Examples of Deferral Unit in a sentence
An Eligible Employee who elects to defer a portion of his or her Annual Bonus under the Plan shall be entitled to receive a Matching Unit for each Deferral Unit that is credited to a Participant’s Unit Account during a Plan Year.
Participants shall be entitled to Distribution Equivalent Rights with respect to the Deferral Units and Matching Units allocated to a Participant’s Unit Account as if each such Deferral Unit and Matching Unit had been a Unit.
However, for purposes of Initial Elections with respect to Plan Years prior to 2008 only, in the event the Participant Terminates Employment, the distribution of the Share Deferral Unit shall occur in the calendar year following the calendar year of the Participant’s Termination of Employment unless the Employee has made an irrevocable election under (b), below.
The “Delivery Date” for each Deferral Unit shall be a date selected by the Plan Administrator which falls between the first February 10 and March 10 following the Vesting Date applicable to such Bonus Deferral Unit or Premium Unit.
With respect to payments made pursuant to Section 4.3(a), no interest shall be credited on that portion of the benefit representing a Participant's unfulfilled Deferral Commitment for each Deferral Unit.
Retirement benefits for a Deferral Unit will be paid in accordance with the most recent timely election made for that Deferral Unit.
The amount of a lump sum payment and the initial amount of installment payments for a Deferral Unit shall be based on the value of the Participant's Account as of the Valuation Date at the end of the immediately preceding month before the Settlement Date.
If the Participant dies after commencement of distributions of the Participant's Account with respect to a Deferral Unit, the Participant's remaining Account balance, if any, for the Deferral Unit shall be paid by continuation of the form of benefit which was payable to the Participant for the remaining payments which would have been made to the Participant if the Participant had lived.
However, for purposes of the Initial Election only, in the event the Participant Terminates Employment, the distribution of the Share Deferral Unit shall occur in the calendar year following the calendar year of the Participant’s Termination of Employment.
Retirement Distributions shall be paid at the time and in the form of benefit elected by the Participant for each Deferral Unit, at the time of the Deferral Commitment establishing such Deferral Unit, on the Participation Agreement.