IRA Account definition

IRA Account means Individual Retirement Account.

IRA Account means an account in which are held individual retirement account ("IRA") contributions by former participants in a plan which has been merged into the Plan, and the investment results thereof.

IRA Account means a Participant’s interest in the Plan attributable to his IRA Account in the BNI Plan as of December 31, 1996.

Examples of IRA Account in a sentence

• If such transfer is made within two years after the date of the first contribution by the employer to the Participant’s SIMPLE IRA Account under the employer’s SIMPLE IRA plan, the Custodian will have the right to a representation from the successor custodian or trustee that the successor IRA is a SIMPLE IRA if required under applicable law.

• Contributions to the electing Participant’s SIMPLE IRA Account will be transferred to the other IRA specified by the Participant with reasonable frequency (but not less frequently than monthly).

• Pending transfer to the other IRA, contributions will be held in the investment fund specified in the Adoption Agreement for the Participant’s SIMPLE IRA Account.

• Such instructions may be limited to contributions to the Participant’s SIMPLE IRA Account of the calendar year, or may be effective with respect to all future contributions to the Participant’s SIMPLE IRA Account until revoked.

• If the Participant’s SIMPLE IRA Account operates under an employer SIMPLE IRA plan that uses the “designated financial institution” rules of Code Section 408(p), the rules in this paragraph will apply.

More Definitions of IRA Account

IRA Account means an account established under the contract for a Participant-Owner in accordance with Section 408(b) of the Code.

IRA Account. A custodial or trust account which holds IRA or Xxxx XXX retirement assets pursuant to the provisions of Sections 408(a) and 408A of the Internal Revenue Code. Due Proof of Death: Due Proof of Death is satisfied when we receive all of the following in Good Order: a death certificate or legal documentation and all representations required or mandated by applicable law or regulation in relation to a continuation of the Contract, Insured Income Payments or Annuity Payments after death. Eligible Account Assets: An investment that we designate as eligible for coverage under this Contract. After the Contract is issued, we may designate additional investments as Eligible Account Assets. Once we designate an investment as an Eligible Account Asset, we, at any time in the future, may determine that such investment is no longer an Eligible Account Asset. Excess Withdrawal: All or any portion of an Income Withdrawal that exceeds the Annual Income Amount for that particular Contract Year and any Unused Annual Income Amount. If the Required Minimum Distribution amount in any Contract Year is greater than the Annual Income Amount plus any Unused Annual Income Amount, then only the amount of Income Withdrawals you make that exceed the Required Minimum Distribution amount calculated by us, if any, will be treated as Excess Withdrawal. Financial Firm: The entity you choose to hold your Account and approved by us. Good Order: Good Order is a state or condition determined to be reasonably necessary for the accurate execution of the intended transaction or direction, including: a) being received at our Service Office in a manner that is sufficiently complete and clear that we do not need to exercise any discretion; b) complies with all relevant laws and regulations; c) on specific forms, or by other means we then permit (such as via telephone or electronic transmission); and/or d) with any signatures and dates as we may require. We will notify the Financial Firm or you when Good Order conditions have not been met. Income Withdrawal: Any Withdrawal taken from the Account that is not designated by you as a Non-Income Withdrawal. Once you have taken your first Income Withdrawal from the Account, or notified us in Good Order to begin the Income Stage, all further Withdrawals will be deemed to be Income Withdrawals. Initial Account Value Contribution: The initial amount contributed to the Account by you, or on your behalf, shown in the Contract Schedule and acknowledged by us. Ins...

IRA Account means an Individual Retirement Account, as such term xx defined in the Internal Revenue Code, for which Seller serves as trustee or custodian, the assets of which consist solely of deposit liabilities of the Seller.

IRA Account means, with respect to amounts attributable to certain balances transferred to this Plan from the BR Plan or any Other Plan, the Account maintained for each Participant under each Investment Fund in which all or part of the deductible contributions made by the Participant, as permitted under the terms of the transferring plan and Code section 219 prior to January 1, 1987, have been invested and adjusted from time to time as provided in section 9.3.