Employee Elective Contributions Sample Clauses

Employee Elective Contributions. All Scientists shall be permitted to make elective contributions to the Contributory 401(k) Retirement Plan as permitted by Section 401(k) of the Internal Revenue Code. Such contributions may be made through a payroll deduction plan established by the Employer.
Sample 1Sample 2Sample 3
AutoNDA by SimpleDocs
Employee Elective Contributions. All teachers shall have the option of investing in the 403(b) Plan by completing the applicable salary reduction agreement provided by the School. Each teacher exercising this option may elect to contribute to the 403(b) Plan up to the maximum amount allowed by applicable law, and a teacher shall be fully vested in the contributions the teacher elects to make to the 403(b) Plan.
Sample 1Sample 2
Employee Elective Contributions. Contributing employees may elect under an Elective Deferral Agreement to have the employee his/her compensation reduced by 1% (if 1% is less than $25.00 the employee would have the minimum of $12.50 deducted per pay period), 2%, 3%, 4%, etc, or the minimum of $12.50 per pay period. The amount of such reduction shall be contributed by the Employer to a 403(b) Tax Sheltered Account on behalf of the Contributing Participant. • There will be a special entry date for the initial enrollment period. Plan Entry dates shall then be the first business day of the first and seventh month (January and July) of the plan year. • Participants can modify their Elective Deferral Agreement on the first business day of January or July of each plan year. • Participants may terminate their Elective Deferral Agreement during the year. They can enter into a new Elective Deferral Agreement on any plan entry date. • Deferrals shall be allowed up to the maximum permitted by current IRS regulations for each year. • Effective January 1, 2019, t Effective January 1, 2025, the Employer shall make a contribution of four three and one half percent (4 3.5%) of compensation to the accounts of participants for each pay period they defer one percent (1%) or more to the plan. The employer contribution shall be one hundred percent (100%) immediately vested. • Effective January 1, 2019, Effective January 1, 2025, the Employer shall make a contribution of five and one half (5.5 4.5%) of compensation to the accounts of participants for each pay period they defer three percent (3%) or more to the plan. The Employer contribution shall be one hundred percent (100%) immediately vested. The option for one percent (1%) deferral is still available. Hospital’s Alternate Plan the first year of this Agreement, the Employer and the employee shall split any premium amount above fifteen percent (15%) on a fifty-fifty (50/50) basis; however, an employee shall not be required to pay more than seventy-five dollars ($75) per month toward the employee’s portion of the premiums. The Employer will inform the Union if it appears there will be an increase above fifteen percent (15%). In the second year of this Agreement, the percentage shall be fourteen percent (14%) and in the third year of this Agreement, the percentage shall be thirteen percent (13%). At the annual renewal date if premium costs to the Employer increase above ten percent (10%) for the Hospital’s Alternate Plan (higher end plan), the Employer and the ...
Sample 1
Employee Elective Contributions. An Eligible Employee may elect, by filing an Elective Contribution Agreement in accordance with procedures established by the Plan Manager, to contribute to the Plan an amount equal to any whole number percentage between one and 20 percent of the Eligible Employee’s Compensation. Employee Elective Contributions shall be collected by the Employer through deductions each pay period from the Participant’s Compensation and paid by the Employer to the Trust in accordance with applicable law. A Participant may elect to change or discontinue future Employee Elective Contributions. The Participant must make such election at the time and in the manner designated in accordance with guidelines established by the Administrative Committee. An election shall be effective on the next pay date, provided the election is made at least nine days before the pay date. A Participant who discontinues Employee Elective Contributions may resume Employee Elective Contributions by completing and filing a new Elective Contribution Agreement. An election to make pre-tax contributions under the ISP made by a Participant whose ISP account balance is transferred to this Plan also will be transferred to and be effective under this Plan.
Sample 1

Related to Employee Elective Contributions

  • Voluntary Employee Contributions (a) Subject to the governing rules of the relevant superannuation fund, an Employee may, in writing, authorise their Employer to pay on behalf of the Employee a specified amount from the post- taxation wages of the Employee into the same superannuation fund as the Employer makes the superannuation contributions provided for in clause 24.2. (b) An Employee may adjust the amount the Employee has authorised their Employer to pay from the wages of the Employee from the first of the month following the giving of three months’ written notice to their Employer. (c) The Employer must pay the amount authorised under clauses 24.4(a) or 24.4(b) no later than 28 days after the end of the month in which the deduction authorised under clauses 24.4(a) or 24.4(b) was made.

  • Employee Contributions Any member of the bargaining unit who is hired on or after September 1, 2010 is eligible to make a voluntary contribution to the City=s Deferred Compensation Plan offered by Ameritas.

  • 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 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.

  • Elective Deferrals Any Employer contributions made to the Plan at the election of the Participant, in lieu of cash compensation, and shall include contributions made pursuant to a salary reduction agreement or other deferral mechanism. With respect to any taxable year, a Participant's Elective Deferral is the sum of all employer contributions made on behalf of such Participant pursuant to an election to defer under any qualified cash or deferred arrangement as described in section 401(k) of the Code, any salary reduction simplified employee pension described in section 408(k)(6), any SIMPLE IRA Plan described in §408(p), , any plan as described under section 501(c)(18), and any employer contributions made on the behalf of a Participant for the purchase of an annuity contract under section 403(b) pursuant to a salary reduction agreement. Elective Deferrals shall not include any deferrals properly distributed as excess annual addition. For years beginning after 2005, the term “elective Deferrals” includes Pre-tax Elective Deferrals and Xxxx Elective Deferrals. Pre-tax Elective Deferrals are a participant’s Elective Deferrals that are not includible in the participant’s gross income at the time deferred. The Employer may, if notification is made within a reasonable time and in a manner described in IRS Revenue Ruling 2000-8, 2000-7 IRB617, allow for negative elections. If such administrative provision applies and the Employee does not affirmatively elect to not participate and the Employee does not affirmatively elect a different amount (including no amount), a default amount shall be deducted from the Employee’s Compensation. Such default amount shall be part of the initial notification received by the Employer. If negative elections apply under the Plan, the Employer shall indicate whether the default shall be a pre-tax Elective Deferral or a Xxxx Elective Deferral in the Adoption Agreement.

  • Company Contributions 33.1.1 The Company will make contributions on the Employee’s behalf to a complying superannuation fund which meets the Company’s statutory obligations under applicable superannuation legislation.

  • Rollover Contributions An amount which qualifies as a rollover contribution pursuant to the Federal Internal Revenue Code may be transferred to and paid under this contract as a contribution for a Participant. Prudential may require proof that the amount paid so qualifies.

  • 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 Contributions 16.01 Employer contributions shown in the tables in the attached appendices shall be made on all hours of work performed which are included in computing the eight (8) hours per day and forty (40) hours per week after which overtime is payable and shall be recorded on a standard remittance report provided by the Union and remitted on or before the fifteenth (15th) day of the month following the month for which contributions are due and payable, to the Trust Funds. Hours of work performed are interpreted to mean daily travel time, daily working time, reporting time, and, if the employee is required to perform a welding test, testing time. Contributions for overtime hours will be calculated as straight time hours. The Employer shall provide each employee covered by this Agreement with a statement with each weekly paycheque stating the total number of hours reported for contributions to the Pension and Health & Welfare Funds on behalf of that employee for the period covered by the paycheque. 16.02 All such funds due and payable to the above funds shall be deemed and are considered to be Trust Funds. It is expressly understood that training funds are not wages or benefits due to an employee and industry promotion funds are deemed to be dues for services rendered by the Association. 16.03 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 Fund, including provisions for an 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. 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. 16.04 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. 16.05 The Employer shall not be required to make additional contributions or payments to any Industry Funds established by the Union or its Local Unions nor to any such funds established by Provincial or Territorial Government orders, regulations, or decrees for the purpose of providing similar benefits, it being understood and agreed that the contributions for herein, or any portions thereof shall be deemed to be in lieu of and/or shall be applied as payments to such funds. This provision shall not be applicable to any national funds or plans having general application and established by an Act of the Government of Canada. 16.06 In the Province of Ontario, the Trustees/Administrator of the employee benefit funds referred to in this Agreement shall promptly notify the Local Union of the failure by any Employer to pay any employee benefit contributions required to be made under this Agreement and which are owed under the said funds in order that the Program Administrator of the Ontario Employee Wage Protection Program may deem that there has been an assignment of compensation under the said Program in compliance with the Regulations to the Ontario Employment Standards Amendment Act, 1991, in relation to the Ontario Employee Wage Protection Program. 16.07 The parties hereto agree that contribution rates for the trust funds listed herein do not include any Provincial or Federal taxes.

  • Employee Contribution Eligible employees shall contribute one percent (1%) of their salary on a per pay period basis to the HCSP.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!