Nominal Account

Nominal Account

A business account in which the balance is closed out after the end of the fiscal year. See also: Real account.
References in periodicals archive ?
Unbeknownst to Mancino and Hirschy, the Beaufort account used for this trade was a nominal account that was opened and funded by the agent.
Vanguard reports that the average nominal account balances for 401(k) plan participants reached a record high of $101,650 at year-end 2013, 18 percent higher than the previous year and the highest recorded since Vanguard began tracking the figure in 1999.
7 February 2014 -- Pennsylvania US-based investment management firm Vanguard said that the average nominal account balances for 401(k) plan participants reached a record high of USD 101,650 at year-end 2013.
Interest is credited on an employee's nominal account at a fixed rate (or may be based on an index rate or other variable rate).
Some plans offer partial lump:-sum distributions Disability and Provided based on plan formula Preretirement Death Benefits Postemployment Often the plan provides COLA a COLA Defined Contribution Plan Basis of Benefit Account balance based on employer and employee contributions plus actual investment eaminAs Benefit Lump-sum payment, with ability Distribution to rollover to other qualified retirement ,Ians Disability and Provided as a lump-sum Preretirement distribution of the individual's Death Benefits account balance Postemployment Not offered COLA Cash Balance Plan Basis of Benefit Nominal account balance based on employee contributions and employer pay credits plus credited interest Benefit Lifetime annuity with optional Distribution forms of payment.
DSAT was built with a grant from the Department of Energy and the standard version of the tool is free to use, with more advanced features available for a nominal account upgrade fee.
The Financial Crimes Enforcement Network (FinCEN) on May 11 released its long-awaited Final Rule (CDD Rule) that will require certain financial institutions to look through the nominal account holder to identify the account's beneficial owners who own or control (directly or indirectly) certain legal entity customers.
However, there are two pitfalls: 1) once a period has been closed it cannot be reopened: 2) closing period 12 automatically resets all the nominal accounts to zero.