Deferred Compensation Credit definition
Examples of Deferred Compensation Credit in a sentence
The City agrees to deduct from the wages of employees giving written authorization any moneys for the U.S. Savings Bond Program, Deferred Compensation, Credit Union and United Way, to the extent these programs continue to be made available to all other city employees.
Employee's Salary Deferred Compensation Credit shall not be paid to Employee but such amount shall instead be deferred and credited to Employee's Account (as defined in Section 12(a) of the Employment Agreement) as deferred compensation in accordance with Section 12 of the Employment Agreement.
For purposes of this Agreement, the term "Adjusted Base Salary" shall mean and refer to the sum of Employee's Base Salary and Ten Thousand and No/100 ($10,000.00) Dollars (such Ten Thousand and No/100 ($10,000.00) Dollars, together with interest accrued thereon as hereinafter provided, is hereinafter referred to as the "Salary Deferred Compensation Credit").
Deferred Compensation Plan (the "Deferred Compensation Plan") with $5,000,000 (the "Deferred Compensation Credit").
In the event of termination of Employee's employment under the Employment Agreement for any reason during any Term Year, no portion of the Salary Deferred Compensation Credit shall be credited to Employee's Account in respect of the month in which such termination occurs or any subsequent period.
In the event of the termination of Employee's employment hereunder for any reason prior to the end of any Term Year, however, no credits shall be made to Employee's Account with respect to a Company Deferred Compensation Credit for such Term Year.
For these purposes, the Salary Deferred Compensation Credit and all interest so accrued on the credit balance of Employee's Account shall be deemed to be credited to Employee's Account as of the end of each month of each Term Year, and the Company Deferred Compensation Credit shall be deemed to be credited to Employee's Account as of December 31 of each Term Year, as provided in Section 12(b) hereof.
The City shall continue to make deductions as requested by employees for Deferred Compensation, Credit Union and United Way, to the extent these programs continue to be made available to all other City employees.
In the event of the termination of Officer's employment before January 1, 2003 pursuant to Sections 5(a), (b), (d), (e) or (g), the Account shall be credited with the Deferred Compensation Credit as therein provided.
In the event the Effective Date is a date other than January 1, then Employee's Base Salary, Adjusted Base Salary, Salary Deferred Compensation Credit and Bonus for the initial Term Year shall be prorated based on the ratio of the number of days in the initial Term Year commencing on the Effective Date to the number of days in the calendar year in which the Effective Date falls.