Examples of QNEC Account in a sentence
The Plan Administrator will establish a separate QNEC Account for each Participant who receives an allocation of QNECs in accordance with Section 7.04(A)(1).
A Participant's Restricted Balances are the Participant's Elective Deferral Account under an Annuity Contract, all Accounts under a Custodial Account (or transferred from a Custodial Account), QNEC Account and Safe Harbor Contributions Account.
Any Nonelective Contributions allocated to a Participant’s QNEC Account under the Plan automatically satisfy and are subject to the QNEC definition.
A Participant is always fully vested in his/her Salary Deferral Account, After-Tax Contribution Account, QNEC Account, QMAC Account, Safe Harbor Employer Contribution Account, Safe Harbor Matching Contribution Account, and Rollover Contribution Account.
A QNEC must be subject to the same distribution restrictions applicable to Salary Deferrals under Section 8.09(c), except that no portion of a Participant’s QNEC Account may be distributed on account of Hardship.