Common use of No further allocations Clause in Contracts

No further allocations. For purposes of applying the Cash-Out Distribution rules, a terminated Participant who receives a total distribution of his or her Employer Contributions Account will be treated as receiving the Cash-Out Distribution as of the date the Participant receives such distribution or deemed distribution, provided the Participant is not entitled to any further allocations under the Plan for the Plan Year in which the Participant terminates employment. The Participant will forfeit his or her nonvested benefits as of the date the Participant receives the Cash-Out Distribution.

Appears in 2 contracts

Sources: 403(b) Plan Adoption Agreement, 403(b) Plan Adoption Agreement