Diversification- Why and When?
Once you have reached age 55 and have completed at least ten Years of Participation in the ESOP while employed with Bayview or its Affiliates, you will be eligible to diversify a portion of the Bayview Stock held in your Stock Account and your Safe Harbor Contributions Account (as applicable). For this purpose, a year of participation means a Plan Year in which you are entitled to receive an allocation of Employer Contributions and Forfeitures. If you elect to diversify, the Plan Administrator will allow you to transfer the Fair Market Value of the Bayview Stock that you elect to your account under the 401(k) Plan. Once you become eligible to make this election, Bayview as the ESOP’s Plan Administrator will notify you and will provide you with further details regarding this election.
Key Points:
-Must be 55 years of age to diversify.
-Must have a minimum of 10 Years of Participation in ESOP