Deferred Benefit Account Sample Clauses

Deferred Benefit Account. The Bank shall establish a Deferred Benefit Account on its books for Director reflecting the amount Director has elected to defer from each member of the Controlled Group, and shall credit to Director’s Deferred Benefit Account the following amounts at the times specified: (a) The compensation that the Director elects to defer pursuant to paragraph 1 above, credited as of the date the Director would otherwise have received the compensation. (b) As of each April 30, an amount equal to the interest earned since the last preceding April 30. Interest shall be calculated using the rate one (1) percentage point over the composite yield on Moody’s Long Term Bond Index rate in effect on the preceding April 30. The interest rate shall be applied to the average balance in the Deferred Benefit Account since the last April 30. The average balance shall be determined by adding the balance as of the end of each month in the year and dividing by 12. Interest will be compounded annually and will continue to be credited on any undistributed balance. A Director’s Deferred Benefit Account shall be utilized solely as a device for the measurement and determination of the amounts to be paid to the Director pursuant to this Agreement. A Director’s Deferred Benefit Account shall not constitute or be treated as a trust fund of any kind. Title to and beneficial ownership of any assets, which the Bank may earmark to pay deferred compensation hereunder, shall at all times remain in the Bank, and the Director shall at all times remain in the Bank, and the Director shall not have any interest in specific assets of the Bank by virtue of this Agreement. The Bank shall provide Director within 120 days after each April 30, a statement in such form as the Bank deems desirable setting forth the balance to the credit of Director in his Deferred Benefit Account as of April 30.
Sample 1
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Deferred Benefit Account. Deferred Benefit Account means the account maintained on the books of account of the Company for Participant with respect to Deferred Amounts. The Participant’s Deferred Benefit Account shall be utilized solely as a device for the measurement and determination of the amounts to be paid to the Participant pursuant to this Plan. Upon the Disability of the Participant, the amount then deposited in the Deferred Benefit Account, as opposed to the Deferral Benefit, shall be paid to the Participant pursuant to Section 1.3 hereof.
Sample 1Sample 2
Deferred Benefit Account. The Bank shall establish a Deferred Benefit Account on its books for Director reflecting the amount Director has elected to defer from each member of the Controlled Group, and shall credit to Director's Deferred Benefit Account the following amounts at the times specified: (a) The compensation that the Director elects to defer pursuant to paragraph 1 above, credited as of the date the Director would otherwise have received the compensation.
Sample 1
Deferred Benefit Account. Deferred Benefit Account" shall mean the account maintained on the books of Company for Employee pursuant to Paragraph 2 hereof.
Sample 1
Deferred Benefit Account. The Association shall establish a Deferred Benefit Account on its books for Director, and shall credit to Director’s Deferred Benefit Account the following amounts at the times specified: (a) The compensation that the Director elects to defer pursuant to paragraph 1 above, credited as of the date the Director would otherwise have received the compensation. (b) As of each April 30, an amount equal to the interest earned since the last preceding April 30. Interest shall be calculated using the rate one (1) percentage point over the composite yield on Xxxxx’x Long Term Bond Index rate in effect on the preceding April 30. The interest rate shall be applied to the average balance in the Deferred Benefit Account since the last April 30. The average balance shall be determined by adding the balance as of the end of each month in the year and dividing by 12. Interest will be compounded annually and will continue to be credited on any undistributed balance. A Director’s Deferred Benefit Account shall be utilized solely as a device for the measurement and determination of the amounts to be paid to Director pursuant to this Agreement. A Director’s Deferred Benefit Account shall not constitute or be treated as a trust fund of any kind. Title to and beneficial ownership of any assets, which the Association may earmark to pay deferred compensation hereunder, shall at all times remain in the Association, and the Director shall not have any interest in specific assets of the Association by virtue of this Agreement. The Association shall provide Director within 120 days after each April 30, a statement in such form as the Association deems desirable setting forth the balance to the credit of Director in his Deferred Benefit Account as of April 30.
Sample 1
Deferred Benefit Account 
Sample 1

Related to Deferred Benefit Account

  • Deferred Compensation Account The Employer shall maintain on its books and records a Deferred Compensation Account to record its liability for future payments of deferred compensation and interest thereon required to be paid to the Employee or his beneficiary pursuant to this Agreement. However, the Employer shall not be required to segregate or earmark any of its assets for the benefit of the Employee or his beneficiary. The amount reflected in said Deferred Compensation Account shall be available for the Employer's general corporate purposes and shall be available to the Employer's general creditors. The amount reflected in said Deferred Compensation Account shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors of the Employee or his beneficiary, and any attempt to anticipate, alienate, transfer, assign or attach the same shall be void. Neither the Employee nor his beneficiary may assert any right or claim against any specific assets of the Employer. The Employee or his beneficiary shall have only a contractual right against the Employer for the amount reflected in said Deferred Compensation Account and shall have the status of general unsecured creditors. Notwithstanding the foregoing, in order to pay amounts which may become due under this Agreement, the Employer may establish a grantor trust (hereinafter the "Trust") within the meaning of Section 671 of the Internal Revenue Code of 1986, as amended. The assets in such Trust shall at all times be subject to the claims of the general creditors of the Employer in the event of the Employer's bankruptcy or insolvency, and neither the Employee nor any beneficiary shall have any preferred claim or right, or any beneficial ownership interest in, any such assets of the Trust prior to the time such assets are paid to the Employee or beneficiary pursuant to this Agreement. The Employer shall credit to said Deferred Compensation Account the amount of any salary to which the Employee becomes entitled and which is deferred pursuant to Section 1 hereof, such amount to be credited as of the first business day of each month. The Employer shall also credit to said Deferred Compensation Account an Interest Equivalent in the amount and manner set forth in Section 3 hereof.

  • Deferral Account Crediting. The Company shall establish a Deferral Account on its books for the Director, and shall credit to the Deferral Account the following amounts:

  • Tax-Deferred Earnings The investment earnings of your Xxxx XXX are not subject to federal income tax as they accumulate in your Xxxx XXX. In addition, distributions of your Xxxx XXX earnings will be free from federal income tax if you take a qualified distribution, as described below.

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Multiple Individual Retirement Accounts In the event the depositor maintains more than one Individual Retirement Account (as defined in Section 408(a)) and elects to satisfy his or her minimum distribution requirements described in Article IV above by making a distribution from another individual retirement account in accordance with Item 6 thereof, the depositor shall be deemed to have elected to calculate the amount of his or her minimum distribution under this custodial account in the same manner as under the Individual Retirement Account from which the distribution is made.

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.

  • Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree. b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.

  • Retirement Accounts With respect to certain retirement plans or accounts (such as individual retirement accounts (“IRAs”), SIMPLE IRAs, SEP IRAs, Xxxx IRAs, Education IRAs, and 403(b) Plans (such accounts, “Retirement Accounts”), the Transfer Agent, at the request and expense of the Fund, provide or arrange for the provision of various services to such plans and/or accounts, which services may include custodial agent services such as account set-up maintenance, and disbursements as well as such other services as the parties hereto shall mutually agree upon.

  • Cash Account Except as otherwise provided in Instructions acceptable to Bank, all cash held in the Cash Account shall be deposited during the period it is credited to the Account in one or more deposit accounts at Bank or at Bank's London Branch. Any cash so deposited with Bank's London Branch shall be payable exclusively by Bank's London Branch in the applicable currency, subject to compliance with any Applicable Law, including, without limitation, any restrictions on transactions in the applicable currency imposed by the country of the applicable currency.

  • Nonqualified Deferred Compensation (a) It is intended that any payment or benefit which is provided pursuant to or in connection with this Agreement which is considered to be deferred compensation subject to Section 409A of the Code shall be paid and provided in a manner, and at such time and form, as complies with the applicable requirements of Section 409A of the Code to avoid the unfavorable tax consequences provided therein for non-compliance. (b) Neither Company nor Executive shall take any action to accelerate or delay the payment of any monies and/or provision of any benefits in any manner which would not be in compliance with Section 409A of the Code (including any transition or grandfather rules thereunder). (c) Because Executive is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, any payments to be made or benefits to be delivered in connection with Executive’s “Separation from Service” (as determined for purposes of Section 409A of the Code) that constitute deferred compensation subject to Section 409A of the Code shall not be made until the earlier of (i) Executive’s death or (ii) six months after Executive’s Separation from Service (the “409A Deferral Period”) as required by Section 409A of the Code. Payments otherwise due to be made in installments or periodically during the 409A Deferral Period (“Delayed Payments”) shall be accumulated and paid in a lump sum as soon as the 409A Deferral Period ends, and the balance of the payment shall be made as otherwise scheduled. Any such benefits subject to the rule may be provided under the 409A Deferral Period at Executive’s expense, with Executive having a right to reimbursement from Company once the 409A Deferral Period ends, and the balance of the benefits shall be provided as otherwise scheduled. Any Delayed Payments shall bear interest at the United States 5-year Treasury Rate plus 2%, which accumulated interest shall be paid to Executive as soon as the 409A Deferral Period ends. (d) For purposes of this Agreement, all rights to payments and benefits hereunder shall be treated as rights to receive a series of separate payments and benefits to the fullest extent allowed by Section 409A of the Code. (e) Notwithstanding any other provision of this Agreement, neither Company nor its subsidiaries or affiliates shall be liable to Executive if any payment or benefit which is to be provided pursuant to this Agreement and which is considered deferred compensation subject to Section 409A of the Code otherwise fails to comply with, or be exempt from, the requirements of Section 409A of the Code.

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