Compensation Deferral Limit definition

Compensation Deferral Limit means, for any Plan Year, the maximum percentage (determined in accordance with the provisions of Section 4.6) of an Employee’s Compensation which may be contributed to the Plan pursuant to a Salary Deferral Agreement. The Plan Administrator shall establish the Compensation Deferral Limit for each Plan Year for the purpose of meeting the nondiscrimination tests of Section 401(k) of the Code, and shall apply the limit to such Employees as is necessary to ensure compliance with such tests.
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Compensation Deferral Limit means, for any Plan Year for which the Plan does not meet the “safe harbor” requirements of Sections 401(k)(12) and 401(m)(11) of the Code, the maximum percentage of an Employee's Compensation which may be contributed to the Plan pursuant to a Salary Deferral Agreement. The Committee shall establish the Compensation Deferral Limit for each such Plan Year for the purpose of meeting the nondiscrimination tests of Section 401(k) and Section 401(m) of the Code, and shall apply the limit to such Employees as is necessary to assure compliance with such tests.
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Compensation Deferral Limit means 100 percent of a Participant’s Compensation with respect to a Plan Year.
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Examples of Compensation Deferral Limit in a sentence

  • Such election shall be in the form of a Salary Deferral Agreement, and shall be subject to the Compensation Deferral Limit, if any, applicable to such Participant as established by the Plan Administrator from time to time for purposes of meeting the nondiscrimination tests of Section 401(k) of the Code, and, if applicable, satisfying the maximum limits described in Section 3.6 and Sections 4.6 through 4.12.

  • The Pre-Tax Savings Contribution of a Highly Compensated Associate for a Plan Year shall not exceed the Compensation Deferral Limit.

  • Second, the process is repeated until the Compensation Deferral Limit is met.

  • The Administrative Committee may limit the Elective Profit Sharing Contributions of some or all Highly Compensated Employees, in such manner as the Administrative Committee determines, so as to comply with a projected Compensation Deferral Limit as provided in Section 401(k) of the Code and the regulations thereunder.

  • The Administrative Committee may limit the Savings Contributions of some or all Highly Compensated Employees, in such manner as the Administrative Committee determines, so as to comply with a projected Compensation Deferral Limit as provided in Section 401(k) of the Code and the regulations thereunder.

  • The Administrative Committee may reduce or eliminate future Pre-Tax Savings Contributions of some or all Highly Compensated Associates, in such manner as the Administrative Committee determines, so as to comply with a projected Compensation Deferral Limit.

  • Such election shall be in the form of a payroll deduction authorization and/or a Salary Deferral Agreement, and shall be subject to the Compensation Deferral Limit and/or Contribution Percentage Limit, if any, applicable to such Participant as established by the EBAC from time to time for purposes of meeting the nondiscrimination tests of Section 401(k) of the Code and, the nondiscrimination tests of Section 401(m) of the Code.

  • Any Savings Contribution and/or Elective Profit Sharing Contribution which exceeds the Compensation Deferral Limit shall be returned together with earnings for the Plan Year to the Participant within two and one-half (2-1/2) months after the close of the Plan Year for which the contribution was made.

  • The amount of excess contributions for a Highly Compensated Employee is then equal to the total of elective and other contributions taken into account in computing the Compensation Deferral Limit, minus the product of the Highly Compensated Employee's contribution ratio as determined above and the Highly Compensated Employee's Compensation.

  • Such election shall be in the form of a Salary Deferral Agreement and shall be subject to the Compensation Deferral Limit, if any, applicable to such Participant as established by the Committee from time to time for purposes of meeting the nondiscrimination tests of Section 401(k) of the Code.


More Definitions of Compensation Deferral Limit

Compensation Deferral Limit means the greater of (a) the average actual contribution deferral percentage of Non-Highly Compensated Employees multiplied by 1.25, or (b) the lesser of (i) the average actual contribution deferral percentage of Non-Highly Compensated Employees multiplied by two, or (ii) the average actual contribution deferral percentage of Non-Highly Compensated Employees plus 2%, as determined under Section 401(k)(3) of the Code and the regulations thereunder. A Participant's actual contribution deferral percentage is the Savings Contributions and Elective Profit Sharing Contributions made for the Participant which may be taken into account for the Plan Year for purposes of Section 401(k)(3) of the Code, divided by the Participant's Compensation while a Participant during the Plan Year. All or any portion of the Non-Elective Profit Sharing Contributions for the Plan Year may be included in the calculation of the Compensation Deferral Limit for the Plan Year at the option of the Employer.
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Compensation Deferral Limit means 100 percent of a Participant's Salary with respect to a Plan Year.
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Related to Compensation Deferral Limit

  • Compensation Deferral means the amount or amounts of the Director's Compensation deferred under the provisions of Section 3 of this Agreement.

  • Deferral Contribution means any contribution made to the Plan by the Employer in accordance with the provisions of Section 5.03.

  • Bonus Deferral means the amount of a Participant’s Bonus Compensation which the Participant elects to have withheld on a pre-tax basis from his Bonus Compensation and credited to his account pursuant to Section 4.1.

  • Deferral Contributions are Salary Reduction Contributions and Cash or Deferred Contributions the Employer contributes to the Trust on behalf of an Eligible Employee, irrespective of whether, in the case of Cash or Deferred Contributions, the contribution is at the election of the Employee. For Salary Reduction Contributions, the terms "deferral contributions" and "elective deferrals" have the same meaning.

  • Annual Deferral Amount means that portion of a Participant's Base Annual Salary and Annual Bonus that a Participant elects to have, and is deferred, in accordance with Article 3, for any one Plan Year. In the event of a Participant's Retirement, Disability (if deferrals cease in accordance with Section 8.1), death or a Termination of Employment prior to the end of a Plan Year, such year's Annual Deferral Amount shall be the actual amount withheld prior to such event.

  • Elective Deferral Account means the account established hereunder to which Elective Deferrals (including a separate accounting for Catch-Up Contributions) are allocated. Amounts in the Participant's Elective Deferral Account are nonforfeitable when made and are subject to the distribution restrictions of Section 12.2(e). The Elective Deferral Account may consist of the

  • Deferral Amount means the sum of all of a Participant's Annual Deferral Amounts.

  • Elective Deferral means the portion of Compensation which is deferred by a Participant under Section 4.1.

  • Deferral Account means the Company's accounting of the Director's accumulated Deferrals plus accrued interest.

  • Bonus Compensation shall have the meaning set forth in Section 3(b).

  • Matching Contribution means Employer contributions made to this Plan or any other defined contribution plan by reason of Thrift Contributions or Elective Deferrals under this Plan.

  • Deferral Election means the Participant’s election under Section 3.1 to defer all or a portion of his or her Compensation.

  • Deferral Year means each calendar year during which the Director makes, or is entitled to make, Compensation Deferrals under Section 3 hereof.

  • Basic Compensation means Salary and Benefits.

  • Deferral Date means the date Fees would otherwise have been paid to the Participant.

  • Excess Elective Deferrals means the amount of Elective Deferrals (as defined below) for a calendar year that the Participant designates to the Plan pursuant to the following procedure. The Participant’s designation: shall be submitted to the Administrator in writing no later than March 1; shall specify the Participant’s Excess Elective Deferrals for the preceding calendar year; and shall be accompanied by the Participant’s written statement that if the Excess Elective Deferrals is not distributed, it will, when added to amounts deferred under other plans or arrangements described in Section 401(k), 408(k) or 403(b) of the Code, exceed the limit imposed on the Participant by Section 402(g) of the Code for the year in which the deferral occurred. Excess Elective Deferrals shall mean those Elective Deferrals that are includible in a Participant's gross income under Section 402(g) of the Code to the extent such Participant's Elective Deferrals for a taxable year exceed the dollar limitation under such Code section.

  • Qualified Matching Contribution means any employer contribution allocated to an Eligible Employee’s account under any plan of an Employer or a Related Company solely on account of “elective contributions” made on his behalf or “employee contributions” made by him that is a qualified matching contribution as defined in regulations issued under Code Section 401(k), is nonforfeitable when made, and is distributable only as permitted in regulations issued under Code Section 401(k).

  • Eligible Compensation means, with respect to each Participant for each pay period, the full salary and wages paid to such Participant by the Company or a Participating Subsidiary, including commissions, bonuses (to the extent not excluded below), overtime pay and shift differentials. Except as otherwise determined by the Committee, “Eligible Compensation” does not include

  • Matching Contributions means local cash and/or in-kind contributions made by the Contractor, a subcontractor, or other local resources that qualify as match for the Contract funding.

  • Elective Deferrals are all Salary Reduction Contributions and that portion of any Cash or Deferred Contribution which the Employer contributes to the Trust at the election of an Eligible Employee. Any portion of a Cash or Deferred Contribution contributed to the Trust because of the Employee's failure to make a cash election is an elective deferral. However, any portion of a Cash or Deferred Contribution over which the Employee does not have a cash election is not an elective deferral. Elective deferrals do not include amounts which have become currently available to the Employee prior to the election nor amounts designated as nondeductible contributions at the time of deferral or contribution.

  • Compensation Period has the meaning specified in Section 2.12(c)(ii).

  • Deferrals means the amount of the Director’s Compensation that the Director elects to defer according to this Agreement.

  • Qualified Matching Contributions means Matching Contributions which are immediately nonforfeitable when made, and which would be nonforfeitable, regardless of the age or service of the Employee or whether the Employee is employed on a certain date, and which may not be distributed, except upon one of the events described under Section 401(k)(2)(B) of the Code and the regulations thereunder.

  • Deferral Period has the meaning set forth in Section 3(i) hereof.

  • Plan Year means the calendar year.

  • Compensation Limit means the compensation limit of Section 401(a)(17) of the Code, as adjusted under Section 401(a)(17)(B) of the Code for increases in the cost of living.