Imputed Income. The Company shall impute income to the Participant in an amount equal to the current term rate for the Participant's age multiplied by the aggregate death benefit payable to the Participant's beneficiary. The "current term rate" is the minimum amount required to be imputed under Revenue Rulings 64-328 and 66-110, or any subsequent applicable authority.
Appears in 7 contracts
Samples: Group Term Replacement Plan (Codorus Valley Bancorp Inc), Director Supplemental Life Insurance Plan (Acnb Corp), Officer Group Term Replacement Plan (First Community Financial Corp)
Imputed Income. The Company shall impute income to the Participant in an amount equal to the current term rate for the Participant's ’s age multiplied by the aggregate death benefit payable to the Participant's ’s beneficiary. The "“current term rate" ” is the minimum amount required to be imputed under Revenue Rulings 64-328 and 66-110, or any subsequent applicable authority.
Appears in 4 contracts
Samples: Director Group Term Replacement Plan (Codorus Valley Bancorp Inc), Officer Group Term Replacement Plan (First Community Financial Corp), Director Group Term Replacement Plan (Codorus Valley Bancorp Inc)
Imputed Income. The Company shall impute income to the Participant in an amount equal to the current term rate for the Participant's age multiplied by the aggregate death benefit payable to the Participant's beneficiary. The "current term rate" is the minimum amount required to be imputed under Revenue Rulings 64-328 and 66-110, or any subsequent applicable authority. The Company will provide each participant with an annual statement of the amount of income reportable by the participant for federal and state income tax purposes as a result of such imputed income.
Appears in 3 contracts
Samples: Group Term Replacement Agreement (Tower Bancorp Inc), Group Term Replacement Agreement (Tower Bancorp Inc), Split Dollar Life Insurance Plan (Mid Penn Bancorp Inc)
Imputed Income. The Company shall impute income to the Participant in an amount equal to the current term rate for the Participant's ’s age multiplied by the aggregate death benefit payable to the Participant's ’s beneficiary. The "“current term rate" ” is the minimum amount required to be imputed under Revenue Rulings 64-328 and 66-110, or any subsequent applicable authorityguidance.
Appears in 2 contracts
Samples: Director Supplemental Life Insurance Plan (Acnb Corp), Executive Supplemental Life Insurance Plan (Acnb Corp)
Imputed Income. The Company shall impute income to the Participant in an amount equal to the current term rate for the Participant's age multiplied by the aggregate death benefit payable to the Participant's beneficiary. The "current term rate" is the minimum amount required to be imputed under Revenue Rulings 64-328 and 66-110, or any subsequent applicable authority. The Company will provide each participant with an annual statement of the amount of income reportable by the participant for federal and state income purposes as a result of such imputed income.
Appears in 1 contract
Samples: Group Term Replacement Plan (Orrstown Financial Services Inc)
