Code Limits definition

Code Limits means Sections 401(a)(17) and 415 of the Code and any other provisions of the Code which limit the amount of benefits that a Participant may accrue or receive under or from the Retirement Plan.
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Code Limits means Section 401(a)(17) of the Code.
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Code Limits means Sections 401(a)(17) and 415 of the Code and any other provisions of the Code which, in the Committee’s determination, limit the amount of benefits which a Member may accrue under the Retirement Plan.
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Examples of Code Limits in a sentence

  • Any Eligible Employee who exceeds the Code Limits due to the application of Code Section 401(a)(17) must be a member of a “select group of management or highly compensated employees” for purposes of Title I of ERISA, as determined by the Board or the Committee.

  • If a reduction of simultaneously granted Options is necessary to meet the Code Limits, the Committee may designate which Shares are to be treated as Shares acquired pursuant to an Incentive Stock Option.

  • If the aggregate Fair Market Value of such Shares exceeds the Code Limits, the excess Shares will be treated as Nonqualified Stock Options under this Plan.

  • In reducing the number of Incentive Stock Options to meet the Code Limits, the most recently granted Incentive Stock Option shall be reduced first.

  • Contributions to a Participant's supplemental account shall occur at the time that the contributions would have been credited to the Participant's Account under SGRP absent the Code Limits or would have been credited to the Participant's Account under SGRP had the Participant's Incentive Compensation for the applicable period been considered Compensation (as defined in SGRP).

  • For purposes of clarification, a Participant accrues a benefit under the Plan only to the extent that a Participant’s benefits under the Retirement Plan are limited as a result of Deferrals or by operation of Code Limits.

  • If a Participant terminates employment prior to becoming vested in any benefits under the Legacy Plan, the Participant forfeits the supplemental benefits accrued hereunder by reason of the Code Limits applicable to the Legacy Plan.

  • If the benefits payable under the Legacy Plan to a Participant, or to a Participant's Eligible Spouse, other Beneficiary or Alternate Payee (as such terms are defined in the Legacy Plan) are limited due to the operation of the Code Limits, such person will be entitled to a benefit under this Supplemental Plan.

  • Subject to Sections 6.1 and 4.4 the benefit determined pursuant to Section 4.1 shall be paid to the person entitled thereto as though it were a part of the benefit being paid to such person under the Legacy Plan, so that it is payable at the same time, and in the same form, and subject to the same limits and restrictions (other than the Code Limits), as such person's benefits under the Legacy Plan (including consent of spouse, if applicable).

  • A Participant’s Account shall be credited in an amount equal to (i) deferrals made on behalf of a Participant pursuant to Section 4.1 in connection with Code Limits, (ii) deferrals of compensation made by a Participant pursuant to Section 4.2 unrelated to Code Limits, (iii) deferrals pursuant to Section 4.3 in connection with equity awards; (iv) special awards granted pursuant to Section 4.4, and (v) any deemed investment gains and losses determined pursuant to Section 5.2.


More Definitions of Code Limits

Code Limits means the limits on Compensation set forth in Section
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Related to Code Limits

  • Code means the Internal Revenue Code of 1986, as amended.

  • Code Section 409A means Section 409A of the Code and all regulations issued thereunder and applicable guidance thereto.

  • High Deductible Health Plan means a Health Plan as defined by 26 USC § 223(c)(2)(A) that also is a Qualified Health Plan.

  • IRC means the Internal Revenue Code of 1986, as amended.

  • Annual Additions means the sum credited to a Participant's Accounts for any Limitation Year of (a) "employer" contributions, (b) Employee contributions (except as provided below), (c) Forfeitures, (d) amounts allocated to an individual medical benefit account, as defined in Code §415(l)(2), which is part of a pension or annuity plan maintained by the "employer," (e) amounts derived from contributions paid or accrued which are attributable to post-retirement medical benefits allocated to the separate account of a key employee (as defined in Code §419A(d)(3)) under a welfare benefit fund (as defined in Code §419(e)) maintained by the "employer" and (f) allocations under a simplified employee pension. Except, however, the Compensation percentage limitation referred to in paragraph (e)(5)(ii) below shall not apply to: (1) any contribution for medical benefits (within the meaning of Code §419A(f)(2)) after separation from service which is otherwise treated as an "annual addition," or (2) any amount otherwise treated as an "annual addition" under Code §415(l)(1).

  • Annual Addition The sum of the following amounts allocated on behalf of a Participant for a Limitation Year, of (i) all Employer contributions; (ii) all forfeitures; and (iii) all Employee contributions. Except to the extent provided in Treasury regulations, Annual Additions include excess contributions described in Code Section 401(k), excess aggregate contributions described in Code Section 401(m) and excess deferrals described in Code Section 402(g), irrespective of whether the plan distributes or forfeits such excess amounts. Annual Additions also include Excess Amounts reapplied to reduce Employer contributions under Section 3.10. Amounts allocated after March 31, 1984, to an individual medical account (as defined in Code Section 415(l)(2)) included as part of a defined benefit plan maintained by the Employer are Annual Additions. Furthermore, Annual Additions include contributions paid or accrued after December 31, 1985, for taxable years ending after December 31, 1985, attributable to post-retirement medical benefits allocated to the separate account of a key employee (as defined in Code Section 419A(d)(3)) under a welfare benefit fund (as defined in Code Section 419(e)) maintained by the Employer.

  • Section 409A Limit means the lesser of two (2) times: (i) Executive’s annualized compensation based upon the annual rate of pay paid to Executive during the Company’s taxable year preceding the Company’s taxable year of Executive’s termination of employment as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which Executive’s employment is terminated.

  • Minimum Generation Emergency means an Emergency declared by the Office of the Interconnection in which the Office of the Interconnection anticipates requesting one or more generating resources to operate at or below Normal Minimum Generation, in order to manage, alleviate, or end the Emergency.

  • BENEFIT LIMIT means the total benefit allowed under this plan for a covered healthcare service. The benefit limit may apply to the amount we pay, the duration, or the number of visits for a covered healthcare service.

  • Section 409A of the Code means the nonqualified deferred compensation rules under Section 409A of the Code and any applicable treasury regulations and other official guidance thereunder.

  • Maximum Generation Emergency Alert means an alert issued by the Office of the Interconnection to notify PJM Members, Transmission Owners, resource owners and operators, customers, and regulators that a Maximum Generation Emergency may be declared, for any Operating Day in either, as applicable, the Day-ahead Energy Market or the Real-time Energy Market, for all or any part of such Operating Day.

  • Order limits means the limits shown on the works plans within which the authorised project may be carried out;

  • Railway Code Systems means necessary systems within the meaning of the Systems Code;

  • Dose limits means the permissible upper bounds of radiation doses established in accordance with these rules. For purposes of these rules, “limits” is an equivalent term.

  • Qualified Plan means a Benefit Arrangement that is intended to be tax-qualified under Section 401(a) of the Internal Revenue Code.

  • Maximum Generation Emergency means an Emergency declared by the Office of the Interconnection to address either a generation or transmission emergency in which the Office of the Interconnection anticipates requesting one or more Generation Capacity Resources, or Non- Retail Behind The Meter Generation resources to operate at its maximum net or gross electrical power output, subject to the equipment stress limits for such Generation Capacity Resource or Non-Retail Behind The Meter resource in order to manage, alleviate, or end the Emergency.

  • Section 162(m) of the Code means the exception for performance-based compensation under Section 162(m) of the Code and any applicable treasury regulations thereunder.

  • the Code means the Pension Regulator’s Code of Practice No 14 governance and administration of public service pension schemes.

  • Annual Benefit Limit means the maximum amount of benefits paid by the Company to the Policy Holder in a Policy Year irrespective of whether any limits of any benefit items stated in the Benefit Schedule have been reached. The Annual Benefit Limit is counted afresh in a new Policy Year.

  • Safe Harbors has the meaning set forth in Section 11.3.C hereof.

  • Plan Limit means the maximum aggregate number of Shares that may be issued for all purposes under the Plan as set forth in Section 5(a) of the Plan.

  • Deductible has the meaning set forth in Section 11.1(e).

  • Individual health insurance coverage means health insurance coverage offered to individuals in the

  • Safe Harbor Amount means 2.99 times the Executive’s “base amount,” within the meaning of Section 280G(b)(3) of the Code.

  • Foreign Benefit Law means any applicable statute, law, ordinance, code, rule, regulation, order or decree of any foreign nation or any province, state, territory, protectorate or other political subdivision thereof regulating, relating to, or imposing liability or standards of conduct concerning, any Employee Benefit Plan.

  • Building Code Act means the Building Code Act, 1992, S.O. 1992, c.23, as amended;