401(k) Refund Offset Amount definition
401(k) Refund Offset Amount means, for any particular Plan Year, an amount of Base Salary, if any, that is equal to the gross amount that is refunded to a Participant under a plan qualified pursuant to Code Section 401(k) during a Plan Year as a result of such qualified plan’s nondiscrimination testing for the prior Plan Year.
401(k) Refund Offset Amount means, for any particular Plan Year, an amount of Base Salary, if any, that is equal to the gross amount that is refunded to a Participant under a plan qualified pursuant to Code Section 401(k) during a Plan Year as a result of such qualified plan’s nondiscrimination testing for the prior Plan Year. Where applicable, the 401(k) Refund Offset Amount shall be deducted from the Participant’s Base Salary over the applicable number of Employer payrolls from May 1 through December 31 of the Plan Year. The amount deducted each payroll period will be the gross amount refunded above divided by the number of applicable payrolls during the period of May 1 through December 31 of the Plan Year. If a Participant has a Separation from Service before the end of the Plan Year, the deferrals related to the 401(k) Refund Offset Amount shall cease upon the Participant’s Separation from Service.