Benefits Account definition

Benefits Account means an account maintained on the books of the Employer for each Participant in accordance with Article VII for the purpose of recording the Participant’s Benefit Contributions. A subaccount shall be established hereunder with respect to each Benefit Option elected by a Participant.

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Benefits Account means the checking account owned by the Foundation (currently at the ▇▇▇▇▇▇▇ Savings Bank and known as checking account number 1020004055), referred to as the “Benefits Account” and sometimes referred to as the “Blues, Brews & Barbecue Account”, and shall also mean any successor account.

Benefits Account means an account maintained on the books of the Employer for each Participant in accordance with Article IV for the purpose of recording the Participant’s contributions to this Health FSA.

Examples of Benefits Account in a sentence

If a Participant elects a Benefit Option as identified in Exhibit A, the Participant’s cash compensation will be reduced by the amount the Participant specifies (subject to any applicable limits imposed by the Plan Administrator or otherwise), or by the amount the Plan Administrator specifies as the Participant’s cost of the Benefit Option, and an amount equal to the reduction will be credited to the appropriate subaccount established under the Participant’s Benefits Account.
The Plan Administrator may at any time and from time to time remove any one or more Employees or group(s) or class(es) of Employees from eligibility for participation in this Plan, provided that in no event shall any such removal reduce the amount theretofore credited to the Benefits Account of any Participant.
To that end, the employer contribution will be deducted from the Member Surplus in the 1959 Survivor Benefits Account until such time as that account is exhausted.
The Base Benefits Fund shall exclude the Enhanced Benefits Account and the City Budget Stabilization Account.
The Board shall submit an annual report to City Council and the council Auditors on the beginning balance, additions, deductions and ending balance of the Enhanced Benefits Account.
Therefore, the Enhanced Benefits Account is recognized for the purpose of holding Uncommitted Chapter Funds, until an assignment of those funds is made to provide Enhanced Benefits to fund future costs of new enhanced benefits, at which time the appropriate amount of funds in the Enhanced Benefits Account will be transferred to the Base Benefit Fund.
At each actuarial review, any actuarial losses due to the increase in the actuarial accrued liability over that expected for any Enhanced Benefit will be met through transfer of assets in an amount equal to the entire actuarial loss from the Enhanced Benefits Account.
Similarly, when there are actuarial gains due to actuarial accrued liabilities that are less than expected for such Enhanced Benefits, assets equal to such difference will be transferred back to the Enhanced Benefits Account.
The funds shall include the Base Benefits Fund, the Enhanced Benefits Account, and the City Budget Stabilization Account.
It is the intent of the parties that the purpose of the Enhanced Benefits Account is to establish a funding account for Uncommitted Chapter Funds.

More Definitions of Benefits Account

Benefits Account shall have the meaning provided in Section 11.05(e).

Benefits Account means one or more sub accounts related to benefits available under a PLAN maintained for administrative pur- poses which are used to match your Transactions to the appropri- ate available benefit election under your PLAN.

Benefits Account. - means an administrative account established to track a Participant’s pre-tax contributions and payments for Plan Benefits.