Benefit Compensation definition

Benefit Compensation means, except to the extent modified by an express statement in the Adoption Agreement, all of the Participant's wages as defined in Code Section 3401(a) for the purposes of income tax withholding at the source (except as modified below) during each Plan Year to the Participant by the Employer for personal services actually rendered in the course of employment with the Employer, excluding compensation payable as bonuses or as overtime, and excluding compensation payable by reason of "call premium" or "shift differential" or "charge time" unless the Participant is permanently assigned to the unfavorable shift or duty, and excluding any compensation received in the form of non-taxable fringe benefits. Benefit Compensation may also include those provisions which are specifically included or specifically excluded in the Adoption Agreement. Benefit Compensation shall include the amount of the Participant's elective salary reduction under an IRC § 132(f) qualified transportation fringe and any amounts of compensation deferred as
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Benefit Compensation means the average of the Participant's Annual Compensation for the three complete fiscal years in which such Annual Compensation was highest over the last ten fiscal years of the Participant's employment, but in no event shall such amount be less than the average of such Participant's Annual Compensation for the last 36 months of such Participant's employment.
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Benefit Compensation means the aggregate amount of a Participant’s base compensation and Target Bonus under the Management Bonus Plan, as determined from time to time.
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Examples of Benefit Compensation in a sentence

  • Part-time, Provisional, and Volunteer Employees shall not be entitled to Fringe Benefit Compensation, except when such benefits are being provided by the City in accordance with: a) the requirements of a Federal or State Law, b) a written contractual agreement approved by the City, or c) a Memorandum of Understanding (MOU) between a specific employee or employee group and the City.

  • After60 months member receives greater of 62.5% Average Monthly Benefit Compensation and accrued normal pension.

  • Catastrophic Benefit equals 90% of Average Monthly Benefit Compensation.

  • Defined Benefit Compensation Limitation" means 100 percent of a Participant's "High Three-Year Average Compensation," payable in the form of a Straight Life Annuity.

  • In the case of a Participant who has less than ten Years of Service with the Employer, the "Defined Benefit Compensation Limitation" shall be multiplied by a fraction, (i) the numerator of which is the number of Years (or part thereof, but not less than one year) of Service with the Employer, and (ii) the denominator of which is ten (10).

  • Maximum Permissible Benefit" means the lesser of the "Defined Benefit Dollar Limitation" or the "Defined Benefit Compensation Limitation" (both adjusted where required, as provided below).

  • For purposes of applying the "Defined Benefit Compensation Limitation" to "highly compensated benefits," all benefits of the Employee otherwise taken into account (without regard to the preceding sentence) shall be taken into account.

  • Pre-Retirement Death BenefitService Incurred 100% of Average Monthly Benefit Compensation, reduced by child’spension.

  • However, the "Defined Benefit Compensation Limitation" shall not apply to a Plan maintained by an organization described in Code §3121(w)(3)(A) (i.e., a church) except with respect to "highly compensated benefits." For this purpose, "highly compensated benefits" means any benefits accrued for an Employee in any year on or after the first year in which such Employee is a Highly Compensated Employee of the organization described in Code §3121(w)(3)(A).

  • If elected by the Employer in the Adoption Agreement, in the case of a Participant who has had a severance from employment with the Employer, the "Defined Benefit Compensation Limitation" applicable to the Participant in any Limitation Year beginning after the date of severance shall be automatically adjusted by multiplying the limitation applicable to the Participant in the prior Limitation Year by the annual adjustment factor under Code §415(d) that is published in the Internal Revenue Bulletin.


More Definitions of Benefit Compensation

Benefit Compensation means a Participant's Eligible Compensation divided by two. Benefit Compensation taken into account under the Plan shall in no event exceed the limitation in effect for that year under section 401(a)(17) of the Code. This limitation shall automatically be adjusted for each calendar year to reflect the cost-of-living adjustment (if any) announced by the Commissioner of Internal Revenue for such calendar year.
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Related to Benefit Compensation

  • 414(s) Compensation means any definition of compensation that satisfies the nondiscrimination requirements of Code Section 414(s) and the Regulations thereunder. The period for determining 414(s) Compensation must be either the Plan Year or the calendar year ending with or within the Plan Year. An Employer may further limit the period taken into account to that part of the Plan Year or calendar year in which an Employee was a Participant in the component of the Plan being tested. The period used to determine 414(s) Compensation must be applied uniformly to all Participants for the Plan Year.

  • Earned Compensation means any Annual Base Salary earned, but unpaid, for services rendered to the Company on or prior to the date on which the Employment Period ends pursuant to Section 3(a) (but excluding any salary and interest accrued thereon payment of which has been deferred).

  • Termination Compensation means a monthly cash amount equal to one-twelfth ( 1/12th) of the highest amount of the annual cash compensation (including cash bonuses and other cash-based compensation, including for these purposes amounts earned or payable whether or not deferred) received by Executive during any one of the three (3) calendar years immediately preceding the calendar year in which Executive’s Termination Date occurs; provided, that if the cash compensation received by Executive during the Termination Year exceeds the highest amount of the annual cash compensation received by Executive during any one of the immediately preceding three (3) consecutive calendar years, the cash compensation received by Executive during the Termination Year shall be deemed to be Executive’s highest amount of annual cash compensation. In no event shall Executive’s Termination Compensation include equity-based compensation (e.g., income realized as a result of Executive’s exercise of non-qualified stock options or other stock based benefits).

  • Covered Compensation means any Incentive-Based Compensation granted, vested or paid to a person who served as an Executive Officer at any time during the performance period for the Incentive-Based Compensation and that was Received (i) on or after October 2, 2023 (the effective date of the Nasdaq listing standards), (ii) after the person became an Executive Officer, and (iii) at a time that the Company had a class of securities listed on a national securities exchange or a national securities association such as Nasdaq.

  • Basic Compensation means Salary and Benefits.

  • 415 Compensation means:

  • Current Compensation means all regular wage, salary and commission payments paid by the Company to a Participant in accordance with the terms of his or her employment, but excluding annual bonus payments and all other forms of special compensation.

  • Includible Compensation means an Employee’s actual wages in box 1 of Form W-2 for a year for services to the Employer, but subject to a maximum of $245,000 (or such higher maximum as may apply under section 401(a)(17) of the Code) and increased (up to the dollar maximum) by any compensation reduction election under section 125, 132(f), 401(k), 403(b), or 457(b) of the Code (including any Elective Deferral under the Plan). Beginning in 2009 and thereafter, such term also includes any “differential pay” that may be received from the Employer while performing qualified military service under section 414(u) of the Code. The amount of Includible Compensation is determined without regard to any community property laws.

  • Eligible Compensation means, with respect to each Participant for each pay period, the full salary and wages paid to such Participant by the Company or a Participating Subsidiary, including commissions, bonuses (to the extent not excluded below), overtime pay and shift differentials. Except as otherwise determined by the Committee, “Eligible Compensation” does not include

  • Final compensation of a member means:

  • Severance Compensation means the compensation set forth in (i), (ii), and (iv) above.

  • Deferred Compensation Plan means any plan, agreement or arrangement maintained by the Company from time to time that provides opportunities for deferral of compensation.

  • Unemployment compensation means cash benefits (including depend- ents’ allowances) payable to individ- uals with respect to their unemploy- ment, and includes regular, additional, emergency, and extended compensa- tion.(2) Regular compensation means unem- ployment compensation payable to an individual under any State law, but not including additional compensation or extended compensation.(3) Additional compensation means un- employment compensation totally fi- nanced by a State and payable under a State law by reason of conditions of high unemployment or by reason of other special factors.(4) Emergency compensation means supplementary unemployment com- pensation payable under a temporary Federal law after exhaustion of regular and extended compensation.(5) Extended compensation means un- employment compensation payable to an individual for weeks of unemploy- ment in an extended benefit period, under those provisions of a State law which satisfy the requirements of the Federal-State Extended Unemploy- ment Compensation Act of 1970, as amended, 26 U.S.C. 3304 note, and part 615 of this chapter, with respect to the payment of extended compensation.

  • Special compensation means payment to an adult foster care facility to ensure the provision of a specialized program in addition to the basic payment for adult foster care. Special compensation does not include payment received directly from the Medicaid program for personal care services for a resident, or payment received under the supplemental security income program.

  • Section 409A Deferred Compensation means compensation provided pursuant to an Award that constitutes nonqualified deferred compensation within the meaning of Section 409A.

  • Bonus Compensation shall have the meaning set forth in Section 3(b).

  • Section 415 Compensation means:

  • Annual Compensation means an amount equal to the greater of:

  • Deferred Compensation Award means an award of Stock Units granted to a Participant pursuant to Section 11 of the Plan.

  • Gross compensation means every form of remuneration payable for a given period to an individual for services provided including salaries, commissions, vacation pay, severance pay, bonuses, and any board, rent, housing, lodging, payments in kind, and any similar benefit received from the individual's employer.

  • Compensation Limit means the compensation limit of Section 401(a)(17) of the Code, as adjusted under Section 401(a)(17)(B) of the Code for increases in the cost of living.

  • Cash Compensation means any discount, concession, fee, service fee, commission, sales charge, loan, override, or cash benefit received by a producer in connection with the recommendation or sale of an annuity from an insurer, intermediary, or directly from the consumer.

  • Accrued Compensation means an amount which shall include all amounts earned or accrued through the "Termination Date" (as hereinafter defined) but not paid as of the Termination Date, including (i) base salary, (ii) reimbursement for reasonable and necessary expenses incurred by the Executive on behalf of the Company during the period ending on the Termination Date, (iii) vacation pay and (iv) bonuses and incentive compensation (other than the "Pro Rata Bonus" (as hereinafter defined)).

  • Additional Compensation has the meaning set out in Section 13.3(1).

  • Average Incentive Compensation means the average of the annual incentive compensation under Subparagraph 3(a) received by Executive for the three (3) immediately preceding fiscal years or such fewer number of complete fiscal years as Executive may have been employed by the Company. In no event shall “Average Incentive Compensation” include any sign-on bonus, retention bonus or any other special bonus. Notwithstanding the foregoing, if the Executive breaches any of the provisions contained in Paragraphs 4 and 5 of this Agreement, all payments of the Severance Amount shall immediately cease. Notwithstanding the foregoing, in the event Executive terminates his employment for Good Reason as provided in Subparagraph 6(e), he shall be entitled to the Severance Amount only if he provides the Notice of Termination provided for in Subparagraph 6(f) within thirty (30) days after the occurrence of the event or events which constitute such Good Reason as specified in clauses (A), (B), (C), (D), (E) and (F) of Subparagraph 6(e);

  • Excess Compensation means Compensation in excess of the following Integration Level: (Choose (1) or (2))