Employee Elective Deferral Sample Clauses

Employee Elective Deferral. An Employee may elect to have Elective Deferrals made under this SEP pursuant to a salary reduction agreement. An Employee may elect to have Compensation reduced by a percentage or amount per pay period or for a specified pay period or periods, as designated in writing to the Employer. No deferral election may be based on Compensation an Employee received, before adoption of this elective SEP. This elective SEP shall be effective upon adoption. Under no circumstances may an Employee's Elective Deferrals in any Plan Year exceed the lesser of fifteen percent of his or her Compensation (determined without including the SEP-IRA contributions), or the limitation under Code Section 402(g) based on all of the plans of the Employer. This amount may be computed using the following formula: Compensation (before subtracting employer SEP-IRA contributions) x 13.0435%. If the Employer maintains any other SEP to which non-elective SEP Employer Contributions are made for a Plan Year, or any qualified plan to which contributions are made for such Plan Year, then an Employee's Elective Deferrals may be limited to the extent necessary to satisfy the maximum contribution limitations under Code Section 415(c)(1)(A). In addition to the dollar limitation of Code Section 415(C)(1)(A), which is $30,000 in 1991, contributions to this SEP when aggregated with contributions to all other SEPs and qualified plans of the Employer generally may not exceed 15% of Compensation or $30,000 for any Employee. If these limits are exceeded on behalf of any Employee for a particular plan year, that Employee's Elective Deferrals for that year must be reduced to the extent of the excess. Each Employee's Elective Deferrals to this SEP may be based only on the first $150,000 of Compensation (as adjusted annually in accordance with Code Section 408(k)(8)). In addition to other applicable limitations set forth in the plan, and notwithstanding any other provision of the plan to the contrary, for plan years beginning on or after January 1, 1994, the annual compensation of each employee taken into account under the plan shall not exceed the OBRA '93 annual compensation limit. The OBRA '93 annual compensation limit is $150,000, as adjusted by the Commissioner for increases in the cost of living in accordance with section 401(a)(17)(B) of the Internal Revenue Code. The cost-of-living adjustment in effect for a calendar year applies to any period, not exceed 12 months, over which compensation is determined ...
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Employee Elective Deferral. Employees may defer an elective amount (in $1-dollar increments) into the HSP on a before-tax, Xxxx or after-tax contribution basis with the before tax and Xxxx contributions being subject to the IRS annual limits imposed under Code Section 402(g). If an employee elects before-tax and Xxxx contributions in an amount that exceeds the IRS limit, any excess elected before-tax and Xxxx contributions will automatically be reclassified as after-tax contributions.
Sample 1
Employee Elective Deferral. Employee contributions to the PSP can be made in 1% increments of eligible base pay, up to the Plan maximum, and subject to IRS annual maximums.
Sample 1

Related to Employee Elective Deferral

  • 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.

  • DEFERRAL CONTRIBUTIONS The Advisory Committee will allocate to each Participant's Deferral Contributions Account the amount of Deferral Contributions the Employer makes to the Trust on behalf of the Participant. The Advisory Committee will make this allocation as of the last day of each Plan Year unless, in Adoption Agreement Section 3.04, the Employer elects more frequent allocation dates for salary reduction contributions.

  • Plan Year The year for the purposes of the plan shall be from September 1 of one year, to August 31, of the following year, or such other years as the parties may agree to.

  • EMPLOYEE CONTRIBUTIONS (a) Each participant shall be allowed to contribute on a bi-weekly basis up to an amount equal to eighty percent (80%) of the Participant’s wage. Such bi-weekly wage deductions shall be in increments of one percent (1%) and shall be contributed to the Participant’s account. The participant may contribute on a pre-tax, after-tax, Xxxx basis or any combination.

  • Highly Compensated Employee The term Highly Compensated Employee includes highly compensated active employees and highly compensated former employees.

  • Deferrals If permitted by the Company, the Participant may elect, subject to the terms and conditions of the Plan and any other applicable written plan or procedure adopted by the Company from time to time for purposes of such election, to defer the distribution of all or any portion of the shares of Common Stock that would otherwise be distributed to the Participant hereunder (the “Deferred Shares”), consistent with the requirements of Section 409A of the Code. Upon the vesting of RSUs that have been so deferred, the applicable number of Deferred Shares shall be credited to a bookkeeping account established on the Participant’s behalf (the “Account”). Subject to Section 5 hereof, the number of shares of Common Stock equal to the number of Deferred Shares credited to the Participant’s Account shall be distributed to the Participant in accordance with the terms and conditions of the Plan and the other applicable written plans or procedures of the Company, consistent with the requirements of Section 409A of the Code.

  • Deferral Election A Participant may elect to defer all or a specified percentage of the Compensation earned in a Plan Year by such Participant for serving as a member of the Board of any Participating Fund or as a member of any committee or subcommittee thereof. Reimbursement of expenses of attending meetings of the Board, committees of the Board or subcommittees of such committees may not be deferred. Such election shall be made by executing before the first day of such Plan Year such election notice as the Administrator may prescribe; provided, however, that upon first becoming eligible to participate in the Plan by reason of appointment to a Board, a Participant may file a Deferral Election not later than 30 days after the effective date of such appointment, which election shall apply to Compensation earned in the portion of the Plan Year commencing the day after such election is filed and ending on the last day of such Plan Year.

  • Eligible Employee For purposes of the SIMPLE 401(k) Plan provisions, any Employee who is entitled to make Elective Deferrals under the terms of the SIMPLE 401(k) Plan.

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