Employee Contribution Benefit definition

Employee Contribution Benefit means the total of:
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Employee Contribution Benefit means the Accrued Benefit derived from Employee Contributions made as of any specified date that is, with respect to a Participant, the amount equal to such Participant’s accumulated contributions to this Plan expressed as an annual benefit commencing at Normal Retirement Age, using the interest rate which would be used under this Article 14 as required by Code Section 417(e)(3) (as of the determination date) and the Applicable Mortality Table.
Sample 1

Examples of Employee Contribution Benefit in a sentence

  • However, the spouse may elect a later commencement date, subject to the rules specified in Section 5.8. An unmarried Participant who dies before the Annuity Starting Date shall have the Accumulated Employee Contribution Benefit paid to the Participant's Beneficiary in the form of a life annuity.

  • Such contribution shall be credited to the Participant's Accumulated Employee Contribution Benefit.

  • The Employee Contribution Benefit shall be fully Vested at all times.

  • If the Accumulated Employee Contribution Benefit is to be determined with respect to a benefit other than an annual benefit in the form of a single life annuity (without ancillary benefits) commencing at Normal Retirement Age, such benefit shall be the actuarial equivalent of such benefit (determined under Code §411(c)(2)(B)), as determined by the Commissioner of Internal Revenue.

  • Such benefit as of any applicable date, is in the form of an annual benefit commencing at Normal Retirement Age and nondecreasing for the life of the Participant and is equal to the amount of the Employee Contribution Benefit divided by the "appropriate conversion factor" with respect to that form of benefit.

  • The amount of such pension shall be calculated in accordance with Section 14.5.01, but will be reduced by the value of such Participant’s Employee Contribution Benefit determined in accordance with Section 14.1.17, which has been received by the Participant; provided further, such Participant may elect not to withdraw such contribution plus interest, in which case his pension upon attaining age sixty-five (65) will be calculated as in Section 14.5.01.

  • The benefit payable to the Spouse of a Participant under the provisions of Section 14.6.02(c) hereof will be reduced by the Employee Contribution Benefit, determined in accordance with Section 14.1.17, which has been received by such Spouse under the provisions of this Section 14.7.02.

  • Withdrawals from the Accumulated Employee Contribution Benefit are not permitted prior to termination of employment.

  • Only the TEA staff may file a petition seeking sanctions under §249.15 of this title.

  • The value of his Employee Contribution Benefit shall equal his Employee Contributions accumulated with interest computed at the rate of 5.0% per annum, simple interest, compounded annually, assuming all contributions are made in the middle of the year.

Related to Employee Contribution Benefit

  • Employee Contribution means any contribution made to the Plan by or on behalf of a Participant that is included in the Participant's gross income in the year in which made and that is maintained under a separate account to which earnings and losses are allocated.

  • Employee Contributions are contributions made by a Participant on an after-tax basis, whether voluntary or mandatory, and designated, at the time of contribution, as an employee (or nondeductible) contribution. Elective deferrals and deferral contributions are not employee contributions. Participant nondeductible contributions, made pursuant to Section 4.01 of the Plan, are employee contributions.

  • Termination Benefit means the benefit set forth in Article 7.

  • 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.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Deferral Contributions are Salary Reduction Contributions and Cash or Deferred Contributions the Employer contributes to the Trust on behalf of an Eligible Employee, irrespective of whether, in the case of Cash or Deferred Contributions, the contribution is at the election of the Employee. For Salary Reduction Contributions, the terms "deferral contributions" and "elective deferrals" have the same meaning.

  • 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.

  • superannuation benefit means any payment, other than a refund of contributions, made to a dentist by virtue of the application of the (a) National Health Service Pension Scheme Regulations 1995; or (b) the National Health Service Superannuation Scheme (Scotland) Regulations 1995 or (c) the corresponding provisions of the law in force in Northern Ireland; as a result of his providing general dental services;

  • Deferral Contribution means any contribution made to the Plan by the Employer in accordance with the provisions of Section 5.03.

  • Retirement Benefit means the benefit set forth in Article 5.

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

  • Separation Benefits has the meaning accorded such term in Section 3.04.

  • Termination Benefits means the benefits described in Section 4.1(b).

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Employer Contributions means all amounts paid into ASRS by an

  • 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.

  • Matching Contributions are contributions made by the Employer on account of elective deferrals under a Code Section 401(k) arrangement or on account of employee contributions. Matching contributions also include Participant forfeitures allocated on account of such elective deferrals or employee contributions.

  • Annual Benefit means an annual sum of fifty thousand dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Employer Matching Contributions means the Employer matching contributions made to the Trust Fund pursuant to Article V (Employer Matching Contributions).

  • Severance Pay means any amount that is payable in cash and is identified by a Participating Company as severance pay, or any amount which is payable on account of periods beginning after the last date on which an employee (or former employee) is required to report for work for a Participating Company.

  • Employer Contribution Account means, for any Participant, the account established by the Administrator or Trustee to which Employer Contributions made under Section 3.5 for the Participant's benefit are credited.

  • Net Benefits Test means a calculation to determine whether the benefits of a reduction in price resulting from the dispatch of Economic Load Response exceeds the cost to other loads resulting from the billing unit effects of the load reduction, as specified in Operating Agreement, Schedule 1, section 3.3A.4 and the parallel provisions of Tariff, Attachment K-Appendix, section 3.3A.4.

  • 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.

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • 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.