Common use of INCLUDED YEARS OF SERVICE - VESTING Clause in Contracts

INCLUDED YEARS OF SERVICE - VESTING. For purposes of determining “Years of Service” under Section 5.06, the Plan takes into account all Years of Service an Employee completes with the Employer except: (a) For the sole purpose of determining a Participant’s Vested percentage of his/her Account Balance derived from Employer contributions which accrued for his/her benefit prior to a Forfeiture Break in Service or receipt of a cash-out distribution, the Plan disregards any Year of Service after the Participant first incurs a Forfeiture Break in Service or receives a cash-out distribution (except where the Plan Administrator restores the Participant’s Account under Section 5.04(A)). (b) Consistent with Code §411(a)(4), any Year of Service the Employer elects to exclude under its Adoption Agreement.

Appears in 2 contracts

Samples: Defined Contribution Prototype Plan (Trimeris Inc), Defined Contribution Prototype Plan (MSC Software Corp)

AutoNDA by SimpleDocs

INCLUDED YEARS OF SERVICE - VESTING. For purposes of determining "Years of Service" under Section 5.06, the Plan takes into account all Years of Service an Employee completes with the Employer except: (a) For the sole purpose of determining a Participant’s 's Vested percentage of his/her Account Balance derived from Employer contributions which accrued for his/her benefit prior to a Forfeiture Break in Service or receipt of a cash-out distribution, the Plan disregards any Year of Service after the Participant first incurs a Forfeiture Break in Service or receives a cash-out distribution (except where the Plan Administrator restores the Participant’s 's Account under Section 5.04(A)). (b) Consistent with Code §411(a)(4), any Year of Service the Employer elects to exclude under its Adoption Agreement.

Appears in 1 contract

Samples: 401(k) Plan Adoption Agreement (Petco Animal Supplies Inc)

INCLUDED YEARS OF SERVICE - VESTING. For purposes of determining ----------------------------------- "Years of Service" under Section 5.06, the Plan takes into account all Years of Service an Employee completes with the Employer except: (a) For the sole purpose of determining a Participant’s 's Vested percentage of his/her Account Balance derived from Employer contributions which accrued for his/her benefit prior to a Forfeiture Break in Service or receipt of a cash-out distribution, the Plan disregards any Year of Service after the Participant first incurs a Forfeiture Break in Service or receives a cash-out distribution (except where the Plan Administrator restores the Participant’s 's Account under Section 5.04(A)). (b) Consistent with Code §411(a)(4(S)411(a)(4), any Year of Service the Employer elects to exclude under its Adoption Agreement.

Appears in 1 contract

Samples: Adoption Agreement (Gold Banc Corp Inc)

AutoNDA by SimpleDocs

INCLUDED YEARS OF SERVICE - VESTING. For purposes of determining "Years of Service" under Section 5.06, the Plan takes into account all Years of Service an Employee completes with the Employer except: (a) For the sole purpose of determining a Participant’s 's Vested percentage of his/her Account Balance derived from Employer contributions which accrued for his/her benefit prior to a Forfeiture Break in Service or receipt of a cash-out distribution, the Plan disregards any Year of Service after the Participant first incurs a Forfeiture Break in Service or receives a cash-out distribution (except where the Plan Administrator restores the Participant’s 's Account under Section 5.04(A)). (b) Consistent with Code §411(a)(4ss.411(a)(4), any Year of Service the Employer elects to exclude under its Adoption Agreement.

Appears in 1 contract

Samples: Adoption Agreement (CRH Public LTD Co)

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