Common use of Terms of Investment Clause in Contracts

Terms of Investment. The employer’s 401(a) contributions shall begin during the first month of employment for each new employee and shall continue to accrue in that employee’s account. If an employee dies during his/her first five years of service in the River Forest Community School Corporation, his/her 401(a) account shall become the property of his/her estate. If, for any other reason, an employee leaves prior to completing five (5) years of service to the River Forest Community Schools, the amounts in the account shall be forfeited into a forfeiture account to be administrated by the current vendor. Upon completion of the fifth year of employment all assets of his/her 401(a) account become vested to the employee.

Terms of Investment. The employer’s 401(a401 (a) contributions shall begin during the first month of employment for each new employee and shall continue to accrue in that employee’s account. If an employee dies during his/her first five years of service in the River Forest Community School Corporation, his/her 401(a) account shall become the property of his/her estate. If, for any other reason, an employee leaves prior to completing five (5) years of service to the River Forest Community Schools, the amounts in the account shall be forfeited into a forfeiture account to be administrated by the current vendor. Upon completion of the fifth year of employment all assets of his/her 401(a401 (a) account become vested to the employee.