Separation Account definition

Separation Account means the Participant Account distributable in the event of the Participant’s Separation from Service in accordance with Section 6.1.
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Separation Account means: (i) the sum of the Participant’s Annual Deferral Amount that may be allocated in whole or in part by a Participant pursuant to his or her deferral election to the Separation Account for each Plan Year, plus (ii) amounts credited (net of amounts debited, which may result in an aggregate negative number) from Deemed Investment Options, less (iii) all distributions made to, or withdrawals by, the Participant and his or her Beneficiary, and tax withholding amounts which may have been deducted from the Participant’s Separation Account. At the time of the Participant’s deferral election for each Plan Year, the Participant may specify the form in which payment shall be made to the Participant or his or her Beneficiary from this Account. The Participant may be permitted to change the form of payment subject to Paragraph 6.7 (Subsequent Changes in the Time or Form of Payment) below.
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Separation Account means a Participant Account that is distributable in the event of the Participant’s Separation from Service in accordance with Section 6.1.
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Examples of Separation Account in a sentence

  • Flex Account means a Separation Account or Specified Date Account established under the terms of a Participant’s Compensation Deferral Agreement.

  • Separation Account means an Account established by the Committee in accordance with a Participant’s Compensation Deferral Agreement to record Deferrals allocated to such Account by the Participant and which are payable upon the Participant’s Separation from Service as set forth in Section 6.3. The Committee may limit the number of Separation Accounts that may be maintained at any one time by a Participant, as set forth in the Plan’s enrollment materials.

  • A Compensation Deferral Agreement may allocate Deferrals to the Primary Separation Account or to one or more Flex Accounts.

  • At the time a Participant makes a Deferral Election, he or she must also elect the time and form of the distribution by establishing one or more In-Service Account or Separation Account(s) as provided in Sections 5.1 and 6.1. If the Participant fails to properly designate the time and form of a distribution, the Participant’s Account shall be designated as a Separation Account and shall be paid in a lump sum.

  • If a lump sum equal to less than 100% of the Separation Account is paid, the payment commencement date for the installment form of payment will be the first anniversary of the payment of the lump sum, unless otherwise elected in the Participant’s Compensation Deferral Agreement that established the account (subject to a subsequent modification under Article VII).

  • The Separation Benefit is the vested portion of each Separation Account, determined on the last day of the month preceding the date payments commence.

  • Upon a Participant’s Separation from Service other than death, the Participant is entitled to receive their vested Primary Separation Account and Separation Accounts.

  • Any Restoration Matching Contributions shall be credited to a Participant’s Primary Separation Account.

  • Primary Separation Account means an Account established by the Committee to record Company Contributions and Deferrals allocated to the Primary Separation Account pursuant to a Participant’s Compensation Deferral Agreement, payable to a Participant upon Separation from Service in accordance with Section 6.3.

  • The Participant may designate the Payment Date and Payment Schedule for a Separation Account no later than the applicable submission deadline described in Section 4.2 for the Compensation Deferral Agreement that establishes such Separation Account.


More Definitions of Separation Account

Separation Account means a Participant Account distributable upon Separation from Service in accordance with Section 6.1.
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Separation Account means a portion of a Participant's Account reflecting an amount to be distributed pursuant to Participant's election under Section 7.01(a)(i).
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Separation Account means a portion of a Participant’s Account reflecting an amount to be distributed pursuant to Participant’s election on Termination of Employment.
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Separation Account means an Account established by the Committee in accordance with a Participant’s Compensation Deferral Agreement to record Deferrals allocated to such Account by the Participant and that are payable upon the Participant’s Separation from Service in accordance with Section 6.3.
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Separation Account means an Account established for distribution of Participant deferrals elected pursuant to Section 3.5(b) or (c) of the Plan to commence following Separation from Service or, in the absence of such election, which are defaulted to payment under the provisions of Section 3.5.1.
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Separation Account shall have the meaning set forth in Section 5.6.
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Related to Separation Account

  • Retention Account means, an interest bearing USD account in the name of the Borrowers opened or (as the context may require) to be opened by the Borrowers with the Bank and includes any sub-accounts thereof and any other account designated in writing by the Bank to be the Retention Account for the purposes of this Agreement;

  • 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.

  • Note Distribution Account means the account designated as such, established and maintained pursuant to Section 5.1(a)(ii).

  • Distribution Account means the Bank Account (which may be a current, saving or deposit account) maintained by the Trustee with a Bank as directed by the Management Company in which the amount required for distribution of income to the Unit Holder(s) shall be transferred. Interest, income or profit, if any, including those accruing on unclaimed dividends, in this account shall be transferred to the main account of the Fund from time to time, as part of the Trust Property for the benefit of the Unit Holder(s).

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