Compensation Deferral Elections Clause Samples
The Compensation Deferral Elections clause allows employees or participants to choose to postpone receiving a portion of their earned compensation until a later date, typically for tax planning or retirement purposes. This clause outlines the procedures for making such elections, including deadlines, eligible compensation types, and any restrictions or conditions that apply. By providing a structured process for deferring income, the clause helps individuals manage their taxable income and supports compliance with relevant tax laws and plan requirements.
Compensation Deferral Elections. (a) On or prior to the first day of any Deferral Year, the Director may elect, on the form described in Section 2.1 hereof, to defer the receipt of all or a portion of his Compensation for such Deferral Year. Such writing shall set forth the amount of such Compensation Deferral (in whole percentage amounts). Such election shall continue in effect for all subsequent Deferral Years unless it is canceled or modified as provided below.
(b) Compensation Deferrals shall be withheld from each payment of Compensation by the Funds to the Director based upon the percentage amount elected by the Director under Section 3.1(a) hereof.
(c) The Director may cancel or modify the amount of his Compensation Deferrals on a prospective basis by submitting to the Presidents of the Funds a revised Compensation Deferral election form. Such change will be effective as of the first day of the Deferral Year following the date such revision is submitted to the Presidents of the Funds.
Compensation Deferral Elections. (a) Before the first day of any Deferral Year, the Trustee may elect, on the Deferral Election Form attached as Exhibit A, to defer the receipt of all or a portion of the Trustee’s Compensation for services performed during such Deferral Year; provided, however, that a Trustee newly appointed as Trustee to the Funds may make a deferral election with respect to Compensation payable for services to be performed after the election if such new Trustee submits a Deferral Election Form to the Plan Administrator within 30 days of commencing service as a Trustee.
(b) Any Deferral Election Form must set forth in writing the following information:
(i) the percentage amount of the Trustee’s desired Compensation Deferral;
(ii) the Payment Date for the Trustee’s Deferral Account, from among the options provided in Section 2.4; and
(iii) the Payment Form for the Trustee’s Deferral Account, from among the options provided in Section 2.5.
(c) Compensation Deferrals shall continue in effect for all subsequent Deferral Years, unless modified (including to zero) as provided below.
(d) Compensation Deferrals shall be withheld from each payment of Compensation by the Funds to the Trustee based upon the percentage amount elected by the Trustee under this Section 2.3.
(e) The Trustee may modify the amount of his Compensation Deferrals on a prospective basis by submitting to the Plan Administrator a Modification Form, which will apply, with respect to the percentage amount of the deferral, as of the first day of the next Deferral Year that begins after the date the Modification Form revision is received by the Plan Administrator.
(f) When the deadline for making a Deferral Election expires, elections made with respect to such Deferral Year shall be irrevocable.
Compensation Deferral Elections. (a) Except as provided below, in order to defer amounts under this Plan the Trustee must file an executed election form with the Secretary of the Funds in the manner described in Section 2.1 above. The election form must set forth the amount of the Compensation Deferral in whole percentage amounts, and must specify the time period over which the Trustee’s Deferral Account will be distributed, in accordance with Section 4.1. Compensation Deferrals shall be withheld from each payment of Compensation by the Funds to the Trustee based upon the percentage amount elected by the Trustee in his election form. A sample election form is attached as Form A hereto, but may be revised by the Board of Trustees from time to time.
(b) The Compensation Deferral shall remain effective for all subsequent Deferral Years unless it is canceled or modified as provided below. If the Trustee files multiple election forms with the Secretary of the Funds before the commencement of any given Deferral Year, the latest dated election form shall take effect.
(c) The Trustee may cancel or modify the amount of his Compensation Deferrals for prospective Deferral Years by filing a revised election form with the Secretary of the Funds. Such change will be effective as of the first day of the Deferral Year following the date the revised election form is filed with the Secretary of the Funds. Compensation Deferrals already credited to the Trustee’s Deferral Account are irrevocable and cannot be distributed in any manner other than as provided under this Agreement.
Compensation Deferral Elections. (a) The Trustee may elect, on the form described in Section 2.1 hereof, to defer the receipt of all or a portion of the Compensation for such Deferral Year. Such writing shall set forth the amount of such Compensation Deferral (in whole percentage amounts). Such election shall continue in effect for all subsequent Deferral Years unless it is canceled or modified as provided below.
(b) Compensation Deferrals shall be withheld from each payment of Compensation by the Fund to the Trustee based upon the percentage amount elected by the Trustee under Section 3.1(a) hereof.
(c) The Trustee may cancel or modify the amount of his Compensation Deferrals on a prospective basis by submitting to the President of the Fund a revised Compensation Deferral election form. Such change will be effective as of the first day following the date such revision is submitted to the President of the Fund.
Compensation Deferral Elections. (a) Prior to the first day of any Deferral Year, the Director may elect, on the form described in Section 2.1 hereof, to defer the receipt of all or a portion of his Compensation for such Deferral Year. Such writing shall set forth the amount of such Compensation Deferral (in whole percentage or dollar amounts) and may set forth a specific type of his Compensation (i.e., based on the activity for which a specific portion of Compensation is paid) from which such Compensation Deferrals are to be made. Such election shall continue in effect for all subsequent Deferral Years unless it is canceled or modified as provided below.
(b) Compensation Deferrals shall be withheld pro rata from each payment of Compensation (or payment of a specific type of Compensation, if applicable) by the Bank to the Director based upon the percentage or dollar amount elected by the Director under Section 3.1 (a) hereof.
(c) The Director may cancel or modify the amount of his Compensation Deferrals on a prospective basis by submitting to the Director of Human Resources of the Bank a revised Compensation Deferral election form. Such change will be effective as of the first day of the Deferral Year following the date such revision is submitted to the Director of Human Resources of the Bank.
Compensation Deferral Elections. Simultaneously with the execution of this Agreement, Employee must direct ▇▇▇▇ on a form prescribed by ▇▇▇▇ (hereafter the "Compensation Deferral Election" and attached as Exhibit A) to defer a portion not to exceed $12,000.00 of Employee's compensation for the calendar year, on a before tax basis, from Employee's annual bonus or from Employee's compensation, in any whole percentage Employee chooses, from a minimum of 1% to a maximum of 15% (not to exceed $12,000.00 in the aggregate); or from Employee's compensation in any monthly whole dollar amount Employee chooses, from a minimum of $250.00 to a maximum of $1,000.00. When electing to make deferrals of compensation under this Agreement, Employee must make an irrevocable election for an entire calendar year. Once a calendar year has begun, a deferral election may not be changed or revoked during the calendar year (except with respect to deferrals in future calendar years). Notwithstanding the foregoing, however, in the event of Employee's financial hardship, the Employee may apply to ▇▇▇▇ for permission to reduce or suspend deferral contributions for the remainder of the calendar year or any part thereof. ▇▇▇▇ has the sole discretion as to the extent (if at all)
Compensation Deferral Elections. (a) On or prior to the first day of any Deferral Year, the Trustee may elect, on the form described in Section 2.1 hereof, to defer the receipt of all or part of the Compensation he or she receives from the Trust for such Deferral Year. Such writing shall set forth the amount of such Compensation Deferral (in whole percentage amounts). Such election shall continue in effect for all subsequent Deferral Years unless it is canceled or modified as provided below.
(b) Compensation Deferrals shall be withheld from each payment of Compensation by the Trust to the Trustee based upon the percentage amount elected by him or her under Section 3.1(a) hereof.
(c) The Trustee may cancel or modify the amount of his Compensation Deferrals (within the parameters set forth under Section 3.1(a) hereof) on a prospective basis by submitting to the Treasurer of the Trust a revised Compensation Deferral election form. Such change will be effective as of the date of the next deferral following the date such revision is submitted to the Treasurer of the Trust.
Compensation Deferral Elections. Simultaneously with the execution of this Agreement, Employee must direct ▇▇▇▇ on a form prescribed by ▇▇▇▇ (hereafter the "Compensation Deferral Election" and attached as Exhibit A) to defer a portion not to exceed $12,000.00 of Employee's compensation for the calendar year, on a before tax basis, from Employee's annual bonus or from Employee's compensation, in any whole percentage Employee chooses, from a minimum of 1% to a maximum of 15% (not to exceed $12,000.00 in the aggregate); or from Employee's compensation in any monthly whole dollar amount Employee chooses, from a minimum of $250.00 to a maximum of $1,000.00.