Individual DROP Account definition

Individual DROP Account means a self-directed separate account created to accept a DROP participant's monthly pension checks while a DROP participant.
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Individual DROP Account means A self-directed 457 plan account opened by the Member with the agreement of the Employer, and jointly owned with the employer, created to accept DROP participants’ monthly pension check while a drop participant.
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Examples of Individual DROP Account in a sentence

  • Any costs or fees associated with the management of an Individual DROP Account shall be paid directly by the participant and not by the City of York.

  • The notification shall state the participant's intention to participate in the DROP, and designate the Individual DROP Account, with all applicable information necessary to enable the plan administrator to ensure payment of benefits into the Individual DROP Account; or the election to take a fixed percentage rate of return as designated by the City.

  • Individual DROP Account: A member’s individual DROP account at any time is equal to the sum of the monthly DROP pension payments credited to the account, accumulated with interest at the rate of 3.0% per annum, compounded monthly.

  • Within 30 days following termination of a participant's employment pursuant to his participating in the DROP, the balance in the participant's Individual DROP Account shall be paid to the participant in a single lump sum payment or, at the participant's option, in any fashion permitted by law.

  • Within 30 days following termination of a participant' employment pursuant to his participating in the DROP, the balance in the participant's Individual DROP Account shall be paid to the participant in a single lump sum payment or, at the participant's option, in any fashion permitted by law.

  • The notification shall state the participant's intention to participate in the DROP, and designate the Individual DROP Account, with all applicable information necessary to enable the plan administrator to ensure payment of benefits into the Individual DROP Account.

  • The monthly retirement benefits that would have been payable had the member elected to cease employment and receive a normal retirement benefit, shall, upon the member commencing participation in DROP, be paid into the Individual DROP Account established to receive the participant’s monthly pension payments.

  • Any costs or fees associated with the management of an Individual DROP Account shall be paid directly by the Employee and not by the City of York.

  • Upon the termination date set forth in the member’s DROP option notice or such date as the Employer separates the member from employment, the retirement benefits payable to the member or member’s beneficiary, if applicable, shall be paid to the member or beneficiary and shall no longer be paid to the member’s Individual DROP Account.

  • NOTHING CONTAINED HEREIN OR IN THE ENCLOSED DOCUMENTS WILL CONSTITUTE YOU THE AGENT OF PURCHASER, PARENT, RIVIANA, THE INFORMATION AGENT, THE DEPOSITARY OR ANY AFFILIATE OF ANY OF THE FOREGOING, OR AUTHORIZE YOU OR ANY OTHER PERSON TO USE ANY DOCUMENT OR MAKE ANY STATEMENT ON BEHALF OF ANY OF THEM IN CONNECTION WITH THE OFFER OTHER THAN THE DOCUMENTS ENCLOSED HEREWITH AND THE STATEMENTS CONTAINED THEREIN.

Related to Individual DROP Account

  • Rollover Account means the account established hereunder to which amounts transferred from a qualified plan or individual retirement account in accordance with Section 4.6 are allocated.

  • ESOP Account means a Participant’s account to which are credited Matching Contributions made to the Plan after March 31, 1989, and earnings and losses thereon.

  • Individual retirement account means a trust, custodial arrangement, or annuity under Section 408(a) or (b), Internal Revenue Code of 1954 (26 U.S.C. Section 408 (1986)).

  • Individual Account Means the account established and maintained under this Plan for each Participant in accordance with Section 4.01.

  • Contribution Account means an account, or accounts, into which the Accountholder and employer contributions are deposited by the TPA, and from which HSA dollars are swept into the Cash Account.

  • Rollover Contribution Account means the separate Account maintained for a Member to record such Member's share of the Trust Fund attributable to any Rollover Contribution made to the Plan on his behalf.

  • Company Contribution Account means (i) the sum of the Participant’s Company Contribution Amounts, plus (ii) amounts credited or debited to the Participant’s Company Contribution Account in accordance with this Plan, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan that relate to the Participant’s Company Contribution Account.

  • Employer Account The Participant's Matching 401(k) Contributions Account, Matching Thrift Contributions Account, Employer Contributions Account, Qualified Matching Contributions Account and Qualified Nonelective Contributions Account, as the case may be.

  • Company Matching Account means (i) the sum of all of a Participant's Annual Company Matching Amounts, plus (ii) amounts credited in accordance with all the applicable crediting provisions of this Plan that relate to the Participant's Company Matching Account, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan that relate to the Participant's Company Matching Account.

  • Matching Contribution Account means the separate, individual account established on behalf of a Participant to which the Matching Contributions made on such Participant's behalf are credited, together with all earnings and appreciation thereon, and against which are charged any withdrawals, loans and other distributions made from such account and any losses, depreciation or expenses allocable to amounts credited to such account.

  • Matching Account means the account maintained on the books of the Employer for the purpose of accounting for the Matching Amount and for the amount of investment return credited thereto for each Participant pursuant to Article V.

  • Employer Contribution Account means, for any Participant, the account established by the Administrator or Trustee to which Employer Contributions made under Section 3.5 for the Participant's benefit are credited.

  • Individual development account means a contract between an account holder and a fiduciary organization, for the deposit of funds into a financial institution by the account holder, and the deposit of matching funds into the financial institution by the fiduciary organization, to allow the account holder to accumulate assets for use toward achieving a specific purpose approved by the fiduciary organization.

  • Tax Account shall have the meaning set forth in Section 8.6 hereof.

  • Account Balance means, with respect to a Participant, an entry on the records of the Employer equal to the sum of (i) the Deferral Account balance, (ii) the Company Contribution Account balance, and (iii) the Company Restoration Matching Account balance. The Account Balance shall be a bookkeeping entry only and shall be utilized solely as a device for the measurement and determination of the amounts to be paid to a Participant, or his or her designated Beneficiary, pursuant to this Plan.

  • Deferral Account means the Company's accounting of the Director's accumulated Deferrals plus accrued interest.

  • Designated Retirement Account means any retirement plan or account described or qualified under the Internal Revenue Code of 1986, as amended, or a subaccount thereof.

  • Retirement Account means any retirement or pension fund or account, listed in Iowa Code section 627.6(8)“f” as exempt from execution, regardless of the amount of contribution, the interest generated, or the total amount in the fund or account.

  • Elective Deferral Account means the account established hereunder to which Elective Deferrals (including a separate accounting for Catch-Up Contributions) are allocated. Amounts in the Participant's Elective Deferral Account are nonforfeitable when made and are subject to the distribution restrictions of Section 12.2(e). The Elective Deferral Account may consist of the

  • Participant’s Account means an account maintained for each Participant’s participation in DSUs and/or RSUs under the Plan;

  • Cash Account has the meaning set forth in Section 2.1(a)(ii).

  • Percentage Stock Ownership means the percentage Stock Ownership interest of any Person or group (as the context may require) for purposes of Section 382 of the Code as determined in accordance with the Treasury Regulation § 1.382-2T(g), (h), (j) and (k) or any successor provision.

  • Plan Account means the account established for each Participant pursuant to Section 8(a).

  • Principal Funding Account Balance means, with respect to any date of determination during the Controlled Accumulation Period, the principal amount, if any, on deposit in the Principal Funding Account on such date of determination.