Example ContractsClausesextended termVariants
Extended Term
Extended Term contract clause examples

If a Participant incurs a Termination of Employment on or after attaining his or her Normal Retirement Age (i.e., retires on his or her Normal Retirement Date), Accounts that are not vested at such time shall not be subject to the vesting schedules and date described in Section 5.2, but instead shall vest on the date that occurs one year after such a Termination of Employment, provided that the Participant or Former Participant complies with applicable noncompetition provisions and does not experience a forfeiture under Section 5.4 within that one year period.

Payment of Benefits Upon Retirement If a Participant or Former Participant incurs a Termination of Employment after attaining his or her Normal Retirement Age before all or a portion of an Account of the Participant becomes vested under another Section of the Plan, the Participant or Former Participant shall become 100% vested in the portion of such Account that was unvested at such Termination of Employment on the first anniversary of the Participant’s, or Former Participant’s, Normal Retirement Date, provided that the Participant or Former Participant does not experience a forfeiture under Article V within the one-year period after the Participant’s Normal Retirement Date. The portion of such Participant’s Account that was fully vested on the date of the Participant’s Termination of Employment shall be become payable upon such Termination of Employment and shall be paid in accordance with [Sections 7.8 through 7.10] (including the six month delay prescribed in Section 7.9). The portion of the Account of a Participant or Former Participant that becomes vested on the first anniversary of the Participant’s, or Former Participant’s, Normal Retirement Date, shall become payable:

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