Preexisting Plan definition
Examples of Preexisting Plan in a sentence
Any nondeductible employee contributions and matching contributions made under Preexisting Plan or under this Plan (in accordance with the preceding sentence) for Plan Years beginning after December 31, 1986 shall be subject to the nondiscrimination limitations under Code Section 401(m) as set forth in Section 7.5.
However, if loans are not permitted in the Adoption Agreement, any outstanding loans made under the terms of the Preexisting Plan shall be subject to this Section 13.3.
Nothing in the Plan affects any grant issued under the Preexisting Plan, as defined below, which are outstanding on the Effective Date of the Plan until such time, if any, that any share of stock subject to such grants are forfeited or grants respecting any shares of stock expire on or after the Effective Date in accordance with the terms of such grants, or such grants are cancelled.
Any Employee who was a participant in the Preexisting Plan on the date immediately preceding the Effective Date or who would have become a participant in the Preexisting Plan on the Effective Date shall become a Participant under this Plan on such Effective Date.
No Participant shall have the right to elect to have the Trustee purchase an insurance contract on his or her life for his or her Account under this Plan; however, any life insurance contract purchased under the terms of a Preexisting Plan, which is acceptable to the Trustee, shall continue to be held by the Trustee for the benefit of the Participant subject to the conditions of this Section 13.1.