UNCLAIMED ACCOUNT PROCEDURE Clause Samples
The Unclaimed Account Procedure clause outlines the steps a company or institution must follow when an account remains inactive or unclaimed for a specified period. Typically, this involves making reasonable efforts to contact the account holder, providing notice, and, if there is no response, transferring the funds to a designated authority or escheatment to the state as required by law. This clause ensures that unclaimed assets are handled transparently and in compliance with legal obligations, protecting both the account holder's interests and the organization's liability.
UNCLAIMED ACCOUNT PROCEDURE. The Plan does not require either the Trustee or the Advisory Committee to search for, or to ascertain the whereabouts of, any Participant or Beneficiary. At the time the Participant's or Beneficiary's benefit becomes distributable under Article VI, the Advisory Committee, by certified or registered mail addressed to his last known address of record with the Advisory Committee or the Employer, must notify any Participant, or Beneficiary, that he is entitled to a distribution under this Plan. The notice must quote the provisions of this Section 9.14 and otherwise must comply with the notice requirements of Article VI. If the Participant, or Beneficiary, fails to claim his distributive share or make his whereabouts known in writing to the Advisory Committee within 6 months from the date of mailing of the notice, the Advisory Committee will treat the Participant's or Beneficiary's unclaimed payable Accrued Benefit as forfeited and will reallocate the unclaimed payable Accrued Benefit in accordance with Section 3.05. A forfeiture under this paragraph will occur at the end of the notice period or, if later, the earliest date applicable Treasury regulations would permit the forfeiture. Pending forfeiture, the Advisory Committee, following the expiration of the notice period, may direct the Trustee to segregate the Nonforfeitable Accrued Benefit in a segregated Account and to invest that segregated Account in Federally insured interest bearing savings accounts or time deposits (or in a combination of both), or in other fixed income investments. If a Participant or Beneficiary who has incurred a forfeiture of his Accrued Benefit under the provisions of the first paragraph of this Section 9.14 makes a claim, at any time, for his forfeited Accrued Benefit, the Advisory Committee must restore the Participant's or Beneficiary's forfeited Accrued Benefit to the same dollar amount as the dollar amount of the Accrued Benefit forfeited, unadjusted for any gains or losses occurring subsequent to the date of the forfeiture. The Advisory Committee will make the restoration during the Plan Year in which the Participant or Beneficiary makes the claim, first from the amount, if any, of Participant forfeitures the Advisory Committee otherwise would allocate for the Plan Year, then from the amount, if any, of the Trust Fund net income or gain for the Plan Year and then from the amount, or additional amount, the Employer contributes to enable the Advisory Committee to make the requ...
UNCLAIMED ACCOUNT PROCEDURE. The Plan does not require either the Trustee or the Advisory Committee to search for, or to ascertain the whereabouts of, any Participant or Beneficiary. At the time the Participant's or Beneficiary's benefit becomes distributable under Article VI, the Advisory Committee, by certified or registered mail addressed to his last known address of record with the Advisory Committee or the Employer, must notify any Participant, or Beneficiary, that he is entitled to a distribution under this Plan. The notice must quote the provisions of this Section 9.14 and otherwise must comply with the notice requirements of Article VI. If the Participant, or Beneficiary, fails to claim his distributive share or make his whereabouts known in writing to the Advisory Committee within 6 months from the date of mailing of the notice, the Advisory Committee will treat the Participant's or Beneficiary's unclaimed payable Accrued Benefit as forfeited and will reallocate the unclaimed payable Accrued Benefit in accordance with Section 3.05. A forfeiture under this paragraph will occur at the end of the notice period or, if later, the earliest date applicable Treasury regulations would permit the forfeiture. Pending
UNCLAIMED ACCOUNT PROCEDURE. The Plan does not require either the Trustee or the Administrative Committee to search for, or to ascertain the whereabouts of, any Participant or Beneficiary. At the time the Participant's or Beneficiary's benefit becomes distributable under Article VI,
UNCLAIMED ACCOUNT PROCEDURE. The Plan does not require either the Trustee or the Advisory Committee to search for, or ascertain the whereabouts of, any Participant or Beneficiary. At the time the Participant's or Beneficiary's benefit becomes distributable under Article VI, the Advisory Committee, by certified or registered mail addressed to his last known address of record with the Advisory Committee or the Employer, must notify any Participant, or Beneficiary, that he is entitled to a distribution under this Plan. The notice must quote the provisions of this Section 9.14 and otherwise must comply with the notice requirements of Article VI. If the Participant, or Beneficiary, fails to claim his distributive share or make his whereabouts known in writing to the Advisory Committee within 6 months from the date of mailing of the notice, the Advisory Committee will treat the Participant's or Beneficiary's unclaimed payable Accrued Benefit as forfeited and will reallocate the unclaimed payable Accrued Benefit in accordance with Section 3.
UNCLAIMED ACCOUNT PROCEDURE. The Plan does not require either the Trustee or the Advisory Committee to search for, or ascertain the whereabouts of, any Participant or Beneficiary. At the time the Participant's or Beneficiary's benefit becomes distributable under Article VI, the Advisory Committee, by certified or registered mail addressed to his last known address of record with the Advisory Committee or the Employer, must notify the Participant, or Beneficiary, that he is entitled to a distribution under this Plan. The notice must quote the provisions of this Section 9.07 and otherwise must comply
UNCLAIMED ACCOUNT PROCEDURE. (1) Neither the Trustee nor the Plan Administrator shall be obliged to search for, or ascertain the whereabouts of any Participant, Beneficiary, or Alternate Payee. Upon the return of a distribution check, the Plan Administrator, by certified or registered mail addressed to such Participant’s, Beneficiary’s, or Alternate Payee’s last known address, shall notify the Participant, Beneficiary, or Alternate Payee that such Participant, Beneficiary, or Alternate Payee is entitled to a distribution under this Plan.
(2) Any distribution or payment which is not claimed by the person entitled thereto within six (6) months from the date the certified or registered letter is sent to the individual shall be forfeited. Any distribution check which is not cashed within six (6) months from its date of issuance shall be void and the amount thereof forfeited. Such forfeited amounts shall be added to Forfeitures. Should such person make a claim for such forfeited benefit, at any time prior to termination of the Plan and final distribution thereunder, which is approved by the Plan Administrator, such benefit shall be restored as follows: An amount equal to the amount previously forfeited (but without interest on such amount for the period from the date of such forfeiture to the date of such restoration) shall be specially allocated from Forfeitures in the current Plan Year for the benefit of such Participant or Beneficiary. Immediately upon allocation to such Participant or Beneficiary, the Plan Administrator shall instruct the Trustee to distribute in a lump sum, directly to such Participant or Beneficiary, the amount specially allocated to such Participant or Beneficiary.
(3) In the event of Plan termination, amounts that were forfeited pursuant to the provisions of Subsection 12.06(2) which exceeded Five Thousand Dollars ($5,000) or were otherwise distributable without Participant consent, shall be considered lost. If the period of time since forfeiture for such lost benefits exceeds the applicable state escheat period, the forfeiture shall become permanent upon Plan termination. All other amounts forfeited pursuant to Subsection 12.06(2) shall be reinstated as of the Plan’s termination date.
UNCLAIMED ACCOUNT PROCEDURE. The Plan does not require either the --------------------------- Trustee or the Plan Administrator to search for, or ascertain the whereabouts of, any Participant or Beneficiary. At the time the Participant's or Beneficiary's benefit becomes distributable under Article VI, the Plan Administrator, by certified or registered mail addressed to the Participant's or Beneficiary's last known address of record with the Plan Administrator or the Employer, shall notify any Participant, or Beneficiary, that the Participant or Beneficiary is entitled to a distribution under this Plan. The notice shall quote the provisions of this Section and otherwise shall comply with the notice requirements of Article VI. If the Participant, or Beneficiary, fails to claim his or her distributive share or make his or her whereabouts known in writing to the Plan Administrator within six months after the date of mailing of the notice, the Plan Administrator shall treat the Participant's or Beneficiary's unclaimed payable Accrued Benefit as forfeited and shall reallocate the unclaimed payable Accrued Benefit in accordance with Section 4.
UNCLAIMED ACCOUNT PROCEDURE. Neither the Trustee nor the Plan Administrator shall be obliged to search for, or ascertain the whereabouts of any Participant, Beneficiary, or Alternate Payee. Upon the return of a distribution check, the Plan Administrator, by certified or registered mail addressed to such Participant's, Beneficiary's, or Alternate Payee's last known address, shall notify the Participant, Beneficiary, or Alternate Payee that such Participant, Beneficiary, or Alternate Payee is entitled to a distribution under this Plan.
UNCLAIMED ACCOUNT PROCEDURE. The Plan does not require either the Trustee or the Plan Administrative Committee to search for, or to ascertain the whereabouts of, any Participant or Beneficiary. At the time the Participant's or Beneficiary's benefit becomes distributable under Article VII, the Plan Administrative Committee, by certified or registered mail addressed to his last known address of record with the Plan Administrative Committee or the Employer, must notify any Participant, or Beneficiary, that he is entitled to a distribution under this Plan. The notice must quote the provisions of this Section 6.06 and otherwise must comply with the notice requirements of Article VII. If the Participant, or Beneficiary, fails to claim his distributive share or make his whereabouts known in writing to the Plan Administrative Committee within six months from the date of mailing of the notice, the Plan Administrative Committee may direct the Trustee to segregate the Participant's unclaimed Accrued Benefit in a segregated Account in the name of the Participant or Beneficiary. The Plan Administrative Committee shall then notify the Social Security Administration of the Participant's (or Beneficiary's) failure to claim the distribution to which he is entitled and request the Social Security Administration to notify the Participant (or Beneficiary) in accordance with the procedures it has established for this purpose. The segregated Account is entitled to all income it earns and bears all expense or loss it incurs. * * * * * * * * * * * * * * *
UNCLAIMED ACCOUNT PROCEDURE. The Plan does not require either the Trustee or the Advisory Committee to search for, or ascertain the whereabouts of, any Participant or Beneficiary. If the Advisory Committee has otherwise been unable to locate the Participant or Beneficiary at the time the Participant's or Beneficiary's benefit becomes distributable under Article VI, the Advisory Committee, by certified or registered mail addressed to his last known address of record with the Advisory Committee or the Employer, must notify any Participant, or Beneficiary, that he is entitled to a distribution under this Plan. The notice must quote the provisions of this Section 9.12 and otherwise must comply with the notice requirements of Article VI. If the Participant, or Beneficiary, fails to claim his distributive share or make his whereabouts known in writing to the Advisory Committee within 6 months from the date of mailing of the notice, the