Employer Contribution Credits Sample Clauses

Employer Contribution Credits. Notwithstanding any provision of the Plan to the contrary, for any Plan Year, the Employer may elect to credit to the Employer Contribution Account Account of each Participant, or any Participant designated by the Employer, an amount as determined by the Employer. Any such credit shall be made entirely at the discretion of the Employer and the amount of such credit, if any, may be different for different Participants. A Participant’s Employer Contribution Account, if any, shall be paid a single lump sum upon the occurrence of a Qualifying Distribution Event; provided that such Account shall not be subject to any in-service or education distribution election of a Participant and provided further that payment of such Account to a Specified Employee upon separation from Service shall be delayed for six months in accordance with Section 5.1. 3. Except as hereinabove amended, the provisions of the Plan shall continue in full force and effect.
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Employer Contribution Credits. (i) Pursuant to the Plan (including Section 3.1 thereof), the amount of any Employer's Contribution Credits awarded to the Participant for a particular Plan Year will be equal to 15% of the Participant’s base salary for such Plan Year. The Participant will receive notice of the amount of Employer Contribution Credits for such Plan Year. Notwithstanding anything to the contrary in this Participation Agreement, the Employer retains sole and absolute discretion to determine both the fact of and the amount of Employer Contribution Credits for any Plan Year; provided, however, that the Employer intends to exercise such discretion in a manner that is not inconsistent with Section 3(a)(ii) of this Agreement. (ii) Except with respect to any year during which the Employer determines there is good cause, the Employer generally intends not to make adjustments to the amount of Employer Contribution Credits for a Plan Year as provided in Section 3(a)(i) if during such Plan Year the Employer has been Profitable.
Employer Contribution Credits. Subject to Section 8 hereof, a Participant shall become 100% vested in his or her Employer Contribution Credits for a Plan Year upon the following events: (i) upon the Participant’s Normal Retirement; (ii) upon the Participant’s Separation from Service following a Change of Control and subsequent Triggering Event; (iii) upon a Separation from Service due to a Disability; (iv) upon completion of two (2) consecutive Years of Service immediately following the Plan Year for which the Award was made; or (v) upon the Participant’s death. There shall be no partial vesting of Employer Contribution Credits.
Employer Contribution Credits. If the Employer elects in the Adoption Agreement to make Employer Contribution Credits under the Plan, there shall be established and maintained a separate Employer Contribution Credit Account in the name of each Participant, to which shall be credited or debited, as applicable, (a) amounts equal to the Employer's Contribution Credits; (b) any deemed earnings, losses or expenses allocated to the account. For purposes of this Section, the Employer's Contribution Credits with respect to a Participant for a particular Plan Year shall be an amount equal to the amount specified in the Adoption Agreement, if any, for the Plan Year. The Employer's Contribution Credits shall be credited to the Participant's Account either in a single credit or ratably over the applicable period and shall be credited only if the Participant satisfies the eligibility requirements for receiving an Employer Contribution Credit for the Plan Year specified in the Adoption Agreement. The Participant's Employer Contribution Credit Account shall be credited or debited as applicable, as of each Valuation Date with deemed earnings, losses and expenses, as applicable. The amount of deemed earnings, losses and expenses shall be as determined under Article IV. The Employer shall have the discretion to allocate such deemed income, gains, losses and expenses among Employer Contribution Credit Account pursuant to such allocation rules as the Employer deems to be reasonable and administratively practicable.
Employer Contribution Credits. If Employer Contribution Credits are elected in the Agreement, there shall be established and maintained a separate Employer Contribution Credit Account in the name of each Participant. Each such Employer Contribution Credit Account shall be credited or debited, as applicable, with (i) amounts equal to the Employer’s Contribution Credits, if any, credited to that Account; and (ii) amounts equal to any deemed earnings and losses (to the extent realized, based upon deemed fair market value of the Account’s deemed assets as determined by the Employer, in its discretion) allocated to that Account. The Employer Contribution Credits credited to a Participant’s Employer Contribution Credit Account for any particular Plan Year shall be an amount (if any) identified in the Agreement, The Employer shall credit such contributions on behalf of such individuals, in such amounts and with such frequency as the Board determines in its sole discretion. A Participant shall become vested in amounts credited to his or her Employer Contribution Credit Account according to the vesting schedule established in the Agreement. Notwithstanding the preceding, a Participant will only receive a matching contribution (if any) under this Plan if the Participant has made the maximum elected deferral permitted under the Employer’s 401(k) Plan.

Related to Employer Contribution Credits

  • 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.

  • 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.

  • 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.

  • 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.

  • Elective Deferrals (a) The Committee may establish procedures pursuant to which Employee may elect to defer, until a time or times later than the vesting of a Performance Share Unit, receipt of all or a portion of the shares of Common Stock deliverable in respect of a Performance Share Unit, all on such terms and conditions as the Committee (or its designee) shall determine in its sole discretion. If any such deferrals are permitted for Employee, then notwithstanding any provision of this Agreement or the Plan to the contrary, an Employee who elects such deferral shall not have any rights as a stockholder with respect to any such deferred shares of Common Stock unless and until the date the deferral expires and certificates representing such shares are required to be delivered to Employee. The foregoing notwithstanding, no deferrals of Dividend Equivalents related to any Performance Share Units under this Award will be permitted. Moreover, the Committee further retains the authority and discretion to modify and/or terminate existing deferral elections, procedures and distribution options. (b) Notwithstanding any provision to the contrary in this Agreement, if deferral of Performance Share Units is permitted, each provision of this Agreement shall be interpreted to permit the deferral of compensation only as allowed in compliance with the requirements of Section 409A of the Internal Revenue Code and any provision that would conflict with such requirements shall not be valid or enforceable. Employee acknowledges, without limitation, and consents that application of Section 409A of the Internal Revenue Code to this Agreement may require additional delay of payments otherwise payable under this Agreement. Employee and the Company further hereby agree to execute such further instruments and take such further action as reasonably may be necessary to comply with Section 409A of the Internal Revenue Code.

  • Rollover Contributions A rollover is a tax-free distribution of cash or other assets from one retirement program to another. There are two kinds of rollover contributions to an IRA. Xx one, you contribute amounts distributed to you from one IRA xx another IRA. Xxth the other, you contribute amounts distributed to you from your employer's qualified plan or 403(b) plan to an IRA. X rollover is an allowable IRA xxxtribution which is not subject to the limits on regular contributions discussed in Part D above. However, you may not deduct a rollover contribution to your IRA xx your tax return. If you receive a distribution from the qualified plan of your employer or former employer, the distribution must be an "eligible rollover distribution" in order for you to be able to roll all or part of the distribution over to your IRA. Xxe portion you contribute to your IRA xxxl not be taxable to you until you withdraw it from the IRA. Xxur employer or former employer will give you the opportunity to roll over the distribution directly from the plan to the IRA. Xx you elect, instead, to receive the distribution, you must deposit it into the IRA xxxhin 60 days after you receive it. An "eligible rollover distribution" is any distribution from a qualified plan that would be taxable other than (1) a distribution that is one of a series of periodic payments for an employee's life or over a period of 10 years or more, (2) a required distribution after you attain age 70 1/2 and (3) certain corrective distributions. If the entire amount in your IRA xxx been contributed in a tax-free rollover from your employer's or former employer's qualified plan or 403(b) plan, you may later roll over the IRA xx a new employer's plan if such plan permits rollovers. Your IRA xxxld then serve as a conduit for those assets. However, you may later roll those IRA xxxds into a new employer's plan only if you make no further contributions to that IRA, xx commingle the IRA xxxlover funds with existing IRA xxxets.

  • 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.

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

  • 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.

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

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