Simplified Employee Pension Plan Sample Clauses

Simplified Employee Pension Plan. A plan under which the Employer makes contributions for eligible Employees pursuant to a written formula. Contributions are made to an individual retirement account which meets the requirements of Code Section 408(k).
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Simplified Employee Pension Plan. Contributions may be made into a Depositor’s Custodial Account by an employer pursuant to an employer sponsored Simplified Employee Pension (SEP) Plan as described in section 408(k) of the Code provided the contributions of such employer on behalf of a Depositor shall not exceed in any year, the lesser of 25% of the Depositor’s compensation from each such employer or the maximum dollar amount in effect for the year pursuant to Code section 415(c), as adjusted for cost of living adjustments ($40,000 for 2002; $41,000 in 2002 if the employer’s plan is a SEP plan with an elective salary deferral provision and the Depositor is age 50 or older in the year of the contribution) and provided no more than the maximum amount of compensation, as indexed for cost of living adjustments, is taken into account pursuant to Code section 401(a)(17) (The maximum amount of compensation that can be taken into account in 2002 is $200,000). Employer contributions for any taxable year shall be made with respect to the Depositor on or before the due date for the filing of the employer’s federal income tax return for such taxable year (including extensions thereof). The Custodian may, but need not, require that any Custodial Account in receipt of employer contributions made pursuant to an employer sponsored SEP Plan be designated as a "Simplified Employee-Pension-Individual Retirement Account" or "SEP IRA." A Depositor may be permitted to make regular IRA contributions into his or her Custodial Account in addition to any amount contributed by employer(s) under a SEP Plan provided the Depositor is eligible to make regular IRA contributions and the contributions do not exceed the maximum permissible limit for same. Notwithstanding any SEP contribution that may be made on behalf of a Depositor in or for any taxable year in which the Depositor attains age 70½ and/or any years thereafter, Required Minimum Distribution amounts shall be required to be made in accordance with the provisions of Article IV and section 6 of this Article VIII. A Depositor (and/or a Depositor’s Employer) shall, if required by the Custodian, deliver written proof to the Custodian indicating that a contribution being made by the employer to the Depositor’s Custodial Account is an eligible SEP IRA contribution and the Custodian may rely upon such written proof for purposes of its treatment and reporting of the contribution as a SEP IRA contribution. Although the termination of the Depositor’s SEP IRA account by ei...
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Simplified Employee Pension Plan. (a) The custodial account may accept contributions made through a Simplified Employee Pension Plan ("SEP") under Section 408(k).
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Simplified Employee Pension Plan. An IRA may also be used in connection with a Simplified Employee Pension Plan established by your employer (or by you if you are self-employed). In addition, if your SEP Plan as in effect on December 31, 1996 permitted salary reduction contributions, you may elect to have your employer make salary reduction contributions. Several limitations on the amount that may be contributed apply. First, salary reduction contributions (for plans that are eligible) may not exceed $9,500 per year (certain lower limits may apply for highly compensated employees). The $9,500 limit applies for 1997 and is adjusted periodically for cost of living increases. Second, the combination of all contributions for any year (including employer contributions and, if your SEP Plan is eligible, salary reduction contributions) cannot exceed 15 percent of compensation (disregarding for this purpose compensation in excess of $160,000 per year). The $160,000 compensation limit applies for 1997 and is adjusted periodically for cost of living increases. A number of special rules apply to SEP Plans, including a requirement that contributions generally be made on behalf of all employees of the employer (including for this purpose a sole proprietorship or partnership) who satisfy certain minimum participation requirements. It is your responsibility and that of your employer to see that contributions in excess of normal IRA limits are made under and in accordance with a valid SEP Plan.
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Simplified Employee Pension Plan. The Plan is a Simplified Employee Pension (SEP) Plan that is intended to satisfy all requirements of Code Sections 408(k) and ERISA, and should be interpreted accordingly.
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Simplified Employee Pension Plan. An IRA may also be used in --------------------------------- connection with a Simplified Employee Pension Plan established by your employer (or by you if you are self-employed.) Your employer (or you if self-employed) may contribute to the IRA of each eligible participant up to a maximum of 15 percent of compensation or $22,500, whichever is less. In addition, if your SEP Plan as in effect on December 31, 1996 permitted salary reduction contributions, you may also elect to have your employer make salary reduction contributions of up to $9,500 per year. The $9,500 limit applies for 1997 and is adjusted periodically for cost of living increases. Certain lower limits may apply for highly compensated participants. In any event, the combination of your employer's contributions and your salary reduction contributions (if your SEP Plan is eligible) may not exceed the lesser of 15 percent of compensation or $30,000. A number of special rules apply to SEP/IRA, including a requirement that contributions be made on behalf of all employees of the employer who satisfy certain minimum participation requirements. It is your responsibility and that of your employer to see that contributions in excess of normal IRA limits are made under and in accordance with a valid SEP Plan.
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Simplified Employee Pension Plan. Your IRA may be used as part of a Simplified Employee Pension Plan established by your employer. Your employer may contribute to your IRA/SEP up to a maximum of 15% of your compensation or $30,000, whichever is less. If your SEP Plan permits, you may also elect to have your employer make salary reduction contributions of up to $8,994 for 1993 (adjusted annually for cost of living increases) per year to your IRA. However, the combination of the employer's contributions and your salary reduction contributions may not exceed the lesser of 15% of your compensation or $30,000. It is your responsibility and that of your employer to see that contributions in excess of normal IRA limits are made under a valid Simplified Employee Pension Plan and are, therefore, proper.
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Simplified Employee Pension Plan. A Simplified Employee Pension Plan or SEP-IRA xxxows an employer to make deductible contributions to separate IRA xxxounts established for each eligible employee. Your employer can make contributions up to the lesser of 15% of your compensation or $30,000.
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Related to Simplified Employee Pension Plan

  • Employee Pension Benefit Plans Except as disclosed in ------------------------------ Schedule 3.14, the Company does not maintain or contribute to any arrangement ------------- that is or may be an "employee pension benefit plan" relating to employees, as such term is defined in Section 3(2) of ERISA. With respect to each such plan: (i) the plan is qualified under Section 401(a) of the Code, and any trust through which the plan is funded meets the requirements to be exempt from federal income tax under Section 501(a) of the Code; (ii) the plan is in material compliance with ERISA; (iii) the plan has been administered in accordance with its governing documents as modified by applicable law; (iv) the plan has not suffered an "accumulated funding deficiency" as defined in Section 412(a) of the Code; (v) the plan has not engaged in, nor has any fiduciary with respect to the plan engaged in, any "prohibited transaction" as defined in Section 406 of ERISA or Section 4975 of the Code other than a transaction subject to statutory or administrative exemption; (vi) the plan has not been subject to a "reportable event" (as defined in Section 4043(b) of ERISA), the reporting of which has not been waived by regulation of the Pension Benefit Guaranty Corporation; (vii) no termination or partial termination of the plan has occurred within the meaning of Section 411(d)(3) of the Code; (viii) all contributions required to be made to the plan or under any applicable collective bargaining agreement have been made to or on behalf of the plan; (ix) there is no material litigation, arbitration or disputed claim outstanding; and (x) all applicable premiums due to the Pension Benefit Guaranty Corporation for plan termination insurance have been paid in full on a timely basis.

  • Welfare, Pension and Incentive Benefit Plans During the Employment Period, the Executive (and his eligible spouse and dependents) shall be entitled to participate in all the welfare benefit plans and programs maintained by the Company from time to time for the benefit of its senior executives including, without limitation, all medical, hospitalization, dental, disability, accidental death and dismemberment and travel accident insurance plans and programs. In addition, during the Employment Period, the Executive shall be eligible to participate in all pension, retirement, savings and other employee benefit plans and programs maintained from time to time by the Company for the benefit of its senior executives.

  • ERISA; Benefit Plans Schedule 2.25 accurately (i) lists each ERISA Pension Benefit Plan (A)(1) the funding requirements of which (under Section 301 of ERISA or Section 412 of the Code) are, or at any time during the six-year period ending on the date hereof were, in whole or in part, the responsibility of the Company or any Company Subsidiary or (2) respecting which the Company or any Company Subsidiary is, or at any time during that period was, a "contributing sponsor" or an "employer" as defined in Sections 4001(a)(13) and 3(5), respectively, of ERISA (each plan described in this clause (A) being a "Company ERISA Pension Plan"), (B) each other ERISA Pension Benefit Plan respecting which an ERISA Affiliate is, or at any time during that period was, such a "contributing sponsor" or "employer" (each plan described in this clause (B) being an "ERISA Affiliate Pension Plan") and (C) each other ERISA Employee Benefit Plan that is being, or at any time during that period was, sponsored, maintained or contributed to by the Company or any Company Subsidiary (each plan described in this clause (C) and each Company ERISA Pension Plan being a "Company ERISA Benefit Plan"), (ii) states the termination date of each Company ERISA Benefit Plan and ERISA Affiliate Pension Plan that has been terminated and (iii) identifies for each ERISA Affiliate Pension Plan the relevant ERISA Affiliates. The Company has provided ARS with (i) true, complete and correct copies of (A) each Company ERISA Benefit Plan and ERISA Affiliate Pension Plan, (B) each trust agreement related thereto and (C) all amendments to those plans and trust agreements. Except as accurately set forth in Schedule 2.25, (i) neither the Company nor any Company Subsidiary is, or at any time during the six-year period ended on the date hereof was, a member of any ERISA Group that currently includes, or included when the Company or a Company Subsidiary was a member, among its members any Person other than the Company and the Company Subsidiaries and (ii) no Person is an ERISA Affiliate of the Company or any Company Subsidiary (other than the Company or any Company Subsidiary in the case of any other Company Subsidiary or any Company Subsidiary in the case of the Company, if the Company and the Company Subsidiaries comprise an ERISA Group).

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.

  • Employee Welfare Benefit Plans Except as disclosed on ------------------------------ Schedule 3.14, the Company does not maintain or contribute to any "employee ------------- welfare benefit plan" as such term is defined in Section 3(1) of ERISA. With respect to each such plan, (i) the plan is in material compliance with ERISA; (ii) the plan has been administered in accordance with its governing documents; (iii) neither the plan, nor any fiduciary with respect to the plan, has engaged in any "prohibited transaction" as defined in Section 406 of ERISA other than any transaction subject to a statutory or administrative exemption; (iv) except for the processing of routine claims in the ordinary course of administration, there is no material litigation, arbitration or disputed claim outstanding; and (v) all premiums due on any insurance contract through which the plan is funded have been paid.

  • Benefit Plan If an employee maintains coverage for benefit plans while on maternity or parental leave, the Employer agrees to pay the Employer's share of these premiums.

  • Employee Plan Section 4.17.5(a) Environmental and Safety Requirements...........................Section 4.19 ERISA......................................................Section 4.17.5(b) Excluded Assets................................................Section 7.1.4 Excluded Liabilities...........................................Section 7.1.4

  • Benefit Plans; ERISA (a) Section 2.09(a) of the Disclosure Schedule contains a true and complete list and description of each of the Benefit Plans and identifies each of the Benefit Plans that is a Qualified Plan and relates to Employees.

  • Stock-Based Employee Benefit Plans Parent and SpinCo shall take all actions as may be necessary to approve the grants of adjusted equity awards by Parent (in respect of Parent Shares) and SpinCo (in respect of SpinCo Shares) in connection with the Distribution in order to satisfy the requirements of Rule 16b-3 under the Exchange Act.

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