Exclusive Benefit definition

Exclusive Benefit. A Custodial Account is established hereunder for the exclusive benefit of the Depositor and his or her Beneficiary(ies).
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Exclusive Benefit. The trustee holds the assets of the plan for the exclusive benefit of the employees in the plan -- that is, exclusively for the purposes of providing benefits to participants and beneficiaries of the plan and defraying the reasonable expenses of administering the plan. Investment Assets held by the trustee are invested by the trustee in accordance with the terms of the plan. Except for employer stock accounts, the plan gives you free choice among a number of different investment funds (as described in the following section of the plan). Employer stock accounts are invested in employer stock, as described in more detail near the end of the plan in the section called "Special ESOP Provisions." Recordkeeping Though the money is all pooled together for investment purposes, you still have one or more individual accounts. The plan administrator is responsible for keeping track of your individual accounts. The investments are valued daily. But the government requires us to say here that the plan administrator will figure out the total value of the investments of the plan at the end of every year. If the value has gone up since the last valuation, then all of the accounts will be increased in the same proportion. If the value has gone down since the last valuation, then all of the accounts will be decreased in the same proportion. The plan administrator will give you periodic reports of the value of your account. Return of contributions Except for a few unusual circumstances, once the employer puts money into the plan, the money can never come back to the employer. Here are the exceptions: . If the employer made the contribution by mistake of fact, then it can be returned within 1 year after the contribution was made. . All contributions by the employer are made on the condition that they are deductible by the employer for federal income tax purposes. If any part of a contribution is disallowed, that part of the contribution can be returned to the employer within 1 year after disallowance of the deduction. . If this plan fails to qualify initially for favorable tax treatment under the Code, then all contributions can be returned to the employer, as long as an application for determination on the plan was filed with the Internal Revenue Service by the due date of the employer's return for the taxable year in which the plan was adopted. ================================ Making Your Own Investment Decisions ================================ Introduction This plan allow...
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Examples of Exclusive Benefit in a sentence

  • Langbein, ERISA’s Fundamental Contradiction: The Exclusive Benefit Rule, 55 U.

  • Section 1.4 Exclusive Benefit Rule Except as otherwise provided in the Plan, no part of the corpus or income of the assets of the Plan shall be used for, or diverted to, purposes other than for the exclusive benefit of Participants, Beneficiaries, and Alternate Payees.

  • Section 5.4 Exclusive Benefit This Agreement is intended for the exclusive benefit of the parties hereto and is not intended and shall not be deemed or construed, to crease any rights in, or responsibilities to, third parties.

  • The court further held that DEC correctly declared that it has no statutory authority to eliminate the penalty or to compel the well driller to transport and market the gas of the nonconsenting owners.

  • Should the current reserve formula calculation have a higher deposit requirement than the previous reserve formula calculation, the firm may elect to use the current reserve formula calculation amount to reduce aggregate indebtedness, provided the necessary funds were on deposit in the Special Reserve Bank Account for the Exclusive Benefit of Customers as of that date.

  • Every broker or dealer must maintain with a bank or banks at all times when deposits are required or hereinafter specified a “Special Reserve Bank Account for the Exclusive Benefit of Customers” (hereinafter referred to as the “Customer Reserve Bank Account”) and a “Special Reserve Bank Account for Brokers and Dealers” (hereinafter referred to as the “PAB Reserve Bank Account”), each of which will be separate from the other and from any other bank account of the broker or dealer.

  • Equitable will hold the funds for my benefit in a non-interest bearing ‘‘Special Bank Account for the Exclusive Benefit of Customers’’ until my application is approved, not approved orreturned by Equitable Advisors.

  • MISCELLANEOUSSection 7.1. Counterparts 19Section 7.2. Exclusive Benefit of Parties 20Section 7.3. Invalidity of Provisions 20Section 7.4. Notices 20Section 7.5. Depositary’s Agents 21Section 7.6. Appointment of Registrar and Transfer Agent in Respect of the Receipts 21Section 7.7. Holders of Receipts Are Parties 21Section 7.8. Governing Law 21Section 7.9. Inspection of Deposit Agreement 21Section 7.10.

  • The securities are carried by the carrying broker-dealer in an account to be designated as a “Special Custody Account for the Exclusive Benefit of Customers of (name of the broker-dealer)” pursuant to SEA Rule 15c3-3(c)(7); 3.

  • Once enrolled in the Program, each business day, Pershing or its agent bank, based on the output of the allocation services of R&T, will deposit the excess cash balance in your Account to one or more omnibus Deposit Accounts maintained at the Program Banks entitled “Pershing LLC as Agent for the Exclusive Benefit of its Customers, Acting For Themselves and For Others” or substantially similar.

Related to Exclusive Benefit

  • Annual Benefit means an annual sum of fifty thousand dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).

  • Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.

  • Service benefit means the credit toward retirement benefits as determined by the

  • Projected Annual Benefit means the annual retirement benefit (adjusted to an actuarial equivalent straight life annuity if such benefit is expressed in a form other than a straight life annuity or Qualified Joint and Survivor Annuity) to which the Participant would be entitled under the terms of the Plan assuming:

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Net Benefit means the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.

  • Maximum Benefit means the maximum benefit amount of each of the benefits covered under this Policy as stated in the Schedule of Benefits.

  • Single Life Annuity means a Participant’s Grandfathered Benefit and/or 409A Benefit, as applicable, payable as an annuity in equal monthly installments over the life of the Participant, commencing as of the Payment Date and terminating in the month in which the Participant dies, with no further payments thereafter.

  • Retirement Benefit means the benefit set forth in Article 5.

  • Lump Sum means the total sum which will have become payable to the Contractor by the Principal upon completion of the Works.

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • life annuity means an annuity payable under a policy issued to an SRS member for a term ending with, or at a time ascertainable only by reference to, the end of his life;

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Qualified Preretirement Survivor Annuity means an annuity which is payable for the life of the Participant's surviving spouse.

  • Fringe benefit means health insurance, a retirement benefit received under a pension plan or defined contribution plan, a paid vacation day, a paid holiday, sick leave, or any other similar employee benefit provided by an employer.

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

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Actuarial equivalent means a benefit of equal value when

  • Additional gap medical benefits means the benefits (if any) payable in respect of medical expenses that are more than the schedule fee and which otherwise meet the requirements of the fund’s no or known gap policy, provided always that the medical expenses relate to a professional service that:

  • Last Monthly Benefit means the gross Monthly Benefit payable to the Insured Employee immediately prior to death. Any reductions for Other Income Benefits, or for earnings the Insured Employee received for Partial Disability Employment, will not apply.

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Additional Benefits means quantifiable and verifiable enhancement of conservation of biodiversity and/or improvement of local livelihoods realized as a result of implementation of the REDD activities;

  • Lifetime Benefit Limit means the maximum amount of benefits paid by the Company to the Policy Holder cumulatively since the inception of these Terms and Benefits, irrespective whether any limits of any benefit items stated in the Benefit Schedule have been reached or whether the Annual Benefit Limit in a Policy Year has been reached.

  • Creditable compensation means the full compensation payable annually to an employee working