Money Purchase Account definition

Money Purchase Account of a Member means the account established in his name pursuant to Section 12.01(b).

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Money Purchase Account means the subaccount established to record any amounts transferred to the Plan from a money purchase pension plan and the earnings thereon.

Money Purchase Account means the account described in Article 6 (Special Distributions).

Examples of Money Purchase Account in a sentence

• Employees participating in the ICMA 401 Money Purchase Account shall have the opportunity once per year, before August 15th of that year, to vote to choose the employee contribution amount to be effective October 1st of that year.

• Those employees employed by the City prior to January 1, 2002 and who elected to maintain participation in the ICMA 401 Money Purchase Account shall receive the same City contribution as those employees electing to participate in the FRS.

• The University shall make contributions of seven (7) percent of a Member's Reference Salary to the Member's Money Purchase Account and in addition, shall contribute such amount as is certified by the plan Actuary as appropriate to make provision for the funding of the benefits to be provided from the Minimum Guarantee Pension.

• If a Participant with a Money Purchase Account is married as of the effective date of a withdrawal, any withdrawal from such Money Purchase Account shall require the written consent of the Participant's Spouse in the same manner as provided for in Section 8.7, except that clause (4) of Section 8.7(a) shall not apply.

• Each Participant shall have a right to designate one or more Beneficiaries to receive any death benefits that may become payable under the Plan with respect to all Accounts other than any Money Purchase Account by filing with the Plan Administrator the forms specified for this purpose, subject to the waiver and spousal consent requirements under Section 8.

• Any withdrawal from an MPC Participant’s MPC Money Purchase Account, however, shall be made in accordance with the provisions of Section B-6 of this Supplement.

• With respect to an unmarried MPC Participant, a Qualified Joint and Survivor Annuity means an annuity for the life of the MPC Participant that can be purchased with the balance of the MPC Participant’s MPC Money Purchase Account to be withdrawn or distributed.

• A Participant may not receive a withdrawal from such Money Purchase Account on a date more than 90 days or less than 30 days after the Plan Administrator has provided the Participant with a withdrawal form and with the information set forth in Section 8.6(a), except as provided in Section 8.6(d).

• If a Participant has no Spouse as of the date of death, the death benefit attributable to the Money Purchase Account shall be payable as provided under Section 10.3.

• If an MPC Participant separates from service before the first day of the Plan Year in which he or she attains age 35, with respect to the MPC Money Purchase Account as of the date of separation, the Election Period shall begin on the date of separation.

More Definitions of Money Purchase Account

Money Purchase Account means the account established and maintained for a Member in accordance with Section 21(c).

Money Purchase Account means the account established to receive contributions in the Member’s name pursuant to Section 5.

Money Purchase Account means the account established and maintained pursuant to paragraph 6.02(b);

Money Purchase Account means the separate account of each Member under that name to which is credited the Member's account balance, if any, transferred from a Retirement Plan described in subsection (gg) below and the net worth of the Trust Fund attributable thereto.

Money Purchase Account means in respect of Members who retired or left Service after 1 April 1988 and before 1 December 2001, that part of the Fund which is notionally allocated to a Member being equal to the aggregate of 8.5% of the Member’s Pensionable Earnings for each Scheme Year during his or her Active Membership completed on or after 1 April 1988, increased or decreased by such amount as the Trustees in their absolute discretion (on the advice of the Actuary) shall determine from time to time having regard to the overall investment return of the Fund.