Common use of Amendment of Vesting Schedule Clause in Contracts

Amendment of Vesting Schedule. (a) In general. No amendment shall, directly or indirectly, decrease (but may increase) a Participant's Vested Balance in his Employer Account, determined as of the later of the date the amendment is adopted, or the date such amendment is effective. If the vesting schedule of the Plan is amended, or the Plan is amended in any way that directly or indirectly affects the computation of the vested interest of Participants (or if the Plan is deemed amended by an automatic change to or from a Top-Heavy vesting schedule), each Participant with at least three (3) Years of Service with the Employer may elect, within a reasonable period after the adoption of the amendment, to have his Vested Balance computed under the Plan without regard to such amendment.

Amendment of Vesting Schedule. (a) In general. No amendment shall, directly or indirectly, decrease (but may increase) a Participant's ’s Vested Balance in his Employer Account, determined as of the later of the date the amendment is adopted, or the date such amendment is effective. If the vesting schedule of the Plan is amended, or the Plan is amended in any way that directly or indirectly affects the computation of the vested interest of Participants (or if the Plan is deemed amended by an automatic change to or from a Top-Heavy vesting schedule), each Participant with at least three (3) Years of Service with the Employer may elect, within a reasonable period after the adoption of the amendment, to have his Vested Balance computed under the Plan without regard to such amendment.