Base Contribution Percentage definition

Base Contribution Percentage means the percentage of Compensation and/or Earned Income which is contributed under the Plan with respect to each Participant's Compensation and/or Earned Income not in excess of the integration level. If the integration level exceeds the greater of ten thousand dollars ($10,000) or one-fifth (1/5) of the taxable wage base but is not more than eighty percent (80%) of the taxable wage base, the percentage referred to in (I) above shall be reduced to 4.3% and a proportionate reduction shall be made to the rate described in (II) above. If the integration level is more than eighty percent (80%) but less than one hundred percent (100%) of the taxable wage base, the percentage referred to in (I) above shall be reduced to 5.4% and a proportionate reduction shall be made to the rate described in (II) above. The "taxable wage base" shall be the maximum amount of earnings which may be considered wages for a year under Code Section 3121(a)(1) in effect as of the beginning of the applicable Plan Year. Notwithstanding the above, for any Plan Year in which the Plan is top-heavy (as defined in Section 13.1 hereof) the Employer Profit Sharing Contribution shall be allocated

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Base Contribution Percentage means, for any Plan Year, the percentage of Compensation contributed under the Plan with respect to that portion of each Participant's Compensation up to the "Integration Level" (i.e., with respect to such Participant's "Base Compensation") specified in the Plan for such Plan Year.

Base Contribution Percentage means the percentage of Compensation contributed under the Plan with respect to that portion of each Participant's Compensation which is not in excess of the Integration Level specified in the Adoption Agreement. (3) "Integration Level" means the amount of Compensation specified under the Plan (by dollar amount or formula) at or below which the rate at which Defined Contribution Plan and Trust Document

Examples of Base Contribution Percentage in a sentence

The Employer shall contribute an amount equal to the product of the Earnings of all Qualified Participants and the Base Contribution Percentage, and the contribution shall be allocated as of the last day of the Plan Year among the Employer Contribution Accounts of all Qualified Participants in the ratio that the Earnings of each Qualified Participant bears to the Earnings of all Qualified Participants.
The Excess Contribution Percentage described in Profit Sharing Formulas 3, 4, 5 and 6 above may not exceed the lesser of (i) the Base Contribution Percentage, or (ii) the greater of (1) 5.7% or (2) the percentage equal to the portion of the Code Section 3111(a) tax imposed on employers under the Federal Insurance Contributions Act (as in effect as of the beginning of the Plan Year) which is attributable to old-age insurance.
For purposes of this subparagraph, “compensation” as defined in Section 414(s) of the Code shall be substituted for “Salary” in determining the Excess Contribution Percentage and the Base Contribution Percentage.
The Excess Contribution Percentage described in Profit Sharing Formulas 3 and 4 above may not exceed the lesser of (i) the Base Contribution Percentage, or (ii) the greater of (1) 5.7% or (2) the percentage equal to the portion of the Code Section 3111(a) tax imposed on employers under the Federal Insurance Contributions Act (as in effect as of the beginning of the Plan Year) which is attributable to old-age insurance.
If this Plan is adopted as an integrated Money Purchase Pension Plan, (i) the "Base Contribution Percentage" specified in the Adoption Agreement, if less than the Top-Heavy Percentage, shall be increased to equal the Top-Heavy Percentage and (ii) the Employer Contribution required under Section 5.2 (as adjusted in (i) above) shall be made for each Active Participant and each other Participant for whom an allocation is required to be made under this Section 12.3.
If this Plan is adopted as an integrated Money Purchase Pension Plan, (i) the "Base Contribution Percentage" specified in the Adoption Agreement, if less that the Top-Heavy Percentage, shall be increased to equal the Top-Heavy Percentage and (ii) the Employer Contribution required under Section 5.2 (as adjusted in (i) above) shall be made for each Active Participant and each other Participant for whom an allocation is required to be made under this Section 12.3.
For purposes of this Subparagraph, “compensation” as defined in Section 414(s) of the Code shall be substituted for “Salary” in determining the Excess Contribution Percentage and the Base Contribution Percentage.
The Excess Contribution Percentage described in Profit Sharing Formulas 3 and 4 above may not exceed the lesser of (i) the Base Contribution Percentage, or (ii) the greater of (1) 5.7% or (2) the percentage equal to the portion of the Code Section 3111 (a) tax imposed on employers under the Federal Insurance Contributions Act (as in effect as of the beginning of the Plan Year) which is attributable to old-age insurance.
For purposes of this Subparagraph, "compensation" as defined in Section 414(s) of the Code shall be substituted for "Salary" in determining the Excess Contribution Percentage and the Base Contribution Percentage.
If this Plan is adopted as an integrated Money Purchase Pension Plan, (i) the "Base Contribution Percentage" specified in the Adoption Agreement, if less than the Top- Heavy Percentage, shall be increased to equal the Top-Heavy Percentage and (ii) the Employer Contribution required under (S)5.2 (as adjusted in (i) above) shall be made for each Active Participant and each other Participant for whom an allocation is required to be made under this (S)12.3.

More Definitions of Base Contribution Percentage

Base Contribution Percentage means the percentage so specified in the Plan Agreement.

Base Contribution Percentage means the percentage determined by dividing (i) that portion of the Employer Contributions (and Forfeitures) which is allocated to the Accounts of Participants with respect to Compensation which is not in excess of the Integration Level by

Base Contribution Percentage. First, (check either (aaa) or (bbb))(percent in either (aaa) or (bbb) must not be less than the "Minimum Top- Heavy Rate"): [ ] (aaa) [ ] (insert percent), or [ ] (bbb) that percent determined by the Employer for the Plan Year of the Participant's "Base Compensation" for such Plan Year shall be allocated to the Employer Account of such Participant;

Base Contribution Percentage means the percentage of Annual Compensation contributed under the Plan with respect to each Participant's Base Compensation. 1.09 "Break in Service" means a Period of Severance of at least 12 months. However, if an individual is absent from work for maternity or paternity reasons, the 12-consecutive month period beginning on the first anniversary of the first date of such absence shall not constitute a Break in Service. For purposes hereof, an absence from work for maternity or paternity reasons means an absence (1) by reason of the pregnancy of the individual, (2) by reason of the birth of a child of the individual, (3) by reason of the placement of a child with the individual in connection with the adoption of such child by such individual, or (4) for purposes of caring for such child for a period beginning immediately following such birth or placement.. 1.10 "Code" means the Internal Revenue Code of 1986, as amended. 1.11 "Company" means any corporation which is a member of a controlled group of corporations [as defined in section 414(b) of the Code] which includes the Employer; any trade or business (whether or not incorporated) which is under common control [as defined in section 414(c) of the Code] with the Employer; any organization (whether or not incorporated) which is a member of an affiliated service group [as defined in section 414(m) of the Code] which includes the Employer; and any other entity required to be aggregated with the Employer pursuant to regulations under section 414(o) of the Code. 1.12 "Defined Contribution Plan" means a pension plan or profit sharing plan which provides for an individual account for each Participant and for benefits based solely upon the amount contributed to each individual account, and any income, expenses, gains and losses, and any forfeitures of

Base Contribution Percentage means the percentage so specified in the Plan