Common use of Vesting Schedules Clause in Contracts

Vesting Schedules. For any Plan Year in which this Plan is Top-Heavy, one of the Top Heavy minimum vesting schedules as elected by the Employer in the Adoption Agreement will automatically apply to the Plan. The Top Heavy Minimum vesting schedule applies to all benefits within the meaning of section 411(a)(7) of the Code except those attributable to Employee contributions, including benefits accrued before the effective date of section 416 of the Code and benefits accrued before the Plan became Top-Heavy. Further, no reduction in a vested benefit may occur in the event the Plan's status as Top-Heavy changes for any Plan Year. However, this Section does not apply to the account balance of any Employee who does not have an Hour of Service after the Plan has initially become Top-Heavy and such Employee's account balance attributable to Employer contributions and forfeitures will be determined without regard to this Section.

Vesting Schedules. For any Plan Year in which this Plan is Top-Heavy, one of the Top Heavy minimum vesting schedules as elected by the Employer in the Adoption Agreement will automatically apply to the Plan. The Top Heavy Minimum minimum vesting schedule applies to all benefits within the meaning of section 411(a)(7) of the Code except those attributable to Employee contributions, including benefits accrued before the effective date of section 416 of the Code and benefits accrued before the Plan became Top-Heavy. Further, no reduction in a vested benefit benefits may occur in the event the Plan's status as Top-Heavy changes for any Plan Year. However, this Section does not apply to the account balance Accrued Benefits of any Employee who does not have an Hour of Service after the Plan has initially become Top-Heavy and such Employee's account balance Accrued Benefits attributable to Employer contributions and forfeitures will be determined without regard to this Section.