Current Year Election definition

Current Year Election means an irrevocable Deferral Election made after an individual’s date of hire, promotion, job change, approval for EBP participation or salary increase, which is applicable to deferrable items of Compensation that are payable after such Deferral Election is made, but in the same Plan Year in which such Deferral Election is made. An individual who is eligible to make a Current Year Election pursuant to Section 4.1(b) by reason of promotion, job change, approval for EBP participation or salary increase shall be eligible to make such Current Year Election with respect to base salary and Commissions only, and such Current Year Election shall be made within 30 days after the later of (i) the date of the promotion, job change, approval for EBP participation or salary increase, and (ii) the date the individual is designated as eligible to make the Current Year Election by the Chief Executive Officer of the Company or his designee. An individual who is eligible to make a Current Year Election pursuant to Section 4.1(b) by reason of being newly-hired shall be eligible to make such Current Year Election with respect to all deferrable items of Compensation, and such Current Year Election shall be made within 30 days after the individual’s date of hire.
Sample 1Sample 2
Current Year Election means an irrevocable Deferral Election made by an individual described in Section 4.1(b) after such individual's date of hire or salary increase, which is applicable to base salary only that is payable for services to be performed starting on the first day of the calendar month after such Deferral Election is made, but in the same Plan Year in which such Deferral Election is made. An individual who is eligible to make a Current Year Election pursuant to Section 4.1(b) must make such Current Year Election during the twenty- five (25) day period commencing on the individual's Eligibility Date.
Sample 1

Examples of Current Year Election in a sentence

  • Some people will hail the selection publicly; some may raise doubts.

  • In addition, an individual who, by reason of promotion, job change, approval for EBP participation, or salary increase, meets the requirements to be an Eligible Employee, shall be eligible to make a Current Year Election, if (i) such promotion, job change, approval for EBP participation, or salary increase occurs prior to December 1, and (ii) such individual is so designated as eligible to make a Current Year Election by the Chief Executive Officer of the Company or his designee.

  • Current Year Election shall mean an irrevocable Deferral Election made --------------------- within 30 days after an individual's date of hire, promotion, job change, approval for EBP participation or salary increase which is applicable to deferrable items of Compensation that are payable after such Deferral Election is made, but in the same Plan Year in which such Deferral Election is made.

  • Henri Lambert proffered significant advice to Colonel House in this context.

  • Individuals who are eligible to make a Current Year Election pursuant to Section 4.1(b) by reason of promotion, job change, approval for EBP participation or Salary increase shall be eligible to make such Current Year Election with respect to salary and Commissions only, while individuals who are eligible to make a Current Year Election pursuant to Section 4.1(b) by reason of being newly hired shall be eligible to make such Current Year Election with respect to all deferrable items of Compensation.

  • In addition, an individual who, by reason of promotion, job change, approval for EBP participation, or salary increase, meets the requirements to be an Eligible Employee after the Eligibility Date for a particular Plan Year, but before December 1, shall be eligible to make a Current Year Election if he or she is so designated by the Chief Executive Officer of the Company or his designee.

  • Individuals who are eligible to make a Current Year Election under Section 4.1(b) may defer base salary only under such Current Year Election, and shall not be eligible to defer Corporate Bonuses, Commissions, Performance Bonuses or Sales Bonuses under such Current Year Election.

  • An individual who is eligible to make a Current Year Election pursuant to Section 4.1(b) by reason of being newly-hired shall be eligible to make such Current Year Election with respect to all deferrable items of Compensation, and such Current Year Election shall be made within 30 days after the individual's date of hire.

  • Data changes pursuant to verification are reflected in this and other relevant sections of the staff report.

  • Notwithstanding the foregoing, an individual who meets the requirements to be an Eligible Employee on the first day of the calendar month following his or her date of hire shall be eligible to make a Current Year Election, if his or her date of hire is prior to November 1.

Related to Current Year Election

  • Current year means the financial year, which has already commenced, but not yet ended;

  • Election Year means a year in which ordinary elections for local governments are required to be held;

  • 10) Election has the meaning set forth in Section 6.05(a).

  • Election Period means the period immediately preceding the beginning of each Plan Year established by the Administrator, such period to be applied on a uniform and nondiscriminatory basis for all Employees and Participants. However, an Employee's initial Election Period shall be determined pursuant to Section 5.1.

  • Distribution Election With respect to any Series, as specified in the related Supplement.

  • Deferral Year means each calendar year during which the Director makes, or is entitled to make, Compensation Deferrals under Section 3 hereof.

  • Plan Year(s means the approximate twelve-month periods between annual meetings of the shareholders of the Company, which, for purposes of the Plan, are the periods for which annual retainers are earned.

  • Deferral Election means the Participant’s election under Section 3.1 to defer all or a portion of his or her Compensation.

  • Safe Harbor Election has the meaning set forth in Section 10.2(d).

  • Election Date has the meaning specified in Section 3.12(h).

  • Payment Year means the calendar year during which the applicable Initial Year Payments or Annual Payments are due pursuant to subsection V.B. Payment Year 1 is 2022, Payment Year 2 is 2023 and so forth. References to payment “for a Payment Year” mean the Initial Year Payments or Annual Payment due during that year. References to eligibility “for a Payment Year” mean eligibility in connection with the Initial Year Payments or Annual Payment due during that year.

  • Excess Elective Deferrals means the amount of Elective Deferrals (as defined below) for a calendar year that the Participant designates to the Plan pursuant to the following procedure. The Participant’s designation: shall be submitted to the Administrator in writing no later than March 1; shall specify the Participant’s Excess Elective Deferrals for the preceding calendar year; and shall be accompanied by the Participant’s written statement that if the Excess Elective Deferrals is not distributed, it will, when added to amounts deferred under other plans or arrangements described in Section 401(k), 408(k) or 403(b) of the Code, exceed the limit imposed on the Participant by Section 402(g) of the Code for the year in which the deferral occurred. Excess Elective Deferrals shall mean those Elective Deferrals that are includible in a Participant's gross income under Section 402(g) of the Code to the extent such Participant's Elective Deferrals for a taxable year exceed the dollar limitation under such Code section.

  • Annual Deferral Amount means that portion of a Participant's Base Annual Salary and Annual Bonus that a Participant elects to have, and is deferred, in accordance with Article 3, for any one Plan Year. In the event of a Participant's Retirement, Disability (if deferrals cease in accordance with Section 8.1), death or a Termination of Employment prior to the end of a Plan Year, such year's Annual Deferral Amount shall be the actual amount withheld prior to such event.

  • Plan Year means the calendar year.

  • Relevant Year t means the Financial Year for the purposes of which any calculation falls to be made; "Relevant Year t-1" means the Financial Year preceding Relevant Year t, and similar expressions shall be construed accordingly;

  • Distribution Election Form means the form established from time to time by the Plan Administrator that the Director completes, signs and returns to the Plan Administrator to designate the time and form of distribution.

  • Three-Year Period means, with respect to a Restatement, the three completed fiscal years immediately preceding the date that the Board, a committee of the Board, or the officer or officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare such Restatement, or, if earlier, the date on which a court, regulator or other legally authorized body directs the Company to prepare such Restatement. The “Three-Year Period” also includes any transition period (that results from a change in the Company’s fiscal year) within or immediately following the three completed fiscal years identified in the preceding sentence. However, a transition period between the last day of the Company’s previous fiscal year end and the first day of its new fiscal year that comprises a period of nine to 12 months shall be deemed a completed fiscal year.

  • Adjustment Year has the meaning ascribed to said phrase under Section 6225(d)(2) of the Code.

  • Deferral Period has the meaning set forth in Section 3(i) hereof.

  • Elective Deferral means the portion of Compensation which is deferred by a Participant under Section 4.1.

  • Budget year means the financial year of the municipality for which an annual budget is to be approved in terms of section 16(1) of the MFMA;