Post-Service Account definition

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).
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Examples of Post-Service Account in a sentence

  • 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.

  • This will be part of the central services spend as required by DFE regulations.

  • 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.

  • 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).

  • A Participant may make an election to change the form of payment (i.e., lump sum or permitted number of installments) of the Participant’s Post-Service Account only if (i) such election is made at least 12 months prior to the date the payment of the Post-Service Account would have otherwise commenced, and (ii) the effect of such election is to defer the commencement of such payment by at least five years.

  • A Participant may make an election to change the form of payment (i.e., lump sum or permitted number of installments) of the Participant’s Post-Service Account only if (i) such election is made at least twelve (12) months prior to the date the payment of the Post-Service Account would have otherwise commenced, and (ii) the effect of such election is to defer the commencement of such payment by at least five (5) years.

  • Besides, as the average life span continues to increase, the scale of pension payment becomes larger; second, the aging population reduces the ratio of labor force to retirees.

Related to Post-Service Account

  • In-Service Account means a separate account to be kept for each Participant that has elected to take in-service distributions as described in Section 5.4. The In-Service Account shall be adjusted in the same manner and at the same time as the Deferred Compensation Account under Section 8 and in accordance with the rules and elections in effect under Section 8.

  • Administration Account As defined in Section 7.02.

  • Debt Service Account means the Debt Service Account for General Obligation Temporary Notes, Series 2017-1 (within the Bond and Interest Fund) created pursuant to Section 501 hereof.

  • Servicer Account means any account established by Servicer in connection with the servicing of the Mortgage Loans.

  • Custodial P&I Account The Custodial P&I Account, as defined in each of the Servicing Agreements, with respect to the Mortgage Loans. In determining whether the Custodial P&I Account under any Servicing Agreement is "acceptable" to the Master Servicer (as may be required by the definition of "Eligible Account" contained in the Servicing Agreements), the Master Servicer shall require that any such account shall be acceptable to each of the Rating Agencies. Custodian: Initially, the Trustee, and thereafter the Custodian, if any, hereafter appointed by the Trustee pursuant to Section 8.13, or its successor in interest under the Custodial Agreement. The Custodian may (but need not) be the Trustee or any Person directly or indirectly controlling or controlled by or under common control of the Trustee. Neither a Servicer, nor the Seller nor the Master Servicer nor any Person directly or indirectly controlling or controlled by or under common control with any such Person may be appointed Custodian.

  • Force Account means the use of the Recipient's own employees, equipment, or resources for the Project.

  • Billing Account is the checking account from which all Service fees will be automatically debited.

  • Private Account means the portion of a portfolio of a private client or mutual fund client for which the Adviser serves as investment adviser or subadviser.

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

  • Collection Account Agreement means that certain Collection Account Agreement, dated the Closing Date, among the Borrower, the Servicer, the Account Bank, the Administrative Agent and the Collateral Agent, governing the Collection Account and which permits the Collateral Agent on behalf of the Secured Parties to direct disposition of the funds in the Collection Account, as such agreement may be amended, modified or supplemented from time to time in accordance with its terms.

  • Collection Accounts As defined in Section 3.10(a).

  • Accumulation Account The account designated as such, established and maintained pursuant to Section 5.01(a)(iii) of the Trust Sale and Servicing Agreement.

  • Payment Account means a segregated non-interest-bearing corporate trust account maintained by the Property Trustee for the benefit of the Holders in which all amounts paid in respect of the Notes will be held and from which the Property Trustee, through the Paying Agent, shall make payments to the Holders in accordance with Sections 3.1, 4.1 and 4.2.

  • Revenue Account means the Revenue Account established pursuant to the Resolution. “Revenues” means the Pledged Receipts and Recoveries of Principal.

  • FT Account Pool #: Mortgagor's Name, Address and Zip Code: Mortgage Loan Number: Reason for Requesting Documents (check one)

  • Tax Account shall have the meaning set forth in Section 8.6 hereof.

  • Disbursement Account means, in respect of each Tranche, the bank account set out in the most recent List of Authorised Signatories and Accounts.

  • Insurance Account shall have the meaning set forth in Section 8.6 hereof.

  • Concentration Account has the meaning provided in Section 6.13(c).

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

  • Note Account As defined in the Indenture.

  • Collections Account has the meaning given to such term in Section 3.01(a) hereof.

  • Collection Account Control Agreement means the Amended and Restated Collection Account Control Agreement, dated as of the date hereof, among the Borrower, the Servicer, the Administrative Agent and the Collection Account Bank, substantially in the form of Exhibit D-3 hereto, as amended, modified or supplemented from time to time.

  • Custodial Accounts Each Custodial Account (other than an Escrow Account) established and maintained by a Servicer pursuant to a Servicing Agreement with respect to the Mortgage Loans.

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

  • Operating Account means a demand deposit account maintained at the Funding Bank in Borrower's name and designated for funding that portion of each Eligible Loan not funded by a Warehousing Advance made against that Eligible Loan and for returning any excess payment from an Investor for a Pledged Loan or Pledged Security.