Definitely determinable definition

Definitely determinable also means that there must also be a consistent formula to determine the DROP benefits. Many tax attorneys believe that if a DROP plan earns market rates of return without a fixed rate, index or formula, that a DROP plan could be deemed to be a separate defined contribution plan on top of a defined benefit plan. Such a design would make DROP plans unattractive since such a plan would be subject to §415(c) IRC limiting the amount of compensation per year that could be deposited. The Internal Revenue Code has certain income limits for retirees under §415(b). Different limits apply to public safety personnel at different ages to reflect their usual earlier normal retirement age. Amounts paid from a DROP account must be considered in these limits.
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Related to Definitely determinable

  • Eligibility Determination means an approval or denial of eligibility and a renewal or termination of eligibility.

  • Mental, Nervous or Psychological Disorder means a mental or nervous health condition including, but not limited to: anxiety, depression, neurosis, phobia, psychosis; or any related physical manifestation.

  • Finally Determined means when a claim or dispute has been finally determined by a court of competent jurisdiction or other agreed-upon governing body and either (a) no associated appeal has timely been sought if capable of being sought, or (b) any and all appellate rights properly exercised have otherwise been exhausted.

  • Child custody determination means a judgment, decree, or other order of a court providing for the legal custody, physical custody, or visitation with respect to a child. The term includes a permanent, temporary, initial, and modification order. The term does not include an order relating to child support or other monetary obligation of an individual.

  • Final Determination means the final resolution of liability for any Tax for any taxable period, by or as a result of (a) a final decision, judgment, decree or other order by any court of competent jurisdiction that can no longer be appealed, (b) a final settlement with the IRS, a closing agreement or accepted offer in compromise under Sections 7121 or 7122 of the Code, or a comparable agreement under the Laws of other jurisdictions, which resolves the entire Tax liability for any taxable period, (c) any allowance of a refund or credit in respect of an overpayment of Tax, but only after the expiration of all periods during which such refund or credit may be recovered by the jurisdiction imposing the Tax, or (d) any other final resolution, including by reason of the expiration of the applicable statute of limitations or the execution of a pre-filing agreement with the IRS or other Taxing Authority.