Transition Election definition

Transition Election means an election pursuant to IRS Notice 2005-1, IRS regulations under section 409A of the Code, and IRS Announcement 2006-79, on or before December 31, 2007, in accordance with procedures made available by the Administrator, whereby Participants who were at that time employed by (or rendering service as a director of) the Company were given the opportunity to amend elections as to the time and form of payment of a Participant’s Account (and the Participant’s account under the Prior Plan); provided no such election shall alter a payment to be made in the year the election is made and no such election shall accelerate a future payment into the year the election is made. Upon the offering of a Transition Election, amounts held as “grandfathered” in the Prior Plan shall become subject to the terms of this Plan.
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Transition Election means an election by a Participant pursuant to Section 5.2 regarding the timing and form of payment of his 2005-2009 Contribution Account.
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Transition Election means the elections made by a Participant prior to January 1, 2009 in accordance with the provisions of Notices 2005-1, 2006-79 and 2007-86 promulgated by the U.S. Treasury Department and the Internal Revenue Service and the Treasury Regulations under Section 409A.
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Examples of Transition Election in a sentence

  • Such a revised payment election shall be referred to as a “Transition Election.” Provided that such Transition Election does not result in a payment in 2007, such Transition Election shall become effective upon receipt by the Plan Administrator and shall not be subject to the terms of Section 5.5. Any Transition Election shall be subject to the requirements of I.R.S. Notice 2006-79.

  • Except as provided in Subsection B or a Participant’s Transition Election, a Participant shall not have the right to designate the tax year in which such Post-2004 Plan Benefits are payable.

  • Additional Transition Election Prior to 12/31/08: Effective January 1, 2008, the Plan is hereby amended to permit Participant, on or before December 31, 2008, to amend his/her current payment election with respect to amounts not vested as of December 31, 2004.

  • Such a revised payment election shall be referred to as a “Transition Election.” Provided that such Transition Election does not result in a payment in 2007, such Transition Election shall become effective upon receipt by the Plan Administrator and shall not be subject to the terms of Section 3.4. Any Transition Election shall be subject to the requirements of I.R.S. Notice 2006-79.

  • Provided that such 2008 Transition Election does not result in a payment in 2008, such 2008 Transition Election shall become effective upon receipt by the Plan Administrator and shall not be subject to the terms of Section 5.5. Any 2008 Transition Election shall be subject to the requirements of I.R.S. Notice 2006-79, as modified by IRS Notice 2007-86.

  • Such revised payment election shall be referred to as the 2008 Transition Election.

  • Except as provided in Subsection B of this Section 6 or a Participant’s Transition Election, a Participant shall not have the right to designate the taxable year of any payment.

  • Additional Transition Election Prior to 12/31/08: Effective January 1, 2008, the Plan is hereby amended to permit each Participant, on or before December 31, 2008, to amend his/her current payment election with respect to amounts not vested as of December 31, 2004.

  • Such a revised payment election shall be referred to as the 2008 Transition Election.

  • Provided that such Transition Election does not result in a payment in 2008, such 2008 Transition Election shall become effective upon receipt by the Plan Administrator and shall not be subject to the terms of Section 3.4. Any Transition Election shall be subject to the requirements of I.R.S. Notice 2006-79, as modified by IRS Notice 2007-86.


More Definitions of Transition Election

Transition Election means the election of the members of the Executive Board at the Transition Meeting.
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Transition Election means an election to change the form of payment made by a Participant during the good faith transition period provided under Section 409A; provided, however, that in order to be given effect under the Plan, any such election must be made on or before December 31, 2008, in accordance with procedures and distribution rules established by the Committee for such elections, which procedures and distribution rules shall comply with the requirements for transition period elections under Section 409A.
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Transition Election means an Executive’s election made on or before December 31, 2008 in accordance with IRS Notice 2007-86 and other applicable guidance under Code Section 409A to designate the time at which the Executive Pension Supplement will commence.
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Transition Election means an Executive’s election made on or before December 31, 2008 in accordance with IRS Notice 2007-86 and other applicable guidance under Code Section 409A to designate the time at which the Post-2004 Plan Benefit will commence.
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Related to Transition Election

  • Distribution Election With respect to any Series, as specified in the related Supplement.

  • Distribution Election Form means the form established from time to time by the Plan Administrator that the Director completes, signs and returns to the Plan Administrator to designate the time and form of distribution.

  • Deferral Election Form means the form established from time to time by the Plan Administrator that the Director completes, signs and returns to the Plan Administrator to designate the amount of the Deferrals.

  • Deferral Election means the Participant’s election under Section 3.1 to defer all or a portion of his or her Compensation.

  • Election Form means the form established from time to time by the Committee that a Participant completes, signs and returns to the Committee to make an election under the Plan.

  • 10) Election has the meaning set forth in Section 6.05(a).

  • Primary election means any regular primary election held under the election

  • LCA Election has the meaning specified in Section 1.09(a).

  • Payment Election means an election pursuant to Section 5.1.

  • Deferral Agreement means an irrevocable agreement entered into between a Nonemployee Director and the Company to authorize the Company to reduce the amount of the Nonemployee Director’s Annual Retainer and credit the amount of such reduction to the Plan consistent with the requirements of Section 409A of the Code. A Deferral Agreement shall contain such provisions, consistent with the provisions of the Plan, as may be established from time to time by the Company or the Board, including without limitation:

  • Extension Election has the meaning set forth in Section 2.16(c).

  • Enrollment Agreement means an agreement between the Company and an employee, in such form as may be established by the Company from time to time, pursuant to which the employee elects to participate in this Plan, or elects changes with respect to such participation as permitted under the Plan.

  • Special election means an election held as authorized by Section 20A-1-203.

  • Regular primary election means the election on the fourth Tuesday of June of

  • Election cycle means the period beginning on the first day persons are eligible to

  • Local election means a regular county election, a regular municipal election, a

  • Non-Election Shares shall have the meaning set forth in Section 3.2.1.

  • Investment Election means the Participant’s election to have deferred amounts credited with hypothetical earnings credits (or losses) that track the investment performance of the Investment Options and/or Common Stock in accordance with Article V.

  • Deferral Year means each calendar year during which the Director makes, or is entitled to make, Compensation Deferrals under Section 3 hereof.

  • Section 336(e) Election has the meaning set forth in Section 7.06.

  • General election means an election held in the Commonwealth on the Tuesday after the first

  • Beneficiary Designation Form means the form established from time to time by the Plan Administrator that the Executive completes, signs, and returns to the Plan Administrator to designate one or more Beneficiaries.

  • Deferral Notice has the meaning set forth in Section 3(i) hereof.

  • Non-Elective Contribution means the Employer contributions to the Plan excluding, however, contributions made pursuant to the Participant's deferral election provided for in Section 4.2 and any Qualified Non-Elective Contribution used in the "Actual Deferral Percentage" tests.

  • Beneficiary designation means the naming in a governing instrument of a beneficiary of an insurance or annuity policy, of an account with POD designation, of a security registered in beneficiary form (TOD), of a pension, profit-sharing, retirement, or similar benefit plan, or of another nonprobate transfer at death.

  • Salary Reduction Agreement means an agreement between a dis- trict and an employee to reduce the employee’s salary for the pur- pose of making direct contributions to or purchases of a qualified investment product. Art. 6228a-5, Sec. 4(5), Tex. Rev. Civ. Stat.