Deferred Compensation Accounts Sample Clauses
The Deferred Compensation Accounts clause establishes the framework for setting up and managing accounts where an employee's earned compensation is set aside to be paid at a later date, typically after retirement or upon meeting certain conditions. These accounts are often used in executive compensation plans, allowing employees to defer a portion of their salary or bonuses, which may accrue interest or investment gains over time. The core function of this clause is to provide a structured method for deferring income, which can offer tax advantages and help employers attract and retain key personnel.
Deferred Compensation Accounts. The term “deferred compensation accounts” refers to 401(a) accounts, 403(b) accounts, 457 accounts, and VEBA accounts as defined by the Internal Revenue Service.
A. All 401(a) Plan accounts established during previous Agreements, with the exception of the VEBA accounts and the 401(a) accounts established in the 2003-2004 Agreement, shall be considered fully vested.
B. The Board will continue to fund all qualified 401(a) Plans, hereinafter referred to as “Deferred Compensation Plans,” established in previous Agreements for any bargaining unit member.
C. The Board will contribute five and six-tenths percent (5.6%) of the base salary to the 401(a) Deferred Compensation Plan and an additional one percent (1.0%) of the base salary to a VEBA account for:
a. bargaining unit members with less than twenty-three (23) years of experience for the 2011-2012 school year.
D. The Board will contribute six and six-tenths percent (6.6%) of the base salary to the 401(a) Deferred Compensation plan for:
a. bargaining unit members with at least twenty-three (23), but less than thirty-seven (37), years of experience for the 2011-2012 school year.
E. Teachers with thirty-nine (39) years or more experience did not qualify for a 401a in 2004/2005. These teachers received additional Basic Salary.
F. Contributions by the Board to the 401(a) Deferred Compensation Plan shall be 100% Vested after five (5) Total Years of Service at Perry Township Schools.
Deferred Compensation Accounts. Upon the Effective Date of the Plan, all Deferred Compensation Accounts shall become subject to the terms and conditions of this Plan in lieu of the terms and conditions of the Predecessor Plans, except as provided in Section 11.18 hereof.
Deferred Compensation Accounts. Any outstanding balance in either DCA will be paid within 30 days from your termination date, except as provided under "DCA2."
Deferred Compensation Accounts. 4.1 In furtherance of the purposes of this Plan, the Company has established the Trust Under the AVX Corporation Deferred Compensation Plans (the "Trust") which is intended to be a "grantor trust" within the meaning of Subpart E, Part I, Subchapter J, Chapter 1, Subtitle A of the Code. The trustee of the Trust (the "Trustee") shall hold, invest and distribute any assets contributed to the Trust in accordance with the provisions thereof. The AVX Stock Fund is an investment option under the Trust. Notwithstanding anything contained in the Plan or Trust to the contrary, the purchase price to be paid for shares of AVX Stock acquired by the Trust shall be equal to the fair market value of such shares and the maximum number of such shares that may be purchased during the existence of the Plan shall not exceed one (1) million shares.
4.2 Any compensation deferred by a Participant pursuant to Section 3.2 and the matching Company contribution thereon shall be invested in the AVX Stock Fund. The Company matching contribution on a Participant's deferral of compensation under the SERP, pursuant to the provisions of Section 3.3(a) or Section 3.4 hereof, shall be contingent upon such Participant investing such SERP deferral (to the extent eligible for a Company matching contribution) in the AVX Stock Fund.
Deferred Compensation Accounts. The Company shall pay all costs of administration of the deferral arrangement, without deduction or reimbursement from the assets of the "rabbi trust," or reduction in the Deferred Compensation Accounts. Except as otherwise provided under Section 7 in the event of Executive's termination of employment with the Company or as otherwise determined by the Committee in the event of hardship on the part of Executive, upon such date(s) or event(s) set forth in the Deferral Election Forms (including forms filed after deferral but before settlement in which Executive may elect to further defer settlement), the Company shall promptly pay to Executive cash equal to the cash then credited to Executive's deferral accounts and cash equal in value to any shares of Common Stock then credited to Executive's deferral accounts, less applicable withholding taxes, and such distribution shall be deemed to fully settle such accounts; provided, however, that the Company may instead settle such accounts by directing the Trustee to distribute the assets of the "rabbi trust." The Company and Executive agree that compensation deferred pursuant to this Section 5(d) shall be fully vested and nonforfeitable; provided, however, Executive acknowledges that his rights to the deferred compensation provided for in this Section 5(d) shall be no greater than those of a general unsecured creditor of the Company, and that such rights may not be pledged, collateralized, encumbered, hypothecated, or liable for or subject to any lien, obligation, or liability of Executive, or be assignable or transferable by Executive, otherwise than by will or the laws of descent and distribution, provided that Executive may designate one or more beneficiaries to receive any payment of such amounts in the event of his death.
Deferred Compensation Accounts. (a) On the Effective Date, the Administrator shall establish and maintain for the Participant a Deferred Compensation Account and credit a number of Deferred Compensation Units. The number of Deferred Compensation Units shall be equal to the product of 1.25% and the number of shares of Common Stock actually outstanding on the Initial Distribution Date. The initial value of each Deferred Compensation Unit shall equal the difference between the closing per share price of the Common Stock on the Initial Distribution Date as reported by NASDAQ and the per share price of the Common Stock on the Emergence Date (the “Initial Value”). The price per share on the Emergence Date shall equal $749 million divided by the total number of shares of Company Common Stock actually outstanding on the Initial Distribution Date (the “Reorg Value”). Notwithstanding any other provision of this Plan, no amount shall be credited to the Participant’s Deferred Compensation Account prior to the Effective Date.
(b) Notwithstanding the forgoing, if the Initial Value is equal to or less than $0, then the Administrator shall not credit any Deferred Compensation Units to the Participant’s Deferred Compensation Account.
Deferred Compensation Accounts. The term “deferred compensation accounts” refers to 401(a) accounts, 403(b) accounts, 457 accounts, and VEBA accounts as defined by the Internal Revenue Service.
Deferred Compensation Accounts. As of the first calendar day of each calendar month specified in Section 6.1.1 of the Employment Agreement, the amounts that would have been paid to Participant but for this Deferral Agreement will be credited in equal portions (subject to Section 5(a)) to a Stock Account and an Investment Account.