Common use of For Plan Years Clause in Contracts

For Plan Years. beginning after 1984, a Participant shall not incur a forfeiture until he has five (5) consecutive One-Year Breaks in Service. Notwithstanding the preceding sentence or anything in this Plan to the contrary, a Participant who terminates employment with the Employer pursuant to this Section and receives (or is deemed to receive) a distribution of his Account prior to incurring five (5) consecutive One-Year Breaks in Service for Plan Years beginning after 1984, shall forfeit amounts that are not nonforfeitable immediately subsequent to such distribution. However, if the Participant returns to the employment of the Employer before five (5) consecutive One-Year Breaks in Service for Plan Years beginning after 1984, any amounts so forfeited shall be reinstated to the Participant's Account within a reasonable time after repayment by the Participant of the amount of the distribution. Such repayment must be made (a) in the case of a payment on account of separation from service before the earlier of (i) five (5) years after the first date on which the Participant is subsequently re-employed by the Employer, or (ii) the close of the first period of five (5) consecutive One-Year Breaks in Service commencing after the withdrawal; or (b) in the case of any other withdrawal, within five (5) years after the date of withdrawal. For purposes of this Section, if the value of an Employee's vested Account balance is zero, the Employee shall be deemed to have received a distribution of such vested Account balance. If an Employee is deemed to receive a distribution pursuant to the preceding sentence and the Employee resumes employment covered under this Plan before the date the Participant incurs five (5) consecutive One-Year Breaks in Service, upon the re-employment of such Employee, the Employer-derived Account balance of the Employee will be restored to the amount on the date of such deemed distribution. A Participant's vested Account balance shall not include accumulated deductible Employee contributions within the meaning of Code Section 72(o)(5)(B) for Plan Years beginning prior to January 1, 1989. Notwithstanding anything in this Plan and Trust to the contrary, to reinstate the Participant's Account, the Trustee, to the extent necessary, shall allocate to the Participant's Account (a) first, the amount, if any, of Participant forfeitures for the Plan Year which would otherwise be allocated under the Allocation of Contributions and Forfeiture Section; and (b) second, the Employer contribution for the Plan Year to the extent made under a discretionary formula.

Appears in 1 contract

Sources: 401(k) Retirement Savings Plan and Trust Agreement (Carolina Power & Light Co)

For Plan Years. beginning after 1984, a Participant shall not incur a forfeiture until he has five (5) consecutive One-Year Breaks in Service. Notwithstanding the preceding sentence or anything in this Plan to the contrary, a Participant who terminates employment with the Employer pursuant to this Section and receives (or is deemed to receive) a distribution of his Account prior to incurring five (5) consecutive One-Year Breaks in Service for Plan Years beginning after 1984, shall forfeit amounts that are not nonforfeitable non-forfeitable immediately subsequent to such distribution. However, if the Participant returns to the employment of the Employer before five (5) consecutive One-Year Breaks in Service for Plan Years beginning after 1984, any ally amounts so forfeited shall be reinstated to the Participant's Account within a reasonable time after repayment by the Participant of the amount of the distribution. Such repayment must be made (a) in the case of a payment on account of separation from service before the earlier of (i) five (5) years after the first date on which the Participant is subsequently re-employed by the Employer, or (ii) the close of the first period of five (5) consecutive One-Year Breaks in Service commencing after the withdrawal; or (b) in the case of any other withdrawal, within five (5) years after the date of withdrawal. For purposes of this Section, if the value of an Employee's vested Account balance is zero, the Employee shall be deemed to have received a distribution of such vested Account balance. If an Employee is deemed to receive a distribution pursuant to the preceding sentence and the Employee resumes employment covered under this Plan before the date the Participant incurs five (5) consecutive One-Year Breaks in Service, upon the re-employment of such Employee, the Employer-derived Account balance of the Employee will be restored to the amount on the date of such deemed distribution. A Participant's vested Account balance shall not include accumulated deductible Employee contributions within the meaning of Code Section 72(o)(5)(B72(o) (5) (B) for Plan Years beginning prior to January 1, 1989. Notwithstanding anything in this Plan and Trust to the contrary, . to reinstate the Participant's Account, the Trustee, to the extent necessary, shall allocate to the Participant's Account (a) first, the amount, if any, of Participant forfeitures for the Plan Year which would otherwise be allocated under the Allocation of Contributions and Forfeiture Section; and (b) second, the Employer contribution for the Plan Year to the extent made under a discretionary discretionary. formula.

Appears in 1 contract

Sources: 401(k) Retirement Savings Plan and Trust Agreement (Hampshire Group LTD)

For Plan Years. beginning after 1984, a Participant shall not incur a forfeiture until he has five (5) consecutive One-Year Breaks in Service. Notwithstanding the preceding sentence or anything in this Plan to the contrary, a Participant who terminates employment with the Employer pursuant to this Section and receives (or is deemed to receive) a distribution of his Account prior to incurring five (5) consecutive One-Year Breaks in Service for f or Plan Years beginning after 1984, shall forfeit amounts that are not nonforfeitable immediately subsequent to such distribution. However, if the Participant returns to the employment of the Employer before five (5) consecutive One-Year Breaks in Service for Plan Years beginning after 1984, any amounts so forfeited shall be reinstated to the Participant's Account within a reasonable time after repayment by the Participant of the amount of the distribution. Such repayment must be made (a) in the case of a payment on account of separation from service before the earlier of (i) five (5) years after the first date on which the Participant is subsequently re-employed by the Employer, or (ii) the close of the first period of five (5) consecutive One-Year Breaks in Service commencing after the withdrawal; or (b) in the case of any other withdrawal, within five (5) years after the date of withdrawal. For purposes of this Section, if the value of an Employee's vested Account balance is zero, the Employee shall be deemed to have received a distribution of such vested Account balance. If an Employee is deemed to receive a distribution pursuant to the preceding sentence and the Employee resumes employment covered under this Plan before the date the Participant incurs five (5) consecutive One-Year Breaks in Service, upon the re-employment of such Employee, the Employer-derived Account balance of the Employee will be restored to the amount on the date of such deemed distribution. A Participant's vested Account balance shall not include accumulated deductible Employee contributions within the meaning of Code Section 72(o)(5)(B72(o) (5) (B) for Plan Years beginning prior to January 1, 19891,1989. Notwithstanding anything in this Plan and Trust to the contrary, to reinstate the Participant's Account, the Trustee, to the extent necessary, shall allocate to the Participant's Account (a) first, the amount, if any, of Participant forfeitures for the Plan Year which would otherwise be allocated under the Allocation of Contributions and Forfeiture Section; and (b) second, the Employer contribution for the Plan Year to the extent made under a discretionary formula.

Appears in 1 contract

Sources: 401(k) Retirement Savings Plan (Hampshire Group LTD)