rollover contributions
•
• safe harbor contributions Vesting schedules. Your "vested percentage" for certain Employer contributions is based on vesting Years of Service. This means at the time you stop working, your account balance attributable to contributions subject to a vesting schedule is multiplied by your vested percentage. The result, when added to the amounts that are always 100% vested as shown above, is your vested interest in the Plan, which is what you will actually receive from the Plan. Prior Nonelective Contributions Your "vested percentage" in your account attributable to prior nonelective contributions is determined under the following schedule. You will always, however, be 100% vested in your prior nonelective contributions if you are employed on or after your Early or Normal Retirement Age or if you terminate employment on account of your death, or if you terminate employment as a result of becoming disabled. Vesting Schedule Prior Nonelective Contributions Years of Service Percentage Less than 2 0% 2 20% 3 40% 4 60% 5 80% 6 100% Prior Matching Contributions Your "vested percentage" in your account attributable to prior matching contributions is determined under the following schedule. You will always, however, be 100% vested in your prior matching contributions if you are employed on or after your Early or Normal Retirement Age or if you terminate employment on account of your death, or if you terminate employment as a result of becoming disabled. Vesting Schedule Prior Matching Contributions Years of Service Percentage Less than 1 0% 1 20% 2 40% 3 60% 4 80% 5 100% Additional vesting provisions If you were an employee of Post Properties, Inc. and terminated on November 30, 2016 in connection with the Mid-America Apartment Communities, Inc. merger as well as you had a transition services agreement and you were still employed on the end date of the transition services agreement, the above vesting schedules do not apply to you. In that case, you will be 100% vested at all times in all accounts. How is my service determined for vesting purposes? Year of Service. To earn a Year of Service, you must be credited with at least 1,000 Hours of Service during a Plan Year. The Plan contains specific rules for crediting Hours of Service for vesting purposes. The Plan Administrator will track your service and will credit you with a Year of Service for each Plan Year in which you are credited with the required Hours of Service, in accordance with the terms of the Plan. If you have any questions regarding your vesting service, you should contact the Plan Administrator. Hour of Service. You will be credited with your actual Hours of Service for: (a) each hour for which you are directly or indirectly compensated by the Employer for the performance of duties during the Plan Year;
6
Made with FlippingBook - Online magazine maker