Definition of Post-Service Account


Post-Service Account means a Payment Sub-Account for a Participant established based on the Participant's payment election under Section 6(a) providing for payments commencing following the Participant's Termination of Employment, comprised of deferrals for a Plan Year to which the payment election relates as adjusted in accordance with Section 5(e). (s)
Sample 1

Examples of Post-Service Account in a sentence

The balance of a Participant's Post-Service Account shall be payable to the Participant commencing on or as soon as administratively practicable (but not more than 30 days) after the beginning of the seventh month following the Participant's Termination of Employment.
Except as otherwise determined by the Plan Administrator at the time elections are made and subject to the provisions of the Plan, including acceleration of payments upon an Acceleration Event pursuant to Section 6(g), there shall be two payment options available to a Participant: a Post-Service Account and an In-Service Account.
The balance of the Post-Service Account as of the applicable payment date as determined by the Plan Administrator shall be payable in a single payment.
The balance of the Post-Service Account shall be payable in annual installments over a period of two to ten years (or such other maximum period of years as determined by the Committee), as selected by the Participant, with the amount of each installment determined under Section 6(c).
The balance of the Post-Service Account shall be payable in annual installments over a period of two (2) to ten (10) years (or such other maximum period of years as determined by the Committee), as selected by the Participant, with the amount of each installment determined under Section 6(c).