PAYSOP Account definition

PAYSOP Account means the sub-account that is attributable to all amounts transferred to this Plan from the Paysop pursuant to that certain trust to trust transfer agreement effective December 29, 1988.

PAYSOP Account means the individual account in the Plan established for a Participant or Merged Participant as a result of the merger of the PAYSOP into the Savings Plan effective July 31, 1987 which consists of the contributions of the Company to such Participant’s Stock Ownership Account established pursuant to the PAYSOP in accordance with Section 5.1 thereof.

PAYSOP Account means the portion of a Participant's Account attributable to contributions formerly made to the Plan under the provisions of the Code relating to PAYSOP plans. Effective January 1, 2002, the PAYSOP Account will merge with and into the Equity Builder Account.

Examples of PAYSOP Account in a sentence

• Amounts in the PAYSOP Account may not be withdrawn while the Participant is an Employee of the Employer or an Affiliated Employer.

• In any case, even if paying below the threshold was allowed, that would only result in being taken off the list for a short time period, because the financial penalties would accumulate and take the total amount above the threshold again.

• A Participant shall at all times be 100% vested in, and have a nonforfeitable right to, his Before-Tax Account, After-Tax Account, Rollover Account and PAYSOP Account.

• Except as provided in subsection 8.02 or subsection 18.04, below, a Participant may not withdraw any portion of his PAYSOP Account, or the earnings attributable thereto, prior to his retirement, death, Disability, or other termination of employment with the Company and its affiliates.

• Notwithstanding the provisions of subsection 18.03 of the Plan and Section 409(d) of the Code, payments may be made from a Participant’s PAYSOP Account to an alternate payee under a qualified domestic relations order even if the Participant has not terminated his employment with the Company and its affiliates, and even if part or all of the Shares in the Participant’s PAYSOP Account has not become eligible for distribution to the Participant under Section 409(d) of the Code.

More Definitions of PAYSOP Account

PAYSOP Account means the amount held in the “PAYSOP Account” of this Plan immediately prior to the Effective Date (which reflects a Participant’s interest under the Plan attributable to his “PAYSOP Account” under the Kilsby ESOP or under the ECAP), plus all income and gains credited to, and minus all losses, expenses and withdrawals charged to, such Account. There are two types of PAYSOP Account, one for contributions allocated prior to 1987 and one for contributions allocated after 1986 and prior to the Effective Date.

PAYSOP Account means the portion of each Member’s Account consisting of assets previously held in an account for such Member’s benefit under the Ashland Oil, Inc. PAYSOP which was merged into the Ashland Inc. Leveraged Employee Stock Ownership Plan effective January 1, 1991, and which was held under that plan and which merged into this Plan effective as of the time period provided in Section 1.3(a).

PAYSOP Account means the subaccount of the participant that is credited with employer contributions made on behalf of the participant to the Southern National Employee Stock Ownership Plan prior to its merger into the predecessor plan on May 13, 1996 or to the United Carolina Bancshares Corporation Dollar Plus Savings Plan prior to its merger into the predecessor plan on December 12, 1997.

PAYSOP Account means the portion of the Member’s Account that evidences the value of contributions made by the Employer before January 1, 1989 in the form of Company Stock to the tax credit employee stock ownership portion of the Plan in effect at that time, including any gains and losses of the Trust Fund attributable thereto. 3

PAYSOP Account means the individual account in the Plan

PAYSOP Account means the Account to which are credited -------------- or debited shares of Merrill Lynch & Co. Stock held in the Participant's Transferred Share Account under the Merrill Lynch & Co. ESOP prior to their transfer to this Plan and earnings thereon and losses thereto.

PAYSOP Account means the account established by the Plan Administrator for each applicable Participant to which such Participant's PAYSOP Account under the Stock Bonus Plan is transferred, as provided under Section 19.1.