Select Group definition
Examples of Select Group in a sentence
Although the Second Circuit acknowledged the importance of a participant’s ability to negotiate the terms of the plan in determining whether a participant is a member of a Select Group, the record was silent on this point and little evidence of negotiating power was shown.
Neither ERISA nor the applicable Department of Labor (DOL) regulations define the term “select group of management or highly compensated employees” (Select Group).4 The legislative history suggests that the Select Group includes only those employees who have sufficient individual bargaining power to ensure that their rights to benefits under a plan are adequately protected.
Therefore, in determining which employees of the Bank are members of a Select Group, you should rely on the definition as stated in ▇▇▇▇▇▇.
By focusing on an individual’s “ability to affect or substantially influence, through negotiation or otherwise, the design and operation of their deferred compensation plan,” its 1990 Opinion utilizes a functional definition of a Select Group.
The Ninth Circuit continued, however, noting that in order to satisfy the Select Group requirement, further analysis was necessary and it directly cited the functional test stated in the 1990 Opinion.12 Because ▇▇▇▇▇▇ exerted influence over the negotiation, design and operation of the arrangement (either directly or through his attorney), ▇▇▇▇▇▇ qualified as a member of a Select Group and the arrangement was a top hat plan.
The Second Circuit also found that the term “primarily” suggested that a plan intended for a Select Group would not lose its top hat status if a small number of the participants were not part of a Select Group.
DOL Opinion Letter 90-14A (1990 Opinion) stated: The DOL offers little additional meaningful guidance to assist in identifying which employees are members of a Select Group.
Based solely on the numerical test, as applied in other jurisdictions, ▇▇▇▇▇▇ would be a member of a Select Group.
The term "Prior Plan" means the Indianapolis Power & Light Company Unfunded Supplemental Retirement Plan for a Select Group of Management Employees, as amended through October 31, 1988.
The Concentra Group shall indemnify and hold harmless the Select Group from and against any and all Liabilities that arise from the Concentra Group’s possession or use of any transferred Employment Records.