Special Vesting Rule - In-Service Distribution When Account Balance Less than 100% Vested. If amounts are distributed from a Participant's Employer Contribution Account or Employer Matching Contribution Account at a time when the Participant's vested percentage in such amounts is less than 100% and the Participant may increase the vested percentage in the Account Balance: (a) A separate Account will be established for the Participant's interest in the Plan as of the time of the distribution, and (b) At any relevant time the Participant's vested portion of the separate Account will be equal to an amount ("X") determined by the formula: X = P (AB + D) - D Where: P is the vested percentage at the relevant time; AB is the Account Balance at the relevant time; and D is the amount of the distribution.
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Sources: Profit Sharing/401(k) Prototype Plan and Trust (Capital Corp of the West)
Special Vesting Rule - In-Service Distribution When Account Balance Less than 100% Vested. If amounts are distributed from a Participant's ’s Employer Contribution Account or Employer Matching Contribution Account at a time when the Participant's ’s vested percentage in such amounts is less than 100% and the Participant may increase the vested percentage in the Account Balance:
(a) A separate Account will be established for the Participant's ’s interest in the Plan as of the time of the distribution, and
(b) At any relevant time the Participant's ’s vested portion of the separate Account will be equal to an amount ("“X"”) determined by the formula: X = P (AB + D) - D Where: P is the vested percentage at the relevant time; AB is the Account Balance at the relevant time; and D is the amount of the distribution.:
Appears in 1 contract
Sources: Defined Contribution Prototype Plan and Trust Agreement (Mercantile Bancorp, Inc.)