Salary Account definition
Examples of Salary Account in a sentence
Subject only to the provisions of Section 4.2 hereof, each Participant's interest in his or her Deferred Salary Account shall at all times be vested and nonforfeitable.
No present or former Participant, nor any Beneficiary thereof, shall have any right, title or claim in or to any specific assets of the Company, but only a claim against the Company as a general, unsecured creditor thereof to the extent of the undistributed portion of his or her vested Deferred Salary Account in accordance with the terms and conditions hereof.
Prior to July 1, 2006, a Participant was always 100% vested in his Deferred Salary Account (including the USERRA Deferred Salary Account), Company Account, Voluntary Account, Rollover Account, the TIP Accounts and the portion of the Company Stock ESOP Fund relating the contributions other than Matching Contributions.
Deferred Salary as specified in the applicable Deferral Notice shall be credited by the Company to the Deferred Salary Account of the Participant in question.
Amounts held in a Deferred Restoration Distribution Account may not be paid in the form of an annuity and may only be paid in a form otherwise available to amounts credited to a Deferred Salary Account, as provided for in Article VI.
As soon as practicable after the close of each calendar year, the Company shall present to each Participant a statement of his or her Deferred Salary Account showing the credit thereto at the beginning of the year, if any, any additions thereto and/or distributions therefrom, for the calendar year just ended, the Participant's vested interest in his or her Account, calculated pursuant to Article III hereof, and such other information as the Company may deem necessary or desirable.
Each Participant's Deferred Salary Account shall be deemed credited, on the date or dates for payment of compensation in accordance with the Company's normal practices, with a dollar amount equal to (a) the Participant's total Deferred Salary election for the calendar year, divided by (b) the total number of dates for payment of compensation during the calendar year with respect to the particular Participant.
This Plan shall not be considered a guarantee of employment to any Participant hereunder for any period of time whatsoever, and the inclusion of any Participant in the Plan does not insure his or her retention as an employee of the Company or of his or her continued participation in this Plan, except with respect to amounts previously credited to his or her Deferred Salary Account, subject to the provisions of Article IV hereof.
Such Deferred Salary shall be credited to the Participant’s Deferred Salary Account as of the first business day after the last day of each payroll period.
Such additional contributions shall be treated as deferred salary contributions, shall be allocated to such Participant’s Deferred Salary Account and shall be immediately fully vested and subject to the distribution restrictions of Section 6.11 applicable to deferred salary contributions.