Examples of SEPCO Schedule in a sentence
For Plan Years beginning on or after January 1, 1994, any reference in this SEPCO Schedule to the limitation under Code ss.
The Plan shall be amended to add the SEPCO Schedule as set forth below: SEPCO SCHEDULE Effective January 1, 1998 TABLE OF CONTENTS Page No.
Notwithstanding the foregoing, effective as of January 1, 1989, compensation taken into account for any purpose under the SEPCO Schedule shall not exceed $200,000 per year, provided that the imposition of the limit on compensation shall not reduce a Member's Accrued Benefit below the amount of Accrued Benefit determined as of December 31, 1988.
If a Participant's Eligible Spouse at the time of commencement of a (a) Normal Retirement Benefit;(b) Early Retirement Benefit; (c) Postponed Retirement Benefit; (d) pre-retirement death benefit; or (e) Severance Benefit is more than ten years younger than the Participant, the monthly benefits payable hereunder shall be reduced actuarially using actuarial assumptions under Section 1.15 of the SEPCO Schedule and assuming that the Eligible Spouse is ten years older than such spouse's attained age.
The term Employee for participation purposes shall not include any individual who is classified by the Company as an independent contractor or temporary employee (unless with respect to a temporary employee who is grandfathered under this SEPCO Schedule) regardless of whether such classification is in error.
As of January 1 of each calendar year on and after January 1, 1990, the applicable limitation as determined by the Commissioner of the Internal Revenue Service for that calendar year shall become effective as the maximum compensation to be taken into account for SEPCO Schedule purposes for that calendar year in lieu of the $200,000 limitation set forth in the preceding sentence.
The foregoing definitions will be applicable to the provisions of this SEPCO Schedule only, unless otherwise expressly indicated.
On or after January 1, 1998 but on or before December 31, 2000, Provisional Payees of Covered SEPCO Employees shall be entitled to benefits equal to the greater of (i) the benefits provided for in Article VII of the Plan, or (ii) the benefits provided for in Article 7 of the SEPCO Schedule.
In the event that a Participant elects a death benefit subject to a charge under Section 7.4(a) of the Southern Pension Plan or Section 7.03(d) of the SEPCO Schedule but does not die before commencing benefits under this Plan, such Participant's benefit under this Article IV shall be calculated as if the aforementioned election had not occurred.
In addition to other applicable limitations set forth in the SEPCO Schedule, and notwithstanding any other provision of the SEPCO Schedule to the contrary, for Plan Years beginning on or after January 1, 1994, the annual compensation of each Employee taken into account under the SEPCO Schedule shall not exceed the Omnibus Budget Reconciliation Act of 1993 ("OBRA '93") annual compensation limit.