DEFERRED COMPENSATION LEDGER ACCOUNT Sample Clauses

DEFERRED COMPENSATION LEDGER ACCOUNT. A. Prior to the beginning of each calendar year while this Agreement is in force, the Participant may make an irrevocable written election (attached to and made a part of this Agreement) to defer receipt of all or any portion of such Participant's Compensation from the Funds that would otherwise be received during the next succeeding calendar year. B. An irrevocable written election to defer receipt of Compensation may also be made at the time of the Participant's election to the board of trustees of any of the Funds (or appointment to a consulting committee thereof, as applicable) and the election to defer receipt of Compensation shall be effective for the remaining portion of the calendar year in which such Participant was elected or appointed, as the case may be. C. Any Compensation deferred under the terms of this Agreement shall be controlled solely by the terms of this Agreement. D. The irrevocable written election of the Participant to defer receipt of Compensation shall be effective only as to the Compensation for the year specified in such election. E. Any amounts of Compensation deferred by the Participant shall be credited to a Deferred Compensation Ledger Account established for such Participant and maintained by the Deferral Account Agent (as hereafter defined). Any payments of Deferred Compensation based upon such Deferred Compensation Ledger Account shall only be made at the time and under the occurrences set forth in Part II of this Agreement. F. At the time of the Participant's election to defer Compensation and once each calendar quarter thereafter, the Participant may designate in writing that amounts deferred be deemed to be invested in one of the funds set forth in Exhibit 1 (each of the foregoing a "Deemed Investment Option" and collectively, the "Deemed Investment Options"). In the event that any Deemed Investment Option shall cease to be offered, the Deferral Account Agent shall notify the Participant that such Deemed Investment Option is no longer available. A Participant will not be able to select a Deemed Investment Option if the actual purchase thereof would violate sections 12(d)(1) or 13(a)(3) of the Investment Company Act of 1940, as amended. G. The election to designate deemed investments as described above shall be subject to restrictions as to minimum and maximum amounts as announced from time to time by the Funds. The Funds shall have the right at any time to add new Deemed Investment Options, cease to offer or withdraw a...
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DEFERRED COMPENSATION LEDGER ACCOUNT. A. Each year prior to the determination of any Incentive Plan award and prior to the beginning of the calendar year in which such award would otherwise be paid, the Participant may make an irrevocable written election (attached to and made a part of this Agreement) to defer receipt of all or any portion of such award from Phoenix that would otherwise be received. B. Any amount awarded and deferred under the terms of this Agreement shall be controlled solely by the terms of this Agreement and shall be net of any applicable employment taxes. C. Any amounts deferred by the Participant shall be credited to a Deferred Compensation Ledger Account established for such Participant. Payments from such Deferred Compensation Ledger Account shall only be made at the time and under the occurrences set forth in Section II of this Agreement. D. At the time of the election to defer compensation and once each calendar quarter thereafter, the Participants may designate in writing that amounts deferred be deemed to be invested in one or more of the following: 1. The general account of Phoenix. 2. One or more of various fund options made available under this Agreement. Phoenix shall provide to the Participant with a list of available funds and reserves the right to add or delete available funds as it deems necessary or appropriate. E. The election to designate deemed investments, as described above, shall be subject to restrictions as to minimum and maximum amounts as announced from time to time by Phoenix. Both initial and subsequent investment allocations must be made in 10% increments. Phoenix shall have the right at any time to add new deemed investment options, cease to offer any or all of the deemed investment options, and alter or adjust the basis or method of calculating any interest or earnings for any of the investment options outlined above. F. Credits or debits to the Deferred Compensation Ledger Account will be made in a manner corresponding to the performance of the deemed investment or investments of the Deferred Compensation Ledger Account as selected by the Participant. G. Phoenix reserves the right to reduce the interest or earnings on deferred compensation amounts for any federal or state taxes which it may incur as a result of interest or earnings on amounts held under this Agreement. H. Phoenix shall be under no obligation to actually make any investment as described in Paragraph D. Reference to any such investment shall be solely for the purpose of aidin...
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Related to DEFERRED COMPENSATION LEDGER 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.

  • Deferred Compensation Plans Employees are to be included in the State of California, Department of Personnel Administration's, 401(k) and 457 Deferred Compensation Programs. Eligible employees under IRS Code Section 403(b) will be eligible to participate in the 403(b) Plan.

  • 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:

  • Deferred Compensation Plan Manager shall be eligible to participate in the First Mid-Illinois Bancshares, Inc. Deferred Compensation Plan in accordance with the terms and conditions of such Plan.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • SIMPLE Individual Retirement Custodial Account (Under section 408(p) of the Internal Revenue Code) The participant named above is establishing a savings incentive match plan for employees of small employers individual retirement account (SIMPLE IRA) under sections 408(a) and 408(p) to provide for his or her retirement and for the support of his or her beneficiaries after death. The custodian named above has given the participant the disclosure statement required by Regulations section 1.408-6. The participant and the custodian make the following agreement:

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