VALUATION OF INDIVIDUAL ACCOUNTS. A. Where all or a portion of the assets of a Participant's Individual Account are invested in a Separate Fund for the Participant, then the value of that portion of such Participant's Individual Account at any relevant time equals the sum of the fair market values of the assets in such Separate Fund, less any applicable charges or penalties.
B. The fair market value of the remainder of each Individual Account is determined in the following manner:
1. First, the portion of the Individual Account invested in each Investment Fund as of the previous Valuation Date is determined. Each such portion is reduced by any withdrawal made from the applicable Investment Fund to or for the benefit of a Participant or the Participant's Beneficiary, further reduced by any amounts forfeited by the Participant pursuant to Section 6.01(D) and further reduced by any transfer to another Investment Fund since the previous Valuation Date and is increased by any amount transferred from another Investment Fund since the previous Valuation Date. The resulting amounts are the net Individual Account portions invested in the Investment Funds.
2. Secondly, the net Individual Account portions invested in each Investment Fund are adjusted upwards or downwards, pro rata (i.e., ratio of each net Individual Account portion to the sum of all net Individual Account portions) so that the sum of all the net Individual Account portions invested in an Investment Fund will equal the then fair market value of the Investment Fund. Notwithstanding the previous sentence, for the first Plan Year only, the net Individual Account portions shall be the sum of all contributions made to each Participant's Individual Account during the first Plan Year.
3. Thirdly, any contributions to the Plan and Forfeitures are allocated in accordance with the appropriate allocation provisions of Section 3. For purposes of Section 4, contributions made by the Employer for any Plan Year but after that Plan Year will be considered to have been made on the last day of that Plan Year regardless of when paid to the Trustee (or Custodian, if applicable). Amounts contributed between Valuation Dates will not be credited with investment gains or losses until the next following Valuation Date.
4. Finally, the portions of the Individual Account invested in each Investment Fund (determined in accordance with (1), (2) and (3) above) are added together.
VALUATION OF INDIVIDUAL ACCOUNTS. 16 4.04 Modification of Method for Valuing Individual Accounts............................... 17 4.05
VALUATION OF INDIVIDUAL ACCOUNTS. 16 4.04 MODIFICATION OF METHOD FOR VALUING INDIVIDUAL ACCOUNTS ............ 18 4.05
VALUATION OF INDIVIDUAL ACCOUNTS. Where all or a portion of the assets of a Participant's Individual Account are invested in a Separate Fund for the Participant, then the value of that portion of such Participant's Individual Account at any relevant time equals the sum of the fair market values of the assets in such Separate Fund, less any applicable charges or penalties.
VALUATION OF INDIVIDUAL ACCOUNTS. Modification Of Method For Valuing Individual Accounts..........................20 4.05 Segregation Of Assets...........................................................20 4.06 Statement Of Individual Accounts................................................20
VALUATION OF INDIVIDUAL ACCOUNTS. 1. Where all or a portion of the assets of a Participant's Individual Account are invested in a Separate Fund for the Participant, then the value of that portion of such Participant's Individual Account at any relevant time equals the sum of the fair market values of the assets in such Separate Fund, less any applicable charges or penalties.
2. The fair market value of the remainder of each Individual Account is determined in the following manner:
VALUATION OF INDIVIDUAL ACCOUNTS. 19 4.4 Date for Determining Individual Account Balance.............19 4.5
VALUATION OF INDIVIDUAL ACCOUNTS. A. If any portion of a Participant's Individual Account is invested in a Separate Fund, then the value of such portion, at any Valuation Date, is the sum of the fair market value of each of the assets in that Separate Fund at the close of such date, reduced by any applicable charges and penalties.
B. The value of any other portion of a Participant's Individual Account, at any Valuation Date, is determined as follows:
1. First, such portion of the Participant's Individual Account is (a) reduced by any distribution, withdrawal, transfer, Forfeiture or other amount charged to such portion since the immediately preceding Valuation Date, and (b) increased by any contribution, transfer, Forfeiture or other amount credited to such portion since the immediately preceding Valuation Date.
2. Second, such portion of the Participant's Individual Account is increased or decreased, as the case may be, by the earnings or losses of each Investment Fund since the immediately preceding Valuation Date, based on the ratio, determined for each Investment Fund, that the balance of such portion of the Participant's Individual Account invested in the Investment Fund at the close of such date bears to the total amount of Participants' Individual Account balances invested in the Investment Fund (except through a Separate Fund) at the close of such date.
3. Distributions and withdrawals from the Plan are charged to a Participant's Individual Account on the day on which they are paid from the Plan. Contributions to the Plan are credited to a Participant's Individual Account on the day on which they are received by the Plan. For this purpose, Employer Contributions made for a Plan Year, which are received by the Plan after the close of such Plan Year, are treated as if they had been received on the last day of such Plan Year. Transfers, Forfeitures and other amounts shall be charged or credited, as the case may be, to the Participant's Individual Account on the day provided in the Plan, or, in the absence of any applicable provision in the Plan, on the day determined by the Plan Administrator.
VALUATION OF INDIVIDUAL ACCOUNTS. 14 3.11 Annual Administrative Fee ........................................ 15 3.12
VALUATION OF INDIVIDUAL ACCOUNTS. The value of a Participant's Individual Account on any date can be determined by multiplying the total number of accumulation units credited to the Account for each investment medium, General Account or Separate Account(s), by the current accumulation unit value for that medium.
