A.
If a participant shall have employment terminated
for any reason other than death, total and permanent disability or
retirement, the participant shall be vested in the value of the participant's
account attributable to employer contributions based upon plan years
of service of the participant as follows:
|
Completed Years
of Service
|
Vested Percentage
| |
|---|---|---|
|
1
|
10%
| |
|
2
|
20%
| |
|
3
|
30%
| |
|
4
|
40%
| |
|
5
|
50%
| |
|
6
|
60%
| |
|
7
|
70%
| |
|
8
|
80%
| |
|
9
|
90%
| |
|
10 or more
|
100%
|
B.
A participant shall always be 100% vested in the value
of the participant's account attributable to employee contributions.
Notwithstanding anything contained herein to the contrary, a participant
who shall attain early or normal retirement age, who shall incur a
total and permanent disability or who shall die, shall become 100%
vested in the total value of the participant's account attributable
to all sources, including both employee and employer contributions.
The value of a participant's account attributable
to employer contributions which is not 100% vested as of the termination
of the employment of the participant shall be forfeited. Such forfeiture
shall occur as of the valuation date which coincides with or immediately
follows the date upon which the participant incurs a one-year break
in service. Notwithstanding anything contained herein to the contrary,
where the entire vested value of the participant's account is distributed
prior to the date on which a one-year break in service shall occur,
the forfeiture described herein shall occur as of the date of distribution
to the participant.
Amounts forfeited by any participant may not
be used to increase the benefits which other participants would otherwise
receive under the plan; they shall be used only to reduce the employer's
contributions to the plan.
[Amended 6-19-2006 by Ord. No. 12-2006]
A.
In the case of each participant who shall terminate employment for any reason other than death or total and permanent disability prior to attainment of early or normal retirement age, distribution of the vested benefit determined pursuant to § 60-102 hereof shall occur after the attainment of the earliest retirement age on a retirement date as if the participant retired at such date. If the vested value of the participant's account is $1,000 or less, the Plan Administrator, in its sole discretion, may distribute the value of the participant's account at any time after termination of employment occurs. If the vested value of the participant's account is greater than $1,000, the Plan Administrator, in its sole discretion, may segregate the vested value of the account and such account shall only be credited with the earnings gains or losses attributable to such segregated account and shall not shall ratably in the earnings gains or losses of the Pension Fund.
B.
A participant who shall terminate employment as described
herein and whose vested value of the account is greater than $1,000
may elect to receive a distribution of the vested value of the account
as of any date which is acceptable to the Plan Administrator.
C.
If a vested terminated participant shall die prior
to distribution of the vested value of the participant's account,
the value of the account as of the date death shall be distributed
to the beneficiary.
