Plan account. If a teacher retires or otherwise terminates employment before satisfaction of the applicable vesting requirements, for any reason, the terminated teacher’s 401(a) Plan account(s) shall be forfeited. The forfeited amounts shall not be returned to the Corporation. Instead, forfeited Buyout Accounts shall be reallocated at the end of each plan year only among the then remaining separate Buyout Accounts of the Older Teachers in the same manner as was used by ESC in originally determining the present value of the unfunded Target Benefits. Forfeited Target Benefit accounts and other forfeited 401(a) Plan accounts shall be reallocated in such manner as established in the underlying 401(a) Plan.
Appears in 3 contracts
Sources: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement