Amounts Forfeited definition

Amounts Forfeited means that portion of a terminated ESOP Account to which such Participant is not entitled because of an insufficient number of Years of Service.
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Examples of Amounts Forfeited in a sentence

  • Forfeited Amounts Forfeited amounts of terminated participants are generally used to reduce future Company contributions.

  • If the Employer contribution is not sufficient, the Employer must contribute an amount sufficient to restore such Amounts Forfeited.

  • The new classification was intended to match TA types with the expected outcomes.

  • Amounts Forfeited available for allocation to Participant accounts shall be allocated to the ESOP Account in the same manner as the Employer’s contribution for such Plan Year after giving effect to the annual adjustment provided in Section 5.5.

  • If a Participant receives a distribution, resumes employment before incurring five (5) consecutive one-year Breaks in Service, and does not restore the amount so distributed within five (5) years after the date the Participant is first reemployed; he shall not be entitled to later repay such distribution and have his previous Amounts Forfeited restored.

  • If a Participant was deemed to have received a distribution under Section 6.6(d) and resumes employment before incurring five (5) consecutive one-year Breaks in Service, the Amounts Forfeited previously shall be restored.

  • Such Amounts Forfeited shall become available for allocation in accordance with Item 8 of the Joinder Agreement as of the end of the calendar quarter following the Valuation Period in which the terminated Participant forfeited such amounts.‌ 6.7 Participant Contribution Accounts: A Participant shall be fully vested in his Participant Contribution Accounts at all times.

  • VI-16.6 Determination of Amounts Forfeited .............................................................................

  • Effective January 1, 2004, the section titled “Allocation of Amounts Forfeited by Terminated Participants” on page 9 is hereby amended to read as follows: Allocation of Amounts Forfeited by Terminated Participants The non-vested portion of a terminated participant’s account balance remains in the Plan and is called a forfeiture.

  • The Employer’s contributions, other than Elective Deferrals and amounts designated by the Employer as Discretionary Contributions to be allocated under subsection (b) below, together with Amounts Forfeited available to be allocated to Participant accounts, shall be allocated to the ESOP Account, or if applicable the Profit Sharing Account, unless otherwise directed, as of the end of each Plan Year.

Related to Amounts Forfeited

  • Company Matching Account means (i) the sum of all of a Participant's Annual Company Matching Amounts, plus (ii) amounts credited in accordance with all the applicable crediting provisions of this Plan that relate to the Participant's Company Matching Account, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan that relate to the Participant's Company Matching Account.

  • Matching Contributions means contributions made by the Employer on account of an "eligible Participant's" Elective Deferrals.

  • Company Matching Contributions means any contributions made to the Company Matching Account of a Participant by a Participating Employer as provided for in Section 4.02.

  • Matching Account means the account maintained on the books of the Employer for the purpose of accounting for the Matching Amount and for the amount of investment return credited thereto for each Participant pursuant to Article V.

  • Employer Matching Contributions means the Employer matching contributions made to the Trust Fund pursuant to Article V (Employer Matching Contributions).

  • Participant’s Account means an account maintained for each Participant’s participation in DSUs and/or RSUs under the Plan;

  • Matching Contribution Account means the separate, individual account established on behalf of a Participant to which the Matching Contributions made on such Participant's behalf are credited, together with all earnings and appreciation thereon, and against which are charged any withdrawals, loans and other distributions made from such account and any losses, depreciation or expenses allocable to amounts credited to such account.

  • Qualified Matching Contributions means Matching Contributions which are immediately nonforfeitable when made, and which would be nonforfeitable, regardless of the age or service of the Employee or whether the Employee is employed on a certain date, and which may not be distributed, except upon one of the events described under Section 401(k)(2)(B) of the Code and the regulations thereunder.

  • Time balance means the sum of the principal amount financed and the finance charge.

  • Loan Group Balance As to each Loan Group, the aggregate of the Stated Principal Balances of the Mortgage Loans in such Loan Group that were Outstanding Mortgage Loans at the time of determination.

  • Contribution Percentage Amounts means the sum of the Employee Contributions, Matching Contributions, and Qualified Matching Contributions (to the extent not taken into account for purposes of the ADP test) made under the Plan on behalf of the participant for the Plan Year. Such Contribution Percentage Amounts shall not include Matching Contributions that are forfeited either to correct Excess Aggregate Contributions or because the contributions to which they relate are Excess Deferrals, Excess Contributions, or Excess Aggregate Contributions. If so elected in the adoption agreement the Employer may include Qualified Nonelective Contributions in the Contribution Percentage Amounts. The Employer also may elect to use Elective Deferrals in the Contribution Percentage Amounts so long as the ADP test is met before the Elective Deferrals are used in the ACP test and continues to be met following the exclusion of those Elective Deferrals that are used to meet the ACP test.

  • Employer Contributions means all amounts paid into ASRS by an

  • Employer Contribution Account means, for any Participant, the account established by the Administrator or Trustee to which Employer Contributions made under Section 3.5 for the Participant's benefit are credited.

  • Matching Contribution means an Employer contribution made to this or any other Defined Contribution Plan on behalf of a Participant on account of an Employee Contribution made by such Participant, or on account of a Participant's Employee Elective Deferral, under a plan maintained by the Employer.

  • Matching Period has the meaning specified in Section 5.4(1)(e).

  • Excess Contributions means, with respect to any Plan Year, the excess of:

  • Class Balance With respect to any Class of Certificates, at any time, the aggregate of the Certificate Balances of all Outstanding Certificates of such Class.

  • Account Balance means, with respect to a Participant, an entry on the records of the Employer equal to the sum of (i) the Deferral Account balance, (ii) the Company Contribution Account balance, and (iii) the Company Restoration Matching Account balance. The Account Balance shall be a bookkeeping entry only and shall be utilized solely as a device for the measurement and determination of the amounts to be paid to a Participant, or his or her designated Beneficiary, pursuant to this Plan.

  • Contribution Amounts the aggregate amount of capital contributions applied by the Borrower to permit the Incurrence of Contribution Indebtedness pursuant to Subsection 8.1(b)(xi).

  • Company Contributions means the contributions made by the Company pursuant to Section 3.3.

  • Excess Amounts means Available Monies after distributions made in accordance with Section 7.05.

  • Maximum Benefit Amount means the maximum amount payable for coverage provided to You as shown in the Schedule of Benefits.

  • Excess Aggregate Contributions means, with respect to any Plan Year, the excess of:

  • Aggregate Loan Group Balance As to any Loan Group and as of any date of determination, will be equal to the aggregate of the Stated Principal Balances of the Mortgage Loans in that Loan Group, except as otherwise provided, as of the last day of the related Collection Period.

  • Employer Contribution means the amount paid by an employer, as determined by the employer rate, including the normal and deficiency rates, contributions, and funds wherever used in this chapter.

  • Employee Account means any brokerage account or unit investment trust account in which the Van Kampen Employee has any direct or indirect beneficial ownership.