Limitation Account definition

Limitation Account means an account expressly set up and ------------------ maintained to hold Excess Annual Addition amounts contributed in error pursuant to Article 5.3(b).
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Limitation Account means an account maintained in accordance with the provisions of the Allocation Of Contributions And Forfeitures article.
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Limitation Account means a suspense account established in accordance with Treasury regulation section 1.415-6(b)(6) to hold excess Annual Additions with respect to one or more Participants prior to allocation of such excess Annual Additions to Participants' Accounts.
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Examples of Limitation Account in a sentence

  • Upon termination of the Plan, any amounts in a Limitation Account at the time of such termination shall revert to the Company.

  • If a Limitation Account is in existence at any time during a particular Limitation Year, other than the Limitation Year described in the preceding sentence, all amounts in the Limitation Account must be allocated to Participants' Accounts (subject to the limits of this Section 7.5) before any Company Contributions which would constitute Annual Additions may be made to the Plan for that Limitation Year.

  • The Limitation Account will not share in the valuation of Participants' Accounts and the allocation of earnings set forth in Section 7.8 of the Plan, and the change in fair market value and allocation of earnings attributable to the Limitation Account shall be allocated to the remaining accounts hereunder as set forth in Section 7.5.

  • Any excess amounts attributed to this Plan shall be held in the Limitation Account and reallocated in the next Limitation Year to all of the Participants in the Plan.

  • Net income (or loss) attributable to any Limitation Account established under Section 7.4 shall be allocated to the Other Investments Accounts of Participants in the manner set forth in the third sentence of this Section, and the Limitation Account shall not share in the allocation of Net Income (or loss) of the Trust under this Section.

  • Second, in the event that such a reallocation would cause the Annual Addition limit to exceed with respect to any other Eligible Participant, the excess amount remaining after the reallocation required by 1, above, shall be held unallocated in a Limitation Account and shall be reallocated to all Eligible Participants pursuant to the Allocation To Accounts article as of the last day of the next succeeding Plan Year.

  • Second, by holding any remaining excess amounts in a Limitation Account.

  • Upon termination of the Plan, any amounts in a Limitation Account at the time of such termination shall revert to the Company or Participating Employer that employs the Employees to whom such amounts are attributable.

  • Excess amounts held in a Limitation Account pursuant to this section 7.5 may not be distributed to Participants or former Participants.

  • If a Limitation Account is in existence at any time during a particular Limitation Year, other than the Limitation Year described in the preceding sentence, all amounts in the Limitation Account must be allocated to Participants' Accounts (subject to the limits of this section 7.5) before any contributions that would constitute Annual Additions may be made to the Plan for that Limitation Year.

Related to Limitation Account

  • Accumulation Account The account designated as such, established and maintained pursuant to Section 5.01(a)(iii) of the Trust Sale and Servicing Agreement.

  • 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.

  • Retention Account means, an interest bearing USD account in the name of the Borrowers opened or (as the context may require) to be opened by the Borrowers with the Bank and includes any sub-accounts thereof and any other account designated in writing by the Bank to be the Retention Account for the purposes of this Agreement;

  • 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.

  • 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).

  • Distribution Accounts Collectively, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account, the Excess Interest Distribution Account (and in each case any subaccount thereof), all of which may be subaccounts of a single Eligible Account.

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

  • 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.

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

  • Principal Accumulation Account Balance means, for any date of determination, the principal amount, if any, on deposit in the Principal Accumulation Account on such date of determination.

  • Concentration Account has the meaning provided in Section 6.13(c).

  • Administration Account As defined in Section 7.02.

  • 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.

  • Interest Collection Account A Securities Account created and maintained on the books and records of the Securities Intermediary entitled “Interest Collection Account” in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties.

  • 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.

  • Principal Collection Account A Securities Account created and maintained on the books and records of the Securities Intermediary entitled “Principal Collection Account” in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties.

  • Principal Distribution Account means the account by that name established and maintained pursuant to Section 4.1 of the Sale and Servicing Agreement.

  • Note Account As defined in the Indenture.

  • Distribution Account Deposit Date As to any Distribution Date, 12:30 p.m. Pacific time on the Business Day immediately preceding such Distribution Date.

  • 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.

  • Interest Collection Subaccount The meaning specified in Section 10.2(a).

  • Interest Funding Account means the trust account designated as such and established pursuant to Section 5.01(a).

  • Transaction Account means a cash account established and maintained by Repo Custodian for the Funds to effect repurchase transactions pursuant to the Master Agreement.

  • 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.

  • Payroll Deduction Account means the bookkeeping account established for a Participant in accordance with Section 6.

  • Principal Collection Subaccount The meaning specified in Section 10.2(a).