Reso 1997-0023 - Laserfiche WebLink

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2, If the Participant is or has ever been a participant in a defined benefit plan main- tained by the Employer, and if the limitation in Section 6.04 of the Plan would be exceeded, then the Participant's Projected Annual Benefit under the defined benefit plan shall be reduced in accordance with the terms thereof to the extent necessary to satisfy such limitation. If such plan does not provide for such reduction, or if the limitation is still exceeded after the reduction, annual additions shall be reduced to the extent necessary in the manner described in Sections 6.01 through 6.03. The methods of avoiding the limitation described in this paragraph will not apply if the Employer indicates another method below. o Other Method. (Note to Employer: Provide below language which will satisfy the 1.0 limitati~n of section 415( e) of the Code. Such language must preclude Employer discretion. See section 1.415-1 of the Regulations for guidance. ) 3. The limitation year is the following 12-consecutive month period: X. VESTING PROVISIONS The Employer hereby specifies the following vesting schedule, subject to (1) the minimum vesting requirements as noted and (2) the concurrence of the Plan Administrator. Years of Specified Minimum Service Percent Vesting Completed Vesting Requirements** Vesting is Zero 0 % No minimum calculated One 40 % No minimum based upon Two 70 % No minimum employee's Three 100 % Not less than 20% hire date. Four 100 % Not less than 40% Five 100 % Not less than 60% Six 100 % Not less than 80% Seven, or more 100 % Must equal 100% (**These minimum vesting requirements conform to the Code's three to seven year vesting schedule. If the employee becomes 100% vested by the completion of five years of service, there is no minimum for years three and four.) XI. Loans are permitted under the Plan, as provided in Article XIV: o Yes ~ No MPP Adoption Agreement 12/23/94 001 -94 .