Forfeiture Account definition

Forfeiture Account means an account holding amounts forfeited by Participants.

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Forfeiture Account. An account holding amounts forfeited by Terminated Participants, invested in interest bearing deposits (which may include interest bearing deposits of the Trustee) and/or money market type assets or funds, pending disposition as provided in the Plan and Trust and as directed by the Administrator.

Forfeiture Account means the ORP Forfeiture Account held in trust by the Plan Trustees, including account balances returned to the Plan through “Deemed Cash-Out” or other forfeiture events.

Examples of Forfeiture Account in a sentence

Funds necessary for any such restoration shall be provided through payment made by the Employer, or by the Trustee to the extent the error or omission is attributable to actions or inactions of the Trustee, or if the restoration involves an Account holding amounts contributed by an Employer, the Administrator may direct the Trustee to use amounts from the Forfeiture Account.
Forfeitures from all Employer Contribution Accounts shall be transferred to and maintained in a single Forfeiture Account, which shall be invested in interest bearing deposits of the Trustee.
The Administrator shall pay the amount through an additional amount contributed by the Employer or direct the Trustee to pay the amount from the Forfeiture Account.
The restoration amount shall come from the Forfeiture Account to the extent possible, and any additional amount needed shall be contributed by the Employer.
Forfeitures from all Accounts subject to vesting shall be transferred to and maintained in the Forfeiture Account.

More Definitions of Forfeiture Account

Forfeiture Account means the account maintained by the Administrator to which forfeited amounts under the Plan shall be credited.

Forfeiture Account means an unallocated account maintained by Equitable under this Contract in conjunction with the operation of Section 8.03. Amounts arising from the reductions in Annuity Account Value pursuant to Section 8.03 will be allocated thereupon to the Forfeiture Account, pending disposition of such amounts (and interest thereon) as determined by the Owner. Such account will be maintained in either (a) the Guaranteed Interest Option or (b) a Qualified Default Investment Alternative.

Forfeiture Account means an account established to receive forfeitures after January 1, 1990 in accordance with Section 15.05 and will operate in accordance with Section 17.05.

Forfeiture Account means the separate Account maintained on behalf of the Company in accordance with Section 3.4.3.

Forfeiture Account means the account set up by PERS to administer overpayments of employee contributions.

Forfeiture Account means the account established pursuant to the provisions of Section 8.6.

Forfeiture Account means an account established to receive forfeitures in accordance with Articles 12.1.6 and 12.2.5.