Section 414 Compensation definition

Section 414 Compensation means any definition of compensation permitted by Code Section 414(s) and Treasury Regulation 1.414(s)-1, which shall be consistently applied to the extent required by Treasury Regulation 1.414(s)-1(b)(2). Section 414 Compensation is used for calculating the ADP, ACP and Section 401(a)(4) discrimination tests.
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Section 414 Compensation means for any Participant, the Participant's wages within the meaning of Section 3401(a) of the Code and all other payments of compensation for which the Employer is required to furnish the Participant a written statement under Section 6041(d), 6051(a)(3), and 6052 of the Code, i.e., a Form W-2, but determined without regard to any rules that limit the remuneration included in wages based on the nature or location of the employment or the services performed (such as the exception for agricultural labor in Section 3401(a)(2) of the Code), plus any amounts paid pursuant to any salary reduction agreement for the year in question under an arrangement referred to in Sections 125, 403(b) or 401(k) of the Code. Section 414 Compensation shall be measured based on compensation actually paid or made available to a Participant during the measuring period and not on an accrued basis. Section 414 Compensation in excess of one hundred fifty thousand dollars ($150,000), as Adjusted, shall not be taken into account under the Plan. The annual compensation limitation used for purposes of calculating Section 414 Compensation shall be the limitation applicable to the calendar year in which the Plan Year begins.
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Section 414 Compensation means for any Participant, the Participant's wages within the meaning of Section 3401(a) of the Code and all other payments of compensation for which the Employer is required to furnish the Participant a written statement under Section 6041(d), 6051(a)(3), and 6052 of the Code, i.e., a Form W-2, but determined without regard to any rules that limit the remuneration included in wages based on the nature or location of the employment or the services performed (such as the exception for agricultural labor in Section 3401(a)(2) of the Code), plus any amounts paid pursuant to any salary reduction agreement for the year in question under an arrangement referred to in Sections 125, 403(b) or 401(k) of the Code. Section 414 Compensation shall be measured based on compensation actually paid or made available to a Participant during the measuring period and not on an accrued basis. Section 414 Compensation in excess of two hundred and fifty five thousand dollars ($255,000), as Adjusted, shall not be taken into account under the Plan. The annual compensation limitation used for purposes of calculating Section 414 Compensation shall be the limitation applicable to the calendar year in which the Plan Year begins.
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Examples of Section 414 Compensation in a sentence

  • Such Discretionary Contribution shall be allocated among the group of Participants identified above proportionately on the basis of their Section 414 Compensation for the Plan Year.

  • The amount of any such Discretionary Contribution shall be such that the initially failed test described in (i) above is satisfied, but in no event shall any such Participant receive an allocation of greater than three percent (3%) of the Participant's Section 414 Compensation for the Plan Year.

  • Notwithstanding the preceding sentence, an Eligible Employee who is a Designated Pru-Care Employee shall not become a Participant until September 20, 1999; provided, however, that for purposes of Section 414 Compensation, participation shall be deemed to begin on August 6, 1999.

  • Section 4.14 Compensation for the Master Servicer..................................................

  • Section 4.14 Compensation for the Master Servicer.....................................................


More Definitions of Section 414 Compensation

Section 414 Compensation means wages paid by an Employer to an Employee, as reported by an Employer in Box 1 on Form W-2, plus elective deferrals (within the meaning of Section 402(g)(3) of the Code) under any plan sponsored by the Group and compensation reduction contributions made on a before tax basis under any cafeteria plan (within the meaning of Section 125 of the Code) or qualified transportation fringe benefit plan (within the meaning of Section 132(f) of the Code) sponsored by any member of the Group, minus any compensation amount that is not Section 415 Compensation; provided, however, that the Plan Administrator may elect to (a) use any definition of compensation permitted under Section 414(s) of the Code and the regulations thereunder for any Plan Year and/or (b) limit the compensation taken into account with respect to an Employee to that portion of the Plan Year during which the Employee was eligible to participate in the Plan. In no event may a Participant’s Section 414 Compensation exceed the two hundred thousand dollar ($200,000) (one hundred fifty thousand
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Section 414 Compensation means W-2 wages paid by an Employer to an Employee during a Plan Year; provided, however, that the Committee may elect to (a) use any definition of compensation permitted under Section 414(s) of the Code and the regulations thereunder in lieu of W-2 wages for any Plan Year and/or (b) limit the compensation taken into account with respect to an Employee to that portion of the Plan Year during which the Employee was eligible to participate in the Plan. In no event may a Participant's Section 414 Compensation exceed the dollar limitation imposed by Section 401(a)(17) of the Code, as in effect from time-to-time and as adjusted as provided therein.
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Related to Section 414 Compensation

  • Section 415 Compensation means a Participant's earned income, wages, salaries, and fees for professional services, and other amounts received for personal services actually rendered in the course of employment with an employer maintaining a plan (including, but not limited to, commissions paid salesmen, compensation for services on the basis of a percentage of profits, commissions on insurance premiums, tips and bonuses), and excluding the following:

  • Termination Compensation means a monthly cash amount equal to one-twelfth (1/12th) of the highest amount of the annual cash compensation (including cash bonuses and other cash-based compensation, including for these purposes amounts earned or payable whether or not deferred) received by Executive during any one of the three (3) calendar years immediately preceding the calendar year in which Executive’s Termination Date occurs; provided, that if the cash compensation received by Executive during the Termination Year exceeds the highest amount of the annual cash compensation received by Executive during any one of the immediately preceding three (3) consecutive calendar years, the cash compensation received by Executive during the Termination Year shall be deemed to be Executive’s highest amount of annual cash compensation. In no event shall Executive’s Termination Compensation include equity-based compensation (e.g., income realized as a result of Executive’s exercise of non-qualified stock options or other stock based benefits).

  • Current Compensation means all regular wage, salary and commission payments paid by the Company to a Participant in accordance with the terms of his or her employment, but excluding annual bonus payments and all other forms of special compensation.

  • Section 409A Deferred Compensation means compensation provided pursuant to an Award that constitutes nonqualified deferred compensation within the meaning of Section 409A.

  • Compensation and Benefit Plans has the meaning set forth in Section 5.03(m).