Individual Custodial Account definition

Individual Custodial Account means a custodial account that meets the requirements of Code Section 403(b)(7) for the benefit of an individual Participant.
Sample 1Sample 2Sample 3

Examples of Individual Custodial Account in a sentence

  • The Account is intended to be an Individual Custodial Account that meets the requirements of Code Section 403(b)(7) to hold contributions on behalf of the Participant.

  • The Participant may cause the transfer or exchange, in cash, of all or any portion of the balance of the Participant’s Account directly to the custodian of another Individual Custodial Account, or to an insurance company designated by the Participant for the purchase of an annuity contract qualified under Code Section 403(b) if the Administrator certifies that the transaction meets the requirements for a tax- free transfer or exchange under Treasury Reg.

Related to Individual Custodial Account

  • Custodial Account The separate account or accounts created and maintained pursuant to Section 4.04.

  • Collection Account means the account designated as such, established and maintained pursuant to Section 5.1.

  • Distribution Account means the Bank Account (which may be a current, saving or deposit account) maintained by the Trustee with a Bank as directed by the Management Company in which the amount required for distribution of income to the Unit Holder(s) shall be transferred. Interest, income or profit, if any, including those accruing on unclaimed dividends, in this account shall be transferred to the main account of the Fund from time to time, as part of the Trust Property for the benefit of the Unit Holder(s).

  • Debt Service Account means the Debt Service Account for General Obligation Temporary Notes, Series 2017-1 (within the Bond and Interest Fund) created pursuant to Section 501 hereof.