Reallocation of Forfeitures Sample Clauses

Reallocation of Forfeitures. The ETA President shall receive a list of those teachers whose accounts have been terminated pursuant to this Appendix, which shall list the teacher’s name and the total value of the terminated accounts. The ETA President will receive this list on or before September 15. Eighty percent (80%) of the forfeited amounts shall be reallocated at the end of each plan year only among the then remaining separate VEBA II accounts. Reallocation of forfeitures will be applied on an actuarially sound basis that is consistent with the model previously developed for the distribution of forfeited amounts (i.e. where allocation results are based upon age and number of years until projected retirement date for each teacher) and deposited in teacher accounts on or before October 15th. Twenty percent (20%) of the forfeited amounts shall revert to the Employer. VEBA II accounts of teachers who have attained the age of fifty-nine (59) but who have not terminated employment may share in the reallocated forfeiture, but on a reduced actuarial basis.  Teachers Prevented from Participation in Reallocation of Forfeitures: the VEBA II accounts of the following teachers will not share in the reallocation of a forfeiture of a VEBA account. o Teachers who forfeited their VEBA II accounts in the same year, o Teachers who previously forfeited their VEBA II accounts; and o Teachers who have attained the age of fifty-nine (59) and terminated employment in or before the year of the reallocated forfeiture. Teachers Hired Subsequent to March 31, 2016 shall be assigned to VEBA IV The VEBA Plan for teachers hired subsequent to March 31, 2016 (VEBA IV) includes the following terms and conditions:  Vesting: A teacher must have served in the Elkhart Community Schools fifteen
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Reallocation of Forfeitures. The reallocation of forfeitures under Section 3.05 applies to Plan Years beginning after ________________________________. [Note: The date specified may not be earlier than December 31, 1985.]
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Reallocation of Forfeitures. The ETA President shall receive a list of those teachers whose accounts have been terminated pursuant to this Appendix, which shall list the teacher’s name and the total value of the terminated accounts. The ETA President will receive this list on or before September
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Reallocation of Forfeitures. Any forfeiture which results from a Participant's termination of Service shall be reallocated as if it were a contribution of the same type (i.e., Employer Profit Sharing Contribution or Employer Matching Contribution) for the Plan Year following the Plan Year in which such forfeiture occurs [x ] or, if this box is checked, such forfeiture shall be applied to reduce the Employer's obligation to make Employer Matching Contributions and fixed Profit Sharing Contributions for the Plan Year during which the forfeiture occurs.
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Reallocation of Forfeitures. If the Employer elects to reallocate forfeitures as additional contributions, the forfeitures will be added to other contributions made by the Employer (as designated under Part 8 of the Agreement) for the Plan Year designated under Part 8, #29 of the Agreement [Part 8, #47 of the 401(k) Agreement], and such amounts will be allocated to Eligible Participants under the allocation method chosen under Part 4 of the Agreement with respect to such contributions. Reallocation of forfeitures is not available under the target benefit plan Agreement.
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Reallocation of Forfeitures. After the allocation of net income or loss of the trust, there shall be added to the participant's matching contribution account and/or discretionary Employer contribution account, as applicable, any forfeitures derived from matching contributions and/or discretionary Employer contributions in the manner prescribed by Section 5.3 or Section 23 of the plan.
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Reallocation of Forfeitures. The reallocation of forfeitures under Section 3.05 applies to Plan Years beginning after _______. [Note. The date specified may not be earlier than December 31, 1985.] [ ] (f) ACCRUAL REQUIREMENTS. The accrual requirements of Section 3.06 are effective for Plan Years beginning after ___________________. [ ] (g)
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Reallocation of Forfeitures. Any forfeiture which results from a Participant's termination of Service SHALL BE REALLOCATED AS IF IT WERE A CONTRIBUTION OF THE SAME TYPE (i.e., Employer Profit Sharing Contribution or Employer Matching Contribution) FOR THE PLAN YEAR FOLLOWING THE PLAN YEAR IN WHICH SUCH FORFEITURE OCCURS / / or, if this box is checked, such forfeiture SHALL BE DEEMED TO BE AN EMPLOYER MATCHING CONTRIBUTION, AND APPLIED TO REDUCE THE AGGREGATE AMOUNT THE EMPLOYER MUST CONTRIBUTE IN EMPLOYER MATCHING CONTRIBUTIONS FOR THE PLAN YEAR DURING WHICH THE FORFEITURE OCCURS.
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Related to Reallocation of Forfeitures

  • Allocation of Forfeitures NOTE: Subsections (a), (b) and (c) below apply to forfeitures of amounts other than Excess Aggregate Contributions.

  • Forfeitures If a Member who was partially vested in his Account on the date of his termination of Employment returns to Employment, his Years of Employment prior to the Break(s) in Service shall be included in determining future vesting and, if he returns before incurring 5 consecutive one year Breaks in Service, any Units forfeited from his Account shall be restored to his Account, including all interest accrued during the intervening period; provided, however, that if such a Member has received a distribution pursuant to Article VII, his Account Units shall not be restored unless he repays the full amount distributed to him to the Plan before the earlier of (i) 5 years after the first date on which the Member is subsequently reemployed by the Employer, or (ii) the close of the first period of 5 consecutive one-year Breaks in Service commencing after the withdrawal. The Units restored to the Member's Account will be valued on the Valuation Date coinciding with or next following the later of (i) the date the Employee is rehired, or (ii) the date a new enrollment application is received by the TPA. If a Member terminates Employment without any vested interest in his Account, he shall (i) immediately be deemed to have received a total distribution of his Account and (ii) thereupon forfeit his entire Account; provided that if such Member returns to Employment before the number of consecutive one-year Breaks in Service equals or exceeds the greater of (i) 5, or (ii) the aggregate number of the Member's Years of Service prior to such Break in Service, his Account shall be restored in the same manner as if such Member had been partially vested at the time of his termination of Employment, and his Years of Employment prior to incurring the first Break in Service shall be included in any subsequent determination of his vesting service.

  • Effect of Forfeiture If Restricted Shares are forfeited, and if the Grantee was required to pay for such shares or acquired such Restricted Shares upon the exercise of an Option, the Grantee shall be deemed to have resold such Restricted Shares to the Company at a price equal to the lesser of (x) the amount paid by the Grantee for such Restricted Shares, or (y) the Fair Market Value of a Share on the date of such forfeiture. The Company shall pay to the Grantee the deemed sale price as soon as is administratively practical. Such Restricted Shares shall cease to be outstanding and shall no longer confer on the Grantee thereof any rights as a stockholder of the Company, from and after the date of the event causing the forfeiture, whether or not the Grantee accepts the Company’s tender of payment for such Restricted Shares.

  • Forfeiture Allocations Upon a forfeiture of any Unvested LTIP Units or Unvested Performance Units by any Partner, gross items of income, gain, loss or deduction shall be allocated to such Partner if and to the extent required by final Regulations promulgated after the Effective Date to ensure that allocations made with respect to all unvested Partnership Interests are recognized under Code Section 704(b).

  • Risk of Forfeiture Participant shall immediately forfeit all rights to any shares of the Restricted Stock which have not vested and with respect to which the restrictions thereon have not lapsed in the event of the termination, resignation, or removal of Participant from Employment with the Company or any Affiliate under circumstances that do not cause Participant to become fully vested, and the restrictions on such shares of Restricted Stock to lapse, under the terms of the Plan.

  • FORFEITURE ALLOCATION Subject to any restoration allocation required under Sections 5.04 or 9.14, the Advisory Committee will allocate a Participant forfeiture in accordance with Section 3.04: (Choose (a) or (b); (c) and (d) are optional in addition to (a) or (b))

  • Forfeiture of Units If the Grantee is not otherwise vested as provided in Section 3 above, all Units granted shall be forfeited if the Grantee has a voluntary or involuntary Termination of Service for any reason other than as described below in Section 5. Each Grantee, by his or her acceptance of the Units, agrees to execute any documents requested by the Company in connection with such forfeiture. Such provisions with respect to forfeited Units shall be specifically performable by the Company in a court of equity or law. Upon any forfeiture, all rights of the Grantee with respect to the forfeited Units shall cease and terminate, without any further obligation on the part of the Company.

  • Reallocation of Participations to Reduce Fronting Exposure All or any part of such Defaulting Lender’s participation in L/C Obligations and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Revolving Credit Commitment Percentages (calculated without regard to such Defaulting Lender’s Revolving Credit Commitment) but only to the extent that (x) the conditions set forth in Section 6.2 are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the Administrative Agent at such time, the Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Credit Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

  • ALLOCATION OF CONTRIBUTIONS You may place your contributions in one fund or in any combination of funds, although your employer may place restrictions on investment in certain funds.

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