Minimum Vesting. For any Plan Year in which the Plan is a Top-Heavy Plan and all Plan Years thereafter, the Top-Heavy vesting schedule elected in Section 1.12(d) will automatically apply to the Plan. The Top-Heavy vesting schedule applies to all benefits within the meaning of Section 411(a)(7) of the Code except those attributable to Employee Contributions or those already subject to a vesting schedule which vests at least as rapidly in all cases as the schedule elected in Section 1.12(d), including benefits accrued before the Plan becomes a Top-Heavy Plan. Further, no decrease in a Participant's nonforfeitable percentage may occur in the event the Plan's status as a Top-Heavy Plan changes for any Plan Year. However, this Section 9.05 does not apply to the Account of any Employee who does not have an Hour of Service after the Plan has initially become a Top-Heavy Plan and such Employee's Account attributable to Employer Contributions will be determined without regard to this Section 9.05.
Minimum Vesting. For any Plan Year in which this Plan is Top-Heavy, the minimum vesting schedule elected by the Employer in the Adoption Agreement will automatically apply to the Plan. If the vesting schedule selected by the Employer in the Adoption Agreement is less liberal than the allowable schedule, the schedule will automatically be modified. If the vesting schedule under the Employer's Plan shifts in or out of the Top-Heavy schedule for any Plan Year, such shift is an amendment to the vesting schedule and the election in paragraph 9.8 of the Plan applies. The minimum vesting schedule applies to all accrued benefits within the meaning of Code Section 411(a)(7) except those attributable to Employee contributions, including benefits accrued before the effective date of Code Section 416 and benefits accrued before the Plan became Top-Heavy. Further, no reduction in vested benefits may occur in the event the Plan's status as Top-Heavy changes for any Plan Year. However, this paragraph does not apply to the account balances of any Employee who does not have an Hour of Service after the Plan initially becomes Top-Heavy and such Employee's account balance attributable to Employer contributions and forfeitures will be determined without regard to this paragraph.
Minimum Vesting. For any Plan Year during which this Plan is Top-Heavy, the minimum vesting schedule selected by the Employer in the Adoption Agreement will apply to the Plan. If the vesting schedule elected by the Employer in the Adoption Agreement is less liberal than the allowable schedule, the schedule will automatically shift to a vesting schedule that satisfies the Top-Heavy minimum requirements. For those Plans using a graded vesting schedule, the schedule will accelerate to no less than a two (2) to six (6) year graded vesting schedule. For those Plans using a cliff vesting schedule, the schedule will accelerate to a three (3) year cliff vesting schedule. If the vesting schedule under the Employer’s Plan shifts in or out of the Top-Heavy schedule for any Plan Year, such shift is an amendment to the vesting schedule and the election in paragraph 9.9 applies. The minimum vesting schedule applies to all accrued benefits within the meaning of Code Section 411(a)(7) except those attributable to Employee contributions, including benefits accrued before the effective date of Code Section 416 and benefits accrued before the Plan became Top-Heavy. No reduction in vested benefits may occur in the event the Plan’s status as Top-Heavy changes for any Plan Year. This paragraph does not apply to the account balances of any Employee who does not have one (1) Hour of Service after the Plan initially becomes Top-Heavy and such Employee’s account balance attributable to Employer contributions and forfeitures will be determined without regard to this paragraph.
Minimum Vesting. After 2 years of continuous service as a member of the Pension Plan, a terminating employee is entitled to the actuarial equivalent of the benefits payable at normal retirement with respect to credited service subsequent to December 31, 1986, plus any required contributions with interest to date of termination.
Minimum Vesting. For any Plan Year during which this Plan is Top-Heavy, the minimum vesting schedule selected by the Employer in the Adoption Agreement will automatically apply to the Plan. If the vesting schedule elected by the Employer in the Adoption Agreement is less liberal than the allowable schedule, the schedule will automatically shift to a vesting schedule which satisfies the Top-Heavy minimum requirements. If the vesting schedule under the Employer’s Plan shifts in or out of the Top-Heavy schedule for any Plan Year, such shift is an amendment to the vesting schedule and the election in paragraph 9.9 of the Basic Plan Document #01 applies. The minimum vesting schedule applies to all accrued benefits within the meaning of Code Section 411(a)(7) except those attributable to Employee contributions, including benefits accrued before the effective date of Code Section 416 and benefits accrued before the Plan became Top-Heavy. No reduction in vested benefits may occur in the event the Plan’s status as Top-Heavy changes for any Plan Year. This paragraph does not apply to the account balances of any Employee who does not have one
Minimum Vesting. A Participant's Nonforfeitable Accrued Benefit will never be less than the lesser of $------------- or his entire Accrued Benefit, even if the application of the graduated vesting schedule under Option (b) would result in a smaller Nonforfeitable Accrued Benefit.
Minimum Vesting. 1. For any Plan Year in which the Plan is top heavy, the following vesting schedule shall be applied to the extent such schedule provides a higher vesting percentage than the vesting schedule under Section A of Article IV: Completed Years Vesting of Service Percentage --------------- ---------- 1 or less 0% 2 20% 3 40% 4 60% 5 80% 6 100%
Minimum Vesting. For any Top Heavy Plan Year, the vested interest in his Accrued Benefit of each Participant who has been credited with at least one (1) Hour of Service during such Top Heavy Plan Year (including benefits accrued before the effective date of Section 416 of the Code and before the plan became a Top Heavy Plan, but not including benefits that were forfeited before the plan became a Top Heavy Plan) shall not be less than the applicable percentage of Section 7.7(b) of the Plan, nor less than the applicable percentage indicated by the following schedule: Years of Vesting Service Minimum Vesting Percentage ------------------------ -------------------------- Less than 2 0 2 20 3 40 4 60 5 80 6 or more 100 For purposes of this Section 12.7, Years of Vesting Service which may be disregarded under Section 411(a)(4) of the Code shall not be taken into account. Should the plan cease to be a Top Heavy Plan, this minimum vesting schedule shall no longer apply provided, however, that: (a) a Participant's vested percentage shall not be
Minimum Vesting. Except as otherwise provided pursuant to this Section 5.3 and Section 14, (i) in the case of any Award (other than an Option or SAR) that is conditioned upon the attainment of specified performance goals by the Grantee with the Company or a Subsidiary (including a division or business unit of the Company or a Subsidiary) and is payable in Shares, the Restrictions shall last for no less than one (1) year, or (ii) in the case of an Award, other than Deferred Stock that is granted in connection with a Xxxxxxx’s Deferral Election, that is conditioned solely upon the continuous employment by the Grantee with the Company or a Subsidiary and is payable in Shares, the Restrictions shall last for no less than three (3) years. Except as otherwise provided pursuant to this Section 5.3 and Section 14, during the mandated one-year and three-year period of Restrictions, as applicable, the Committee may not waive the Restrictions for all or any part of such Award. Notwithstanding the foregoing, the Committee shall have the authority under this Section 5.3(d) to accelerate, vest or waive Restrictions with respect to any Awards (that are subject to the minimum vesting restrictions set forth above) that (A) (exclusive of the accelerations, vesting and waivers permitted pursuant to clauses (B) and (C) below) do not, in the aggregate, exceed five percent (5%) of the Available Shares under the Plan (as such number may be adjusted or increased from time to time pursuant to the Plan), (B) occur in connection with a Change in Control, or (C) occur, with a respect to any Grantee, in connection with the death, Disability, Early Retirement or Normal Retirement of such Grantee.
Minimum Vesting. For any Top Heavy Plan Year, the vested interest of each Participant who has been credited with at least one (1) Hour of Service during such Top Heavy Plan Year in his accrued benefit (including benefits accrued before the effective date of Section 416 of the Code and before the Plan became a Top Heavy Plan, but not including benefits that were forfeited before the Plan became a Top Heavy Plan) shall not be less than the vested percentage specified in Article Eleven of the Plan, nor less than the applicable percentage indicated by the following minimum vesting schedule: YEARS OF SERVICE MINIMUM VESTING PERCENTAGE ---------------- -------------------------- Less than 2 0% 2 20% 3 40% 4 60% 5 80% 6 or more 100%
