SARSEP IRA definition

SARSEP IRA means a Traditional IRA that is expected to receive contributions under a salary reduction Simplified Employer Pension (“SEP”) plan established before 1997 from an employer, as described in Section 408(k) of the Code. However, annual contributions from an Investor also may be accepted.
Sample 1Sample 2Sample 3

Examples of SARSEP IRA in a sentence

  • If you are removing a failed conversion, Thrivent will send a corrected IRS Form 5498 for the year in which the conversion was made which may require you to do corrective tax reporting.Excess amount$Tax year excess contribution occurredSEP IRA and SARSEP IRA - I acknowledge this excess contribution was the result of an employer excess contribution (SEP IRA) or an excess employee salary deferral contribution (SARSEP IRA).

  • Based on IRS regulations, the excess contribution has been re-designated as a traditional IRA contribution and I elect to remove the amount as a traditional IRA.Excess amount$Calendar year contribution was received by ThriventTraditional IRA excess removals (includes re-designated SEP IRA and SARSEP IRA contributions)Answer both the questions below.

  • Generally, the Custodian will accept for the Custodial Account any or all distributions from an IRA, other than a Roth IRA (including a SEP-IRA, SARSEP IRA, or a SIMPLE IRA), which consist of cash, for deposit into a Roth IRA (conversion contribution(s)).

  • Based on IRS regulations, the excess contribution has been re-designated as a traditional IRA contribution and I elect to remove the amount as a traditional IRA.Excess amount$Calendar year contribution was received by Thrivent FinancialTraditional IRA excess removals (includes re-designated SEP IRA and SARSEP IRA contributions)Answer both the questions below.

  • If you are removing a failed conversion, Thrivent Financial will send a corrected IRS Form 5498 for the year in which the conversion was made which may require you to do corrective tax reporting.Excess amount$Tax year excess contribution occurredSEP IRA and SARSEP IRA - I acknowledge this excess contribution was the result of an employer excess contribution (SEP IRA) or an excess employee salary deferral contribution (SARSEP IRA).

  • The Custodian will accept for the Custodial Account any or all distributions from an IRA, other than a Xxxx XXX (including a SEP IRA, SARSEP IRA, or a SIMPLE IRA, which consist of cash, for deposit into a Xxxx XXX (“conversion contribution(s)”).

  • Use this IRA Application to open a new IRA, Rollover IRA, Roth IRA, Roth Conversion IRA, SEP IRA, and/or SAR-SEP IRA.

  • You may contribute all or any part of a distribution from an IRA, other than a Xxxx XXX including a SEP IRA, SARSEP IRA, or SIMPLE-IRA, to a Xxxx XXX (“conversion contribution”) within 60 days or by means of a trustee-to-trustee transfer, provided the amount is otherwise eligible to be rolled over.

  • Use this form to take a distribution from a Traditional, Roth, SEP or SARSEP IRA.

  • For a SARSEP IRA this box will include salary deferral plus age-50 catch up deferrals made.The amount reflected in Box 9 represents all employee and employer SIMPLE IRA contributions received during the calendar year, regardless of the year the contribution represents.

Related to SARSEP IRA

  • Single Employer Plan any Plan which is covered by Title IV of ERISA, but which is not a Multiemployer Plan.

  • Multiple Employer Plan means a Plan which has two or more contributing sponsors (including the Borrower or any ERISA Affiliate) at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA.

  • 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.

  • qualifying age for state pension credit means (in accordance with section 1(2)(b) and (6) of the State Pension Credit Act 2002)—

  • Multiple employer welfare arrangement means a multiple employer welfare arrangement

  • Safe Harbor has the meaning set forth in Section 10.2(d).

  • 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.

  • Elective Contributions are amounts excludible from the Employee's gross income under Code Sections 125, 402(a)(8), 402(h) or 403(b), and contributed by the Employer, at the Employee's election, to a Code Section 401(k) arrangement, a Simplified Employee Pension, cafeteria plan or tax-sheltered annuity. The term "Compensation" does not include:

  • 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."]

  • Elective Contribution means the Employer's contributions to the Plan of Deferred Compensation excluding any such amounts distributed as excess "annual additions" pursuant to Section 4.10(a). In addition, any Employer Qualified Non-Elective Contribution made pursuant to Section 4.6 shall be considered an Elective Contribution for purposes of the Plan. Any such contributions deemed to be Elective Contributions shall be subject to the requirements of Sections 4.2(b) and 4.2(c) and shall further be required to satisfy the discrimination requirements of Regulation 1.401(k)-1(b)(5), the provisions of which are specifically incorporated herein by reference.

  • Deferral Contributions are Salary Reduction Contributions and Cash or Deferred Contributions the Employer contributes to the Trust on behalf of an Eligible Employee, irrespective of whether, in the case of Cash or Deferred Contributions, the contribution is at the election of the Employee. For Salary Reduction Contributions, the terms "deferral contributions" and "elective deferrals" have the same meaning.

  • Multi-employer Plan means a multi-employer plan, as defined in Section 4001(a)(3) of ERISA to which the Borrower or any Subsidiary of the Borrower or any ERISA Affiliate is making or accruing an obligation to make contributions or has within any of the preceding five plan years made or accrued an obligation to make contributions.

  • Qualified Matching Contributions means Matching Contributions which are immediately nonforfeitable when made, and which would be nonforfeitable, regardless of the age or service of the Employee or whether the Employee is employed on a certain date, and which may not be distributed, except upon one of the events described under Section 401(k)(2)(B) of the Code and the regulations thereunder.

  • 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.

  • Qualified Matching Contribution means any employer contribution allocated to an Eligible Employee's account under any plan of an Employer or a Related Company solely on account of "elective contributions" made on his behalf or "employee contributions" made by him that is a qualified matching contribution as defined in regulations issued under Code Section 401(k), is nonforfeitable when made, and is distributable only as permitted in regulations issued under Code Section 401(k).

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

  • Thrift Plan means the Financial Institutions Thrift Plan, a qualified and tax-exempt defined contribution plan and trust under Sections 401(a) and 501(a) of the Code, as adopted by the Bank.

  • Elective Deferral means the portion of Compensation which is deferred by a Participant under Section 4.1.

  • 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.

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

  • Nonelective Contribution means an amount contributed by a participating

  • Cafeteria plan means a written plan under which all participants are employees, and the participants may choose among two or more benefits consisting of cash and qualified benefits.

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

  • Rollover Contributions means, for any Participant, his rollover contributions as provided in Section 7.1.

  • 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.

  • Flexi Plan means any individual indemnity hospital insurance plan under the VHIS framework with enhancement(s) to any or all of the protections or terms and benefits that the Standard Plan provides to the Policy Holder and the Insured Person, subject to certification by the Government. Such plan shall not contain terms and benefits which are less favourable than those in the Standard Plan, save for the exception as may be approved by the Government from time to time.