Retirement Account Sample Clauses
Retirement Account. The Company shall establish a Retirement Account on its books for the Director. The Retirement Account as of any date shall be determined by subtracting the value of Simulated Investment Number Two from the value of Simulated Investment Number One and dividing the difference by the "adjustment rate. " For purposes of this Section 2.2 the term "adjustment rate" shall mean the figure equal to one minus the Company's highest marginal tax rate for the previous calendar year.
Retirement Account. During the Term, the Company shall fund a ------------------ retirement account for the Executive in an amount not less than 10% of Executive's Base Pay for each year during the Term. The Company shall provide for the Executive and his dependents medical and health care benefits standard for executive officers of the Company.
Retirement Account. The Trustee shall deposit to the credit of the Retirement Account (i) any amounts transferred thereto from the Reserve Fund and the Surplus Fund, (ii) that portion of the proceeds from the sale of the Corporation's bonds, notes or other evidences of indebtedness, if any, to be used to pay the principal or Redemption Price of Class A Notes or Class B Notes on a date other than the Stated Maturity thereof or a Sinking Fund Payment Date therefor, and (iii) all payments made by a Credit Facility Provider under a Credit Enhancement Facility to be used to pay the Redemption Price of Class A Notes or Class B Notes payable from the Retirement Account. All Class A Notes or Class B Notes which are to be retired other than with moneys in the Principal Account, or the principal of which is to be prepaid, shall be retired or prepaid with moneys deposited to the credit of the Retirement Account. Other Obligations payable from the Retirement Account shall include reimbursement to any Credit Facility Provider for the Redemption Price or amount or prepayment paid on Class A Notes or Class B Notes from amounts paid by the Credit Facility Provider under a Credit Enhancement Facility. Balances in the Retirement Account shall be transferred to the credit of the Indemnification Fund to the extent necessary, after transfers thereto from the Revenue Fund, the Surplus Fund, the Reserve Fund and the Administration Fund, to make any deposit to the credit of the Indemnification Fund required by Section 4.5 hereof. Any moneys in the Retirement Account required to be so transferred to the Indemnification Fund shall be transferred by the Trustee to such Fund without further authorization or direction. After taking into account any transfers required by the preceding paragraph, Balances in the Retirement Account shall be transferred to the credit of the Interest Account to the extent required by Section 4.7.1 hereof in respect of any accrued obligation in respect of payment of interest on Class A Notes or Class B Notes and payment of Other Obligations payable from the Interest Account. Any moneys in the Retirement Account required to be so transferred to the Interest Account shall be transferred by the Trustee to the Interest Account without further authorization or direction. Subject to Section 10.2 hereof, balances in the Retirement Account may also be applied to the purchase of Class A Notes or Class B Notes at a purchase price (including any brokerage or other charges) not to exceed ...
Retirement Account. The Company shall establish a Retirement Account on its books for the Director. The Retirement Account balance as of any date shall be determined by subtracting the value of Simulated Investment Number Two from the value of Simulated Investment Number One and dividing the difference by the Adjustment Rate.
Retirement Account. Book entries maintained by the Bank reflecting Deferred Amounts and Additions thereon; provided, however, that the existence of such book entries and the Retirement Account shall not create and shall not be deemed to create a trust of any kind, or a fiduciary relationship between the Bank and Pxxxxxx, his designated beneficiary, or other beneficiaries under this Agreement.
Retirement Account. The Company shall establish a Retirement Account on its books for the Executive. The Retirement Account balance during the pre-termination period is determined by subtracting the value of Simulated Investment Number Two from the value of Simulated Investment Number One and dividing the difference by the Adjustment Rate. The Retirement Account subsequent to Termination of Employment is reduced by payments of the Primary Normal Retirement Benefit under Section
3.1.1. The Retirement Account balance shall never be less than zero.
Retirement Account. The Executive shall be vested in a percentage of the balance of such Pre-Retirement Account, depending on the number of his years of service with the Bank at the time of his Termination of Service, as follows: Number of years of Service Vested Percentage ---------------- ----------------- Fewer than 1 0% 1 20% 2 40% 3 60% 4 80% 5 or more 100% In any event, the Executive shall be 100% vested in his Pre-Retirement Account upon attaining his Early Retirement Age, terminating service as a result of disability, his discharge by the Bank without cause following a Change of Control, or his death while in service, regardless of the number of his years of service. A "year of service" with respect to the Executive means each twelve consecutive month period commencing with his initial date of hire or with any anniversary thereof during which he was a full-time employee of the Bank. Except as otherwise provided in Subparagraph I F(i), the Executive's Pre-Retirement Account shall be increased or decreased each Plan Year until his Normal Retirement Age. The vested balance of his Pre-Retirement Account shall be payable to the Executive in ten (10) equal annual installments. The first installment shall commence within the thirty (30) day period next following his Normal Retirement Age [Subparagraph I K]. The Executive shall have the option, said option to be exercised in writing at least one (1) year prior to the Executive's Normal Retirement Age, to receive the benefits provided herein in a lump sum or five (5) equal annual installments. If the Executive fails to exercise said option, then the Executive shall receive the payments in ten (10) equal annual installments as provided herein. In addition to these benefit payments and commencing in conjunction therewith, the Executive shall be entitled to receive the vested percentage (as determined in accordance with the vesting schedule above) of the Index Retirement Benefit for each Plan Year subsequent to the year in which the Executive attains his Normal Retirement Age, and including the remaining portion of the Plan Year in which the Executive attains Normal Retirement Age, shall be paid to the Executive in a lump sum as of the beginning of each Plan Year until the Executive's death.
Retirement Account. Effective July 1, 2025, the District will begin making contributions to a 401(a) retirement account for regular full-time employees covered under this agreement. The District will make contributions to the employee’s 401(a) retirement account based on the number of hours actually worked, including overtime. For purposes of the retirement account, hours worked will not include vacation, sick, or other compensatory time or time on a leave of absence, whether paid or unpaid. Contributions will be calculated in accordance with the following schedule: Effective July 1, 2025 Effective July 1, 2026 Hourly Contribution $1.00 $1.25 Contributions for eligible hours worked will be credited to employee 401(a) retirement accounts on a quarterly basis on the 15th of the month following the end of the quarter (ex. Hours worked from January through March will be credited on April 15th). The employee is not required to participate in the District 457(b) deferred compensation plan to receive these 401(a) retirement plan contributions. The District retains the right to select the plan administrator for the 401(a) retirement accounts.
Retirement Account. CEO may elect to reduce his salary and deposit same into the Company 401K retirement plan subject to, and limited by, any and all ERISA and/or Internal Revenue Code provisions or regulations or actual plan terms and requirements, as amended from time to time. Any such deposit by CEO into the Company approved retirement account shall be matched by Company subject to the maximum amount stated in Exhibit A.
Retirement Account. Employees may invest through payroll deduction in a 403(b) Retirement Plan subject to the terms and limitations as set forth by the Internal Revenue Service.