Using Leave to Fund Deferred Compensation Sample Clauses

Using Leave to Fund Deferred Compensation. The Employer will provide employees the option to use leave time to be accrued in the next fiscal year to fund their Deferred Compensation Program pursuant to the terms of this article and Internal Revenue Service (IRS) regulations in the following manner: A. An employee who does not intend to use all of the personal leave to be accrued in a fiscal year may elect to defer all or part of the difference on a preselected basis, between the amount of leave to be used and the amount of leave to be accrued for that fiscal year on an hour-for-hour basis. Deferral payments will be made on the second payday in January at the September 30 rate of pay. To receive such payment, the employee must make an irrevocable election of the preselected amount to be paid. The election must be made no later than September 30 of the fiscal year preceding the fiscal year in which the leave will accrue. Elections shall be made in accordance with administrative procedures established by the City of Jacksonville. B. Employees who are also eligible for a rollback payment pursuant to C. Deferral payments must be into an eligible nonqualified deferred compensation plan, up to the maximum amount permitted under the plan and by law and subject to applicable timing requirements.
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Using Leave to Fund Deferred Compensation. The Employer will provide employees eligible to retire the option to use leave time to fund their Deferred Compensation Program pursuant to the terms of this article and Internal Revenue Service (IRS) regulations in the following manner: A. An employee who is within 3 years of normal retirement under the Police and Fire Pension Plan (PFPP), and who wishes to sell back personal leave must notify the City, in writing, of his/her intent to sell back personal leave, no more than three years prior to the date that the employee is eligible for normal retirement. B. The notice of intent to sell back personal leave becomes irrevocable once the employee makes such election. C. When an employee elects to sell back personal leave, the City will compensate the employee for up to one-third of the total amount of accrued leave in the employee’s personal leave and retirement accounts during each of the three years prior to the date of the employee’s eligibility for normal retirement. Each year, the employee will be compensated on an hour-for-hour basis for one third of the hours that were in the account(s) at the time the election was made. Leave will be depleted in three equal annual installments during the three-year period prior to normal retirement eligibility. Payments will be made on an hour-for-hour basis at the employee’s regular rate of pay at the time the payments are made. An employee’s contribution to all deferred compensation accounts shall be limited by applicable IRS regulations. D. Periods of employee election, and payment dates shall be established by the City of Jacksonville in accordance with IRS regulations. Any leave remaining in an employee’s personal leave and/or retirement account will be paid to the employee in a lump sum at retirement. E. This option is not available to an employee who would have fewer than eighty (80) hours personal leave remaining after the sell back.
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Using Leave to Fund Deferred Compensation. The Employer will provide employees eligible to retire the option to use leave time to fund their Deferred Compensation Program pursuant to the terms of this article and Internal Revenue Service (IRS) regulations in the following manner: A. An employee who is within 3 years of normal retirement and who wishes to sell back personal leave must notify the City, in writing, of his/her intent to sell back personal leave, no more than three years prior to the date that the employee is eligible for normal retirement. B. The notice of intent to sell back personal leave becomes irrevocable once the employee makes such election. C. When an employee elects to sell back personal leave, the City will compensate the employee for up to one-third of the total amount of accrued leave in the employee’s personal leave and retirement accounts during each of the three years prior to the date of the employee’s eligibility for normal retirement. Each year, the employee will be compensated on an hour-for-hour basis for one third of the hours that were in the account(s) at the time the election was made. Leave will be depleted in three equal annual installments during the three-year period prior to normal retirement eligibility Payments will be made on an hour-for-hour basis at the employee’s regular rate of pay at the time the payments are made. An employee’s contribution to all deferred compensation accounts shall be limited by applicable IRS regulations. D. Periods of employee election, and payment dates shall be established by the City of Jacksonville in accordance with IRS regulations. Any leave remaining in an employee’s personal leave and/or retirement account will be paid to the employee in a lump sum at retirement. E. This option is not available to an employee who would have fewer than eighty (80) hours personal leave remaining after the sell back.
Sample 1
Using Leave to Fund Deferred Compensation. The Employer will provide employees the option to use leave time to be accrued in the next fiscal year to fund their Deferred Compensation Program pursuant to the terms of this article and Internal Revenue Service (IRS) regulations in the following manner: A. First, an employee who does not intend to use all of the personal leave to be accrued in a fiscal year may elect to defer all or part of the difference on a percentage basis, between the amount of leave to be used and the amount of leave to be accrued for that fiscal year on an hour-for-hour basis. Deferral payments will be made on the second payday B. Employees who are also eligible for a rollback payment pursuant to 19.3 may also elect to have a percentage of the rollback amount deferred. To receive such payment, the employee must make an irrevocable election of the rollback percentage to be deferred. The election must be made no later than September 30 of the fiscal year preceding the fiscal year in which the leave is expected to exceed the 600 hour leave bank cap. If the leave cap is not exceeded no rollback deferral will occur. Payment and deferral of hours paid pursuant to 19.3 will occur prior to deferral of 19.9(A) hours and may result in an employee dropping below the 600 hour leave bank cap. C. Deferral payments must be into an eligible nonqualified deferred compensation plan, up to the maximum amount permitted under the plan and by law and subject to applicable timing requirements.
Sample 1
Using Leave to Fund Deferred Compensation. The Employer will provide employees eligible to retire the option to use leave time to be accrued in the next fiscal year to fund their Deferred Compensation Program pursuant to the terms of this article and Internal Revenue Service (IRS) regulations in the following manner: A. First, an employee who does not intend to use all of the personal leave to be accrued in a fiscal year may elect to be paid all or part of the difference on a percentage basis, between the amount of leave to be used and the amount of leave to be accrued for that fiscal year on an hour-for-hour basis. Payments will be made on the second payday in January at the September 30 rate of pay. To B. Second, an employee who has timely made the payment election described in Section 18.6 (A) may elect to defer all or a portion of such payment into an eligible nonqualified deferred compensation plan, up to the maximum amount permitted under the plan and by law and subject to applicable timing requirements.
Sample 1
Using Leave to Fund Deferred Compensation. The Employer will provide employees the option to use leave time to be accrued in the next fiscal year to fund their Deferred Compensation Program pursuant to the terms of this article and Internal Revenue Service (IRS) regulations in the following manner: A. First, an employee who does not intend to use all of the personal B. Employees who are also eligible for a rollback payment pursuant to C. Deferral payments must be into an eligible nonqualified deferred compensation plan, up to the maximum amount permitted under the plan and by law and subject to applicable timing requirements.
Sample 1

Related to Using Leave to Fund Deferred Compensation

  • 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. (b) Neither Company nor Executive shall take any action to accelerate or delay the payment of any monies and/or provision of any benefits in any manner which would not be in compliance with Section 409A of the Code (including any transition or grandfather rules thereunder). (c) Because Executive is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, any payments to be made or benefits to be delivered in connection with Executive’s “Separation from Service” (as determined for purposes of Section 409A of the Code) that constitute deferred compensation subject to Section 409A of the Code shall not be made until the earlier of (i) Executive’s death or (ii) six months after Executive’s Separation from Service (the “409A Deferral Period”) as required by Section 409A of the Code. Payments otherwise due to be made in installments or periodically during the 409A Deferral Period (“Delayed Payments”) shall be accumulated and paid in a lump sum as soon as the 409A Deferral Period ends, and the balance of the payment shall be made as otherwise scheduled. Any such benefits subject to the rule may be provided under the 409A Deferral Period at Executive’s expense, with Executive having a right to reimbursement from Company once the 409A Deferral Period ends, and the balance of the benefits shall be provided as otherwise scheduled. Any Delayed Payments shall bear interest at the United States 5-year Treasury Rate plus 2%, which accumulated interest shall be paid to Executive as soon as the 409A Deferral Period ends. (d) For purposes of this Agreement, all rights to payments and benefits hereunder shall be treated as rights to receive a series of separate payments and benefits to the fullest extent allowed by Section 409A of the Code. (e) Notwithstanding any other provision of this Agreement, neither Company nor its subsidiaries or affiliates shall be liable to Executive if any payment or benefit which is to be provided pursuant to this Agreement and which is considered deferred compensation subject to Section 409A of the Code otherwise fails to comply with, or be exempt from, the requirements of Section 409A of the Code.

  • Deferred Compensation Plans Employees are to be included in the State of California, Department of Personnel Administration's, 401(k) and 457 Deferred Compensation Programs. Eligible employees under IRS Code Section 403(b) will be eligible to participate in the 403(b) Plan.

  • Deferred Compensation Plan Manager shall be eligible to participate in the First Mid-Illinois Bancshares, Inc. Deferred Compensation Plan in accordance with the terms and conditions of such Plan.

  • Deferred Compensation Account The Employer shall maintain on its books and records a Deferred Compensation Account to record its liability for future payments of deferred compensation and interest thereon required to be paid to the Employee or his beneficiary pursuant to this Agreement. However, the Employer shall not be required to segregate or earmark any of its assets for the benefit of the Employee or his beneficiary. The amount reflected in said Deferred Compensation Account shall be available for the Employer's general corporate purposes and shall be available to the Employer's general creditors. The amount reflected in said Deferred Compensation Account shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors of the Employee or his beneficiary, and any attempt to anticipate, alienate, transfer, assign or attach the same shall be void. Neither the Employee nor his beneficiary may assert any right or claim against any specific assets of the Employer. The Employee or his beneficiary shall have only a contractual right against the Employer for the amount reflected in said Deferred Compensation Account and shall have the status of general unsecured creditors. Notwithstanding the foregoing, in order to pay amounts which may become due under this Agreement, the Employer may establish a grantor trust (hereinafter the "Trust") within the meaning of Section 671 of the Internal Revenue Code of 1986, as amended. The assets in such Trust shall at all times be subject to the claims of the general creditors of the Employer in the event of the Employer's bankruptcy or insolvency, and neither the Employee nor any beneficiary shall have any preferred claim or right, or any beneficial ownership interest in, any such assets of the Trust prior to the time such assets are paid to the Employee or beneficiary pursuant to this Agreement. The Employer shall credit to said Deferred Compensation Account the amount of any salary to which the Employee becomes entitled and which is deferred pursuant to Section 1 hereof, such amount to be credited as of the first business day of each month. The Employer shall also credit to said Deferred Compensation Account an Interest Equivalent in the amount and manner set forth in Section 3 hereof.

  • Deferred Salary Leave Plan (1) The deferred salary leave plan enables Employees to take one (1) year of leave from the Public Service and to finance this leave through a deferral of Salary in previous years. (2) Under this plan, participating Employees agree to defer a portion of their Salary for four (4) consecutive Academic Years and the Employer agrees to grant the Employee leave in the fifth year, and to use the amounts deferred in the previous four (4) years to pay the Employee's Salary during the period of the leave. Participation in the plan is subject to operational requirements. (3) During the period of leave, Employees may engage in whatever activities they wish. (4) The individual plan for each participating Employee is a six (6) Academic Year period consisting of the following: (a) The first four consecutive years during which the Employee draws 80% of Salary earned in each of the four years and defers the remaining 20%; (b) The fifth consecutive year in which the Employee takes the leave, and is paid from the amounts deferred above plus any interest earned on the deferred funds; and (c) The sixth consecutive year in which the Employee returns to employment with the Public Service of Nunavut for a minimum of one year. (5) There is no maximum number of Employees allowed to enter the plan. (6) Executive Directors ensure that approved leaves do not impair the future operation of their School Operations. (7) Employees make written application to their Executive Director. Applications should state the proposed start of the Salary deferral and the proposed period of leave. (8) The Executive Director reviews the application and the requirements of the School Operations and notifies the Employee and the respective Department of Finance, Pay and Benefits Officer at least six (6) weeks prior to the start of Salary Deferral. (9) Each participant will sign an agreement covering the details of the plan. (10) In each year of the plan preceding the period of the leave, the Employee will be paid 80% of the applicable Salary. The remaining 20% of Salary will be deferred and this amount will be retained in trust by the Employer to finance payments during the period of leave. (11) The deferred Salary will be placed in a trust fund by the Government and any returns on the investment of the trust will be used to pay the participant during the period of leave. (a) The money held in trust will be pooled with other Government funds and the Employee will be credited with the average rate of return on those funds. (b) Investments will be restricted to those eligible under Section 57(1) of the Financial Administration Act. (c) A statement of the individual's account will be provided at each anniversary of the plan. (12) During the period of leave, the participant shall receive, if on a one (1) year leave, one twenty-sixth (1/26) of the amount deferred plus any trust fund returns in each pay period, less applicable deductions. No additional payments to the participant can be made such as loans, subsidies, Allowances or Salary. (13) Income tax will be deducted in accordance with the provisions of the Income Tax Act and its Regulations. (14) During the first four (4) years of the plan, the Employer shall provide Employee benefits at a level equivalent to 100% of Salary. Benefits and premium recoveries for the period of leave will be governed by the rules for leave without pay. All benefits cease except Health Care Plan, superannuation, supplementary death benefit, disability insurance, and dental coverage. Premiums for these plans are payable by the Employee. Arrangements can be made to have deductions from pay for some of these benefits. (15) Upon return from leave, the Department will place the Employee in the position held at the commencement of the leave. (16) Returning Employees will have their qualifications re-assessed and placed on the appropriate pay scale. (17) The Employer shall cancel participation in the plan and shall refund, within 60 days, the total of the deferred Salary plus earnings from the plan if the Employee dies or employment is otherwise terminated. (18) Where operational requirements would not be met if the Employee proceeded on leave in the fifth year, or where exceptional changes in personal circumstances make the leave unfeasible, the Employer will give the Employee the choice of the following: (a) withdrawing from the plan and taking a refund of the total in the deferred salary account; or (b) deferring the period of leave to either the sixth or the seventh academic consecutive year or to some other mutually agreeable time. (19) Upon withdrawal from the plan the total in the account will be repaid to the Employee within 60 days from the notification of withdrawal.

  • Deferred Salary Leave Each employer ratifying this Agreement will establish or, as necessary, review and update a deferred salary leave plan consistent with Regulations issued by Canada Revenue Agency under the Income Tax Act. The parties may use the Application, Agreement, and Approval Form as a template (see Appendix H) for the deferred salary leave plan.

  • Compensation/Benefit Programs During the Term of Employment, the Executive shall be entitled to participate in all medical, dental, hospitalization, accidental death and dismemberment, disability, travel and life insurance plans, and any and all other plans as are presently and hereinafter offered by the Company to its executive personnel, including savings, pension, profit-sharing and deferred compensation plans, subject to the general eligibility and participation provisions set forth in such plans.

  • 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.

  • Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree. b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.

  • Compensation Benefits Etc During the Employment Period, the Manager shall be compensated as follows: (a) The Manager shall (i) receive an annual cash base salary, payable not less frequently than semi-monthly, which is not less than the annualized cash base salary payable to Manager as of the Effective Date; (ii) be entitled to at least as favorable annual incentive award opportunity under the Company's annual incentive compensation plan as he did in the calendar year immediately prior to the year in which the Change of Control Event occurs; and (iii) be eligible to participate in all of the Company's long-term incentive compensation plans and programs on terms that are at least as favorable to the Manager as provided to the Manager in the four calendar years prior to the Effective Date. (b) The Manager shall be entitled to receive fringe benefits, employee benefits, and perquisites (including, but not limited to, vacation, medical, disability, dental, and life insurance benefits) which are at least as favorable to those made generally available as of the Effective Date to all of the Company's salaried managers as a group. In addition, the Manager shall be eligible to participate in the Company's Supplemental Retirement Income Program ("SRIP"). (c) Notwithstanding any other provision of this Agreement (whether in this Section 4, in Section 6, or elsewhere), (i) the Board of Directors may authorize an increase in the amount, duration, and nature of and/or the acceleration of any compensation or benefits payable under this Agreement, as well as waive or reduce the requirements for entitlement thereto and (ii) the Company may deduct from amounts otherwise payable to the Manager such amounts as it reasonably believes it is required to withhold for the payment of federal, state, and local taxes.

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