Elective Contribution Account definition

Elective Contribution Account. An Account established and maintained for a Participant to account for the Elective Contributions made on his behalf.

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Elective Contribution Account means the account maintained to record the Participant’s Elective Contributions and any other adjustments as required under Article IV, V or X of the Plan.

Elective Contribution Account shall be represented by the bookkeeping entries required to record (i) a Director’s Elective Contributions plus (ii) accrued interest, equal to the Interest Factor, earned to date on such amounts. However, neither the existence of such bookkeeping entries nor the Elective Contribution Account itself shall be deemed to create either a trust of any kind, or a fiduciary relationship between the Bank and the Director or any Beneficiary.

Examples of Elective Contribution Account in a sentence

The Elective Contribution Account shall be payable in monthly installments throughout the Payout Period.
The Elective Contributions by the Employer on behalf of an electing Employee shall be allocated to the Elective Contribution Account of such electing Employee as of each Valuation Date of the Plan Year to which the Elective Contribution pertains.
Excess Aggregate Contributions shall be forfeited, if forfeitable or distributed on a pro-rata basis from the Participant's Matching Account and Voluntary Account (and, if applicable, the Participant's Qualified Non-Elective Contribution Account or Elective Contribution Account).
The Interest Factor shall be used to annuitize the Elective Contribution Account.
Any rights of the parties that have already vested, (i.e., the balance of his Elective Contribution Account), however, shall not be affected by such action.

More Definitions of Elective Contribution Account

Elective Contribution Account means an Account to which Elective Contributions are allocated.

Elective Contribution Account means an account established pursuant to paragraph (b) of Article VI with respect to contributions made under salary reduction arrangements pursuant to Article V.

Elective Contribution Account means an Elective Contribution Account or Employer Special Share Account maintained for a Participant to record his Elective Contributions and adjustments thereto. “Elective Contribution Account” means the account maintained for a Participant to record his Elective Contributions to Plan and adjustments thereto. “Employer Special Share Account” means the account maintained for a Participant to record his interest, if any, in New MacDermid Stock that was converted from stock previously held under the elective deferral account of the Plan’s employee stock ownership plan feature in connection with the elimination of that feature prior to the Effective Date.

Elective Contribution Account means, for any Participant, the account described in Section 7.1 to which Elective Contributions for the Participant's benefit (and earnings attributable thereto) are credited.

Elective Contribution Account means an account established pursuant to Article VII(b) with respect to contributions made under salary reduction arrangements pursuant to paragraph (a) of Article VI.

Elective Contribution Account means an account established on the books of the Trust for the purpose of recording Pre-Tax Elective Contributions and Designated ▇▇▇▇ Contributions made on behalf of a Participant pursuant to Article 4 and any income, expenses, gains, or losses incurred thereon.

Elective Contribution Account means an Account to which Elective Contributions (but not Roth Elective Deferrals) are allocated. - 3 -