Basic Before-Tax Contribution definition

Basic Before-Tax Contribution means, for any period, with respect to a Participant, the portion of the Before-Tax Contribution made on his behalf by an Employer during such period equal to the lesser of 3% (4% effective July 1, 2003) of the Participant’s Considered Compensation paid during such period or the Participant’s Before-Tax Contribution for such period. For any period, “Basic Before-Tax Contribution” means, with respect to the Employer, the sum of such contributions.
Sample 1

Examples of Basic Before-Tax Contribution in a sentence

  • Subject to the provisions of Sections 3.1 and 3.3, each Participant may for each Plan Year elect to have the Employer make a Basic Before-Tax Contribution on his/her behalf in an amount not in excess of the amount designated to be matched by the Employer pursuant to Section 3.4 (rounded to the nearest dollar) of his/her Considered Compensation.

  • That portion of a contribution made by a mistake of fact shall be returned to the Employer within one year after the payment of the contribution; provided, that, if the contribution to be returned is a Participant's Basic Before-Tax Contribution, Supplemental Before-Tax Contribution, Basic After-Tax Contribution, or Supplemental After-Tax Contribution, such contribution shall be returned to the Participant.

  • Notwithstanding the foregoing, the Employer may, in accordance with Internal Revenue Service regulations, elect to permit Participants in any division or unit of that Employer to elect to have the Employer make a Basic Before-Tax Contribution on his/her behalf in an amount not in excess of the percentage designated by such Employer.

  • The first 6% of Compensation for a payroll period which is contributed on the Participant's behalf under a Salary Deferral Agreement shall be known as the Participant's Basic Before-Tax Contributions and shall be contributed to the Participant's Basic Before-Tax Contribution Account.

  • SECOND, in the case of a Participant to whom Basic Before-Tax Contributions are returned, the amount of his or her Employer Matching Contributions shall be reduced by distributing to the Participant his or her vested Employer Matching Contributions that were attributable to such Basic Before-Tax Contribution.

  • Each Participant may in addition to his/her Basic Before-Tax Contributions elect to have the Employer make a Supplemental Before-Tax Contribution on his/her behalf in an amount which, when added to the amount of the Basic Before-Tax Contribution, does not exceed 18% (rounded to the nearest dollar) of the full amount of his/her Considered Compensation.

  • The first 5% (6% effective January 1, 1997) of Compensation for a payroll period which is contributed on the Participant's behalf under a Salary Deferral Agreement shall be known as the Participant's Basic Before-Tax Contributions and shall be contributed to the Participant's Basic Before-Tax Contribution Account.

  • Subject to the provisions of Section 3.1 and ~~jonj~, each Active Participant may for each payroll period elect to have the Employer make a Basic Before-Tax Contribution on his behalf in an amount not in excess of 5% (stated in one-quarter percentages) of his Considered Compensation.

  • Notwithstanding anything herein to the contrary, if a Basic Before-Tax Contribution is distributed to a Participant, the Matching Contribution allocated with respect to such Basic Before-Tax Contribution shall be forfeited except to the extent that such Matching Contribution would be distributed pursuant to Section (14)(c).

  • That on the expiry of the agreement, as mentioned above, the skill training provider (STP)/agency will withdraw all its personnel and clear their accounts by paying them all their legal dues.

Related to Basic Before-Tax Contribution

  • Pre-Tax Contributions means, for any Participant, the aggregate of the Participant's Basic Pre-Tax Contributions and Supplemental Pre-Tax Contributions contributed to the applicable Pre-Tax Contribution Account.

  • Pre-Tax Earnings means the Corporation's earnings before income taxes as reported in the Company's Consolidated Income Statement for each fiscal year of the Performance Period, excluding any non-cash charge incurred in accordance with accounting principles generally accepted in the United States of America (GAAP) for any restricted stock or restricted stock unit awards granted during the Performance Period and all options, restricted stock and other equity compensation granted to Directors during the Performance Period.

  • After-Tax Contributions means amounts withheld from an Employee’s Compensation pursuant to a Salary Reduction Agreement after all applicable state and federal taxes have been deducted. Such amounts are withheld for purposes of purchasing one or more of the Benefit Package Options available under the Plan.

  • Pre-Tax Income means income, as determined by GAAP, prior to deduction of the Bonus Pool (as hereinafter defined) and income taxes, and if applicable, after the deduction of any bonus pool of a future officer bonus plan adopted by the Company relating to an applicable Award Year and adjustments approved by the Board as described herein.

  • Catch-Up Contribution means an Elective Deferral made to the Plan by a Catch-Up Eligible Participant that, during any taxable year of such Participant, exceeds one of the following:

  • Contribution Account means an account, or accounts, into which the Accountholder and employer contributions are deposited by the TPA, and from which HSA dollars are swept into the Cash Account.

  • Contribution Period means the period specified in Article VI for which Employer Contributions shall be made.

  • Member contribution means a contribution under regulation 32;

  • Precontribution Gain has the meaning set forth in subparagraph 4(c) of Exhibit B.

  • Catch-Up Contributions means Salary Reduction Contributions made to the Plan that are in excess of an otherwise applicable Plan limit and that are made by Participants who are Age 50 or over by the end of their taxable years. An “otherwise applicable Plan limit” is a limit in the Plan that applies to Salary Reduction Contributions without regard to Catch-up Contributions, such as the limits on Annual Additions, the dollar limitation on Salary Reduction Contributions under Code Section 402(g) (not counting Catch-up Contributions) and the limit imposed by the Actual Deferral Percentage (ADP) test under Code Section 401(k)(3). Catch-up Contributions for a Participant for a taxable year may not exceed the dollar limit on Catch-up Contributions under Code Section 414(v)(2)(B)(i) for the taxable year. The dollar limit on Catch-up Contributions under Code Section 414(v)(2)(B)(i) is $1,000 for taxable years beginning in 2002, increasing by $1,000 for each year thereafter up to $5,000 for taxable years beginning in 2006 and later years. After 2006, the $5,000 limit will be adjusted by the Secretary of the Treasury for cost-of-living increases under Code Section 414(v)(2)(C). Any such adjustments will be in multiples of $500.

  • Qualified Matching Contribution means any employer contribution allocated to an Eligible Employee’s account under any plan of an Employer or a Related Company solely on account of “elective contributions” made on his behalf or “employee contributions” made by him that is a qualified matching contribution as defined in regulations issued under Code Section 401(k), is nonforfeitable when made, and is distributable only as permitted in regulations issued under Code Section 401(k).

  • Excess Contribution means a contribution that exceeds the

  • Employer Contribution means the amount paid by an employer, as determined by the employer rate, including the normal and deficiency rates, contributions, and funds wherever used in this chapter.

  • Allocation Year Means (i) the period commencing on the Closing Date and ending on December 31, 2006, (ii) any subsequent period commencing on January 1 and ending on the following December 31, or (iii) any portion of the period described in clause (ii) for which the Company is required to allocate Profits, Losses and other items of Company income, gain, loss or deduction pursuant to Article V.

  • Post-Distribution Tax Period means a Tax year beginning and ending after the Distribution Date.

  • State contribution means the lesser of:

  • Company Contribution Amount means, for any one Plan Year, the amount determined in accordance with Section 3.5.

  • Qualified Matching Contributions means Matching Contributions which are immediately nonforfeitable when made, and which would be nonforfeitable, regardless of the age or service of the Employee or whether the Employee is employed on a certain date, and which may not be distributed, except upon one of the events described under Section 401(k)(2)(B) of the Code and the regulations thereunder.

  • Matching Contribution means Employer contributions made to this Plan or any other defined contribution plan by reason of Thrift Contributions or Elective Deferrals under this Plan.

  • Elective Contribution means the Employer contributions to the Plan of Deferred Compensation excluding any such amounts distributed as excess “annual additions” pursuant to Section 4.11(a). In addition, any Employer Qualified Non-Elective Contribution made pursuant to Section 4.7(b) which is used to satisfy the “Actual Deferral Percentage” tests shall be considered an Elective Contribution for purposes of the Plan. Any contributions deemed to be Elective Contributions (whether or not used to satisfy the “Actual Deferral Percentage” tests or the “Actual Contribution Percentage” tests) shall be subject to the requirements of Sections 4.2(b) and 4.2(c) and shall further be required to satisfy the nondiscrimination requirements of Regulation 1.401(k)-1(b)(5) and Regulation 1.401(m)-1(b)(5), the provisions of which are specifically incorporated herein by reference.

  • Company Contribution means that portion of the main extension costs which the Company will fund based upon the following formula:

  • Taxable Allocation means, with respect to any Series, the allocation of any net capital gains or other income taxable for federal income tax purposes to a dividend paid in respect of such Series.

  • Matching Contribution Account means the separate, individual account established on behalf of a Participant to which the Matching Contributions made on such Participant's behalf are credited, together with all earnings and appreciation thereon, and against which are charged any withdrawals, loans and other distributions made from such account and any losses, depreciation or expenses allocable to amounts credited to such account.

  • Contribution Date has the meaning set forth in Section 4.3 hereof.

  • Contribution Rate means, in a reserve study as described in RCW 64.38.065, the amount contributed to the reserve account so that the association will have cash reserves to pay major maintenance, repair, or replacement costs without the need of a special assessment.

  • Voluntary Contribution Account means the account established and maintained by the Administrator for each Participant with respect to his total interest in the Plan resulting from the Participant's nondeductible voluntary contributions made pursuant to Section 4.12.