PERFORMANCE LUMP SUM PAY definition
PERFORMANCE LUMP SUM PAY means the compensation received as a one-time payment in recognition of an Employee's merit in lieu of receiving an increase in the Employee's base rate of pay. The Compensation of each Employee that may be taken into account under the Plan for a Plan Year will not exceed $160,000 (as adjusted by the Secretary of the Treasury pursuant to Code paragraph 401(a)(17)).
PERFORMANCE LUMP SUM PAY means, with respect to an Exempt Employee or a Non-Exempt Employee, the compensation received as remuneration based upon the Employee’s performance when the Employer’s applicable merit pay policy would otherwise preclude a performance based increase.
PERFORMANCE LUMP SUM PAY means the compensation received as a one-time payment in recognition of an Employee's merit in lieu of receiving an increase in the Employee's base rate of pay.