What if a Prohibited Transaction Occurs If a “prohibited transaction”, as defined in Section 4975 of the Internal Revenue Code, occurs, the Xxxxxxxxx Education Savings Account could be disqualified. Rules similar to those that apply to Traditional IRAs will apply.
Shift Work Shift work is work not in excess of ordinary hours (ie 38 hours per week), but carried out wholly or partly between the hours of 7.00pm and 7.00am, Monday to Friday. Shift work is work scheduled at least 24 hours prior to the commencement of the shift. Employees required to work shift work will be paid at time and one quarter of the ordinary rate per hour for ordinary hours worked.
What If I Engage in a Prohibited Transaction If you engage in a “prohibited transaction,” as defined in Section 4975 of the Internal Revenue Code, your account will be disqualified, and the entire balance in your account will be treated as if distributed to you and will be taxable to you as ordinary income. Examples of prohibited transactions are:
Extra Shifts Where an employee agrees to work or is required by the Employer to work a shift(s) or portion thereof, in excess of the employee’s scheduled work week, the employee will receive pay at the rate of one and one‐half (1½) times the employee’s regular hourly rate for such excess hours worked, with a minimum of three (3) hours at the rate of one and one‐half (1½) times the employee’s regular rate of pay.
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General Tax Covenant The Recipient shall not take any action or fail to take any action which would adversely affect the exclusion of interest on the Infrastructure Bonds from gross income for federal income tax purposes;
Completion of Concrete Pours and Emergency Work 24.14.1 Except as provided in this sub-clause an employee shall not work or be required to work in the rain.
Built-up Area The built-up area for the Designated Apartment or any other Unit shall mean the Carpet Area of such Unit and Balcony area and 50% (fifty percent) of the area covered by those external walls which are common between such Unit/Balcony and any other Unit/Balcony and the area covered by all other external walls of the such Unit/Balcony.
Extra Work At any time during the Term of this Agreement, City may request that Consultant perform Extra Work. As used herein, “Extra Work” means any work which is determined by City to be necessary for the proper completion of the Project, but which the Parties did not reasonably anticipate would be necessary at the execution of this Agreement. Consultant shall not perform, nor be compensated for, Extra Work without written authorization from City’s Representative.
Shift Workers All shift workers (i.e. workers whose shift commences at or after the end of the ordinary day work hours) presenting for work when the temperature is at or over 35°C will remain on site in air conditioned amenities for a minimum two hours, holding themselves available to commence work should the temperature fall below 35°C.
