Salary Deferral Plan Sample Clauses

Salary Deferral Plan. The Employer agrees to maintain the Salary Deferral Plan during the term of this Agreement, subject only to the provisions thereof. During any such leave an Employee shall retain but shall not accumulate seniority.
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Salary Deferral Plan. The Employee shall be eligible to participate in the Company's voluntary salary deferral plan and such other similar plans as the Company may adopt from time to time.
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Salary Deferral Plan. MFCI and MHCI shall each establish by, or as soon as practicable after, the Spinoff Date a defined contribution savings plan designed to qualify under Sections 401(a), 401(k) and 4975(e)(7) of the Internal Revenue Code of 1986, as amended (the "Code"), and to preserve "protected benefits," within the meaning of Code Section 411(d)(6), accrued by participants under the Salary Deferral Plan as of the Spinoff Date (each a "Replacement 401(k) Plan"). Those participants of the Salary Deferral Plan who become employees of either MFCI or MHCI by the Spinoff Date shall be eligible for immediate participation in the applicable Replacement 401(k) Plan, with full credit for their service with MRI prior to the Spinoff Date for purposes of determining the level of each participant's matching contributions. As of the Spinoff Date, MFCI and MHCI shall withdraw from the Salary Deferral Plan and, as soon as practicable thereafter, MFCI and MHCI shall each request that RTI cause a spin off and transfer from the Salary Deferral Plan trust to the applicable Replacement 401(k) Plan an amount in kind equal to the aggregate account balances, as of the date of any such transfer, of those Salary Deferral Plan participants who, by the Spinoff Date, have become employees of the requesting party. If either MFCI or MHCI, or both, request such a spin off, then the transfer of assets shall occur as soon as practicable following (a) the Spinoff Date, (b) the establishment and designation of the applicable Replacement 401(k) Plan, (c) either (i) the receipt of a favorable determination letter issued by the Internal Revenue Service with respect to such plan or (ii) the filing of a favorable determination letter application with the Internal Revenue Service and a written commitment from MFCI or MHCI, as applicable, to exert its best efforts to obtain such a favorable determination letter and (d) the expiration of 30 days after RTI and the requesting party have filed Form 5310-A, if necessary, with the Internal Revenue Service. As a condition to the receipt of such an asset transfer by the Replacement 401(k) Plan trust, MFCI or MHCI, as the case may be, shall cause such plan to assume and fully perform, pay and discharge all obligations and liabilities of RTI (as successor to MRI) and the Salary Deferral Plan for and with respect to those Salary Deferral Plan participants whose account balances were so received. MFCI and MHCI shall each cause the Replacement 401(k) Plan which it establishes ...
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Related to Salary Deferral Plan

  • DEFERRAL CONTRIBUTIONS The Advisory Committee will allocate to each Participant's Deferral Contributions Account the amount of Deferral Contributions the Employer makes to the Trust on behalf of the Participant. The Advisory Committee will make this allocation as of the last day of each Plan Year unless, in Adoption Agreement Section 3.04, the Employer elects more frequent allocation dates for salary reduction contributions.

  • 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.

  • Deferral Account 3.1 Establishing and Crediting. The Company shall establish a Deferral Account on its books for the Director, and shall credit to the Deferral Account the following amounts:

  • Deferral Election A Participant may elect to defer all or a specified percentage of the Compensation earned in a Plan Year by such Participant for serving as a member of the Board of any Participating Fund or as a member of any committee or subcommittee thereof. Reimbursement of expenses of attending meetings of the Board, committees of the Board or subcommittees of such committees may not be deferred. Such election shall be made by executing before the first day of such Plan Year such election notice as the Administrator may prescribe; provided, however, that upon first becoming eligible to participate in the Plan by reason of appointment to a Board, a Participant may file a Deferral Election not later than 30 days after the effective date of such appointment, which election shall apply to Compensation earned in the portion of the Plan Year commencing the day after such election is filed and ending on the last day of such Plan Year.

  • 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.

  • Nonqualified Deferred Compensation (a) It is intended that any payment or benefit which is provided pursuant to or in connection with this Agreement which is considered to be deferred compensation subject to Section 409A of the Code shall be paid and provided in a manner, and at such time and form, as complies with the applicable requirements of Section 409A of the Code to avoid the unfavorable tax consequences provided therein for non-compliance.

  • Nonqualified Deferred Compensation Plans Effective on or before the Distribution Date, Columbia shall adopt, establish and maintain nonqualified deferred compensation plans for the benefit of employees of the Columbia Parties (the “Columbia Deferred Compensation Plans”) and shall establish one or more grantor trusts to be a source of providing benefits thereunder (the “Columbia Rabbi Trusts”) that in each case shall be substantially similar to the NiSource Deferred Compensation Plans and the grantor trusts maintained by NiSource with respect to the NiSource Deferred Compensation Plans (the “NiSource Rabbi Trusts”). As of the Distribution Date, the Columbia Parties shall assume and thereafter be solely responsible for all existing and future liabilities relating to Business Employees’ (and Deceased Business Employee survivors’ and beneficiaries’) (a) benefits accrued under the NiSource Deferred Compensation Plans prior to the Distribution Date and (b) benefits that accrue under the Columbia Deferred Compensation Plans on and after the Distribution Date. All beneficiary designations made by Business Employees and by survivors and beneficiaries of Deceased Business Employees under the NiSource Deferred Compensation Plans shall, to the extent applicable, be transferred to, and be in full force and effect under, the Columbia Deferred Compensation Plans until such beneficiary designations are replaced or revoked by the Business Employee (or the survivor or beneficiary of the Deceased Business Employee) who made the beneficiary designation. Following the Distribution Date, the NiSource Parties shall have no liability or obligation with respect to the benefits accrued by such Business Employees or by such survivors or beneficiaries of Deceased Business Employees under any of the NiSource Deferred Compensation Plans or with respect to any benefits accrued under the Columbia Deferred Compensation Plans. As soon as administratively practicable after the Distribution Date, NiSource shall cause the NiSource Rabbi Trusts to transfer to the Columbia Rabbi Trusts cash, life insurance policies or other assets having an aggregate fair market value equal to (i) the aggregate fair market value of all assets held in the NiSource Rabbi Trusts as of the Distribution Date multiplied by (ii) a percentage, the numerator of which shall be the lump sum present value of the benefits assumed by the Columbia Deferred Compensation Plans pursuant to this Section 3.03 and the denominator of which shall be the lump sum present value of all benefits accrued under the NiSource Deferred Compensation Plans immediately prior to the Distribution Date.

  • Elective Deferrals An Employee will be eligible to become a Contributing Participant in the Plan (and thus be eligible to make Elective Deferrals) and receive Matching Contributions (including Qualified Matching Contributions, if applicable) after completing 1 (enter 0, 1 or any fraction less than 1) Years of Eligibility Service.

  • Deferral Period The Deferred Share Units will be subject to a deferral period in accordance with the election made by Grantee and the terms of the Deferred Compensation Plan. The Grantee may change the period of deferral by filing a subsequent election with the Company in accordance with the terms of the Deferred Compensation Plan. During the deferral period, the Grantee will have no right to transfer any rights under his or her Deferred Share Units and will have no other rights of ownership therein.

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