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 Pankxxx, xxs designated beneficiary, or other beneficiaries under this Agreement.
Retirement Account. A. 403(b)
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. Each Participant shall always be fully vested in the Deferred Amounts, and the Earnings thereon, credited to the Participant’s Retirement Account.
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.
Retirement Account. If this is a change to a prior distribution election for your Retirement Account, you cannot accelerate distribution into 2006. If you change your Retirement Account distribution election in a subsequent year after 2006, your new election may not be effective for one year; may not accelerate the payment of your account; and must defer distribution for at least 5 years later than the previously elected date.
