Common use of LIMITATION ON POWER TO AMEND Clause in Contracts

LIMITATION ON POWER TO AMEND. No amendment to the Plan shall be effective to the extent that it has the effect of decreasing a Participant's accrued benefit. Notwithstanding the preceding sentence, a Participant's Individual Account balance may be reduced to the extent permitted under Section 412(c)(8) of the Code. For purposes of this Section 9.03, a Plan amendment which has the effect of decreasing a Participant's Individual Account balance, with respect to benefits attributable to service before the amendment, shall be treated as reducing an accrued benefit. Furthermore, if the vesting schedule of the Plan is amended, in the case of an Employee who is a Participant as of the later of the date such amendment is adopted or the date it becomes effective, the nonforfeitable percentage (determined as of such date) of such Employee's Employer-derived accrued benefit will not be less than the percentage computed under the Plan without regard to such amendment. No amendment to the Plan shall be effective to eliminate or restrict an optional form of benefit. The preceding sentence shall not apply to a plan amendment that eliminates or restricts the ability of a Participant to receive payment of his or her Individual Account balance under a particular optional form of benefit if the amendment satisfies the conditions in (1) and (2) below: 1. The amendment provides a single-sum distribution form that is otherwise identical to the optional form of benefit eliminated or restricted. For purposes of this condition (1), a single-sum distribution form is otherwise identical only if it is identical in all respects to the eliminated or restricted optional form of benefit (or would be identical except that it provides greater rights to the Participant) except with respect to the timing of payments after commencement. 2. The amendment is not effective unless the amendment provides that it shall not apply to any distribution with an annuity starting date earlier than the earlier of: (i) the 90th day after the date the Participant receiving the distribution has been furnished a summary that reflects the amendment and that satisfies the ERISA requirements at 29 CFR 2520.104b-3 relating to a summary of material modifications or (ii) the first day of the second Plan Year following the Plan Year in which the amendment is adopted.

LIMITATION ON POWER TO AMEND. No amendment to the Plan shall be effective to the extent that it has the effect of decreasing a Participant's accrued benefit. Notwithstanding the preceding sentence, a Participant's Individual Account balance may be reduced to the extent permitted under Section 412(c)(8) of the Code. For purposes of this Section 9.03paragraph, a Plan plan amendment which has the effect of decreasing a Participant's Individual Account balance, with respect to benefits attributable to service before the amendment, amendment shall be treated as reducing an accrued benefit. FurthermoreWhere this Plan document is being adopted to amend another plan that contains a protected benefit not provided for in this document, if the vesting schedule Employer may attach a supplement to the Adoption Agreement that describes such protected benefit which shall become part of the Plan is amended, in the case of an Employee who is a Participant as of the later of the date such amendment is adopted or the date it becomes effective, the nonforfeitable percentage (determined as of such date) of such Employee's Employer-derived accrued benefit will not be less than the percentage computed under the Plan without regard to such amendmentPlan. No amendment to the Plan shall be effective to eliminate or restrict an optional form of benefit. The preceding sentence shall not apply to a plan Plan amendment that eliminates or restricts the ability of a Participant to receive payment of his or her Individual Account balance under a particular optional form of benefit if the amendment satisfies the conditions in (1) and (2) below: (1. ) The amendment provides a single-sum distribution form that is otherwise identical to the optional form of benefit eliminated or restricted. For purposes of this condition (1), a single-sum distribution form is otherwise identical only if it is identical in all respects to the eliminated or restricted optional form of benefit (or would be identical except that it provides greater rights to the Participant) except with respect to the timing of payments after commencement. (2. ) The amendment is not effective unless the amendment provides that it the amendment shall not apply to any distribution with an annuity starting date earlier than the earlier of: ; (i) the 90th 90 th, day after the date the Participant receiving the distribution has been furnished a summary that reflects the amendment and that satisfies the ERISA requirements at 29 CFR Section 2520.104b-3 of the DOL Regulations relating to a summary of material modifications or (ii) the first day of the second Plan Year following the Plan Year in which the amendment is adopted.