Prototype Plan. If the Plan is a Prototype Plan, the Plan does not permit an otherwise Eligible Employee or any Participant to elect to opt-out. However, if the Plan is a Nonstandardized Plan, an Eligible Employee may opt-out in accordance with Section 2.06(A) provided: (1) the Plan terms as in effect prior to restatement under this Plan permitted the opt-out; and (2) the Employee executes the opt-out prior to the date of the Employer's execution of this Plan as a Restated Plan.
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Samples: 401(k) Profit Sharing Plan (Nci Building Systems Inc), Defined Contribution Prototype and Volume Submitter Plan (Finisar Corp)
Prototype Plan. If the Plan is a Prototype Plan, the Plan does not permit an otherwise Eligible Employee or any Participant to elect to opt-out. However, if the Plan is a Nonstandardized Plan, an Eligible Employee may opt-out in accordance with Section 2.06(A) provided: (1) the Plan terms as in effect prior to restatement under this Plan permitted the opt-out; and (2) the Employee executes the opt-out prior to the date of the Employer's ’s execution of this Plan as a Restated Plan.
Appears in 1 contract
Prototype Plan. If the Plan is a Prototype Plan, the Plan does not permit an otherwise Eligible Employee or any Participant to elect to opt-outopt‑out. However, if the Plan is a Nonstandardized Plan, an Eligible Employee may opt-out opt‑out in accordance with Section 2.06(A) provided: (1) the Plan terms as in effect prior to restatement under this Plan permitted the opt-outopt‑out; and (2) the Employee executes the opt-out opt‑out prior to the date of the Employer's execution of this Plan as a Restated Plan.
Appears in 1 contract
Samples: Defined Contribution Prototype Plan and Trust Agreement (Bob Evans Farms Inc)
