Common use of IRS Pickup Plan Clause in Contracts

IRS Pickup Plan. A. The County shall pick up, within the meaning of Section 414(h) (2) of the Internal Revenue Code, the employee contributions required by Section 7.04 (Funding) and Section 7.12, E. (Funding) hereof. Such amounts: 1. are designated as employee contributions to be picked up by the County within the meaning of Section 414(h) (2) of the Internal Revenue Code and shall be treated as employer contributions in determining the tax treatment of such amounts under that section; 2. shall reduce the taxable compensation of the employee in an amount that equals the employee contributions picked up by the County; 3. shall be paid by the County from the same source of funds that is used to pay compensation to the employee; 4. shall, for all other purposes, be treated in the same manner and to the same extent as employee contributions made before establishment of the pickup plan. B. Employees shall not be entitled to receive such amounts directly in lieu of having such amounts picked up by the County. This pickup plan becomes effective for pay periods beginning on or after its approval by the County Executive and the County Council. The County shall apply to the Internal Revenue Service for a private letter ruling with respect to the pickup plan, but neither the application nor the receipt of such a ruling are prerequisites to the implementation of the pickup plan.

IRS Pickup Plan. A. The County shall pick up, within the meaning of Section 414(h) (2) of the Internal Revenue Code, the employee contributions required by Section 7.04 (Funding) and Section 7.12, E. 29.04 (Funding) hereof. Such amounts: 1. are designated as employee contributions to be picked up by the County within the meaning of Section 414(h) (2) of the Internal Revenue Code and shall be treated as employer contributions in determining the tax treatment of such amounts under that section; 2. shall reduce the taxable compensation of the employee in an amount that equals the employee contributions picked up by the County; 3. shall be paid by the County from the same source of funds that is used to pay compensation to the employee;; and, 4. shall, for all other purposes, be treated in the same manner and to the same extent as employee contributions made before establishment of the pickup plan. B. Employees shall not be entitled to receive such amounts directly in lieu of having such amounts picked up by the County. This pickup plan becomes effective for pay periods beginning on or after its approval by the County Executive and the County Council. The County shall apply to the Internal Revenue Service for a private letter ruling with respect to the pickup plan, but neither the application nor the receipt of such a ruling are prerequisites to the implementation of the pickup plan.

IRS Pickup Plan. A. 1. The County shall pick up, within the meaning of Section 414(h) (2) of the Internal Revenue Code, the employee contributions required by Section 7.04 (Funding) and Section 7.12, paragraph E. (Funding) hereof. Such amounts: 1. a. are designated as employee contributions to be picked up by the County within the meaning of Section 414(h414 (h) (2) of the Internal Revenue Code and shall be treated as employer contributions in determining the tax treatment of such amounts under that section; 2. b. shall reduce the taxable compensation of the employee in an amount that equals the employee contributions picked up by the County; 3. c. shall be paid by the County from the same source of funds that is used to pay compensation to the employee;; and, 4. d. shall, for all other purposes, be treated in the same manner and to the same extent as employee contributions made before establishment of the pickup plan. B. 2. Employees shall not be entitled to receive such amounts directly in lieu of having such amounts picked up by the County. This pickup plan becomes effective for pay periods beginning on or after its approval by the County Executive and the County Council. The County shall apply to the Internal Revenue Service for a private letter ruling with respect to the pickup plan, but neither the application nor the receipt of such a ruling are prerequisites to the implementation of the pickup plan.

IRS Pickup Plan. A. 1. The County shall pick up, within the meaning of Section 414(h) (2) of the Internal Revenue Code, the employee contributions required by Section 7.04 (Funding) and Section 7.12, E. 5.2.D. (Funding) hereof. Such amounts: 1. a. are designated as employee contributions to be picked up by the County within the meaning of Section 414(h) (2) of the Internal Revenue Code and shall be treated as employer contributions in determining the tax treatment of such amounts under that section; 2. b. shall reduce the taxable compensation of the employee in an amount that equals the employee contributions picked up by the County; 3. c. shall be paid by the County from the same source of funds that is used to pay compensation to the employee; 4. d. shall, for all other purposes, be treated in the same manner and to the same extent as employee contributions made before establishment of the pickup plan. B. 2. Employees shall not be entitled to receive such amounts directly in lieu of having such amounts picked up by the County. This pickup plan becomes effective for pay periods beginning on or after its approval by the County Executive and the County Council. The County shall apply to the Internal Revenue Service for a private letter ruling with respect to the pickup plan, but neither the application nor the receipt of such a ruling are prerequisites to the implementation of the pickup plan.