Examples of Flexible Distribution Account in a sentence
Subject to Section 7.2, each Flexible Distribution Account shall be distributed commencing on the first Plan Distribution Date of the Plan Year elected by the Participant in the Enrollment Agreement pursuant to which such Flexible Distribution Option Account was established.
An Eligible Associate shall elect the time and manner of payment pursuant to which any Flexible Distribution Account established pursuant to that election will be distributed.
Subject to Section 7.4, each of the Participant’s Flexible Distribution Accounts shall be distributed commencing in the year elected by the Participant in the Enrollment Agreement pursuant to which such Flexible Distribution Account was established; provided, however, such distribution shall not be prior to the third Plan Year beginning after the Plan Year in which the first deferral election is made with regard to that Flexible Distribution Account.
For Plan Years beginning on or after January 1, 2007, “Matching Contributions” are those contributions credited to the Participant’s Flexible Distribution Account and Retirement Distribution Account by the Company in accordance with Section 4.4. For these Plan Years, Matching Contributions are to be allocated between the Participant’s Flexible Distribution Account and Retirement Distribution Account in proportion to the Participant’s deferrals to those accounts.
Annual installment payments, if any, shall commence not later than January 31 of the Plan Year elected by the Participant in accordance with Section 6.3, in an amount equal to (i) the value of such Flexible Distribution Account as of the last business day of the Plan Year preceding the date of payment, divided by (ii) the number of annual installment payments elected by the Participant in the Enrollment Agreement pursuant to which such Flexible Distribution Account was established.
The first Enrollment Agreement filed by an Eligible Employee must set forth the Participant’s election as to the time and manner of distribution from the In-Service Distribution Account and Flexible Distribution Account, as appropriate.
Unless otherwise elected in accordance with Section 6.3, the default form of payment of a Participant’s Flexible Distribution Account shall be a lump sum.
The remaining annual installments shall be paid on the first Plan Distribution Date of each succeeding year in an amount equal to (i) the value of such Flexible Distribution Account as of the last business day of the immediately preceding Plan Year divided by (ii) the number of installments remaining.
The initial annual installment payment shall be equal to (i) the value of such Flexible Distribution Account as of the last business day of the Plan Year preceding the date of payment, divided by (ii) the number of annual installment payments elected by the Participant in the Enrollment Agreement pursuant to which such Flexible Distribution Account was established.
Subject to Section 7.2, the Participant’s Flexible Distribution Account for any Plan Year shall be distributed commencing in the year elected by the Participant in the Enrollment Agreement pursuant to which such Flexible Distribution Account was established.