Common use of AMENDMENTS AFFECTING VESTED AND/OR ACCRUED BENEFITS Clause in Contracts

AMENDMENTS AFFECTING VESTED AND/OR ACCRUED BENEFITS. Except as permitted by Section 16.05, Section 1.19(e) and the Forms of Payment Addendum to the Adoption Agreement, and/or Code Section 411(d)(6) and regulations issued thereunder, no amendment to the Plan shall be effective to the extent that it has the effect of decreasing a Participant's Account or eliminating an optional form of benefit with respect to benefits attributable to service before the amendment. Furthermore, if the vesting schedule of the Plan is amended, the nonforfeitable interest of a Participant in his Account, determined as of the later of the date the amendment is adopted or the date it becomes effective, shall not be less than the Participant's nonforfeitable interest in his Account determined without regard to such amendment. If the Plan is a money purchase pension plan, no amendment to the Plan that provides for a significant reduction in contributions to the Plan shall be made unless notice has been furnished to Participants and alternate payees under a qualified domestic relations order as provided in ERISA Section 204(h). If the Plan's vesting schedule is amended because of a change to "top-heavy plan" status, as described in Subsection 15.01(f), the accelerated vesting provisions of Section 15.06 shall continue to apply for all Plan Years thereafter, regardless of whether the Plan is a "top-heavy plan" for such Plan Year. If the Plan's vesting schedule is amended and an Employee's vested interest, as calculated by using the amended vesting schedule, is less in any year than the Employee's vested interest calculated under the Plan's vesting schedule immediately prior to the amendment, the amended vesting schedule shall apply only to Employees hired on or after the effective date of the change in vesting schedule.

AMENDMENTS AFFECTING VESTED AND/OR ACCRUED BENEFITS. Except as permitted by Section 16.05, Section 1.19(e) and the Forms of Payment Addendum to the Adoption Agreement, and/or Code Section 411(d)(6) and regulations issued thereunder, no No amendment to the Plan shall be effective to the extent that it has the effect of decreasing a Participant's Account accrued benefit. This includes a plan amendment that decreases a participant’s accrued benefit, or eliminating an optional form otherwise places greater restrictions or conditions on a participant’s rights to section 411(d)(6) protected benefits, even if the amendment merely adds a restriction or condition that is permitted under the vesting rules in section 411(a)(3) through (11). Notwithstanding the preceding sentence, a Participant's account balance may be reduced to the extent permitted under section 412(d)(2) of benefit the Code or to the extent permitted under sections 1.411(d)-3 and 1.411(d)-4 of the regulations.. For purposes of this paragraph, a plan amendment which has the effect of decreasing a Participant's account balance with respect to benefits attributable to service before the amendmentamendment shall be treated as reducing an accrued benefit. Furthermore, Furthermore if the vesting schedule of the Plan a plan is amended, in the nonforfeitable interest case of an Employee who is a Participant in his Account, determined as of the later of the date the such amendment is adopted or the date it becomes effective, shall the nonforfeitable percentage (determined as of such date) of such Employee's employer-derived accrued benefit will not be less than the Participant's nonforfeitable interest in his Account determined percentage computed under the plan without regard to such amendment. If the Plan is a money purchase pension plan, no No amendment to the Plan plan shall be effective to eliminate or restrict an optional form of benefit. The preceding sentence shall not apply to a plan amendment that eliminates or restricts the ability of a participant to receive payment of his or her account balance under a particular optional form of benefit if the amendment provides for a significant reduction in contributions single- sum distribution form that is otherwise identical to the Plan shall be made unless notice has been furnished to Participants and alternate payees under optional form of benefit being eliminated or restricted. For this purpose, a qualified domestic relations order as provided single-sum distribution form is otherwise identical only if the single-sum distribution form identical in ERISA Section 204(h). If the Plan's vesting schedule is amended because of a change to "top-heavy plan" status, as described in Subsection 15.01(f), the accelerated vesting provisions of Section 15.06 shall continue to apply for all Plan Years thereafter, regardless of whether the Plan is a "top-heavy plan" for such Plan Year. If the Plan's vesting schedule is amended and an Employee's vested interest, as calculated by using the amended vesting schedule, is less in any year than the Employee's vested interest calculated under the Plan's vesting schedule immediately prior respects to the amendment, eliminated or restricted optional form of benefit (or would be identical except that it provides greater rights to the amended vesting schedule shall apply only participant) except with respect to Employees hired on or the timing of payments after the effective date of the change in vesting schedulecommencement.