DROP account definition
DROP account means the notional account to which is credited the monthly DROP accrual;
DROP account means the notional account established to reflect the credits, contributions, and earnings of a member who has made a DROP election in accordance with Section 5 of this article.
DROP account means the notional account to which is credited
Examples of DROP account in a sentence
Upon termination of employment, the retiree shall begin to receive payments from his/her individual DROP account as described hereinafter.
For each employee participating in the DROP, an individual DROP account will be created in which shall be accumulated the DROP benefits, as well as interest on said DROP benefits.
Should that plan be modified to include a defined contribution plan, this DROP account established is only part of a defined benefit plan.
Upon termination of employment, the retiree shall receive the monthly retirement benefit previously credited to his/her DROP account.
Interest on the DROP account will continue to accrue during such a forfeiture, except as provided in Subsection ▇.
More Definitions of DROP account
DROP account means the dollars allocated to a DROP Participant pursuant to this Article. Such accounts will be maintained by the Trustee as entries on its books. The Trustee is not required to set up individual accounts for each DROP Participant.
DROP account means a notional account established for a DROP participant that is used solely as an accounting convention to aid in the computation of the DROP participant's DROP benefit. The DROP account may only be used for accounting purposes, and there is no actual separation of assets of the pension fund before the distribution of the DROP participant's DROP benefit.
DROP account means the separate financial account established into which the participant’s retirement benefits are paid while the participant continues to be employed by the Sheriff’s Office of the County as a covered individual under the Plan.
DROP account means the separate financial account established under this policy from which a participant is paid a lump sum distribution at retirement.
DROP account means the member's accumulated monthly DROP accruals, plus interest.
DROP account means the account established for each DROP participant under Subsection (c).
DROP account. : shall mean the hypothetical account that is established on behalf of a Member who upon retirement (or whose surviving Spouse or other Beneficiary upon the death of the Member) elects to receive his benefit under the DROP and will be credited with the amounts that will be used to determine the value of the Member’s lump-sum DROP payment.