Prior Plan Statement definition
Examples of Prior Plan Statement in a sentence
Until otherwise determined by the Committee, the Subfunds to be maintained hereunder shall consist of the separate investment funds established and maintained under the Prior Plan Statement.
Prior to January 1, 1987, the Plan accepted deductible voluntary contributions made in accordance with Section 3.6 of the Prior Plan Statement.
If this Plan Statement is adopted as an amendment of a Prior Plan Statement, the tenure and membership of the any committee previously appointed, the rules of administration adopted and the Beneficiary designations in effect under the Prior Plan Statement immediately before the Effective Date shall, to the extent not inconsistent with this Plan Statement, continue in full force and effect until altered as provided herein.
All deductible voluntary contributions made pursuant to the Prior Plan Statement shall be held in the Deductible Voluntary Account and shall continue to share in any trust earnings or losses, and be distributed in accordance with the provisions of Section 7.
If the Employer's execution of the Adoption Agreement is an amendment of a Prior Plan Statement of which the Trustee was the trustee, such execution shall not be considered to be a termination of one plan and the establishment of another but, on the contrary, shall be considered to be the express continuation of the Plan under new documents.
If this Plan Statement is adopted as an amendment of a Prior Plan Statement, each Employee who immediately before the Effective Date was a Participant in the Plan prior to the Effective Date and who continues in Recognized Employment on the Effective Date shall continue as a Participant in this Plan.
For any person who does not perform one (1) Hour of Service on or after February 26, 1989, the Vesting provisions of the Prior Plan Statement shall continue to apply.
In addition, Participants who actually began receiving installment payments before February 26, 1989, shall continue to receive such payments under the rules specified in the Prior Plan Statement to the extent that such rules are not inconsistent with current laws and regulations, including, specifically, Section 401(a)(9) and Section 411(d)(6) of the Code.
If the Employer's execution of the Adoption Agreement is an amendment of a Prior Plan Statement of which the Trustee was not the trustee, such execution shall not be considered to be a termination of one plan and the establishment of another but, on the contrary, shall be considered to be the express continuation of the Plan under new documents.
Account Will Be: ------------------- ---------------- Less than 3 years 0% 3 years or more 100% provided, however, that the Vested percentage of any Participant who was a Participant in the Plan as of March 1, 1996, shall not be less than the percentage the Participant would have earned had the Prior Plan Statement continued in effect.