Statutory Compensation definition
Statutory Compensation means total wages and other compensation paid to or for the Member by the Company or by an Associated Company as reported on the Member’s Form W-2, Wage and Tax Statement, plus elective contributions under Sections 125, 132(f)(4), 402(g)(3) and 414(v) of the Code. In addition to other applicable limitations set forth in the Plan, and notwithstanding any other provision of the Plan to the contrary, the maximum amount of Statutory Compensation, taken into account under the Plan for any Plan Year for any Member shall not exceed $200,000, as adjusted by the Secretary of the Treasury to reflect cost-of-living adjustments in accordance with Section 401(a)(17)(B) of the Code. Statutory Compensation shall also include:
Statutory Compensation means, effective for Plan Years commencing on or after January 1, 1997, wages, salaries, and other amounts paid in respect of an employee for services actually rendered to an Employer or an Affiliated Employer, including by way of example, overtime, bonuses, and commissions, but excluding deferred compensation, stock options, and other distributions which receive special tax benefits under the Code. For purposes of determining Highly Compensated Employees under Section 1.26 and key employees under Section 13.05(a)(iii), Statutory Compensation shall include amounts contributed by the Employer pursuant to a salary reduction agreement which are not includible in the gross income of the employee under Sections 125, 132(f), 402(e)(3), 402(h), or 403(b) of the Code. For all other purposes, Statutory Compensation shall also include the amounts referred to in the preceding sentence, unless the Committee directs otherwise for a particular Plan Year. Statutory Compensation for a Plan Year shall not exceed the Annual Dollar Limit, provided that such Limit shall not be applied in determining Highly Compensated Employees under Section 1.26.
Statutory Compensation means an Employee’s total compensation up to the Annual Dollar Limit paid by an Employer or an Affiliated Employer that is reported on the Employee’s federal income tax reporting statement (Form W-2) for the Plan Year. For purposes of determining Highly-Compensated Employees and Key Employees under Section 14.06, Statutory Compensation shall include amounts contributed by an Employer pursuant to a salary reduction agreement that are not includible in the gross income of the Employee under Code Sections 125, 132(f)(4), 402(e)(3), 402(h), or 403(b). For all other purposes, Statutory Compensation shall also include the amounts referred to in the preceding sentence, unless the Committee directs otherwise for a particular Plan Year. For purposes of this Section, amounts that are not includible in gross income by reason of Code Section 125 include any amounts not available to an employee in cash in lieu of group health coverage because the employee is unable to certify that he or she has other health coverage, provided that such amounts shall be treated as amounts under Code Section 125 only if the Employer does not request or collect information regarding the employee’s other health coverage as part of the enrollment process for the health plan.
Examples of Statutory Compensation in a sentence
Worker’s Compensation – Virginia Statutory Compensation (W/C) coverage, including Virginia benefits and employer’s liability with limits $100,000/$100,000/$500,000.
For any Plan Year in which the Plan is "top-heavy," Statutory Compensation of each Employee for purposes of the Plan shall not take into account any amount in excess of $160,000 (as adjusted after March 31, 2000, for increases in the cost of living).
If payment is not received within the specified time, Gainford shall be entitled charge the default statutory interest rate of 8% above the Barclays Bank PLC base rate together with Statutory Compensation and any recovery costs on the outstanding amount from the invoice date pursuant to the Late Payment of Commercial Debts (Interest) Act 1998 as amended but as if the liability for interest, compensation and costs had run from the date of the invoice.
The Primary Indemnity Limit and the Maximum Indemnity Limit (each a "Statutory Compensation Indemnity Limit”) shall be increased or decreased not more than once in each calendar year during the Term and any Transition Period, to reflect the change in the annual average CPI commencing in the year 2014.
For purposes of the definition of "Highly Compensated Employee," "Statutory Compensation" shall include reductions in salary contributed to the 401(k) Plan for the Plan Year.
More Definitions of Statutory Compensation
Statutory Compensation. (a) For Plan Years beginning before January 1, 1998, an Employee's Total Compensation plus employee elective salary reduction or similar contributions excluded from Total Compensation by reason of Sections 125, 402(e)(3), 402(h), 403(b), 414(h)(2) and 457(b) of the Code. Statutory Compensation for a Plan Year (or other applicable computation period) shall be limited by the Compensation Limit for all purposes other than determining Family Members, Highly Compensated Employees and Key Employees.
(b) For Plan Years beginning on or after January 1, 1998, an Employee's Total Compensation. Statutory Compensation for a Plan Year (or other applicable computation period) shall be limited by the Compensation Limit for all purposes other than determining Highly Compensated Employees and Key Employees.
Statutory Compensation means wages within the meaning of Section 3401(a) of the Code and all other payments of compensation to an employee by the Company (in the course of the Company's trade or business) for which the Company is required to furnish the employee a written statement under Sections 6041(d), 6051(a)(3) and 6052 of the Code, other than amounts paid or reimbursed by the Company for moving expenses incurred by the employee to the extent that at the time of the payment it is reasonable to believe that these amounts are deductible by the employee under Section 217 of the Code. Compensation must be determined for this purpose without regard to any rules under Section 3401(a) of the Code that limit the remuneration included in wages based on the nature or location of the employment or the services performed. Effective for
Statutory Compensation means be defined in accordance with Article II.
Statutory Compensation means Considered Compensation as defined in the 401(k) Plan for the Plan Year of reference.
Statutory Compensation means the wages, salary, and other amounts received (without regard to whether or not an amount is paid in cash) by an Employee for personal services actually rendered in the course of employment with the Employer or Affiliated Employer maintaining the Plan to the extent that such amounts are includible in gross income (including by way of example, overtime, bonuses and commissions, compensation for services on the basis of a percentage of profits, bonuses, fringe benefits, reimbursements, and expense allowances). Statutory Compensation shall also include amounts pursuant to Code sections 402(e)(3), 402(h), and 403(b), and amounts contributed to any welfare benefit or qualified transportation fringe benefit plans maintained by the Employer through a reduction in the Employee’s compensation, which, pursuant to Code sections 125 or 132(f)(4), respectively, are not included in the gross income of the Employee for the taxable year in which such amounts are contributed.
Statutory Compensation means the Limitation Compensation paid to or on behalf of an Eligible Employee during the applicable period, but shall in no event exceed $200,000, as adjusted by the Commissioner of Internal Revenue for increases in the cost of living in accordance with Code ss.401(a)(17)(B). The applicable period shall mean the portion of Plan Year during which the Eligible Employee was eligible to participate in the Plan.
Statutory Compensation means “compensation” actually paid or made available to the Participant (or includable in the gross income of the Participant) by the Employer or an Affiliated Employer, where “compensation” includes the items described in Treas. Reg. § 1.415(c)-2(b)(1) and (2), but excludes the items described in Treas. Reg. § 1.415(c)-2(c). Statutory Compensation includes amounts that would otherwise be included in compensation as described in the immediately preceding sentence but for an election under Code Sections 125(a), 132(f)(4), 402(e)(3), 402(h)(1)(B), 402(k), or 457(b); provided, however, that amounts not included in income under Section 125 of the Code include any amount not available to a Participant in cash in lieu of group health coverage because the Participant is unable to certify that he has other health coverage, but only if the Employer or Affiliated Employer does not otherwise request or collect information regarding the Participant’s other health coverage as part of the enrollment process for the health plan. Notwithstanding the foregoing, Statutory Compensation shall not include compensation paid or made available to the Participant after the Participant’s termination of employment with the Employer or Affiliated Employer, except (I) regular pay (within the meaning of Treas. Reg. § 1.415(c)-2(e)(3)(ii)) that is paid by the later of two and one-half months after the Participant terminates employment or the end of the Plan Year or limitation year (as applicable) in which the Participant terminates employment and (II) differential pay amounts required to be included pursuant to Code Section 414(u)(12).