Salary Deferral Plan Sample Clauses

Salary Deferral Plan. The Employer agrees to maintain the Salary Deferral Plan during the term of this Agreement, subject only to the provisions thereof. During any such leave an Employee shall retain but shall not accumulate seniority.
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Salary Deferral Plan. The Employee shall be eligible to participate in the Company's voluntary salary deferral plan and such other similar plans as the Company may adopt from time to time.
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Salary Deferral Plan. MFCI and MHCI shall each establish by, or as soon as practicable after, the Spinoff Date a defined contribution savings plan designed to qualify under Sections 401(a), 401(k) and 4975(e)(7) of the Internal Revenue Code of 1986, as amended (the "Code"), and to preserve "protected benefits," within the meaning of Code Section 411(d)(6), accrued by participants under the Salary Deferral Plan as of the Spinoff Date (each a "Replacement 401(k) Plan"). Those participants of the Salary Deferral Plan who become employees of either MFCI or MHCI by the Spinoff Date shall be eligible for immediate participation in the applicable Replacement 401(k) Plan, with full credit for their service with MRI prior to the Spinoff Date for purposes of determining the level of each participant's matching contributions. As of the Spinoff Date, MFCI and MHCI shall withdraw from the Salary Deferral Plan and, as soon as practicable thereafter, MFCI and MHCI shall each request that RTI cause a spin off and transfer from the Salary Deferral Plan trust to the applicable Replacement 401(k) Plan an amount in kind equal to the aggregate account balances, as of the date of any such transfer, of those Salary Deferral Plan participants who, by the Spinoff Date, have become employees of the requesting party. If either MFCI or MHCI, or both, request such a spin off, then the transfer of assets shall occur as soon as practicable following (a) the Spinoff Date, (b) the establishment and designation of the applicable Replacement 401(k) Plan, (c) either (i) the receipt of a favorable determination letter issued by the Internal Revenue Service with respect to such plan or (ii) the filing of a favorable determination letter application with the Internal Revenue Service and a written commitment from MFCI or MHCI, as applicable, to exert its best efforts to obtain such a favorable determination letter and (d) the expiration of 30 days after RTI and the requesting party have filed Form 5310-A, if necessary, with the Internal Revenue Service. As a condition to the receipt of such an asset transfer by the Replacement 401(k) Plan trust, MFCI or MHCI, as the case may be, shall cause such plan to assume and fully perform, pay and discharge all obligations and liabilities of RTI (as successor to MRI) and the Salary Deferral Plan for and with respect to those Salary Deferral Plan participants whose account balances were so received. MFCI and MHCI shall each cause the Replacement 401(k) Plan which it establishes ...
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Related to Salary Deferral Plan

  • Deferral Plan The deferral portion of the plan shall involve an employee spreading four (4) years' salary over a five (5) year period, or such other schedule as may be mutually agreed between the employee and the Hospital. In the case of the four (4) years' salary over a five (5) year schedule, during the four (4) years of salary deferral, 20% of the employee's gross annual earnings will be deducted and held for the employee. Such deferred salary will not be accessible to the employee until the year of the leave or upon the collapse of the plan. In the case of another mutually agreed upon deferral schedule, the percentage of salary deferred shall be adjusted appropriately.

  • Deferred Salary Leave Plan 1. The Board shall administer a Deferred Salary Leave Plan as determined by a separate agreement.

  • 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.

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • Deferral Account 3.1 Establishing and Crediting. The Company shall establish a Deferral Account on its books for the Director, and shall credit to the Deferral Account the following amounts:

  • 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.

  • 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.

  • Eligibility for Employer Contribution This section describes eligibility for an Employer Contribution toward the cost of coverage.

  • Full Employer Contribution - Basic Eligibility Employees covered by this Agreement who are scheduled to work at least seventy-five (75) percent of the time are eligible for the full Employer Contribution. This means:

  • 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.

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