Salary Continuation Pay definition

Salary Continuation Pay means compensation which is designated as salary continuation pay for purposes of the Plan under the payroll records maintained by the University and paid to a Participant following his or her Severance Date; provided, that Salary Continuation Pay shall not include (i) Salary Continuation Pay paid during any month not included within Participant’s Limitation Year (as defined in Section 5.1(b)(iv)) which contains his or her Severance Date and the next five Limitation Years or (ii) Salary Continuation Pay when added to Basic Compensation paid previously during the Plan Year that is in excess of the compensation limit of Code Section 401(a)(17) as adjusted annually by the Secretary of the Treasury for cost of living increases under Code Section 401(a)(17)(B). For the purpose of clause (ii), the compensation limit in effect for the calendar year in which the Plan Year begins shall be the compensation limit for that Plan Year.

Salary Continuation Pay means, in the case of a Participant who is an Eligible Employee on his or her Severance Date, amounts designated as salary continuation pay under the payroll records maintained by the University and paid to a Participant following his or her Severance Date.

Salary Continuation Pay means compensation paid to a Local 34 Staff Member, Local 502 Staff Member, or C&T Non-Union Staff Member (as each is described in the Eligible Employee Section) after termination of employment that is designated as salary continuation pay for purposes of the Plan under the payroll records maintained by the University.

Examples of Salary Continuation Pay in a sentence

• A Participant who is an Eligible Employee on his or her Severance Date shall be credited with 1/260th of a Benefit Year for each day he or she receives Salary Continuation Pay.

• For purposes of this paragraph (i), a Participant’s Final Earnings shall take into account Salary Continuation Pay and a Participant’s classification as a non-exempt, exempt employee, or Casual Employee shall be determined by the payroll or personnel records maintained by the Employer which shall be binding and conclusive for all purposes of the Plan.

• Hourly base earnings or base salary shall include Salary Continuation Pay and the thirty–six (36) month period and last sixty (60) months of an Employee’s employment with the Employershall include the period during which a Participant is receiving Salary Continuation Pay.

• As such, WFIS is a “Participating Employer” in the Wells Fargo & Company Salary Continuation Pay Plan (the “Plan”).

• In the occasion, the rele- vant question put before it, relating to Article 3(g), was the involvement of the United States in the paramilitary activities carried out by the contras on the territory of Nicaragua and the legal consequences derived thereof.

• A Participation Election shall terminate on the earlier of: (i) a Participant’s Severance Date or, if later, the date on which his or her Salary Continuation Pay ends or (ii) on the date a Participant becomes an Employee who is not an Eligible Employee.

• This is effective eighth day of absence; employee is not using supplemental leave.• WC Salary Continuation Pay – employee is placed on Workers’ Compensation leave with Salary Continuation pay for up to two (2) years from date employee is unable to work either a partial or full day.

• In the case of a Participant who is a Local 34 Staff Member, Security Officer, or C&T Non-Union Staff Member as determined on his or her Severance Date, University Salary Continuation Contributions shall be made for each pay period during which he or she is receiving Salary Continuation Pay.

• A Separation from Service has occurred on the first day of your salary continuation leave taken under the Company’s Salary Continuation Pay Plan.

• A Participation Election terminates on the earlier of: (1) a Participant’s Severance Date or, if later, the date on which the Salary Continuation Pay ends or (2) the date a Participant becomes an Employee who is not an Eligible Employee.