Rate of contribution definition

Rate of contribution means the effective annual rate of usual benefit contributions for all hours, public and private, worked during the year by an employee (commonly referred to as "annualization" of benefits). The only exemp- tion to the annualization requirements is for defined contribu- tion pension plans that have immediate participation and vesting. [2019 c 242 § 2; 1989 c 12 § 6; 1985 c 15 § 1; 1965 ex.s. c 133 § 1; 1945 c 63 § 3; Rem. Supp. 1945 § 10322-22.]
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Rate of contribution means the effective annual rate of usual benefit contributions for all hours, public and private, worked during the year by an employee (commonly referred to as "annualization" of benefits). The only exemption to the annualization requirements is for defined contribution pension plans that have immediate participation and vesting.
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Rate of contribution means the effective annual rate of
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Examples of Rate of contribution in a sentence

  • The long-run price elasticities are reported in Table 4.5.The results in Table 4.5 are stable when is changed from 0.4 to 0.95 and are very close to the those of Model 2 in Table 4.4. Rate of contribution of each factorCigarette purchases data showed an upward tendency during the Jan.

  • Dalal, Dynamics of Growth and Breakup of an Evaporating Pendant Drop, Journal of Heat Transfer (ASME), Vol.

  • Rate of contribution for members over 59 and aged 16 The normal rate of contribution established for age 59 is the rate for any member not covered by Article 6.8 who has attained a greater age before entrance into the retirement system, and that established for age 16 is the rate for any member not covered by Article 6.8 who enters the retirement system at a lesser age.

  • Rate of contribution to the scheme: Both the employee and the employer are mandated to contribute to the Scheme.

  • Rate of contribution for future years will be determined by the Sick Leave Bank Committee.

  • Every employer must pay all usual benefits owing to its employees by the regularly established deadline for those benefits.(7) "Rate of contribution" means the effective annual rate of usual benefit contributions for all hours, public and private, worked during the year by an employee (commonly referred to as "annualization" of benefits).

  • Rate of contribution is 9.0 per cent of wage after deducting social insurance contributions.

  • Rate of contribution for future years will be determined by the Catastrophic Leave Bank Committee.

  • Present Rate of contribution ............................................

  • Assessments paid more than 30 days after the date when due shall bear interest at the rate of 12% per annum from the due date until paid.


More Definitions of Rate of contribution

Rate of contribution means the hourly credit of the amount irrevocably made by an employer to a fund, plan or program pursuant to division (E)(2) of section 4115.03 of the Revised Code.
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Rate of contribution means up to 10% of the Participant’s Salary, as elected by the Participant on the Participant’s filing of Enrolment Instructions;
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Rate of contribution means the effective annual rate of usual benefit contributions for all hours, public and private, worked during the year by an employee (commonly referred to as “annualization” of benefits). The only exemption to the
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Rate of contribution means in relation to a Member at any date the percentage rate determined pursuant to the relevant provisions of clause D.5.3 then being used to determine the contributions paid to the Fund by the Member. D.5.3 Contribution by Members.
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Related to Rate of contribution

  • Contribution Rate means, in a reserve study as described in RCW 64.38.065, the amount contributed to the reserve account so that the association will have cash reserves to pay major maintenance, repair, or replacement costs without the need of a special assessment.

  • Final rate of pay means the actual rate upon which earnings of an employee were calculated during the twelve (12) month period immediately preceding the member's effective retirement date, including employee contributions picked up after August 1, 1982, pursuant to KRS 61.560(4). The rate shall be certified to the system by the employer and the following equivalents shall be used to convert the rate to an annual rate: two thousand eighty (2,080) hours for eight (8) hour workdays, nineteen hundred fifty (1,950) hours for seven and one-half (7-1/2) hour workdays, two hundred sixty (260) days, fifty-two (52) weeks, twelve (12) months, one (1) year;

  • Regular rate of pay means the rate of pay the employee was receiving at the time maternity leave commenced, but does not include retroactive adjustment of rate of pay, acting pay, overtime, shift premium or any other form of supplementary compensation.

  • Basic Rate of Pay means the incremental step in the Salaries Schedule applicable to an Employee in accordance with the terms of this Collective Agreement, exclusive of all premium payments.

  • Annual Contribution means the annual payment to the Fund made by each Member in return for Coverage by the Fund for a Fund Year;

  • Annual Rate of Pay means, as of any date, an employee’s annualized base pay rate. An employee’s Annual Rate of Pay shall not include sales commissions or other similar payments or awards.

  • Matching Contribution means an Employer contribution made to this or any other defined contribution plan on behalf of a Participant on account of a Participant's Deferral Contribution.

  • Actual QP Rate of Pay means the rate of pay which will be paid to the Agency Worker if and when s/he completes the Qualifying Period, as set out in any variation to the relevant Assignment Details Form;

  • Actual Rate of Pay means, unless and until the Agency Worker has completed the Qualifying Period, the rate of pay which will be paid for all time worked during an Assignment for each hour worked, as set out in the relevant Assignment Details Form;

  • Base Rate of Pay means the employee’s hourly rate of pay excluding any premiums, incentives, add-ons or rollups.

  • In-kind contribution means a contribution of goods or services received by a candidate committee, joint candidates committee, political committee, continuing political committee, political party committee, or legislative leadership committee, which contribution is paid for by a person or entity other than the recipient committee, but does not include services provided without compensation by an individual volunteering a part of or all of his or her time on behalf of a candidate or committee.

  • Current rate of pay means the member's actual hourly, daily, weekly, biweekly, monthly, or yearly rate of pay converted to an annual rate as defined in final rate of pay. The rate shall be certified by the employer;

  • Excess Rate With respect to each ARD Loan, the excess of (i) the applicable Revised Rate over (ii) the applicable Mortgage Rate, each as set forth in the Mortgage Loan Schedule.

  • Elective Contribution means the Employer contributions to the Plan of Deferred Compensation excluding any such amounts distributed as excess “annual additions” pursuant to Section 4.11(a). In addition, any Employer Qualified Non-Elective Contribution made pursuant to Section 4.7(b) which is used to satisfy the “Actual Deferral Percentage” tests shall be considered an Elective Contribution for purposes of the Plan. Any contributions deemed to be Elective Contributions (whether or not used to satisfy the “Actual Deferral Percentage” tests or the “Actual Contribution Percentage” tests) shall be subject to the requirements of Sections 4.2(b) and 4.2(c) and shall further be required to satisfy the nondiscrimination requirements of Regulation 1.401(k)-1(b)(5) and Regulation 1.401(m)-1(b)(5), the provisions of which are specifically incorporated herein by reference.

  • Average Annual Debt Service means, at the time of calculation, the sum of the Annual Debt Service for the remaining years of the loan to the last scheduled maturity of the loan divided by the number of those years.