Social Security Covered Compensation definition

Social Security Covered Compensation means, for any Plan Year, the average (without indexing) of the Social Security taxable wage bases in effect for each calendar year during the 35-year period ending with the last day of the calendar year in which the Participant attains (or will attain) Social Security Retirement Age (as such term is defined in Section 10.1(a)(iv) hereof). In determining a Participant’s Social Security Covered Compensation for a Plan Year, the Social Security taxable wage base for the current Plan Year and any subsequent Plan Year shall be assumed to be the same as in effect for the Plan Year for which the determination is being made. A Participant’s Social Security Covered Compensation shall be automatically adjusted for each Plan Year in accordance with these provisions, up to and including the Plan Year in which the Participant attains Social Security Retirement Age.

Social Security Covered Compensation means the 35 year average of the maximum annual wages covered by the Federal Social Security Act as in effect, ending in the year Social Security retirement age (as defined in Section 415(b)(8) of the Code) is attained.

Social Security Covered Compensation means the Participant’s average (without indexing) annual Social Security Taxable Wage Base for each calendar year during the 35-year period ending with the calendar year in which the Participant attains (or will attain) his or her Social Security Retirement Age.

Examples of Social Security Covered Compensation in a sentence

• Social Security Covered Compensation Base means the average of the compensation and benefit bases in effect under Section 230 of the Social Security Act for each year in the 35-year period ending with the year in which the participant attains Social Security retirement age as defined in Section 415(b)(8) of the Code.

• A deferred pension, commencing as of the Participant’s Normal Retirement Date, equal to the amount of pension, determined under Section 6.1, to which he is entitled based upon his Credited Service and Final Average Earnings as of his date of early retirement and the level of Social Security Covered Compensation in effect on such date.

• Effective February 1, 1998, the formula for calculating benefits will be 1.35% of final five-year average earnings up to Social Security Covered Compensation, plus 1.8% of final five-year average earnings exceeding covered compensation, times service up to 35 years, plus 1.35% of final five-year average earnings, times service over 35 years.

• For employees who participate only in the Pension Plans and the Company's Equity Restoration Plan, the annual retirement income benefit is equal to 1.525% of the participant's average annual base salary in the highest 60 consecutive months during the final 10 years of service multiplied by years of credited service, plus 0.475% of this same base salary amount less the participant's Social Security Covered Compensation (as defined), multiplied by years of credited service not exceeding 35 years.

• The benefit amount payable on or after Normal Retirement Age to a Participant who terminates employment prior to death, disability or meeting the requirements for Early Retirement under Section 5.2, and with a nonforfeitable interest (in whole or in part) in his accrued benefit hereunder shall be computed in accordance with Section 6.1, based on Years of Credited Service, Final Average Pay and Social Security Covered Compensation at termination of employment.

More Definitions of Social Security Covered Compensation

Social Security Covered Compensation means the covered compensation amount for a person with the Participant's Social Security retirement age, as determined in accordance with applicable regulations. The Committee may, in its discretion, use a table of Social Security Covered Compensation published by the Internal Revenue Service with rounded amounts.

Social Security Covered Compensation means the amount determined pursuant to Section 2.46 of the Retirement Plan.

Social Security Covered Compensation means, for a Plan Year, the average (without indexing) of the taxable wage bases in effect for each calendar year during the 35-year period ending on the last day of the calendar year in which the Member attains Social Security Retirement Age. In determining a Member's covered compensation for a Plan Year, the taxable wage base for the current Plan Year and any subsequent Plan Year shall be assumed to be the same as the taxable wage base in effect as of the beginning of the Plan Year for which the determination is being made. A Member's covered compensation for a Plan Year after the 35-year period is the Member's covered compensation for the Plan Year during which the Member attained Social Security Retirement Age. A Member's covered compensation before the 35-year period is the taxable wage base in effect as of the beginning of the Plan Year. A Member's covered compensation shall automatically be adjusted for each Plan Year.

Social Security Covered Compensation means either: (A) The amount of Compensation which would be used to calculate the Participant's old age and survivor insurance benefits under the Social Security Act if the Participant's annual compensation for each year until age sixty-five (65) equaled the taxable wage base. Social Security Covered Compensation shall be determined according to the table specified in the Adoption Agreement. However, no amendment increasing the amount of Social Security Covered Defined Contribution Plan and Trust Document

Social Security Covered Compensation means the average of the Social Security taxable wage base for each of the thir calendar years ending in the year in which the participant attains Social Security retirement age. In determining Social S covered compensation as of a certain year, the taxable wage base for any subsequent year is assumed to be the same the determination year.

Social Security Covered Compensation means the 35-year average, as determined using a table published by the IRS for this purpose, of the maximum earnings that are subject to Social Security taxes projected to the calendar year in which you attain Social Security Retirement Age. If you terminate your employment with the University prior to attaining Social Security Retirement Age, or if you are still employed with the University but no longer an Active Participant, the maximum earnings which will be considered earnings for Social Security purposes for each subsequent calendar year until Social Security Retirement Age are the maximum earnings in effect for such purpose for the year in which you ceased to be an employee or an Active Participant (or if later, the earnings in effect for the Plan Year during which you cease to be an active participant in a defined benefit plan maintained by Thomas Jefferson University.).

Social Security Covered Compensation means the amount of compensation on which Social Security benefits are provided assuming, for each year up to age 65, your compensation is at least equal to the Social Security Taxable Wage Base under the Social Security Act in effect as of December 31, 1987.