HomeMy WebLinkAbout2466 All Participants (2) Automatically, with respect to an employer,
are fully vested when a suspension becomes a complete dis-
at discontinuance continuance of such Employer's contributions,
in which case the termination becomes ef-
fective not later than the last day of the
Plan Year following the last Plan Year for
which such Employer made a substantial contri-
bution under the Plan. The Plan shall be
terminated for such Employer only, and any
other Employer participating in the Plan and
Trust shall not be affected.
In the event of complete discontinuance of
Employer contributions or Plan termination,
each Participant shall be°fully vested.
Termination (b) In the event that the Board of Directors shall
of future decide to terminate the Plan, but not the
contributions Trust, all of the assets on hand in the Trust
Fund on the termination date specified in such
- notice shall continue to be held by the
Trustees, and all other provisions providing
for contributions to the Trust, except that
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the Account of each Participant shall become
fully vested on the termination date and there
shall be no reduction thereafter of any Ac-
~ count for distribution of benefits to such
Participant from his Account as provided in
the Plan by the Trustees. .
Options at (c) In the event the Board of Directors shall de-
Plan cide to terminate both the Plan and Trust,
termination the termination date as specified in such
notice shall be the last day of the month and
shall be deemed a Valuation Date. Each Ac-
count, after the determination of its value,
shall be distributed promptly by the Trustees
to the Participant (or the Beneficiary of a
Deceased Participant) entitled thereto in one
of the following methods:
Lump sum (1) A lump sum payment; or
Annuity contract (2) Purchase of an annuity contract from an
insurance company selected by the Trustees
(with such endorsements thereon as the
Trustees may direct), which shall there-
upon be delivered to the Participant,
~ together with an amount, in cash, by which
his Account exceeds the cost of the
annuity so delivered to him.
(16)
: 224 F~A~F2~65
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