Highly Compensated. EMPLOYEE Any Employee who performs service for the Employer during the determination year and who, during the immediate prior year:
(a) received Compensation from the Employer in excess of $75,000 [as adjusted pursuant to Code Section 415(d)]; or
(b) received Compensation from the Employer in excess of $50,000 [as adjusted pursuant to Code Section 415(d)] and was a member of the Top-Paid Group for such year; or
(c) was an officer of the Employer and received Compensation during such year that is greater than 50 percent of the dollar limitation in effect under Code Section 415(b)(1)(A). Notwithstanding (a), (b) and (c), an Employee who was not Highly Compensated during the preceding Plan Year shall not be treated as a Highly Compensated Employee with respect to the current Plan Year unless such Employee is a member of the 100 Employees paid the greatest Compensation during the year for which such determination is being made.
(d) Employees who are five percent (5%) Owners at any time during the immediate prior year or determination year. Highly Compensated Employee includes Highly Compensated active Employees and Highly Compensated former Employees. For purposes of determining those employees that are to be treated as Highly Compensated for a determination year, an Employer maintaining a fiscal year Plan may elect to make the look-back year calculation as defined in
Section 1. 414(q)-1T, Q&A 14(b) of the Treasury Regulations for a determination year on the basis of the calendar year ending with or within the applicable determination year. For purposes of this election, a determination year that is shorter than twelve (12) months, the look-back year calculation may be made based upon the calendar year ending with or within the twelve-month period ending with the end of the applicable determination year. Where such election is made, the employer shall make its determination year calculation pursuant to the provisions of Treasury Regulation ss.1.414(q)-1T, Q&A 14(b).
Highly Compensated means, for Plan Years beginning prior to January 1, 1997, any Employee of an Employer or an Affiliate who meets any of the following requirements in either the prior or current Plan Year:
Highly Compensated means any Employee who is a more than five percent (5%) owner of an Employer or earned $110,000 or more in Test Compensation from the Employer in the calendar year that begins in the twelve month period that precedes the current Plan Year (the “lookback year”); provided, however, that such $110,000 figure shall be adjusted for cost of living at the same time and in the same manner as determined under Code Section 415(d).
Examples of Highly Compensated in a sentence
These tests are intended to ensure that the amount of contributions under the Plan do not discriminate in favor of Highly Compensated Employees.
The ADP and ACP of the Highly Compensated Employees are determined after any corrections required to meet the ADP and ACP tests.
Depending upon the results of the tests, the Plan Administrator may have to refund Deferral Contributions contributed to the Plan and vested matching contributions to certain Highly Compensated Employees, as determined under Internal Revenue Service regulations.
If a Highly Compensated Employee participates in two or more cash or deferred arrangements that have different Plan Years, all cash or deferred arrangements ending with or within the same calendar year shall be treated as a single arrangement.
If a Highly Compensated Employee participates in two or more cash or deferred arrangements that have different plan years, all cash or deferred arrangements ending with or within the same calendar year shall be treated as a single arrangement.
More Definitions of Highly Compensated
Highly Compensated. STATUS. (Select only one.) [ ] Only Participants who are Non-highly Compensated Employees eligible under (b) or (c) below (and who make elective deferrals hereunder for the Plan Year) shall be entitled to receive the matching contribution under Item 21 to the Employer Matching Accounts for a Plan Year; or [ ] All Participants who are eligible under (b) or (c) below (and who make elective deferrals hereunder for the Plan Year) shall be entitled to receive the matching contribution under Item 21 to the Employer Matching Accounts for a Plan Year; or [ ] On a year to year basis, the Administrator shall determine whether all Participants eligible under (b) or (c) below or only those Participants who are Non-highly Compensated Employees eligible under (b) or (c) below (and who make elective deferrals hereunder for the Plan Year) shall be entitled to receive the matching contribution under Item 21 to the Employer Matching Accounts for the Plan Year.
Highly Compensated means any Employee who is a more than five percent (5%) owner of an Employer or both earned $80,000 or more in Test Compensation from the Employer in the lookback year and was member of the Top Paid Group for such year; provided, however, that such $80,000 figure shall be adjusted for cost of living at the same time and in the same manner as determined under Code Section 415(d).
Highly Compensated means any Employee who is a more than five percent (5%) owner of an Employer or earned $110,000 or more in Test Compensation from the Employer in the lookback year; provided, however, that such $110,000 figure shall be adjusted for cost of living at the same time and in the same manner as determined under Code Section 415(d).
Highly Compensated. STATUS. (Select only one.) Only Participants who are Non-highly Compensated Employees eligible under (b) or (c) below shall be entitled to share in the Employer contribution under Item 17 to the Nonelective Contribution Accounts for a Plan Year; or All Participants who are eligible under (b) or (c) below shall be entitled to share in the Employer contribution under Item 17 to the Nonelective Contribution Accounts for a Plan Year; or X On a year to year basis, the Administrator shall determine whether all Participants eligible under (b) or (c) below or only those Participants who are Non-highly Compensated Employees eligible under (b) or (c) below shall be entitled to share in the Employer contribution under Item 17 to the Nonelective Contribution Accounts for the Plan Year.
Highly Compensated means, for periods beginning before January 1, 1997, any Employee who meets any of the following requirements in either the prior Plan Year (the "lookback year") or the current Plan Year (the "determination year"):
Highly Compensated means that an individual (a) was, at any time during the Plan Year for which the determination is being made or the preceding Plan Year (the “look-back year”), a five percent owner of the Employer or an Affiliate, determined as described in Code Section 416(i), or (b) had compensation (as defined in Code Section 415(c)(3)) from the Employer or an Affiliate in excess of $105,000, as adjusted by the Secretary of the Treasury in accordance with Code Section 415(d). Notwithstanding the foregoing, the Committee may elect, by Plan amendment, to limit the application of clause (b) of the preceding sentence to Employees in the top-paid group during the look-back year. For this purpose, the term “top-paid group” means the top 20% of active Employees as ranked on the basis of compensation received from the Employer or an Affiliate during the year, determined as described in Code Section 414(q).
Highly Compensated means any Employee who is a more than five percent (5%) owner of an Employer or earned $135,000 or more in Test Compensation from the Employer in the calendar year that begins in the twelve month period that precedes the current Plan Year (the “lookback year”); provided, however, that such $135,000 figure