Qualified Benefit definition

Qualified Benefit means any benefit excluded from the Employee’s taxable income under Chapter 1 of the Code other than Sections 106(b), 117, 124, 127 or 132 and any other benefit permitted by the Income Tax Regulations (i.e., any group term life insurance coverage that is includable in gross income by virtue of exceeding the dollar limitation on nontaxable coverage under Code Sec. 79) Notwithstanding the previous sentence, long-term care insurance is not a “Qualified Benefit.”

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Qualified Benefit means one or more of the following benefits permitted under Section 125 of the Code and offered through the Plan (as specified in the Plan Highlights): (i) payment of Dental Insurance premiums; (ii) payment of Disability Insurance premiums; (iii) payment of Health Insurance premiums; (iv) payment of Life Insurance premiums; (v) payment of Vision Insurance premiums; (vi) reimbursement of Adoption Expenses, but only to the extent not otherwise reimbursable; (vii) reimbursement of Dependent Care Expenses, but only to the extent not otherwise reimbursable; (viii) reimbursement of Medical Expenses, but only to the extent not otherwise reimbursable; and (ix) Health Savings Account contributions.

Qualified Benefit means any benefit excluded from the Employee's taxable income under Chapter 1 of the Code other than Sections 106(b), 117, 124, 127, or 132 and any other benefit permitted by the Income Tax Regulations (i.e., any life insurance coverage that is includable in gross income by virtue of exceeding the dollar limitation on nontaxable coverage under Code Sec. 79). Notwithstanding the previous sentence, benefits prohibited under Section 125(f) (e.g. qualified health plans (as defined in Section 1301 of the Affordable CareAct) that are purchased in the individual market through a public Exchange and long-term care insurance) are not "Qualified Benefits".

Examples of Qualified Benefit in a sentence

Erie Insurance Group Retirement Plan for Employees Qualified Benefit Computation at December 11, 2008 I.
Each Benefit Plan that is intended to be qualified under Section 401(a) of the Code (a “Qualified Benefit Plan”) has received a favorable determination letter from the Internal Revenue Service, or with respect to a prototype plan, can rely on an opinion letter from the Internal Revenue Service to the prototype plan sponsor, to the effect that such Qualified Benefit Plan is so qualified.
No employee, former employee, plan participant or any other party (other than Franklin or the Franklin Subsidiaries) has any entitlement (under the terms of any plan document or otherwise) to any surplus assets in any Qualified Benefit Plan which is a defined benefit plan as defined in Section 414(j) of the Code.
Franklin or the Franklin Subsidiaries shall provide to Fifth Third at least sixty (60) days prior to the Effective Time, documentation reasonably satisfactory to Fifth Third demonstrating that the requirements of Sections 401(a)(4), 404, 410(b), 411, 412, 415, 416, 401(k) and (m) of the Code have been satisfied by all of its Qualified Benefit Plans for the 1998, 1999, 2000 and 2001 plan years.
If Fifth Third so requests, Franklin or the Franklin Subsidiaries shall develop a plan and timetable for terminating any or all of the Qualified Benefit Plans, and, with the advance written approval of Fifth Third, shall proceed with the implementation of said termination plan and timetable; provided that such terminations of any Qualified Benefit Plans will not adversely affect qualification of such Qualified Benefit Plans under the Code.

More Definitions of Qualified Benefit

Qualified Benefit means the aggregate annual benefit payable to a Participant pursuant to the Qualified Plan by reason of the Participant’s termination of employment with PSEG and all Affiliates for any reason other than death.

Qualified Benefit means any benefit excluded from the Employee’s taxable income under Chapter 1 of the Code other than Sections 106(b), 117, 124, 127, 132, or 223 and any other benefit permitted by the Income Tax Regulations (e.g., any group-term life insurance coverage that is includable in gross income by virtue of exceeding the dollar limitation on nontaxable coverage under Code § 79).

Qualified Benefit means a benefit offered under a Component Plan attributable to employer contributions to the extent that it is not currently included in the Participant’s income and is included as a qualified benefit in Code Section 125(f).

Qualified Benefit means any benefit excluded from taxation under Chapter I of the Code (other than Sections 117, 124, 127, or 132), including (a) any group-term life insurance coverage that is includible in gross income only by virtue of exceeding the dollar limitation on nontaxable coverage under Section 79 of the Code; and (b) any other benefit permitted by the Income Tax Regulations.

Qualified Benefit means any benefit excluded from the Employee’s taxable income under Chapter 1 of the Code (other than benefits excluded under Code §§ 106(b), 117, 127, or 132) and any other benefit permitted by regulations under the Code (i.e., any group-term life insurance coverage that is includible in gross income by reason of exceeding the dollar limitation on non- taxable coverage under Code § 79). Long-term care insurance shall not be a Qualified Benefit.

Qualified Benefit means a benefit that is excludable from gross income under an express provision of IRS Section 125.

Qualified Benefit of a Participant shall mean the payment payable under the Qualified Plan at the times and over the applicable periods specified in Article IV thereof.