Common use of Vesting on Reemployment After Break in Service Clause in Contracts

Vesting on Reemployment After Break in Service. If a Participant has 5 or more consecutive Breaks in Service (6 or more consecutive Breaks in Service if the Alternative maternity/Paternity Rule applies), all Years of Service completed after such Breaks in Service shall be disregarded for purposes of determining the Participant's nonforfeitable interest in the Participant's Employer Account and Matching Account that accrued before such Breaks in Service. Accordingly, as set forth in 8.2, the Employer shall not be required to restore a Forfeiture upon such reemployment. Unless the Adoption Agreement specifies the Rule of Parity, both the Participant's pre-break service and post-break service shall count for purposes of determining the nonforfeitable interest in the Participant's post-break Employer Account and Matching Account. If the Adoption Agreement specifies the Rule of Parity and the Participant's pre-break Years of Service are disregarded under that rule, then the Participant's pre-break Years of Service shall not count for purposes of determining the nonforfeitable interest in the Participant's post-break Employer Account and Matching Account. As provided in 8.2, separate accounts shall be maintained for the Participant's pre-break and post-break Employer Account and Matching Account and such accounts shall share in Fund Earnings. If a Participant does not have 5 consecutive Breaks in Service (6 or more consecutive Breaks in Service if the Alternative Maternity/Paternity Rule applies), both the Participant's pre- break and post-break Years of Service shall count in determining the nonforfeitable interest in both the pre-break and post-break Employer Account and Matching Account balance. However, unless the Adoption Agreement s edifies the "Alternative to the Buy Back Rule" (as described in section 8.2(b)), a Participant's pre-break Employer Account and Matching Account balance shall be zero unless the Participant repays any distribution as provided in section 8.2(a).

Appears in 2 contracts

Samples: 401(k) Adoption Agreement (Oshkosh B Gosh Inc), Flexible Nonstandardized 401(k) Adoption Agreement (Oshkosh B Gosh Inc)

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Vesting on Reemployment After Break in Service. If a Participant has 5 or more consecutive Breaks in Service (6 or more consecutive Breaks in Service if the Alternative maternityMaternity/Paternity Rule applies), all Years of Service completed after such Breaks in Service shall be disregarded for purposes of determining the Participant's nonforfeitable interest in the ParticipantParticipation's Employer Account and Matching Account that accrued before such Breaks in Service. Accordingly, as set forth in 8.2(S)8.2, the Employer shall not be required to restore a Forfeiture upon such reemployment. Unless the Adoption Agreement specifies the Rule of Parity, both the Participant's pre-break service and post-break service shall count for purposes of determining the nonforfeitable interest in the Participant's post-break Employer Account and Matching Account. If the Adoption Agreement specifies the Rule of Parity and the Participant's pre-break Years of Service are disregarded under that rule, then the Participant's pre-break Years of Service shall not count for purposes of determining the nonforfeitable interest in the Participant's post-break Employer Account and Matching Account. As provided in 8.2(S)8.2, separate accounts shall be maintained for the Participant's pre-break and post-break Employer Account and Matching Account and such accounts shall share in Fund Earnings. If a Participant does not have 5 consecutive Breaks in Service (6 or more consecutive Breaks in Service if the Alternative Maternity/Paternity Rule applies), both the Participant's pre- pre-break and post-break Years of Service shall count in determining the nonforfeitable interest in both the pre-pre- break and post-break Employer Account and Matching Account balance. However, unless the Adoption Agreement s edifies specifies the "Alternative to the Buy Back Rule" (as described in section 8.2(b(S)8.2(b)), a Participant's pre-break Employer Account and Matching Account balance shall be zero unless the Participant repays any distribution as provided in section 8.2(a(S)8.2(a).

Appears in 1 contract

Samples: Adoption Agreement (Community First Banking Co)

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Vesting on Reemployment After Break in Service. If a Participant has 5 or more consecutive Breaks in Service (6 or more consecutive Breaks in Service if the Alternative maternity/Paternity Rule applies), all Years of Service completed after such Breaks in Service shall be disregarded for purposes of determining the Participant's nonforfeitable interest in the Participant's Employer Account and Matching Account that accrued before such Breaks in Service. Accordingly, as set forth in 8.2, the Employer shall not be required to restore a Forfeiture upon such reemployment. Unless the Adoption Agreement specifies the Rule of Parity, both the Participant's pre-break service and post-post- break service shall count for purposes of determining the nonforfeitable interest in the Participant's post-break Employer Account and Matching Account. If the Adoption Agreement specifies the Rule of Parity and the Participant's pre-break Years of Service are disregarded under that rule, then the Participant's pre-break Years of Service shall not count for purposes of determining the nonforfeitable interest in the Participant's post-post- break Employer Account and Matching Account. As provided in 8.2, separate accounts shall be maintained for the Participant's pre-pre- break and post-break Employer Account and Matching Account and such accounts shall share in Fund Earnings. If a Participant does not have 5 consecutive Breaks in Service (6 or more consecutive Breaks in Service if the Alternative Maternity/Paternity Rule applies), both the Participant's pre- break and post-break Years of Service shall count in determining the nonforfeitable interest in both the pre-break and post-break Employer Account and Matching Account balance. However, unless the Adoption Agreement s edifies the "Alternative to the Buy Back Rule" (as described in section 8.2(b)), a Participant's pre-break Employer Account and Matching Account balance shall be zero unless the Participant repays any distribution as provided in section 8.2(a).

Appears in 1 contract

Samples: Flexible Nonstandardized 401(k) Adoption Agreement (Oshkosh B Gosh Inc)

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