PARTICIPANT'S ACCOUNT The PARTICIPANT'S ACCOUNT Sample Clauses

PARTICIPANT'S ACCOUNT The PARTICIPANT'S ACCOUNT. Company will establish a PROVISIONS participant's account for each person who becomes a participant. A participant's account is the sum of the values attributable to all purchase payments made by or for the participant. 3.02 PURCHASE PAYMENTS Purchase payments for any participant must be at least $20 each and $240 annually. Each purchase payment must be allocated by the participant among the general account, and series of the separate account. 3.03 CREDITING ACCUMULATION UNITS Purchase payments allocated to the separate account will be applied to provide accumulation units. The number of accumulation units credited for a series is determined by dividing the amount of the purchase payment allocated to the series, less any premium taxes and transaction fees deducted, by the accumulation unit value for the series on the day the Company received the purchase payment or values are converted to the series. 3.04 ACCUMULATION UNITS The separate account accumulation unit value for each series was first set at $5. This value is determined each business day. It is equal to the value on the prior day multiplied by a net investment factor. The net investment factor is: (a) the net asset value of a fund share at the close of the current business day plus the per share amount of any fund distributions less taxes (per share), divided by (b) the net asset value of a share at the close of the prior business day and less (c) the actuarial risk fee factor of [%] for each calendar day from the prior business day to the current business day. The actuarial risk fee factor is a Mortality, Expense and Distribution Risk Charge that is deducted during accumulation and during a variable annuity income option to compensate for increased mortality and expenses not anticipated by the mortality, maintenance and surrender charges guaranteed in the contract. If this charge is more or less than sufficient, the Company will retain the balance as profit or incur a loss. 3.05 SPLITTING UNITS The Company may split the value of any units if it is in the best interest of the group contractholder, participants, annuitants and the Company. If split, strict equity will be preserved. Such split will have no major effect upon the benefits or provisions of this Contract.
Sample 1
AutoNDA by SimpleDocs

Related to PARTICIPANT'S ACCOUNT The PARTICIPANT'S ACCOUNT

  • Deferral Account 3.1 Establishing and Crediting. The Company shall establish a Deferral Account on its books for the Director, and shall credit to the Deferral Account the following amounts:

  • VALUE OF PARTICIPANT'S ACCRUED BENEFIT If a distribution (other than a distribution from a segregated Account) occurs more than 90 days after the most recent valuation date, the distribution will include interest at: (Choose (a), (b) or (c))

  • Account Balance The Servicer must never allow any Custodial T&I Account to become overdrawn as to any individual related Borrower. If there are insufficient funds in the account, the Servicer must advance its own funds to cure the overdraft.

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Deferred Compensation Account All Participant Deferral Credits and Employer Credits shall be credited to the Deferred Compensation Account of the Participant as provided in Section 8.

  • Plan Year Any reference to “

  • DEFERRAL CONTRIBUTIONS The Advisory Committee will allocate to each Participant's Deferral Contributions Account the amount of Deferral Contributions the Employer makes to the Trust on behalf of the Participant. The Advisory Committee will make this allocation as of the last day of each Plan Year unless, in Adoption Agreement Section 3.04, the Employer elects more frequent allocation dates for salary reduction contributions.

  • Participant Contributions If Participant contributions are permitted, complete (a), (b), and (c). Otherwise complete (d).

  • Employer Contributions If Employer contributions are permitted, complete (a) and/or (b). Otherwise complete (c).

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!