TRUST FUND ACCOUNTS Clause Samples
The "Trust Fund Accounts" clause establishes the requirement for certain funds to be held in a separate, designated account managed by a trustee or fiduciary. In practice, this means that money received for a specific purpose—such as client funds, deposits, or project payments—must be kept apart from the general operating funds of the party holding them, often with restrictions on how and when the funds can be accessed or disbursed. This clause ensures that the funds are protected from misuse, commingling, or claims by creditors, thereby safeguarding the interests of the beneficiaries or parties entitled to the funds.
TRUST FUND ACCOUNTS. The allocation provisions of this paragraph apply to all Participant Accounts other than segregated investment Accounts. The Advisory Committee first will adjust the Participant Accounts, as those Accounts stood at the beginning of the current valuation period, by reducing the Accounts for any forfeitures arising under Section 5.09 or under Section 9.14, for amounts charged during the valuation period to the Accounts in accordance with Section 9.13 (relating to distributions) and Section 11.01 (relating to insurance premiums), and for the cash value of incidental benefit insurance contracts. The Advisory Committee then, subject to the restoration allocation requirements of Section 5.04 or of Section 9.14, will allocate the net income, gain or loss pro rata to the adjusted Participant Accounts. The allocable net income, gain or loss is the net income (or net loss), including the increase or decrease in the fair market value of assets, since the last valuation date.
TRUST FUND ACCOUNTS. The allocation provisions of this paragraph apply to all Participant Accounts other than segregated investment Accounts. The Advisory Committee first will adjust the Participant Accounts, as those Accounts stood at the beginning of the current valuation period, by reducing the Accounts for any forfeitures arising under Section 5.09 or under Section 9.14, for amounts charged during the valuation period to the Accounts in accordance with Section 9.13 (relating to distributions), for the cash value of incidental benefit insurance contracts and for the amount of any Account which the Trustee has fully distributed since the immediately preceding valuation date. The Advisory Committee then, subject to the restoration allocation requirements of Section 5.04 or of Section 9.14, will allocate the net income, gain or loss pro rata to the adjusted Participant Accounts. The allocable net income, gain or loss is the net income (or net loss), including the increase or decrease in the fair market value of assets, since the last valuation date. To the extent there is Participant direction of investment under Section 8.10, the net income, gain or loss will be allocated to Participant Accounts according to the amount each Participant has invested in each investment. The net income, gain or loss on salary deferral contributions and matching contributions will be credited according to a "weighted average allocation" method, which will treat a portion of the applicable contributions actually paid to the Trust during the valuation period as if includible in the Participant's Account as of the beginning of the valuation period. The method of fixing such portion will be determined in a nondiscriminatory and uniform manner by the Advisory Committee.
TRUST FUND ACCOUNTS. The allocation provisions of this paragraph apply to all Participant General Investment Accounts in the Plan other than segregated investment Accounts. The Trustee first will adjust such Participant General Investment Accounts, as those Accounts stood at the beginning of the current valuation period, by reducing the Accounts for any forfeitures arising under Section 5.09 or under Section 9.07, for amounts charged during the valuation period to the Accounts in accordance with Section 9.14 (relating to distributions) and for the amount of any such General Investment Account which the Trustee has fully distributed since the immediately preceding valuation date. The Trustee then, subject to the restoration allocation requirements of Section 5.04 or of Section 9.07, will allocate the net income, gain or loss pro rata to the adjusted Participant General Investment Accounts in the Plan. The allocable net income, gain or loss is the net income (or net loss), including the increase or decrease in the fair market value of assets, since the last valuation date. In making its allocations under this Section 9.06(B), the Trustee will exclude Employer Securities allocated to Employer Securities Accounts, stock dividends on allocated Employer Securities and interest paid by the Trust on an Exempt Loan. The Trustee will include cash dividends on Employer Securities as income (available for payment on an Exempt Loan to the extent such dividends are attributable to Employer Securities acquired with the proceeds of an Exempt Loan) except cash dividends which the Advisory Committee has directed the Trustee to distribute in accordance with Section 10.08, or which the Advisory Committee has directed the Trustee to use for the payment of principal and/or interest on any Exempt Loan, or to use for the funding of a benefit distribution in cash, in lieu of Employer Securities, to a Participant pursuant to Section 10.08. If dividends on any Employer Securities are used for the funding of such a benefit distribution in cash pursuant to Section 10.08, then the Employer Securities which, but for such benefit distribution in cash rather than Employer Securities, would have been distributed to the Participant shall be allocated for the Plan Year in which such cash benefit distribution occurred to the Accounts of Participants as if such Employer Securities constituted earnings for such Plan Year. SEGREGATED INVESTMENT ACCOUNTS. A segregated investment Account receives all income it earns a...
TRUST FUND ACCOUNTS. The allocation provisions of this paragraph apply to all Participant Accounts other than segregated investment Accounts. The Advisory Committee first will adjust the Participant Accounts, as those Accounts stood at the beginning of the current valuation period, by reducing the Accounts for any forfeitures arising under Section 5.09 or under Section 9.14, for
TRUST FUND ACCOUNTS. The allocation provisions of this paragraph apply to all Participant General Investment Accounts other than segregated investment Accounts. The Advisory Committee first will adjust the Participant General Investment Accounts, as those Accounts stood at the beginning of the current valuation period, by reducing the Accounts for any forfeitures arising under Section 5.09 or under Section 9.14 for amounts charged during the valuation period to the Accounts in accordance with Section 9.13 (relating to distributions) and for the amount of any General Investment Account which the Trustee has fully distributed since the immediately preceding valuation date. The Advisory Committee then, subject to the restoration allocation requirements of Section 5.04 or of Section 9.14, will allocate the net income, gain or loss pro rata to the adjusted Participant General Investment Accounts. The allocable net income, gain or loss is the net income (or net loss), including the increase or decrease in the fair market value of assets, since the last valuation date. In making its allocations under this Section 9.11[B], the Advisory Committee will exclude Employer Securities allocated to Employer Securities Accounts, stock dividends on allocated Employer Securities and interest paid by the Trust on an Exempt Loan. The Advisory Committee will include as income (available for payment on an Exempt Loan) any cash dividends on Employer Securities except cash dividends which the Advisory Committee has directed to the Trustee to distribute in accordance with Section 10.08.
TRUST FUND ACCOUNTS. The allocation provisions of this paragraph ------------------- shall apply to all Participant Accounts other than segregated investment Accounts. The Plan Administrator first shall adjust the Participant Accounts, beginning with the balances of the Accounts on the last Valuation Date, by:
(1) reducing the appropriate Accounts for any forfeitures arising under Article V,
(2) reducing the appropriate Accounts for distributions since the last Valuation Date,
(3) reducing the appropriate Accounts for insurance premiums paid since the last Valuation Date with respect to any life insurance contracts (see Section 11.01), and
(4) reducing the appropriate Accounts for the cash value of any life insurance contracts. The Plan Administrator then, subject to the restoration allocation requirements of Article V, shall allocate the net income, gain, or loss pro rata to the Participant Accounts, as adjusted by the immediately preceding sentence. The allocable net income, gain, or loss shall be the net income (or net loss), including the increase or decrease in the fair market value of assets, since the last Valuation Date.
TRUST FUND ACCOUNTS. The allocation provisions of this paragraph apply to all Participant Accounts other than segregated investment Accounts. The Advisory Committee first will adjust the Participant Accounts, as those Accounts stood at the beginning of the current valuation period, by reducing the Accounts for any forfeitures arising under Section 5.09 or under Section 9.14, for amounts charged during the valuation period to the Accounts in accordance with Section 9.13 (relating to distributions) and Section 11.01 (relating to insurance premiums), for the cash value of incidental benefit insurance contracts and for the amount of any Account which the Custodian/Trustee has fully distributed since the immediately preceding valuation date. The Advisory Committee then, subject to the restoration allocation requirements of Section 5.04 or of Section 9.14, will allocate the net income, gain or loss pro rata to the adjusted Participant Accounts. The allocable net income, gain or loss is the net income (or net loss), including the increase or decrease in the fair market value of assets, since the last valuation date.
TRUST FUND ACCOUNTS. The allocation provisions of this paragraph apply to all Participant General Investment Accounts other than segregated investment Accounts. The Advisory Committee first will adjust the Participant General Investment Accounts, as those Accounts stood at the beginning of the current valuation period, by reducing the Accounts for any forfeitures arising under Section 6.09 or under Section 10.14, for amounts charged during the valuation period to any Accounts in accordance with Section 10.13 (relating to distributions) and Section 12.01 (relating to insurance premiums), for the cash value of incidental benefit insurance contracts and for the amount of any General Investment Account which the Trustee has fully distributed since the immediately preceding valuation date. The Advisory Committee then, subject to the restoration allocation requirements of Section 6.04 or of Section 10.14, will allocate the net income, gain or loss pro rata to the adjusted Participant General Investment Accounts. The allocable net income, gain or loss is the net income (or net loss), including the increase or decrease in the fair market value of assets, since the last valuation date. In making its allocation under this Section 10.11[B], the Advisory Committee will exclude Employer Securities allocated to Employer Securities Accounts, stock dividends on allocated Employer Securities and interest paid by the Trust on an Exempt Loan. The Advisory Committee will include as income (available for payment on an Exempt Loan) any cash dividends on Employer Securities except cash dividends which the Advisory Committee has directed the Trustee to distribute in accordance with Section 11.08.
TRUST FUND ACCOUNTS. The allocation provisions of this paragraph apply to all Participant Accounts other than segregated investment Accounts. The Advisory Committee first will adjust the Participant Accounts, as those Accounts stood at the beginning of the current valuation period by reducing the Accounts for any forfeitures arising under Section 5.09 or under Section 9.14, for amounts charged during the valuation period to the Accounts in accordance with Section 9.13 (relating to distributions) and Section 11.01 (relating to insurance premiums), and for the cash value of incidental benefit insurance contracts. The Advisory Committee then, subject to the restoration allocation requirements of Section 5.04 or of Section 9.14, will allocate the net income, gain or loss pro rata to the adjusted Participant Accounts. The allocable net income, gain or loss is the net income (or net loss), including the increase or decrease in the fair market value of assets, since the last valuation date.
TRUST FUND ACCOUNTS. The allocation provisions of this paragraph apply to all Participant Accounts other than segregated investment Accounts. The Advisory Committee first will adjust the Participant Accounts, as those Accounts stood at the beginning of the current valuation period, by reducing the Accounts for any forfeitures arising under Section 5.09 or under Section 9.14, for