which does not require, as a condition of participation in the arrangement, that an employee complete a period of service with the employer (or employers) maintaining the plan extending beyond the close of the earlier of—
(i)#
the period permitted under section 410(a)(1) (determined without regard to subparagraph (B)(i) thereof), or
(ii)#
subject to the provisions of paragraph (15), the first period of 2 consecutive 12-month periods during each of which the employee has at least 500 hours of service.