AVERAGE DEFERRAL PERCENTAGE LIMITATION Sample Clauses

AVERAGE DEFERRAL PERCENTAGE LIMITATION. (Same) [(2) the average rate of 401(Jd Contributions as a percentage of compensation for all other participating Eligible Empmees multiplied by 2 but only if the average rate of 40100 Contributions for the participating Eligible ffigbly Compensated Employees does not exceed by more than 2 percentage points the average rate of 40100 Contributions for all other participating Eligible Employees, or such lesser amount as the Secretary of the Treasury may prescribe in order to prevent the multiple use of this alternative limitation with respect to any ffigbly Compensated participant.] .1il the average rate at 401(k) Contributions as a percentage of compensation lor all other panicipating Eligible Emplmees multiplied b.y 2,' or .1iil the average rate at 401(k) Contributions as a percentage of compensation IQr all other xxxxxx..l}4ling Eligible Emplayees plUS 2 percentage pQints. Qrsuch lesser amQunt as the Secretary oj the Treasury may prescribe in Qrder tQprevent the multiple use of this alternative limitatiQn with respect to any Highly Compensated panicipant. (Amended 111194) The average rate of 4Ql(k) Contributions for a Plan Year for a designated group of Eligilile Employees shall be the average of the ratios, calculated separately for each participating Eligible Employee in the group, of the amount of 40100 Contributions made by each EmplQyeefor the Plan Year, to the Employee's compensation for such Plan Year. As used in this subsection, compensation shall mean compensation paid by an Employer to the participant during the Plan Year which is required to be reported as wages on the participant's form W-2 and shall also include compensation which is not currently includable in the participant's gross income by reason of the application of ~ Sections 125 and 402[(a)(8)] BENEFIT AGREEMENT PART IV SAVINGS FUND PLAN [(2) the average rate of Nop-401(k) Contributions and Employer Contributions as a percentage of compensation for aU other participating Eligible Employees multiplied by 2, but only if the average rate of Nop-401(k) Contributions and Employer ContributioDs for the participating IDghly Compensated Eligible Employees does Dot exceed by more than 2 percentage points the average rate of Non-40Hk) Contributions and Emp1Qyer Contributions for aU other participating Eligible Employees, or such lesser amount as the Secretary of the Treasury may prescribe in order to prevent the multiple use of this alternative limitation with respect to any mghly Compensated p...
Sample 1
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AVERAGE DEFERRAL PERCENTAGE LIMITATION. A. Limitations: Notwithstanding anything herein to the contrary, the Average Deferral Percentage for all Eligible Participants who are Highly Compensated Employees must bear a relationship to the Average Deferral Percentage for all Eligible Participants who are Non-Highly Compensated Employees that meets one of the following tests: (1) The Average Deferral Percentage for the Eligible Participants who are Highly Compensated Employees shall not exceed the Average Deferral Percentage for Eligible Participants who are Non-Highly Compensated Employees for the Plan Year multiplied by 1.25; or (2) The Average Deferral Percentage for Eligible Participants who are Highly Compensated Employees for the Plan Year shall not exceed the Average Deferral Percentage for Eligible Participants who are Non-Highly Compensated Employees for the Plan Year multiplied by two, provided that the Average Deferral Percentage for Eligible Participants who are Highly Compensated Employees does not exceed the Average Deferral Percentage for Eligible Participants who are Non-Highly Compensated Employees by more than two (2) percentage points.
Sample 1

Related to AVERAGE DEFERRAL PERCENTAGE LIMITATION

  • Plan Year The year for the purposes of the plan shall be from September 1 of one year, to August 31, of the following year, or such other years as the parties may agree to.

  • Limitation Year The Limitation Year is: (Choose (c) or (d)) [ x ] (c) The Plan Year. [ ] (d) The 12 consecutive month period ending every _____.

  • Elective Deferrals (a) The Committee may establish procedures pursuant to which Employee may elect to defer, until a time or times later than the vesting of a Performance Share Unit, receipt of all or a portion of the shares of Common Stock deliverable in respect of a Performance Share Unit, all on such terms and conditions as the Committee (or its designee) shall determine in its sole discretion. If any such deferrals are permitted for Employee, then notwithstanding any provision of this Agreement or the Plan to the contrary, an Employee who elects such deferral shall not have any rights as a stockholder with respect to any such deferred shares of Common Stock unless and until the date the deferral expires and certificates representing such shares are required to be delivered to Employee. The foregoing notwithstanding, no deferrals of Dividend Equivalents related to any Performance Share Units under this Award will be permitted. Moreover, the Committee further retains the authority and discretion to modify and/or terminate existing deferral elections, procedures and distribution options. (b) Notwithstanding any provision to the contrary in this Agreement, if deferral of Performance Share Units is permitted, each provision of this Agreement shall be interpreted to permit the deferral of compensation only as allowed in compliance with the requirements of Section 409A of the Internal Revenue Code and any provision that would conflict with such requirements shall not be valid or enforceable. Employee acknowledges, without limitation, and consents that application of Section 409A of the Internal Revenue Code to this Agreement may require additional delay of payments otherwise payable under this Agreement. Employee and the Company further hereby agree to execute such further instruments and take such further action as reasonably may be necessary to comply with Section 409A of the Internal Revenue Code.

  • Annual Percentage Rate Each Receivable has an APR of not more than 25.00%.

  • Highly Compensated Employee The term Highly Compensated Employee includes highly compensated active employees and highly compensated former employees.

  • Adjustment of Minimum Quarterly Distribution and Target Distribution Levels (a) The Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution, Third Target Distribution, Common Unit Arrearages and Cumulative Common Unit Arrearages shall be proportionately adjusted in the event of any distribution, combination or subdivision (whether effected by a distribution payable in Units or otherwise) of Units or other Partnership Securities in accordance with Section 5.10. In the event of a distribution of Available Cash that is deemed to be from Capital Surplus, the then applicable Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution, shall be adjusted proportionately downward to equal the product obtained by multiplying the otherwise applicable Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution, as the case may be, by a fraction of which the numerator is the Unrecovered Capital of the Common Units immediately after giving effect to such distribution and of which the denominator is the Unrecovered Capital of the Common Units immediately prior to giving effect to such distribution. (b) The Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution, shall also be subject to adjustment pursuant to Section 6.9.

  • PERCENTAGE GOAL The goal for Historically Underutilized Business (HUB) participation in the work to be performed under this contract is 23.7 % of the contract amount.

  • Reallocation to a Class with a Lower Salary Range Maximum 1. If the employee meets the skills and abilities requirements of the position and chooses to remain in the reallocated position, the employee retains the existing appointment status and has the right to be placed on the Employer’s internal layoff list for the classification occupied prior to the reallocation. 2. If the employee chooses to vacate the position or does not meet the skills and abilities requirements of the position, the layoff procedure specified in Article 31 of this Agreement applies.

  • Share Class Annual Compensation Rate Class R-1 1.00% Class R-2 0.75% Class R-2E 0.60% Class R-3 0.50% Class R-4 0.25% Class R-5 No compensation paid Class R-5E No compensation paid Class R-6 No compensation paid If you hold Plan accounts in an omnibus account (i.e., multiple Plans in one account on the books of the Funds), Plans that are added to the omnibus account after May 15, 2002 may invest only in R shares, and you must execute an Omnibus Addendum to the Selling Group Agreement, which you can obtain by calling our Home Office Service Team at 800/421-5475, extension 8.

  • Excess Contributions An excess contribution is any amount that is contributed to your IRA that exceeds the amount that you are eligible to contribute. If the excess is not corrected timely, an additional penalty tax of six percent will be imposed upon the excess amount. The procedure for correcting an excess is determined by the timeliness of the correction as identified below.

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