Examples of Qualified Plan in a sentence
A Participant shall vest in his or her sub-account attributable to Company contributions under Article Five at the rate of twenty-five percent (25%) for each year of Vesting Service accrued by the Participant under the Qualified Plan, with full vesting after such Participant has accrued four (4) years of such Vesting Service.
The amount of the Retirement Contribution shall be calculated using the same formula as is used for the Retirement Contributions under the Qualified Plan but ignoring any compensation limits under the Qualified Plan and based solely on Plan Compensation.
In addition, if a Participant would become immediately vested in his or her Company contributions under the Qualified Plan for any reason (such as death, disability, or retirement on or after age 55), then such Participant shall also become immediately vested in his or her entire Account under this Plan.
The total Company Matching Contribution contributed under the Plan for any Plan Year shall be the additional matching contributions that would be allocated to the Participant’s account under the Qualified Plan for the corresponding calendar year based upon pretax and Roth deferrals attributable to the Participant’s compensation (as defined in such plan) if the limits under Sections 402(g) and 401(a)(17) of the Code did not apply.