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Common use of TOP HEAVY PLAN REQUIREMENTS Clause in Contracts

TOP HEAVY PLAN REQUIREMENTS. (a) For any "Top Heavy Plan Year", the following provisions shall apply notwithstanding any other provision in this Plan to the contrary: 1. Any person who is a participant in this Plan in any year in which it shall be a "Top Heavy Plan" shall have his or her benefits vested in accordance with the following schedules: Twenty Percent (20%) after two (2) years of service; Forty percent (40%) after three (3) years of service; Sixty percent (60%) after four (4) years of service; Eighty per-cent (80%) after five (5) years of service; One hundred percent (100%) after six (6) years of service. Effective January 1, 1989, there shall be no decrease in a participant's nonforfeitable percentage in the event the Plan's status as top heavy changes for any year. Further, if the vesting schedule shifts in and out of the above schedule for any year because the Plan's top heavy status changes, such shift shall be considered an amendment of the vesting schedule. If this occurs, each participant with at least three (3) years of service with the Company may elect to have his nonforfeitable percentage determined without regard to the shift. The election period will begin with the date the deemed amendment is made and shall end on the later of: A. Sixty (60) days after the deemed amendment is adopted; B. Sixty (60) days after the deemed amendment is effective; or C. Sixty (60) days after the participant is issued written notice of the deemed amendment by the Administrative Committee. 2. Notwithstanding anything in this Plan to the contrary for any Top Heavy Plan Year, the Company shall make a minimum contribution for each non-key employee equal to three percent (3%) of such non- key employee's salary. 3. For any year in which this Plan is top heavy, each non-key employee will receive a minimum contribu- tion if the non-key employee has not separated from service at the end of the top heavy year, regard- less of whether the non-key employee has less than one thousand (1,000) hours of service in such year. Furthermore, such non-key employee shall receive such minimum contribution regardless of his or her level of compensation, and regardless of whether he or she declines to make a mandatory personal con- tribution. 4. Notwithstanding the foregoing, so long as any non- key employee is covered by both the Company's Pension Plan and this Plan, the minimum contribu- tion required herein shall be satisfied by the accrual of the defined benefit by the respective non-key employee for any top heavy year. 5. If the Company shall be maintaining both this Plan and a defined benefit plan in any top heavy year, a factor of 1.0 must be applied to the dollar limits when the top heavy ratio exceeds ninety percent (90%).

Appears in 1 contract

Samples: Employee Stock Plan (Kansas City Life Insurance Co)

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TOP HEAVY PLAN REQUIREMENTS. (a) For any "Top Heavy Plan Year"year”, the following provisions shall apply notwithstanding any other provision in this Plan to the contrary: 1. Any person who is a participant in this Plan in any year in which it shall be a "Top Heavy Plan" shall have his or her benefits vested in accordance with the following schedules: Twenty Percent twenty percent (20%) after two (2) years of service; Forty forty percent (40%) after three (3) years of service; Sixty sixty percent (60%) after four (4) years of service; Eighty per-cent eighty percent (80%) after five (5) years of service; One and one hundred percent (100%) after six (6) years of service. Effective January 1, 1989, there shall be no decrease in a participant's ’s nonforfeitable percentage in the event the Plan's ’s status as top heavy changes for any year. Further, if the vesting schedule shifts in and out of the above schedule for any year because the Plan's ’s top heavy status changes, such shift shall be considered an amendment of the vesting schedule. If this occurs, each participant with at least three (3) years of service with the Company may elect to have his nonforfeitable percentage determined without regard to the shift. The election period will begin with the date the deemed amendment is made and shall end on the later of: A. Sixty (60) days after the deemed amendment is adopted; B. Sixty (60) days after the deemed amendment is effective; or C. Sixty (60) days after the participant is issued written notice of the deemed amendment by the Administrative Committee. 2. Notwithstanding anything in this Plan plan to the contrary contrary, for any Top Heavy Plan Year, the Company shall make a minimum contribution for each non-key employee equal to three percent (3%) of such non- non-key employee's ’s salary, which shall be invested and accounted for in Fund III. 3. For any year in which this Plan is top heavy, each non-key employee will receive a minimum contribu- contribu-tion if the non-key employee has not separated from service at the end of the top heavy year, regard- regard-less of whether the non-key employee has less than one thousand (1,000) hours of service in such year. Furthermore, such non-key employee shall receive such minimum contribution regardless of his or her level of compensation, and regardless of whether he or she declines to make a mandatory personal con- tributioncontribution. No such minimum contribution made by the Company pursuant to these top heavy provisions shall be subject to forfeiture if a non-key employee withdraws his or her mandatory contributions. 4. Notwithstanding the foregoing, so long as any non- non-key employee is covered by both the Company's ’s Pension Plan and this Plan, the minimum contribu- tion contri-bution required herein shall be satisfied by the accrual of the defined benefit minimum by the respective non-key employee for any top heavy year. 5. If the Company shall be maintaining both this Plan and a defined benefit plan in any top heavy year, a factor of 1.0 must be applied to the dollar limits when denominators of the top heavy ratio exceeds ninety percent (90%)defined benefit and defined contribution fractions.

Appears in 1 contract

Samples: Savings and Profit Sharing Plan (Kansas City Life Insurance Co)

TOP HEAVY PLAN REQUIREMENTS. (a) For any "Top Heavy Plan Yearyear", the following provisions shall apply notwithstanding any other provision in this Plan to the contrary: 1. Any person who is a participant in this Plan in any year in which it shall be a "Top Heavy Plan" shall have his or her benefits vested in accordance with the following schedules: Twenty Percent twenty percent (20%) after two (2) years of service; Forty forty percent (40%) after three (3) years of service; Sixty sixty percent (60%) after four (4) years of service; Eighty per-cent eighty percent (80%) after five (5) years of service; One and one hundred percent (100%) after six (6) years of service. Effective January 1, 1989, there shall be no decrease in a participant's nonforfeitable percentage in the event the Plan's status as top heavy changes for any year. Further, if the vesting schedule shifts in and out of the above schedule for any year because the Plan's top heavy status changes, such shift shall be considered an amendment of the vesting schedule. If this occurs, each participant with at least three (3) years of service with the Company may elect to have his or her nonforfeitable percentage determined without regard to the shift. .` The election period will begin with the date the deemed amendment is made and shall end on the later of: A. (a) Sixty (60) days after the deemed amendment is adopted; B. (b) Sixty (60) days after the deemed amendment is effective; or C. (c) Sixty (60) days after the participant is issued written notice of the deemed amendment by the Administrative Committee. 2. Notwithstanding anything in this Plan plan to the contrary contrary, for any Top Heavy Plan Year, the Company shall make a minimum contribution for each non-key employee equal to three percent (3%) of such non- non-key employee's salary, which shall be invested and accounted for in The Kansas City Life Stock Investment option. 3. For any year in which this Plan is top heavy, each non-key employee will receive a minimum contribu- tion contribution if the non-key employee has not separated from service at the end of the top heavy year, regard- less regardless of whether the non-key employee has less than one thousand (1,000) hours of service in such year. Furthermore, such non-key employee shall receive such minimum contribution regardless of his or her level of compensation, compensation and regardless of whether he or she the non-key employee declines to make a mandatory personal con- tributioncontribution. No such minimum contribution made by the Company pursuant to these top heavy provisions shall be subject to forfeiture if a non-key employee withdraws his or her mandatory contributions. 4. Notwithstanding the foregoing, so long as any non- non-key employee is covered by both the Company's Pension Plan and this Plan, the minimum contribu- tion contribution required herein shall be satisfied by the accrual of the defined benefit minimum by the respective non-key employee for any top heavy year. 5. If the Company shall be maintaining both this Plan and a defined benefit plan in any top heavy year, a factor of 1.0 must be applied to the dollar limits when denominators of the top heavy ratio exceeds ninety percent (90%)defined benefit and defined contribution fractions.

Appears in 1 contract

Samples: Savings and Profit Sharing Plan Amendment (Kansas City Life Insurance Co)

TOP HEAVY PLAN REQUIREMENTS. (a) For any "Top Heavy Plan Year", the following provisions shall apply notwithstanding any other provision in this Plan to the contrary: 1. Any person who is a participant in this Plan in any year in which it shall be a "Top Heavy Plan" shall have his or her benefits vested in accordance with the following schedules: Twenty Percent (20%) after two (2) years of service; Forty percent (40%) after three (3) years of service; Sixty percent (60%) after four (4) years of service; Eighty per-cent (80%) after five (5) years of service; One hundred percent (100%) after six (6) years of service. Effective January 1, 1989, there shall be no decrease in a participant's nonforfeitable percentage in the event the Plan's status as top heavy changes for any year. Further, if the vesting schedule shifts in and out of the above schedule for any year because the Plan's top heavy status changes, such shift shall be considered an amendment of the vesting schedule. If this occurs, each participant with at least three (3) years of service with the Company may elect to have his nonforfeitable percentage determined without regard to the shift. The election period will begin with the date the deemed amendment is made and shall end on the later of: A. Sixty (60) days after the deemed amendment is adopted; B. Sixty (60) days after the deemed amendment is effective; or C. Sixty (60) days after the participant is issued written notice of the deemed amendment by the Administrative Committee. 2. Notwithstanding anything in this Plan to the contrary for any Top Heavy Plan Year, the Company shall make a minimum contribution for each non-key employee equal to three percent (3%) of such non- non-key employee's salary. 3. For any year in which this Plan is top heavy, each non-key employee will receive a minimum contribu- contribu-tion if the non-key employee has not separated from service at the end of the top heavy year, regard- regard-less of whether the non-key employee has less than one thousand (1,000) hours of service in such year. Furthermore, such non-key employee shall receive such minimum contribution regardless of his or her level of compensation, and regardless of whether he or she declines to make a mandatory personal con- con-tribution. 4. Notwithstanding the foregoing, so long as any non- non-key employee is covered by both the Company's Pension Plan and this Plan, the minimum contribu- contribu-tion required herein shall be satisfied by the accrual of the defined benefit by the respective non-key employee for any top heavy year. 5. If the Company shall be maintaining both this Plan and a defined benefit plan in any top heavy year, a factor of 1.0 must be applied to the dollar limits when the top heavy ratio exceeds ninety percent (90%).

Appears in 1 contract

Samples: Employee Stock Plan (Kansas City Life Insurance Co)

TOP HEAVY PLAN REQUIREMENTS. (a) For any "Top Heavy Plan Yearyear", the following provisions shall apply notwithstanding any other provision in this Plan to the contrary: 1. Any person who is a participant in this Plan in any year in which it shall be a "Top Heavy Plan" shall have his or her benefits vested in accordance with the following schedules: Twenty Percent twenty percent (20%) after two (2) years of service; Forty forty percent (40%) after three (3) years of service; Sixty sixty percent (60%) after four (4) years of service; Eighty per-cent eighty percent (80%) after five (5) years of service; One and one hundred percent (100%) after six (6) years of service. Effective January 1, 1989, there shall be no decrease in a participant's nonforfeitable percentage in the event the Plan's status as top heavy changes for any year. Further, if the vesting schedule shifts in and out of the above schedule for any year because the Plan's top heavy status changes, such shift shall be considered an amendment of the vesting schedule. If this occurs, each participant with at least three (3) years of service with the Company may elect to have his nonforfeitable percentage determined without regard to the shift. The election period will begin with the date the deemed amendment is made and shall end on the later of: A. Sixty (60) days after the deemed amendment is adopted; B. Sixty (60) days after the deemed amendment is effective; or C. Sixty (60) days after the participant is issued written notice of the deemed amendment by the Administrative Committee. 2. Notwithstanding anything in this Plan plan to the contrary contrary, for any Top Heavy Plan Year, the Company shall make a minimum contribution for each non-key employee equal to three percent (3%) of such non- key employee's salary, which shall be invested and accounted for in Fund III. 3. For any year in which this Plan is top heavy, each non-key employee will receive a minimum contribu- tion if the non-key employee has not separated from service at the end of the top heavy year, regard- less of whether the non-key employee has less than one thousand (1,000) hours of service in such year. Furthermore, such non-key employee shall receive such minimum contribution regardless of his or her level of compensation, and regardless of whether he or she declines to make a mandatory personal con- tributioncontribution. No such minimum contribution made by the Company pursuant to these top heavy provisions shall be subject to forfeiture if a non-key employee withdraws his or her mandatory contri- butions. 4. Notwithstanding the foregoing, so long as any non- key employee is covered by both the Company's Pension Plan and this Plan, the minimum contribu- tion contri- bution required herein shall be satisfied by the accrual of the defined benefit minimum by the respective non-key employee for any top heavy year. 5. If the Company shall be maintaining both this Plan and a defined benefit plan in any top heavy year, a factor of 1.0 must be applied to the dollar limits when denominators of the top heavy ratio exceeds ninety percent (90%)defined benefit and defined contribution fractions.

Appears in 1 contract

Samples: Savings and Profit Sharing Plan (Kansas City Life Insurance Co)

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TOP HEAVY PLAN REQUIREMENTS. (a) For any "Top Heavy Plan Year", the following provisions shall apply notwithstanding any other provision in this Plan to the contrary: 1. Any person who is a participant in this Plan in any year in which it shall be a "Top Heavy Plan" shall have his or her benefits vested in accordance with the following schedules: Twenty Percent (20%) after two (2) years of service; Forty percent (40%) after three (3) years of service; Sixty percent (60%) after four (4) years of service; Eighty per-cent (80%) after five (5) years of service; One hundred percent (100%) after six (6) years of service. Effective January 1, 1989, there shall be no decrease in a participant's ’s nonforfeitable percentage in the event the Plan's ’s status as top heavy changes for any year. Further, if the vesting schedule shifts in and out of the above schedule for any year because the Plan's ’s top heavy status changes, such shift shall be considered an amendment of the vesting schedule. If this occurs, each participant with at least three (3) years of service with the Company may elect to have his nonforfeitable percentage determined without regard to the shift. The election period will begin with the date the deemed amendment is made and shall end on the later of: A. Sixty (60) days after the deemed amendment is adopted; B. Sixty (60) days after the deemed amendment is effective; or C. Sixty (60) days after the participant is issued written notice of the deemed amendment by the Administrative Committee. 2. Notwithstanding anything in this Plan to the contrary for any Top Heavy Plan Year, the Company shall make a minimum contribution for each non-key employee equal to three percent (3%) of such non- non-key employee's ’s salary. 3. For any year in which this Plan is top heavy, each non-key employee will receive a minimum contribu- contribu-tion if the non-key employee has not separated from service at the end of the top heavy year, regard- regard-less of whether the non-key employee has less than one thousand (1,000) hours of service in such year. Furthermore, such non-key employee shall receive such minimum contribution regardless of his or her level of compensation, and regardless of whether he or she declines to make a mandatory personal con- con-tribution. 4. Notwithstanding the foregoing, so long as any non- non-key employee is covered by both the Company's ’s Pension Plan and this Plan, the minimum contribu- contribu-tion required herein shall be satisfied by the accrual of the defined benefit by the respective non-key employee for any top heavy year. 5. If the Company shall be maintaining both this Plan and a defined benefit plan in any top heavy year, a factor of 1.0 must be applied to the dollar limits when the top heavy ratio exceeds ninety percent (90%).

Appears in 1 contract

Samples: Employee Stock Plan (Kansas City Life Insurance Co)

TOP HEAVY PLAN REQUIREMENTS. (a) For any "Top Heavy Plan Yearyear", the following provisions shall apply notwithstanding any other provision in this Plan to the contrary: 1. Any person who is a participant in this Plan in any year in which it shall be a "Top Heavy Plan" shall have his or her benefits vested in accordance with the following schedules: Twenty Percent twenty percent (20%) after two (2) years of service; Forty forty percent (40%) after three (3) years of service; Sixty sixty percent (60%) after four (4) years of service; Eighty per-cent eighty percent (80%) after five (5) years of service; One and one hundred percent (100%) after six (6) years of service. Effective January 1, 1989, there shall be no decrease in a participant's nonforfeitable percentage in the event the Plan's status as top heavy changes for any year. Further, if the vesting schedule shifts in and out of the above schedule for any year because the Plan's top heavy status changes, such shift shall be considered an amendment of the vesting schedule. If this occurs, each participant with at least three (3) years of service with the Company may elect to have his nonforfeitable percentage determined without regard to the shift. The election period will begin with the date the deemed amendment is made and shall end on the later of: A. Sixty (60) days after the deemed amendment is adopted; B. Sixty (60) days after the deemed amendment is effective; or C. Sixty (60) days after the participant is issued written notice of the deemed amendment by the Administrative Committee. 2. Notwithstanding anything in this Plan plan to the contrary contrary, for any Top Heavy Plan Year, the Company shall make a minimum contribution for each non-key employee equal to three percent (3%) of such non- non-key employee's salary, which shall be invested and accounted for in Fund III. 3. For any year in which this Plan is top heavy, each non-key employee will receive a minimum contribu- contribu-tion if the non-key employee has not separated from service at the end of the top heavy year, regard- regard-less of whether the non-key employee has less than one thousand (1,000) hours of service in such year. Furthermore, such non-key employee shall receive such minimum contribution regardless of his or her level of compensation, and regardless of whether he or she declines to make a mandatory personal con- tributioncontribution. No such minimum contribution made by the Company pursuant to these top heavy provisions shall be subject to forfeiture if a non-key employee withdraws his or her mandatory contributions. 4. Notwithstanding the foregoing, so long as any non- non-key employee is covered by both the Company's Pension Plan and this Plan, the minimum contribu- tion contri-bution required herein shall be satisfied by the accrual of the defined benefit minimum by the respective non-key employee for any top heavy year. 5. If the Company shall be maintaining both this Plan and a defined benefit plan in any top heavy year, a factor of 1.0 must be applied to the dollar limits when denominators of the top heavy ratio exceeds ninety percent (90%)defined benefit and defined contribution fractions.

Appears in 1 contract

Samples: Savings and Profit Sharing Plan (Kansas City Life Insurance Co)

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