Examples of Premium Payment Year in a sentence
A Participant shall pay the Participant Premium for each Policy Year which is a Premium Payment Year for the Participant.
The Employer shall pay the Employer Premium for a Participant's Policy within thirty (30) days of the beginning of each Policy Year which is a Premium Payment Year.
If the plan has had one or more periods of coverage, report the earliest date in the Premium Payment Year when the plan was covered under Title IV — not the date when the plan became covered in a prior year.
The Employer may, but shall not be required to, make additional premium payments with respect to a Participant's Policy after the last Premium Payment Year.
However, the Employer Premium payable under Section 5.02 shall not be reduced to an amount that is less than the amount which would have been payable by the Employer for a Premium Payment Year without regard to this Section 5.03.
The Coverage Amount shall be the highest amount such that the Policy will qualify as a Permanent Policy if the Total Policy Premium is paid for each year that is a scheduled Premium Payment Year.
Once an election is made, it remains in effect for all subsequent plan years unless and until it is subsequently revoked.You may revoke a prior election only if the Premium Payment Year begins at least five years after the beginning of the plan year for which the election was first applicable.
Measurement dateUVBs are measured on the funding valuation date (i.e., the measurement date for determining the minimum required contribution) for the applicable plan year (i.e., either the Premium Payment Year or the Lookback Year, depending on whether the Lookback Rule applies).
If, as of the beginning of the Premium Payment Year, participation is limited to participants who were covered by the plan as of a specified date (i.e., the plan is closed to new entrants), enter the date the plan became closed to new entrants.
See Appendix 1 for more information about these terms.▪ Standard termination: closing out in current year – Your plan qualifies for this exemption if it makes a final distribution of assets in a standard termination during the Premium Payment Year unless it engaged in a non-De Minimis Spinoff in the same Premium Payment YearYou may claim this exemption in anticipation of a full distribution by plan year-end even if that hasn’t happened by the time you submit the filing.