EMPLOYEE ELECTIVE DEFERRALS Sample Clauses

EMPLOYEE ELECTIVE DEFERRALS. 4.1 ELECTIVE DEFERRAL REQUIREMENTS Elective Deferrals shall only be permitted for Plan Years in which: (a) Not less than 50% of the Participants elect to make Elective Deferrals to the SEP-IRA xx their behalf; and (b) The Employer had no more than 25 Employees at all times during the prior Plan Year who were eligible to participate in the Plan. 4.2 SALARY SAVINGS AGREEMENT An Employee may elect to have Elective Deferrals made under this Plan through either a lump sum or continuing Elective Deferrals, or both, pursuant to his or her Salary Savings Agreement. The amount of Elective Deferrals may not exceed the percentage or dollar amount specified in the Employer's Adoption Agreement. Under no circumstances may an Employee's Elective Deferrals in any calendar year exceed the lesser of: (a) Fifteen percent of the Employee's Compensation determined without including the SEP-IRA xxxtributions, (13.0435% of Compensation plus Elective Deferrals), or (b) $7,000 as adjusted for inflation at the beginning of such taxable year. This amount may be reduced if a Participant contributes pre-tax contributions to qualified plans of this or other Employers. 4.3 TIMING OF ELECTIVE DEFERRALS Elective Deferrals may not be based on Compensation an Employee has received, or had a right to receive, prior to the execution of the Employee's Salary Savings Agreement. A Participant may amend his or her Salary Savings Agreement to increase, decrease or terminate the Elective Deferral percentage upon written notice to the Employer. Such increase, decrease or termination shall be effective as soon as reasonably possible, but in any event within 90 days of written notice. If a Participant terminates his or her Elective Deferrals, such Participant shall not be permitted to put a new Salary Savings Agreement into effect until after 90 days. The Employer may also amend or terminate said agreement on written notice to the Participant to insure the Plan's qualified status. If a Participant has not authorized the Employer to withhold at the maximum rate and desires to increase the total withheld for a Plan Year, such Participant may authorize the Employer to withhold a supplemental amount up to 100% of his or her Compensation for one or more pay periods. In no event may the sum of the amounts withheld under the Salary
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EMPLOYEE ELECTIVE DEFERRALS. Complete both Sections 3(A) and 3(B) below to indicate the restrictions concerning changes to Salary Reduction Agreements. By executing a Salary Reduction Agreement with the Employer, an Eligible Employee may elect to defer a percentage or specific dollar amount of his or her Compensation, which will result in the deferral of not more than the Applicable Limit per Plan Year. An Employee may terminate a Salary Reduction Agreement at any time during the year, and an Employer can elect by indicating in Section 3(A) below when such salary reduction contributions can resume, and in Section 3(B) below when modifications to a Salary Reduction Agreement can occur. A. Indicate here when salary reduction contributions can resume. Note: If you are establishing a new Plan and no option is checked, Employees can resume Elective Deferrals the first day of the next month. Employees who terminate a Salary Reduction Agreement during the year: B. Indicate here when modifications to a Salary Reduction Agreement can occur. Note: If you are establishing a
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EMPLOYEE ELECTIVE DEFERRALS. Complete both Sections (A) and (B) below to indicate the restrictions concerning changes to Salary Reduction Agreements. A. Employees who terminate a Salary Reduction Agreement during the year:
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EMPLOYEE ELECTIVE DEFERRALS. ( ) a. Employee Elective Deferrals are not permitted.
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EMPLOYEE ELECTIVE DEFERRALS. Complete both Sections 3(A) and 3(B) below to indicate the restric- tions concerning changes to Salary Reduction Agreements. By executing a Salary Reduction Agreement with the Employer, an Eligible Employee may elect to defer a percentage or specific dollar amount of his or her Compensation, which will result in the deferral of not more than the Applicable Limit per Plan Year. An Employee may terminate
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EMPLOYEE ELECTIVE DEFERRALS. The Employee shall execute and file with the Corporation, in connection with the execution of this Agreement, a Deferral Election Form, in substantially the form of Exhibit A attached hereto, designating the portion of his compensation for the year which shall be deferred. Such Deferral Election Form shall remain in effect either (i) for the calendar year for which it is made, or (ii) until amended or revoked by the Employee, as provided in the Deferral Election Form. The Employee may amend such Deferral Election Form as permitted by the Corporation from time to time, provided that any such amendment shall only apply to amounts earned after such amendment. The Corporation shall permit such amendments at least once each year. In the case of amounts deferred based on an annual bonus, the amounts deferred will be credited to the Employee’s Deferred Compensation Account (as described in Section 3 hereof) on an annual basis. In the case of amounts deferred based on the Employee’s regular salary, the amounts deferred will be credited to the Employee’s Deferred Compensation Account on at least a monthly basis.
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EMPLOYEE ELECTIVE DEFERRALS. If the Adoption Agreement provides for Employee Elective Deferrals, the Employer shall contribute on behalf of any Participant with whom there is in effect a binding Deferral Agreement, for any full pay period, an amount equal to the amount by which the Participant's Compensation for such pay period was reduced pursuant to the Deferral Agreement. Each such Employee Elective Deferral will be paid in cash to the Trustee in accordance with section 3.08 and shall be credited to the Participant's Employee Elective Deferral Account in accordance with section 4.01.
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EMPLOYEE ELECTIVE DEFERRALS. By executing a Salary Reduction Agreement with the Employer, an Eligible Employee may elect to defer a percentage of his or her Compensation which will result in the deferral of no more than $6,000 (as indexed) per calendar year. An Employee may terminate a Salary Reduction Agreement at any time during the year, and an Employer can elect when such a Salary Reduction Agreement can resume. Employees who modify or terminate a Salary Reduction Agreement during the year (check one): Can resume Elective Deferrals the first day of the next month: Can resume Elective Deferrals the first day of the next quarter; Cannot resume Elective Deferrals until the next Plan Year B. Employer Contributions. For each Plan Year, and subject to the terms of Section 4.3 of the Plan, the Employer shall make: (i)
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EMPLOYEE ELECTIVE DEFERRALS. Any Employer contributions made to the Plan at the election of the Participant, in lieu of cash compensation, including contributions made pursuant to a Deferral Agreement or other deferral mechanism. With respect to any taxable year, a Participant's Employee Elective Deferrals 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 simplified employee pension cash or deferred arrangement as described in section 402(h)(1)(B), any eligible deferred compensation plan under section 457, 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.
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Related to EMPLOYEE ELECTIVE DEFERRALS

  • 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.

  • 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.

  • Deferrals If permitted by the Company, the Participant may elect, subject to the terms and conditions of the Plan and any other applicable written plan or procedure adopted by the Company from time to time for purposes of such election, to defer the distribution of all or any portion of the shares of Common Stock that would otherwise be distributed to the Participant hereunder (the “Deferred Shares”), consistent with the requirements of Section 409A of the Code. Upon the vesting of RSUs that have been so deferred, the applicable number of Deferred Shares shall be credited to a bookkeeping account established on the Participant’s behalf (the “Account”). Subject to Section 5 hereof, the number of shares of Common Stock equal to the number of Deferred Shares credited to the Participant’s Account shall be distributed to the Participant in accordance with the terms and conditions of the Plan and the other applicable written plans or procedures of the Company, consistent with the requirements of Section 409A of the Code.

  • Eligibility for Employer Contribution This section describes eligibility for an Employer Contribution toward the cost of coverage.

  • 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.

  • 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.

  • Maintaining Eligibility for Employer Contribution The employer's contribution continues as long as the employee remains on the payroll in an insurance eligible position. Employees who complete their regular school year assignment shall receive coverage through August 31.

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

  • 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.

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