Number of Hours of Service required. Instead of 1,000 Hours of Service, Year of Service means the applicable computation period during which an Employee has completed at least (not to exceed 1,000) Hours of Service for: a. [ ] all purposes b. [ ] the following purposes (select one or more): 1. [ ] eligibility to participate 2. [ ] vesting 3. [ ] allocations, distributions and contributions c. [ ] Other service crediting provisions: (must be definitely determinable and nondiscriminatory; e.g., for vesting a Year of Service is based on 1,000 Hours of Service but for eligibility a Year of Service is based on 900 Hours of Service. NOTE: Must not list more than 1,000 hours in this Section.) This servicing credit provision will be used for: 1. [ ] All purposes 2. [ ] The following purposes (select one or more): a. [ ] eligibility to participate b. [ ] vesting c. [ ] allocations, distributions and contributions 18. VESTING OF PARTICIPANT'S INTEREST (Plan Section 6.4(b)) a. [ ] N/A (no Employer Nonelective Contributions (other than "prevailing wage contributions")) (for 401(k) plans, also no matching contributions or QACA "ADP test safe harbor contributions") (skip to Question 20) b. [ ] The vesting provisions selected below apply to all Participants unless otherwise selected below. In addition, option l. under Section B of Appendix A to the Adoption Agreement (Special Effective Dates and Other Permitted Elections) can be used to specify any exceptions to the provisions below. 1. [ ] For all contributions. The vesting waiver applies to all contributions if employed on (enter date) 2. [ ] For designated contributions. The vesting waiver applies to (select one or more) (may only be selected with 401(k) Plans): a. [ ] Employer Nonelective Contributions if employed on b. [ ] Employer matching contributions if employed on c. [ ] QACA "ADP test safe harbor contributions" if employed on c. [ ] N/A (no Employer Nonelective Contributions (other than "prevailing wage contributions"); skip to f.) (may only be selected with 401(k) Plans) d. [ ] 100% vesting. Participants are 100% Vested in Employer Nonelective Contributions upon entering Plan (required if eligibility requirement is greater than 1 Year (or Period) of Service). e. [ ] The following vesting schedule, based on a Participant's Years of Service (or Periods of Service if the elapsed time method is selected), applies to Employer Nonelective Contributions: 1. [ ] 6 Year Graded: 0-1 year-0%; 2 years-20%; 3 years-40%; 4 years-60%; 5 years-80%; 6 years-100% 2. [ ] 4 Year Graded: 1 year-25%; 2 years-50%; 3 years-75%; 4 years-100% 3. [ ] 5 Year Graded: 1 year-20%; 2 years-40%; 3 years-60%; 4 years-80%; 5 years-100% 4. [ ] 3 Year Cliff: 0-2 years-0%; 3 years-100% 5. [ ] Other - Must be at least as liberal as either 1. or 4. above in each year without switching between the two schedules: f. [ ] N/A (there are no Employer matching contributions that can be subject to a vesting schedule; skip to j.) g. [ ] The schedule above will also apply to Employer matching contributions. h. [ ] 100% vesting. Participants are 100% Vested in Employer matching contributions upon entering Plan. (required if eligibility requirement is greater than 1 Year (or Period) of Service) i. [ ] The following vesting schedule, based on a Participant's Years of Service (or Periods of Service if the elapsed time method is selected), applies to Employer matching contributions: 1. [ ] 6 Year Graded: 0-1 year-0%; 2 years-20%; 3 years-40%; 4 years-60%; 5 years-80%; 6 years-100% 2. [ ] 4 Year Graded: 1 year-25%; 2 years-50%; 3 years-75%; 4 years-100% 3. [ ] 5 Year Graded: 1 year-20%; 2 years-40%; 3 years-60%; 4 years-80%; 5 years-100% 4. [ ] 3 Year Cliff: 0-2 years-0%; 3 years-100% 5. [ ] Other - must be at least as liberal as either 1. or 4. above in each year without switching between the two schedules: j. [ ] N/A (no QACA "ADP test safe harbor contributions"; skip to Question 19) k. [ ] 100% vesting. Participants are 100% Vested in QACA "ADP test safe harbor contributions" upon entering Plan (skip to Question 19). l. [ ] The following vesting schedule, based on a Participant's Years of Service (or Periods of Service if the elapsed time method is selected), applies to the Participant's Qualified Automatic Contribution Safe Harbor Account: 1. [ ] 100% after two years: 0-1 year-0%; 2 years-100% 2. [ ] Other - Must be at least as liberal as 1. above in each year: Years (or Periods) of Service Percentage Less than 1 % 1 % 2 100%
Appears in 1 contract
Sources: Adoption Agreement
Number of Hours of Service required. Instead of 1,000 Hours of Service, Year of Service means the applicable computation period during which an Employee has completed at least (not to exceed 1,000) Hours of Service for:
a. [ ] all purposespurposes 4/24/2020
b. [ ] the following purposes (select one or more):
1. [ ] eligibility to participate
2. [ ] vesting
3. [ ] allocations, distributions and contributions
c. [ ] Other service crediting provisions: (must be definitely determinable and nondiscriminatory; e.g., for vesting a Year of Service is based on 1,000 Hours of Service but for eligibility a Year of Service is based on 900 Hours of Service. NOTE: Must not list more than 1,000 hours in this Section.) This servicing credit provision will be used for:
1. [ ] All purposes
2. [ ] The following purposes (select one or more):
a. [ ] eligibility to participate
b. [ ] vesting
c. [ ] allocations, distributions and contributions)
18. VESTING OF PARTICIPANT'S INTEREST (Plan Section 6.4(b))
a. [ ] N/A (no Employer Nonelective Contributions (other than "prevailing wage contributions")) (for 401(k) plans, also no matching contributions or QACA "ADP test safe harbor contributions") (skip to Question 20)
b. [ ] The vesting provisions selected below apply to all Participants unless otherwise selected below. In addition, option l. m. under Section B of Appendix A to the Adoption Agreement (Special Effective Dates and Other Permitted Elections) can be used to specify any exceptions to the provisions below.
1. [ ] For all contributions. The vesting waiver applies to all contributions if employed on (enter date)
2. [ ] For designated contributions. The vesting waiver applies to (select one or more) (may only be selected with 401(k) Plans):
a. [ ] Employer Nonelective Contributions if employed on
b. [ ] Employer matching contributions if employed on
c. [ ] QACA "ADP test safe harbor contributions" if employed on
c. [ ] N/A (no Employer Nonelective Contributions (other than "prevailing wage contributions"); skip to f.) (may only be selected with 401(k) Plans)
d. [ ] 100% vesting. Participants are 100% Vested in Employer Nonelective Contributions upon entering Plan (required if eligibility requirement is greater than 1 Year (or Period) of Service).
e. [ ] The following vesting schedule, based on a Participant's Years of Service (or Periods of Service if the elapsed time method is selected), applies to Employer Nonelective Contributions:
1. [ ] 6 Year Graded: 0-1 year-0%; 2 years-20%; 3 years-40%; 4 years-60%; 5 years-80%; 6 years-100%
2. [ ] 4 Year Graded: 1 year-25%; 2 years-50%; 3 years-75%; 4 years-100%
3. [ ] 5 Year Graded: 1 year-20%; 2 years-40%; 3 years-60%; 4 years-80%; 5 years-100%
4. [ ] 3 Year Cliff: 0-2 years-0%; 3 years-100%
5. [ ] Other - Must be at least as liberal as either 1. or 4. above in each year without switching between the two schedules:: Years (or Periods) of Service Percentage
f. [ ] N/A (there are no Employer matching contributions that can be subject to a vesting schedule; skip to j.)
g. [ ] The schedule above will also apply to Employer matching contributions.
h. [ ] 100% vesting. Participants are 100% Vested in Employer matching contributions upon entering Plan. (required if eligibility requirement is greater than 1 Year (or Period) of Service)) DRAFT
i. [ ] The following vesting schedule, based on a Participant's Years of Service (or Periods of Service if the elapsed time method is selected), applies to Employer matching contributions:
1. [ ] 6 Year Graded: 0-1 year-0%; 2 years-20%; 3 years-40%; 4 years-60%; 5 years-80%; 6 years-100%
2. [ ] 4 Year Graded: 1 year-25%; 2 years-50%; 3 years-75%; 4 years-100%
3. [ ] 5 Year Graded: 1 year-20%; 2 years-40%; 3 years-60%; 4 years-80%; 5 years-100%% 4/24/2020
4. [ ] 3 Year Cliff: 0-2 years-0%; 3 years-100%
5. [ ] Other - must be at least as liberal as either 1. or 4. above in each year without switching between the two schedules:: Years (or Periods) of Service Percentage
j. [ ] N/A (no QACA "ADP test safe harbor contributions"; skip to Question 19)
k. [ ] 100% vesting. Participants are 100% Vested in QACA "ADP test safe harbor contributions" upon entering Plan (skip to Question 19).
l. [ ] The following vesting schedule, based on a Participant's Years of Service (or Periods of Service if the elapsed time method is selected), applies to the Participant's Qualified Automatic Contribution Safe Harbor Account:
1. [ ] 100% after two years: 0-1 year-0%; 2 years-100%
2. [ ] Other - Must be at least as liberal as 1. above in each year: Years (or Periods) of Service Percentage Less than 1 % 1 % 2 100%19. VESTING OPTIONS
a. [ ] Service prior to the initial Effective Date of the Plan or a predecessor plan (as defined in Regulations §1.411(a)-5(b)(3))
b. [ ] Service prior to the computation period in which an Employee has attained age 18
Appears in 1 contract
Sources: Adoption Agreement