DC Account definition
Examples of DC Account in a sentence
However, the Committee will only select a single lump sum payment if either (i) the total amount credited to a Participant's DC Account is less than $50,000 or (ii) a single lump sum payment is the only form of benefit payment offered under the DC Plan.
If a Participant dies before all amounts payable to him from his DC Account have been paid to him, any remaining amounts payable to the Participant hereunder shall be payable to the estate of the Participant in a lump sum or in such other form of payment consistent with the alternative methods of payment set forth above as the Committee shall determine after considering such facts and circumstances relating to the Participant and his estate as it deems pertinent.
As soon as practicable following the receipt of the consent of the Superintendent to the transfer of assets, Vendors shall cause the funding agent of the Vendor’s DC Plan to transfer to the funding agent of the Purchaser’s DC Plan an amount equal to the Aggregate DC Account Balance, adjusted in accordance with this Clause 16.2(b) to the actual date of transfer, in cash or, to the extent the Parties agree, assets in kind.
If any Transferring Employee ceases employment with the Purchaser during the period between the Closing Date and the date of actual transfer of pension assets, such Transferring Employee’s Member DC Account Balance shall be paid to or for the benefit of such Transferring Employee from the Vendor’s DC Plan on the Purchaser’s written direction and shall be deducted from the Aggregate DC Account Balance to be transferred.
The above notwithstanding, if the total amount credited to a Participant's DC Account is less than $50,000, such amount shall always be paid in a single lump sum payment.
Amounts generally will be credited to a Participant’s DC Account as of the day that such amount would have been credited as a contribution to the Participant’s DC Plan account for such Plan Year but for the operation of section 401(a)(17).
As of the last day of each Plan Year after the Effective Date, each Employee's DC Account shall be credited with the amount by which such Employee's Pension Equalizer Contribution is reduced for such Plan Year because of the application of section 415 of the Code.
A Participant’s DC Account also will be credited with earnings monthly as of the last business day of each calendar month.
Each Participant's account balance under the Plan as of December 31, 1998, related to the DC Plan, shall be credited to such Participant's DC Account as of the Effective Date.
The parties agree that, during the period from the Closing Date to the date of transfer, the Seller’s funding agent may pay to, or in respect of, each Member’s benefits to which they may be entitled based on service to and including the Closing Date and Seller shall permit Members to continue to make investment choices in respect of each Member’s DC Account Balance in accordance with the terms and conditions of Seller’s Pension Plan.