Examples of CPChem 401(k) Plan in a sentence
This election is irrevocable and the Participant cannot change his deferral elections under the CPChem 401(k) Plan for such Plan Year once this “wrap” election has been made.
This election, called the “wrap” election, provides for all the Participant’s deferrals to be first made to the Plan, and then, to the extent that the CPChem 401(k) Plan Limits permit these contributions to be made to the CPChem 401(k) Plan, they are automatically transferred to the CPChem 401(k) Plan.
If the Participant terminates employment prior to having three (3) years of vesting service under the CPChem 401(k) Plan, then such Participant shall forfeit the entire portion of the Participant’s Account attributable to Matching Contributions (and deemed earnings and losses thereon).
The Diocese has a Consolidated Investment Fund which requires maintaining records for over 800 parish investment accounts with a value of over $16 million and maintain an accounting system for our investment funds which tracks over $22 million in assets.
An Eligible Employee will receive a Matching Contribution allocation with respect to a Plan Year if that Eligible Employee has deferred the maximum pre-tax amount he or she is eligible to defer under the CPChem 401(k) Plan with respect to that Plan Year.
Notwithstanding the foregoing, if a Participant receives a hardship withdrawal from the CPChem 401(k) Plan, such Participant’s Base Compensation deferral election and Bonus deferral election (to the extent as yet unpaid) under the Plan shall be terminated for the Plan Year in which the hardship withdrawal is received.
Amounts credited to a Participant’s Account attributable to Matching Contributions shall vest only pursuant to such provisions as apply to the vesting of rights to Matching Contributions and Profit-sharing Contributions under the CPChem 401(k) Plan.