Common use of Termination of Eligibility Clause in Contracts

Termination of Eligibility. (1) In the event a Participant shall go from a classification of an Eligible Employee to an ineligible Employee, such Former Participant shall continue to vest in his interest in the Plan for each Year of Service completed while a noneligible Employee, until such time as his Participant's Account shall be forfeited or distributed pursuant to the terms of the Plan. Additionally, his interest in the Plan shall continue to share in the earnings of the Trust Fund. (2) In the event a Participant is no longer a member of an eligible class of Employees and becomes ineligible to participate but has not incurred a one-year-Break-in-Service, such Employee will participate immediately upon returning to an eligible class of Employees. (3) In the event an Employee who is not a member of an eligible class of Employees becomes ineligible to participate and has incurred a one-year Break-in-Service, such Employee shall be eligible to participate upon the next date a Salary Deferral Agreement may be executed upon returning to an eligible class of Employees.

Appears in 2 contracts

Sources: 401(k) Plan Document (Metals Usa Inc), 401(k) Plan Document (Metals Usa Inc)

Termination of Eligibility. (1) In the event a Participant shall go from a classification of an Eligible Employee to an ineligible Employee, such Former Participant shall continue to vest in his interest in the Plan for each Year of Service completed while a noneligible Employee, until such time as his Participant's ’s Account shall be forfeited or distributed pursuant to the terms of the Plan. Additionally, his interest in the Plan shall continue to share in the earnings of the Trust Fund. (2) In the event a Participant is no longer a member of an eligible class of Employees and becomes ineligible to participate but has not incurred a one-year-year Break-in-Service, such Employee will participate immediately upon returning to an eligible class of Employees. (3) In the event an Employee who is not a member of an eligible class of Employees becomes ineligible to participate and has incurred a one-year Break-in-Service, such Employee shall be eligible to participate upon the next date a Salary Deferral Agreement may be executed upon returning to an eligible class of Employees.

Appears in 2 contracts

Sources: Adoption Agreement (Sonic Corp), Adoption Agreement (BRPP LLC)

Termination of Eligibility. (1) In the event a Participant shall go from a classification of an Eligible Employee to an ineligible Employee, such Former Participant shall continue to vest in his interest in the Plan for each Year of Service completed while a noneligible Employee, until such time as his Participant's ’s Account shall be forfeited or distributed pursuant to the terms of the Plan. Additionally, his interest in the Plan shall continue to share in the earnings of the Trust Fund. (2) In the event a Participant is no longer a member of an eligible class of Employees and becomes ineligible to participate but has not incurred a one-year-Break-in-Service, such Employee will participate immediately upon returning to an eligible class of Employees. (3) In the event an Employee who is not a member of an eligible class of Employees becomes ineligible to participate and has incurred a one-year Break-in-Service, such Employee shall be eligible to participate upon the next date a Salary Deferral Agreement may be executed upon returning to an eligible class of Employees.

Appears in 1 contract

Sources: Basic Plan Document (Fairfax Financial Holdings LTD/ Can)

Termination of Eligibility. (1a) In the event a Participant shall go from a classification of an Eligible Employee to an ineligible Employee, such Former Participant shall continue to vest in his interest in the Plan for each Year of Service completed while a noneligible Employee, Employee until such time as his Participant's Account shall be forfeited or distributed pursuant to the terms of the Plan. Additionally, his interest in the Plan shall continue to share in the earnings of the Trust Fund. (2b) In the event a Participant is no longer a member of an eligible class of Employees and becomes ineligible to participate but has not incurred a one1-year-Break-in-Year Break in Service, such Employee will participate immediately upon returning to an eligible class of Employees. If such Participant incurs a 1-Year Break in Service, eligibility will be determined under the break in service rules of the Plan. (3c) In the event an Employee who is not a member of an eligible class of Employees becomes ineligible to participate and has incurred a one-year Break-in-Servicemember of an eligible class, such Employee shall be eligible to will participate upon the next date immediately if such Employee would have otherwise previously become a Salary Deferral Agreement may be executed upon returning to an eligible class of EmployeesParticipant.

Appears in 1 contract

Sources: Employee Stock Ownership Plan and Trust (Uwharrie Capital Corp)