[Ord. 5/18/00; Ord. 6/13/02]
All Employees participating in this Plan prior to the Plan's
restatement shall continue to participate, subject to the terms hereof.
Each other Employee shall become a Participant under the Plan effective
as of the first day of the Plan Year coincident with or next following
his Employment Date. Notwithstanding the foregoing, effective for
the period from July 1, 1993 through June 30, 1997, an Employee who
is a member of the Firefighters Union and is employed by the Town
of Little Compton Fire Department is not eligible to participate in
the Plan unless he agrees to make Employee Mandatory Contributions
as set forth in Section 7.2.
Notwithstanding the foregoing provisions of this Section 3.1,
effective July 1, 1997, Employee Mandatory Contributions are no longer
required to be made to the Plan by members of the Firefighters Union.
Notwithstanding the foregoing, effective for the period from July
1, 1994 through June 30, 2000, an Employee who is a member of the
Police Officers Union who was hired on or after July 1, 1994 and is
employed by the Town of Little Compton Police Department is not eligible
to participate in the Plan unless he agrees to make Employee Mandatory
Contributions as set forth in Section 7.2.
[Ord. 6/13/02]
A Participant whose participation ceased because of termination
of employment with the Employer will immediately participate upon
his reemployment.
[Ord. 6/13/02]
If a Participant shall become ineligible to participate in the
Plan because the Participant's job classification is specifically
excluded under Section 3.1 or Section 2.3(b)(2), such Participant
shall continue to vest in his Accrued Benefit under the Plan for each
Year of Service completed while an ineligible Employee until such
time as his benefit is distributed to him pursuant to the terms of
the Plan. If a Participant becomes ineligible during a Plan Year,
such Participant shall accrue a benefit based upon the Participant's
Average Compensation as determined as of his termination of eligibility,
provided such Participant is credited with a Year of Service in such
Plan Year.