Common use of Timing Of Conversion Of Unused Program Hours Clause in Contracts

Timing Of Conversion Of Unused Program Hours. Upon an employee’s separation, death or retirement from state service, unused BLT hours shall be contributed by the state to the employee’s account within the state of Michigan 401(k) plan, and if applicable to the State of Michigan 457 plan. Such contributions shall be treated as non-elective employer contributions, and shall be calculated using the product of the following: (i) the number of BLT hours and, (ii) the employee’s base hourly rate in effect at the time of the contribution. If the amount of a projected contribution would exceed the maximum amount allowable under section 415 of the internal revenue code (when combined with other projected contributions that count against such limit), the state shall first make a contribution to the employee’s account within the State of Michigan 401(k) plan up to the maximum allowed, and then make the additional contribution to the employee’s account within the State of Michigan 457 plan.

Timing Of Conversion Of Unused Program Hours. Upon an employee’s separation, death or retirement from state service, unused BLT hours shall be contributed by the state State to the employee’s account within the state State of Michigan 401(k) plan, and if applicable to the State of Michigan 457 plan. Such contributions shall be treated as non-elective employer contributions, and shall be calculated using the product of the following: (i) the number of BLT hours and, (ii) the employee’s base hourly rate in effect at the time of the contributionemployee’s separation, death, or retirement from state service. If the amount of a projected contribution would exceed the maximum amount allowable under section Section 415 of the internal revenue code Internal Revenue Code (when combined with other projected contributions that count against such limit), the state State shall first make a contribution to the employee’s account within the State of Michigan 401(k) plan up to the maximum allowed, and then make the additional contribution to the employee’s account within the State of Michigan 457 plan.

Timing Of Conversion Of Unused Program Hours. 28 Upon an employee’s separation, death or retirement from state service, unused BLT 29 hours shall be contributed by the state to the employee’s account within the state of 30 Michigan 401(k) plan, and if applicable to the State of Michigan 457 plan. Such 31 contributions shall be treated as non-elective employer contributions, and shall be 32 calculated using the product of the following: (i) the number of BLT hours and, (ii) the 33 employee’s base hourly rate in effect at the time of the contribution. 35 If the amount of a projected contribution would exceed the maximum amount 36 allowable under section 415 of the internal revenue code (when combined with other 37 projected contributions that count against such limit), the state shall first make a 38 contribution to the employee’s account within the State of Michigan 401(k) plan up to 39 the maximum allowed, and then make the additional contribution to the employee’s 40 account within the State of Michigan 457 plan.. 41

Timing Of Conversion Of Unused Program Hours. Upon an employee’s separation, death or retirement from state service, unused BLT hours shall be contributed by the state State to the employee’s account within the state State of Michigan (401(k) planplan and, and if applicable applicable, to the State of Michigan 457 plan. Such contributions shall be treated as non-elective employer contributions, and shall be calculated using the product of the following: (i) the number of BLT hours and, (ii) the employee’s base hourly rate in effect at the time of the contribution. If the amount of a projected contribution would exceed the maximum amount allowable under section Section 415 of the internal revenue code Internal Revenue Code (when combined with other projected contributions that count could against such limit), the state State shall first make a contribution to the employee’s account within the State of Michigan 401(k) plan up to the maximum allowed, and then make the additional contribution to the employee’s account within the State of Michigan 457 plan.