Individual Account. An individual account is an account owned by you alone, which you as the account owner use during your lifetime.
Individual Account a. If a Participant's benefit is to be distributed over (1) a period not extending beyond the life expectancy of the Participant or the joint life and last survivor expectancy of the Participant and the Participant's designated Beneficiary or (2) a period not extending beyond the life expectancy of the designated Beneficiary, the amount required to be distributed for each calendar year, beginning with distributions for the first distribution calendar year, must at least equal the quotient obtained by dividing the Participant's benefit by the applicable life expectancy.
b. For calendar years beginning before January 1, 1989, if the Participant's spouse is not the designated Beneficiary, the method of distribution selected must assure that at least 50% of the present value of the amount available for distribution is paid within the life expectancy of the Participant.
c. For calendar years beginning after December 31, 1988, the amount to be distributed each year, beginning with distributions for the first distribution calendar year shall not be less than the quotient obtained by dividing the Participant's benefit by the lesser of (1) the applicable life expectancy or (2) if the Participant's spouse is not the designated Beneficiary, the applicable divisor determined from the table set forth in Q&A-4 of Section 1.401(a)(9)-2 of the Proposed Income Tax Regulations. Distributions after the death of the Participant shall be distributed using the applicable life expectancy in Section 6.05(D)(1)(a) above as the relevant divisor without regard to proposed regulations 1.401(a)(9)-2.
d. The minimum distribution required for the Participant's first distribution calendar year must be made on or before the Participant's required beginning date. The minimum distribution for other calendar years, including the minimum distribution for the distribution calendar year in which the Employee's required beginning date occurs, must be made on or before December 31 of that distribution calendar year.
Individual Account. We will establish an Individual Account for each Participant. If required, we will provide accounts that distinguish between employer and employee Contributions for each Participant.
Individual Account. If the account is opened by an individual, the Customer represents and warrants that the Customer is legally capable of validly entering into and performing this Agreement and that the Customer has attained the age of 18 years and is of sound mind and legal competence and is not a bankrupt.
Individual Account. The named party in an individual account owns the account and may withdraw all or some of the account. On the death of the party, ownership passes as part of the party's estate. TRANSFERS AND ASSIGNMENTS. We may assign or transfer any or all of our interest in this account. You cannot assign or transfer any interest in your account unless we agree in writing.
Individual Account. The Units shall be credited to a separate account established and maintained by the Company for the Participant on the first business day following the date of grant of the Units (the “Account”). The Units will be deemed to be invested in Shares only. The Account shall be maintained on the Company's books solely for recordkeeping purposes, and shall not represent any actual segregation or investment of assets or Shares. All amounts credited to the Account shall continue for all purposes to be part of the general assets of the Company.
Individual Account. If a Participant's benefit is to be distributed over (1) a period not extending beyond the life expectancy of the Participant or the joint life and last survivor expectancy of the Participant and the Participant's designated Beneficiary or (2) a period not extending beyond the life expectancy of the designated Beneficiary, the amount required to be distributed for each calendar year, beginning with distributions the first distribution calendar year, must at least equal the quotient obtained by dividing the Participant's benefit by the applicable life expectancy.
Individual Account. You may open and establish an individual account if you are an individual, guardian, conservator, estate or personal trust, provided that all the beneficiaries are natural persons. If you establish an individual account, you are the sole owner of your account. Only you may write checks against your account or withdraw money, regardless of who actually owns the funds.
Individual Account. An individual account is an account owned by one depositor, including an individual, corporation, partnership, trust, or other organization qualified for Credit Union membership. If the account is an individual account, the interest of a deceased individual owner will pass, subject to applicable law, to the decedent’s estate or payable on death (POD) beneficiary, if applicable.
Individual Account. An individual account is an Account owned by only one person, who can deposit, transfer or withdraw funds. An individual Account does not create any survivorship rights for any other person. A joint account is an Account owned by two or more persons. Each joint account owner individually has the right to provide us with instructions, make any decision, obtain any information or make any request associated with the Account, to the extent allowed by the terms and conditions governing the Account. If we provide notice to one joint account owner, all joint account owners are deemed to have received notice. Each joint account owner agrees to be jointly and severally (individually) liable for any Account shortage resulting from charges or overdrafts, whether caused by the joint account owner or another with access to the Account. Any such liability is due immediately and can be deducted directly from the Account balance whenever sufficient funds are available. Joint account owners do not have a right to defer payment of this liability, and each is liable regardless of whether only one person signed the item or benefited from the charge or overdraft. This includes liability for our costs to collect the deficit including, to the extent permitted by law, our reasonable attorneys' fees. When you open a joint account, it will be a joint account with right of survivorship. This will determine what happens to the account if an account owner dies. This means that if one person on the joint account dies, his or her share belongs equally to the other living people on the account.
