Elective Contributions. An employee covered by this Agreement may elect to request that an Employer make elective deferral contributions to xxx Xxxxxxxxxx of Western Washington Individual Account Pension Plan through a prospective reduction in such employee’s wages. Such elective deferral contributions shall be fully vested at all times. Applications for elective deferral contributions shall be submitted to the Trust Fund in accordance with administrative procedures and election periods that are consistent with the Plan document and approved by the Trustees. Elective deferral contribution requests shall be in writing on a form approved by the Trust Fund. Upon notification by the Trust Fund to the Employer of an elective deferral contribution request, the Employer shall withhold the specified amounts from the employee’s wages unless and until notified by the employee or Trust Fund of a change in the employee’s election that was made pursuant to the Trust Fund’s administrative procedures. Notwithstanding an employee’s election, all premium rates (foremen differentials, overtime, etc.) shall be calculated prior to the reduction for the employee’s elective deferral contributions. Notwithstanding any provision herein to the contrary, the contribution levels to the Plan provided herein shall not cause the Plan to be in violation of Section 415 of the Internal Revenue Code (and any other sections of the Code); if necessary, adjustments to the contribution rates shall be agreed to by the Union and contributing Employers to comply with the Code. This subsection (b) supersedes the Memorandum of Understanding between the parties that had an effective date of January 1, 2014.
Elective Contributions. The Plan excludes a Participant’s Elective Contributions. See Plan Section 1.07(D).
Elective Contributions. The Elective Contributions by the Employer on behalf of an electing Employee shall be allocated to the Elective Contribution Account of such electing Employee as of each Valuation Date of the Plan Year to which the Elective Contribution pertains.
Elective Contributions. In addition to any Company Contribution permitted hereunder, each Employer shall contribute to the Trust Fund an amount determined under the provisions of this Section, as an Elective Contribution, on behalf of each Participant who has in effect an agreement electing to reduce his or her Compensation (“Salary Reduction Agreement”). The rate to be contributed as an Elective Contribution on behalf of each such Participant, for each payroll period, as such Participant shall elect, shall be equal to (i) for Participants who are Non-Highly Compensated Employees (as defined in Subsection 4.03(8) hereof) from one to fifteen percent (1% – 15%) of such Participant’s Compensation for the payroll period, and (ii) for Participants who are Highly Compensated Employees (as defined in Subsection 4.03(8) hereof) from one to fifteen percent (1% – 15%) of such Participant’s Compensation for the payroll period, as determined from time to time and set by the Committee and communicated to such Participants, based in part on the anticipated Limitations on Elective Contributions under Section 4.03 hereof for such Participants. The percentage rate of Elective Contributions, if any, which each Participant elects must be in whole percentage points and shall be made on a Salary Reduction Agreement provided by and filed with the Committee. An election of a rate shall initially be effective as of the date as specified by the Committee, provided the Salary Reduction Agreement is filed at the time and in the manner prescribed by the Committee. An election shall not have retroactive effect and shall remain in force until revoked or changed. The Committee shall establish and communicate to Participants uniform and nondiscriminatory procedures for the election of salary reduction amounts, including procedures regarding the effective dates of any such elections and for changes in elections and discontinuances of such elections, and may change said procedures at such times and in such manner as the Committee may determine to be necessary or desirable. Elective Contributions made on behalf of a Participant shall be credited to his Employee Elective Contribution Account under the Plan. Any amounts credited to a Participant’s Employee Elective Contribution Account shall, for all purposes and in all respects, be fully vested and nonforfeitable.
Elective Contributions. An employee covered by this Agreement may elect to request that an Employer make elective deferral contributions to the Western Washington Pension Plan through a prospective reduction in such employee’s wages. Such elective deferral contributions shall be fully vested at all times. Applications for elective defer contributions shall be submitted to the Trust Fund in accordance with administrative procedures and election periods that are consistent with the Plan document and approved by the Trustees. Elective deferral contribution requests shall be in writing on a form approved by the Trust Fund. Upon notification by the Trust Fund to the Employer of an elective deferral contribution request, the Employer shall withhold the specified amounts from the employee’s wages unless and until notified by the employee or Trust Fund of a change in the employee’s election that was made pursuant to the Trust Fund’s administrative procedures. Notwithstanding an employee’s election, all premium rates (foremen differentials, overtime, etc.) shall be calculated prior to the reduction for the employee’s elective deferral contributions. Notwithstanding any provisions herein to the contrary, the contribution levels to the Plan provided herein shall not cause the Plan to be in violation of Section 415 of the Internal Revenue Code (and any other sections of the Code); if necessary, adjustments to the contributions rates shall be agreed to by the Union and contributing Employers to comply with the Code.
Elective Contributions. If the Company desires additional capital for any reason other than as set forth in Section 2.1 (an “Elective Contribution”) it shall submit such request to the Board for Supermajority Approval. Except as set forth in Section 2.1, no dues or assessments to be paid by, or capital contributions to be made by, the Owners to the Company shall be required without Supermajority Approval. Except as agreed to by the Owners in writing, no contribution of capital pursuant to this Section 2.2 shall affect an Owner’s Ownership Percentage. If the Board (pursuant to Supermajority Approval) determines that an Elective Contribution shall be given in exchange for a promissory note issued by the Company, it shall be on terms determined by the Board (pursuant to Supermajority Approval).
Elective Contributions. Contributions by an Employer for a Section 401(k) Member as provided in Section 3.1, based on the amount by which such Section 401(k) Member elects to reduce his Compensation otherwise payable in cash (which contributions may not exceed the Elective Deferral Limit).
Elective Contributions. Unless excluded as selected in an Adoption Agreement, Compensation shall include Elective Contributions.
Elective Contributions. Any amount that is contributed by the Employer under a salary reduction agreement with a Participant and that is not includible in the Participant’s gross income by reason of Code Sections 402(e)(3) (Pre-Tax Contributions), 402(h)(1) (certain pre-tax deferrals to a simplified employee pension plan), 403(b) (certain Employee deferrals under a tax deferred annuity), 408(p)(2)(A)(i) (simple retirement account), 125 (cafeteria plan deductions), 132(f)(4) (qualified transportation fringe benefits), or 457 (certain deferred compensation plans).
Elective Contributions. Compensation under Sections 1.07(A), 1.07(B) and 1.07(C) includes Elective Contributions unless the Employer in its Adoption Agreement elects to exclude Elective Contributions. “Elective Contributions” are amounts excludible from the Employee’s gross income under Code §§125, 132(f)(4), 402(e)(3), 402(h)(2), 403(b), 408(p) or 457, and contributed by the Employer, at the Employee’s election, to a cafeteria plan, a qualified transportation fringe benefit plan, a 401(k) arrangement, a SARSEP, a tax-sheltered annuity, a SIMPLE plan or a Code §457 plan. Notwithstanding the preceding sentence, amounts described in §132(f)(4) are not Elective Contributions until Plan Years beginning on or after January 1, 2001, unless the Plan Administrator operationally has included such amounts effective as of an earlier Plan Year beginning no earlier than January 1, 1998.
