Non-Class Year Accounting Sample Clauses
The Non-Class Year Accounting clause establishes how financial transactions or obligations are tracked and reported for periods that do not align with a standard fiscal or academic year. In practice, this clause specifies the methods for allocating revenues, expenses, or other financial items to specific timeframes that may span partial years or irregular intervals, such as the start-up phase of a project or a transition period between contracts. Its core function is to ensure accurate and fair accounting during non-standard periods, thereby preventing confusion or disputes over financial responsibilities that arise outside of typical annual cycles.
Non-Class Year Accounting. (complete (1) and (2)).
Non-Class Year Accounting. (complete (1) and (2)).
(1) The earliest of termination of employment with the Employer (see Plan Section 7.03) and the following event(s) (check appropriate box(es); if none selected, all distributions will be upon termination of employment):
(A) ¨ Attainment of Normal Retirement Age (as defined in Section 1.07(f)).
Non-Class Year Accounting. (complete (1) and (2)).
(1) The earliest of termination of employment with the Employer (see Plan Section 7.03) and the following event(s) (check appropriate box(es); if none selected, all distributions will be upon termination of employment):
(A) ¨ Attainment of Normal Retirement Age (as defined in Section 1.07(f)).
(B) ¨ Attainment of Early Retirement Age (as defined in Section 1.07(g)).
(C) ¨ The date on whichthe Participant becomes disabled (as defined in Section 1.07(h)).
(2) Timing of distribution (check either (A) or (B)).
(A) ¨ The distribution of the Participant’s Account will be begin in the month following the event described in (a)(1) above, however, if the event is termination of employment, then such distribution will begin as soon as practicable on or after the 1st day of the seventh calendar month following such separation if the Participant was a Key Employee.
(B) ¨ The distribution of the Participant’s Account will begin as soon as administratively feasible in the calendar year following distribution event described in (a)(1) above, provided however, that if the event is termination of employment, in no event will such distribution begin earlier than the 1st day of the seventh calendar month following such separation if the Participant was a Key Employee.
Non-Class Year Accounting complete (1) and (2)).
(1) The earliest of termination of employment with the Employer and the following event(s) (check appropriate box(es); if none selected, all distributions will be upon termination of employment):
(A) Attainment of Normal Retirement Age (as defined in Section 1.07(f)).
(B) Attainment of Early Retirement Age (as defined in Section 1.07(g)).
(C) The date on which the Participant becomes disabled (as defined in Section 1.07(h)).
(2) Timing of distribution (check either (A) or (B)).
(A) The Distribution of the Participant's Account will begin in the month following the event described in (a)(1) above.
(B) The Distribution of the Participant's Account will be begin as soon as administratively feasible in the calendar year following distribution event described in (a)(1) above.