Common use of Effect on Account Clause in Contracts

Effect on Account. For all purposes of the Plan, the Participant's Account (and all benefits payable under the Plan which are derived in whole or in part by reference to the Participant's Account) shall be permanently diminished by the portion of the Participant's Account which is awarded to the alternate payee. The benefit awarded to an alternate payee shall be considered to have been a distribution from the Participant's Account for the limited purpose of applying any rules of the Plan Statement relating to distributions from an Account that is only partially Vested.

Appears in 2 contracts

Sources: Pension Plan Trust Agreement (Entegris Inc), Employee Stock Ownership Plan Trust Agreement (Entegris Inc)

Effect on Account. For all purposes of the Plan, the Participant's ’s Account (and all benefits payable under the Plan which are derived in whole or in part by reference to the Participant's ’s Account) shall be permanently diminished by the portion of the Participant's ’s Account which is awarded to the alternate payeeAlternate Payee. The benefit awarded to an alternate payee Alternate Payee shall be considered to have been a distribution from the Participant's ’s Account for the limited purpose of applying any rules of the Plan Statement document relating to distributions from an Account that is only partially Vested.

Appears in 1 contract

Sources: Retirement Plan (Piper Jaffray Companies)