the time of his termination of Employment, and his Years of Employment prior to incurring the first Break in Service shall be included in any subsequent determination of his vesting service.
(1) if the Member had a vested interest in his Account at his termination of Employment, the earlier of (i) the date as of which the Member receives a distribution pursuant to this Section, and the Employee resumes employment covered under this Plan before of his entire vested interest in his Account or (ii) the date he upon which the Member incurs five 5 consecutive one-year Breaks in Service, or (52) consecutive one year Service Breaks, upon the reemployment of such Employee, the Employer-provided Accrued Benefit will be restored to the amount on the date of the Member's termination of Employment, if the Member then has no vested interest in his Account. Once so transferred, such deemed distribution.
(d) Any forfeitures under this Plan amounts shall be used at the option of the Employer to (i) reduce administrative expenses for that Contribution Determination Period, (ii) offset any contributions to be made by the Employer contributionsfor that Contribution Determination Period or (iii) be allocated to all eligible Members deemed to be employed as of the last day of the Contribution Determination Period. The Employer Credit Account, referenced in this Subparagraph, shall be maintained to receive, in addition to the forfeitures described above, (i) contributions in excess of the limitations contained in Section 415 of the Code and shall not be applied (ii) Employer contributions made in advance of the date allocable to increase benefits payable under the PlanMembers, if any.
Appears in 7 contracts
Samples: Employees' Savings & Profit Sharing Plan (First Community Financial Corp /Nc/), Adoption Agreement (Pulaski Financial Corp), Employees' Savings & Profit Sharing Plan (HMN Financial Inc)
Forfeitures. (a) If Any balance in the account of a Participant terminates employment with who has separated from Service to which he or she is not entitled under the Employer foregoing provisions, shall be forfeited and applied as provided in the Actuarial Value Adoption Agreement or as set forth in an amendment in the form of an addendum to the Adoption Agreement. The reallocation or other disposition of a non-vested benefit may only occur if the Participant has received payment of his or her entire vested benefit from the Plan, if the Participant has incurred five (5) consecutive one (1) year Breaks in Service, or a deemed cash-out has occurred. A Participant who is zero percent (0%) vested shall have a deemed cash-out distribution on the date of the Participant's ’s separation from Service and shall not be entitled to an allocation of any forfeitures (if reallocated) of any portion of his account balance or of any other Participant who has terminated Service in the same or prior Plan Year. A Participant who is less than 100% vested Accrued Benefit derived form Employer and Employee contributions is not greater than $3,500, the Employee shall receive who receives a distribution will in the year of his or her termination of Employment receive an allocation of forfeitures unless the Actuarial Value of Participant fails to satisfy the entire Allocation Requirements elected in the Adoption Agreement. If the vested portion of a Participant’s account balance is not distributed by the end of the second Plan Year after such Accrued BenefitParticipant’s termination of employment, and forfeiture of the nonvested non-vested portion of the Participant’s account balance may not take place until such Participant has incurred five (5) consecutive one (1) year Breaks in Service. While awaiting reallocation or other disposition, the Plan Administrator or his designate, if applicable, shall have the right to leave the non-vested benefit in the Participant’s account or may transfer the non-vested benefit to a forfeiture suspense account. Amounts held in a forfeiture suspense account may share in any increase or decrease in fair market value of the assets of the Trust in accordance with Article V of the Plan. The Plan Administrator or his designate shall make such determination, if applicable. If a Participant’s account balance is forfeited prior to five (5) consecutive one (1) year Breaks in Service, the amount necessary to restore the account balance to a Participant will be treated obtained from one of the following sources: current Plan Year’s forfeitures; an additional Employer contribution; or earnings on investments for the applicable Plan Year, as a forfeituredetermined by the Plan Administrator. For purposes of this Section 6.6paragraph, if the Actuarial Value value of a Participant's vested Accrued Benefit ’s Vested Account Balance is zerozero (0), the Participant shall be deemed to have received a distribution of such vested Accrued Benefit.
(b) If a Participant terminates employment with the Employer, (and the present value of the Employee's vested Accrued Benefit exceeds $3,500), and elects (with his or her spouse's consent) in accordance Vested Account Balance. A Highly Compensated Employee’s Matching Contributions may be forfeited, even if vested, if the contributions to which they relate are Excess Deferrals, Excess Contributions or Excess Aggregate Contributions. Benefits with Section 9.2 respect to receive the Actuarial Value of his or her vested Accrued Benefit, the nonvested portion Participants who cannot be located as provided at paragraph 7.15 hereof will be treated in the same manner as a forfeiture. If any Participant’s vested account balance is forfeited because the Participant elects to have distributed an amount that is less than the entire vested portion of the Accrued Benefit derived from Employer contributionsor Beneficiary cannot be found, the part of the nonvested portion that such benefit will be treated as reinstated if a forfeiture claim is the total nonvested portion multiplied made by a fraction, the numerator of which is the amount of the distribution attributable to Employer contributions and the denominator of which is the total Actuarial Value of the vested Employer derived Accrued Benefit.
(c) If a Participant receives a distribution pursuant to the Section 6.6 and resumes employment covered under the Plan, the Participant shall have the right to restore his or her Employer-provided Accrued Benefit (including all optional forms of benefit and subsidies relating to such benefits), to the extent forfeited, upon the repayment to the Plan of the full amount of the distribution plus interest compounded annually at the rate of (i) five percent (5%) from the date of distribution to the date of repayment or to the last day of the Plan Year beginning on or after January 1, 1987, if earlier, (ii) and one hundred twenty percent (120%) of the federal mid-term rate (as in effect under section 1274 of the Code for the first month of a Plan Year) from the first day of the Plan Year beginning on or after January 1, 1987 or the date of distribution, if later. Such repayment must be made before the earlier of (i) five (5) years after the Participant's Re-Employment Commencement Date or (ii) the date the Participant incurs five (5) consecutive one year Service Breaks following the day of distribution. If an Employee is deemed to receive a distribution pursuant to this Section, and the Employee resumes employment covered under this Plan before the date he incurs five (5) consecutive one year Service Breaks, upon the reemployment of such Employee, the Employer-provided Accrued Benefit will be restored to the amount on the date of such deemed distributionBeneficiary.
(d) Any forfeitures under this Plan shall be used to reduce Employer contributions, and shall not be applied to increase benefits payable under the Plan.
Appears in 6 contracts
Samples: Defined Contribution Plan (ASB Bancorp Inc), Defined Contribution Plan (Fraternity Community Bancorp Inc), Savings and Investment Plan Document (Sterling Chemicals Inc)
Forfeitures. (a) If Any balance in the account of a Participant terminates employment who has separated from Service to which he or she is not entitled under the foregoing provisions, shall be forfeited and applied as provided in the Adoption Agreement, or in accordance with a uniform and nondiscriminatory policy established by the Employer and Plan Administrator. The reallocation or other disposition of a nonvested benefit may only occur if the Actuarial Value Participant has received payment of his or her entire vested benefit from the Plan, if the Participant has incurred five (5) consecutive one (1) year Breaks in Service or a deemed cash-out has occurred. A Participant who is zero (0) percent vested will have a deemed cash-out distribution on the date of the Participant's vested Accrued Benefit derived form Employer ’s Separation from Service and Employee contributions is will not greater than $3,500be entitled to an allocation of any forfeitures (if reallocated) of any portion of his account balance or of any other Participant who has terminated Service in the same or prior Plan Year. While awaiting reallocation or other disposition, the Employee Plan Administrator or his designate, if applicable, shall receive have the right to leave the nonvested benefit in the Participant’s account or may transfer the nonvested benefit to a distribution forfeiture suspense account. Amounts held in a forfeiture suspense account may share in any increase or decrease in fair market value of the Actuarial Value assets of the entire vested portion Trust in accordance with Article V of such Accrued Benefitthe Plan. Such determination shall be made by the Plan Administrator or his designate, and if applicable. If a Participant’s account balance is forfeited prior to five consecutive one-year Breaks in Service, the nonvested portion amount necessary to restore the account balance to a Participant will be treated obtained from one of the following sources; current Plan Year’s forfeitures, an additional Employer contribution, or earnings on investments for the applicable Plan Year, as a forfeituredetermined by the Plan Administrator. For purposes of this Section 6.6paragraph, if the Actuarial Value value of a Participant's vested Accrued Benefit ’s Vested Account Balance is zero, the Participant shall be deemed to have received a distribution of such vested Accrued Benefit.
(b) If a Participant terminates employment Vested Account Balance. A Highly Compensated Employee’s Matching Contributions may be forfeited, even if vested, if the contributions to which they relate are Excess Deferrals, Excess Contributions or Excess Aggregate Contributions. Benefits with the Employer, (and the present value of the Employee's vested Accrued Benefit exceeds $3,500), and elects (with his or her spouse's consent) in accordance with Section 9.2 respect to receive the Actuarial Value of his or her vested Accrued Benefit, the nonvested portion Participants who cannot be located as provided at paragraph 7.15 hereof will be treated in the same manner as a forfeiture. If the Participant elects to have distributed an amount that is less than the entire vested portion of the Accrued Benefit derived from Employer contributions, the part of the nonvested portion that will be treated as a forfeiture is the total nonvested portion multiplied by a fraction, the numerator of which is the amount of the distribution attributable to Employer contributions and the denominator of which is the total Actuarial Value of the vested Employer derived Accrued Benefit.
(c) If a Participant receives a distribution pursuant to the Section 6.6 and resumes employment covered under the Plan, the Participant shall have the right to restore his or her Employer-provided Accrued Benefit (including all optional forms of benefit and subsidies relating to such benefits), to the extent forfeited, upon the repayment to the Plan of the full amount of the distribution plus interest compounded annually at the rate of (i) five percent (5%) from the date of distribution to the date of repayment or to the last day of the Plan Year beginning on or after January 1, 1987, if earlier, (ii) and one hundred twenty percent (120%) of the federal mid-term rate (as in effect under section 1274 of the Code for the first month of a Plan Year) from the first day of the Plan Year beginning on or after January 1, 1987 or the date of distribution, if later. Such repayment must be made before the earlier of (i) five (5) years after the Participant's Re-Employment Commencement Date or (ii) the date the Participant incurs five (5) consecutive one year Service Breaks following the day of distribution. If an Employee is deemed to receive a distribution pursuant to this Section, and the Employee resumes employment covered under this Plan before the date he incurs five (5) consecutive one year Service Breaks, upon the reemployment of such Employee, the Employer-provided Accrued Benefit will be restored to the amount on the date of such deemed distribution.
(d) Any forfeitures under this Plan shall be used to reduce Employer contributions, and shall not be applied to increase benefits payable under the Plan.
Appears in 3 contracts
Samples: Defined Contribution Plan (United Community Bancorp), Defined Contribution Plan (Century Bancorp Inc), Defined Contribution Plan (FNB United Corp.)
Forfeitures. (a) If a Participant an Employee terminates employment with the Employer service, and the Actuarial Value value of the ParticipantEmployee's vested Accrued Benefit account balance derived form Employer from employer and Employee employee contributions is not greater than $3,500, 3,500 and the Employee shall receive receives a distribution of the Actuarial Value value of the entire vested portion of such Accrued Benefitaccount balance, and the nonvested portion will shall be treated as a forfeiture. For purposes forfeiture as of this Section 6.6, if the Actuarial Value last day of a the Plan Year in which the Participant's entire vested Accrued Benefit interest is distributed from the Plan. If the value of an Employee's vested account balance is zero, the Participant Employee shall be deemed to have received a distribution of such vested Accrued Benefit.
(baccount balance. A participant's vested account balance shall not include accumulated deductible employee contributions within the meaning of Section 72(o)(5)(B) If a Participant of the Code for plan years beginning prior to January 1, 1989. Unless otherwise elected in the Adoption Agreement, if an Employee terminates employment service, and elects, in accordance with the Employerprovisions of the Plan, (and to receive the present value of the Employeeemployee's vested Accrued Benefit exceeds $3,500), and elects (with his or her spouse's consent) in accordance with Section 9.2 to receive the Actuarial Value of his or her vested Accrued Benefitaccount balance, the nonvested portion will shall be treated as a forfeiture. If the Participant Employee elects to have distributed an amount that is less than the entire vested portion of the Accrued Benefit account balance derived from Employer employer contributions, the part of the nonvested portion that will be treated as a forfeiture is the total nonvested portion multiplied by a fraction, the numerator of which is the amount of the distribution attributable to Employer employer contributions and the denominator of which is the total Actuarial Value value of the vested Employer employer derived Accrued Benefit.
(c) account balance. If a Participant an Employee receives a distribution pursuant to and the Section 6.6 and Employee resumes employment covered under the Plan, the Participant Employee's employer-derived account balance shall have the right to restore his or her Employer-provided Accrued Benefit (including all optional forms of benefit and subsidies relating to such benefits), be restored to the extent forfeited, upon amount on the repayment date of distribution if the Employee repays to the Plan of the full amount of the distribution plus interest compounded annually at the rate of (i) five percent (5%) from the date of distribution attributable to the date of repayment or to the last day of the Plan Year beginning on or after January 1, 1987, if earlier, (ii) and one hundred twenty percent (120%) of the federal mid-term rate (as in effect under section 1274 of the Code for the first month of a Plan Year) from the first day of the Plan Year beginning on or after January 1, 1987 or the date of distribution, if later. Such repayment must be made Employer contributions before the earlier of (i) five (5) years after the Participant's Refirst date on which the Participant is subsequently re-Employment Commencement Date employed by the Employer, or (ii) the date the Participant incurs five (5) consecutive one year Breaks in Service Breaks following the day date of the distribution. If an Employee is deemed to receive a distribution pursuant to this Sectionsection, and the Employee resumes employment covered under this the Plan before the date he the Participant incurs five (5) consecutive one year Service BreaksBreaks in Service, upon the reemployment of such Employee, the Employeremployer-provided Accrued Benefit derived account balance of the Employee will be restored to the amount on the date of such deemed distribution.
(d) Any forfeitures under this Plan . Unless otherwise elected in the Adoption Agreement, such forfeiture shall be used allocated in the same manner as a contribution by the Employer for the Year in which said forfeiture occurred. Notwithstanding any provision herein to reduce the contrary, forfeitures resulting from contributions by an Employer contributions, and shall not be applied reallocated for the benefit of another adopting Employer. If a Participant is re-employed following a Break in Service and is entitled to increase benefits payable under restoration of any amount of his Accounts which was forfeited as a result of such Break in Service, such amount shall be restored in the Planmanner specified in the Adoption Agreement.
Appears in 3 contracts
Samples: Defined Contribution Plan and Trust (Capstone Pharmacy Services Inc), Adoption Agreement (Southbanc Shares Inc), Adoption Agreement (Jones Medical Industries Inc /De/)
Forfeitures. (a) If a Participant terminates employment with Sponsor hereby agrees that, immediately prior to the Employer and the Actuarial Value consummation of the Participant's vested Accrued Benefit derived form Employer First Merger (but subject to and Employee contributions is not greater than $3,500, contingent upon the Employee shall receive a distribution prior satisfaction of all of the Actuarial Value conditions to consummation of the entire vested portion Merger set forth in Article VIII of the Business Combination Agreement) Sponsor shall automatically and irrevocably surrender and forfeit to OpCo for no consideration, as a contribution to capital, a number of Founder Units (the “Forfeited Units”), to be determined as provided below in Section 3(b), and a number of Sponsor Shares equal to the number of Forfeited Units will be cancelled in connection therewith (after which such Accrued BenefitSponsor Shares shall no longer be issued or outstanding) for no consideration (the “Forfeited Shares”, and the nonvested portion will be treated cancellation of such Forfeited Shares together with the forfeiture of the Forfeited Units, the “Sponsor Share and Unit Forfeiture”) and (iii) the Sponsor shall automatically irrevocably surrender and forfeit to Acquiror for no consideration, as a contribution to capital, a number of Acquiror Private Placement Warrants, to be determined as provided below in Section 3(c) (the “Forfeited Warrants”, and such forfeiture. For purposes of this Section 6.6, if the Actuarial Value of a Participant's vested Accrued Benefit is zero, the Participant shall be deemed to have received a distribution of such vested Accrued Benefit“Sponsor Warrant Forfeiture”).
(b) If a Participant terminates employment Unless the Parties otherwise agree, each of the number of Forfeited Shares and the number of Forfeited Units shall equal 5,750,000 less (A) (i) the sum of (a) the aggregate number of shares of New PubCo Class A Common Stock received by Acquiror stockholders who are not Redeeming Stockholders and (b) the aggregate number of shares of New PubCo Class A Common Stock issued in connection with the EmployerSuntuity Merger (including shares issuable in respect of Company Restricted Unit Awards) to holders of Company Interests and Company Warrants, divided by (and ii) 0.9 less (B) the present value amount calculated pursuant to the preceding clause (A)(i) of this Section 3(b).
(c) The number of Forfeited Warrants shall equal (i) the Employee's vested Accrued Benefit exceeds $3,500), and elects product of (with his or her spouse's consentA) in accordance with Section 9.2 to receive the Actuarial Value of his or her vested Accrued Benefit, the nonvested portion will be treated as a forfeiture. If the Participant elects to have distributed an amount that is less than the entire vested portion of the Accrued Benefit derived from Employer contributions, the part of the nonvested portion that will be treated as a forfeiture is the total nonvested portion Acquiror Private Placement Warrants multiplied by (B) a fraction, the numerator of which is the amount number of shares of Acquiror Class A Common Stock redeemed pursuant to the distribution attributable to Employer contributions Redemption Rights and the denominator of which is the total Actuarial Value of the vested Employer derived Accrued Benefit.
(c) If a Participant receives a distribution pursuant to the Section 6.6 and resumes employment covered under the Plan, the Participant shall have the right to restore his or her Employer-provided Accrued Benefit (including all optional forms of benefit and subsidies relating to such benefits), to the extent forfeited, upon the repayment to the Plan of the full amount of the distribution 23,001,250 plus interest compounded annually at the rate of (i) five percent (5%) from the date of distribution to the date of repayment or to the last day of the Plan Year beginning on or after January 1, 1987, if earlier, (ii) and one hundred twenty fifty percent (12050%) of the federal mid-term rate (as in effect under section 1274 of Private Placement Warrants outstanding after the Code for forfeitures contemplated by the first month of a Plan Year) from the first day of the Plan Year beginning on or after January 1, 1987 or the date of distribution, if later. Such repayment must be made before the earlier of immediately preceding clause (i) five (5) years after the Participant's Re-Employment Commencement Date or (ii) the date the Participant incurs five (5) consecutive one year Service Breaks following the day of distribution. If an Employee is deemed to receive a distribution pursuant to this Section, and the Employee resumes employment covered under this Plan before the date he incurs five (5) consecutive one year Service Breaks, upon the reemployment of such Employee, the Employer-provided Accrued Benefit will be restored to the amount on the date of such deemed distribution).
(d) Any forfeitures under this Plan The Forfeited Shares, Forfeited Units and Forfeited Warrants shall be used to reduce Employer contributionsautomatically and immediately cancelled by Acquiror or OpCo, as applicable, and Acquiror or OpCo, as applicable, shall not direct their respective transfer agent (or such other intermediaries as appropriate) to take any and all such actions incident thereto. Acquiror, OpCo and Sponsor shall take such actions as are necessary to cause the Forfeited Shares, Forfeited Units and Forfeited Warrants to be applied retired and canceled, after which such Forfeited Shares, Forfeited Units and Forfeited Warrants shall no longer be issued, outstanding, convertible or exercisable.
(e) Notwithstanding the foregoing, it is the understanding and agreement among the Parties hereto that New PubCo shall issue to increase benefits payable under the Planholders of the Company Interests an aggregate number of New PubCo Warrants equal to fifty percent (50%) of the Private Placement Warrants outstanding after the forfeitures contemplated by Section 3(c)(i).
Appears in 2 contracts
Samples: Sponsor Agreement (Beard Energy Transition Acquisition Corp.), Sponsor Agreement (Beard Energy Transition Acquisition Corp.)
Forfeitures. (a) If a Participant terminates employment with the Employer and the Actuarial Value of when the Participant's Vested Percentage in his Matching and Profit Sharing Accounts is less than 100%,
(1) the vested Accrued Benefit derived form Employer and Employee contributions portion of his Accounts shall be distributed as provided in Article X, and
(2) the unvested portion of his Accounts shall be forfeited as of the date of such distribution. If the Participant's Vested Percentage is not greater than $3,500zero, the Employee there shall receive be a deemed distribution of the Actuarial Value vested Account balance upon termination of the entire vested portion of such Accrued Benefit, employment and the nonvested portion will be treated as a forfeiture. For purposes of this Section 6.6, if the Actuarial Value of a Participant's vested Accrued Benefit is zero, the Participant unvested balance shall be deemed to have received a distribution of such vested Accrued Benefitforfeited.
(b) If a Participant terminates employment with who ceases to be an Employee is subsequently reemployed as an Employee , any amount forfeited pursuant to paragraph (a) shall be restored to the EmployerParticipant's Accounts from which forfeited; provided, (and however, that if the present value Participant received a distribution of the Employee's vested Accrued Benefit exceeds $3,500), and elects (with his or her spouse's consent) in accordance with Section 9.2 to receive the Actuarial Value of his or her vested Accrued Benefit, the nonvested portion will be treated as a forfeiture. If the Participant elects to have distributed an amount that is less than the entire vested portion of the Accrued Benefit derived from Employer contributionshis Accounts, the part forfeited amounts shall be reinstated only if the Participant repays the amount previously distributed before the fifth anniversary of the nonvested portion that will Reemployment Date (or, if earlier, before another distribution is made). If a deemed distribution of zero dollars was made on the Participant's previous termination of employment, he shall be treated as a forfeiture is the total nonvested portion multiplied by a fraction, the numerator of which is the amount of deemed to have repaid the distribution attributable to Employer contributions and the denominator of which is the total Actuarial Value of the vested Employer derived Accrued Benefitupon reemployment as an Employee.
(c) If a Participant receives a distribution pursuant to Forfeitures will be restored from amounts forfeited as of the Section 6.6 and resumes employment covered under Valuation Date coincident with or immediately following the Plan, date on which the Participant shall have the right to restore is reemployed or, if later, repays his or her Employer-provided Accrued Benefit (including all optional forms of benefit and subsidies relating to such benefits)distribution, and, to the extent such forfeitures are not sufficient, by a special Participating Employer contribution. The amount restored shall be equal to the amount forfeited, upon unadjusted by any subsequent gains or losses.
(d) Until the Committee restores the Participant's Accounts, as described in Section 8.3(c), the Trustee will invest the cash-out amount the Participant has repaid in a segregated Account maintained solely for the Participant. The Trustee must invest the amount in the Participant's segregated Account in Federally insured interest bearing savings account(s) or time deposit(s) (or a combination of both), or in other fixed income investments. Until commingled with the balance of the Trust Fund on the date the Committee restores the Participant's Accounts, the Participant's segregated Account remains a part of the Trust, but it alone shares in any income it earns and it alone bears any expense or loss it incurs. Unless the repayment qualifies as a rollover contribution, the Committee will direct the Trustee to repay to the Plan of Participant as soon as is administratively practicable the full amount of the distribution plus interest compounded annually at Participant's segregated Account if the rate of (i) five percent (5%) from Committee determines that the date of distribution to the date of repayment or to the last day Plan prevents restoration as of the Plan Year beginning on or after January 1applicable Accounting Date, 1987, if earlier, (ii) and one hundred twenty percent (120%) of the federal mid-term rate (as in effect under section 1274 of the Code for the first month of a Plan Year) from the first day of the Plan Year beginning on or after January 1, 1987 or the date of distribution, if later. Such repayment must be made before the earlier of (i) five (5) years after notwithstanding the Participant's Re-Employment Commencement Date or (ii) the date the Participant incurs five (5) consecutive one year Service Breaks following the day of distribution. If an Employee is deemed to receive a distribution pursuant to this Section, and the Employee resumes employment covered under this Plan before the date he incurs five (5) consecutive one year Service Breaks, upon the reemployment of such Employee, the Employer-provided Accrued Benefit will be restored to the amount on the date of such deemed distributionrepayment.
(de) Any forfeitures under this Plan Forfeitures not used to restore Participants' Accounts shall be used to reduce future Participating Employer contributionscontributions or as determined by the Committee, and shall not be applied to increase benefits payable under the Planpay expenses of Plan administration.
Appears in 1 contract
Samples: First Security Incentive Savings Plan and Trust Agreement (Wells Fargo & Co/Mn)
Forfeitures. (a) If Except as provided in Subsection (b), no amount credited to a Participant terminates employment with the Employer and the Actuarial Value shall be forfeited upon Severance from Service until he incurs five consecutive one year Periods of the Participant's vested Accrued Benefit derived form Employer and Employee contributions is Severance or dies while not greater than $3,500an Employee. When a Participant incurs five consecutive one year Periods of Severance or dies while not an Employee, the Employee shall receive a distribution of the Actuarial Value of the entire vested portion of such Accrued Benefit, and the nonvested portion will be treated as a forfeiture. For purposes of this Section 6.6, if the Actuarial Value of a Participant's vested Accrued Benefit is zero, the Participant his Profit Sharing Account shall be deemed to have received a distribution of such vested Accrued Benefitforfeited.
(b) If Notwithstanding Subsection (a), if a Participant terminates employment with Participant's entire vested Accounts are distributed (or deemed distributed pursuant to Section 7.05) before the Employer, (and the present value end of the Employee's vested Accrued Benefit exceeds $3,500), and elects (with his or her spouse's consent) Plan Year following the Plan Year in accordance with Section 9.2 to receive which the Actuarial Value of his or her vested Accrued BenefitParticipant incurs a Severance from Service, the nonvested portion will of the Participant's Accounts shall be treated as a forfeitureforfeited immediately upon the distribution. If a former Participant is reemployed by the Employer, the amount forfeited pursuant to the preceding sentence shall be restored if the Participant elects repays to have the Trust the full amount distributed an amount that is less than to him before the entire vested portion date on which he incurs S consecutive one year Periods of Severance after the date of the Accrued Benefit derived distribution. Amounts restored shall come from Employer contributionsTrust income and, to the extent necessary, forfeitures. If Trust income and forfeitures are insufficient to restore the forfeited amounts, the part of Employer shall make an additional contribution sufficient to restore the nonvested portion that will be treated as a forfeiture is the total nonvested portion multiplied by a fraction, the numerator of which is the amount of the distribution attributable to forfeited amount. The additional Employer contributions and the denominator of which is the total Actuarial Value of the vested Employer derived Accrued Benefitcontribution shall not constitute an Annual Addition.
(c) If The total dollar amount of all interests forfeited during a Participant receives Plan Year shall be held in a distribution pursuant to separate suspense account until the Section 6.6 and resumes employment covered under the Plan, the Participant shall have the right to restore his or her Employer-provided Accrued Benefit (including all optional forms last day of benefit and subsidies relating to such benefits), to the extent forfeited, upon the repayment to the Plan Year. The forfeited amounts shall be allocated as of the full amount of the distribution plus interest compounded annually at the rate of (i) five percent (5%) from the date of distribution to the date of repayment or to the last day of the Plan Year beginning among the Profit Sharing Accounts of Participants on or after January 1that date, 1987, if earlier, (ii) and one hundred twenty percent (120%) of the federal mid-term rate (as provided in effect under section 1274 of the Code Section 4.06 for the first month allocation of a Plan Year) from the first day of the Plan Year beginning on or after January 1, 1987 or the date of distribution, if later. Such repayment must be made before the earlier of (i) five (5) years after the Participant's Re-Employment Commencement Date or (ii) the date the Participant incurs five (5) consecutive one year Service Breaks following the day of distribution. If an Employee is deemed to receive a distribution pursuant to this Section, and the Employee resumes employment covered under this Plan before the date he incurs five (5) consecutive one year Service Breaks, upon the reemployment of such Employee, the Employer-provided Accrued Benefit will be restored to the amount on the date of such deemed distributionProfit Sharing Contributions.
(d) Any forfeitures under this Plan shall be used to reduce Employer contributions, and shall not be applied to increase benefits payable under the Plan.
Appears in 1 contract
Samples: 401(k) Plan (Integra Bank Corp)
Forfeitures. (a) If With respect to a Participant Member who terminates employment with the Employer with a Vested Interest in his Company Discretionary Contribution Account that is less than 100% and either is not entitled to a distribution from the Actuarial Value Plan or receives a distribution from the Plan of the Participant's vested Accrued Benefit derived balance of his Vested Interest in his Accounts in the form Employer and Employee contributions of a lump sum distribution by the close of the second Plan Year following the Plan Year in which his employment is not greater than $3,500terminated, the Employee shall receive a distribution forfeitable amount credited to the terminated Member's Company Discretionary Contribution Account as of the Actuarial Value Valuation Date next preceding his Benefit Commencement Date shall become a forfeiture as of his Benefit Commencement Date (or as of his date of termination of employment if no amount is payable from the entire vested portion Trust Fund on behalf of such Accrued Benefit, and the nonvested portion will be treated as a forfeiture. For purposes of this Section 6.6, if the Actuarial Value of a Participant's vested Accrued Benefit is zero, the Participant shall be deemed Member with such Member being considered to have received a distribution of such vested Accrued Benefitzero dollars on his date of termination of employment).
(b) If In the event that an amount credited to a Participant terminates employment terminated Member's Company Discretionary Contribution Account becomes a forfeiture pursuant to Paragraph (a) above, the terminated Member shall, upon subsequent reemployment with the EmployerEmployer prior to incurring five consecutive One-Year Breaks-in-Service, (and have the present value forfeited amount restored to such Member's Company Discretionary Contribution Account, unadjusted by any subsequent gains or losses of the Employee's vested Accrued Benefit exceeds $3,500)Trust Fund; provided, however, that such restoration shall be made only if such Member repays in cash an amount equal to the amount so distributed to him pursuant to Paragraph (a) above within five years from the date the Member is reemployed. A reemployed Member who was not entitled to a distribution from the Plan on his date of termination of employment shall be considered to have repaid a distribution of zero dollars on the date of his reemployment. Any such restoration shall be made as of the Valuation Date coincident with or next succeeding the date of repayment. Notwithstanding anything to the contrary in the Plan, forfeited amounts to be restored by the Employer pursuant to this Paragraph shall be charged against and elects (with his or her spouse's consent) deducted from forfeitures for the Plan Year in which such amounts are restored that would otherwise be available for allocation to other Members in accordance with Section 9.2 4.2(c). If such forfeitures otherwise available are not sufficient to receive the Actuarial Value of his or her vested Accrued Benefitprovide such restoration, the nonvested portion will of such restoration not provided by forfeitures shall be treated as charged against and deducted from Employer Contributions otherwise available for allocation to other Members in accordance with Section 4.2(c), and any additional amount needed to restore such forfeited amounts shall be a forfeiture. If the Participant elects minimum required Employer Contribution (without regard to have distributed an amount that current or accumulated earnings and profits).
(c) With respect to a Member whose Vested Interest in his Company Discretionary Contribution Account is less than 100% and who receives a termination distribution from his Company Discretionary Contribution Account other than a lump sum distribution by the entire vested close of the second Plan Year following the Plan Year in which his employment is terminated, any amount remaining in his Company Discretionary Contribution Account shall continue to be maintained as a separate account. At any relevant time, such Member's nonforfeitable portion of his separate account shall be determined in accordance with the Accrued Benefit derived from Employer contributions, following formula: X=P(AB + (R X D)) - (R X D) For purposes of applying the part formula: X is the nonforfeitable portion of such separate account at the relevant time; P is the Member's Vested Interest in his Company Discretionary Contribution Account at the relevant time; AB is the balance of such separate account at the relevant time; R is the ratio of the nonvested portion that will be treated as a forfeiture is balance of such separate account at the total nonvested portion multiplied by a fraction, relevant time to the numerator balance of which such separate account after the distribution; and D is the amount of the distribution attributable to Employer contributions and the denominator distribution. For all other purposes of which is the total Actuarial Value of the vested Employer derived Accrued Benefit.
(c) If a Participant receives a distribution pursuant to the Section 6.6 and resumes employment covered under the Plan, a Member's separate account shall be treated as a Company Discretionary Contribution Account. Upon his incurring five consecutive One-Year Breaks-in-Service, the Participant forfeitable portion of a terminated Member's separate account and Company Discretionary Contribution Account shall have the right to restore his or her Employer-provided Accrued Benefit (including all optional forms of benefit and subsidies relating to such benefits), to the extent forfeited, upon the repayment to the Plan be forfeited as of the full amount of the distribution plus interest compounded annually at the rate of (i) five percent (5%) from the date of distribution to the date of repayment or to the last day end of the Plan Year beginning on or after January 1, 1987, if earlier, (ii) and one hundred twenty percent (120%) of during which the federal midterminated Member incurred his fifth such consecutive One-term rate (as in effect under section 1274 of the Code for the first month of a Plan Year) from the first day of the Plan Year beginning on or after January 1, 1987 or the date of distribution, if later. Such repayment must be made before the earlier of (i) five (5) years after the Participant's ReBreak-Employment Commencement Date or (ii) the date the Participant incurs five (5) consecutive one year Service Breaks following the day of distribution. If an Employee is deemed to receive a distribution pursuant to this Section, and the Employee resumes employment covered under this Plan before the date he incurs five (5) consecutive one year Service Breaks, upon the reemployment of such Employee, the Employerin-provided Accrued Benefit will be restored to the amount on the date of such deemed distributionService.
(d) With respect to a Member who terminates employment with the Employer with a Vested Interest in his Company Discretionary Contribution Account greater than 0% but less than 100% and who is not otherwise subject to the forfeiture provisions of Paragraph (a) or Paragraph (c) above, the forfeitable portion of his Company Discretionary Contribution Account shall be forfeited as of the end of the Plan Year during which the terminated Member incurs his fifth consecutive One-Year Break-in-Service.
(e) Any forfeitures under this Plan occurring pursuant to Paragraphs (a), (c), or (d) above shall be used to reduce Employer contributions, held in a suspense account and shall be available for allocation to the Accounts of the eligible Members pursuant to Section 4.2(c), as of the end of the Plan Year in which such forfeitures occurred. For all Valuation Dates prior to such allocation, forfeited amounts held in the suspense account shall not receive allocations of net income (or net loss) pursuant to Section 4.3.
(f) Distributions of benefits described in this Section shall be applied subject to increase benefits payable under the Plantime of payment requirements of Section 10.1.
Appears in 1 contract
Forfeitures. (a) If a Participant terminates employment with the Employer and the Actuarial Value of the Participant's vested Accrued Benefit derived form Employer and Employee contributions is not greater than $3,500, the Employee shall receive a distribution of the Actuarial Value of the entire vested portion of such Accrued Benefit, and the nonvested portion will be treated as a forfeiture. For purposes of this Section 6.6, if the Actuarial Value With respect to all or part of a Participant's vested Accrued Benefit is zero, Discretionary Company Contributions Account and Matching Company Contributions Account which are subject to forfeiture under Article V(C) below (Early Retirement; Vesting Schedule) -
(1) If the Participant elects under Article V(A)(1) and (C) to receive the Vested part of his Discretionary Company Contribution Account, if any, in a Lump Sum as promptly as possible after the termination of his employment and such forfeiture is not contested, on the last day of the Plan Year in which the Participant's employment terminates the forfeited part of his Discretionary Company Contributions Account shall become final and be credited to other Discretionary Company Contributions Accounts, as provided by Article IV(O)(3) above (Periodic Adjustments to Accounts). If the Participant is not Vested in any part of his Discretionary Company Contributions Account, he shall be deemed to have received a distribution elected to receive the Vested part of such vested Accrued BenefitAccount, namely zero, in the manner provided above.
(b2) If a Participant terminates employment with the Employer, (and the present value of the Employee's vested Accrued Benefit exceeds $3,500), and elects (with his or her spouse's consent) in accordance with Section 9.2 to receive the Actuarial Value of his or her vested Accrued Benefit, the nonvested portion will be treated as a forfeiture. If the Participant elects under Article V(A)(2) and (C) to have distributed an amount that is less receive the Vested part of his Accounts, if any, in any form permitted by the Plan other than a Lump Sum, on the entire vested last day of the Plan Year in which the Participant receives the payment of a portion of the Accrued Benefit derived from Employer contributionsVested part of his Discretionary Company Contributions Account, the part of the nonvested portion that will of such account shall be treated as a forfeiture is forfeited and shall be credited to other Discretionary Company Contributions Accounts as provided in (1) above. Such part shall be the total nonvested portion of the Participant's Discretionary Company Contributions Account multiplied by a fraction, the numerator of which is the amount of received by the distribution attributable to Employer contributions Participant from his Discretionary Company Contributions Account in the Plan Year and the denominator of which is the total Actuarial Value Participant's Vested Discretionary Company Contributions Account balance as of the vested Employer derived Accrued Benefit.
(c) If a Participant receives a distribution pursuant to last day of the Section 6.6 and resumes employment covered under the Planprevious Plan Year; provided, however, that if the Participant shall have incurs five consecutive One-Year Breaks in Service the right to restore his or her Employer-provided Accrued Benefit (including all optional forms of benefit and subsidies relating to such benefits), to the extent forfeited, upon the repayment to the Plan remaining nonvested portion of the full amount Participant's Discretionary Company Contributions Account shall be forfeited and allocated to other Discretionary Company Contributions Accounts as of the distribution plus interest compounded annually at the rate of (i) five percent (5%) from the date of distribution to the date of repayment or to the last day of the Plan Year beginning on in which the fifth consecutive One-Year Break in Service occurs.
(3) In the event (2) above applies, or after January if such forfeiture is contested, it shall be held in suspense and, while so held, shall be subject to debits and credits under Paragraph (G) above in the same manner as an active Participant's Discretionary Company Contributions Account, except that Discretionary Company Contributions and other forfeitures shall not be credited thereto. Later, when its status is finalized, it shall (adjusted by debits and credits as aforesaid) either be paid to the terminated Participant to the extent successfully contested by him or credited to other Discretionary Company Contributions Accounts as provided by (1, 1987, ) and(2) above.
(4) Matching Company Contributions forfeited under Article V(C) shall be treated in the same manner as forfeited Discretionary Company Contributions under (1) through (3) above as if earlier, (ii) the terms Matching Company Contributions and one hundred twenty percent (120%) of the federal mid-term rate (as in effect under section 1274 of the Code Matching Company Contributions Accounts were substituted for the first month terms Discretionary Company Contributions and Discretionary Company Contributions Accounts, except that instead of a Plan Year) from allocating such forfeited Matching Company Contributions to the first day Matching Company Contribution Accounts of other Participants such forfeited amounts shall be applied to reduce Matching Company Contributions otherwise required to be made to the Trust for the Plan Year beginning on in which the forfeiture occurred or after January 1, 1987 for the next following Plan Year or the date of distribution, if later. Such repayment must be made before the earlier of (i) five (5) years after the Participant's Re-Employment Commencement Date or (ii) the date the Participant incurs five (5) consecutive one year Service Breaks following the day of distribution. If an Employee is deemed to receive a distribution pursuant to this Section, Plan Years and the Employee resumes employment covered under this Plan before the date he incurs five (5) consecutive one year Service Breaks, upon the reemployment of pending such Employee, the Employer-provided Accrued Benefit will be restored to the amount on the date of such deemed distribution.
(d) Any forfeitures under this Plan application shall be used to reduce Employer contributions, and shall not be applied to increase benefits payable under held in a suspense account in the PlanTrust.
Appears in 1 contract
Samples: 401(k) Savings Plan and Trust Agreement (Source One Mortgage Services Corp)
Forfeitures. (The Nonvested Account of a Member shall be forfeited as of the earlier of the following:
a) If the date the Member dies (if prior to such date he had ceased to be an Employee), or
b) the Member’s Forfeiture Date. All or a Participant terminates employment with the Employer and the Actuarial Value portion of the Participant's vested Accrued Benefit derived form Employer and Employee contributions a Member’s Nonvested Account shall be forfeited before such earlier date if, after he ceases to be an Employee, he receives, or is not greater than $3,500deemed to receive, the Employee shall receive a distribution of the Actuarial Value of the his entire vested portion of such Accrued Benefit, and the nonvested portion will be treated as a forfeiture. For purposes of this Section 6.6, if the Actuarial Value of a Participant's vested Accrued Benefit is zero, the Participant shall be deemed to have received Vested Account or a distribution of such his Vested Account derived from our Contributions which were not 100% vested Accrued Benefit.
(b) when made, under Section 5.01, 5.03, or 10.11. The forfeiture shall occur as of the date the Member receives, or is deemed to receive, the distribution. If a Participant terminates employment with the EmployerMember receives, (and the present value of the Employee's vested Accrued Benefit exceeds $3,500)or is deemed to receive, and elects (with his or her spouse's consent) in accordance with Section 9.2 to receive the Actuarial Value entire Vested Account, his entire Nonvested Account shall be forfeited. If a Member receives a distribution of his or her Vested Account from our Contributions which were not 100% vested Accrued Benefitwhen made, but less than his entire Vested Account from such Contributions, the nonvested portion will amount to be treated as a forfeiture. If the Participant elects to have distributed an amount that is less than the entire vested portion of the Accrued Benefit derived forfeited shall be determined by multiplying his Nonvested Account from Employer contributions, the part of the nonvested portion that will be treated as a forfeiture is the total nonvested portion multiplied such Contributions by a fraction, the . The numerator of which the fraction is the amount of the distribution attributable to Employer contributions derived from our Contributions which were not 100% vested when made and the denominator of which the fraction is the total Actuarial Value of the vested Employer his entire Vested Account derived Accrued Benefit.
(c) If a Participant receives a distribution pursuant to the Section 6.6 and resumes employment covered under the Plan, the Participant shall have the right to restore his or her Employer-provided Accrued Benefit (including all optional forms of benefit and subsidies relating to from such benefits), to the extent forfeited, upon the repayment to the Plan of the full amount of the distribution plus interest compounded annually at the rate of (i) five percent (5%) from Contributions on the date of distribution the distribution. A Forfeiture shall also occur as provided in Section 3.07. Forfeitures shall be determined at least once during each Plan Year. Forfeitures may first be used to pay administrative expenses. Forfeitures of Matching Contributions which relate to excess amounts as provided in Section 3.07, which have not been used to pay administrative expenses, shall be applied to reduce the date earliest Employer Contributions made after the Forfeitures are determined. Any other Forfeitures which have not been used to pay administrative expenses shall be allocated as of repayment or to the last day of the Plan Year beginning on in which such Forfeitures are determined or shall be applied to reduce the earliest Employer Contributions made after January 1the Forfeitures are determined as provided in Item Q(4). Upon their allocation to Accounts, 1987or application to reduce Employer Contributions, if earlierForfeitures shall be deemed to be Employer Contributions. If a Member again becomes an Eligible Employee after receiving a distribution which caused all or a portion of his Nonvested Account to be forfeited, (ii) and one hundred twenty percent (120%) he shall have the right to repay to the Plan the entire amount of the federal mid-term rate distribution he received (as excluding any amount of such distribution resulting from Contributions which were 100% vested when made). The repayment must be made in effect under section 1274 a single sum (repayment in installments is not permitted) before the earlier of the Code for date five years after the date he again becomes an Eligible Employee or the end of the first month period of a Plan Year) from five consecutive Vesting Breaks which begin after the first day date of the distribution. If the Member makes the repayment provided above, the Plan Year beginning Administrator shall restore to his Account an amount equal to his Nonvested Account which was forfeited on or after January 1, 1987 or the date of distribution, unadjusted for any investment gains or losses. If no amount is to be repaid because the Member was deemed to have received a distribution or only received a distribution of Contributions which were 100% vested when made, and he again performs an Hour of Service as an Eligible Employee within the repayment period, the Plan Administrator shall restore the Member’s Account as if laterhe had made a required repayment on the date he performed such Hour of Service. Such repayment must be made before Restoration of the earlier Member’s Account shall include restoration of all Code Section 411 (d)(6) protected benefits with respect to the restored Account, according to applicable Treasury regulations. Provided, however, the Plan Administrator shall not restore the Nonvested Account if (i) five (5) years a Forfeiture Date has occurred after the Participant's Re-Employment Commencement Date date of the distribution and on or before the date of repayment and (ii) that Forfeiture Date would result in a complete forfeiture of the date amount the Participant incurs five (5) consecutive one year Service Breaks Plan Administrator would otherwise restore. The Plan Administrator shall restore the Member’s Account by the close of the Plan Year following the day Plan Year in which repayment is made. The permissible sources for restoration of distributionthe Member’s Account are Forfeitures or special Employer Contributions. If an Employee is deemed to receive a distribution pursuant to this Section, and the Employee resumes employment covered under this Plan before the date he incurs five (5) consecutive one year Service Breaks, upon the reemployment of such Employee, the Employer-provided Accrued Benefit will be restored to the amount on the date of such deemed distribution.
(d) Any forfeitures under this Plan Such special Employer Contributions shall be used made without regard to reduce Employer contributionsprofits. The repaid and restored amounts are not included in the Member’s Annual Additions, and shall not be applied to increase benefits payable under the Planas defined in Section 3.06.
Appears in 1 contract
Samples: 401(k) Profit Sharing Plan Adoption Agreement (First Financial Northwest, Inc.)
Forfeitures. (a) If a Participant terminates employment with ceases to be employed by the Employer and the Actuarial Value of the Participant's vested Accrued Benefit derived form Employer and Employee contributions Account balance is not greater than $3,500, the Employee Participant shall receive a distribution of the Actuarial Value value of the entire vested portion of such Accrued Benefit, Account balance and the nonvested portion will shall be treated as a forfeiture. For purposes of this Section 6.6Section, if the Actuarial Value value of a the Participant's vested Accrued Benefit Account balance is zero, the Participant shall be deemed to have received a distribution of such vested Accrued Benefit.
(bAccount balance. A Participant's vested Account balance shall not include accumulated deductible employee contributions within the meaning of Section 72(o)(5)(B) of the Code for Plan Years beginning prior to January 1, 1989. If a Participant terminates employment with the Employer, (and the present value of the Employee's vested Accrued Benefit exceeds $3,500)service, and elects (with his or her spouse's consent) in accordance with Section 9.2 10.7 to receive the Actuarial Value value of his or her the Participant's vested Accrued BenefitAccount balance, the nonvested portion will shall be treated as a forfeiture. If the Participant elects to have distributed an amount that is less than the entire vested portion of the Accrued Benefit derived from Employer contributionsAccount balance, the part of the nonvested portion that will be treated as a forfeiture is the total nonvested portion multiplied by a fraction, the numerator of which is the amount of the distribution attributable to Employer contributions and the denominator of which is the total Actuarial Value value of the vested Employer derived Accrued Benefit.
(c) Account balance. If a Participant receives a distribution pursuant to the Section 6.6 and resumes employment covered under the this Plan, the Participant shall have the right to restore :
(a) The balances of his or her Employer-provided Accrued Benefit (including all optional forms of benefit Employer Contributions Account and subsidies relating to such benefits), to the extent forfeited, upon the repayment to the Plan Matching Contributions Account as of the full amount Valuation Date coinciding with or next following the date he or she ceased to be employed by the Employer shall be restored if the Participant was not vested in any portion of the distribution plus interest compounded annually said accounts at the rate of (i) five percent (5%) from time he or she ceased to be employed and the date of distribution to the date of repayment or to the last day of the Participant resumes employment covered under this Plan Year beginning on or after January 1, 1987, if earlier, (ii) and one hundred twenty percent (120%) of the federal mid-term rate (as in effect under section 1274 of the Code for the first month of a Plan Year) from the first day of the Plan Year beginning on or after January 1, 1987 or the date of distribution, if later. Such repayment must be made before the earlier of (i) five (5) years after the Participant's Re-Employment Commencement Date or (ii) the date the Participant incurs five (5) consecutive one year Service Breaks following in Service, or
(b) The amount forfeited shall be restored to his or her Employer Contributions Account and Matching Contributions Account if the day Participant was vested in any portion of distribution. If an Employee is deemed said accounts at the time he or she ceased to receive a distribution pursuant to this Section, be employed by the Employer and the Employee resumes employment covered under this Participant repays to the Plan the full amount of the distribution attributable to said accounts before the earlier of five (5) years after the first date he on which the Participant is subsequently reemployed by the Employer, or the date the Participant incurs five (5) consecutive one year Breaks in Service Breaks, upon the reemployment of such Employee, the Employer-provided Accrued Benefit will be restored to the amount on following the date of the distri- bution. Restoration shall be made by the end of the Plan Year following the Plan Year in which the Participant is reemployed by the Employer or, if restoration is conditioned upon repayment by the Participant, by the end of the Plan Year following the Plan Year in which repayment is made. Restoration shall first be made out of forfeitures and to the extent forfeitures are insufficient, then out of Employer Contributions for the last Plan Year which restoration may be made. To the extent forfeitures are insufficient, the Employer shall contribute such deemed distribution.
(d) Any forfeitures under this additional amount as is required to make restoration. The amounts forfeited by Participants in any Plan Year shall be used to reduce Employer contributionsmake restoration in accordance with this Section and shall, and shall not to the extent forfeitures exceed the amounts required to make restoration, be applied to increase benefits payable under in the Planmanner elected by the Employer in Section 20 of the Adoption Agreement.
Appears in 1 contract
Samples: Nonstandardized Adoption Agreement (Merrill Merchants Bancshares Inc)
Forfeitures. (a) If a Participant terminates employment with the Employer and the Actuarial Value of the Participant's vested Accrued Benefit derived form Employer and Employee contributions is not greater than $3,500, the Employee shall receive a distribution of the Actuarial Value of the entire vested portion of such Accrued Benefit, and the nonvested portion will be treated as a forfeiture. For purposes of this Section 6.6, if the Actuarial Value With respect to all or part of a Participant's vested Accrued Benefit Discretionary Company Contributions Account which is zero, subject to forfeiture under Article V(C) below (Early Retirement; Vesting Schedules) -
(1) If the Participant elects under Article V(A)(1) and (C) to receive the Vested part of his Discretionary Company Contribution Account, if any, in a Lump Sum as promptly as possible after the termination of his employment and such forfeiture is not contested, on the last day of the Plan Year in which the Participant's employment terminates the forfeited part of his Discretionary Company Contributions Account shall become final and be credited to other Discretionary Company Contributions Accounts, as provided by Article IV(O)(4) above (Periodic Adjustments to Accounts). If the Participant is not Vested in any part of his Discretionary Company Contributions Account, he shall be deemed to have received a distribution elected to receive the Vested part of such vested Accrued BenefitAccount, namely zero, in the manner provided above.
(b2) If a Participant terminates employment with the Employer, (and the present value of the Employee's vested Accrued Benefit exceeds $3,500), and elects (with his or her spouse's consent) in accordance with Section 9.2 to receive the Actuarial Value of his or her vested Accrued Benefit, the nonvested portion will be treated as a forfeiture. If the Participant elects under Article V(A)(2) and (C) to have distributed an amount that is less receive the Vested part of his Accounts, if any, in any form permitted by the Plan other than a Lump Sum, on the entire vested last day of the Plan Year in which the Participant receives the payment of a portion of the Accrued Benefit derived from Employer contributionsVested part of his Discretionary Company Contributions Account, the part of the nonvested portion that will of such account shall be treated as a forfeiture is forfeited and shall be credited to other Discretionary Company Contributions Accounts as provided in (1) above. Such part shall be the total nonvested portion of the Participant's Discretionary Company Contributions Account multiplied by a fraction, the numerator of which is the amount of received by the distribution attributable to Employer contributions Participant from his Discretionary Company Contributions Account in the Plan Year and the denominator of which is the total Actuarial Value Participant's Vested Discretionary Company Contributions Account balance as of the vested Employer derived Accrued Benefit.
(c) If a Participant receives a distribution pursuant to last day of the Section 6.6 and resumes employment covered under the Planprevious Plan Year; provided, however, that if the Participant shall have incurs five consecutive One-Year Breaks in Service the right to restore his or her Employer-provided Accrued Benefit (including all optional forms of benefit and subsidies relating to such benefits), to the extent forfeited, upon the repayment to the Plan remaining nonvested portion of the full amount Participant's Discretionary Company Contributions Account shall be forfeited and allocated to other Discretionary Company Contributions Accounts as of the distribution plus interest compounded annually at the rate of (i) five percent (5%) from the date of distribution to the date of repayment or to the last day of the Plan Year beginning on or after January 1, 1987, if earlier, (ii) and one hundred twenty percent (120%) of in which the federal midfifth consecutive One-term rate (as Year Break in effect under section 1274 of the Code for the first month of a Plan Year) from the first day of the Plan Year beginning on or after January 1, 1987 or the date of distribution, if later. Such repayment must be made before the earlier of (i) five (5) years after the Participant's Re-Employment Commencement Date or (ii) the date the Participant incurs five (5) consecutive one year Service Breaks following the day of distribution. If an Employee is deemed to receive a distribution pursuant to this Section, and the Employee resumes employment covered under this Plan before the date he incurs five (5) consecutive one year Service Breaks, upon the reemployment of such Employee, the Employer-provided Accrued Benefit will be restored to the amount on the date of such deemed distributionoccurs.
(d3) Any forfeitures under this Plan In the event (2) above applies, or if such forfeiture is contested, it shall be used held in suspense and, while so held, shall be subject to reduce Employer contributionsdebits and credits under Paragraph (G) above in the same manner as an active Participant's Discretionary Company Contributions Account, except that Discretionary Company Contributions and other forfeitures shall not be applied credited thereto. Later, when its status is finalized, it shall (adjusted by debits and credits as aforesaid) either be paid to increase benefits payable under the Planterminated Participant to the extent successfully contested by him or credited to other Discretionary Company Contributions Accounts as provided by (1) and(2) above.
Appears in 1 contract
Samples: Employee Stock Ownership and 401(k) Savings Plan and Trust Agreement (Pavilion Bancorp Inc)
Forfeitures. (a) If a Participant terminates employment service with the Employer Employer, and the Actuarial Value of the Participant's vested Accrued Benefit derived form Employer and Employee contributions is not greater than $3,500, the Employee shall receive Participant receives a distribution of the Actuarial Value of the entire vested portion of such Accrued Benefithis Account Balance, and the nonvested non-vested portion will shall be treated as a forfeitureforfeited. For purposes of this Section 6.6, if If the Actuarial Value value of a Participant's vested Accrued Benefit Account Balance is zero, the Participant shall be deemed to have received a distribution of such vested Accrued Benefit.
(b) If a Participant Account Balance as of the last day of the Plan Year in which he terminates employment with the Employer, (and the present value . Non-vested portions shall be recognized as Forfeitures as of the Employeelast day of the Plan Year in which the Participant's entire vested Accrued Benefit exceeds $3,500)interest is distributed. Notwithstanding the foregoing, and elects (with his or her spousea Participant's consent) in accordance with Section 9.2 to receive the Actuarial Value of his or her vested Accrued Benefit, the nonvested portion will be treated as a forfeiture. If the Participant elects to have distributed an amount that is less than the entire non-vested portion of his Non-Elective Account (or Matching Account) shall not be deemed a Forfeiture for any Plan Year or any allocation date in which the Accrued Benefit derived from Employer contributions, the part Participant is entitled to an allocation of the nonvested portion that will be treated as a forfeiture is the total nonvested portion multiplied by a fraction, the numerator of which is the amount of the distribution attributable to Employer contributions and the denominator of which is the total Actuarial Value of the vested Employer derived Accrued Benefit.
(c) Forfeitures. If a Participant has less than a one hundred (100%) percent vested and non-forfeitable interest in his Non-Elective Account (or Matching Account), receives a distribution pursuant to the Section 6.6 from such Account, and later resumes employment covered under the Plan, his entire Non-Elective Account (or Matching Account) shall be restored to the amount on the date of distribution if the Participant shall have the right to restore his or her Employer-provided Accrued Benefit (including all optional forms of benefit and subsidies relating to such benefits), to the extent forfeited, upon the repayment repays to the Plan of the full amount of the distribution plus interest compounded annually at the rate of (i) five percent (5%) from the date of distribution to the date of repayment or to the last day of the Plan Year beginning on or after January 1, 1987, if earlier, (ii) and one hundred twenty percent (120%) of the federal mid-term rate (as in effect under section 1274 of the Code for the first month of a Plan Year) from the first day of the Plan Year beginning on or after January 1, 1987 or the date of distribution, if latersuch Account. Such repayment must be made before the earlier of (i) within five (5) years after of the Participant's Refirst date on which the 14535 21 05/01/07 Participant is subsequently reemployed by the Employer. A Participant who does not repay his distribution within such period will permanently forfeit the non-Employment Commencement Date vested portion of such Account. In the event of repayment, neither the Trust nor the Employer shall be liable for any federal or (ii) state income tax resulting from the date distribution and the Participant incurs five (5) consecutive one year Service Breaks following shall indemnify and hold harmless the day of distributionTrust and the Employer for and from any such liability. If an Employee a Participant is deemed to receive a distribution pursuant to this Section, and the Employee Participant resumes employment covered under this the Plan before the date he the Participant incurs five (5) consecutive one year Service BreaksBreaks in Service, upon the reemployment of such Employee, the Employerhis Non-provided Accrued Benefit will Elective Account (or Matching Account) shall be restored to the amount on the date of the deemed distribution upon the reemployment of such deemed distribution.
(d) Any forfeitures under this Plan Participant. A Participant's vested Account Balance shall be used to reduce Employer contributions, and shall forfeited as of the last day of the Plan Year in which it is determined that the Participant or his Beneficiary cannot be applied to increase benefits payable under located. If a Participant's vested Account Balance is forfeited, in full or in part, because the PlanParticipant or his Beneficiary cannot be found, it will be reinstated if a claim is made by the Participant or Beneficiary.
Appears in 1 contract
Forfeitures. Unless otherwise elected in the Adoption Agreement, if a Participant terminates service and elects, in accordance with the provisions of the Plan, to receive the value of the Participant’s vested Account balance, the nonvested portion shall be treated as a Forfeiture as of the earlier of the last day of the Plan Year in which the Plan Administrator distributes the Participant’s entire vested interest, or the last day of the Plan Year of the 5th consecutive Break in Service. If the Participant elects to receive less than the entire vested portion of the Account balance derived from Employer contributions, the portion forfeited shall equal the total nonvested portion of such Account multiplied by a fraction, the numerator of which is the distributed amount attributable to Employer contributions and the denominator of which is the entire vested portion of such Account. If a Participant receives a distribution from his Account when he has less than a one hundred percent (a100%) vested and nonforfeitable interest in the Account and the Participant resumes employment covered under the Plan, the Plan Administrator shall restore the Participant’s Employer-derived Account balance to the amount on the date of distribution if the Participant repays to the Plan the full amount of the distribution attributable to Employer contributions before the earlier of five (5) years after the first date on which the Participant is subsequently re-employed by the Employer, or the date the Participant incurs five (5) consecutive Breaks in Service following the date of the distribution. If a Participant is deemed to receive a distribution pursuant to this Section, and the Participant resumes employment covered under the Plan before the date the Participant incurs five (5) consecutive Breaks in Service, upon the reemployment of such Participant, the Plan Administrator shall restore the Employer-derived Account balance of the Participant to the amount on the date of such deemed distribution as of the date of the reemployment of such Participant. If a Participant terminates employment with the Employer service, and the Actuarial Value value of the Participant's ’s vested Accrued Benefit Account balance derived form from Employer and Employee contributions is not greater than five thousand dollars ($3,5005,000) (or a dollar amount that is less, if elected in the Employee shall receive Adoption Agreement), and the Participant receives a distribution of the Actuarial Value value of the entire vested portion of such Accrued BenefitAccount balance, and the Plan Administrator shall treat the nonvested portion will be treated as a forfeitureForfeiture, unless elected otherwise in the Adoption Agreement, as of the earlier of the last day of the Plan Year in which the Plan Administrator distributes the Participant’s entire vested interest, or the last day of the Plan Year of the 5th consecutive Break in Service. For If elected in the Adoption Agreement, the portion of the Account balance that is attributable to rollover contributions (and earnings allocable thereto) within the meaning of Code sections 402(c), 403(a)(4), 403(b)(8), 408(d)(3)(A)(ii), and 457(e)(16), shall be excluded from the Participant’s Account balance for purposes of this Section 6.6Section. If a Participant would have received a distribution under the preceding but for the fact that the Participant’s vested Account balance exceeded five thousand dollars ($5,000), or such lesser amount as elected above, when the Participant terminated service and if at a later time such Account balance is reduced such that it is not greater than five thousand dollars ($5,000), or such lesser amount as elected above, the Actuarial Value Participant will receive a distribution of such Account balance and the Plan Administrator will treat the nonvested portion as a Forfeiture. If the value of a Participant's ’s vested Accrued Benefit Account balance is zero, the Participant shall be deemed to have received a distribution of such vested Accrued Benefit.
(bAccount balance. A Participant’s vested Account balance shall not include accumulated deductible Employee contributions within the meaning of section 72(o)(5)(B) If a Participant terminates employment with the Employer, (and the present value of the Employee's vested Accrued Benefit exceeds $3,500), and elects (with his or her spouse's consent) in accordance with Section 9.2 to receive the Actuarial Value of his or her vested Accrued Benefit, the nonvested portion will be treated as a forfeiture. If the Participant elects to have distributed an amount that is less than the entire vested portion of the Accrued Benefit derived from Employer contributions, the part of the nonvested portion that will be treated as a forfeiture is the total nonvested portion multiplied by a fraction, the numerator of which is the amount of the distribution attributable to Employer contributions and the denominator of which is the total Actuarial Value of the vested Employer derived Accrued Benefit.
(c) If a Participant receives a distribution pursuant to the Section 6.6 and resumes employment covered under the Plan, the Participant shall have the right to restore his or her Employer-provided Accrued Benefit (including all optional forms of benefit and subsidies relating to such benefits), to the extent forfeited, upon the repayment to the Plan of the full amount of the distribution plus interest compounded annually at the rate of (i) five percent (5%) from the date of distribution to the date of repayment or to the last day of the Plan Year beginning on or after January 1, 1987, if earlier, (ii) and one hundred twenty percent (120%) of the federal mid-term rate (as in effect under section 1274 of the Code for Plan Years beginning prior to January 1, 1989. Unless otherwise elected in the first month of Adoption Agreement, the Plan Administrator shall allocate such Forfeiture in the same manner as a contribution by the Employer for the year in which said Forfeiture occurred. For each Plan Year) from Year that Forfeitures are allocated, the first day Plan Administrator shall designate the specific Employer contribution or contributions that the Forfeitures reduce or supplement. The Employer may elect in the Adoption Agreement to use Forfeitures to offset administrative expenses of the Plan to the extent the expenses are Plan expenses and not settlor expenses. Short Form. Unless otherwise elected, each Plan Year beginning on or after January 1, 1987 or Forfeitures shall be first applied to offset administrative expenses of the date of distribution, if later. Such repayment must be made before Plan to the earlier of (i) five (5) years after extent the Participant's Re-Employment Commencement Date or (ii) expenses are Plan expenses and not settlor expenses and then shall supplement the date the Participant incurs five (5) consecutive one year Service Breaks following the day of distributionEmployer Contribution. If an Employee a Participant is deemed re-employed following a Break in Service and is entitled to receive a distribution pursuant to this Section, and the Employee resumes employment covered under this Plan before the date he incurs five (5) consecutive one year Service Breaks, upon the reemployment restoration of any amount of his Account that was forfeited because of such EmployeeBreak in Service, the Employer-provided Accrued Benefit will be restored to Plan Administrator shall restore such amount in the amount on manner specified in the date of such deemed distributionAdoption Agreement.
(d) Any forfeitures under this Plan shall be used to reduce Employer contributions, and shall not be applied to increase benefits payable under the Plan.
Appears in 1 contract
Forfeitures. (a) If With respect to a Participant Member who terminates employment with the Employer with a Vested Interest in his Employer Contribution Account that is less than 100% and either is not entitled to a distribution from the Actuarial Value Plan or receives a distribution from the Plan of the Participant's vested Accrued Benefit derived balance of his Vested Interest in his Accounts in the form Employer and Employee contributions of a lump sum distribution by the close of the second Plan Year following the Plan Year in which his employment is not greater than $3,500terminated, the Employee shall receive a distribution forfeitable amount credited to the terminated Member's Employer Contribution Account as of the Actuarial Value Valuation Date next preceding his Benefit Commencement Date shall become a forfeiture as of his Benefit Commencement Date (or as of his date of termination of employment if no amount is payable from the entire vested portion Trust Fund on behalf of such Accrued Benefit, and the nonvested portion will be treated as a forfeiture. For purposes of this Section 6.6, if the Actuarial Value of a Participant's vested Accrued Benefit is zero, the Participant shall be deemed Member with such Member being considered to have received a distribution of such vested Accrued Benefitzero dollars on his date of termination of employment).
(b) If In the event that an amount credited to a Participant terminates employment terminated Member's Employer Contribution Account becomes a forfeiture pursuant to Paragraph (a) above, the terminated Member shall, upon subsequent reemployment with the EmployerEmployer prior to incurring five consecutive OneYear Breaks-in-Service, (and have the present value forfeited amount restored to such Member's Employer Contribution Account, unadjusted by any subsequent gains or losses of the EmployeeTrust Fund; provided, however, that such restoration shall be made only if such Member repays in cash an amount equal to the amount so distributed to him pursuant to Paragraph (a) above within five years from the date the Member is reemployed; provided, further, that such Member's vested Accrued Benefit exceeds $3,500)repayment of amounts distributed to him from his Cash or Deferred Account shall be limited to the portion thereof that was attributable to contributions with respect to which the Employer made Employer Matching Contributions. A reemployed Member who was not entitled to a distribution from the Plan on his date of termination of employment shall be considered to have repaid a distribution of zero dollars on the date of his reemployment. Any such restoration shall be made as of the Valuation Date coincident with or next succeeding the date of repayment. Notwithstanding anything to the contrary in the Plan, forfeited amounts to be restored by the Employer pursuant to this Paragraph shall be charged against and elects (with his or her spouse's consent) deducted from forfeitures for the Plan Year in which such amounts are restored that would otherwise be available to reduce Employer Matching Contributions. If such forfeitures otherwise available are not sufficient to provide such restoration, the portion of such restoration not provided by forfeitures shall be charged against and deducted from Employer Contributions otherwise available for allocation to other Members in accordance with Section 9.2 4.2(c), and any additional amount needed to receive the Actuarial Value of restore such forfeited amounts shall be a minimum required Employer Contribution (without regard to current or accumulated earnings and profits).
(c) With respect to a Member whose Vested Interest in his or her vested Accrued Benefit, the nonvested portion will be treated as a forfeiture. If the Participant elects to have distributed an amount that Employer Contribution Account is less than 100% and who receives a termination distribution from his Employer Contribution Account other than a lump sum distribution by the entire vested close of the second Plan Year following the Plan Year in which his employment is terminated, any amount remaining in his Employer Contribution Account shall continue to be maintained as a separate account. At any relevant time, such Member's nonforfeitable portion of his separate account shall be determined in accordance with the Accrued Benefit derived from Employer contributions, following formula: X=P(AB + D) - D For purposes of applying the part of the nonvested portion that will be treated as a forfeiture formula: X is the total nonvested nonforfeitable portion multiplied by a fraction, of such separate account at the numerator relevant time; P is the Member's Vested Interest in his Employer Contribution Account at the relevant time; AB is the balance of which such separate account at the relevant time; and D is the amount of the distribution attributable to Employer contributions and the denominator distribution. For all other purposes of which is the total Actuarial Value of the vested Employer derived Accrued Benefit.
(c) If a Participant receives a distribution pursuant to the Section 6.6 and resumes employment covered under the Plan, a Member's separate account shall be treated as an Employer Contribution Account. Upon his incurring five consecutive One-Year Breaks-inService, the Participant forfeitable portion of a terminated Member's separate account and Employer Contribution Account shall have the right to restore his or her Employer-provided Accrued Benefit (including all optional forms of benefit and subsidies relating to such benefits), to the extent forfeited, upon the repayment to the Plan be forfeited as of the full amount of the distribution plus interest compounded annually at the rate of (i) five percent (5%) from the date of distribution to the date of repayment or to the last day end of the Plan Year beginning on or after January 1, 1987, if earlier, (ii) and one hundred twenty percent (120%) of during which the federal midterminated Member incurred his fifth such consecutive One-term rate (as in effect under section 1274 of the Code for the first month of a Plan Year) from the first day of the Plan Year beginning on or after January 1, 1987 or the date of distribution, if later. Such repayment must be made before the earlier of (i) five (5) years after the Participant's ReBreak-Employment Commencement Date or (ii) the date the Participant incurs five (5) consecutive one year Service Breaks following the day of distribution. If an Employee is deemed to receive a distribution pursuant to this Section, and the Employee resumes employment covered under this Plan before the date he incurs five (5) consecutive one year Service Breaks, upon the reemployment of such Employee, the Employerin-provided Accrued Benefit will be restored to the amount on the date of such deemed distributionService.
(d) With respect to a Member who terminates employment with the Employer with a Vested Interest in his Employer Contribution Account greater than 0% but less than 100% and who is not otherwise subject to the forfeiture provisions of Paragraph (a) or Paragraph (c) above, the forfeitable portion of his Employer Contribution Account shall be forfeited as of the end of the Plan Year during which the terminated Member incurs his fifth consecutive One-Year Break-inService or, if earlier, the date of the terminated Member's death.
(e) Any forfeitures under this Plan occurring pursuant to Paragraphs (a), (c), or (d) above shall be used applied to reduce Employer contributionsMatching Contributions next coming due. Prior to such application, and forfeited amounts shall not be applied invested in a principal-safe asset.
(f) Distributions of benefits described in this Section shall be subject to increase benefits payable under the Plantime of payment requirements of Section 10.1.
Appears in 1 contract
Samples: Thrift Plan (Seagull Energy Corp)