Pay Based definition
Examples of Pay Based in a sentence
Benefit - The Amount You Pay Based on the Contracted Rate Not subject to payment of the Annual Deductible.
Length of Service Vacation Period Vacation Pay Based on Previous Year Gross Earnings (Jan 1 – Dec 31) 0 to 6 months none 4% 6 months <1 year 1 week 4% 1 year <5 years 2 weeks 4% 5years <10 years 3 weeks 6% 10 years <20 years 4 weeks 8% > 20 years 5 weeks 10% Employees will be entitled to either the applicable number of weeks of vacation pay based on a normal work week, or the applicable percentage of vacation pay, whichever is greater.
The Employer shall make each period’s Pay Based Contribution in cash as soon as is feasible and not later than the Employer’s federal tax filing date, including extensions, for deducting such Contribution.
The Administrator shall post such amount to each Participant’s Matching Account once the total Contribution received by the Custodian has been balanced against the specific amount to be credited to each Participant’s Pay Based Account.
The Pay Based Contribution for each period shall be allocated among eligible Participants in direct proportion to their Compensation from the Employer; provided however, effective on and after January 1, 2002, the Pay Based Contribution will be equal to two percent (2%) of the Participant’s Compensation for the period with respect to which the Pay Based Contribution is made.
Subject to the limits of the Plan and to the Administrator’s authority to limit Contributions under the Plan, for each Plan Year the Employer may make a Pay Based Contribution in an amount determined by the Employer on behalf of each Participant.
Severance Pay Based on the Senior Severance Plan, you would be entitled to $2,752,500 as part of your severance package.
Subject to the limits of the Plan and to the Administrative Committee's authority to limit Contributions under the Plan, for each Plan Year, the Employer shall make a Pay Based Contribution on behalf of each Participant who was an Eligible Employee on the last day of each Plan Year.
The Amount You Pay Based on the Contracted Rate Subject to payment of the Annual Deductible.
The amount of Pay Based Contributions required to be allocated under this Section for any Plan Year shall be reduced by the amount of Employer Contributions and Forfeitures allocated under this Plan on behalf of the Participant and employer contributions and forfeitures allocated on behalf of the Participant under any other defined contribution plan in the Aggregation Group for the Plan Year.