Partially Vested Participants. If a distribution is made at a time when a Participant has a nonforfeitable right to less than 100% of the account balance derived from Employer contributions and the Participant may increase the nonforfeitable percentage in the account:
Appears in 7 contracts
Samples: Defined Contribution Plan (Century Bancorp Inc), Defined Contribution Plan (Chicopee Bancorp, Inc.), Defined Contribution Plan (Georgetown Bancorp, Inc.)
Partially Vested Participants. If a distribution is made at a time when a Participant has a nonforfeitable right to less than 100% of the account balance derived from Employer contributions and the Participant may increase the nonforfeitable percentage in the account:
(1) a separate account will be established for the Participant's interest in the Plan as of the time of the distribution, and
(2) at any relevant time the Participant's nonforfeitable portion of the separate account will be equal to an amount ("X") determined by the formula: X = P[AB + D] - D
Appears in 1 contract
Samples: Nonstandardized Adoption Agreement (Banctrust Financial Group Inc)
