Pay Cap definition

Pay Cap means, for each Plan Year, the dollar threshold at which an Eligible Employee’s RSP Compensation reaches the maximum recognizable annual compensation limit under Code Section 401(a)(17).
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Examples of Pay Cap in a sentence

  • The exercise of the District’s discretion to extend the Severance Pay Cap for this bargaining unit shall not be subject to the grievance procedures of this Agreement.

  • For purposes of this Agreement, the term "Severance Pay Cap" shall mean the maximum amount which may be paid to Executive without constituting an Excess Parachute Payment.

  • The Company reserves the right, after consultation with its chosen tax counsel, to make a reasonable determination of the Severance Pay Cap under Code Section 280G.

  • First Data Corporation, a Delaware corporation, promises to pay interest on the principal amount of this Cash Pay Note at the rate per annum, reset quarterly, equal to LIBOR plus the Applicable Margin (provided that such interest rate shall be capped such that it shall not exceed the Cash Pay Cap), from [ ], 20[ ] until maturity and shall pay Additional Interest, if any, payable pursuant to the Registration Rights Agreement referred to below.

  • Pay Cap All bargaining unit employees will be subject to a pay cap.