Common use of One Year Holdout Rule Clause in Contracts

One Year Holdout Rule. If the Sponsoring Employer elects the One Year Holdout Rule in the Adoption Agreement, any Period of Service completed prior to an Employee’s Break(s) in Service will not be counted for purposes of determining an Employee’s eligibility to participate in the Plan until the Employee satisfies the One Year Holdout Rule. If the Employee satisfies the One Year Holdout Rule, then the reemployed Employee will enter the Plan retroactively as of the Employee’s Reemployment Commencement Date. Furthermore, if the Sponsoring Employer has elected the Rule of Parity in the Adoption Agreement (in addition to the One Year Holdout Rule), then the recognition of any Period of Service that was completed prior to an Employee’s Break(s) in Service will be subject to both the One Year Holdout Rule and the Rule of Parity.

One Year Holdout Rule. If the Sponsoring Employer elects the One Year Holdout Rule in the Adoption Agreement, any Period Year(s) of Service completed prior to an Employee’s Break(s) in Service will not be counted for purposes of in determining an Employee’s eligibility to participate in the Plan until the Employee satisfies the One Year Holdout Rule. If the Employee satisfies the One Year Holdout Rule, then the reemployed Employee will enter reenter the Plan retroactively as of the Employee’s Reemployment Commencement Datefirst day of the Eligibility Computation Period in which the Employee completes one Year of Service. Furthermore, if If the Sponsoring Employer has elected the Rule of Parity in the Adoption Agreement (in addition to the One Year Holdout Rule), then the recognition of any Period Year(s) of Service that was completed prior to an Employee’s Break(s) in Service will be subject to both the One Year Holdout Rule and the Rule of Parity.