Common use of Location of Beneficiary or Participant Unknown Clause in Contracts

Location of Beneficiary or Participant Unknown. In the event that all, or any portion, of the distribution payable to a Participant or his Beneficiary hereunder shall, at the Participant’s attainment of his Normal Retirement Age, remain unpaid solely by reason of the inability of the Plan Administrator to locate such Participant or his Beneficiary, after sending a certified or registered letter, return receipt requested to the last known address, then the Plan Administrator may attempt to ascertain the whereabouts of such Participant or Beneficiary, through programs established by the Social Security Administration or the Internal Revenue Service. However, if such efforts should fail to locate such Participant or Beneficiary, then the remaining amount distributable with respect to such Participant or his Beneficiary may be reallocated in the same manner as a Forfeiture, if so directed by the Plan Administrator. In the event a Participant or Beneficiary is located subsequent to his benefit being reallocated, and such person claims such reallocated benefit, such benefit shall be restored out of current year Forfeitures, unadjusted for gains or losses. The preceding notwithstanding, if an Employee has terminated Service with the Employer and the value of such Employee’s vested Account is not greater than $5,000 ($3,500 for Plan Years prior to January 1, 1998), the Employee’s Vested Balance shall be distributable to such Employee immediately upon his date of termination, and the nonvested portion shall become immediately forfeitable. If the Plan Administrator is not able to locate an Employee described in the preceding sentence, after such Participant has incurred a one-year Break-in-Service, the vested portion may be treated as a Forfeiture, subject to reinstatement in the manner described in this Section 7.19. In the event that the Plan is terminated, the benefits maintained in an account under the Plan, on the date of such termination, for the benefit of a Participant, Beneficiary, or Alternate Payee who cannot be located, shall be maintained outside the Plan. Any such benefits may be maintained by the purchase of an annuity, the establishment of an individual retirement arrangement (as described in Code sections 408(a) or (b)), or by some other method or methods which meet applicable Department of Labor requirements. The Plan Administrator shall have the sole discretion in determining which method or manner, or combination thereof, from among the preceding, shall be utilized for the purpose of maintaining such benefits. The duty of the Named Fiduciaries (as defined in Section 15.01) hereunder, to maintain any such benefits under the Plan, shall be extinguished upon the placement of such benefits outside the Plan in the manner described in this paragraph.

Location of Beneficiary or Participant Unknown. In the event that all, or any portion, of the distribution payable to a Participant or his Beneficiary hereunder shall, at the Participant’s 's attainment of his Normal Retirement Age, remain unpaid solely by reason of the inability of the Plan Administrator to locate such Participant or his Beneficiary, after sending a certified or registered letter, return receipt requested to the last known address, then the Plan Administrator may attempt to ascertain the whereabouts of such Participant or Beneficiary, through programs established by the Social Security Administration or the Internal Revenue Service. However, if such efforts should fail to locate such Participant or Beneficiary, then the remaining amount distributable with respect to such Participant or his Beneficiary may be reallocated in the same manner as a Forfeiture, if so directed by the Plan Administrator. In the event a Participant or Beneficiary is located subsequent to his benefit being reallocated, and such person claims such reallocated benefit, such benefit shall be restored out of current year Forfeitures, unadjusted for gains or losses. The preceding notwithstanding, if an Employee has terminated Service with the Employer and the value of such Employee’s 's vested Account is not greater than $5,000 ($3,500 for Plan Years prior to January 1, 1998), the Employee’s 's Vested Balance shall be distributable to such Employee immediately upon his date of termination, and the nonvested portion shall become immediately forfeitable. If the Plan Administrator is not able to locate an Employee described in the preceding sentence, after such Participant has incurred a one-year Break-in-Service, the vested portion may be treated as a Forfeiture, subject to reinstatement in the manner described in this Section 7.19. In the event that the Plan is terminated, the benefits maintained in an account under the Plan, on the date of such termination, for the benefit of a Participant, Beneficiary, or Alternate Payee who cannot be located, shall be maintained outside the Plan. Any such benefits may be maintained by the purchase of an annuity, the establishment of an individual retirement arrangement (as described in Code sections 408(a) or (b)), or by some other method or methods which meet applicable Department of Labor requirements. The Plan Administrator shall have the sole discretion in determining which method or manner, or combination thereof, from among the preceding, shall be utilized for the purpose of maintaining such benefits. The duty of the Named Fiduciaries (as defined in Section 15.0114.01) hereunder, to maintain any such benefits under the Plan, shall be extinguished upon the placement of such benefits outside the Plan in the manner described in this paragraph.

Location of Beneficiary or Participant Unknown. In the event that all, or any portion, of the distribution payable to a Participant or his Beneficiary hereunder shall, at the Participant’s attainment of his Normal Retirement Age, remain unpaid solely by reason of the inability of the Plan Administrator to locate such Participant or his Beneficiary, after sending a certified or registered letter, return receipt requested to the last known address, then the Plan Administrator may attempt to ascertain the whereabouts of such Participant or Beneficiary, through programs established by the Social Security Administration or the Internal Revenue Service. However, if such efforts should fail to locate such Participant or Beneficiary, then the remaining amount distributable with respect to such Participant or his Beneficiary may be reallocated in the same manner as a Forfeiture, if so directed by the Plan Administrator. In the event a Participant or Beneficiary is located subsequent to his benefit being reallocated, and such person claims such reallocated benefit, such benefit shall be restored out of current year Forfeitures, unadjusted for gains or losses. The preceding notwithstanding, if an Employee has terminated Service with the Employer and the value of such Employee’s vested Account is not greater than $5,000 ($3,500 for Plan Years prior to January 1, 1998)5,000, the Employee’s Vested Balance shall be distributable to such Employee immediately upon his date of termination, and the nonvested portion shall become immediately forfeitable. If the Plan Administrator is not able to locate an Employee described in the preceding sentence, after such Participant has incurred a one-year Break-in-Service, the vested portion may be treated as a Forfeiture, subject to reinstatement in the manner described in this Section 7.197.20. In the event that the Plan is terminated, the benefits maintained in an account under the Plan, on the date of such termination, for the benefit of a Participant, Beneficiary, or Alternate Payee who cannot be located, shall be maintained outside the Plan. Any such benefits may be maintained by the purchase of an annuity, the establishment of an individual retirement arrangement (as described in Code sections 408(a) or (b)), or by some other method or methods which meet applicable Department of Labor requirements. The Plan Administrator shall have the sole discretion in determining which method or manner, or combination thereof, from among the preceding, shall be utilized for the purpose of maintaining such benefits. The duty of the Named Fiduciaries (as defined in Section 15.0114.01) hereunder, to maintain any such benefits under the Plan, shall be extinguished upon the placement of such benefits outside the Plan in the manner described in this paragraph.