Separation From Service Account definition

Separation From Service Account means (i) the sum of the Participant Annual Deferral Amount(s) plus (ii) amounts credited (net of amounts debited, which may result in an aggregate negative number) pursuant to Section 3.3 less (iii) all distributions made to or withdrawals by the Participant or his or her Beneficiary that relate to the Participant’s Separation From Service Account, and tax withholdings amounts deducted (if any) from the Participants’ Separation From Service Account.
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Separation From Service Account means a Separation from Service Account established on behalf of a Participant pursuant to Section 5.1.
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Separation From Service Account means (i) the sum of (A) 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 From Service Account for any Plan Year, plus (B) amounts credited (net of amounts debited, which may result in an aggregate negative number) from Deemed Investment Options, less (ii) the sum of (A) all distributions made to, and all withdrawals by, the Participant and his or her Beneficiary and (B) all tax withholding amounts which may have been deducted from the Participant’s Separation From Service 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 7.7 (Subsequent Changes in the Time or Form of Payment) below.
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Examples of Separation From Service Account in a sentence

  • Annual Deferral Amounts shall be credited to a Participant’s Separation From Service Account and/or Scheduled Withdrawal Account at the time such amounts would otherwise have been paid to a Participant.

  • A Participant shall at all times be 100% vested in his or her Separation From Service Account and Scheduled Withdrawal Account.

  • If the Plan Administrator possesses (or is deemed to possess, as provided in Paragraph 5.3(c) above) at any time Deemed Investment directions of less than 100% of a Participant’s Separation From Service Account, or Scheduled Withdrawal Account, the Participant shall be deemed to have directed that the undesignated portion of the said Account(s) be deemed to be invested in a money market, fixed income, or similar fund made available under this Plan as determined by the Plan Administrator.

  • In connection with a Participant’s election to defer Compensation for any one Plan Year, a Participant may irrevocably elect to allocate all or a portion of the Annual Deferral Amount for that Plan Year to his or her Scheduled Withdrawal Account and/or his or her Separation From Service Account.

  • Upon a Participant's Separation From Service, the vested portion of a Participant's Makeup Contribution Account balance will be rolled into the Participant's Separation From Service Account balance, which will be distributed in accordance with the distribution schedule elected by the Participant as set forth below.

  • The Company shall credit the Deferred Amounts with respect to the Plan Year to the Participant's Separation From Service Account as of the date on which the amounts would have been paid by the Company to the Participant but for the Participant's election to defer receipt hereunder, unless otherwise determined by the Committee.

  • A Participant may elect to have the distribution of his Separation From Service Account balance (including the rolled in vested Makeup Contribution Account balance) commence (i) upon Separation From Service; provided, however, that if the Participant is a Key Employee, no distribution will be made earlier than six months after the Participant's Separation From Service, or (ii) in any year up through the fifth year following the year in which the Participant's Separation From Service occurs.

  • Notwithstanding the foregoing, to the extent that a portion of a Participant's Annual Deferral Amount was (1) before 2020 (under the terms of the LTCIP), or (2) pursuant to 4.1(c) below (mandatory STIP Deferrals), deferred and credited with Performance Fund investment returns, the Participant may only elect to receive such portion as a Separation From Service Account.

  • The Company shall credit a Participant's deferred Base Salary and/or deferred Bonus amounts with respect to a Plan Year to his Separation From Service Account in accordance with the Participant's Deferral Election Form with respect to the Plan Year.

  • A Participant’s Deemed Investment directions for his or her Separation From Service Account and/or Scheduled Withdrawal Account shall be subject to the following rules: (a)Any initial or subsequent Deemed Investment direction shall be in writing, on a form supplied by and filed with the Plan Administrator (or made in any other manner specified by the Plan Administrator), and shall be effective on such date as specified by the Plan Administrator.


More Definitions of Separation From Service Account

Separation From Service Account means for each Plan Year: (i) the sum of a Participant' s Deferral Amount that shall be allocated, in whole or in part, by the Participant, in accordance with his or her Deferral Election, to the Separation from Service Account, plus (ii) Deemed Investment gains or losses thereon, less (iii) all distributions made to the Participant or his or her Beneficiary, and tax withholding amounts deducted (if any) from the Participant's Separation from Service Account.
Sample 1
Separation From Service Account means an Account to record the amounts payable to a Participant due to such Participant’s separation from service (in accordance with Section 409A)whether such separation from service from the Company occurs prior to, or on or after the Participant’s Normal Retirement Age. Unless the Participant has established an In-Service Account(s), all Compensation deferrals and any Company Contributions (including any contributions made pursuant to Addendums A and/or B) shall be allocated to a Separation from Service Account on behalf of the Participant. A Participant shall be eligible to make a different distribution election for a separation from service in the event such distribution is to occur prior to the Participant’s attainment of Normal Retirement Age as well as in the event such a distribution does not occur until on or after the Participant’s attainment of Normal Retirement Age.
Sample 1
Separation From Service Account means the bookkeeping account established by the Company with respect to the Participant under Section VIII.B of the Plan and which shall be credited with all or a portion of the Participant's Base Salary and/or Bonus deferrals in accordance with the Participant's Deferral Election and any Deemed Investment earnings or losses thereon.
Sample 1
Separation From Service Account means: (i) the sum of the Participant’s Annual Deferral Amount(s) that may be allocated in whole or in part by a Participant pursuant to his or her initial deferral election to the Separation From Service Account for any one Plan Year, plus (ii) amounts credited (net of amounts debited, which may result in an aggregate negative number), less (iii) all distributions made from, and tax withholding amounts which may have been deducted from the Separation From Service Account. At the time of the Participant’s initial deferral election, the Participant shall specify the form in which payment shall be made to the Participant or his or her Beneficiaries from this Account. Elections made to the Separation from Service Account are irrevocable.
Sample 1

Related to Separation From Service Account

  • Separation from Service means a “separation from service” (within the meaning of Section 409A).

  • Severance from Service Date means the earlier of:

  • Separates from Service or “Separation from Service” means the Participant’s termination of service as a non‑employee director and as an employee of UGI for any reason other than death and shall be determined in accordance with section 409A of the Code.

  • 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.

  • Severance from Employment means severance from employment with the Employer and any Related Entity. However, a Severance from Employment also occurs on any date on which an Employee ceases to be an employee of a public school, even though the Employee may continue to be employed by a Related Employer that is another unit of the State or local government that is not a public school or in a capacity that is not employment with a public school (e.g., ceasing to be an employee performing services for a public school but continuing to work for the same State or local government employer).

  • Designated Retirement Account means any retirement plan or account described or qualified under the Internal Revenue Code of 1986, as amended, or a subaccount thereof.

  • Termination Benefit means the benefit set forth in Article 7.

  • Deferred Retirement Date means, in the case of any Participant who continues in employment after his Normal Retirement Date, the first day of any month following his actual retirement.

  • Termination of Employment means that the Executive ceases to be employed by the Company for any reason, voluntary or involuntary, other than by reason of a leave of absence approved by the Company.

  • 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.

  • Individual retirement account means a trust, custodial arrangement, or annuity under Section 408(a) or (b), Internal Revenue Code of 1954 (26 U.S.C. Section 408 (1986)).

  • Disability Retirement Date means the first day of the month following the last day of paid employment;

  • Termination of Service means:

  • Specified Employee means a key employee (as defined in Section 416(i) of the Code without regard to paragraph 5 thereof) of the Company if any stock of the Company is publicly traded on an established securities market or otherwise.

  • Disability retirement for plan 1 members, means the period

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

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

  • 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.

  • Termination of Services means Participant’s Termination of Consultancy, Termination of Directorship or Termination of Employment, as applicable.

  • Service-disabled veteran means a veteran, as defined in 38 U.S.C. 101(2), with a disability that is service-connected, as defined in 38 U.S.C. 101(16).

  • Change in Control Benefit means the benefit described in Section 2.4.

  • 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.

  • Qualified employee means an individual who:

  • Qualifying Retirement means the Employee’s voluntary termination of employment after the Employee has (i) attained (X) age sixty-five (65), (Y) age fifty-five (55) with ten (10) Years of Service as a full-time employee of the Partnership or any of its Affiliates, or (Z) an age which, when added to such Years of Service of the Employee equals at least seventy-five (75), and (ii) previously delivered a written notice of retirement to the Partnership and on the date of retirement the Employee has satisfied the minimum applicable advance written notice requirement set forth below: Age at Voluntary Termination Number of Years of Advance Notice 58 or younger 59 60 or older 3 years 2 years 1 year By way of illustration, and without limiting the foregoing, if (i) the Employee is eligible to retire at age fifty-nine (59) after ten (10) Years of Service, (ii) the Employee gives two (2) years notice at age fifty-eight (58) that the Employee intends to retire at age sixty (60), and (iii) the Employee later terminates employment at age fifty-nine (59), then the Employee’s retirement at age fifty-nine (59) would not constitute a Qualifying Retirement. However, if (i) the Employee is eligible to retire at age fifty-nine (59) after ten (10) Years of Service, (ii) the Employee gives two (2) years notice at age fifty-eight (58) that the Employee intends to retire at age sixty (60), and (iii) the Employee terminates employment upon reaching age sixty (60), then the Employee’s retirement at age sixty (60) would constitute a Qualifying Retirement.

  • Qualified employer means the federal government.