Common use of CREDITING ACCOUNTS Clause in Contracts

CREDITING ACCOUNTS. Annual Indexation Credits shall be credited to the Accounts of Participants and Former Participants as follows: (1) The Annual Indexation Credit for a Plan Year shall be credited to the Account of Participants and Former Participants as of the last day of each Plan Year beginning in 2004. No Annual Indexation Credit shall be credited to the Account of any Participant or Former Participant or with respect to any year prior to 2004. (2) Subject to Section 4.4 and other applicable provisions of the Plan, the amount of the Annual Indexation Credit credited to the Account of Participants and Former Participants shall be six percent (6%) of the balance of the Account determined as of the first day of the applicable Plan Year.