Compensation Deferral Election definition

Compensation Deferral Election means an election made pursuant to Section 4.5(a) of the Plan.

Compensation Deferral Election means an Eligible Employee's election to defer a portion of his or her Compensation during a Plan Year to the Plan.

Compensation Deferral Election means the election made by an active Participant or eligible Executive, pursuant to Section 4.1, to defer receipt of all or a portion of his Compensation earned in the calendar year to which the election relates.

Examples of Compensation Deferral Election in a sentence

• In the event that an Eligible Individual first becomes eligible during a Plan Year with respect to which Fiscal Year Compensation is payable, such Eligible Individual must make his Fiscal Year Compensation Deferral Election on or before the end of the fiscal year of the Employer immediately preceding the first fiscal year in which any services are performed for which the Fiscal Year Compensation is payable.

• A Participant electing such partial payment must specify in his or her Deferral Agreement under Section 4.1, Section 4.2, and/or a Performance-Based Compensation Deferral Election under Section 4.3 the percentage of the payment required to be paid as a single, lump sum and the percentage of the payment required to be paid as installment payments.

• In accordance with the Employer’s election(s) under the Adoption Agreement, a Participant must designate in his or her Deferral Agreement under Section 4.1, Section 4.2, and/or a Performance-Based Compensation Deferral Election under Section 4.3 whether such payments will be made over the life expectancy of the Participant or over a period of years (specifying the number of years) and whether such distributions shall be made monthly, quarterly, semi-annually or annually.

• A Participant shall designate a Beneficiary with respect to each Compensation Deferral Election and may change the Beneficiary designation with respect to any Compensation Deferral Election at any time by submitting to the Plan Committee a revised Beneficiary designation in writing reflecting the change.

• The Executive may annually file a Compensation Deferral Election Form with the Plan Administrator no later than the end of the Plan Year preceding the Plan Year in which services leading to such Compensation will be performed.

More Definitions of Compensation Deferral Election

Compensation Deferral Election means a Participant's irrevocable election to defer a portion of his/her Compensation.

Compensation Deferral Election means an Eligible Employee’s election, in a manner prescribed by the Benefits Administrative Committee, to defer Compensation pursuant to the Plan.

Compensation Deferral Election means a written or electronic election completed by the Participant to defer the payment of Compensation, subject to the terms and conditions of the Plan and such other rules, procedures and approvals that the Committee shall determine in its sole discretion. Except as otherwise specifically allowed under the Section 409A Rules (as defined below), a Participant’s Compensation Deferral Election shall be irrevocable for the corresponding Plan Year and shall automatically carry-forward to future Plan Years unless it is revoked or changed by a Participant during a corresponding Election Period. If a Participant who has a Compensation Deferral Election in effect for the 2008 Plan Year does not have projected Compensation of at least $150,000 for calendar year 2009, then such election shall cease as of December 31, 2008 with respect to Salary and as of February 28, 2009 with respect to Incentive Compensation. Consistent with the Section 409A Rules, if a Participant receives an unscheduled distribution of Section 409A Covered Benefits due to a Financial Hardship, his or her Compensation Deferral Election shall be cancelled for the remainder of the Plan Year and such a Participant will be precluded from making another Compensation Deferral Election during the Election Period corresponding to the following Plan Year. Thereafter, the Participant’s previous Deferral Election shall not apply and the Participant must make a new Deferral Election during the Election Period corresponding to the Plan Year when or she is again eligible to defer Compensation under the Plan.

Compensation Deferral Election means an Eligible Employee’s election, on a form prescribed by the Administrative Committee, to defer Compensation. “ERISA” means the Employee Retirement Income Security Act of 1974, as may be amended from time to time.

Compensation Deferral Election means an Eligible Employee’s election, on a form prescribed by the Administrative Committee, to defer Compensation.

Compensation Deferral Election means the election made by an active Participant or eligible Executive, pursuant to Section 4.1, to defer receipt of all or a portion of his Compensation earned in the calendar year to which the election relates.(m) “Deferral Account” means the account maintained by the Trustee under the Trust, on behalf of a Participant, to which the Company deposits and the Trustee credits at the direction of the Company (i) the Compensation and Bonus Compensation the Participant elects to defer pursuant to his Compensation Deferral Election and/or Bonus Compensation Deferral Election, and (ii) the Company Matching Contributions and Company Discretionary Contributions pursuant to Sections 5.1 and 5.2 which are entirely Nonforfeitable when made. Although this Plan may refer to a Deferral Account as “the Participant’s Deferral Account” or as “his Deferral Account,” the amounts credited to such Deferral Account shall at all times be subject to the terms and conditions of the agreement and declaration establishing the Trust, and thus subject to the claims of the Company’s general creditors.(n) “Executive” means an employee of the Company who is:(1) in a select group of management or highly paid employees;

Compensation Deferral Election means the agreement described in Section 3.1(b).