Exclusive Benefit definition

Exclusive Benefit. A Custodial Account is established hereunder for the exclusive benefit of the Depositor and his or her Beneficiary(ies).
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Exclusive Benefit. The trustee holds the assets of the plan for the exclusive benefit of the employees in the plan -- that is, exclusively for the purposes of providing benefits to participants and beneficiaries of the plan and defraying the reasonable expenses of administering the plan. Investment Assets held by the trustee are invested by the trustee in accordance with the terms of the plan. Except for employer stock accounts, the plan gives you free choice among a number of different investment funds (as described in the following section of the plan). Employer stock accounts are invested in employer stock, as described in more detail near the end of the plan in the section called "Special ESOP Provisions." Recordkeeping Though the money is all pooled together for investment purposes, you still have one or more individual accounts. The plan administrator is responsible for keeping track of your individual accounts. The investments are valued daily. But the government requires us to say here that the plan administrator will figure out the total value of the investments of the plan at the end of every year. If the value has gone up since the last valuation, then all of the accounts will be increased in the same proportion. If the value has gone down since the last valuation, then all of the accounts will be decreased in the same proportion. The plan administrator will give you periodic reports of the value of your account. Return of contributions Except for a few unusual circumstances, once the employer puts money into the plan, the money can never come back to the employer. Here are the exceptions: . If the employer made the contribution by mistake of fact, then it can be returned within 1 year after the contribution was made. . All contributions by the employer are made on the condition that they are deductible by the employer for federal income tax purposes. If any part of a contribution is disallowed, that part of the contribution can be returned to the employer within 1 year after disallowance of the deduction. . If this plan fails to qualify initially for favorable tax treatment under the Code, then all contributions can be returned to the employer, as long as an application for determination on the plan was filed with the Internal Revenue Service by the due date of the employer's return for the taxable year in which the plan was adopted. ================================ Making Your Own Investment Decisions ================================ Introduction This plan allow...
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Examples of Exclusive Benefit in a sentence

  • Once in the Program, your Program Deposits will be allocated to omnibus Deposit Accounts maintained at the Receiving Institutions held in the name of "Stable Custody Group II LLC, as Agent, for the Exclusive Benefit of its DDM Participating Institutions, as Agent, for the Exclusive Benefit of its DDM Customers, Acting for Themselves and/or Acting in a Fiduciary Capacity for Others” or a similar name that preserves the eligibility of Program Deposits for pass-through FDIC insurance.

  • SLK shall establish and maintain a separate "Special Reserve Account for the Exclusive Benefit of Customers" with a bank in conformity with the standards of paragraph (f) of Rule 15c3-3 ("PAIB Reserve Account").

  • Exclusive Benefit of Parties.....................................................................

  • Ridge shall establish and maintain a separate “Special Reserve Account for the Exclusive Benefit of Customers” with a bank in conformity with the standards of paragraph (f) of Rule 15c3-3 (“PAIB Reserve Account”).

  • Special Custody Account for the Exclusive Benefit of Customers Attention: Mutual Funds ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ San Francisco, California 94104 The Account will be set up for the reinvestment of capital gains and dividend distributions, unless otherwise specified by Schwab in writing.

  • Special Custody Account for the Exclusive Benefit of Customers Attention: Mutual Funds ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ San Francisco, California 94104 The Account will be set up for the reinvestment of capital gains and dividend distributions.

  • The Sweep Destination Account will be established by Aspiration on the books of Coastal in the name of “Aspiration Financial, LLC Sweep Destination Account for the Exclusive Benefit of its Customers” or in such other name as Aspiration may specify from time to time.

  • In the event Plan Sections entitled "Limitations on Annual Additions," "Exclusive Benefit Rule" and "Employer Reversion Upon Initial Disqualification" are applicable, the Trustee shall, at the written direction of the Administrator, make payments from the Trust Fund to the Employer pursuant to such provisions.

  • Exclusive Benefit of Parties; Assignment ..........................

  • Exclusive Benefit This Contract is for the exclusive benefit of Participants and their Beneficiaries.