Trustee Individual Retirement Sample Clauses

Trustee Individual Retirement. Account - A personal savings plan account in which the participant directs all transactions within the plan is a Trustee IRA account. Such accounts are opened by individuals meeting applicable IRS requirements whether or not they are covered by a retirement plan. We act as trustee of all retirement plans. Transactions are governed by section 48 of the Internal Revenue Code. In making payments from funds deposited in an account, we may rely conclusively and entirely upon the Account Card or online documentation and this Agreement at the time the payments are made. Unless we have actual or written knowledge of the existence of a dispute between, or death or incompetency of, account owners, beneficiaries, payees or other persons claiming an interest in funds deposited in an account, all payments made by us from an account at the request of any signer to the account, and/or the agent of any signer to the account, in accordance with the terms of the Account Card and this Agreement shall constitute a complete release and discharge of us from all claims for the amounts so paid whether or not the payments are consistent with the actual ownership of the funds deposited in an account by an account owner and/or the beneficiaries and payees of the account, and/or their heirs, successors, personal representatives and assigns. SUSPENSION OR LIMITATION OF SERVICES‌ Teachers Federal Credit Union (“Teachers” or the “Credit Union”) may suspend or limit services for any member who is not a member in good standing or has engaged in suspicious account activity. Furthermore, if a member is, or has, engaged in abusive activities, Teachers may suspend or limit the member’s services if there is a logical relationship between the abusive activities and the service(s) to be suspended or limited. The Credit Union has the right to suspend or limit services, including, but not limited to, overdraft services, of a member who causes the Credit Union to suffer a pecuniary loss and has not taken action to cure an overdraft as specified in overdraft provisions and policies set forth in the applicable member account disclosures and pursuant to the applicable NCUA regulations. Such a member will be considered to not be a member in good standing. A member that has incurred a negative balance has no more than 45 calendar days to deposit funds or obtain an approved loan from the Credit Union to cover the outstanding overdrafts. If, after 45 days, a member does not deposit funds or obtain an appro...
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Related to Trustee Individual Retirement

  • Multiple Individual Retirement Accounts In the event the depositor maintains more than one Individual Retirement Account (as defined in Section 408(a)) and elects to satisfy his or her minimum distribution requirements described in Article IV above by making a distribution from another individual retirement account in accordance with Item 6 thereof, the depositor shall be deemed to have elected to calculate the amount of his or her minimum distribution under this custodial account in the same manner as under the Individual Retirement Account from which the distribution is made.

  • SIMPLE Individual Retirement Custodial Account (Under section 408(p) of the Internal Revenue Code) The participant named above is establishing a savings incentive match plan for employees of small employers individual retirement account (SIMPLE IRA) under sections 408(a) and 408(p) to provide for his or her retirement and for the support of his or her beneficiaries after death. The custodian named above has given the participant the disclosure statement required by Regulations section 1.408-6. The participant and the custodian make the following agreement:

  • ▇▇▇▇ Individual Retirement Custodial Account The following constitutes an agreement establishing a ▇▇▇▇ ▇▇▇ (under Section 408A of the Internal Revenue Code) between the depositor and the Custodian.

  • Traditional Individual Retirement Custodial Account The following constitutes an agreement establishing an Individual Retirement Account (under Section 408(a) of the Internal Revenue Code) between the depositor and the Custodian.

  • Payments to Plan Participants and Their Beneficiaries (a) Company shall deliver to Trustee a schedule (the "Payment Schedule") that indicates the amounts payable in respect of each Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Plan), and the time of commencement for payment of such amounts. Except as otherwise provided herein, Trustee shall make payments to the Plan participants and their beneficiaries in accordance with such Payment Schedule. The Trustee shall make provision for the reporting and withholding of any federal, state or local taxes that may be required to be withheld with respect to the payment of benefits pursuant to the terms of the Plan and shall pay amounts withheld to the appropriate taxing authorities or determine that such amounts have been reported, withheld and paid by Company. (b) The entitlement of a Plan participant or his or her beneficiaries to benefits under the Plan shall be determined by Company or such party as it shall designate under the Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Plan. (c) Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan. Company shall notify Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plan, Company shall make the balance of each such payment as it falls due. Trustee shall notify Company where principal and earnings are not sufficient.