Common use of Vesting Provisions Clause in Contracts

Vesting Provisions. Elective contributions are always fully vested and nonforfeitable. The Plan shall disregard elective contributions in applying the vesting provisions of the Plan to other contributions or benefits under Code section 411(a)(2). However, the Plan shall otherwise take a Participant’s elective contributions into account in determining the Participant’s vested benefits under the Plan. Thus, for example, the Plan shall take elective contributions into account in determining whether a Participant has a nonforfeitable right to contributions under the Plan for purposes of forfeitures, and for applying provisions permitting the repayment of distributions to have forfeited amounts restored, and the provisions of Code sections 410(a)(5)(D)(iii) and 411(a)(6)(D)(iii) permitting a plan to disregard certain service completed prior to breaks-in-service (sometimes referred to as “the rule of parity”).

Vesting Provisions. Elective contributions Contributions are always fully vested and nonforfeitable. The Plan shall disregard elective contributions Elective Contributions in applying the vesting provisions of the Plan to other contributions or benefits under Code section Section 411(a)(2). However, the Plan shall otherwise take a Participant’s elective contributions Elective Contributions into account in determining the Participant’s vested benefits under the Plan. Thus, for example, the Plan shall take elective contributions Elective Contributions into account in determining whether a Participant has a nonforfeitable right to contributions under the Plan for purposes of forfeitures, and for applying provisions permitting the repayment of distributions to have forfeited amounts restored, and the provisions of Code sections Sections 410(a)(5)(D)(iii) and 411(a)(6)(D)(iii) permitting a plan to disregard certain service completed prior to breaks-in-service (sometimes referred to as us “the rule of parity”).

Vesting Provisions. Elective contributions Contributions are always fully vested and nonforfeitable. The Plan shall disregard elective contributions Elective Contributions in applying the vesting provisions of the Plan to other contributions or benefits under Code section Section 411(a)(2). However, the Plan shall otherwise take a Participant’s elective contributions Elective Contributions into account in determining the Participant’s vested benefits under the Plan. Thus, for example, the Plan shall take elective contributions Elective Contributions into account in determining whether a Participant has a nonforfeitable right to contributions under the Plan for purposes of forfeitures, and for applying provisions permitting the repayment of distributions to have forfeited amounts restored, and the provisions of Code sections Sections 410(a)(5)(D)(iii) and 411(a)(6)(D)(iii) permitting a plan to disregard certain service completed prior to breaks-in-service (sometimes referred to as “the rule of parity”).