Elective Deferrals definition
Elective Deferrals mean Compensation and Elective Deferrals for: . [Note: The Employer must complete the blank line with the applicable time period for computing the Basic Match, such as "each payroll period," "each calendar month," "each Plan Year quarter" or "the Plan Year."]
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.
Elective Deferrals means any employer contributions made to the plan at the election of the participant, in lieu of cash compensation, and shall include contributions made pursuant to a salary reduction agreement or other deferral mechanism. With respect to any taxable year, a participant's Elective Deferral is the sum of all Employer contributions made on behalf of such participant pursuant to an election to defer under any qualified CODA as described in Code Section 401(k), any simplified employee pension cash or deferred arrangement as described in Code Section 402(h)(1)(B), any eligible deferred compensation plan under Code Section 457, any plan as described under Code Section 501(c)(18), and any employer contributions made on behalf of a participant for the purchase of an annuity contract under Code Section 403(b) pursuant to a salary reduction agreement.
Examples of Elective Deferrals in a sentence
If the effective date of these Automatic Deferral provisions is later than the date Elective Deferrals were first permitted under this Plan, then the following rules apply to Eligible Employees who were Participants immediately prior to the effective date of these Automatic Deferral provisions (if an EACA, see the Note below; select f.
If a Participant's Elective Deferrals must be suspended pursuant to a provision of the Plan (e.g., due to a safe harbor hardship distribution or distribution due to military leave covered by the HEART Act), then a Participant is deemed to have made as of the date the suspension period begins, an Affirmative Election to have no Elective Deferrals made to the Plan unless otherwise selected below.
An Employee may become a Participant in the Plan for purposes of Elective Deferrals and Discretionary Employer Con- tributions immediately upon commencement of employment with the Employer.
Contribution types other than Elective Deferrals are not permitted.
A Participant shall be 100% vested in his or her Elective Deferrals at all times.
More Definitions of Elective Deferrals
Elective Deferrals which means, with respect to any taxable year, any Contribution made under a salary reduction agreement. A Contribution made under a salary reduction agreement is not treated as an Elective Deferral if, under the salary reduction agreement, such Contribution is made pursuant to a one-time irrevocable election made by the Participant at the time of initial eligibility to participate in the agreement, or is made pursuant to a similar arrangement involving a one-time irrevocable election specified in Regulations issued under the Code.
Elective Deferrals means a contribution the Employer makes to the Plan pursuant to a Participant's Salary Reduction Agreement, as described in Section 3.02. The term "Elective Deferrals" includes Pre-Tax Elective Deferrals and Roth Elective Deferrals.
Elective Deferrals means the Employer's contributions to the Plan that are made pursuant to a Participant's salary deferral election in accordance with Section 12.2. Elective Deferrals shall be subject to the requirements of Sections 12.2(d) and 12.2(e) and shall, except as otherwise provided herein, be required to satisfy the nondiscrimination requirements of the Code §401(k) Regulations. The term "Elective Deferrals" includes Pre-Tax Elective Deferrals and, if permitted by the Plan, Roth Elective Deferrals.
Elective Deferrals means, with respect to any taxable year of the Participant, the sum of
Elective Deferrals means any Employer contributions made to the Plan at the election of the Participant, in lieu of cash compensation, pursuant to a salary reduction agreement or other deferral mechanism. 1.9 "Eligible Employee" shall mean, for a particular Plan Year, each Employee who is not excluded from eligibility to participate in the Plan under the Adoption Agreement. The determination of eligibility shall be made on the last day of the Plan Year. 1.10 "Employee" shall mean any person employed by the Employer and any person treated as an employee under section 401(c) of the Code.
Elective Deferrals means any Employer contributions made to the Plan at the election of the Participant, in lieu of cash compensation, and shall include contributions made pursuant to a salary reduction agreement or other deferral mechanism. With respect to any taxable year, a Participant's Elective Deferrals are the sum of all Employer contributions made on behalf of such Participant pursuant to an election to defer under any CODA, any simplified employee pension cash or deferred arrangement as described in section 402(h)(1)(B), any eligible deferred compensation plan under section 457, any plan as described under section 501(c)(18), and any Employer contributions made on behalf of a Participant for the purchase of an annuity contract under section 403(b) pursuant to a salary reduction agreement. Elective Deferrals shall not include any deferrals properly distributed as an Excess Amount pursuant to Section 6.4(d).
Elective Deferrals. [] Shall not be permitted [] Shall be permitted A Participant may elect to have his or her Compensation reduced by the following percentage or amount per pay period: [] An amount not excess of __________________% of Compensation [cannot exceed the lesser of 15% of Compensation (determined without regard to the Employer contributions made under this Plan) or the dollar limitation of section 402(g) of the Code for the calendar year ($9,240 for 1995, as indexed)]. [] An amount not in excess of $ ________________ of Compensation [cannot exceed the lesser of 15% of Compensation (determined without regard to the Employer contributions made under this Plan) or the dollar limitation of section 402(g) of the Code for the calendar year ($9,240 for 1995, as indexed)]. A Participant may elect to commence Elective Deferrals the next pay period following: ________________ (enter date or period -- at least once each calendar year). A Participant may modify the amount of Elective Deferrals as of ________________________________ (enter date or period -- at least once each calendar year). A Participant [] may; [] may not base Elective Deferrals on cash bonuses that, at the Participant's election, may be contributed to the CODA or received by the Participant in cash. Such election shall be effective as of the next pay period following _____________________ or as soon as administratively feasible thereafter.