Initial Account Balance definition
Initial Account Balance means the Actuarial Equivalent of a Participant’s Former Accrued Benefit, expressed as a lump sum on July 1, 1997 with respect to employees who were participants in the Qualified Plan on that date or the date on which a Participant’s benefit under any other Prior Plan which is now part of the Qualified Plan was converted to an Actuarial Equivalent Account Balance. A Participant’s Initial Account Balance (determined as if the Plan terminated on July 1, 1997, or on the applicable Prior Plan conversion date) shall be no less than the Actuarial Equivalent of the Participant’s Accrued Benefit under this Plan or a Prior Plan determined as if this Plan or a Prior Plan had terminated on the conversion date.
Initial Account Balance of a Participant shall mean the amount set forth on the schedule attached hereto.
Initial Account Balance means, with respect to those Participants who participated in the Predecessor Deferred Income Plan, the amount initially credited as of the effective date of this Plan to a Participant’s Retirement Account and In-Service Account as reasonably determined by the Committee, in its sole discretion. The sum of the amounts credited to a Participant’s Retirement Account and the In-Service Account as the Initial Account Balances shall be equal to the Account Balance as of that same date in the Predecessor Deferred Income Plan. The Initial Account Balances shall be subject to the terms and conditions of this Plan and any Participant with an Initial Account Balance shall have no right to demand distribution of such amounts other than as provided for herein.
Examples of Initial Account Balance in a sentence
On or prior to the date of this Deposit Trust Agreement, the City shall deposit, or cause to be deposited, the Initial Account Balance into the Operating Fund.
More Definitions of Initial Account Balance
Initial Account Balance means the amount of $500,000 deposited by the City from Net Revenues in the Operating Account for Burlington Telecom.
Initial Account Balance. As of January 1, 1998, the initial Account Balance for each Employee equals zero. (2) "Additional Accruals" - Quarterly, at the end of each calendar quarter, that is on March 31, June 30, September 30, and December 31 of each Plan Year and such other date or dates as designated by the Employer, beginning March 31, 1998, there shall be credited to each Employee's Account Balance an amount equal to two percent (2%) multiplied by such Employee's actual Earnings for such calendar quarter. If an Employee shall have a Termination Date prior to the end of such calendar quarter, then such Employee shall not receive an Additional Accrual for the calendar quarter in which his or her Termination occurs. (3) "Interest Credit" -- Quarterly, at the end of each calendar quarter, that is on March 31, June 30, September 30, and December 31 of each Plan Year and such other date or dates as designated by the Employer, beginning March 31, 1998, there shall be credited to the Account Balance on behalf of each Employee an amount equal to one-fourth (1/4) of the Investment Percentage Rate appropriate for the Plan Year multiplied by the Account Balance determined as of the first day of such calendar quarter. Interest credits will continue to be credited for each calendar quarter up until the first day of the quarter in which payments are first made to the Employee or forfeitures are taken under the Plan. In addition, a final "Interest Credit" will be determined for the calendar quarter in which payments are first made to the Employee. Such Credit shall be an amount equal to one-twelfth (1/12) of the Investment Percentage Rate appropriate for the Plan Year multiplied by the number of completed months (if any) from the first day of such calendar quarter to the date payments are first made to the Employee, multiplied by the Account Balance determined as of the first day of such calendar quarter. Although each Employee shall have an Account Balance, there shall be no "individual accounts" as defined in ERISA section 3(34).
Initial Account Balance means the sum of $500,000 that shall be deposited by the City in the Operating Fund on or prior to the Commencement Date.
Initial Account Balance means the Account balance established for a Participant under Section 4.1.
Initial Account Balance means the portion of a Participant's Account Balance as determined in Article IV.B.