Money Purchase Component Account definition

Money Purchase Component Account means the account in which is recorded each Member’s required contributions to the Plan on and after July 1, 1971, together with money purchase contributions by the University, and his or her proportionate share of Credited Interest, as well as amounts credited to the Member by reason of required contributions to the Plan betweenJuly 1, 1960 and June 30, 1971, with the interest credited thereon, and money purchase contributions made by the University on his or her behalf, and amounts transferred to the Plan under reciprocal transfer agreements or portability provisions of the Plan providing for the crediting of service.
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Money Purchase Component Account means the account used to record the Member's required contributions and the University's matching contributions to the Plan on and after September 1, 1973 plus interest credited in accordance with paragraph 1.06.
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Money Purchase Component Account means the account used to record the employee’s required contributions to the Plan on and after September 1, 1969, together with the money purchase contributions made by the University, as well as amounts deposited to the employee’s credit by reason of the surrendering of contracts under which the Revised Pension Plan was funded between September 1, 1962 and August 31, 1969 and the surrendering of individual policies established under the Amended Retirement Annuity Plan as to premiums paid between September 1, 1962 and August 31, 1969, and the Credited Interest on such amounts (less such administrative charges as the Pension Committee establishes for such accounts, which shall be paid to the University).
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Examples of Money Purchase Component Account in a sentence

  • An amount sufficient to match the required contributions of each Member during the year up to an overall limit of 7.0% of the Member's Earnings will be credited to the individual Member's Money Purchase Component Account and the balance of the University's contribution will be credited to the Minimum Guarantee Fund, or such other account as may be deemed appropriate.

  • The amount of variable pension that can be provided from the total balance of the Member's Money Purchase Component Account, based on the actuarial tables in force for Plan purposes at that time.

  • The amount of monthly payments arising from the Member's Money Purchase Component Account during each Plan Year will not vary, but will be adjusted at the beginning of each Plan Year to take into account the average rate of Fund Interest for the preceding four years.

  • Such transferred funds shall not be available for cash refund but will be held for the provision of pension benefits either as a special lump sum voluntary contribution, or as a deposit in the Member's Money Purchase Component Account, to be used, subject to the provisions of the Income Tax Act, as the basis for crediting a period of Pensionable Service.

  • The form of benefit arising from voluntary or special lump sum voluntary contributions will be the same form of benefit as that arising from the Member's Money Purchase Component Account.

  • The aggregate of a Member’s contributions and the University contributions made to the Money Purchase Component Account and the Member’s Additional Voluntary Contributions, if any, shall not exceed the lesser of 18% of the Member’s compensation from the University and the money purchase limit (as defined in the Income Tax Act) for the year.


More Definitions of Money Purchase Component Account

Money Purchase Component Account means, for each Member, that portion of the Pension Fund which contains the sum of (1), (2), (3) and (4) below with Credited Interest:
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Related to Money Purchase Component Account

  • Principal Funding Account shall have the meaning specified in subsection 4.03(a)(i).

  • Collection Account means the account designated as such, established and maintained pursuant to Section 5.1.

  • Pre-Funding Account means the account designated as the Pre-Funding Account in, and which is established and maintained pursuant to Section 7.07.

  • Principal Funding Investment Shortfall means, with respect to each Transfer Date relating to the Controlled Accumulation Period, the amount, if any, by which the Principal Funding Investment Proceeds for such Transfer Date are less than the Covered Amount determined as of such Transfer Date.

  • Principal Distribution Account means the account by that name established and maintained pursuant to Section 4.1 of the Sale and Servicing Agreement.

  • Distribution Account Deposit Date As to any Distribution Date, 12:30 p.m. Pacific time on the Business Day immediately preceding such Distribution Date.

  • Interest Funding Account means the trust account designated as such and established pursuant to Section 5.01(a).

  • Certificate Distribution Account has the meaning assigned to such term in the Trust Agreement.

  • Custodial Account The separate account or accounts created and maintained pursuant to Section 4.04.

  • Interest Collection Account A Securities Account created and maintained on the books and records of the Securities Intermediary entitled “Interest Collection Account” in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties.

  • Funding Account has the meaning assigned to such term in Section 4.01(h).

  • Interest Collection Subaccount The meaning specified in Section 10.2(a).

  • Principal Funds With respect to the Mortgage Loans and any Distribution Date, the sum, without duplication, of (1) the scheduled principal due during the related Due Period and received before the related Servicer Remittance Date or advanced on or before the related Servicer Remittance Date, (2) prepayments in full collected in the related Prepayment Period, (3) the Stated Principal Balance of each Mortgage Loan that was purchased by the Depositor during the related Prepayment Period or, in the case of a purchase pursuant to Section 9.01, on the Business Day prior to such Distribution Date, (4) the amount, if any, by which the aggregate unpaid principal balance of any Replacement Mortgage Loan is less than the aggregate unpaid principal of the related Deleted Mortgage Loans delivered by the Sponsor in connection with a substitution of a Mortgage Loan pursuant to Section 2.03(c), (5) all Liquidation Proceeds collected during the related Prepayment Period (to the extent such Liquidation Proceeds relate to principal and represent payment in full), (6) all Subsequent Recoveries received during the related Due Period and (7) all other collections and recoveries in respect of principal during the related Due Period, less (A) all Non-Recoverable Advances relating to principal with respect to the Mortgage Loans and (B) other amounts reimbursable (including without limitation indemnity payments) to the Servicer and the Trustee pursuant to this Agreement allocable to principal.

  • Loan Combination Custodial Account means the “Loan Combination Custodial Account” or analogous account established for the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement.

  • Principal Funding Account Balance means, with respect to any date of determination during the Controlled Accumulation Period, the principal amount, if any, on deposit in the Principal Funding Account on such date of determination.

  • Note Distribution Account means the account designated as such, established and maintained pursuant to Section 5.1(a)(ii).

  • Whole Loan Custodial Account means the “Whole Loan Custodial Account” established for the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement.

  • Investment Account As defined in Section 3.12(a).

  • Distribution Accounts Collectively, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account, the Excess Interest Distribution Account (and in each case any subaccount thereof), all of which may be subaccounts of a single Eligible Account.

  • Rollover Contribution Account means the separate Account maintained for a Member to record such Member's share of the Trust Fund attributable to any Rollover Contribution made to the Plan on his behalf.

  • Distribution Account means the Bank Account (which may be a current, saving or deposit account) maintained by the Trustee with a Bank as directed by the Management Company in which the amount required for distribution of income to the Unit Holder(s) shall be transferred. Interest, income or profit, if any, including those accruing on unclaimed dividends, in this account shall be transferred to the main account of the Fund from time to time, as part of the Trust Property for the benefit of the Unit Holder(s).

  • Prepayment Account for any Class of Loans shall mean an account (which may include the Prepayment Account established under the Security Agreement) established by the Borrower with the Collateral Agent and over which the Collateral Agent shall have exclusive dominion and control, including the exclusive right of withdrawal for application in accordance with this subsection (viii). The Collateral Agent will, at the request of the Borrower, invest amounts on deposit in the Prepayment Account for any Class of Loans in Cash Equivalents that mature prior to the last day of the applicable Interest Periods of the Eurodollar Loans of such Class to be prepaid; provided, however, that (i) the Collateral Agent shall not be required to make any investment that, in its sole judgment, would require or cause the Collateral Agent to be in, or would result in any, violation of any Law, (ii) such Cash Equivalents shall be subjected to a First Priority Lien in favor of the Collateral Agent and (iii) if any Event of Default shall have occurred and be continuing, the selection of such Cash Equivalents shall be in the sole discretion of the Collateral Agent. The Borrower shall indemnify the Collateral Agent for any losses relating to such investments in Cash Equivalents so that the amount available to prepay Eurodollar Loans on the last day of the applicable Interest Periods is not less than the amount that would have been available had no investments been made pursuant thereto. Other than any interest or profits earned on such investments, the Prepayment Accounts shall not bear interest. Interest or profits, if any, on the investments in any Prepayment Account shall accumulate in such Prepayment Account until all outstanding Loans of any applicable Class with respect to which amounts have been deposited in the Prepayment Accounts have been prepaid in full, at which time so much thereof as is not required to make payment of the Senior Credit Obligations which have become due and payable (whether by scheduled maturity, acceleration or otherwise) shall be withdrawn by the Collateral Agent on the next Business Day following the day on which the Collateral Agent considers the funds deposited therein to be collected funds and disbursed to the Borrower or its order. If the maturity of the Loans has been accelerated pursuant to Section 8.02, the Administrative Agent may, in its sole discretion, cause the Collateral Agent to withdraw amounts on deposit in the Prepayment Account for the applicable Class of Loans and, subject to Section 8.03, apply such funds to satisfy the Senior Credit Obligations of the applicable Class or Classes.