Forfeiture Account. A forfeiture account is an unallocated suspense account that holds amounts forfeited when an employee has a severance from employment with the employer and fails to satisfy the vesting requirements of the employer plan. The forfeiture account accumulation is the total amounts held in such an account.
Forfeiture Account. If the Plan reallocates Forfeitures to Participants in accordance with Section 4.06(f)(3) or 4.06(f)(4), the Plan Administrator shall establish a Forfeiture Account for each Participant.
Forfeiture Account. A Forfeiture will be posted, no later than the end of the Plan Year in which the Forfeiture arises, to the Forfeiture Account on the Settlement Date for the Trade Date on which the Custodian, at the direction of the Administrator, has converted the Forfeiture to cash. The Forfeiture Account shall be invested in interest bearing deposits of the Custodian or short-term money market instruments. No later than the end of such Plan Year, the Forfeiture Account shall be used in the following order: to reinstate Accrued Benefits and to reduce Employer Contributions, as determined by the Administrator, and to pay expenses of the Plan.
Forfeiture Account. The Forfeiture Account is an unallocated account maintained by AXA Equitable under this Contract in order to hold amounts arising from reductions in Annuity Account Values pursuant to subsection (a) above. Such account will be maintained in either (a) the Money Market Guarantee or (b) a Qualified Default Investment Alternative.
Forfeiture Account. If the Participant incurs a One-Year Break in Service before he or she is reemployed by that Plan Sponsor, then the Account Balance in the Forfeiture Suspense Account will be transferred to the Plan Sponsor’s Forfeiture Account. Forfeitures forfeited to a Forfeiture Account in the name of a Plan Sponsor will be used to help fund such Plan Sponsor’s future Contributions as soon as practicable after being credited to the Forfeiture Account. Notwithstanding the foregoing, Forfeitures may not be used to make Xxxx Contributions. Pending being used to fund such Plan Sponsor’s future Contributions, Forfeitures held in a Forfeiture Account will be invested as provided in rules adopted from time to time by the Administrator. If a Plan Sponsor terminates its sponsorship of the Plan as provided in Section 11.2, any amounts held in its Forfeiture Account that are not needed to cover Contributions will be treated as Contributions made by mistake of fact and handled as provided in Section 12.3(b).
Forfeiture Account. The term “Forfeiture Account” means the notational bookkeeping account into which all Forfeitures are placed pending allocation (or other use) pursuant to Section 3.13(b).
Forfeiture Account. The term "Forfeiture Account" means an unallocated account maintained by Equitable under this Contract in the Guaranteed Interest Division and in conjunction with the operation of Section 2.12. Amounts arising from reductions in Retirement Account Value pursuant to Section 2.12 will be allocated to the Forfeiture Account, pending disposition of such amounts (and interest thereon) as determined by the Employer or the Employer Plan Trustee.
Forfeiture Account. Forfeiture Account" shall mean an account established and maintained pursuant to Section 5.7. for purposes of holding any non-vested portion of a Participant's Account that is forfeited by the Participant in accordance with Section 9.5.
Forfeiture Account. The term "Forfeiture Account" means an unallocated account maintained by Equitable under this Contract in conjunction with the operation of Section 2.11. Amounts arising from reductions in Retirement Account Values pursuant to Section 2.11 will be allocated thereupon to the Forfeiture Account, pending disposition of such amounts (and interest thereon) as determined by the Employer or the Employer Plan Trustee. Such account will be maintained exclusively in either (a) the Money Market Division, if such Division is then applicable under this Contract with respect to the Employer Plan, or (b) the Guaranteed Interest Division in any other case.
Forfeiture Account. The Forfeiture Account will share in the allocation of the Plan’s earnings and losses under this Section.
