Profit Sharing Participant definition

Profit Sharing Participant means an individual who has become a Profit Sharing Participant as provided in Article II and remained a Covered Employee at all times thereafter.
Sample 1Sample 2Sample 3
Profit Sharing Participant means an individual who had a Profit Sharing Account as of December 31, 1999.
Sample 1Sample 2
Profit Sharing Participant means a Participant with respect to whom Excess Profit Sharing Contributions are made during a Plan Year.
Sample 1Sample 2

Examples of Profit Sharing Participant in a sentence

  • The contribution to the Transferor Profit Sharing Plan for each Covered Profit Sharing Participant for the plan year in which the Closing Date occurs shall be made by Transferor and the Company on a proportionate basis based on the number of days in such plan year that the Covered Profit Sharing Participant were employed by each such company.

  • A Participant shall be a Profit Sharing Participant with respect to any Plan year in which Excess Profit Sharing Contribution arises with respect to such Participant.

  • A Profit Sharing Participant shall be fully vested at all times in his Supplemental Profit Sharing Plan Benefit.

  • The term “base contribution percentage” means the percentage of Compensation of an Eligible Profit Sharing Participant contributed by the Employers or the Company with respect to such Participant’s Compensation not in excess of the Participant’s Taxable Wage Base.

  • Notwithstanding any provision of the Plan to the contrary, the amount allocated to an Eligible Profit Sharing Participant with respect to Excess Compensation shall not exceed the “base contribution percentage” by more than the lesser of (i) the base contribution percentage and (ii) 5.7% (or if greater, the percentage equal to the Old Age portion of the tax under section 3111(a) of the Code, as in effect on the first day of the Plan Year).

  • Subject to 4.10 and 4.11, Employer may make a profit sharing contribution for each Profit Sharing Participant in such amount as may be fixed by the Company and announced to Profit Sharing Participants.

  • The remainder of the Employer Profit Sharing Contributions of each Employer for that Plan Year will be allocated among and credited to the Profit Sharing Accounts of Profit Sharing Participants, pro rata based on the Compensation paid to them from the Employer for that Plan Year; provided, however, that only Compensation earned while the Participant is a Profit Sharing Participant will be considered with respect to such allocation of Employer Profit Sharing Contributions.

  • A Profit Sharing Participant shall share in Profit Sharing Contributions under Section 3.5 for any Plan Year during which he (a) receives Compensation and (b) is an Employee on the last day of the Plan Year.

  • Profit Sharing Participant" means any Employee who is a Savings & Profit Sharing Plan participant and whose Basic Annual Earnings for a Plan Year exceed ten (10) times the limit described in Code Section 402(g), but whose aggregate earnings from the Company do not generate Excess Basic Annual Earnings, and who becomes a Participant of the Restoration Plan by satisfying the requirements set forth in Article III hereof.

  • Benefits shall commence under this Article XII to a Profit Sharing Participant as of the same date that benefits commence to a Profit Sharing Participant under the Profit Sharing Plan; provided, however, that, in the case of a Profit Sharing Participant required to commence benefit payments under the Profit Sharing Plan pursuant to Section 401(a)(9) of the Code, benefits shall not commence under this Article XII until such Profit Sharing Participant actually retires.


More Definitions of Profit Sharing Participant

Profit Sharing Participant means any person employed by the Company provided:
Sample 1
Profit Sharing Participant means each Participant who (A) is not eligible to accrue future benefits under the AGL Resources Inc. Retirement Plan or any other defined benefit pension plan maintained by the Affiliates; (B) is a Covered Employee; (C) has reached the first day of the first pay period with his or her Employer after completing at least one Year of Service; and (D) either: (1) is employed by an Employer on the last day of the Plan Year, or (2) terminated employment with the Affiliates during the Plan Year due to death, due to Disability (as defined in Section 7.2(b)), after reaching age 65, or after reaching age 55 and completing 10 Years of Service. 2. Effective as of January 1, 2016, Section 3.3 is amended to read as follows:
Sample 1

Related to Profit Sharing Participant

  • Plan Participant means a person who is eligible to receive, and is receiving, a pension benefit from the Plan.

  • 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.

  • FTR Participant means any Market Participant that provides or is required to provide Collateral in order to participate in PJM’s FTR auctions.

  • Participating employee means an employee whose election to participate in a Plan has been approved by the employer.

  • Former Participant means a person who has been a Participant, but who has ceased to be a Participant for any reason.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Profit Sharing Account means any one of the accounts so designated and provided for in Section 6.01.

  • Inactive Participant means each Participant (other than a Retired Participant, Deceased Participant or Disabled Participant) who is not in active service as an Outside Director and is not actively employed by a Participating Company.

  • Program participant means an individual certified by the secretary as a program participant under Iowa Code section 9E.3.

  • Covered Participant means a Participant who is a “covered employee” as defined in Section 162(m)(3) of the Code, and the regulations promulgated thereunder, and any individual the Committee determines should be treated as such a covered employee.

  • Qualified Participant means an individual who is a participant of Tier 2 and who meets 1 of the following requirements:

  • Active Participant means, with respect to any day or date, a Participant who is in Service on such day or date; provided, that a Participant shall cease to be an Active Participant (i) immediately upon a determination by the Committee that the Participant has ceased to be an Employee or Independent Contractor, or (ii) at the end of the Plan Year that the Committee determines the Participant no longer meets the eligibility requirements of the Plan.

  • Disabled Participant with respect to a loan if it has no right to exercise any voting or other control rights with respect to such loan (other than the right to approve amendments to the material economic terms of such loan).

  • Employee Participant means an Employee who holds an outstanding Award under the terms of the Plan.

  • 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 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.

  • Eligible employer means an employer that:

  • Retirement Savings Plan means the Air Products and Chemicals, Inc. Retirement Savings Plan, as amended from time to time, together with any similar, succeeding or substitute plan.

  • Participating Employer means any trade or business (whether or not incorporated) which adopts this Plan with the consent of the Company identified in the Adoption Agreement.

  • Terminated Participant means a person who has been a Participant, but whose employment has been terminated other than by death, Total and Permanent Disability or retirement.

  • 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

  • Eligible Participant means an employee, officer, consultant or director of the Company or any Affiliate.

  • Plan Year means the calendar year.

  • Retired Participant means a person who has been a Participant, but who has become entitled to retirement benefits under the Plan.

  • Major Participant means each Equity Member and each member of the Proposer’s organization: (a) with primary responsibility for design; (b) with primary responsibility for construction; or (c) with a proposed subcontract with a value greater than or equal to 5% of the contract price or $20 million, whichever is greater.

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