Section 409A Account definition

Section 409A Account means the portion of the Participant’s Account that is not a Pre-Section 409A Account. The Participant’s Section 409A Account shall be payable in accordance with Section 5.1.
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Section 409A Account means the value of the Member’s Account, minus the value of the Member’s Grandfathered Account. The Section 409A Account shall be subject to Code Section 409A and applicable guidance thereunder.
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Section 409A Account means the portion of a Participant’s Stock Unit Account that was not earned and vested, within the meaning of Code Section 409A, as of December 31, 2004.
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Examples of Section 409A Account in a sentence

  • A Participant may, not less than twelve (12) months prior to Retirement, elect to change the method of payment of the Participant’s Section 409A Account at Retirement, provided that (i) only one such change is permitted and after such election change, the election is irrevocable; (ii) the payment date (or payment commencement date) for the Participant’s Section 409A Account will be deferred for 5 years after Retirement, and (iii) the election shall not become effective for 12 months.

  • The amount of such distribution will reduce the Participant’s Section 409A Account balance as provided in Section 3.4.

  • The disposition of a Participant’s Section 409A Account shall be made in accordance with Section 5.

  • The plan is intended to comply with the applicable requirements of Code Section 409A with respect to a Participant’s Section 409A Account hereunder, and shall be interpreted and administered to the extent possible in a manner consistent with the foregoing statement of intent.IN WITNESS WHEREOF, the Controlling Company has caused the amended and restated Plan to be executed by its duly authorized officer on the day of August, 2007.

  • At the time provided in subsection (b) hereof, the Participant will receive or begin receiving a distribution of the entire vested amount credited to his or her Section 409A Account, determined as of the Valuation Date on which such distribution is processed.

  • The Committee shall have the sole discretion to determine whether to grant a Participant’s hardship request and the amount to distribute to the Participant provided that, with respect to the Participant’s Section 409A Account, financial hardship distributions shall be determined in a manner consistent with Section 409A.

  • A Participant may, not less than twelve (12) months prior to Retirement, elect to change the method of payment of the Participant’s Section 409A Account at Retirement, provided that (i) only one such change is permitted and after such election change, the election is irrevocable; (ii) the payment date for the Participant’s Section 409A Account will be deferred for 5 years after Retirement, and (iii) the election shall not become effective for 12 months.

  • The provisions of this Section 5 shall apply solely to a Participant’s Section 409A Account, and all references herein to a Participant’s “Account” shall mean the Participant’s Section 409A Account.

  • A Participant may make one or more elections to (i) delay the payment (or commencement) of the portion of his or her Section 409A Account and/or (ii) change the form of payment to: (A) have the portion of his or her Section 409A Account attributable to such election paid in the form of annual installment payments as described above, (B) change the number of installment payments elected, or (C) change installments to a lump sum.

  • If a Participant separates from service with the Controlled Group before the date on which any such in-service distribution is scheduled to be made, the Participant’s election to receive such distribution shall become null and void, and the Participant’s Annual Section 409A Account Balance will be distributed in accordance with Section 6.2 or Article VII, as applicable.


More Definitions of Section 409A Account

Section 409A Account means the portion of a Participant’s Account that was not earned or vested, within the meaning of Code Section 409A, as of December 31, 2004, and earnings on such amounts. A Participant’s Section 409A Account generally will include amounts attributable to Salary and Bonus Contributions with respect to Salary and Bonus earned on or after January 1, 2005.
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Section 409A Account means that portion of a Participants Class Year Account that was not vested as of December 31, 2004 and which is subject to certain special provisions of the Plan.
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Section 409A Account means the portion of a Participant’s Account attributable to Deferral Contributions with respect to Compensation earned on or after January 1, 2005, and Matching Contributions and Additional Employer Contributions that were not vested as of December 31, 2004.
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Related to Section 409A Account

  • Section 409A Deferred Compensation means compensation provided pursuant to an Award that constitutes nonqualified deferred compensation within the meaning of Section 409A.

  • 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.

  • Section 409A Payment Date means the earlier of (a) the date of Executive’s death or (b) the date that is six months after the date of termination of Executive’s employment with the Company.

  • Section 409A means Section 409A of the Code and the regulations and other guidance promulgated thereunder.

  • Section 409A of the Code means the nonqualified deferred compensation rules under Section 409A of the Code and any applicable treasury regulations and other official guidance thereunder.

  • Deferred Account means the participant's Deferred Pension Account, Deferred Dividends Account, Deferred Retainer Account, Deferred Fees Account, Deferred Cash Account and/or Deferred Stock Account.

  • Section 409A Limit means the lesser of two (2) times: (i) Executive’s annualized compensation based upon the annual rate of pay paid to Executive during the Company’s taxable year preceding the Company’s taxable year of Executive’s termination of employment as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which Executive’s employment is terminated.

  • Code Section 409A means Section 409A of the Code and all regulations issued thereunder and applicable guidance thereto.

  • Section 409A Change in Control means a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the Company’s assets, as provided in Section 409A(a)(2)(A)(v) of the Code and Treasury Regulations Section 1.409A-3(i)(5) (without regard to any alternative definition thereunder).

  • Grandfathered Amounts means, if applicable, the amounts that were deferred under the Plan and were earned and vested within the meaning of Section 409A of the Code and regulations thereunder as of December 31, 2004. Grandfathered Amounts shall be subject to the terms designated in the Adoption Agreement.

  • Elective Deferral Account means the account established hereunder to which Elective Deferrals (including a separate accounting for Catch-Up Contributions) are allocated. Amounts in the Participant's Elective Deferral Account are nonforfeitable when made and are subject to the distribution restrictions of Section 12.2(e). The Elective Deferral Account may consist of the

  • Employer Contribution Account means, for any Participant, the account established by the Administrator or Trustee to which Employer Contributions made under Section 3.5 for the Participant's benefit are credited.

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

  • Nonqualified Deferred Compensation Rules means the limitations or requirements of Section 409A of the Code, as amended from time to time, including the guidance and regulations promulgated thereunder and successor provisions, guidance and regulations thereto.

  • Separation from Service means a “separation from service” with the Company within the meaning of Section 409A of the Code and the Department of Treasury regulations and other guidance promulgated thereunder.

  • Severance from Service Date means the earlier of:

  • Change in Control Benefit means the benefit set forth in Section 4.1 below.

  • Qualified employer means the federal government.

  • Nonqualified deferred compensation plan means a compensation plan described in Section 3121(v)(2)(C) of the Internal Revenue Code.

  • Deferred Compensation Award means an award of Stock Units granted to a Participant pursuant to Section 11 of the Plan.

  • Matching Account means the account maintained on the books of the Employer for the purpose of accounting for the Matching Amount and for the amount of investment return credited thereto for each Participant pursuant to Article V.

  • Participant’s Account means an account maintained for each Participant’s participation in DSUs and/or RSUs under the Plan;

  • Rollover Contribution Account means the separate Account maintained for a Member to record such Member's share of the Trust Fund attributable to any Rollover Contribution made to the Plan on his behalf.

  • 409A Award means an Award that constitutes a “deferral of compensation” within the meaning of the 409A Regulations, whether by design, due to a subsequent modification in the terms and conditions of such Award or as a result of a change in applicable law following the date of grant of such Award, and that is not exempt from Section 409A of the Code pursuant to an applicable exemption.

  • 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.

  • Company Contribution Account means (i) the sum of the Participant’s Company Contribution Amounts, plus (ii) amounts credited or debited to the Participant’s Company Contribution Account in accordance with this Plan, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan that relate to the Participant’s Company Contribution Account.