Funding Vehicles
means the Annuity Contracts or Custodial Accounts issued for funding amounts held under the Plan and authorized by Employer for use under the Plan.
Funding Vehicles
means the terms of the annuity contract(s) as defined in Code sections 403(b)(1) and 401(g) and custodial account(s) provided by the Funding Agent which are incorporated herein by reference.
Funding Vehicles
means the annuity contracts or custodial accounts that satisfy the requirements of Code Section 401(f) issued for funding accrued benefits under this Plan and specifically approved by the Institution for use under this Plan.
Examples of Funding Vehicles in a sentence
Contributions to the Account may be invested only in Funding Vehicles, and shall be invested as described below.
Unless otherwise designated by the Depositor in a form and manner acceptable to the Custodian, if a primary or contingent Beneficiary designated by the Depositor predeceases the Depositor, the Funding Vehicles for which that deceased Beneficiary is entitled will be divided equally among the surviving primary and contingent Beneficiary(ies), as applicable.
Notwithstanding anything to the contrary, in the event your Broker terminates its Clearing Agreement with National Financial Service LLC or its suc- cessors and assigns (“NFS LLC”) to execute and clear securities transactions for the Account, the Custodian reserves the right to limit the purchase of additional Funding Vehicles in your Account until you designate another Broker that maintains a Clearing Agreement with NFS LLC or transfer your assets from the Account to another account.
The Custodian shall deliver to the Depositor (or following the death of the Depositor, the Beneficiary) (through the Broker or directly to the Depositor) all prospectuses and proxies that may come into the Custodian’s possession by reason of its holding Funding Vehicles in the Custodial Account.
The Sponsor, or other party designated under the Plan, shall have full responsibility for the selection of the Funding Vehicle(s) and the management, disposition, and investment of assets of the Account.
More Definitions of Funding Vehicles
Funding Vehicles
or “Shares” shall include (i) shares of stock, trust certificates or other evidences of interest (including fractional shares) in any corporation, partnership, trust, or other entity registered under the Investment Company Act of 1940 (ii) all marketable securities traded over the counter or on a recognized securities exchange which are eligible for registration on the book entry system maintained by the Depository Guaranty Trust Company (“DTC”) or its successors; (iii) if permitted by the Custodian, interest bearing accounts of the Custodian, and (iv) such other non-DTC eligible assets (but not including futures contracts) which are permitted to be acquired under a custodial account pursuant to Section 408A of the Code and which are acceptable to the Custodian. Notwithstanding the above, the Custodian reserves the right to refuse to accept and hold any specific asset including tax free investment vehicles. All assets of the Custodial Account shall be registered in the name of the Custodian or its nominee but such assets shall generally be held in an Account for which records are maintained on a proprietary recordkeeping system of the Company.
Funding Vehicles
means tax-deferred annuities, fixed or variable in nature or a combination thereof, mutual fund shares, or other similar investment products approved by the Board, issued for the purpose of funding accrued benefits under this Plan.
Funding Vehicles
means the Annuity Contracts and Custodial Accounts available for thepurpose of investing contributions under this Program and specifically approved by UW under Section 5.1.
Funding Vehicles
means the annuity contract(s) or custodial account(s) issued for funding amounts under the Plan.
Funding Vehicles
means the financial instruments issued for the purpose of funding accrued benefits under this Plan and specifically approved by the University for use under this Plan in accordance with SECTION 4.
Funding Vehicles
means a tax deferred annuity, fixed or variable in nature or a combination thereof, or a mutual fund issued for the purpose of funding accrued benefits under the 401(a) Plan, in which annuity contracts are described in Section 401(g) of the IRC, or mutual funds are held in trust.
Funding Vehicles.
The Annuity Contracts or Custodial Accounts issued for funding amounts held under the Plan and specifically approved by Employer for use under the Plan. EXHIBIT-4155.1
As a seasoned expert in the field of retirement planning and employee benefit programs, I have spent years delving into the intricacies of funding vehicles and their critical role in financial planning. My extensive experience includes working with employers, financial institutions, and regulatory frameworks to ensure the seamless integration of funding vehicles into retirement plans. My knowledge extends beyond theory, as I have actively implemented and overseen the management of various funding vehicles in accordance with the relevant legal provisions.
Now, let's dissect the key concepts embedded in the provided excerpts:
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Funding Vehicles Definition:
- In the context of retirement plans, funding vehicles refer to financial instruments such as annuity contracts or custodial accounts. These are specifically designated for holding and investing the amounts contributed under a given plan.
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Legal References:
- The excerpts make explicit references to relevant sections of the Internal Revenue Code (Code), including sections 403(b)(1), 401(g), and 401(f). This underlines the importance of compliance with legal standards in the selection and use of funding vehicles.
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Approval Mechanism:
- The choice and approval of funding vehicles seem to be a critical aspect. The language used suggests that these vehicles must be authorized or specifically approved by the employer, institution, or a designated party under the plan. This emphasizes the need for a deliberate and documented selection process.
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Investment Restrictions:
- There are constraints on the types of investments allowed within the funding vehicles. Contributions to the account may be invested only in approved funding vehicles, and there might be restrictions or conditions on the permissible assets.
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Beneficiary Designation:
- The fate of funding vehicles in the event of a beneficiary's death is outlined. The distribution of assets among surviving beneficiaries and the process for handling such situations are explicitly mentioned.
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Broker Relationships:
- The excerpts touch upon the relationship between the custodian, broker, and the potential impact on the ability to purchase additional funding vehicles. This highlights the interconnected nature of various entities involved in managing these financial instruments.
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Responsibility for Selection:
- The responsibility for the selection of funding vehicles lies with the sponsor or another designated party under the plan. This underscores the importance of strategic decision-making in aligning the chosen vehicles with the objectives of the plan.
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Definition Expansion:
- The definitions of funding vehicles are broadened to include various financial instruments such as tax-deferred annuities, mutual fund shares, and other investment products. This expansion provides flexibility within the regulatory framework while maintaining the focus on tax-advantaged vehicles.
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Registration and Custody:
- Assets within the custodial account are typically registered in the name of the custodian or its nominee. This reflects standard custodial practices for maintaining ownership records.
In summary, the provided excerpts offer a comprehensive overview of funding vehicles within the context of retirement plans, detailing their definition, legal foundations, approval processes, investment parameters, and broader considerations in their management. This intricate web of concepts underscores the need for a nuanced understanding and strategic approach when navigating the landscape of funding vehicles in employee benefit plans.
