HomeMy WebLinkAbout2223 a lump sum. Upon distribution to a participant of either such
an ar.nuity cantract or such lump sum cash payment, neither the
employer nor the trustee shall have any further responsibilty
under the plan to such participant or his beneficiaries.
7. Partici ant's Ri hts U on Termination ot
Emplo~ment Be ore Ret rement.
In the event of the termination of a participant's
employment before his normal or early retire.~nent date, but after
f ive years of participation in the plan, for any zeason other
than death or disability, and in the absence of cause (aa her~-
inefter 3efined) resulting in forfeiture of benefits, there
shall be vested in such participant that percentaqe of the value
of any contract held by the trustee hereunder for the benefit of
such partici~ant, an3 of the share of the auxiliary fund attrib-
utable to any such contract, determined as hereinafter pro-
vided, deter~ined in accor~lan~e with the fol3.owing schedule:
Vested Percentage in
Completed Years of Insurance Contract
Participation in Plan at and Related Share of
Time of Termination Auxiliary Fund
Less than five p$
Five but less than six 50~
Six but 2ess than seven 60~
Seven but less than eight 70a
Eiqht but less than nine - gp$
Nine but less than ten 90$
Ten or more 1Q08
Distribution of any amount vested in accordance with the pre-
cediny paragraph shall be made in such ~anner as the Trustee in
its discretion :?ay ~etez:nine to be appropriate, including, with-
out li.~itation thereto, (aj distribution in the form of a retire-
~ r~z~nt annuity contract providing for a deferred monthly retire-
ment benefit for life, to comnlence on the er.~ployee's normal re-
tirer~~ent date, with or without a period certain, in an~amount
which can be purchased from a life insuranee company with the
vested araount (includfny the va2ue of the vested percentage of
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