Common use of Projected Participation Clause in Contracts

Projected Participation. For purposes of determining a Participant’s stated benefit, a Participant’s years of Projected Participation under the Plan is the sum of (a) and (b), where (a) is the number of years during which the Participant benefited under this Plan beginning with the latest of: (1) the first Plan Year in which the Participant benefited under the Plan, (2) the first Plan Year taken into account in the Stated Benefit Formula, and (3) any Plan Year immediately following a Plan Year in which the Plan did not satisfy the safe harbor for Target Benefit Plans in Regulations Section 1.401(a)(4)-8(b)(3), and ending with the last day of the current Plan Year, and (b) is the number of years if any, subsequent to the current Plan Year through the end of the Plan Year in which the Participant attains Normal Retirement Age. For purposes of this definition of years of Projected Participation, if this Plan is a Prior Safe Harbor Plan, the Plan is deemed to satisfy the safe harbor for Target Benefit Plans in Regulations Section 1.401(a)(4)-8(b)(3) and a Participant is treated as benefiting under the Plan in any Plan Year beginning prior to January 1, 1994.

Projected Participation. For purposes of determining a Participant’s 's stated benefit, a Participant’s 's years of Projected Participation under the Plan is the sum of (a) and (b), where (a) is the number of years during which the Participant benefited under this Plan beginning with the latest of: (1) the first Plan Year in which the Participant benefited under the Plan, (2) the first Plan Year taken into account in the Stated Benefit Formula, and (3) any Plan Year immediately following a Plan Year in which the Plan did not satisfy the safe harbor for Target Benefit Plans in Regulations Section 1.401(a)(4)-8(b)(3), and ending with the last day of the current Plan Year, and (b) is the number of years if any, subsequent to the current Plan Year through the end of the Plan Year in which the Participant attains Normal Retirement Age. For purposes of this definition of years of Projected Participation, if this Plan is a Prior Safe Harbor Plan, the Plan is deemed to satisfy the safe harbor for Target Benefit Plans in Regulations Section 1.401(a)(4)-8(b)(3) and a Participant is treated as benefiting under the Plan in any Plan Year beginning prior to January 1, 1994.