Salaried Participant definition

Salaried Participant means an Employee who has met the eligibility requirements of Article II and has begun to participate in the Plan. An individual who is a Salaried Participant and who ceases to be an Employee shall nonetheless remain a Salaried Participant for purposes of benefit payments only, until all amounts due him from the Plan have been paid. Notwithstanding any other provision of the Plan to the contrary, no Employee whose initial date of hire is on or after January 1, 2006, may become a Salaried Participant in the Plan or accrue benefits under the Plan. Further, except as otherwise provided in the Plan, no Salaried Participant shall accrue an additional benefit under the Plan after December 31, 2008.
Sample 1Sample 2
Salaried Participant means an individual who participated in the Salaried Plan immediately prior to the merger of the Hourly Plan with and into the Plan. Notwithstanding any provision of the Plan to the contrary, all rights and obligations of a Salaried Participant as of the merger into the Plan shall be determined in accordance with the terms of the Salaried Plan in effect at the time immediately preceding the Plan merger. Nothing in the Plan is intended in any way to expand or reduce the rights Salaried Participants enjoyed under the terms and conditions of the Salaried Plan. A Participant’s “Service” means his period of service for purposes of determining his eligibility for a benefit under the Plan, as computed in accordance with the provisions of Article III. A “Service Computation Period” means the period used for determining an Employee’s years of Service and years of Credited Service. The Service Computation Period for determining a Salaried Participant’s years of Service is the Plan Year. The Service Computation Period for determining an Hourly Participant’s years of Service is the following: (i) prior to January 1, 1996, the 12-consecutive-month period ending each September 30; (ii) the period beginning October 1, 1995 and ending September 30, 1996; and (iii) beginning January 1, 1996, the calendar year. The Service Computation Period for determining a Salaried Participant’s years of Credited Service is the Plan Year. The Service Computation Period for determining an Hourly Participant’s years of Credited Service is the following: (i) prior to October 1, 1996, the 12-consecutive-month period ending each September 30; (ii) the period beginning October 1, 1996 and ending December 31, 1996; and (iii) beginning January 1, 1997, the calendar year. The “Sponsor” means Sterling Chemicals, Inc., and any successor thereto. A Participant’s “Spouse” means the person who is the Participant’s lawful spouse under Federal law without regard to the law of any state or territory. The “Union” means the Texas City, Texas Metal Trades Council, AFL-CIO
Sample 1

Examples of Salaried Participant in a sentence

  • If such a Salaried Participant has been credited with 10 years of Continuous Service and elects to have payments commence before he attains age 60, upon his attainment of age 60 his benefit payments will be based on the greater of (a) the amount described in the preceding sentence, and (b) the amount the Salaried Participant would have been entitled to under Section 3.5.1 or Section 3.5.2 had his benefit commenced at age 60.

  • A Salaried Participant shall have no vested interest in his Accrued Benefit until he has been credited with five years of Continuous Service, at which time he shall have a 100% vested interest in his Accrued Benefit.

  • In no event will an Employee whose initial date of hire occurs on or after January 1, 2006, become a Salaried Participant in the Plan.

  • An Employee whose initial date of hire is prior to January 1, 2006, and who otherwise would be eligible to be a Salaried Participant in the Plan, but is excluded because of the application of any provision of Section 2.2 (other than Section 2.2.12), shall become a Salaried Participant as of the first day of the month coincident with or next following the date upon which the applicable provision of Section 2.2 (other than Section 2.2.12) ceases to apply.

  • A Salaried Participant shall be 100% vested in his Accumulated Contributions at all times.

  • Id. at 1477-78.In Martinez, the arbitration agreement’s requirement that the parties split the cost of the arbitration and post fees in advance of the hearing contributed to the court’s finding that the arbitration agreement was substantively unconscionable.

  • In any event, a Salaried Participant shall have a 100% vested interest in his Accrued Benefit upon reaching his Normal Retirement Age while employed by the Employer.

  • The normal form of retirement benefit for an unmarried Salaried Participant shall be an annuity for the life of the Salaried Participant continuing until the last payment due before his death (single life annuity with payments guaranteed for five years for a Pre-1998 Employee).

  • Notwithstanding Section 3.3.1, a Salaried Participant who was employed by Mal Tool & Engineering, Cepco, Inc.

  • A lump sum payment equal to the amount of such Salaried Participant’s Accumulated Contributions on the date of his Severance from Employment, plus a net remaining monthly benefit beginning on the first day of any month following the month in which he reaches age 60, as the Salaried Participant elects.

Related to Salaried Participant

  • Qualified Participant means any Participant or Former Participant who has completed ten (10) Years of Service as a Participant and has attained age 55.

  • FTR Participant means any Market Participant that provides or is required to provide Collateral in order to participate in PJM’s FTR auctions.

  • Former Participant means a person who has been a Participant, but who has ceased to be a Participant for any reason.

  • Retired Participant means a person who has been a Participant, but who has become entitled to retirement benefits under the Plan.

  • Disabled Participant with respect to a loan if it has no right to exercise any voting or other control rights with respect to such loan (other than the right to approve amendments to the material economic terms of such loan).

  • Active Participant means a Participant who has satisfied the eligibility requirements under Section 3 and who has at least 1,000 Hours of Service during the current Plan Year. However, a Participant shall not qualify as an Active Participant unless (i) he is in active Service with an Employer as of the last day of the Plan Year, or (ii) he is on a Recognized Absence as of that date, or (iii) his Service terminated during the Plan Year by reason of Disability, death, or Normal Retirement.

  • Plan Participant means a person who is eligible to receive, and is receiving, a pension benefit from the Plan.

  • Inactive Participant means each Participant (other than a Retired Participant, Deceased Participant or Disabled Participant) who is not in active service as an Outside Director and is not actively employed by a Participating Company.

  • L/C Participant shall have the meaning provided in Section 3.3(a).

  • Salaried Employee means an employee who is not covered by the Fair Labor Standards Act who regularly receives each pay period a predetermined amount constituting all or part of compensation. This base salary cannot be reduced because of variations in the quality or quantity of work performed.

  • Eligible Employee means full-time and part-time employees in the bargaining unit who have completed four hundred and fifty (450) hours of service and who are not prohibited from contributing to the Plan by legislation or the Plan rules because of their age or because they are in receipt of a pension from the Plan.

  • Eligible Participant means an employee, officer, consultant or director of the Company or any Affiliate.

  • Terminated Participant means a person who has been a Participant, but whose employment has been terminated other than by death, Total and Permanent Disability or retirement.

  • Participating employee means an employee whose election to participate in a Plan has been approved by the employer.

  • Current Participant means a Class Member who has an Active Account in one or both the Plans as of August 5, 2020.

  • Eligible employer means any municipality with a municipal

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

  • Designated Participant means a key Employee of the Company or any other Participating Company who is designated by the Committee in writing to participate in the Program.

  • Participant has the meaning specified in Section 10.06(d).

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

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Normal Retirement Benefit means the benefit described in Section 2.1.

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

  • CDS Participant means a broker, dealer, bank or other financial institution or other person for whom, from time to time, CDS effects book entries for the Units deposited with CDS.

  • Other Participant means a cooperative project participant other than the United States.

  • Exchange Participant means (a) the Bank which is a person registered as a China Connect Exchange Participant (as defined in the SEHK China Connect Rules) by SEHK; or (b) where the context requires, any China Connect Exchange Participant (as defined in the SEHK China Connect Rules).