Forfeitures. If a Member who was partially vested in his Account on the date of his termination of Employment returns to Employment, his Years of Employment (or, as applicable, years of service) prior to the Break(s) in Service shall be included in determining future vesting and, if he returns before incurring 5 consecutive one year Breaks in Service, any amounts forfeited from his Account shall be restored to his Account provided, however, that if such a Member has received a distribution pursuant to Article VII, his nonvested Account shall not be restored unless he repays to the Plan the full amount distributed to him before the earlier of (i) 5 years after the first 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 amount restored to the Member’s 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 TPA. If a Member terminates Employment without any vested interest in his Account, he shall (i) immediately be deemed to 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 Employment (or, as applicable, 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 had his nonvested Account restored upon a return to employment, and his Years of Employment (or, as applicable, Years of Service) prior to incurring the first Break in Service shall be included in any subsequent determination of his vesting service. Forfeited amounts, as described in the preceding paragraph, shall be made available to the Employer, through a transfer from the Member’s Account to the Employer Credit Account, upon: (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 of his entire vested interest in his Account or (ii) the date upon which the Member incurs 5 consecutive one-year Breaks in Service, or (2) the date of the Member’s termination of Employment, if the Member then has no vested interest in his Account. Once so transferred, such amounts shall be used at the option of the Employer to (i) offset any contributions to be made by the Employer for that Contribution Determination Period or (ii) 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, (ii) Employer contributions made in advance of the date allocable to Members, if any, and (iii) amounts, if any, forfeited pursuant to Sections 3.10 and 3.11. No forfeitures will occur solely as a result of an Employee’s withdrawal of employee contributions under Article VII of the Plan.
Appears in 4 contracts
Samples: Adoption Agreement (Newport Bancorp Inc), Adoption Agreement (Northeast Community Bancorp Inc), Adoption Agreement (Ottawa Savings Bancorp, Inc.)
Forfeitures. If a Member who was partially vested in his Account on the date of his termination of Employment returns to Employment, his Years of Employment (or, as applicable, years of service) prior to the Break(s) in Service shall be included in determining future vesting and, if he returns before incurring 5 consecutive one year Breaks in Service, any amounts forfeited from his Account shall be restored to his Account provided, however, that if such a Member has received a distribution pursuant to Article VII, his nonvested Account shall not be restored unless he repays to the Plan the full amount distributed to him before the earlier of (i) 5 years after the first 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 amount restored to the Member’s 's 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 TPA. If a Member terminates Employment without any vested interest in his Account, he shall (i) immediately be deemed to 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 's Years Employment (or, as applicable, 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 had his nonvested Account restored upon a return to employment, and his Years of Employment (or, as applicable, Years of Service) prior to incurring the first Break in Service shall be included in any subsequent determination of his vesting service. Forfeited amounts, as described in the preceding paragraph, shall be made available to the Employer, through a transfer from the Member’s Account to the Employer Credit Account, upon: .
(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 of his entire vested interest in his Account or (ii) the date upon which the Member incurs 5 consecutive one-year Breaks in Service, or (2) the date of the Member’s 's termination of Employment, if the Member then has no vested interest in his Account. Once so transferred, such amounts shall be used at the option of the Employer to (i) offset any contributions to be made by the Employer for that Contribution Determination Period or (ii) 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, (ii) Employer contributions made in advance of the date allocable to Members, if any, and (iii) amounts, if any, forfeited pursuant to Sections 3.10 and 3.11. No forfeitures will occur solely as a result of an Employee’s 's withdrawal of employee contributions under Article VII of the Plan.
Appears in 2 contracts
Samples: Adoption Agreement (CCSB Financial Corp), Adoption Agreement (Central Federal Corp)
Forfeitures. If Any amounts in a Member who was partially vested Participant's Accounts which are not payable under subsection (c) above when his employment with the Employer is terminated shall remain in his Account such Accounts and shall continue to share in profits or losses on the date of his termination of Employment returns to Employment, his Years of Employment investments under Section 9.3 hereof until such former Participant incurs five (or, as applicable, years of service5) prior to the Break(s) in Service shall be included in determining future vesting and, if he returns before incurring 5 consecutive one year Breaks in Service, any amounts whereupon they shall be forfeited from and administered in accordance with Section 7.4 hereof. In the event a former Participant is reemployed by the Employer before incurring five (5) consecutive Breaks in Service his Accounts shall continue to vest in accordance with the vesting schedule specified in the applicable Adoption Agreement. Notwithstanding the foregoing, if a terminated Participant receives a distribution on account of termination of his participation in the Plan of his entire vested interest in the Pension Plan or the Profit Sharing Plan, such Participant's nonvested interest in the relevant plan shall be treated as a forfeiture and administered in accordance with Section 7.4 hereof. If the Participant elects to have distributed less than the entire vested portion of his Account balance 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 value of the vested Employer derived Account balance. For purposes of this Section, if the value of an employee's vested account balance is zero, the Employee shall be restored deemed to his Account providedhave received a distribution of such vested account balance. A Participant's vested account balance shall not include accumulated deductible employee contributions within the meaning of Code Section 72(o)(5)(B) for plan years beginning prior to January 1, however, that if such 1989. If a Member has received Participant receives or is deemed to receive a distribution pursuant to Article VIIthis subsection (d) and such Participant subsequently resumes employment covered under the Plan, his nonvested Account the forfeited amounts shall not be restored unless he from current forfeitures, or if those are insufficient by a special Employer contribution, provided that the Participant repays to the Plan the full amount distributed of the distribution attributable to him before Employer contributions prior to the earlier of (i) 5 five (5) years after the first date on which the Member Participant is subsequently reemployed by the Employerreemployed, or (ii) the close of time the first period of 5 consecutive one-year Breaks in Service commencing after the withdrawal. The amount restored to the Member’s Account will be valued on the Valuation Date coinciding with or next following the later of Participant incurs five (i) the date the Employee is rehired, or (ii) the date a new enrollment application is received by the TPA. If a Member terminates Employment without any vested interest in his Account, he shall (i) immediately be deemed to 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 Employment (or, as applicable, 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 had his nonvested Account restored upon a return to employment, and his Years of Employment (or, as applicable, Years of Service) prior to incurring the first Break in Service shall be included in any subsequent determination of his vesting service. Forfeited amounts, as described in the preceding paragraph, shall be made available to the Employer, through a transfer from the Member’s Account to the Employer Credit Account, upon: (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 of his entire vested interest in his Account or (ii) the date upon which the Member incurs 5 consecutive one-year Breaks in Service, or (2) the date of the Member’s termination of Employment, if the Member then has no vested interest in his Account. Once so transferred, such amounts shall be used at the option of the Employer to (i) offset any contributions to be made by the Employer for that Contribution Determination Period or (ii) 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, (ii) Employer contributions made in advance of the date allocable to Members, if any, and (iii) amounts, if any, forfeited pursuant to Sections 3.10 and 3.11. No forfeitures will occur solely as a result of an Employee’s withdrawal of employee contributions under Article VII of the Plan.)
Appears in 2 contracts
Samples: Defined Contribution Retirement Plan Adoption Agreement (Fmi Funds Inc), Defined Contribution Retirement Plan Adoption Agreement (Fiduciary Capital Growth Fund Inc)
Forfeitures. If a Member who was partially vested in Participant terminates his employment, any portion of his Account on the date of (including any amounts credited after his termination of Employment returns to Employment, his Years of Employment (or, as applicable, years of serviceemployment) prior to the Break(s) in Service shall be included in determining future vesting and, if he returns before incurring 5 consecutive one year Breaks in Service, any amounts forfeited from his Account shall be restored to his Account provided, however, that if such a Member has received a distribution pursuant to Article VII, his nonvested Account shall not be restored unless he repays to the Plan the full amount distributed payable to him before under Section 7.05 will be forfeited by him upon the earlier of (i) 5 years after the first date on which the Member is subsequently reemployed by the Employer, or (ii) the close complete distribution to him of the first period vested portion of 5 consecutive one-year Breaks in Service commencing after the withdrawal. The amount restored to the Member’s 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 TPA. If a Member terminates Employment without any vested interest in his Account, he if any, subject to the possibility of reinstatement as described in the following paragraph. For purposes of this paragraph, if the value of an Employee's vested Account balance is zero, the Employee shall (i) immediately be deemed to have received a total distribution of his vested interest immediately following termination of employment. Such forfeitures will be applied to reduce the contributions of the Employer next payable under the Plan (or administrative expenses of the Plan); the forfeitures shall be held in a money market fund pending such application. If a Participant forfeits any portion of his Account and (ii) thereupon forfeit his entire Account; provided that if under the preceding paragraph but again becomes an Employee after such Member returns to Employment before date, then the number of consecutive one-year Breaks in Service equals or exceeds amount so forfeited, without any adjustment for the greater of (i) 5earnings, expenses, or (ii) the aggregate number losses or gains of the Member’s Years Employment (or, as applicable, Years of Service) prior assets credited to such Break in Service, his Account shall since the date forfeited, will be restored in the same manner as if such Member had been partially vested at the time of recredited to his termination of Employment and had his nonvested Account restored upon (or to a return to employment, and his Years of Employment (or, as applicable, Years of Service) prior to incurring the first Break in Service shall be included in any subsequent determination of his vesting service. Forfeited amounts, separate account as described in the preceding paragraphSection 7.06, shall be made available if applicable) but only if he repays to the Employer, through a transfer from the Member’s Account to the Employer Credit Account, upon: (1) if the Member had a vested interest in his Account at his termination of Employment, Plan before the earlier of (i) five years after the date as of which the Member receives a distribution of his entire vested interest in his Account reemployment or (ii) the date upon which the Member he incurs 5 consecutive one1-year Breaks breaks in Service, or (2) service following the date of the Member’s termination distribution the amount previously distributed to him, without interest, under Section 7.05. If an Employee is deemed to receive a distribution pursuant to this Section 7.07, and the Employee resumes employment before 5 consecutive 1-year breaks in service, the Employee shall be deemed to have repaid such distribution on the date of Employmenthis reemployment. Upon such an actual or deemed repayment, the provisions of the Plan (including Section 7.06) will thereafter apply as if no forfeiture had occurred. The amount to be recredited pursuant to this paragraph will be derived first from the forfeitures, if the Member then has no vested interest in his Account. Once so transferredany, such amounts shall be used at the option which as of the date of recrediting have yet to be applied as provided in the preceding paragraph and, to the extent such forfeitures are insufficient, from a special Employer to (i) offset any contributions contribution to be made by the Employer for that Contribution Determination Period or (ii) be allocated Employer. If a Participant elects not to all eligible Members deemed to be employed as receive the nonforfeitable portion of his Account following his termination of employment, the last day non-vested portion of the Contribution Determination Period. The Employer Credit Account, referenced in this Subparagraph, his Account shall be maintained to receive, forfeited after the Participant has incurred five consecutive 1-year breaks in addition to the forfeitures described above, (i) contributions in excess of the limitations contained service as defined in Section 415 of the Code, (ii) Employer contributions made in advance of the date allocable to Members, if any, and (iii) amounts, if any, forfeited pursuant to Sections 3.10 and 3.112.01(a)(33). No forfeitures will occur solely as a result of an Employee’s a Participant's withdrawal of employee contributions under Article VII of the PlanEmployee contributions.
Appears in 2 contracts
Samples: Adoption Agreement (Infousa Inc), Profit Sharing/401(k) Plan (Lawter International Inc)
Forfeitures. If a Member who was partially vested in his Account on the date of his termination of Employment returns to Employment, his Years of Employment (or, as applicable, years of service) prior to the Break(s) in Service shall be included in determining future vesting and, if he returns before incurring 5 consecutive one year Breaks in Service, any amounts forfeited from his Account shall be restored to his Account provided, however, that if such a Member has received a distribution pursuant to Article VII, his nonvested Account shall not be restored unless he repays to the Plan the full amount distributed to him before the earlier of (i) 5 years after the first 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 amount restored to the Member’s 's Account will be valued on the Valuation Date coinciding with or of next following the later of (i) the date the Employee is rehired, or (ii) the date a new enrollment application is received by the TPA. If a Member terminates Employment without any vested interest in his Account, he shall (i) immediately be deemed to 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 's Years Employment (or, as applicable, ; 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 had his nonvested Account restored upon a return to employment, and his Years of Employment (or, as applicable, Years of Service) prior to incurring the first Break in Service shall be included in any subsequent determination of his vesting service. Forfeited amounts, as described in the preceding paragraph, shall be made available to the Employer, through a transfer from the Member’s Account to the Employer Credit Account, upon: .
(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 of his entire vested interest in his Account or (ii) the date upon which the Member incurs 5 consecutive one-year Breaks in Service, or (2) the date of the Member’s 's termination of Employment, if the Member then has no vested interest in his Account. Once so transferred, such 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 for that Contribution Determination Period or (iiiii) 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, (ii) Employer contributions made in advance of the date allocable to Members, if any, and (iii) amounts, if any, forfeited pursuant to Sections 3.10 and 3.11. No forfeitures will occur solely as a result of an Employee’s withdrawal of employee contributions under Article VII of the Plan.
Appears in 1 contract
Forfeitures. If a Member who was partially vested (a) Except as noted in his Account on this Section (5), Restricted Share Units granted to the date Participant pursuant to this Agreement shall be forfeited in the event of his termination the Participant’s Termination of Employment returns to Employment, his Years of Employment (or, as applicable, years of service) Service for any reason prior to the Break(s) in Service expiration or termination of the Restricted Period. Upon such forfeiture, the Restricted Share Unit award shall be included in determining future vesting and, if he returns before incurring 5 consecutive one year Breaks in Service, any amounts forfeited from his Account shall be restored to his Account provided, however, that if such a Member has received a distribution pursuant to Article VII, his nonvested Account shall not be restored unless he repays cancelled.
(b) Subject to the Plan conditions outlined below, upon the full amount distributed to him before the earlier Participant’s involuntary Termination of (i) 5 years after the first date on which the Member is subsequently reemployed Service by the Employer, or (ii) the close of the first period of 5 consecutive one-year Breaks in Service commencing after the withdrawal. The amount restored to the Member’s 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 TPA. If a Member terminates Employment without any vested interest in his Account, he shall (i) immediately be deemed to 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 Employment (or, as applicable, 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 had his nonvested Account restored upon a return to employment, and his Years of Employment (or, as applicable, Years of Service) prior to incurring the first Break in Service shall be included in any subsequent determination of his vesting service. Forfeited amounts, as described in the preceding paragraph, shall be made available to the Employer, through a transfer from the Member’s Account to the Employer Credit Account, upon: (1) if the Member had a vested interest in his Account at his termination of EmploymentCompany, the earlier Participant shall vest in a pro-rata percentage of (i) the date as of which the Member receives a distribution of his entire vested interest in his Account or (ii) the date upon which the Member incurs 5 consecutive one-year Breaks in Service, or (2) the date of the Member’s termination of Employment, if the Member then has no vested interest in his Account. Once so transferred, such amounts shall be used at the option of the Employer to (i) offset any contributions to be made by the Employer for that Contribution Determination Period or (ii) be allocated to all eligible Members deemed to be employed Restricted Share Units effective as of the last day of the Contribution Determination Restricted Period. The Employer Credit Account, referenced in this Subparagraph, pro-rata percentage shall be maintained equal to receive(x) the number of complete months between the first day of the Restricted Period and the Participant’s termination date, divided by (y) the aggregate number of months in addition the Restricted Period. Pro-rata vesting shall be reduced by any Restricted Share Units previously vested under this agreement and is subject to the forfeitures described above, following conditions: (i) contributions Involuntary Termination of Service by the Company must be other than for (x) Cause or (y) misconduct (each as determined by the Committee or its designees in excess of the limitations contained in Section 415 of the Code, their sole discretion); (ii) Employer contributions made The Participant must execute and not revoke a release of claims against the Company in advance of a form specified by the date allocable to MembersCompany, if any, and as prescribed in Section (6)(a); (iii) amountsDuring the Restricted Period, if anythe Participant may not (x) be employed by a competitor of the Company or (y) directly or indirectly solicit, forfeited pursuant induce or attempt to Sections 3.10 and 3.11. No forfeitures will occur solely influence any employee to leave the employment of the Company or assist anyone else in doing so (each as determined by the Committee or its designees in their sole discretion).
(c) In the event of Participant’s Termination of Service as a result of an EmployeeTotal Disability, the Restricted Share Units granted to the Participant pursuant to this Agreement shall continue to vest during the period of the Participant’s withdrawal Total Disability.
(d) In the event of employee contributions under Article VII Participant’s Termination of Service as a result of his or her death, or if the Participant’s period of Total Disability terminates as a result of his or her death, all provision of services conditions shall be deemed to have been satisfied and the Restricted Period shall be deemed to have expired.
(e) In the event of Participant’s Termination of Service as a result of his or her Retirement, such Termination of Service will be treated as a voluntary resignation. For the avoidance of doubt, the Participant shall not be eligible to receive any pro rata vesting in connection with a Retirement set forth in Section 11.02 of the Plan.
Appears in 1 contract
Samples: Restricted Share Unit Award Agreement (Victoria's Secret & Co.)
Forfeitures. If (i) The Account of a Member Xxxxxx Union Participant who was partially vested in his Account on the date of his termination of Employment returns to Employment, his Years of Employment (or, as applicable, years of service) prior to the Break(s) in has had a Separation from Service shall be included in determining future vesting andclosed, if he returns before incurring 5 consecutive one year Breaks in Service, any amounts forfeited from his Account and the forfeitable amount held therein shall be restored to his Account provided, however, that if such a Member has received a distribution pursuant to Article VII, his nonvested Account shall not be restored unless he repays to the Plan the full amount distributed to him before forfeited on the earlier of of: (iA) 5 years after the first 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 amount restored to the Member’s 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 TPA. If a Member terminates Employment without any vested interest in his Account, he shall (i) immediately be deemed to 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 Employment (or, as applicable, 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 had his nonvested Account restored upon a return to employment, and his Years of Employment (or, as applicable, Years of Service) prior to incurring the first Break in Service shall be included in any subsequent determination of his vesting service. Forfeited amounts, as described in the preceding paragraph, shall be made available to the Employer, through a transfer from the Member’s Account to the Employer Credit Account, upon: (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 of his entire vested interest in his Account; or (B) the date on which he incurs a Period of Severance of at least 60 consecutive months.
(ii) A Xxxxxx Union Participant who has a Separation from Service at a time when his vested interest in his Account is zero shall be deemed to have received a cash-out of his Account as soon as administratively practicable following the date of his Separation from Service and his Account shall be forfeited.
(iii) Amounts forfeited from a Xxxxxx Union Participant’s Account under subsections (i) or (ii) above shall be used, at the date upon which discretion of the Member incurs 5 consecutive one-year Breaks in ServiceCommittee, either (A) to reduce future Company Matching Contributions and Profit Sharing Contributions otherwise payable to the Plan or (2B) the date of the Member’s termination of Employment, if the Member then has no vested interest in his Account. Once so transferred, such amounts shall be used at the option of the Employer to (i) offset any contributions to be made by the Employer for that Contribution Determination Period or (ii) 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, (ii) Employer contributions made in advance of the date allocable to Members, if any, and (iii) amounts, if any, forfeited pursuant to Sections 3.10 and 3.11. No forfeitures will occur solely as a result of an Employee’s withdrawal of employee contributions under Article VII pay administrative costs of the Plan.
(iv) If a Xxxxxx Union Participant who has received a distribution, or has been deemed to have received a distribution, under this Section A-5.3(c), whereby any part of his Account has been forfeited, again becomes a Worker Member eligible to participate in the Plan prior to incurring 5 consecutive Periods of Severance and, if the distribution was made under subsection (i)(A), repays the amount of the distribution no later than the fifth anniversary of the date on which the Xxxxxx Union Participant again becomes a Worker Member eligible to participate in the Plan, the amount so forfeited shall be restored to his Account. Amounts restored under this subsection (iv) shall be funded through current forfeitures or additional contributions by the Company.
Appears in 1 contract
Forfeitures. If a Member who was partially vested in his Account on the date of his termination of Employment returns to Employment, his Years of Employment (or, as applicable, years of service) prior to the Break(s) in Service shall be included in determining future vesting and, if he returns before incurring 5 consecutive one year Breaks in Service, any amounts forfeited from his Account shall be restored to his Account provided, however, that if such a Member has received a distribution pursuant to Article VII, his nonvested Account shall not be restored unless he repays to the Plan the full amount distributed to him before the earlier of (i) 5 years after the first 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 amount restored to the Member’s 's 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 TPAIPA. If a Member terminates Employment without any vested interest in his Account, he shall (i) immediately be deemed to 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 Employment (or, as applicable, 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 had his nonvested Account restored upon a return to employment, and his Years of Employment (or, as applicable, Years of Service) prior to incurring the first Break in Service shall be included in any subsequent determination of his vesting service. Forfeited amounts, as described in the preceding paragraph, shall be made available to the Employer, through a transfer from the Member’s Account to the Employer Credit Account, upon: consecutive
(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 of his entire vested interest in his Account or (ii) the date upon which the Member incurs 5 consecutive one-year Breaks in Service, or (2) the date of the Member’s 's termination of Employment, if the Member then has no vested interest in his Account. Once so transferred, such 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 for that Contribution Determination Period or (iiiii) 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) Ii contributions in excess of the limitations contained in Section 415 of the Code, (ii) Employer contributions made in advance of the date allocable to Members, if any, and (iii) amounts, if any, forfeited pursuant to Sections 3.10 and 3.11. No forfeitures will occur solely as a result of an Employee’s withdrawal of employee contributions under Article VII of the Plan.
Appears in 1 contract
Forfeitures. If a Member who was partially vested in his Account on the date of his termination of Employment returns to Employment, his Years of Employment (or, as applicable, years of service) prior to the Break(s) in Service shall be included in determining future vesting and, if he returns before incurring 5 consecutive one year Breaks in Service, any amounts forfeited from his Account shall be restored to his Account provided, however, that if such a Member has received a distribution pursuant to Article VII, his nonvested Account shall not be restored unless he repays to the Plan the full amount distributed to him before the earlier of (i) 5 years after the first 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 amount restored to the Member’s 's 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 TPA. If a Member terminates Employment without any vested interest in his Account, he shall (i) immediately be deemed to 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 's Years Employment (or, as applicable, 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 had his nonvested Account restored upon a return to employment, and his Years of Employment (or, as applicable, Years of Service) prior to incurring the first Break in Service shall be included in any subsequent determination of his vesting service. Forfeited amounts, as described in the preceding paragraph, shall be made available to the Employer, through a transfer from the Member’s Account to the Employer Credit Account, upon: .
(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 of his entire vested interest in his Account or (ii) the date upon which the Member incurs 5 consecutive one-year Breaks in Service, or (2) the date of the Member’s 's termination of Employment, if the Member then has no vested interest in his Account. Once so transferred, such amounts shall be used at the option of the Employer to (i) reduce administrative expenses for that Contribution Determination Period, (ii) offset any 57 contributions to be made by the Employer for that Contribution Determination Period or (iiiii) 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, (ii) Employer contributions made in advance of the date allocable to Members, if any, and (iii) amounts, if any, forfeited pursuant to Sections 3.10 and 3.11. No forfeitures will occur solely as a result of an Employee’s withdrawal of employee contributions under Article VII of the Plan.
Appears in 1 contract
Samples: Employees' Savings & Profit Sharing Plan and Trust (Pulaski Financial Corp)
Forfeitures. If (i) The Account of a Member Dxxxxx Union Participant who was partially vested in his Account on the date of his termination of Employment returns to Employment, his Years of Employment (or, as applicable, years of service) prior to the Break(s) in has had a Separation from Service shall be included in determining future vesting andclosed, if he returns before incurring 5 consecutive one year Breaks in Service, any amounts forfeited from his Account and the forfeitable amount held therein shall be restored to his Account provided, however, that if such a Member has received a distribution pursuant to Article VII, his nonvested Account shall not be restored unless he repays to the Plan the full amount distributed to him before forfeited on the earlier of of: (iA) 5 years after the first 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 amount restored to the Member’s 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 TPA. If a Member terminates Employment without any vested interest in his Account, he shall (i) immediately be deemed to 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 Employment (or, as applicable, 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 had his nonvested Account restored upon a return to employment, and his Years of Employment (or, as applicable, Years of Service) prior to incurring the first Break in Service shall be included in any subsequent determination of his vesting service. Forfeited amounts, as described in the preceding paragraph, shall be made available to the Employer, through a transfer from the Member’s Account to the Employer Credit Account, upon: (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 of his entire vested interest in his Account; or (B) the date on which he incurs a Period of Severance of at least 60 consecutive months.
(ii) A Dxxxxx Union Participant who has a Separation from Service at a time when his vested interest in his Account is zero shall be deemed to have received a cash-out of his Account as soon as administratively practicable following the date of his Separation from Service and his Account shall be forfeited.
(iii) Subject to subsection (iv) below, any amounts forfeited from a Dxxxxx Union Participant’s Account under subsections (i) or (ii) above shall be used until exhausted to reduce the date upon which Company contributions otherwise required under ARTICLE VII.
(iv) If a Dxxxxx Union Participant who has received a distribution, or has been deemed to have received a distribution, under this Section A-5.3(c), whereby any part of his Account has been forfeited, again becomes a Worker Member eligible to participate in the Member incurs Plan prior to incurring 5 consecutive one-year Breaks in Service, or (2) the date Periods of the Member’s termination of EmploymentSeverance and, if the distribution was made under subsection (i)(A), repays the amount of the distribution no later than the fifth anniversary of the date on which the Dxxxxx Union Participant again becomes a Worker Member then has no vested interest eligible to participate in the Plan, the amount so forfeited shall be restored to his Account. Once so transferred, such amounts Amounts restored under this subsection (iv) shall be used at the option of the Employer to (i) offset any funded through current forfeitures or additional contributions to be made by the Employer for that Contribution Determination Period or (ii) 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, (ii) Employer contributions made in advance of the date allocable to Members, if any, and (iii) amounts, if any, forfeited pursuant to Sections 3.10 and 3.11. No forfeitures will occur solely as a result of an Employee’s withdrawal of employee contributions under Article VII of the PlanCompany.
Appears in 1 contract
Forfeitures. If a Member who was partially vested in Participant terminates his employment, any portion of his Account on the date of (including any amounts credited after his termination of Employment returns to Employment, his Years of Employment (or, as applicable, years of serviceemployment) prior to the Break(s) in Service shall be included in determining future vesting and, if he returns before incurring 5 consecutive one year Breaks in Service, any amounts forfeited from his Account shall be restored to his Account provided, however, that if such a Member has received a distribution pursuant to Article VII, his nonvested Account shall not be restored unless he repays to the Plan the full amount distributed payable to him before under Section 7.05 will be forfeited by him upon the earlier of (i) 5 years after the first date on which the Member is subsequently reemployed by the Employer, or (ii) the close complete distribution to him of the first period vested portion of 5 consecutive one-year Breaks in Service commencing after the withdrawal. The amount restored to the Member’s 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 TPA. If a Member terminates Employment without any vested interest in his Account, he if any, subject to the possibility of reinstatement as described in the following paragraph. For purposes of this paragraph, if the value of an Employee's vested account balance is zero, the Employee shall (i) immediately be deemed to have received a total distribution of his vested interest immediately following termination of employment. Such forfeitures will be applied to reduce the contributions of the Employer next payable under the Plan (or administrative expenses of the Plan); the forfeitures shall be held in a money market fund pending such application. If a Participant forfeits any portion of his Account and (ii) thereupon forfeit his entire Account; provided that if under the preceding paragraph but does again become an Employee after such Member returns to Employment before date, then the number of consecutive one-year Breaks in Service equals or exceeds amount so forfeited, without any adjustment for the greater of (i) 5earnings, expenses, or (ii) the aggregate number losses or gains of the Member’s Years Employment (or, as applicable, Years of Service) prior assets credited to such Break in Service, his Account shall since the date forfeited, will be restored in the same manner as if such Member had been partially vested at the time of re-credited to his termination of Employment and had his nonvested Account restored upon (or to a return to employment, and his Years of Employment (or, as applicable, Years of Service) prior to incurring the first Break in Service shall be included in any subsequent determination of his vesting service. Forfeited amounts, separate account as described in the preceding paragraphSection 7.06, shall be made available if applicable) but only if he repays to the Employer, through a transfer from the Member’s Account to the Employer Credit Account, upon: (1) if the Member had a vested interest in his Account at his termination of Employment, Plan before the earlier of (i) five years after the date as of which the Member receives a distribution of his entire vested interest in his Account re-employment or (ii) the date upon which the Member he incurs 5 consecutive one1-year Breaks breaks in Service, or (2) service following the date of the Member’s termination distribution the amount previously distributed to him, without interest, under Section 7.05. If an Employee is deemed to receive a distribution pursuant to this Section 7.07, and the Employee resumes employment before 5 consecutive 1-year breaks in service, the Employee shall be deemed to have repaid such distribution on the date of Employmenthis re-employment. Upon such an actual or deemed repayment, the provisions of the Plan (including Section 7.06) will thereafter apply as if no forfeiture had occurred. The amount to be re-credited pursuant to this paragraph will be derived first from the forfeitures, if the Member then has no vested interest in his Account. Once so transferredany, such amounts shall be used at the option which as of the date of re-crediting have yet to be applied as provided in the preceding paragraph and, to the extent such forfeitures are insufficient, from a special Employer to (i) offset any contributions contribution to be made by the Employer for that Contribution Determination Period or (ii) be allocated Employer. If a Participant elects not to all eligible Members deemed to be employed as receive the nonforfeitable portion of his Account following his termination of employment, the last day non-vested portion of the Contribution Determination Period. The Employer Credit Account, referenced in this Subparagraph, his Account shall be maintained to receive, forfeited after the Participant has incurred five consecutive 1-year breaks in addition to the forfeitures described above, (i) contributions in excess of the limitations contained service as defined in Section 415 of the Code, (ii) Employer contributions made in advance of the date allocable to Members, if any, and (iii) amounts, if any, forfeited pursuant to Sections 3.10 and 3.112.01(a)(33). No forfeitures will occur solely as a result of an Employee’s a Participant's withdrawal of employee contributions under Article VII of the PlanEmployee contributions.
Appears in 1 contract
Samples: Corporate Plan for Retirement 100 Sm the Profit Sharing/401(k) Plan (Acadia Pharmaceuticals Inc)
Forfeitures. If a Member who was partially vested in his Account on the date of his termination of Employment returns to Employment, his Years of Employment (or, as applicable, years of service) prior to the Break(s) in Service shall be included in determining future vesting and, if he returns before incurring 5 five (5) consecutive one year Breaks in Service, any amounts forfeited from his Account shall be restored to his Account provided, however, that if such a Member has received a distribution pursuant to Article VII, his nonvested Account shall not be restored unless he repays to the Plan the full amount distributed to him before the earlier of (i) 5 five (5) years after the first date on which the Member is subsequently reemployed by the Employer, or (ii) the close of the first period of 5 five (5) consecutive one-year Breaks in Service commencing after the withdrawal. The amount restored to the Member’s 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 TPA. If a Member terminates Employment without any vested interest in his Account, he shall (i) immediately be deemed to 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 Employment (or, as applicable, 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 had his nonvested Account restored upon a return to employmentEmployment, and his Years of Employment (or, as applicable, Years of Service) prior to incurring the first Break in Service shall be included in any subsequent determination of his vesting service. Forfeited amounts, as described in the preceding paragraph, shall be made available to the Employer, through a transfer from the Member’s Account to the Employer Credit Account, upon: (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 of his entire vested interest in his Account or (ii) the date upon which the Member incurs 5 five (5) consecutive one-year Breaks in Service, or (2) the date of the Member’s termination of Employment, if the Member then has no vested interest in his Account. Once so transferred, such amounts shall be used at the option of the Employer to (i) offset any contributions to be made by the Employer for that Contribution Determination Period or (ii) 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 Code Section 415 of the Code415, (ii) Employer contributions made in advance of the date allocable to Members, if any, and (iii) amounts, if any, forfeited pursuant to Sections 3.10 3.11 and 3.113.12. No forfeitures will occur solely as a result of an Employee’s withdrawal of employee Employee contributions under Article VII of the Plan.
Appears in 1 contract
Samples: Adoption Agreement (First Savings Financial Group Inc)
Forfeitures. If a Member who was partially Participant is not entitled to receive 100% of his ------------ Company Contributions Account under Subsection 7(a), (b), or (c) on the date when his employment with the Affiliated Group terminates, the non-vested portion shall be forfeited as of such date. If such Participant is reemployed by the Affiliated Group within five (5) years from the date of termination, the forfeited amount shall be reinstated to his Company Contributions Account and may vest pursuant to Section 7. If such Participant terminates his employment with the Affiliated Group a second time before he is 100% vested in his Account on Company Contributions Account, the date of his termination of Employment returns to Employment, his Years of Employment (or, as applicable, years of service) prior to the Break(s) in Service amount payable from that account shall be included in determining future vesting and, if he returns before incurring 5 consecutive one year Breaks in Service, any amounts forfeited from his Account shall be restored to his Account provided, however, that if such a Member has received a distribution pursuant to Article VII, his nonvested Account shall not be restored unless he repays to the Plan the full amount distributed to him before the earlier of computed as follows:
(i) 5 years after Add the first date on which amount of the Member is subsequently reemployed by prior payment from the Employer, or account to current balance of the account,
(ii) Apply the close of the first period of 5 consecutive one-year Breaks in Service commencing after the withdrawal. The amount restored to the Member’s Account will be valued on the Valuation Date coinciding with or next following the later of Participant's current vesting percentage (i) the date the Employee is rehired, or (ii) the date a new enrollment application is received by the TPA. If a Member terminates Employment without any vested interest in based upon all his Account, he shall (i) immediately be deemed to 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 Employment (or, as applicable, 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 had his nonvested Account restored upon a return to employment, and his Years of Employment (or, as applicable, Years of Service) prior to incurring the first Break in Service shall be included in any subsequent determination of his vesting service. Forfeited amounts, as described in the preceding paragraph, shall be made available to the Employer, through a transfer from the Member’s Account to the Employer Credit Account, upon: (1) if the Member had a vested interest total obtained in his Account at his termination of Employment, the earlier of (i) above.
(iii) Subtract from the date as of which the Member receives a distribution of his entire vested interest amount obtained in his Account or (ii) above the date upon amount of the prior payment from the account. SECTION 8(b)(iii) The result is the amount payable to him from that account. All amounts which are forfeited during a calendar month shall be debited against the Member incurs 5 consecutive one-year Breaks appropriate Company Contributions Accounts and shall be credited to the Company Contributions for the calendar month or months next following. Notwithstanding the foregoing, if a Participant's termination of employment is due to a "maternity or paternity leave," then this Subsection 8(b) shall be read by substituting the number "six (6)" for the number "five (5)" wherever it appears herein. For the purposes of this Plan, "maternity or paternity leave" means termination of employment or absence from work due to the pregnancy of the Participant, the birth of a child of the Participant, the placement of a child in Serviceconnection with the adoption of the child by a Participant, or (2) the date caring for a Participant's child during the period immediately following the child's birth or placement for adoption. UDLP shall determine, under rules of uniform application and based on information provided to UDLP by the Member’s Participant, whether or not the Participant's termination of Employment, if the Member then has no vested interest in his Account. Once so transferred, such amounts shall be used at the option of the Employer employment or absence from work is due to (i) offset any contributions to be made by the Employer for that Contribution Determination Period "maternity or (ii) 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, (ii) Employer contributions made in advance of the date allocable to Members, if any, and (iii) amounts, if any, forfeited pursuant to Sections 3.10 and 3.11. No forfeitures will occur solely as a result of an Employee’s withdrawal of employee contributions under Article VII of the Planpaternity leave." SECTION 9
Appears in 1 contract
Samples: Salaried Employees' Plan (FMC Corp)
Forfeitures. If a Member who was partially vested in his Account on the date of his termination of Employment returns to Employment, his Years of Employment (or, as applicable, years of service) prior to the Break(s) in Service shall be included in determining future vesting and, if he returns before incurring 5 five (5) consecutive one year Breaks in Service, any amounts forfeited from his Account shall be restored to his Account provided, however, that if such a Member has received a distribution pursuant to Article VII, his nonvested Account shall not be restored unless he repays to the Plan the full amount distributed to him before the earlier of (i) 5 years five (5)years after the first date on which the Member is subsequently reemployed by the Employer, or (ii) the close of the first period of 5 consecutive five (5)consecutive one-year Breaks in Service commencing after the withdrawal. The amount restored to the Member’s =s 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 TPA. If a Member terminates Employment without any vested interest in his Account, he shall (i) immediately be deemed to 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 =s Years Employment (or, as applicable, 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 had his nonvested Account restored upon a return to employmentEmployment, and his Years of Employment (or, as applicable, Years of Service) prior to incurring the first Break in Service shall be included in any subsequent determination of his vesting service. Forfeited amounts, as described in the preceding paragraph, shall be made available to the Employer, through a transfer from the Member’s 's Account to the Employer Credit Account, upon: (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 of his entire vested interest in his Account or (ii) the date upon which the Member incurs 5 consecutive five (5)consecutive one-year Breaks in Service, or (2) the date of the Member’s 's termination of Employment, if the Member then has no vested interest in his Account. Once so transferred, such amounts shall be used at the option of the Employer to (i) offset any contributions to be made by the Employer for that Contribution Determination Period or (ii) 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 Code Section 415 of the Code415, (ii) Employer contributions made in advance of the date allocable to Members, if any, and (iii) amounts, if any, forfeited pursuant to Sections 3.10 3.11 and 3.113.12. No forfeitures will occur solely as a result of an Employee’s =s withdrawal of employee Employee contributions under Article VII of the Plan.
Appears in 1 contract
Samples: Adoption Agreement (Sugar Creek Financial Corp./Md/)
Forfeitures. If a Member who was partially vested in his Account on the date of his termination of Employment returns to Employment, his Years of Employment (or, as applicable, years of service) prior to the Break(s) in Service shall be included in determining future vesting and, if he returns before incurring 5 consecutive one year Breaks in Service, any amounts forfeited from his Account shall be restored to his Account provided, however, that if such a Member has received a distribution pursuant to Article VII, his nonvested Account shall not be restored unless he repays to the Plan the full amount distributed to him before the earlier of (i) 5 years after the first 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 amount restored to the Member’s 's 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 TPA. If a Member terminates Employment without any vested interest in his Account, he shall (i) immediately be deemed to 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 's Years Employment (or, as applicable, 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 had his nonvested Account restored upon a return to employment, and his Years of Employment (or, as applicable, Years of Service) prior to incurring the first Break in Service shall be included in any subsequent determination of his vesting service. Forfeited amounts, as described in the preceding paragraph, shall be made available to the Employer, through a transfer from the Member’s Account to the Employer Credit Account, upon: .
(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 of his entire vested interest in his Account or (ii) the date upon which the Member incurs 5 consecutive one-year Breaks in Service, or (2) the date of the Member’s 's termination of Employment, if the Member then has no vested interest in his Account. Once so transferred, such 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 for that Contribution Determination Period or (iiiii) 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, (ii) Employer contributions made in advance of the date allocable to Members, if any, and (iii) amounts, if any, forfeited pursuant to Sections 3.10 and 3.11. No forfeitures will occur solely as a result of an Employee’s withdrawal of employee contributions under Article VII of the Plan.
Appears in 1 contract
Forfeitures. If a Member who was partially vested in his Account Subject to the provisions of Paragraph 17, it is mutually covenanted and agreed and this Agreement is made upon the condition that if the rents or other sums, which DISTRICT herein agrees to pay, or any part thereof, shall be unpaid on the date of his termination of Employment returns to Employment, his Years of Employment (or, as applicable, years of service) prior to the Break(s) in Service shall be included in determining future vesting and, if he returns before incurring 5 consecutive one year Breaks in Service, any amounts forfeited from his Account shall be restored to his Account provided, however, that if such a Member has received a distribution pursuant to Article VII, his nonvested Account shall not be restored unless he repays to the Plan the full amount distributed to him before the earlier of (i) 5 years after the first date on which the Member is subsequently reemployed by the Employersame shall become due, or (ii) the close if default be made in any of the first terms, agreements, conditions, or covenants herein contained on the part of DISTRICT or should DISTRICT abandon and cease to use the regional preserve facility for a period of 5 consecutive one-year Breaks ninety (90) days at any one time then and in Service commencing after the withdrawal. The amount restored to the Member’s Account will be valued on the Valuation Date coinciding with or next following the later of (i) the date the Employee is rehiredsuch event, or (ii) the date a new enrollment application is received by the TPA. If a Member terminates Employment without any vested interest in his Account, he shall (i) immediately be deemed to 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 Employment (or, as applicable, 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 had his nonvested Account restored upon a return to employment, and his Years of Employment (or, as applicable, Years of Service) prior to incurring the first Break in Service shall be included in any subsequent determination of his vesting service. Forfeited amounts, as described in the preceding paragraph, shall be made available to the Employer, through a transfer from the Member’s Account to the Employer Credit Account, upon: (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 of his entire vested interest in his Account or (ii) the date upon which the Member incurs 5 consecutive one-year Breaks in Service, or (2) the date of the Member’s termination of Employment, if the Member then has no vested interest in his Account. Once so transferred, such amounts shall be used at the option of CITY as evidenced by resolution of its City Council, this Agreement shall become forfeited, and CITY may exercise all rights of entry and re-entry upon the Employer regional preserve facility. DISTRICT shall not be considered in default as to any provisions of this Agreement where such default is the result of, or pursuant to, any process, order or decree, or any court or regulatory body. DISTRICT shall not be considered to be in default until the expiration of forty-five (i45) offset any contributions days (in the case of a failure in the payment of rent or other sums herein provided to be made by DISTRICT) or sixty (60) days (in all other instances except abandonment) after written notice by CITY to DISTRICT and if, during such forty-five (45) or sixty (60) days period, as the Employer for that Contribution Determination Period case may be, such failure or (ii) be allocated to all eligible Members deemed to be employed as condition in violation of the last day provisions of this Agreement shall have been cured or obviated by DISTRICT, then upon payment, performance, or satisfaction of such term, covenant, or condition any right of CITY to terminate this Agreement or re-enter upon the Contribution Determination Periodregional preserve facility by reason of such failure shall cease. The Employer Credit AccountIf any condition, referenced in this Subparagraphwhich would entitle CITY to declare a default, is of such nature that it cannot be remedied within sixty (60) days, such declaration of default, termination, and right of re-entry, or other rights of CITY shall be maintained postponed as long as DISTRICT shall have commenced the elimination of such condition within such sixty (60) days and shall then be continuously and diligently proceeding in good faith to receive, in addition to cure the forfeitures described above, (i) contributions in excess of the limitations contained in Section 415 of the Code, (ii) Employer contributions made in advance of the date allocable to Members, if any, and (iii) amounts, if any, forfeited pursuant to Sections 3.10 and 3.11. No forfeitures will occur solely as a result of an Employee’s withdrawal of employee contributions under Article VII of the Plansame.
Appears in 1 contract
Samples: Management Agreement
Forfeitures. If (a) Any remainder of a Member who was partially terminated Participant's Profit Sharing Contributions Account that is not vested in his accordance with the foregoing vesting schedule shall be retained in such Account on and forfeited at the earlier of the following dates: (i) if the Participant receives a complete distribution out of the Participant's Account, the date of such distribution, or (ii) if the Participant does not receive a complete distribution out of the Participant's Account, the date on which the Participant incurs a Five Year Break in Service.
(b) Amounts forfeited under Subsection 7.4(a) shall be applied first to restore the Account balances of any Participants entitled to such restoration under Subsection (c) below. Remaining Forfeiture amounts, if any, shall then be used to reduce any subsequent Employer Contributions and shall be allocated to the Employer Contributions Accounts of Participants in accordance with the provisions of Section 4.3.
(c) If a previously terminated Participant has received a distribution from his termination or her Profit Sharing Contributions Account and the nonvested portion of Employment returns his or her Account has been forfeited pursuant to EmploymentSubsection 7.4(a), his Years of Employment (or, as applicable, years of service) and if such Participant is reemployed by the Employer prior to the Break(s) in Service shall be included in determining future vesting and, if he returns before incurring 5 consecutive one year Breaks a Five Year Break in Service, any amounts an amount equal to the value of the forfeited from his portion of the Participant's Profit Sharing Contributions Account shall be restored to his or her Account provided, however, that if such a Member has received a distribution pursuant to Article VII, his nonvested Account shall not be restored unless he the Participant repays to the Plan the full amount distributed to him or her before the earlier of (i) 5 five (5) years after the first date on which day the Member Participant is subsequently reemployed by the Employer, or (ii) the close of the first period of 5 consecutive one-year Breaks Five Year Break in Service commencing after the withdrawaldistribution. The In the event the former Participant does repay the full amount distributed to him or her, an amount equal to the value of the forfeited portion of the Participant's Profit Sharing Contributions Account shall be restored to his or her Account in full, without adjustment for any gains or losses occurring subsequent to the Member’s time of the prior forfeiture. Such restoration shall be made out of then available Forfeitures of the nonvested portions of the Account will be valued on the Valuation Date coinciding of other Participants in accordance with or next following the later of (i) the date the Employee is rehiredSubsection 7.4(b), if any, or by a special contribution from the Employer to the extent that Forfeitures then available are insufficient.
(iid) Notwithstanding any provision of this Plan to the date contrary, if a new enrollment application is received by Participant terminates employment with the TPA. If Employer with a Member terminates Employment without any vested zero (0) interest in his Accountor her Account under the Plan, he such Participant shall (i) immediately be deemed to have received a total forfeiture cash out 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 as of the Member’s Years Employment (or, as applicable, Years date 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 Participant's termination of Employment and had his nonvested Account restored upon a return to employment. Such Participant, and his Years of Employment (or, as applicable, Years of Service) prior to incurring if rehired by the first Break in Service shall be included in any subsequent determination of his vesting service. Forfeited amounts, as described in the preceding paragraphEmployer, shall be made available to the Employer, through a transfer from the Member’s Account to the Employer Credit Account, upon: (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 of his entire vested interest in his Account or (ii) the date upon which the Member incurs 5 consecutive one-year Breaks in Service, or (2) the date of the Member’s termination of Employment, if the Member then has no vested interest in his Account. Once so transferred, such amounts shall be used at the option of the Employer to (i) offset any contributions to be made by the Employer for that Contribution Determination Period or (ii) be allocated to all eligible Members deemed to be employed as of have repaid his or her deemed cash out distribution on 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, (ii) Employer contributions made in advance of the date allocable to Members, if any, and (iii) amounts, if any, forfeited pursuant to Sections 3.10 and 3.11. No forfeitures will occur solely as a result of an Employee’s withdrawal of employee contributions under Article VII of the PlanParticipant's Reemployment Commencement Date.
Appears in 1 contract
Samples: 401(k) Compensation Deferral Savings Plan and Trust Agreement (Corvas International Inc)
Forfeitures. If a Member who was partially vested in Participant terminates his employment, any portion of his Account on the date of (including any amounts credited after his termination of Employment returns to Employment, his Years of Employment (or, as applicable, years of serviceemployment) prior to the Break(s) in Service shall be included in determining future vesting and, if he returns before incurring 5 consecutive one year Breaks in Service, any amounts forfeited from his Account shall be restored to his Account provided, however, that if such a Member has received a distribution pursuant to Article VII, his nonvested Account shall not be restored unless he repays to the Plan the full amount distributed payable to him before under Section 7.05 will be forfeited by him upon the earlier of (i) 5 years after the first date on which the Member is subsequently reemployed by the Employer, or (ii) the close complete distribution to him of the first period vested portion of 5 consecutive one-year Breaks in Service commencing after the withdrawal. The amount restored to the Member’s 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 TPA. If a Member terminates Employment without any vested interest in his Account, he if any, subject to the possibility of reinstatement as described in the following paragraph. For purposes of this paragraph, if the value of an Employee's vested Account balance is zero, the Employee shall (i) immediately be deemed to have received a total distribution of his vested interest immediately following termination of employment. Such forfeitures will be applied to reduce the contributions of the Employer next payable under the Plan (or administrative expenses of the Plan); the forfeitures shall be held in a money market fund pending such application. If a Participant forfeits any portion of his Account and (ii) thereupon forfeit his entire Account; provided that if under the preceding paragraph but again becomes an Employee after such Member returns to Employment before date, then the number of consecutive one-year Breaks in Service equals or exceeds amount so forfeited, without any adjustment for the greater of (i) 5earnings, expenses, or (ii) the aggregate number losses or gains of the Member’s Years Employment (or, as applicable, Years of Service) prior assets credited to such Break in Service, his Account shall since the date forfeited, will be restored in the same manner as if such Member had been partially vested at the time of recredited to his termination of Employment and had his nonvested Account restored upon (or to a return to employment, and his Years of Employment (or, as applicable, Years of Service) prior to incurring the first Break in Service shall be included in any subsequent determination of his vesting service. Forfeited amounts, separate account as described in the preceding paragraphSection 7.06, shall be made available if applicable) but only if he repays to the Employer, through a transfer from the Member’s Account to the Employer Credit Account, upon: (1) if the Member had a vested interest in his Account at his termination of Employment, Plan before the earlier of (i) five years after the date as of which the Member receives a distribution of his entire vested interest in his Account reemployment or (ii) the date upon which the Member he incurs 5 consecutive one1-year Breaks breaks in Service, or (2) service following the date of the Member’s termination distribution the amount previously distributed to him, without interest, under Section 7.05. If an 35 40 Employee is deemed to receive a distribution pursuant to this Section 7.07, and the Employee resumes employment before 5 consecutive 1-year breaks in service, the Employee shall be deemed to have repaid such distribution on the date of Employmenthis reemployment. Upon such an actual or deemed repayment, the provisions of the Plan (including Section 7.06) will thereafter apply as if no forfeiture had occurred. The amount to be recredited pursuant to this paragraph will be derived first from the forfeitures, if the Member then has no vested interest in his Account. Once so transferredany, such amounts shall be used at the option which as of the date of recrediting have yet to be applied as provided in the preceding paragraph and, to the extent such forfeitures are insufficient, from a special Employer to (i) offset any contributions contribution to be made by the Employer for that Contribution Determination Period or (ii) be allocated Employer. If a Participant elects not to all eligible Members deemed to be employed as receive the nonforfeitable portion of his Account following his termination of employment, the last day non-vested portion of the Contribution Determination Period. The Employer Credit Account, referenced in this Subparagraph, his Account shall be maintained to receive, forfeited after the Participant has incurred five consecutive 1-year breaks in addition to the forfeitures described above, (i) contributions in excess of the limitations contained service as defined in Section 415 of the Code, (ii) Employer contributions made in advance of the date allocable to Members, if any, and (iii) amounts, if any, forfeited pursuant to Sections 3.10 and 3.112.01(a)(33). No forfeitures will occur solely as a result of an Employee’s a Participant's withdrawal of employee contributions under Article VII of the PlanEmployee contributions.
Appears in 1 contract
Samples: Profit Sharing/401(k) Plan (Lexington Precision Corp)
Forfeitures. (a) Any portion of a Participant's Account that is not vested shall be forfeited as of the last day of the Plan Year in which his fifth consecutive Break in Service occurs. Any amounts thus forfeited shall be allocated as provided in Section 3.8. The remaining portion of the Participant's Account will be nonforfeitable. Notwithstanding the foregoing, the non-vested portion of the Account of a Participant whose Employment has terminated and who has received a distribution of the vested portion of his Account shall be forfeited prior to the incurring of 5 consecutive 1-year Breaks in Service. For purposes of this Section 8.2, if the value of a Participant's vested Account balance is zero, the Participant shall be deemed to have received distribution of such vested Account balance in the event that a forfeiture of the Account balance before 5 consecutive 1-year Breaks in Service has occurred.
(b) If a Member who was partially vested forfeiture of the Participant's Account occurs under the circumstances described in his Subsection (a) prior to the Participant's incurring 5 consecutive 1-year Breaks in Service and the Participant subsequently returns to employment before incurring 5 consecutive 1-year Breaks in Service:
(i) unless otherwise provided in the Adoption Agreement, the Participant's Account balance attributable to Employer Contributions will be restored to the amount on the date of his termination of Employment returns to Employment, his Years of Employment (or, as applicable, years of service) prior to distribution if the Break(s) in Service shall be included in determining future vesting and, if he returns before incurring 5 consecutive one year Breaks in Service, any amounts forfeited from his Account shall be restored to his Account provided, however, that if such a Member has received a distribution pursuant to Article VII, his nonvested Account shall not be restored unless he Participant repays to the Plan the full amount distributed of the distribution attributable to him Employer Contributions before the earlier of (iA) 5 years after the first date on which the Member Participant is subsequently reemployed re-employed by the Employer, or (iiB) the close of date the first period of Participant incurs 5 consecutive one1-year Breaks in Service commencing after following the withdrawal. The date of the distribution; or
(ii) if provided in the Adoption Agreement, the amount so forfeited will be restored prior to application of forfeitures under Section 3.8 out of forfeitures arising in the Plan Year in which the restoration occurs, and to the Member’s Account will extent necessary, out of special Employer contributions which shall be valued on made for that purpose. Regardless of whether the Valuation Date coinciding with or next following the later provisions of (i) the date the Employee is rehired, or (ii) the date above are applicable, if a new enrollment application Participant who is received by the TPA. If a Member terminates Employment without any vested interest in his Account, he shall (i) immediately be deemed to have received a total distribution of his Account and (ii) thereupon forfeit his entire Account; provided that if such Member subsequently returns to Employment employment before the number of incurring 5 consecutive one1-year Breaks in Service equals or exceeds the greater of (i) 5, or (ii) the aggregate number of the Member’s Years Employment (or, as applicable, Years of Service) prior to such Break in Service, his Account shall the amount so forfeited will be restored in the same manner provided in (ii).
(c) In applying the provisions of Section 8.2(a) in Plan Years starting before 1985, the phrase "5 consecutive 1-year Breaks in Service" shall be replaced by the phrase "a 1-year Break in Service." In addition, if as if of the day before the first day of the first Plan Year starting after 1984 the non-vested portion of the Participant's Account was irrevocably forfeited under the Plan consistent with the applicable provisions of section 411(a) of the Code, Section 8.2(a) shall not require such Member had been partially forfeiture to be restored.
(d) If a distribution is made at a time when a Participant has a vested at right to less than 100 percent of the time value of his termination the Participant's Account attributable to Profit- Sharing Contributions or Matching Contributions and forfeitures, as determined in accordance with the provisions of Employment and had his nonvested Account restored upon a return to employmentSection 8.1, and his Years the non-vested portion of Employment the Participant's Account has not yet been forfeited in accordance with subsection (ora) of this Section 8.2 or if it has been restored after forfeiture in accordance with Paragraph (b)(ii), as applicable, Years at any relevant time the Participant's vested portion of Service) prior to incurring the first Break in Service a subaccount from which a distribution was made shall be included in any subsequent determination of his vesting service. Forfeited amounts, as described in determined by the preceding paragraph, shall be made available to the Employer, through a transfer from the Member’s Account to the Employer Credit Account, upon: (1) if the Member had a vested interest in his Account at his termination of Employment, the earlier of following methodology:
(i) First, the date as amount of which any previous deductions from the Member subaccount shall be added to the value of the subaccount at the relevant Valuation Date;
(ii) Second, the appropriate vested percentage determined in accordance with Section 8.1 shall be applied to the hypothetical subaccount balance determined under (i) to ascertain the hypothetical vested amount; and
(iii) Third, the vested portion shall be the difference, if any, between the hypothetical vested amount determined under (ii) and the previous distributions added to the hypothetical subaccount value in (i).
(e) If a Participant whose Employment has terminated receives a distribution of his entire vested interest in his Account or (ii) the date upon which the Member incurs 5 consecutive one-year Breaks in Service, or (2) the date at a time when he has a vested right to less than 100 percent of the Member’s termination of Employment, if the Member then has no vested interest in his Account. Once so transferred, such amounts shall the Plan Administrator may direct that the remaining non-vested portion be used at transferred to a forfeiture account under the option of the Employer to (i) offset any contributions to be made by the Employer for that Contribution Determination Period or (ii) be allocated to all eligible Members deemed to be employed Plan pending forfeiture as of the last day of the Contribution Determination PeriodPlan Year in which the distribution occurs. The Employer Credit Account, referenced in this Subparagraph, forfeiture account shall be maintained to receive, in addition subject to the forfeitures described above, (i) contributions in excess investment control of the limitations contained Employer or other Named Investment Fiduciary designated in accordance with Section 415 10.2. No portion of the Code, (ii) Employer contributions made in advance forfeiture account may remain unallocated as of the date allocable to Members, if any, and (iii) amounts, if any, forfeited pursuant to Sections 3.10 and 3.11. No forfeitures will occur solely as a result of an Employee’s withdrawal of employee contributions under Article VII first day of the Plansubsequent Plan Year.
Appears in 1 contract
Samples: 401(k) Plan Adoption Agreement (Biomune Systems Inc)
Forfeitures. If a Member who was partially vested in his Account on the date of his termination of Employment returns to Employment, his Years of Employment (or, as applicable, years of service) prior to the Break(s) in Service shall be included in determining future vesting and, if he returns before incurring 5 five (5) consecutive one year Breaks in Service, any amounts forfeited from his Account shall be restored to his Account provided, however, that if such a Member has received a distribution pursuant to Article VII, his nonvested Account shall not be restored unless he repays to the Plan the full amount distributed to him before the earlier of (i) 5 years five (5)years after the first date on which the Member is subsequently reemployed by the Employer, or (ii) the close of the first period of 5 consecutive five (5)consecutive one-year Breaks in Service commencing after the withdrawal. The amount restored to the Member’s =s 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 TPA. If a Member terminates Employment without any vested interest in his Account, he shall (i) immediately be deemed to 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 =s Years Employment (or, as applicable, 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 had his nonvested Account restored upon a return to employmentEmployment, and his Years of Employment (or, as applicable, Years of Service) prior to incurring the first Break in Service shall be included in any subsequent determination of his vesting service. Forfeited amounts, as described in the preceding paragraph, shall be made available to the Employer, through a transfer from the Member’s Account to the Employer Credit Account, upon: (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 of his entire vested interest in his Account or (ii) the date upon which the Member incurs 5 consecutive five (5)consecutive one-year Breaks in Service, or (2) the date of the Member’s termination of Employment, if the Member then has no vested interest in his Account. Once so transferred, such amounts shall be used at the option of the Employer to (i) offset any contributions to be made by the Employer for that Contribution Determination Period or (ii) 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 Code Section 415 of the Code415, (ii) Employer contributions made in advance of the date allocable to Members, if any, and (iii) amounts, if any, forfeited pursuant to Sections 3.10 3.11 and 3.113.12. No forfeitures will occur solely as a result of an Employee’s =s withdrawal of employee Employee contributions under Article VII of the Plan.
Appears in 1 contract