Pre-409A Preserved Benefit means that portion of a Participants Annual Retirement Benefit that was earned under the Original Plan as of December 31, 2004, was not subject to a substantial risk of forfeiture under the Section 409A Rules as of that date and was not materially modified after October 3, 2004 under the Section 409A Rules.
Examples of Pre-409A Preserved Benefit in a sentence
If a Participant whose prior service on the Board was terminated for any reason returns to membership on the Board, any benefits payable to the Participant with respect to the Participants Pre-409A Preserved Benefit only under the Plan shall cease for so long as such Participant continues to be a member of the Board.
If a Participant whose prior service on the Board was terminated for any reason becomes an employee of an Employer, any payment with respect to the Participants Pre-409A Preserved Benefit payable to such Participant under the Plan shall cease for so long as such Participant remains an employee thereof.