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HBI » Topics » 7.02 Restricted Participation

This excerpt taken from the HBI 8-K filed Sep 5, 2006.

7.02 Restricted Participation

When payment of all of a Participant’s Account balances is not made at his or her Separation Date, or if a Participant transfers to the employ of a Controlled Group Member which is not an Employer or continues in the employ of an Employer but ceases to be employed in a Covered Group, the Participant or his or her Beneficiary will continue to be considered as a Participant for all purposes of the Plan, except as follows:

 

  (a) He or she will not make any Before-Tax Contributions, and his or her Employer will not make any Employer Contributions on his or her behalf, for any period beginning after his or her Separation Date occurs or for any subsequent Plan Year unless he or she is reemployed and again becomes a Participant in the Plan; provided, however, that his or her Employer shall contribute:

 

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  (i) His or her Before-Tax Contributions as provided in Subsection 5.01; and

 

  (ii) If applicable, an Annual Company Contribution and/or an Transition Contribution for the Plan Year in which his or her Separation Date occurs, based on his or her Compensation for the portion of the Plan Year in which he or she was a Participant eligible for such contributions.

 

  (b) He or she will not make any Before-Tax Contributions, and his or her Employer will not make any Employer Contributions on his or her behalf, for any period in which he or she is in the employ of an Employer but is not an Eligible Employee.

 

  (c) He or she will not make any Before-Tax Contributions, and his or her Employer will not make any Employer Contributions on his or her behalf, for any period in which he or she is employed by a Controlled Group Member that is not an Employer under the Plan.

 

  (d) The Participant may not apply for loans under Subsection 11.01.

 

  (e) A Participant whose Separation Date occurs, or a Beneficiary or Alternate Payee of a Participant, may not apply for a withdrawal under SECTION 11.

 

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