Vested Interest. (a) A Participant shall have a vested interest in his accrued retirement benefit when he has been credited with ten (10) Vested Years; provided that, only five Vested Years shall be required to be vested in the case of a Participant who is credited on or after December 24, 1989, with 40 or more Credited Hours at a time when the Participant is not included within a unit covered by a collective bargaining agreement between an Employer and a Union. (b) Notwithstanding subsection (a), any Participant who is credited with one or more Vested Hours on or after December 26, 1999, shall have a vested interest in his accrued retirement benefit when he has been credited with five (5)
Appears in 3 contracts
Samples: Restated Trust Agreement, Restated Trust Agreement, Restated Trust Agreement
Vested Interest.
(a) A Participant shall have a vested interest in his accrued retirement benefit when he has been credited with ten (10) Vested Years; provided that, only five Vested Years shall be required to be vested in the case of a Participant who is credited on or after December 24, 1989, with 40 or more Credited Hours at a time when the Participant is not included within a unit covered by a collective bargaining agreement between an Employer and a Union.
(b) Notwithstanding subsection (a), any Participant who is credited with one or more Vested Hours on or after December 26, 1999, shall have a vested interest in his accrued retirement benefit when he has been credited with five (5)
Appears in 1 contract
Samples: Restated Trust Agreement
