Examples of Pre-2005 Plan in a sentence
The Pre-2005 Plan shall be deemed to constitute a separate plan for purposes of Section 409A.
A Participant may elect to have his or her vested Pre-2005 Plan Account (or a portion thereof) paid or commence to be paid immediately upon his or her election.
Notwithstanding anything herein to the contrary, upon a Change in Control, each Participant shall become entitled to receive the entire balance of his or her Pre-2005 Plan Account in a single lump sum payment on the thirtieth (30th) day following the Change in Control (or as soon thereafter as is administratively feasible).
A Participant may alternatively elect to receive an immediate distribution, subject to a ten percent (10%) penalty and a suspension from the Plan, of all or a portion of his or her vested Pre-2005 Plan Account pursuant to Section 5.3. Any payment due hereunder from the Trust which is not paid by the Trust for any reason will be paid by the Sponsor from its general assets.
If such waiver election is timely made, the Participant shall receive his or her Pre-2005 Plan Account balance at the time designated in the most recent Participant Enrollment and Election Form received by the Sponsor from the Participant or, if no election as to timing of Account distribution has been made on the Participant’s Enrollment and Election Form, at the time the Participant incurs a Separation from Service with the Employer.
The beginning balance of each Participant’s Plan Year Account on the Effective Date shall be the amount credited to such respective Plan Year Accounts under the Plan as in effect immediately prior to the Effective Date; provided, however, that the portion of the Participant’s Account consisting of the Participant’s Grandfathered Account shall be segregated and shall be subject to the provisions of the Pre-2005 Plan as provided under Section 1.1(c).
Such payment dates may not be accelerated, except as provided in Sections 5.1, 5.3 or 5.4. A Participant who selects payment or commencement of payment of the designated portion of his or her vested Pre-2005 Plan Account on a fixed date or dates shall receive payment of the designated portion of his or her vested Pre-2005 Plan Account at the earlier of such fixed payment date or dates (as extended, if applicable) or his or her Separation from Service with the Employer.
Upon the establishment of this Plan, any Accounts under the Pre-2005 Plan that were not earned and vested as of December 31, 2004, and all liabilities associated therewith, were transferred to Accounts under this Plan.
The only Participants in this Pre-2005 Plan are those Participants who were participants in the Pre-2005 Predecessor Plan and who are listed on a schedule maintained by the Company.
For this purpose and for purposes of any transitional rule applicable under Section 409A of the Code, this Plan shall be treated as though a continuation of the Pre-2005 Plan.