Elective Salary Deferral definition

Elective Salary Deferral means the amount of salary deferral elected by an Executive Employee pursuant to a salary reduction agreement for 1987 for amounts which would otherwise have been Tax Deferred Contributions pursuant to Section 3.2 of the Borden RSP but for the $7,000 limit in such Section.
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Elective Salary Deferral means the amount of salary deferral elected by an Executive Employee pursuant to a salary reduction agreement for 1987 for amounts which would otherwise have been Tax Deferred Contributions pursuant to Section 3.2 of the Borden RSP but for the limits set forth in Section 402(g) of the Internal Revenue Service Code.
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Examples of Elective Salary Deferral in a sentence

  • In contrast, every Participant who fails to satisfy a service requirement elected by the Employer in the Adoption Agreement in order to be eligible to make an Elective Salary Deferral or a Voluntary After-Tax Contribution, or to receive an allocation of Matching Contributions for a Plan Year, shall be excluded for purposes of calculating the Contribution Percentage for that Plan Year.

  • Note: Peacekeepers require answering these four questions in the affirmative prior to deciding to use force.

  • No Elective Contribution shall be more than 16% of a Participant's Compensation, and the amount of any Compensation that a Participant shall be entitled to defer pursuant to the foregoing shall be reduced by the amount of any Elective Salary Deferral Contributions credited to the Participant's account under the CNA Surety Corporation 401(k) Plan for such Plan Year.

  • The amount of Matching Contributions and Voluntary After-Tax Contributions, together with any Elective Salary Deferral treated as Matching Contributions, made for Highly Compensated Employees that exceed the maximum amount of such Contributions that may be made under the nondiscrimination test of Code section 401(m)(2)(A).

  • Notwithstanding the foregoing, the Contribution Percentage Amounts shall exclude Elective Salary Deferrals when determining the Contribution Percentage amounts but only if the Average Deferral Percentage test is satisfied before the Elective Salary Deferrals are used in the Average Contribution Percentage test and the former test continues to be satisfied after the Elective Salary Deferral that are used in the Average Contribution Percentage test are excluded.

  • In accordance with the Employer's election to provide hardship withdrawals in the Adoption Agreement, a Participant may request a withdrawal of all or part of the contributions allocated to such Participant's account attributable to Elective Salary Deferrals, exclusive of any earnings ("Elective Salary Deferral Amounts"), subject to the restrictions described in section 6.12(b).

  • The IRS deferral limits for 2021 are as follows:• 403(b) Elective Salary Deferral Limit is $19,500.

  • The Plan Administrator shall not take any returned Elective Salary Deferral Contributions into account in calculating (i) the Participant's Deferral Percentage or Contribution Percentage for the Plan Year, (ii) whether the Participant has Excess Deferrals or (iii) whether the Participant has exceeded the limit in Code section 402(g), as adjusted.

Related to Elective Salary Deferral

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

  • 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

  • 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.

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

  • 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."]

  • 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.

  • Non-Elective Contribution means the Employer contributions to the Plan excluding, however, contributions made pursuant to the Participant's deferral election provided for in Section 4.2 and any Qualified Non-Elective Contribution used in the "Actual Deferral Percentage" tests.

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

  • Elective Contribution means the Employer's contributions to the Plan of Deferred Compensation excluding any such amounts distributed as excess "annual additions" pursuant to Section 4.10(a). In addition, any Employer Qualified Non-Elective Contribution made pursuant to Section 4.6 shall be considered an Elective Contribution for purposes of the Plan. Any such contributions deemed to be Elective Contributions shall be subject to the requirements of Sections 4.2(b) and 4.2(c) and shall further be required to satisfy the discrimination requirements of Regulation 1.401(k)-1(b)(5), the provisions of which are specifically incorporated herein by reference.

  • Matching Contribution means an Employer contribution made to this or any other defined contribution plan on behalf of a Participant on account of a Participant's Deferral Contribution.

  • 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).

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

  • 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 Contributions are amounts excludible from the Employee's gross income under Code Sections 125, 402(a)(8), 402(h) or 403(b), and contributed by the Employer, at the Employee's election, to a Code Section 401(k) arrangement, a Simplified Employee Pension, cafeteria plan or tax-sheltered annuity. The term "Compensation" does not include:

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

  • Plan Year means the calendar year.

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

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

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

  • Nonelective Contribution means an amount contributed by a participating

  • Employer Contribution means the amount paid by an employer, as determined by the employer rate, including the normal and deficiency rates, contributions, and funds wherever used in this chapter.

  • Salary reduction plan means a benefit plan whereby state and

  • Employer Matching Contributions means the Employer matching contributions made to the Trust Fund pursuant to Article V (Employer Matching Contributions).

  • Non-Highly Compensated Employee means an Employee who is not a Highly Compensated Employee.