Deferral Phase definition

Deferral Phase means the period during which the related borrower is in school and for certain authorized periods as described in the Higher Education Act.
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Examples of Deferral Phase in a sentence

  • Deferral Phase Withdrawals reduce the Contract Value by the dollar amount of the Deferral Phase Withdrawal, including any taxes and/or fees, if applicable.

  • If the amount of the Deferral Phase Withdrawal exceeds the Free Withdrawal Amount, surrender charges will apply.

  • Inflation Increases will no longer be credited to the Withdrawal Benefit Base after the Contract Value is reduced to zero in the Deferral Phase.

  • The period prior to the exercise of the first withdrawal taken under the Lifetime Withdrawal Guarantee is called the Deferral Phase.

  • In the Deferral Phase, the Withdrawal Benefit Base increases dollar-for-dollar with each Purchase Payment.

  • In order to remain in the Deferral Phase, the Contract Owner must specifically request a Deferral Phase Withdrawal, which can be taken as a one-time distribution or systematically.

  • After the Withdrawal Benefit Enhancement True-Up Waiting Period has elapsed for the initial Purchase Payment, the Withdrawal Benefit Enhancement True-Up evaluation will take place every anniversary, until a withdrawal is taken (including Deferral Phase Withdrawals).

  • On each Contract Anniversary, before the end of the Deferral Phase Inflation Increase Period in the Deferral Phase or the Withdrawal Phase Inflation Increase Period in the Withdrawal Phase, and if the Withdrawal Benefit Base is greater than zero, the Company will credit an Inflation Increase to the Withdrawal Benefit Base.

  • The maximum systematic withdrawal amount in the Deferral Phase is the amount available under the “Free Withdrawal” provision of this Contract.

  • The Contract will then remain in the Deferral Phase until We receive the request to enter the Withdrawal Phase.

Related to Deferral Phase

  • Deferral Period has the meaning set forth in Section 3(i) hereof.

  • Deferral Year means each calendar year during which the Director makes, or is entitled to make, Compensation Deferrals under Section 3 hereof.

  • Deferral means the amount or amounts of a Participant’s Compensation deferred under the provisions of Section 3.

  • Deferral Date means the date Fees would otherwise have been paid to the Participant.

  • Compensation Deferral means the amount or amounts of the Director's Compensation deferred under the provisions of Section 3 of this Agreement.

  • Deferral Contribution means any contribution made to the Plan by the Employer in accordance with the provisions of Section 5.03.

  • Deferral Election means the Participant’s election under Section 3.1 to defer all or a portion of his or her Compensation.

  • 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.

  • Deferral Plan means the UGI Corporation 2009 Deferral Plan.

  • Bonus Deferral means the amount of a Participant’s Bonus Compensation which the Participant elects to have withheld on a pre-tax basis from his Bonus Compensation and credited to his account pursuant to Section 4.1.

  • Deferrals means the amount of the Director’s Compensation that the Director elects to defer according to this Agreement.

  • Elective Deferral means the portion of Compensation which is deferred by a Participant under Section 4.1.

  • Plan Year means the calendar year.

  • 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

  • Plan Year(s means the approximate twelve-month periods between annual meetings of the shareholders of the Company, which, for purposes of the Plan, are the periods for which annual retainers are earned.

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

  • Deferral Amount means the sum of all of a Participant's Annual Deferral Amounts.

  • Compensation Period has the meaning specified in Section 2.12(c)(ii).

  • Excess Elective Deferrals means the amount of Elective Deferrals (as defined below) for a calendar year that the Participant designates to the Plan pursuant to the following procedure. The Participant’s designation: shall be submitted to the Administrator in writing no later than March 1; shall specify the Participant’s Excess Elective Deferrals for the preceding calendar year; and shall be accompanied by the Participant’s written statement that if the Excess Elective Deferrals is not distributed, it will, when added to amounts deferred under other plans or arrangements described in Section 401(k), 408(k) or 403(b) of the Code, exceed the limit imposed on the Participant by Section 402(g) of the Code for the year in which the deferral occurred. Excess Elective Deferrals shall mean those Elective Deferrals that are includible in a Participant's gross income under Section 402(g) of the Code to the extent such Participant's Elective Deferrals for a taxable year exceed the dollar limitation under such Code section.

  • Annual Deferral Amount means that portion of a Participant's Base Annual Salary and Annual Bonus that a Participant elects to have, and is deferred, in accordance with Article 3, for any one Plan Year. In the event of a Participant's Retirement, Disability (if deferrals cease in accordance with Section 8.1), death or a Termination of Employment prior to the end of a Plan Year, such year's Annual Deferral Amount shall be the actual amount withheld prior to such event.

  • Short-Term Deferral Period means the period ending on the later of the 15th day of the third month following the end of the Executive’s tax year in which the separation from service occurs and the 15th day of the third month following the end of the Company’s tax year in which the separation from service occurs; and

  • Bonus Compensation shall have the meaning set forth in Section 3(b).

  • Deferral Agreement means an irrevocable agreement entered into between a Nonemployee Director and the Company to authorize the Company to reduce the amount of the Nonemployee Director’s Annual Retainer and credit the amount of such reduction to the Plan consistent with the requirements of Section 409A of the Code. A Deferral Agreement shall contain such provisions, consistent with the provisions of the Plan, as may be established from time to time by the Company or the Board, including without limitation:

  • Lump Sum means the total sum which will have become payable to the Contractor by the Principal upon completion of the Works.