Deductible Employee Contributions Sample Clauses

Deductible Employee Contributions. The Plan Administrator will not accept deductible employee contributions that are made for a taxable year beginning after December 31, 1986. Contributions made prior to that date will be maintained in a separate Account which will be nonforfeitable at all times. The Account will share in the gains and losses under the Plan in the same manner as described in Section 13.4. No part of the deductible voluntary contribution Account will be used to purchase life insurance. Subject to the Joint and Survivor Annuity requirements under Article 9 (if applicable), the Participant may withdraw any part of the deductible voluntary contribution Account by making a written application to the Plan Administrator.
Sample 1Sample 2Sample 3See All (5)
AutoNDA by SimpleDocs
Deductible Employee Contributions. Deductible employee contributions will not be taken into account for purposes of computing the “Top-Heavy” ratio.
Sample 1Sample 2
Deductible Employee Contributions. This Plan will not permit a Participant to make Deductible Employee Contributions to the Plan for any Plan Year beginning on or after January 1, 1987, but any Deductible Employee Contributions which were made to the Plan prior to such date will continue to be maintained in the Participant’s Deductible Employee Contributions Account in which the Participant will have a 100% Vested Interest. Except for that portion which a Participant self-directs pursuant to Section 7.4, the Administrator may choose for investment purposes to either segregate such accounts into separate interest bearing accounts or invest them as part of the general Trust Fund, in which case such accounts will share in the allocation of earnings and losses under Section 3.12 as non-segregated accounts. However, no portion of a Participant’s Deductible Employee Contributions can be invested in life insurance Policies under Section 7.2. A Participant may withdraw amounts from his or her Deductible Employee Contributions Account only if all other amounts credited to the Plan on his or her behalf, other than his Participant’s Account, have been distributed to the Participant. Distributions will be made pursuant to Article 5. Notwithstanding anything in this Section to the contrary, if elected in the Adoption Agreement, then each Participant may make Deemed XXX Contributions to the Plan, pursuant to Section 3.17.
Sample 1
Deductible Employee Contributions. Effective January 1, 1982, you may make contributions to this Plan from your own earnings, and deduct the contributions on your federal income tax return. The maximum you may contribute and deduct is 100% of your compensation (not including employer paid contributions under this Plan), up to a maximum of $2,000 for each calendar year. You may make contributions on account of a calendar year at any time up to April 15 of the next year. If you also maintain an individual retirement account for yourself, you may not contribute and deduct more than the maximum (100% of compensation up to $2,000) to the IRA and this plan combined. You may contribute additional amounts to this Plan as voluntary nondeductible contributions, as described in the next section. You may also wish to contribute to both an IRA and this Plan, and designate any or all of your contributions under this Plan as nondeductible. The Custodian will automatically allocate the first $2,000 of each Participant's employee-paid contributions as deductible contributions. It you wish any portion of the first $2,000 of your contribution to be nondeductible, you must notify the Custodian by certified mail, return receipt requested, on or before April 15 of the following year. VOLUNTARY NONDEDUCTIBLE CONTRIBUTIONS For any Plan Year in which there are Employer contributions made on behalf of participants other than owner-employees, you may make voluntary nondeductible contributions. The limit on owner-employee voluntary nondeductible contributions is 10% of Earned Income or $2,500, whichever is less. The limit on voluntary nondeductible contributions for other participants is applied in the aggregate to such contributions for all Plan Years you were a participant; the total of all your voluntary nondeductible contributions may not exceed 10% of your total Compensation or Earned Income for those years. These voluntary contributions are not tax deductible, but earnings on them will not be taxed until your benefits are eventually distributed. You may withdraw your voluntary nondeductible or deductible contributions upon written notice to the Plan Administrator up to their current value. If you withdraw accumulated deductible contributions prior to age 59 1/2, you may be subject to significant tax penalties.
Sample 1
Deductible Employee Contributions. The Plan Administrator will not accept Deductible Employee Contributions that are made for a taxable year beginning after December 31, 1986. Contributions made prior to that date will be maintained in a separate account. The account will share in the gains and losses of the Fund in the same manner as described in Section 7.02(B) of the Plan.
Sample 1

Related to Deductible Employee Contributions

  • Employee Contributions Any member of the bargaining unit who is hired on or after September 1, 2010 is eligible to make a voluntary contribution to the City=s Deferred Compensation Plan offered by Ameritas.

  • Employee Contribution Eligible employees shall contribute one percent (1%) of their salary on a per pay period basis to the HCSP.

  • Voluntary Employee Contributions (i) Subject to the governing rules of the relevant superannuation fund, an employee may, in writing, authorise their employer to pay on behalf of the employee a specified amount from the post- taxation wages of the employee into the same superannuation fund as the employer makes the superannuation contributions provided for in Clause 24(b).

  • Elective Deferrals An Employee will be eligible to become a Contributing Participant in the Plan (and thus be eligible to make Elective Deferrals) and receive Matching Contributions (including Qualified Matching Contributions, if applicable) after completing 1 (enter 0, 1 or any fraction less than 1) Years of Eligibility Service.

  • Employer Contributions 8.1 Rates at which the Employer shall contribute for each hour of work performed on behalf of each employee employed under the terms of this Agreement are contained in the Appendices attached to and forming part of this Agreement.

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law.

  • Rollover Contributions A rollover is a tax-free distribution of cash or other assets from one retirement program to another. There are two kinds of rollover contributions to an IRA. Xx one, you contribute amounts distributed to you from one IRA xx another IRA. Xxth the other, you contribute amounts distributed to you from your employer's qualified plan or 403(b) plan to an IRA. X rollover is an allowable IRA xxxtribution which is not subject to the limits on regular contributions discussed in Part D above. However, you may not deduct a rollover contribution to your IRA xx your tax return. If you receive a distribution from the qualified plan of your employer or former employer, the distribution must be an "eligible rollover distribution" in order for you to be able to roll all or part of the distribution over to your IRA. Xxe portion you contribute to your IRA xxxl not be taxable to you until you withdraw it from the IRA. Xxur employer or former employer will give you the opportunity to roll over the distribution directly from the plan to the IRA. Xx you elect, instead, to receive the distribution, you must deposit it into the IRA xxxhin 60 days after you receive it. An "eligible rollover distribution" is any distribution from a qualified plan that would be taxable other than (1) a distribution that is one of a series of periodic payments for an employee's life or over a period of 10 years or more, (2) a required distribution after you attain age 70 1/2 and (3) certain corrective distributions. If the entire amount in your IRA xxx been contributed in a tax-free rollover from your employer's or former employer's qualified plan or 403(b) plan, you may later roll over the IRA xx a new employer's plan if such plan permits rollovers. Your IRA xxxld then serve as a conduit for those assets. However, you may later roll those IRA xxxds into a new employer's plan only if you make no further contributions to that IRA, xx commingle the IRA xxxlover funds with existing IRA xxxets.

  • Company Contributions (a) For employees hired, rehired or who become covered under the CWA 3176 Agreement through any means before January 1, 2016, the Company shall contribute a Company Matching Contribution equal to 25 percent of the Participant’s Contribution up to a maximum of 6 percent of eligible wage.

  • Excess Contributions An excess contribution is any amount that is contributed to your IRA that exceeds the amount that you are eligible to contribute. If the excess is not corrected timely, an additional penalty tax of six percent will be imposed upon the excess amount. The procedure for correcting an excess is determined by the timeliness of the correction as identified below.

Time is Money Join Law Insider Premium to draft better contracts faster.