Examples of Participant’s Account Balance in a sentence
If a Participant is also a participant in a tax-qualified defined benefit governmental plan (as defined in section 414(d) of the Code) that provides for the acceptance of plan-to-plan transfers with respect to the Participant, then the Participant may elect to have any portion of the Participant’s Account Balance transferred to the defined benefit governmental plan.
The amount so transferred shall be credited to the Participant’s Account Balance, so that the Participant or Beneficiary whose assets are being transferred has an accumulated benefit immediately after the transfer at least equal to the accumulated benefit with respect to that Participant or Beneficiary immediately before the transfer.
For this purpose, a primary beneficiary is an individual who is named as a beneficiary under the Plan and has an unconditional right to all or a portion of a Participant’s Account Balance upon the death of the Participant.
A Beneficiary only may designate a Beneficiary for the Participant’s Account Balance remaining at the Beneficiary’s death, and the Beneficiary’s designation otherwise complies with the Plan terms.
Pending the offset of a Participant’s Account Balance following a defaulted loan, the following rules apply to the amount in default.