Individual Beneficiary definition

Individual Beneficiary means a natural person designated by the Participant in accordance with Section 7.5 (Beneficiary Designations) to receive all or any portion of the amounts remaining in the Participant’s Accounts at the time of the Participant’s death. “Individual Beneficiary” also means a natural person who is a beneficiary of a trust designated by the Participant in accordance with Section 7.5 (Beneficiary Designations) to receive all or a portion of such amount, provided the trust complies with the requirements of Code Section 401(a)(9) and the regulations promulgated thereunder, including that the trust is irrevocable, the beneficiaries with respect to the trust’s interest in the Participant’s Accounts are identifiable from the trust agreement, and a copy of the trust agreement is provided to the Administrative Committee prior to the date distributions commence to such trust.

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Individual Beneficiary. Any individual who shall be hereafter named of record as Individual Beneficiary, and who shall be co-Beneficiary hereunder to the extent and subject to the limitations described in Section 9.8 hereof.

Individual Beneficiary also means a natural person who is a beneficiary of a trust designated by the Participant in accordance with Section 6.5 to receive all or a portion of such amount, provided the trust requires that such amounts be paid to the beneficiary in the time and manner that this Plan would require that direct payments be made to an Individual Beneficiary.

Examples of Individual Beneficiary in a sentence

A minimum contribution is required to open/maintain the Individual Beneficiary Account (IBA).
The Alternative Annuity must be based on the life of the Participant or upon the joint lives of the Participant and an Individual Beneficiary.
For purposes of this Section 6.07(H), a "primary Individual Beneficiary" is an Individual Beneficiary who has an unconditional right to all or a portion of the Participant's Account Balance upon the Participant's death.
Unless the Employer elects otherwise in its Adoption Agreement, a Participant's hardship event, for purposes of Section 6.07(A)(1), includes an immediate and heavy financial need of a primary Individual Beneficiary of the Participant, that would constitute a hardship event if it occurred with respect to the Participant's spouse or dependent as defined under Section 6.07(A)(1), but only as to the events described in Sections 6.07(A)(1)(a), (c) and (e).
A minimum contribution is required to open/maintain the Individual Beneficiary Account.
Individual Beneficiary" means a natural person ---------------------- designated by the Participant in accordance with Section 6.5 to receive all or any portion of the amounts remaining in the Participant's Accounts at the time of the Participant's death.
NationsBank, National Association, as Agent for the Secured Creditors, and, if NNA is not permitted to act as Beneficiary in any State, then in that State the Individual Beneficiary to the extent and solely for the purpose described in Section 9.8, and each of their successors and assigns.

More Definitions of Individual Beneficiary

Individual Beneficiary means a natural person designated by the Participant in accordance with Section 6.3 to receive all or any portion of the amounts remaining in the Participant's Accounts at the time of the Participant's death. "Individual Beneficiary" also means a natural person who is a beneficiary of a trust designated by the Participant in accordance with Section 6.3 to receive all or a portion of such amount, provided the trust complies with the requirements of Code Section 401 (a)(9) and regulations promulgated thereunder.

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