Profit Sharing Allocation definition

Profit Sharing Allocation means the contribution payable by the Employer to the Trust on behalf of a Participant out of the Employer's Current or Accumulated Earnings in accordance with Section 4.2 hereof subject to the Participant's right to elect, if permitted by Section IV of the Adoption Agreement, to receive all or a portion of such contribution in cash in lieu of having it deferred and contributed to the Trust on his behalf.
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Profit Sharing Allocation means the Profit Sharing Allocation referred to in paragraph 7.2.3;
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Examples of Profit Sharing Allocation in a sentence

  • The Annual Profit Sharing Allocation for Crew Members shall be based on the Company’s Annual Profit Sharing Contribution (as defined in the Plan).

  • If a Crew Member’s employment terminates in a Plan (calendar) year by reason of death, or if an eligible Retired Crew Member dies in a Plan (calendar) year, the Plan will pay all of that Crew Member’s and Retired Crew Member’s Annual Profit Sharing Allocation for that Plan year to his beneficiary as designated by him in his Company-provided life insurance policy.

  • For auditing purposes, the Company shall provide the Local Union President, or his designee, a report showing the Annual Profit Sharing Allocation, identifying the Crew Members who will be receiving a share of the Annual Profit Sharing Allocation (and those who will not be), and explaining and demonstrating the calculation used to apportion the Annual Profit Sharing Allocation among the Crew Members.

  • The Annual Profit Sharing Allocation (as defined in the Plan) for Crew Members shall continue to be calculated from Pre-Tax Profits (as defined in the Plan) consistent with the terms of the Plan.

  • Accounts in the name of such Penwest Employees will be maintained under the Penford 401(k) Plan (although these accounts will show a $0 account balance following the First Transfer of Account Balances) until the allocation of profit sharing contributions to the accounts of participants in the Penford 401(k) Plan for the fiscal year ending 8/31/98 ("Profit Sharing Allocation").

  • Following the Profit Sharing Allocation, Penford shall direct the trustee of the Penford 401(k) Plan to transfer to the trustee of the Penwest 401(k) Plan (which shall accept such transfer) all remaining assets and liabilities in the individual accounts of Penwest Employees in the Penford 401(k) Plan ("Second Transfer of Account Balances").

  • The Annual Profit Sharing Allocation (as defined in the Plan) for Crewmembers shall continue to be calculated from Pre-Tax Profits (as defined in the Plan) consistent with the terms of the Plan; however, for Plan years 2011, 2012, 2013, 2014 and 2015, Pre-Tax Profits will be reduced by $75 million, and for each Plan year thereafter, Pre-Tax Profits will be reduced by $50 million.

  • As of the date of the Second Transfer of Account Balances, Penwest and the Penwest 401(k) Plan shall assume all liabilities for accrued benefits under the Penford 401(k) Plan for the Penwest Employees, including claims relating to account balances resulting from the Profit Sharing Allocation, and the Penford 401(k) Plan shall be relieved of all such liabilities.

  • The agreement shall be in such form and subject to such rules as the Administrator may prescribe, and the election shall specify the amount of the Profit Sharing Allocation that the Participant desires to receive in cash.

  • The Annual Profit Sharing Allocation for Crewmembers shall be based on the Company’s Annual Profit Sharing Contribution (as defined in the Plan).

Related to Profit Sharing Allocation

  • Profit Sharing Plan means a profit-sharing plan that is qualified pursuant to 26 U.S.C. § 401 of the Internal Revenue Code and subject to the Employee Retirement Income Security Act, and which provides for employer contributions in the form of cash, but not in the form of stock or other equity interests in a Medical Marijuana Business.

  • Allocation Year Means (i) the period commencing on the Closing Date and ending on December 31, 2006, (ii) any subsequent period commencing on January 1 and ending on the following December 31, or (iii) any portion of the period described in clause (ii) for which the Company is required to allocate Profits, Losses and other items of Company income, gain, loss or deduction pursuant to 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.

  • 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.

  • Matching Contribution Account means the portion of a Participant’s Account attributable to Matching Contributions and Earnings thereon.