Class Year Account definition

Class Year Account means the sub-accounts set up for the Primary Account and Company Contribution Account for each Class Year.

Class Year Account means the balance credited to a Participant’s or Beneficiary’s Account for a Taxable Year, including the Participant’s Compensation Deferrals relating to Compensation paid for services performed during the Plan Year, Matching Credits earned for services performed during the Taxable Year (if elected by the Plan Sponsor in the Adoption Agreement), Discretionary Credits earned for services performed during the Taxable Year (if elected by the Plan Sponsor in the Adoption Agreement), and Investment Debits and Credits allocable to the Class Year Account (as determined by the Plan Sponsor, in its discretion).

Class Year Account means each of a Participant’s Subaccounts, plus Earnings thereon for each Plan Year that a contribution is made (e.g., 2011 Elective Deferral Contributions Account, 2012 Discretionary Contributions Account, etc.).

Examples of Class Year Account in a sentence

• If a Participant elects installments, the amount of each payment shall be equal to the value, as of the preceding Valuation Date, of the Participant’s Class Year Account, divided by the number of installments remaining to be paid.

• If the Employee subsequently elects to have Section 5.c. apply to the Class Year Account, however, then distribution shall be in the form of a lump sum.

• A lump sum distribution shall consist of a single distribution of the entire value of the Employee’s Pre-2000 or Class Year Account (unless the Employee elects to apply the election to only the portion of the Account that is deemed to be invested in TCF Stock or to only the portion of the Account that is deemed to be invested in assets other than TCF Stock) on or about 30 days after the later of the Employee’s Distribution Event or the date on which the Employee’s election is filed with TCF Financial.

• The Administrator may require separate investment directions with respect to each Class Year Account of a Participant.

• Starting with Deferred Amounts elected for the year 2000 and after Accounts for each Employee shall be separately maintained on a calendar year basis, with each year's account (the "Class Year Account") reflecting only the Deferred Amounts of compensation earned in that year and the investments in which the Deferred Amounts are deemed to be invested.

• A Participant shall be one hundred percent (100%) vested at all times in the amount of Matching Contributions made, if any, to the Participant’s Matching Account (or, effective on and after January 1, 2014, the applicable Class Year Account), including any Interest thereon.

• The vested portion of each applicable Class Year Account of a Participant shall be distributed to the Participant upon the earlier of (i) the Participant’s Termination of Employment with the Company or (ii) a date-certain distribution date, as elected by the Participant.

• The amount to be paid for a Class Year Account or Class Year SEU Award Account on a Payment Event Date will be calculated as of the applicable Payment Event Date pursuant to Section 6 above through such applicable Payment Event Date.

• The form of benefit payment from the applicable Class Year Account shall be that form selected by the Participant in the applicable Deferral Election and Distribution Election which designated the distribution of the applicable Class Year Account.

• Notwithstanding the preceding, effective on and after January 1, 2014, a Deferral Election and related Distribution Election with respect to a given calendar year/Deferral Period shall apply to all Participant deferrals and Company contributions attributable to such calendar year/Deferral Period that are credited to the Participant’s applicable Class Year Account for such calendar year/Deferral Period.

More Definitions of Class Year Account

Class Year Account means each of a Participant’s Subaccounts, plus Earnings thereon for each Plan Year that a contribution is made (e.g., 2007 Deferral Contributions Account).

Class Year Account means, with respect to a Plan Year, the aggregate amount credited to a Participant’s Account for that Plan Year, including deemed income, gains and losses (as determined by the Plan Sponsor, in its discretion) credited thereto. A Class Year Account shall be determined as of the date of reference.

Class Year Account means the bookkeeping account maintained for each Participant to record the amount of Bonus deferred by a Participant in accordance with Article 3, adjusted pursuant to Article 4 and with respect to an individual who became a Participant on the Effective Date and who immediately prior to the Effective Date was a participant in the Predecessor Plan, the amounts deferred under Article 3 of the Predecessor Plan on or after January 1, 2017 by such Participant adjusted pursuant to Article 4. As of such date, a Class Year Account replaces in all aspects, and fulfills the same purpose as, the previous In Service Account and Retirement/Termination Account. A Class Year Account is a separate annual account for all moneys contributed by an Eligible Employee and Xylem during the period of January 1 until December 31st for the calendar year 2017 as well as Xylem contributions that are paid after the year ends but are in reference to the relevant year. The Eligible Employee may elect their allocation election to the investment options offered in the Plan.

Class Year Account means the sub-account of a Participant’s Account that reflects the amount of Salary or Bonus deferred by the Participant for a particular Plan Year (and investment earnings and losses thereon). For a given Plan Year, a Participant who elects to defer both Salary and Bonus for a Plan Year shall therefore have two Class Year Accounts for that Plan Year because the Plan allows a Participant to elect different Deferral Periods and different forms of payment for each respective deferral of each Plan Year’s Salary or Bonus.

Class Year Account means, with respect to a specific Plan Year, the aggregate amount credited to a Participant’s Account for that Plan Year, and as adjusted to reflect the applicable hypothetical earnings, other adjustments, withdrawals and distributions. For recordkeeping purposes, two or more of a Participant’s Class Year Accounts with the same time and form of payment may be aggregated and treated as one Class Year Account.