Split Dollar concept will be used. The Employee will be responsible for taxes due in relation to the term cost or PS-52 table, whichever is less.
Split Dollar. Insurance Policy on the life of the Employee.
Split Dollar. Insurance Policy on the life of the Employee in accordance with the terms of a Split Dollar Insurance Agreement And Assignment Of Life Insurance Policy As Collateral dated 26th day of June, 1996 between the Company and the Employee.
Examples of Split Dollar in a sentence
Collateral Assignment Split Dollar Insurance Agreement dated as of November 15, 1996, between Robert Half International Inc.
Form of Mercantile Bank of Michigan Split Dollar Agreement that has been entered into between our bank and each of Gerald R.
Symposium Strategic Alert #5: (11/05/2019)Learn about the Split Dollar Plan that works only for a Business Owner.
This plan agreement maintains the benefit as an Endorsement Split Dollar with Optional Transfer at Retirement.
Form of Split Dollar Agreement between certain executives and Southern First Bancshares, Inc.
More Definitions of Split Dollar
Split Dollar. POLICY ENDORSEMENT UNITED NATIONAL BANK & TRUST CO. KEY MAN SPLIT DOLLAR AGREEMENT Policy No. _________________________ Insured: Roger L. Mann ------------------- Supplementing and amending the application for insurance to ______________________ ("Insurer") on May 29, 2001 (the application date), the applicant requests and directs that: BENEFICIARIES
Split Dollar insurance comes from a concept of the Employer and the Employee sharing the premium payment on a life insurance policy on the employee. At age 65 or if later, 15 years from the date of issuance of the policy, the Company's aggregate premiums are returned from a "special" cash value built into the policy expressly for this purpose. Should you die before the Company's aggregate premiums are returned, death benefit payments are made to both the Company and your beneficiary. However, the benefit the Company receives does not reduce the death benefit paid to your beneficiary. After the Company's aggregate premiums are returned, the Company no longer has an interest in the policy. At that time you will have a "paid up" permanent life insurance policy with a cash value that can be made available to you at your option. Sample Senior Manager's Program* Current Age 50 Annual Premium Cash Value Attained Death Senior Senior Age Benefit Manager Company Manager Company --- ------- ------- ------- ------- ------- 50 $200,000 $ 880 $17,090 0 $ 14,350 55 280,500 1,740 16,232 $ 15,700 101,000 60 393,400 4,092 13,878 85,350 178,500 64 515,700 5,364 12,606 195,700 231,000 65# 515,700 0 0 203,800 0 * This example is for illustrative purposes only and assumes a 7% annual growth in death benefit (assumed annual salary) and an 8% yield on investment for the cash value. The yield on investment is not guaranteed. # At normal retirement the death benefit becomes constant, premiums cease, the Company's aggregate premiums are returned and your cash value may continue to grow. Premium Period SMILIP is designed for premiums to be extended over a period of time to ease the impact on cash flow to both you and the Company. This period is normally from the time of your enrollment until you reach age 65, however, premiums must be paid for a minimum of 15 years. Therefore, if you enroll in the program after age 50, you and the Company will continue premium contributions until the 15 year minimum is reached.
Split Dollar. Life Insurance in the face amount of Five Hundred Fifty Thousand ($550,000) Dollars, insuring the life of the Employee. The proceeds of such insurance shall be payable to the estate of the Employee (excluding benefits required to be paid to the Company pursuant to the split dollar plan for the premiums paid). Once such insurance is fully paid, the Company will apply for an additional aggregate Five Hundred Fifty Thousand ($550,000) Dollars of similar "Split Dollar" Life Insurance insuring the Employee's life and will maintain such additional insurance during his employment by the Company. (c) The Company shall lease and insure, under the Company's policy, an automobile for the benefit of the Employee. The Company shall be responsible for maintenance, gasoline, repair and all other such costs but only to the extent such expenses relate to business use of the automobile. At the end of the lease
Split Dollar. Life Insurance insuring the Employee's life and will maintain such additional insurance during his employment by the Company. (c) The Company shall lease and insure, under the Company's policy, an automobile for the benefit of the Employee. The Company shall be responsible for maintenance, gasoline, repair and all other such costs but only to the extent such expenses relate to business use of the automobile. At the end of the lease
Split Dollar. ADDENDUM TO COMMUNITY BANKS, INC. SURVIVOR INCOME AGREEMENT THIS ADDENDUM is part of the Survivor Income Agreement between, COMMUNITY BANKS, INC., Pennsylvania (the "Company"), DONALD F. HOLT (the "Executive").
Split Dollar. AGREEMENT shall mean the Split-Dollar Agreements contemplated by Section 2.9 of the Asset Purchase Agreements.
Split Dollar. Plan shall have the meaning ascribed to it in Section 4.1.