Reduce Exposure to the College for Payments to SURS for Increases Exceeding Sample Clauses

Reduce Exposure to the College for Payments to SURS for Increases Exceeding. 6% This section is meant to address penalties due to the change in state law requiring employers to pay to the state actuarially determined amounts for increases in pay exceeding 6%. Should there be a change in this law no longer requiring payments from the employer, this section can be revisited. Since the payments for increases exceeding 6% does not apply to those in the self- managed plan, this section shall not apply to those in the self-managed plan. If, however, at some point during this contract, payments for increases exceeding 6% would apply to those in the self-managed plan, the below language would also apply to those individuals. Faculty shall provide four years notice of intent to retire. Once this notice is provided, increases to their nine-month contract shall be limited to the lower of: their contract amount or an amount 6% more than their contract for the previous year, for each of the last four years. The contract amounts that exceed 6% for these faculty members will be paid to them in a lump sum, as a bonus, subsequent to retirement with accrued interest. (5% more to account for lost interest earnings.) If four years notice is not provided and MCC receives a xxxx for increases exceeding 6%, the faculty member shall be responsible for 80% of the xxxx, with the College responsible for the remaining 20%. If the faculty member does not provide four years notice due to extenuating circumstances, the faculty member shall be responsible for 20% of the xxxx, with the College responsible for the remaining 80%. To determine whether or not this extenuating circumstances clause is invoked, a Committee of two full-time faculty members appointed by the Faculty Association President, and two administrators appointed by the College President shall meet to make that determination. If there is no majority opinion reached by these four individuals, the faculty member shall be responsible for 50% of the xxxx, with the College responsible for the remaining 50%.
Sample 1
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Related to Reduce Exposure to the College for Payments to SURS for Increases Exceeding

  • Reallocation to a Class with an Equal Salary Range Maximum 1. If the employee meets the skills and abilities requirements of the position, the employee remains in the position and retains existing appointment status.

  • Reallocation to a Class with a Lower Salary Range Maximum 1. If the employee meets the skills and abilities requirements of the position and chooses to remain in the reallocated position, the employee retains existing appointment status and has the right to be placed on the Employer’s internal layoff list for the classification occupied prior to the reallocation.

  • Reallocation to a Class with a Higher Salary Range Maximum Upon appointment to the higher class, the employee’s base salary will be increased to a step of the range for the new class that is nearest to five percent (5.0%) higher than the amount of the pre-promotional step, or to the entry step of the new range, whichever is higher.

  • How Are Contributions to a Xxxx XXX Reported for Federal Tax Purposes You must file Form 5329 with the IRS to report and remit any penalties or excise taxes. In addition, certain contribution and distribution information must be reported to the IRS on Form 8606 (as an attachment to your federal income tax return.)

  • Saver’s Credit for IRA Contributions A credit of up to $1,000, or up to $2,000 if married filing jointly, may be available to certain taxpayers having a joint AGI of less than $65,000 in 2020, or $66,000 in 2021. The credit may also be available to certain taxpayers who are heads of household with an AGI of less than $48,750 in 2020, $49,500 in 2021, or married individuals filing separately and singles with an AGI less than $32,500 in 2020, or $33,000 in 2021. Some of the restrictions that apply include: • the individual must be at least 18; • not a full-time student; • not declared as a dependent on another taxpayer’s return; or • any distribution from most retirement plans (qualified and non-qualified) will decrease the eligible contribution.

  • Allocation of Tranche Write-down Amounts to the Reference Tranches On each Payment Date on or prior to the Termination Date, the amount, if any, of the Tranche Write- down Amount for that Payment Date will be allocated, first, to reduce any Overcollateralization Amount for such Payment Date, until such Overcollateralization Amount is reduced to zero, and, second, to reduce the Class Notional Amount of each Class of Reference Tranche in the following order of priority, in each case until its Class Notional Amount is reduced to zero:

  • When Must Distributions from a Xxxx XXX Begin Unlike Traditional IRAs, there is no requirement that you begin distribution of your account during your lifetime at any particular age.

  • What Forms of Distribution Are Available from a Xxxxxxxxx Education Savings Account Distributions may be made as a lump sum of the entire account, or distributions of a portion of the account may be made as requested.

  • Allocation of Subordinate Reduction Amount to the Reference Tranches On each Payment Date prior to the Termination Date, after allocation of the Senior Reduction Amount and the Tranche Write-down Amount or Tranche Write-up Amount, if any, for such Payment Date as described above, the Subordinate Reduction Amount will be allocated to reduce the Class Notional Amount of each Class of Reference Tranche in the following order of priority, in each case until its Class Notional Amount is reduced to zero:

  • Carry Forward to a Subsequent Year If you do not withdraw the excess contribution, you may carry forward the contribution for a subsequent tax year. To do so, you under-contribute for that tax year and carry the excess contribution amount forward to that year on your tax return. The six percent excess contribution penalty tax will be imposed on the excess amount for each year that it remains as an excess contribution at the end of the year. You must file IRS Form 5329 along with your income tax return to report and remit any additional taxes to the IRS.

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