Retention Accounting Sample Clauses

Retention Accounting. (a) On January 1, 1999, that portion of the Health and Welfare benefits covered by the benefits provider became subject to retention accounting. As part of the retention account, a Benefits Stabilization Fund was established from premiums paid by the Employer and employees. (b) The Benefits Stabilization Fund shall be maintained at an adequate level to minimize the impact of significant yearly fluctuations in the premium rates. (c) At the end of each benefit year (currently October 31st) any surplus in the retention account is repaid to Themis by the benefits provider. The surplus is split between Themis and the contributing employees in a proportion equal to the contributions paid by both parties. The employees' portion is divided amongst the employees as per the instructions of the bargaining Principals. (d) In the event of wind up or transfer of the Benefits plan, the Benefits Stabilization Fund shall either be transferred to a new carrier and used for the same purpose, or shall be liquidated and paid out as per (c) above.
Sample 1
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Retention Accounting. (a) On January 1, 1999, that portion of the Health and Welfare benefits covered by Great West Life Assurance Company (GWL) became subject to retention accounting. As part of the retention account, a Benefits Stabilization Fund was established from premiums paid by the Employer and employees. (b) The Benefits Stabilization Fund shall be maintained at an adequate level to minimize the impact of significant yearly fluctuations in the premium rates. (c) At the end of each benefit year (currently October 31) any surplus in the retention account is repaid to Themis by GWL. The surplus is split between Themis and the contributing employees in a proportion equal to the contributions paid by both parties. The employees' portion is divided amongst the employees as per the instructions of the Bargaining Principles. (d) In the event of wind up or transfer of the Benefits plan, the Benefits Stabilization Fund shall either be transferred to a new carrier and used for the same purpose, or shall be liquidated and paid out as per (c) above.
Sample 1
Retention Accounting. ‌ (a) On January 1, 1999, that portion of the Health and Welfare benefits covered by the benefits provider became subject to retention accounting. As part of the retention account, a Benefits Stabilization Fund was established from premiums paid by the Employer and employees. (b) The Benefits Stabilization Fund shall be maintained at an adequate level to minimize the impact of significant yearly fluctuations in the premium rates. (c) At the end of each benefit year (currently October 31st) any surplus in the retention account is repaid to BCFMA by the benefits provider. The surplus is split between BCFMA and the contributing employees in a proportion equal to the contributions paid by both parties. The employees' portion is divided amongst the employees as per the instructions of the bargaining Principals. (d) In the event of wind up or transfer of the Benefits plan, the Benefits Stabilization Fund shall either be transferred to a new carrier and used for the same purpose, or shall be liquidated and paid out as per (c) above.
Sample 1

Related to Retention Accounting

  • PREMIUM ACCOUNTING The Company will pay the Reinsurer premiums in accordance with the terms specified in Exhibit C-1. The method and requirements for reporting and remitting premiums are specified in Exhibit F.

  • Pooling Accounting Notwithstanding anything to the contrary herein, if, but for any provision of this Agreement, a Change in Control transaction would otherwise be accounted for as a pooling-of-interests under APB No.16 ("Pooling Accounting") (after giving effect to xxx xxx xll other facts and circumstances affecting whether such Change in Control transaction would use Pooling Accounting), such provision or provisions of this Agreement which would otherwise cause the Change in Control transaction to be ineligible for Pooling Accounting shall be void and ineffective in such a manner and to the extent that by eliminating such provision or provisions of this Agreement, Pooling Accounting would be required for such Change in Control transaction.

  • Fiscal Year; Accounting The Company's fiscal year shall be the calendar year with an ending month of December.

  • Annual Accounting The Custodian shall, at least annually, provide the Depositor or Beneficiary (in the case of death) with an accounting of such Depositor's account. Such accounting shall be deemed to be accepted by the Depositor or the Beneficiary, if the Depositor or Beneficiary does not object in writing within 60 days after the mailing of such accounting statement.

  • Monthly Accountings Silicon shall provide Borrower monthly with an account of advances, charges, expenses and payments made pursuant to this Agreement. Such account shall be deemed correct, accurate and binding on Borrower and an account stated (except for reverses and reapplications of payments made and corrections of errors discovered by Silicon), unless Borrower notifies Silicon in writing to the contrary within thirty days after each account is rendered, describing the nature of any alleged errors or admissions.

  • 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.

  • Company’s Accounting System The Company maintains a system of accounting controls sufficient to provide reasonable assurances that (i) transactions are executed in accordance with management's general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

  • Tax Accounting Services (1) Maintain accounting records for the investment portfolio of the Fund to support the tax reporting required for “regulated investment companies” under the Internal Revenue Code of 1986, as amended (the “Code”). (2) Maintain tax lot detail for the Fund’s investment portfolio. (3) Calculate taxable gain/loss on security sales using the tax lot relief method designated by the Trust. (4) Provide the necessary financial information to calculate the taxable components of income and capital gains distributions to support tax reporting to the shareholders.

  • Fund Accounting The Trustees may in their discretion from time to time enter into one or more contracts whereby the other party or parties undertakes to handle all or any part of the Trust’s accounting responsibilities, whether with respect to the Trust’s properties, Shareholders or otherwise.

  • Legal and Accounting Fees All charges for services and expenses of the Trust's legal counsel and independent accountants.

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