Pre-2005 Deferrals shall mean that portion of each Participants Basic Benefit that was both earned and vested (within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the Code)) as of December 31, 2004 (calculated in accordance with Section 409A of the Code and any Treasury Regulations promulgated thereunder), including any such amounts that are deferred under Article V of the Plan and any Earnings thereon.
In order to protect the grandfathered status of Pre-2005 Deferrals under Section 409A, the Pre-2005 Deferrals shall at all times and in all circumstances be subject only to the provisions relating to Pre-2005 Deferrals set forth herein.
Calendar Year Subaccounts that contain Pre-2005 Deferrals, and corresponding hypothetical income, gains and losses attributable thereto, are subject to certain terms that are not applicable to Post-2004 Deferrals, as described herein.
Notwithstanding any other provision now or hereafter included in this Plan, no amendment shall be applicable to the provisions of the Plan regarding Pre-2005 Deferrals.
Notwithstanding any other provision of the Plan to the contrary, a Participant may receive payment of all or a portion of any Pre-2005 Deferrals credited to any Calendar Year Subaccount as soon as administratively practicable following the approval by the Committee of a written application for such payment which demonstrates that the Participant has incurred a severe financial hardship as a result of an unanticipated emergency beyond the control of the Participant.
All Pre-2005 Deferrals under the Plan and the Transamerica Fund Plan have been earned by the Participants on or before December 31, 2004.