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.
Examples of Pre-2005 Deferrals in a sentence
For Pre-2005 Deferrals, any such election shall be effective solely with respect to payments that would otherwise be made in the calendar year following the year in which such election is filed, except that with respect to individuals who first become Participants during a calendar year, such election shall apply to compensation to be earned and paid in that calendar year.
With respect to Pre-2005 Deferrals, the Plan shall be interpreted so as to avoid having such Pre-2005 Deferrals subject to the Act.
Notwithstanding the foregoing, at any time prior to the date of a Change in Control, a Deferred Participant may elect to waive, with respect to Pre-2005 Deferrals (but not Post-2004 Deferrals), the provisions of this Section 6.3 with respect to a designated Change in Control and continue to retain his Benefits under the Plan as if such Change in Control had not occurred.
All amounts deferred hereunder which are not subject to Section 409A shall be referred to herein as Pre-2005 Deferrals.
A Deferred Participant may request distribution of a portion (not less than $1,000) of that portion of his Deferred Benefit that relates to Pre-2005 Deferrals before its Deferred Payment Date.