Common use of Participant Does Not Share in Own Forfeiture Clause in Contracts

Participant Does Not Share in Own Forfeiture. A Participant will not share in the allocation of a forfeiture of any portion of his/her Account, even if the Participant otherwise is entitled to an allocation of Employer Contributions and forfeitures in the forfeiture allocation Plan Year described in Section 3.07(B). If the forfeiting Participant is entitled to an allocation of Employer Contributions and forfeitures in the forfeiture allocation Plan Year, the Plan Administrator only will allocate to the Participant a share of the allocable forfeitures attributable to other forfeiting Participants.

Appears in 6 contracts

Samples: Defined Contribution Pre Approved Plan (J&j Snack Foods Corp), 403(b) Volume Submitter Plan Adoption Agreement, Defined Contribution Prototype Plan and Trust Agreement (Bob Evans Farms Inc)

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