Liability Reserve Account definition

Liability Reserve Account means the balance to the credit of the Participant in a bookkeeping account established and maintained by the Bank for the benefit of the Participant under this Plan.

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Liability Reserve Account means the balance to the credit of the Participant in a bookkeeping account established and maintained by the Bank for the benefit of the Participant under this Plan. Subject to the conditions in the next sentence, the Bank agrees to set aside each year an appropriate amount in the Participant's Liability Reserve Account that would achieve such the targeted Retirement Benefit described above on the Participant's Normal Retirement Age, assuming a reasonable rate of earnings. Notwithstanding anything else to the contrary, after taking into consideration the Bank's prior year's financial performance and safety and soundness benchmarks, the Board may determine that the Bank is unable to prudently make the full amount of the targeted contribution to the Participant's Liability Reserve Account for that Plan Year, in which case the maximum amount that, the Board's sole discretion, prudently could be contributed to the Participant's accrued Liability Reserve Account will be made for that Plan Year, and any shortfall may or may not be made up in future years. In any event, regardless of the Participant's targeted Retirement Benefit, the Participant's unvested Liability Reserve Account may be revised from time to time in consultation with the Bank's accountants, benefit plan consultants and outside counsel.

Liability Reserve Account means a bookkeeping account established and maintained by the Bank for the benefit of the Participant under this Plan, where a portion of the Participant's Normal Retirement Benefit is expensed and accrued under any appropriate method which the Administrator may select in its sole discretion.

Examples of Liability Reserve Account in a sentence

The Bank shall not otherwise add to, subtract from, or adjust the balance of the Accrued Liability Reserve Account except as necessary to conform with Generally Accepted Accounting Principles as applied in the manner required by the Bank’s primary Federal Regulator.
Notwithstanding the Bank’s agreement to create the Accrued Liability Reserve Account and its accrual of reserved funds within said account, neither the Director, nor the Director’s spouse, any legal representative or Beneficiary of the Director, any successor in interest of any of them, or any other person, shall have any interest therein.
In the event the Executive's death should occur after such termination and there is a balance in the Liability Reserve Account, the Executive's spouse shall be entitled to the Executive Health Care or Medicare Supplement Benefit, until the Liability Reserve Account has a zero balance.
The total amount of said benefit shall be equal to (i) the balance of the Accrued Liability Reserve Account, as calculated in accordance with this Agreement, as of the date of the Director’s Separation from Service, multiplied by (ii) the Director’s cumulative vested percentage as determined in accordance with Section VIII of this Agreement.
The total amount of said benefit shall be equal to (i) the balance of the Accrued Liability Reserve Account, as calculated in accordance with this Agreement, as of the date of the Executive’s Separation from Service, multiplied by (ii) the Executive’s cumulative vested percentage as determined in accordance with Section VIII of this Agreement.
Notwithstanding the Bank’s agreement to create the Accrued Liability Reserve Account and its accrual of reserved funds within said account, neither the Executive, nor the Executive’s spouse, any legal representative or Beneficiary of the Executive, any successor in interest of any of them, or any other person, shall have any interest therein.
B., then the Bank will pay a benefit equal to the balance of the Accrued Liability Reserve Account as of the date of the Executive’s death, as calculated in accordance with this Agreement, to the Executive’s Beneficiary.
If the Executive suffers a Termination of Employment (voluntarily or involuntarily), except for cause, anytime subsequent to a Change in Control, then the Executive shall be entitled to receive the Executive Health Care or Medicare Supplement Benefit, commencing within thirty (30) days of said termination until the Liability Reserve Account has a zero (0) balance.
Should the Executive suffer an Termination of Employment, voluntary or involuntary, at anytime from the Effective Date of this Agreement, the Executive shall be entitled to receive the Executive Health Care or Medicare Supplement Benefit until the Liability Reserve Account has a zero (0) balance.
If the Director should experience a Separation from Service as a result of death, then the Bank will pay a benefit equal to the balance of the Accrued Liability Reserve Account as.