Unallocated Account. Subject to the conditions set forth in this section, we will accept transfers of cash into this Contract; we do not accept in-kind asset transfers from a prior funding vehicle. When we receive cash transferred from a prior funding vehicle, the transferred amount will be credited as one lump sum to the Plan's Unallocated Account. Any amount held in the Plan Unallocated Account becomes part of our Guaranteed Interest Option and will be credited with interest at the rate applicable to amounts held in the Guaranteed Interest Option. The transferred amount will remain in the Plan Unallocated Account until we have received all the information we require, including properly completed forms, to effect a transfer from the Plan Unallocated Account to a Participant's account. With respect to each Participant, we will allocate amounts to each Participant's account only after the Employer provides instructions that are acceptable and necessary in order to complete the allocation process. We reserve the right to limit the period during which such instructions may be received to no more than 10 days from the initial transfer into the Plan Unallocated Account and to return funds to the Employer for which transfer information has not been timely received in good order. Under no circumstances will we be required to transfer to Participant accounts an amount in aggregate greater than the amount deposited by the Employer plus such interest as we credited to the Unallocated Account, unless otherwise expressly agreed upon between the Employer and us. The Employer is solely responsible for effectuating the asset transfer in accordance with all applicable laws and regulations. For purposes of this Part X of the Contract, we will not accept any rollover amounts described in section 403(b)(8) of the code from the employee to be deposited into the Unallocated Account. Once the employee becomes a Participant such amount can be rolled over directly into the Participant's investments options.
Unallocated Account. The Board will place $150,000 of the pension bond proceeds into an unallocated account (Fund 62) for administrators and support staff. Administrators who are at least fifty-five (55) years old by December 31, 2005, who retire at or before the end of the 2004-05 school year, and who give written notice of their intent to retire to the Superintendent no later than June 30, 2004, and who retire prior to reaching age 58 will receive the difference between what they would have received under the retirement severance pay benefits in the previous contract and the amount deposited by the Board into their Section 401(a) account, plus the assumed interest rates, at the time of their assumed retirement at age 58; provided, however, that this provision shall remain in effect only until such time as the bond proceeds deposited into Fund 62 have been exhausted. Using the above assumptions and the other assumptions contained on the attached Buy Out Spread Sheet, XxXxxxxx Xxxxx shall prepare the present value calculations for each administrator and the contributions described hereinafter will be made.
Unallocated Account. The Trustee shall establish an Unallocated Account to hold any contribution made in excess of the Plan Benefits of all Participants under the Plans and any excess of the balance in a Participant Account over the Plan Benefits of the Participant. The Trustee shall also establish and maintain with respect to the Unallocated Account one or more of the following three sub-accounts: (1) Fixed Rate Account; (2) Investment Fund Account; and (3) Company Stock Account.
Unallocated Account. If on a Business Day we receive from a Participant Unallocated Account for credit to your Unallocated Account Bullion that was not (a) standing to the credit of that Participant Unallocated Account as at the close of business on the prior Business Day, or (b) subject to an instruction received by us as at the close of that prior Business Day that such Bullion be transferred to the Trust Unallocated Account, we will treat that Bullion as not being subject on the Business Day it is received, to the standing instruction given in clause 4.5.
Unallocated Account
