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HBI » Topics » 3.01 Eligibility to Participate

These excerpts taken from the HBI 8-K filed Sep 5, 2006.

2.1 Eligibility to Participate

Each Executive in the employ of an Employer shall, subject to the terms and conditions of the Plan, be eligible to participate in this Plan on the later of the Effective Date or as of the first day of active service as an Executive with his or her Employer. Part time, seasonal, and temporary employees are not eligible to participate in the Plan.

3.01 Eligibility to Participate

 

  (a) Eligible Participants. Each Transferred Participant shall become a Participant on the Effective Date, subject to the terms and conditions of the Plan. Each other Eligible Employee shall become a Participant, subject to the terms and conditions of the Plan, on the first date of the first payroll period following the date he or she attains age twenty-one (21) and is a member of a Covered Group;

 

  (b) Special Participation Rules. Notwithstanding any provision of the Plan to the contrary, the following special participation rules shall apply:

 

  (i) “Participants” only for purposes of Subsection 4.04. For purposes of transferred amounts or Rollover Contributions made pursuant to Subsection 4.04, the term “Participant” shall include an Employee of an Employer who is not yet a Participant in the Plan, but such “Participant” may not make Before-Tax Contributions or receive any Employer Contributions before satisfying the requirements of this Section.

 

  (ii) Transfer Between Covered Groups. In the event an Employee or Participant transfers employment from one Covered Group to a different Covered Group that is not eligible for the same contributions and benefits under the Plan, such individual shall be treated as terminating employment and simultaneously being reemployed under Subsection 12.01 solely for purposes of determining his or her eligibility for contributions and benefits under the Plan during his or her employment with the new Covered Group

 

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  (iii) Inactive Transferred Participants. Transferred Participants who are not actively employed by an Employer in a Covered Group shall be treated as terminated or restricted participants under Subsection 7.02 of the Plan.

EXCERPTS ON THIS PAGE:

8-K (2 sections)
Sep 5, 2006

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