Savings Contribution Account definition

Savings Contribution Account means an account attributable to a Participant’s Savings Contributions, as adjusted for earnings and losses thereon;
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Savings Contribution Account means an account established ---------------------------- pursuant to paragraph (b) of Article VII of the Plan to hold Savings Contributions made pursuant to paragraph (a) of Article VI of the Plan.
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Savings Contribution Account means an account established pursuant to section 7.2 of the Plan with respect to contributions made under salary reduction arrangements pursuant to section 6.1 of the Plan.
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Examples of Savings Contribution Account in a sentence

  • A Participant shall always be one hundred percent (100%) vested in amounts credited to his or her Nonqualified Savings Contribution Account and Nonqualified Excess Contribution Account.

  • A Participant shall be fully vested in his Savings Contribution Account at all times.

  • Savings Contributions shall be credited to a separate Savings Contribution Account maintained on behalf of the Participant on the books and records of the Company.

  • If the Participant’s total Savings Contribution Account as of such date is less than $25,000, such In-Service Distribution shall be made in a single lump sum on the date of the first scheduled In-Service Distribution.

  • A Participant may elect to receive his Savings Contribution Account for a Plan Year as an In-Service Distribution, either: (i) in a lump sum in a Plan Year selected by the Participant; or (ii) in annual installments over a period of two (2) to five (5) years, commencing in a Plan Year selected by the Participant.

  • The amount of each Participant’s Savings Contribution shall be credited to the Participant’s Savings Contribution Account within five (5) business days of the date on which such amount would have been paid to the Participant but for the Participant’s election to defer receipt thereof.

  • If a Participant has elected to receive an In-Service Distribution in installments, the distribution will be made in installments only if the Participant’s aggregate Savings Contribution Account under the Plan, valued as of the first such distribution date, when aggregated with the Participant’s total account balance under the Old Plan that is attributable to the Participant’s compensation deferrals, is not less than $25,000.

  • Each Member shall have an Employer Contribution Account, a Savings Contribution Account, a Salary Deferral Contribution Account and/or a Rollover Account.

  • A Participant may contribute, by payroll deduction, any whole percentage of the Participant’s Compensation for each pay period to the Participant’s Savings Contribution Account, subject to the following maximum percentages: (i) 50% of the Participant’s Compensation if the Participant is not a Highly Compensated Employee, and (ii) 22% of the Participant’s Compensation if the Participant is a Highly Compensated Employee.

  • If a Participant who has elected to receive an In-Service Distribution of all or a portion of his Savings Contribution Account incurs a Separation from Service for any reason prior to payment of all scheduled In-Service Distributions, all remaining scheduled In-Service Distributions shall be made to the Participant (or to his Beneficiary in the event of his death) in a single lump sum.


More Definitions of Savings Contribution Account

Savings Contribution Account means the separate Account maintained for a Participant to record his share of the Trust Fund attributable to Savings Contributions made on his behalf.
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Savings Contribution Account means the bookkeeping account maintained under the Plan for a Participant to record the Savings Contributions made to the Plan on his behalf, as increased by investment earnings and reduced by investment losses thereon.
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Related to Savings Contribution Account

  • 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.

  • Rollover Account means the account established hereunder to which amounts transferred from a qualified plan or individual retirement account in accordance with Section 4.6 are allocated.

  • ESOP Account means a Participant’s account to which are credited Matching Contributions made to the Plan after March 31, 1989, and earnings and losses thereon.

  • Retirement Account means any retirement or pension fund or account, listed in Iowa Code section 627.6(8)“f” as exempt from execution, regardless of the amount of contribution, the interest generated, or the total amount in the fund or account.

  • Deferred Compensation Account means the account maintained with respect to each Participant under the Plan. The Deferred Compensation Account shall be credited with Participant Deferral Credits and Employer Credits, credited or debited for deemed investment gains or losses, and adjusted for payments in accordance with the rules and elections in effect under Section 8. The Deferred Compensation Account of a Participant shall include any In-Service or Education Account of the Participant, if applicable.

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

  • Employer Account The Participant's Matching 401(k) Contributions Account, Matching Thrift Contributions Account, Employer Contributions Account, Qualified Matching Contributions Account and Qualified Nonelective Contributions Account, as the case may be.

  • Employer Contribution means the amount paid by an employer, as determined by the employer rate, including the normal and deficiency rates, contributions, and funds wherever used in this chapter.

  • Deferral Account means the Company's accounting of the Director's accumulated Deferrals plus accrued interest.

  • 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.

  • Matching Contribution means an Employer contribution made to this or any other defined contribution plan on behalf of a Participant on account of a Participant's Deferral Contribution.

  • Cash Account has the meaning set forth in Section 2.1(a)(ii).