SERP Accrual definition

SERP Accrual means, with respect to each Excluded SERP Employee, the amount set forth opposite such Excluded SERP Employee’s name on Section 1.1(b) of the Seller Disclosure Schedule, it being understood and agreed that Section 1.1(b) of the Seller Disclosure Schedule sets forth the estimated accrued benefit obligation under the Intermountain Industries, Inc. Supplemental Retirement Plan as of the date specified therein for all participants in such plan (other than Xxxxxxx X. Xxxxx, Xxxxxxx Xxxxx and Xxxxxxx Xxxxx), and is not limited to Persons who are or shall be Excluded SERP Employees as of the Closing.
Sample 1

Examples of SERP Accrual in a sentence

  • There will be no accumulation of bereavement leave days from year toyear.a. A leave request shall be submitted through Aptafund, approved by the employee’s immediate supervisor and approved by the superintendent before bereavement time is used if possible or within 2 days after coming back to work in the case of unexpected leave.

  • City contracts with Prime Contractors shall include clauses requiring Prime Contractors to pay Subcontractors in compliance with N.C. G.

  • For any termination of employment after the 5th anniversary of the start date, Executive shall be entitled to a lump sum payment equal to the 5-Year Benefit, increased by any DLM SERP Accrual Factor for each completed 12-month period following the 5th anniversary of the start date, payable promptly following any such termination.

  • SERP Accrual after Year 5: Each year Executive continues to be employed after year 5, he will accrue any additional amounts he could accrue under the DLM SERP in effect at the time, which for such purposes the Company shall assume Executive has achieved 33 years of service as of the 5th anniversary of the start date (the “DLM SERP Accrual Factor”).

  • The SERP Accrual Balance on September 1, 2008 is expected to be $145,769, and according to SERP section 2.2.4 Xx. Xxxxxxxxx would be 80% vested in that Accrual Balance on September 1, 2008, yielding a vested Accrual Balance of $116,616.

Related to SERP Accrual

  • Employer Matching Contributions means the Employer matching contributions made to the Trust Fund pursuant to Article V (Employer Matching Contributions).

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • SERP has the meaning assigned thereto in Section 5(c) hereof.

  • Matching Contribution Account means the separate, individual account established on behalf of a Participant to which the Matching Contributions made on such Participant's behalf are credited, together with all earnings and appreciation thereon, and against which are charged any withdrawals, loans and other distributions made from such account and any losses, depreciation or expenses allocable to amounts credited to such account.

  • Matching Contributions means contributions made by the Employer on account of an "eligible Participant's" Elective Deferrals.

  • Company Matching Contributions means any contributions made to the Company Matching Account of a Participant by a Participating Employer as provided for in Section 4.02.

  • Deferral Account means the Company's accounting of the Director's accumulated Deferrals plus accrued interest.

  • Matching Contribution means an Employer contribution made to this or any other Defined Contribution Plan on behalf of a Participant on account of an Employee Contribution made by such Participant, or on account of a Participant's Employee Elective Deferral, under a plan maintained by the Employer.

  • Employer Contribution means the amount paid by an employer, as determined by the employer rate, including the normal and deficiency rates, contributions, and funds wherever used in this chapter.

  • Deferred Compensation Account means the account maintained with respect to each Participant under the Plan. The Deferred Compensation Account shall be credited with Participant Deferral Credits and Employer Credits, credited or debited for deemed investment gains or losses, and adjusted for payments in accordance with the rules and elections in effect under Section 8. The Deferred Compensation Account of a Participant shall include any In-Service or Education Account of the Participant, if applicable.

  • Years of Service means the total number of full years in which a Participant has been employed by one or more Employers. For purposes of this definition, a year of employment shall be a 365 day period (or 366 day period in the case of a leap year) that, for the first year of employment, commences on the Employee's date of hiring and that, for any subsequent year, commences on an anniversary of that hiring date. Any partial year of employment shall not be counted.

  • Salary reduction plan means a benefit plan whereby state and

  • Termination Benefit means the benefit set forth in Article 7.

  • Normal Retirement Benefit means the benefit described in Section 2.1.

  • Change in Control Benefit means the benefit described in Section 2.4.

  • Employer Credits means the amounts credited to the Participant’s Deferred Compensation Account by the Employer pursuant to the provisions of Section 4.2.

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Deferral Contributions are Salary Reduction Contributions and Cash or Deferred Contributions the Employer contributes to the Trust on behalf of an Eligible Employee, irrespective of whether, in the case of Cash or Deferred Contributions, the contribution is at the election of the Employee. For Salary Reduction Contributions, the terms "deferral contributions" and "elective deferrals" have the same meaning.

  • Matching Account means the account maintained on the books of the Employer for the purpose of accounting for the Matching Amount and for the amount of investment return credited thereto for each Participant pursuant to Article V.

  • Employer Contribution Account means, for any Participant, the account established by the Administrator or Trustee to which Employer Contributions made under Section 3.5 for the Participant's benefit are credited.

  • Company Matching Account means (i) the sum of all of a Participant's Annual Company Matching Amounts, plus (ii) amounts credited in accordance with all the applicable crediting provisions of this Plan that relate to the Participant's Company Matching Account, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan that relate to the Participant's Company Matching Account.

  • Employer Contributions means all amounts paid into ASRS by an

  • Elective Deferral Account means the account established hereunder to which Elective Deferrals (including a separate accounting for Catch-Up Contributions) are allocated. Amounts in the Participant's Elective Deferral Account are nonforfeitable when made and are subject to the distribution restrictions of Section 12.2(e). The Elective Deferral Account may consist of the

  • Grandfathered Amounts means, if applicable, the amounts that were deferred under the Plan and were earned and vested within the meaning of Section 409A of the Code and regulations thereunder as of December 31, 2004. Grandfathered Amounts shall be subject to the terms designated in the Adoption Agreement.

  • Account Balance means, with respect to a Participant, an entry on the records of the Employer equal to the sum of (i) the Deferral Account balance, (ii) the Company Contribution Account balance, and (iii) the Company Restoration Matching Account balance. The Account Balance shall be a bookkeeping entry only and shall be utilized solely as a device for the measurement and determination of the amounts to be paid to a Participant, or his or her designated Beneficiary, pursuant to this Plan.

  • Deferral Date means the date Fees would otherwise have been paid to the Participant.