Common use of No further allocations Clause in Contracts

No further allocations. If the Participant is not entitled to any further allocations under the Plan for the Plan Year in which the Participant terminates employment, the deemed Cash-Out Distribution is deemed to occur on the day the employment terminates. The Participant’s nonvested benefit is immediately forfeited on such date, in accordance with the provisions under Section 5.5.

Appears in 2 contracts

Samples: Defined Contribution Plan and Trust (National Penn Bancshares Inc), Defined Contribution Prototype Plan and Trust Agreement (Mercantile Bancorp, Inc.)

AutoNDA by SimpleDocs

No further allocations. If the terminated Participant is not entitled to any further allocations under the Plan for the Plan Year in which the Participant terminates employment, the deemed Cash-Out Distribution is deemed to occur occurs on the day the employment terminatesParticipant receives a distribution of his/her entire vested Account Balance. The Participant’s nonvested benefit is immediately forfeited on such date, in accordance with the provisions under Section 5.5.

Appears in 2 contracts

Samples: Defined Contribution Prototype Plan and Trust Agreement (Mercantile Bancorp, Inc.), Defined Contribution Plan and Trust (National Penn Bancshares Inc)

No further allocations. If the Participant is not entitled to any further allocations under the Plan for the Plan Year in which the Participant terminates employment, the deemed Cash-Out Distribution is deemed to occur on the day the employment terminates. The Participant’s 's nonvested benefit is immediately forfeited on such date, in accordance with the provisions under Section 5.5.

Appears in 1 contract

Samples: Profit Sharing/401(k) Prototype Plan and Trust (Capital Corp of the West)

AutoNDA by SimpleDocs

No further allocations. If the terminated Participant is not entitled to any further allocations under the Plan for the Plan Year in which the Participant terminates employment, the deemed Cash-Out Distribution is deemed to occur occurs on the day the employment terminatesParticipant receives a distribution of his/her entire vested Account Balance. The Participant’s 's nonvested benefit is immediately forfeited on such date, in accordance with the provisions under Section 5.5.

Appears in 1 contract

Samples: Profit Sharing/401(k) Prototype Plan and Trust (Capital Corp of the West)

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