Examples of frozen account in a sentence
If the Participant is less than age 59 1/2, a Participant may withdraw upon written request to the Plan Administrator all or part of the Deferral Contributions (and earnings thereon accrued as of December 31, 1988) in his Prior Plan Employee Frozen Account due to financial hardship as determined in accordance with the provisions of this Plan.
The amount of federal, state and local income tax and employment ( e.g., FICA) tax liability the Participant would have incurred with respect to the payment of the Participant’s Frozen Account Balance if the Frozen Account Balance had been paid to the Participant during the 2008 Plan Year.
The provisions of Section 7.3 and Section 7.7 shall not apply to any amount in a Frozen Account.
Notwithstanding any other provisions of the Plan to the contrary, a Frozen Account will be held and distributed in accordance with the terms of this Section.
In the event of an Unforeseeable Emergency, a Participant may, notwithstanding the other provisions of this Article 5, request to receive a distribution from his Account (exclusive of his Frozen Account) in an amount not to exceed the amount reasonably necessary to meet the Unforeseeable Emergency.