Test Pay definition
Test Pay means the compensation received during the Plan year by the Employee from the Employer (other than compensation in the form of qualified or previously qualified deferred compensation) that is currently includible in the Employee's gross income for federal income tax purposes; provided that the Administrator may elect to include in "Test Pay" for any year the Employee's Elective Contributions or may elect to use any of the alternative definitions permitted under Codess.414(s) or regulations thereunder. The election shall be made on a consistent and uniform basis with respect to all Employees and all plans of the Employer for any particular year and must be made on a reasonable and consistent basis from year to year. The Administrator may in its sole discretion change this election. However, for those Plan Years permitted under regulations issued by the Secretary of Treasury, the Administrator may elect to define "Test Pay" for this Plan as items of remuneration received by the Employee for periods while the Employee is an Eligible Employee of the Plan. Test Pay in any Plan Year shall not exceed $200,000 (adjusted for changes under Code section 401(a)(17) and cost-of-living increases under Codess.415(d) in effect for the Plan Year).
Examples of Test Pay in a sentence
The Contractor shall remove and replace rejected Material identified as per Table 905.1.4.1:1, “Single Test Pay Factor for Correlated In-Place Density”, Table 905.1.4.1:2, “Single Test Pay Factor for Laboratory Air Voids”, and Table 905.1.4.1:3, “Single Test Pay Factor for Asphalt Content”.