Social Security Covered Compensation definition
Social Security Covered Compensation means, for any Plan Year, the average (without indexing) of the Social Security taxable wage bases in effect for each calendar year during the 35-year period ending with the last day of the calendar year in which the Participant attains (or will attain) Social Security Retirement Age (as such term is defined in Section 10.1(a)(iv) hereof). In determining a Participant’s Social Security Covered Compensation for a Plan Year, the Social Security taxable wage base for the current Plan Year and any subsequent Plan Year shall be assumed to be the same as in effect for the Plan Year for which the determination is being made. A Participant’s Social Security Covered Compensation shall be automatically adjusted for each Plan Year in accordance with these provisions, up to and including the Plan Year in which the Participant attains Social Security Retirement Age.
Social Security Covered Compensation means the 35 year average of the maximum annual wages covered by the Federal Social Security Act as in effect, ending in the year Social Security retirement age (as defined in Section 415(b)(8) of the Code) is attained.
Social Security Covered Compensation means the Participant’s average (without indexing) annual Social Security Taxable Wage Base for each calendar year during the 35-year period ending with the calendar year in which the Participant attains (or will attain) his or her Social Security Retirement Age.
Examples of Social Security Covered Compensation in a sentence
Effective February 1, 1998, the formula for calculating benefits will be 1.35% of final five-year average earnings up to Social Security Covered Compensation, plus 1.8% of final five-year average earnings exceeding covered compensation, times service up to 35 years, plus 1.35% of final five-year average earnings, times service over 35 years.
Effective February 1, 2001, the formula for calculating benefits will be 1.365% of final five-year average earnings up to Social Security Covered Compensation, plus 1.8% of final five-year average earnings exceeding covered compensation, times service up to 35 years, plus 1.365% of final five-year average earnings, times service over 35 years.
Effective February 1, 2001, the formula for calculating benefits will be 1.365% of final five-year average earnings up to Social Security Covered Compensation, plus 1.8% of final five-year average earnings exceeding covered compensation, times service up to 35 years, plus 1.65% of final five-year average earnings, times service over 35 years.
Effective February 1, 1998, the formula for calculating benefits will be 1.35% of final five-year average earnings up to Social Security Covered Compensation, plus 1.8% of final five-year average Page #50 earnings exceeding covered compensation, times service up to 35 years, plus 1.35% of final five-year average earnings, times service over 35 years.
More Definitions of Social Security Covered Compensation
Social Security Covered Compensation means the average annual amount of compensation on which the old age benefits for an individual age 65 would be computed under the Federal Social Security Act in effect at the time of termination of his employment, assuming such individual had always earned compensation
Social Security Covered Compensation means the amount determined pursuant to Section 2.46 of the Retirement Plan.
Social Security Covered Compensation means, for a Plan Year, the average (without indexing) of the taxable wage bases in effect for each calendar year during the 35-year period ending on the last day of the calendar year in which the Member attains Social Security Retirement Age. In determining a Member's covered compensation for a Plan Year, the taxable wage base for the current Plan Year and any subsequent Plan Year shall be assumed to be the same as the taxable wage base in effect as of the beginning of the Plan Year for which the determination is being made. A Member's covered compensation for a Plan Year after the 35-year period is the Member's covered compensation for the Plan Year during which the Member attained Social Security Retirement Age. A Member's covered compensation before the 35-year period is the taxable wage base in effect as of the beginning of the Plan Year. A Member's covered compensation shall automatically be adjusted for each Plan Year.
Social Security Covered Compensation means either: (A) The amount of Compensation which would be used to calculate the Participant's old age and survivor insurance benefits under the Social Security Act if the Participant's annual compensation for each year until age sixty-five (65) equaled the taxable wage base. Social Security Covered Compensation shall be determined according to the table specified in the Adoption Agreement. However, no amendment increasing the amount of Social Security Covered Defined Contribution Plan and Trust Document
Social Security Covered Compensation. " means the covered compensation amount for a person with the Participant's Social Security retirement age, as determined in accordance with applicable regulations. The Committee may, in its discretion, use a table of Social Security Covered Compensation published by the Internal Revenue Service with rounded amounts.
Social Security Covered Compensation means, as of any particular date, the average (without indexing), determined on a monthly basis, of the Taxable Wage Base for each of the 35 calendar years ending with the year the Participant attains (or will attain) social security retirement age (as defined in section 415(b)(8) of the Code); provided that in determining such average as of a particular Plan Year, it shall be assumed that the Taxable Wage Base in effect at the beginning of that Plan Year will remain the same for all future years. A Participant’s Social Security Covered Compensation for a Plan Year beginning before the 35-year period described
Social Security Covered Compensation means for any Participant the average of the taxable wage bases in effect under Section 230 of the Social Security Act for each year in the thirty-five (35) year period ending with the year in which the Participant attains his Social Security Retirement Age. In determining a Participant's's Social Security Covered Compensation for any Plan Year commencing on or prior to January 1, 1994, the taxable wage base for the current Plan Year and any subsequent Plan Year shall be assumed to be the same as the taxable wage base in effect as of the beginning of the Plan Year for which the determination is made. In determining a Participant's Social Security Covered Compensation for any Plan Year commencing after January 1, 1994, the taxable wage base for the current Plan Year and any subsequent Plan Year shall be assumed to be the same as the taxable wage base in effect as of January 1, 1994. For purposes of this Section, "Social Security Retirement Age" means age 65 with respect to a Participant who was born before January 1, 1938; age 66 with respect to a Participant who was born after December 31, 1937 and before January 1, 1955; and age 67 with respect to a Participant who was born after December 31, 1954.