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Participant, the Administrator may: (1) surrender such contracts
to the insurer for their cash value and such cash shall become
part of the Trust Fund assets; or (21 in the event that the Vested _
portion of the Former Participant's Present Value of Accrued Benefit
equals or exceeds the cash surrender values of any Contracts,
the Trustee, when so directed by the Administrator, and agreed
to by the Participant shall assign, transfer, and set over to
such Participant all Contracts on his life in such form or with
such endorsements, if any, as-the Administrator may, in his discre-
tion, direct, restricting the right of the Participant to surrender,
assign, or otherwise realize cash on the contract or contracts
prior to Normal Retirement Date. In the event that the Vested
portion of the Participant's Present Value of Accrued Benefit
does not at least equal the cash surrender values of the Contracts,
if any, the Participant may, with the appioval o~ the Administrator,
pay over to the Trustee the sum needed to make the distribution
equal to the value of the Contracts being assigned or transferred,
or the Trustee may borrow the cash surrender values of the Contracts
from the insurer and then assign .the Contracts to the Participant.
(b) The Vested portion of a Terminated Participant's Accrued
benefit shall be a percentage of such Accrued Benefit determined on the
basis of the Participant's Year of Service according to the following
schedule:
VESTING SCHEDULE
Years of Service Percentage
1 10~
2 20~
3 30~
4 40~
S S0~
6 60$
7 70~
8 80~
9 90~
10 100
(c) A Participant's Vested interest shall not be reduced
as the result of any amendment to this Article. In the event
that this Agreement is amended to change or modify Section 5.5(b),
a Participant with at least five (S) Years of Service as of the
date such amendment is adopted, or as of the amendment's effective
date, may elect to be subject to the pre-amendment vesting schedule.
If a Participant fails to make such election, then such Participant
shall be subject to the new vesting schedule. The e--lection of
the Participant must be made within a reasonable time after the
adoption of such amendment.
f~
' (d) If any Former Participant shall be reemployed by the
Employer before a 1-Year Break in Service occurs, he shall continue
to participate in the Plan. in the same manner as if such termination
had not occurred. In the event that any Participant shall terminate
' his employment but later be reemployed after a 1-Year Break in
Service and shall complete one (1) Year of Service, he shall continue
to participate in the Plan in the same manner as if such termination
had not occurred. In the event that the reemployed Participant
received payment of his Vested Accrued Benefit in the Plan, the
preceding sentence shall apply only if he repays the full amount
distributed to him, other than his Voluntary contribution, together
with interest at the rate of five percent (S~) per annum (or such
other rate as may be determined by the Secretary of Treasury or
his delegate) before the end of one year from the date of reemployment.
-19 - goof 23U ~~c=_ 077
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