DISCRETIONARY PROFIT SHARING CONTRIBUTIONS Sample Clauses

DISCRETIONARY PROFIT SHARING CONTRIBUTIONS. (Section 4.1 of the Plan; check one). 1. ☒ Each Plan Year, the Employer may contribute a discretionary amount in addition to any matching contribution for all Eligible Participants. . The Discretionary Contribution will be 8% made on a payroll by payroll basis until changed. An Additional 1% Discretionary Contribution shall be made “after” the end of each Plan Year if: • Employed on each December 31. • Die, become Disabled or retire after Normal Retirement Age during the Plan Year.
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DISCRETIONARY PROFIT SHARING CONTRIBUTIONS. Employer Profit Sharing contributions under the Plan shall be made solely at the discretion of the Employer pursuant to Section 4.1 of the Plan, and shall be allowed up to the maximum amount specified in Section 5.5 of the Plan. Determination by the Employer to make a Discretionary Profit Sharing Contribution, and Elective Deferral Contributin, a Qualified Matching Contribution, a Qualified Non- Elective Contribution or a Matching Contribution shall be made without regard to current or accumulated profits. Forfeitures of Employer Profit Sharing Contributions shall be added to and allocated with the Employer's Contribution.
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DISCRETIONARY PROFIT SHARING CONTRIBUTIONS. A Discretionary Profit Sharing Contribution subaccount to which shall be credited (or debited, as the case may be) (i) the Participant's share of Discretionary Profit Sharing Contributions allocated under Section 5.1(b); (ii) the allocable expenses and net earnings or net losses on the investment of the assets of such subaccount; and (iii) distributions from such subaccount.
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DISCRETIONARY PROFIT SHARING CONTRIBUTIONS. Contributions of the Employer to the Plan and Trust as described in Section 3.3(b)
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DISCRETIONARY PROFIT SHARING CONTRIBUTIONS. If the Employer elects in the Adoption Agreement to make Discretionary Profit Sharing Contributions, the Employer may contribute to the Trust an amount as may be determined by the Employer for each Plan Year. Subject to the minimum top-heavy allocation rules of Section 12.3 and the exclusions specified in this subsection. Discretionary Profit Sharing Contributions for a Plan Year shall be allocated to the Accounts of those Participants specified by the Employer in the Adoption Agreement and shall be allocated to Participants in accordance with the provisions of Section 7.1(b) and the Adoption Agreement.
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DISCRETIONARY PROFIT SHARING CONTRIBUTIONS. (Section 4.1 of the Plan; check one).
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DISCRETIONARY PROFIT SHARING CONTRIBUTIONS. IF THE ADOPTION AGREEMENT SO PROVIDES, ANY PORTION OF THE EMPLOYER'S DISCRETIONARY CONTRIBUTION NOT ALLOCATED UNDER SECTION 3.4.2, SECTION 3.4.3 AND SECTION 3.4.4 SHALL BE ALLOCATED TO THE EMPLOYER CONTRIBUTIONS ACCOUNTS OF ELIGIBLE PARTICIPANTS UNDER SECTION 3.5. THE DISCRETIONARY CONTRIBUTION FOR A PLAN YEAR SHALL BE ALLOCATED TO THE EMPLOYER CONTRIBUTIONS ACCOUNTS OF ELIGIBLE PARTICIPANTS UNDER THE FORMULA SET FORTH IN SECTION 3.4.5(a) OR SECTION 3.4.5(b) AS INDICATED IN THE ADOPTION AGREEMENT. (a) STRAIGHT PERCENT OF PAY PROFIT SHARING ALLOCATION. IF THE DISCRETIONARY PROFIT SHARING CONTRIBUTION IS ADOPTED AS A NON- INTEGRATED STRAIGHT PERCENT OF PAY PROFIT SHARING CONTRIBUTION, THE CONTRIBUTION, IF ANY, MADE BY THE EMPLOYER FOR A GIVEN PLAN YEAR SHALL BE ALLOCATED TO THE EMPLOYER CONTRIBUTIONS ACCOUNTS OF ELIGIBLE PARTICIPANTS IN THE RATIO WHICH THE RECOGNIZED COMPENSATION OF EACH SUCH ELIGIBLE PARTICIPANT FOR THE PLAN YEAR BEARS TO THE RECOGNIZED COMPENSATION FOR SUCH PLAN YEAR OF ALL SUCH ELIGIBLE PARTICIPANTS. (b) INTEGRATED PROFIT SHARING ALLOCATION. IF THE DISCRETIONARY PROFIT SHARING CONTRIBUTION IS ADOPTED AS AN INTEGRATED PROFIT SHARING CONTRIBUTION, THE CONTRIBUTION, IF ANY, MADE BY THE EMPLOYER FOR A GIVEN PLAN YEAR SHALL BE DETERMINED AND ALLOCATED UNDER THE FOLLOWING RULES: (i) BASE CONTRIBUTION PERCENTAGE. SUBJECT TO THE RULES IN SECTION 3.4.5(b)(iii) AND (iv), THE EMPLOYER SHALL DETERMINE A UNIFORM BASE CONTRIBUTION PERCENTAGE FOR THE PLAN YEAR AND SHALL CONTRIBUTE TO EACH ELIGIBLE PARTICIPANT'S EMPLOYER PROFIT SHARING ACCOUNT AN AMOUNT EQUAL TO THAT BASE CONTRIBUTION PERCENTAGE MULTIPLIED BY EACH SUCH ELIGIBLE PARTICIPANT'S RECOGNIZED COMPENSATION UP TO THE INTEGRATION LEVEL (AS DEFINED IN THE ADOPTION AGREEMENT) FOR THAT PLAN YEAR. (ii) EXCESS CONTRIBUTION PERCENTAGE. SUBJECT TO THE RULES IN SECTION 3.4.5(b)(iii) AND (iv), THE EMPLOYER SHALL DETERMINE A UNIFORM EXCESS CONTRIBUTION PERCENTAGE FOR THE PLAN YEAR AND SHALL CONTRIBUTE TO EACH ELIGIBLE PARTICIPANT'S EMPLOYER PROFIT SHARING ACCOUNT AN AMOUNT EQUAL TO THAT EXCESS CONTRIBUTION PERCENTAGE MULTIPLIED BY EACH SUCH ELIGIBLE PARTICIPANT'S RECOGNIZED COMPENSATION IN EXCESS OF THE INTEGRATION LEVEL (AS DEFINED IN THE ADOPTION AGREEMENT) FOR THAT PLAN YEAR. (iii) RULES FOR NON-TOP HEAVY PLAN. THE BASE CONTRIBUTION PERCENTAGE AND THE EXCESS CONTRIBUTION PERCENTAGE FOR A PLAN YEAR IN WHICH THE PLAN IS NOT TOP HEAVY AS DEFINED IN APPENDIX B TO THIS PLAN STATEMENT SHALL BE DETERMINED AS FO...
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DISCRETIONARY PROFIT SHARING CONTRIBUTIONS 
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Related to DISCRETIONARY PROFIT SHARING CONTRIBUTIONS

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Employer Contributions 8.1 Rates at which the Employer shall contribute for each hour of work performed on behalf of each employee employed under the terms of this Agreement are contained in the Appendices attached to and forming part of this Agreement. 8.2 Contributions shall be recorded on a remittance form and remitted to the designated recipient of such contributions on or before the fifteenth (15) day of the month following the month for which contributions are to be made. In the event that any Employer is delinquent in his contributions to the above funds for more than thirty (30) days, the Employer and the Association shall be notified of such delinquency. If after five (5) days from such notice such delinquency has not been paid, the Employer shall pay to the applicable funds, as liquidated damages and not as a penalty, an amount equal to ten percent (10%) of the arrears for the month, or part thereof, in which the Employer is in default. Thereafter, interest shall accumulate at the rate of two percent (2%) per month (24% per year compounded monthly) on any unpaid arrears, including liquidated damages. 8.3 The amounts to be designated as wages and/or Employer contributions to the above funds may be varied from time to time by agreement between the Association and the Union. 8.4 The Board of Trustees of the respective Trust Funds shall have authority to promulgate such agreements, plans and/or rules as may be necessary or desirable for the efficient and successful operation and administration of the said Trust Funds, including provisions for audit security, surety and/or liquidated damages to the extent that such may be necessary for the protection of the beneficiaries of such Trust Funds. 8.5 Any and all agreements, plans or rules established by the Boards of Trustees of the respective Trust Funds shall be appended hereto and shall be deemed to be part of and expressly incorporated herein and the Employer and the Union shall be bound by the terms and provisions thereof. 8.6 All employer contributions due and payable to the above funds, except industry promotion funds, shall be deemed and are considered to be Trust Funds. It is expressly understood that training funds and industry promotion funds are not wages or benefits due to an employee and industry promotion funds are dues for services rendered by the Association. 8.7 The Business Representative of the Local Union may inspect, during regular business hours, the Company's record of time worked by employees and contributions to the plan. 8.8 The Employer shall be responsible for the payment of any government sales taxes applicable to any trust fund contributions payable by the Employer.

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.

  • Participant Contributions If Participant contributions are permitted, complete (a), (b), and (c). Otherwise complete (d).

  • Retirement Contributions On behalf of employees, the State will continue to “pick up” the six percent (6%) employee contribution, payable pursuant to law. The parties acknowledge that various challenges have been filed that contest the lawfulness, including the constitutionality, of various aspects of PERS reform legislation enacted by the 2003 Legislative Assembly, including Chapters 67 (HB 2003) and 68 (HB 2004) of Oregon Laws 2003 (“PERS Litigation”). Nothing in this Agreement shall constitute a waiver of any party’s rights, claims or defenses with respect to the PERS Litigation.

  • Pension Contributions While on leave pursuant to Section B. of this Article, an employee may make contributions to the appropriate State pension system and will receive service credit for the time the employee is on unpaid leave.

  • Tax-Deferred Earnings The investment earnings of your Xxxx XXX are not subject to federal income tax as they accumulate in your Xxxx XXX. In addition, distributions of your Xxxx XXX earnings will be free from federal income tax if you take a qualified distribution, as described below.

  • Company Contributions The Company shall continue to make a Company Contribution for Plan Years 2017, 2018 and 2019, on the same terms and conditions set forth in the Participant Agreement, with the performance metrics and targets in connection with such Company Contributions for such Plan Years to be established in the sole discretion of the Committee, following consultation with the Chief Executive Officer of the Company.

  • 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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