Common use of Calculating Vested Interest Clause in Contracts

Calculating Vested Interest. A Participant's vested and nonforfeitable interest, as determined by the Plan Administrator shall be calculated by multiplying the fair market value of his or her account attributable to Employer contributions on the Valuation Date concurrent with or preceding distribution by the decimal equivalent of the vested percentage as of his or her termination date. The amount attributable to Employer contributions for purposes of the calculation includes amounts previously paid out pursuant to paragraph 6.3 and not repaid. The Participant's vested and nonforfeitable interest, once calculated above, shall be reduced to reflect those amounts previously paid out to the Participant and not repaid by the Participant. The Participant's vested and nonforfeitable interest so determined shall continue to share in the investment earnings and any increase or decrease in the fair 70 market value of the Trust up to the Valuation Date preceding or coinciding with payment. a) FORFEITURES Any balance in the account of a Participant who has separated from Service to which he or she is not entitled under the foregoing provisions, shall be forfeited and applied as provided in the Adoption Agreement, or in accordance with a uniform and nondiscriminatory policy established by the Plan Administrator. The reallocation or other disposition of a nonvested benefit may only occur if the Participant has received payment of his or her entire vested benefit from the Plan or if the Participant has incurred five (5) consecutive one (1) year Breaks in Service. To the extent that forfeitures are reallocated, in the year in which the Participant terminates Service, a Participant shall not share in the allocation of a forfeiture of any portion of his account balance or of the forfeitures of any other Participant who has terminated Service in the same or prior Plan Year(s). While awaiting reallocation or other disposition, the Plan Administrator or his designate, if applicable, shall have the right to leave the nonvested benefit in the Participant's account or may transfer the nonvested benefit to a forfeiture suspense account. Amounts held in a forfeiture suspense account may share in any increase or decrease in fair market value of the assets of the Trust in accordance with Article V of the Plan. Such determination shall be made by the Plan Administrator or his designate, if applicable. If a Participant's account balance is forfeited prior to five consecutive one-year Breaks in Service, the amount necessary to restore the account balance to a Participant will be obtained from one of the following sources; current Plan Year's forfeitures, an additional Employer contribution, or earnings on investments for the applicable Plan Year, as determined by the Plan Administrator. For purposes of this paragraph, if the value of a Participant's Vested Account Balance is zero, the Participant shall be deemed to have received a distribution of such Vested Account Balance. A Highly Compensated Employee's Matching Contributions may be forfeited, even if vested, if the contributions to which they relate are Excess Deferrals, Excess Contributions or Excess Aggregate Contributions. Benefits with respect to Participants who cannot be located as provided at paragraph 7.15 hereof will be treated in the same manner as a forfeiture.

Calculating Vested Interest. A Participant's vested and nonforfeitable interest, as determined by the Plan Administrator shall be calculated by multiplying the fair market value of his or her account attributable to Employer contributions on the Valuation Date concurrent with or preceding distribution by the decimal equivalent of the vested percentage as of his or her termination date. The amount attributable to Employer contributions for purposes of the calculation includes amounts previously paid out pursuant to paragraph 6.3 and not repaid. The Participant's vested and nonforfeitable interest, once calculated above, shall be reduced to reflect those amounts previously paid out to the Participant and not repaid by the Participant. The Participant's vested and nonforfeitable interest so determined shall continue to share in the investment earnings and any increase or decrease in the fair 70 market value of the Trust up to the Valuation Date preceding or coinciding with payment. a) FORFEITURES . Forfeitures Any balance in the account of a Participant who has separated from Service to which he or she is not entitled under the foregoing provisions, shall be forfeited and applied as provided in the Adoption Agreement, or in accordance with a uniform and nondiscriminatory policy established by the Plan Administrator. The reallocation or other disposition of a nonvested benefit may only occur if the Participant has received payment of his or her entire vested benefit from the Plan or Plan, if the Participant has incurred five (5) consecutive one (1) year Breaks in ServiceService or a deemed cash-out has occurred. To A Participant who is zero (0) percent vested will have a deemed cash-out distribution on the extent that forfeitures are reallocated, in date of the year in which the Participant terminates Service, a Participant shall Participant's Separation from Service and will not share in the be entitled to an allocation of a forfeiture any forfeitures (if reallocated) of any portion of his account balance or of the forfeitures of any other Participant who has terminated Service in the same or prior Plan Year(s)Year. While awaiting reallocation or other disposition, the Plan Administrator or his designate, if applicable, shall have the right to leave the nonvested benefit in the Participant's account or may transfer the nonvested benefit to a forfeiture suspense account. Amounts held in a forfeiture suspense account may share in any increase or decrease in fair market value of the assets of the Trust in accordance with Article V of the Plan. Such determination shall be made by the Plan Administrator or his designate, if applicable. If a Participant's account balance is forfeited prior to five consecutive one-year Breaks in Service, the amount necessary to restore the account balance to a Participant will be obtained from one of the following sources; current Plan Year's forfeitures, an additional Employer contribution, or earnings on investments for the applicable Plan Year, as determined by the Plan Administrator. For purposes of this paragraph, if the value of a Participant's Vested Account Balance is zero, the Participant shall be deemed to have received a distribution of such Vested Account Balance. A Highly Compensated Employee's Matching Contributions may be forfeited, even if vested, if the contributions to which they relate are Excess Deferrals, Excess Contributions or Excess Aggregate Contributions. Benefits with respect to Participants who cannot be located as provided at paragraph 7.15 hereof will be treated in the same manner as a forfeiture.