Social Security Integration Level definition
Social Security Integration Level. The Social Security Integration Level shall be equal to the taxable wage base or such lesser amount specified in the Adoption Agreement. The "taxable wage base" is the contribution and benefit base in effect under Section 230 of the Social Security Act on the first day of the Plan Year for which allocations of Employer contributions and forfeitures are made (referred to as the Social Security Wage Base). The Social Security Integration Level shall be deemed to be the full amount of such Social Security Integration Level, even though a Participant's Compensation may include less than a full year's compensation because of either his participation commencing after the first day of the Compensation Computation Period or his service terminating prior to the end of the Compensation Computation Period.
Social Security Integration Level means 1/12th of the average of the following: (a) for each Year of Service before January 1, 1976, $6,000; and (b) for each Year of Service after January 1, 1976, the lesser of the taxable wage base under the Federal Insurance Contribution Act in effect at the beginning of a Plan Year and the Participant’s Earnings for that Plan Year.
Social Security Integration Level means, with respect to the calendar year in which a member retires or otherwise separates from employment, the average yearly amount of earnings for which old age and survivors benefits would be provided under Title II of the federal Social Security Act for an employee [65 years old] WHO IS
Examples of Social Security Integration Level in a sentence
The Employer Contribution allocable to Compensation in excess of the Social Security Integration Level (SSIL) may not exceed 5.4% if the SSIL is more than 80% but less than 100% of the taxable wage base under Section 230 of the Social Security Act at the beginning of the plan year (TWB), and may not exceed 4.3% if the SSIL is greater than 20% of the TWB, but not more than 80% of the TWB, and greater than $10,000.
The Employer Contribution allocable to Compensation in excess of the Social Security Integration Level (SSIL) may not exceed 5.4% if the SSIL is more than 80% but less than 100% of the Taxable Wage Base (TWB) under section 230 of the Social Security Act in effect as of the first day of the Plan Year, and may not exceed 4.3% if the SSIL is greater than 20% of the TWB, but not more than 80% of the TWB, and greater than $10,000.
More Definitions of Social Security Integration Level
Social Security Integration Level means the “Social Security Integration Level” as determined under Program SI of the Dover Pension Program under the Dover Pension Plan as in effect on an Actual Participant’s Termination Date.
Social Security Integration Level means, as to the calendar year in which an Employee Retires or otherwise terminates employment, the average annual wages (rounded to the next lower multiple of $100) with respect to which primary benefits would be provided under the Social Security Act for a male worker attaining age 65 in such calendar year, computed as though for each year before such calendar year the annual wages were equal to the maximum amount of the taxable wages under the Social Security Act; provided that (a) in the case of a participant or Beneficiary who is receiving benefits under the Plan, or (b) in the case of a participant who is separated from service and has nonforfeitable rights to benefits, such benefits are not decreased by reason of any increase in the benefit level payable under Title II of the Social Security Act or any increase in the wage base under such Title II, if such increase takes place after September 2, 1974, or (if later) the earlier of the date of the first receipt of such benefits or the date of such separation, as the case may be.
Social Security Integration Level means, with respect to the calendar year in which a member retires or otherwise terminates employment, the average annual amount of earnings for which Old Age and Survivors Benefits would be provided under Title II of the Federal Social Security Act for a male employee 65 years old in the calendar year, computed as though for each year before the calendar year annual earnings are at least equal to the maximum amount of annual earnings subject to tax under the Federal Insurance Contributions Act. The average annual amount of earnings shall be rounded to the next lower multiple of $100.