Mandatory Employee Contribution definition

Mandatory Employee Contribution means an Employee Contribution that equals the specified percentage of a Participant’s Compensation which the Participant must contribute to the Plan in order to receive an allocation of Employer contributions and Forfeitures for the Allocation Period.
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Mandatory Employee Contribution. Employee’s will contribute 1% of the employee’s salary.
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Mandatory Employee Contribution means Participant contributions which are to be made as a condition of employment with the Employer. Pursuant to Code Section 414(h), and upon authorization by the Internal Revenue Service, such contributions shall be picked up by the Employer and shall be deemed to be Employer contributions which are not taxable income to the Employee.
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Examples of Mandatory Employee Contribution in a sentence

  • The Employer must specify the time period to which any Mandatory Employee Contribution formula will apply (which is deemed to be the Plan Year if the Employer does not so specify).

  • The Mandatory Employee Contribution is a condition of employment.

  • An Eligible Employee may make, on or before first being eligible to participate under any plan of the Employer, an irrevocable election to contribute to the Plan the Mandatory Employee Contribution.

  • A Mandatory Employee Contribution is a pre-tax Employee contribution which the Employee agrees to make as a condition of employment.

  • Mandatory Employee Contribution means a pre-tax Employee contributionwhich the Employee agrees to make as a condition of employment.

  • Such contributions shall be made as of each payroll period and allocated to the Mandatory Employee Contribution Account of the Participant on whose behalf they were made and shall be 100% vested at all times.

  • Excess Aggregate Contributions that are allocated to a Participant will be forfeited, if forfeitable, or will be distributed on a pro-rata basis from the Participant’s Voluntary Employee Contribution Account, Mandatory Employee Contribution Account, Matching Contribution Account and Qualified Matching Contribution Account (and if applicable, from the Participant’s Qualified Non-Elective Contribution Account, Pre-Tax Elective Deferral Account, Roth Elective Deferral Account, or any combination thereof).

  • The Plan will hold and administer Mandatory Employee Contributions as pretax Nonelective Contributions.Amount of Mandatory Employee Contribution.

  • Mandatory Employee Contributions will be allocated to a Participant’s Mandatory Employee Contribution Account in which the Participant will have a 100% Vested Interest.

  • The University Contribution is sometimes referred to as a matching contribution on a Participant’s Mandatory Employee Contribution.


More Definitions of Mandatory Employee Contribution

Mandatory Employee Contribution. CalPERS New Members are required to pay for a portion of the cost of the 2 percent at 62 retirement formula. This mandatory employee contribution is not a fixed amount. Rather, it will be set by CalPERS based on the following formula. The mandatory employee contribution will be equal to the greater of fifty (50%) percent of the total normal costs attributable to the 2 percent at 62 benefit plan, rounded to the nearest quarter of 1 percent, or the current contribution rate of similarly situated employees. The City will inform New Members of the actual mandatory employee contribution when CalPERS informs the City of the rate. This mandatory employee contribution will be deducted from the employee’s paycheck. Pensionable Compensation Limit: As established and adjusted by CalPERS on an annual basis.
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Related to Mandatory Employee Contribution

  • Employee Contributions are contributions made by a Participant on an after-tax basis, whether voluntary or mandatory, and designated, at the time of contribution, as an employee (or nondeductible) contribution. Elective deferrals and deferral contributions are not employee contributions. Participant nondeductible contributions, made pursuant to Section 4.01 of the Plan, are employee contributions.

  • 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.

  • Rollover Contribution means any rollover contribution to the Plan made by a Participant as may be permitted under Article V.

  • Matching Contribution means an employer contribution made to this or any other defined contribution plan on behalf of a participant on account of an Employee Contribution made by such participant, or on account of a participant's Elective Deferral, under a plan maintained by the employer.

  • 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.

  • Employer Contributions means the amount transferred by an employer to a funding account or a health reimbursement account.

  • 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."]