Allocation of Forfeitures definition

Allocation of Forfeitures. Amounts forfeited due to Section Ten shall be allocated by the Trustee as of the Anniversary Date specified therein in the proportion that the Compensation paid to or accrued for each such Participant during the Plan Year (even if the Participant participated in the Plan for only a portion of the Plan Year) bears to the total Compensation so paid to or accrued for all such Participants. SECTION SEVEN
Sample 1
Allocation of Forfeitures. As of each Valuation Date, the amount of any forfeitures arising under Article VI or VII during the Valuation Period shall be applied in the manner specified in the Adoption Agreement.
Sample 1

Examples of Allocation of Forfeitures in a sentence

  • Each rollover contribution and direct transfer made pursuant to Article 5 shall be credited to the Rollover Account of the Participant on whose behalf such contribution or transfer is made in accordance with the provisions set forth in Section 5.3. (e) Allocation of Forfeitures.

  • Amounts recharacterized will be treated as pre-tax contributions for purposes of withdrawals under Sections 8.1 and 8.2. Allocation of Forfeitures Any amounts forfeited by a Participant from the Participant’s Employer Matching Contribution Account or Profit Sharing Contribution Account pursuant to Section 7 shall be used first to restore Accounts pursuant to Section 7.2, and then shall be used to reduce subsequent Employer matching and/or Employer fixed contributions.

  • Allocation of Forfeitures of Employer Profit Sharing Contributions: Forfeitures of Employer Profit Sharing Contributions shall be (Choose one): Option 1: [_] Allocated to the Individual Accounts of the Participants specified below in the manner as described in Section 10, Part B (for Employer Profit Sharing Contributions) The Participants entitled to receive allocations of such Forfeitures shall be (Choose one): Suboption (a): [_] Only Qualifying Participants.

  • Such restoration shall be made on the Anniversary Date coincident or next following the repayment first from Forfeitures for the Plan Year of the restoration, to the extent of such Forfeitures, as provided in section 4.1(d) (Allocation of Forfeitures).

  • The Forfeiture shall be used as provided in section 4.1(d) (Allocation of Forfeitures).

  • If a Participant's Nonforfeitable Accounts are unclaimed on or after the deadline for payment specified in section 6.4(c) (Deadline for Payment), and the Committee is unable to locate the Participant or Beneficiary, the amount in the Participant's Accounts shall be forfeited and used as provided in section 4.1(d) (Allocation of Forfeitures).

  • Allocation of Forfeitures and Discretionary Contributions (a) Discretionary Employer Contributions and Forfeitures of Discretionary Employer Contributions.

  • Allocation of Forfeitures under this Section shall be governed by elections regarding the allocation of the Forfeiture of Matching Contributions.

  • The forfeiture suspense account referred to in this section shall be invested in a liquid form of investment as determined appropriate by the Company.6.5-3 Allocation of Forfeitures held in the Forfeiture Suspense Account.

  • Allocation of Forfeitures under this Section shall be governed by elections regarding the allocation of the forfeiture of Matching Contributions in the Adoption Agreement.

Related to Allocation of Forfeitures

  • Capital Account Limitation has the meaning provided in Section 4.5(b) hereof.

  • Participant’s Account means an account maintained for each Participant’s participation in DSUs and/or RSUs under the Plan;

  • Qualified Matching Contributions means Matching Contributions which are immediately nonforfeitable when made, and which would be nonforfeitable, regardless of the age or service of the Employee or whether the Employee is employed on a certain date, and which may not be distributed, except upon one of the events described under Section 401(k)(2)(B) of the Code and the regulations thereunder.

  • Rollover Contributions means, for any Participant, his rollover contributions as provided in Section 7.1.

  • Qualified Nonelective Contributions means contributions of the Plan Sponsor or an Affiliate, other than Matching Contributions or Elective Deferrals, which are nonforfeitable when made, and which would be nonforfeitable regardless of the age or service of the Employee or whether the Employee is employed on a certain date, and which may not be distributed, except upon one of the events described under Code Section 401(k)(2)(B) and the regulations thereunder.

  • Rollover Contribution Account means the separate Account maintained for a Member to record such Member's share of the Trust Fund attributable to any Rollover Contribution made to the Plan on his behalf.

  • Employer Contributions means the amount transferred by an employer to a funding account or a health reimbursement account.

  • Employer Contribution Account means, for any Participant, the account established by the Administrator or Trustee to which Employer Contributions made under Section 3.5 for the Participant's benefit are credited.

  • Qualified Matching Contribution means any employer contribution allocated to an Eligible Employee's account under any plan of an Employer or a Related Company solely on account of "elective contributions" made on his behalf or "employee contributions" made by him that is a qualified matching contribution as defined in regulations issued under Code Section 401(k), is nonforfeitable when made, and is distributable only as permitted in regulations issued under Code Section 401(k).

  • Employer Contribution means the amount paid by an employer, as determined by the employer rate, including the normal and deficiency rates, contributions, and funds wherever used in this chapter.

  • Company Matching Contributions means any contributions made to the Company Matching Account of a Participant by a Participating Employer as provided for in Section 4.02.

  • Matching Contribution Account means the separate, individual account established on behalf of a Participant to which the Matching Contributions made on such Participant's behalf are credited, together with all earnings and appreciation thereon, and against which are charged any withdrawals, loans and other distributions made from such account and any losses, depreciation or expenses allocable to amounts credited to such account.

  • Elective Contributions are amounts excludible from the Employee's gross income under Code Sections 125, 402(a)(8), 402(h) or 403(b), and contributed by the Employer, at the Employee's election, to a Code Section 401(k) arrangement, a Simplified Employee Pension, cafeteria plan or tax-sheltered annuity. The term "Compensation" does not include:

  • Matching Contributions means local cash and/or in-kind contributions made by the Subrecipient, subcontractor, or other local resources that qualify as match for the Contract funding.

  • Nonelective Contribution means an amount contributed by a participating

  • Rollover Contribution means any rollover contribution to the Plan made by a Participant as may be permitted under Article V.

  • Elective Deferral Account means the account established hereunder to which Elective Deferrals (including a separate accounting for Catch-Up Contributions) are allocated. Amounts in the Participant's Elective Deferral Account are nonforfeitable when made and are subject to the distribution restrictions of Section 12.2(e). The Elective Deferral Account may consist of the

  • Deferral Account means the Company's accounting of the Director's accumulated Deferrals plus accrued interest.

  • Qualified Nonelective Contribution (QNEC) means the Employer's contributions to the Plan that are made pursuant to Sections 12.1(a)(4), 12.5 and 12.7 or pursuant to any other Plan provision which provides for such contributions.

  • Contribution Account means an account, or accounts, into which the Accountholder and employer contributions are deposited by the TPA, and from which HSA dollars are swept into the Cash Account.

  • Deferred Stock Account means a bookkeeping account maintained by the Company for a Participant representing the Participant's interest in the shares credited to such Deferred Stock Account pursuant to Paragraph 7 hereof.

  • Member contributions means all amounts paid to ASRS by a member.

  • Participant Contributions means contributions made by the Participant pursuant to an executed Pay Reduction Agreement subject to the Participant Contribution limits contained in Article III.

  • Deferred Compensation Account means the account maintained with respect to each Participant under the Plan. The Deferred Compensation Account shall be credited with Participant Deferral Credits and Employer Credits, credited or debited for deemed investment gains or losses, and adjusted for payments in accordance with the rules and elections in effect under Section 8. The Deferred Compensation Account of a Participant shall include any In-Service or Education Account of the Participant, if applicable.

  • Deferral Contributions are Salary Reduction Contributions and Cash or Deferred Contributions the Employer contributes to the Trust on behalf of an Eligible Employee, irrespective of whether, in the case of Cash or Deferred Contributions, the contribution is at the election of the Employee. For Salary Reduction Contributions, the terms "deferral contributions" and "elective deferrals" have the same meaning.

  • ESOP Account means a Participant’s account to which are credited Matching Contributions made to the Plan after March 31, 1989, and earnings and losses thereon.