Supplemental Deferral Sample Clauses

Supplemental Deferral. (i) The Company shall credit to a bookkeeping account in the name of the Executive an annual supplemental deferral amount during the Term of Employment computed by taking the difference between $485,000.00 (the gross amount of the pension contributions made on behalf of the Executive by his former employer, using an effective tax rate of approximately forty-two (42) percent) and the actual vested annual accruals and contributions made to the Company's qualified and non-qualified pension and qualified retirement savings plans on behalf of the Executive. Such amounts shall be credited with interest as of each June 30 for the duration of this supplemental pension bookkeeping account, compounded annually, at a rate per annum equal to the annual rate of interest announced by Citibank N.A. in New York, New York as its base rate in effect on such June 30, but in no event shall such rate exceed 9%.
Sample 1
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Supplemental Deferral. The Company shall credit to a bookkeeping account in the name of the Executive an annual supplemental deferral amount of $200,000 on each January 1 during the Term of Employment in compensation for pension benefits forgone as a result of the Executive's termination of employment with his prior employer to accept employment with the Company. Such amounts shall be credited with interest as of each June 30 for the duration of this supplemental pension bookkeeping account, compounded annually, at a rate per annum equal to the annual rate of interest announced by Citibank N.A. in New York, New York as its base rate in effect on such June 30, but in no event shall such rate exceed 9%. The entire amount credited to such bookkeeping account shall be paid to the Executive (subject to all applicable withholding taxes) on a date to be chosen by the Company, but in no event later than ninety (90) days after the termination of the Executive's employment with the Company, unless the Executive requests prior to termination of his employment from the Company to defer payment of such amounts until a later date and the Company agrees to such request. The Company, in its sole discretion, may provide an investment facility for all or a portion of such supplemental pension amounts, but shall not be required to do so.
Sample 1
Supplemental Deferral. The Company shall credit to a bookkeeping account in the name of the Executive an annual supplemental deferral amount of $200,000 on January 1, 2003 and each January 1 thereafter during the Term, of Employment. This supplemental deferral is established in recognition of pension benefits forgone as a result of the Executive’s termination of employment with his prior employer to accept employment with the Company. Such amounts shall be credited with interest as of each June 30 for the duration of this supplemental pension bookkeeping account, compounded annually, at a rate per annum equal to the annual rate of interest announced by Citibank N.A. in New York, New York as its base rate in effect on such June 30, but in no event shall such rate exceed 9%. The entire amount credited to such bookkeeping account shall be paid to the Executive (subject to all applicable withholding taxes) on a date to be chosen by the Company, but in no event later than ninety (90) days after the termination of the Executive’s employment with the Company, unless the Executive requests prior to termination of his employment from the Company to defer payment of such amounts until a later date and the Company agrees to such request. The Company, in its sole discretion, may provide an investment facility for all or a portion of such supplemental pension amounts, but shall not be required to do so.
Sample 1
Supplemental Deferral. (Election of Employer) Commencing on the Effective Date, and continuing through the date on which the Employee's employment terminates because of death, normal retirement, disability, or any other cause, the Employer may at the discretion of the Board of Directors, make an Election of Contribution, as defined at paragraph 4., below. While the amount of the Election of Contribution shall be determined at the sole discretion and in such manner as the Board of Directors determines from time to time, the initial policies and procedures for determination of the amount of such Election of Contribution is set forth at Exhibit A, which may be amended at any time, Provided However, that the Initial Election of Contribution, set forth at Exhibit D shall continue in effect unless terminated or amended by the Board of Directors by subsequent termination or election. The amount credited pursuant to an Election of Contribution is referred to as the "Annual Supplemental Sum". The sum of all Annual Supplemental Sums set forth on all Elections of Contribution for the Employee are hereinafter collectively referred to as the "Supplemental Compensation". The Employee's Supplemental Compensation shall be credited to the Employee's Retirement Account as of the dates such Annual Supplemental Sum is approved, or otherwise stated to be credited by resolution of the Board of Directors of the Employer.
Sample 1

Related to Supplemental Deferral

  • Tax-Deferred Earnings The investment earnings of your Xxxx XXX are not subject to federal income tax as they accumulate in your Xxxx XXX. In addition, distributions of your Xxxx XXX earnings will be free from federal income tax if you take a qualified distribution, as described below.

  • 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.

  • Supplemental Compensation Pursuant to Section 7 of the Agreement, Supplemental Compensation will be paid as follows:

  • 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.

  • Supplemental Benefits The employer shall maintain a “Supplemental Unemployment Benefits Plan” pursuant to the Employment Insurance Act and Regulations. The employer shall make amendments as appropriate to ensure that the Plan provides the maximum permissible benefits in conjunction with Article 17.03.

  • Supplemental Retirement Benefit In addition to the foregoing, Executive shall be eligible to participate in the Supplemental Executive Retirement Plan maintained by Cleco Utility Group Inc. or such other supplemental retirement benefit plans which the Company or its Affiliates may adopt, from time to time, for similarly situated executives (the "Supplemental Plan").

  • 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:

  • Initial Election The Director shall make an initial deferral election under this Agreement by filing with the Company a signed Election Form within 30 days after the Effective Date of this Agreement. The Election Form shall set forth the amount of Fees to be deferred and shall be effective to defer only Fees earned after the date the Election Form is received by the Company.

  • Partial Employer Contribution - Basic Eligibility The following employees covered by this Agreement receive the full Employer Contribution for basic life coverage, and at the employee's option, a partial Employer Contribution for health and dental coverages if they are scheduled to work at least fifty (50) percent but less than seventy-five (75) percent of the time. This means:

  • Payment and Year-End Adjustment Amounts accrued pursuant to this Agreement shall be payable to the Adviser as of the last day of each month. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Maximum Annual Operating Expense Limit.

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