Statutory Compensation means total wages and other compensation paid to or for the Member by the Company or by an Associated Company as reported on the Member’s Form W-2, Wage and Tax Statement, plus elective contributions under Sections 125, 132(f)(4), 402(g)(3) and 414(v) of the Code. In addition to other applicable limitations set forth in the Plan, and notwithstanding any other provision of the Plan to the contrary, the maximum amount of Statutory Compensation, taken into account under the Plan for any Plan Year for any Member shall not exceed $200,000, as adjusted by the Secretary of the Treasury to reflect cost-of-living adjustments in accordance with Section 401(a)(17)(B) of the Code. Statutory Compensation shall also include:
Statutory Compensation means compensation from the Employer or any Affiliated Employer as defined in U.S. Treasury Department regulation Section 1.415(c)-2(d)(4) (i.e., information required to be reported under Sections 6041, 6051 and 6052 of the Code (“W-2 Pay”)) plus amounts that would be included in wages but for an election under Section 125(a), 132(f)(4), 402(e)(3), 402(h)(1)(B), 402(k), or 457(b) of the Code. For Plan Years beginning on or after July 1, 2007, the preceding definition of compensation shall be modified as required under the provisions of U.S. Treasury Department regulation Section 1.415(c)-2(e) and shall include all amounts permitted to be recognized under the provisions of U.S. Treasury Department regulation Sections 1.415(c)-2(e)(2) and (3) and, effective on and after January 1, 2009, U.S. Treasury Department regulation Section 1.415(c)-2(e)(4). Also, effective for Plan Years beginning on and after January 1, 2009, Statutory Compensation shall include differential wage payments (as defined in Section 3401(h)(2) of the Code) paid to an individual by the Employer, to the extent not otherwise included in this definition of Statutory Compensation. For purposes of applying the top-heavy provisions under Section 9.05 and effective for Plan Years beginning on and after July 1, 2007, for purposes of applying the maximum benefit limitations under Section 4.07, Statutory Compensation shall not exceed the limitation on compensation under Section 401(a)(17) of the Code.
Statutory Compensation means an Employee’s total compensation up to the Annual Dollar Limit paid by an Employer or an Affiliated Employer that is reported on the Employee’s federal income tax reporting statement (Form W-2) for the Plan Year. For purposes of determining Highly-Compensated Employees and Key Employees under Section 14.06, Statutory Compensation shall include amounts contributed by an Employer pursuant to a salary reduction agreement that are not includible in the gross income of the Employee under Code Sections 125, 132(f)(4), 402(e)(3), 402(h), or 403(b). For all other purposes, Statutory Compensation shall also include the amounts referred to in the preceding sentence, unless the Committee directs otherwise for a particular Plan Year. For purposes of this Section, amounts that are not includible in gross income by reason of Code Section 125 include any amounts not available to an employee in cash in lieu of group health coverage because the employee is unable to certify that he or she has other health coverage, provided that such amounts shall be treated as amounts under Code Section 125 only if the Employer does not request or collect information regarding the employee’s other health coverage as part of the enrollment process for the health plan.
Examples of Statutory Compensation in a sentence
The indemnifier is liable to pay all Statutory Compensation to the Labourers / persons engaged by him for the satisfactory execution of the works.
Aggregate Compensation in excess of the Statutory Compensation Limit is disregarded.
Compensation in excess of the Statutory Compensation Limit will be disregarded.
Notwithstanding the foregoing, for all purposes under this Plan, Compensation in excess of the Statutory Compensation Limit will be disregarded.
For any Plan Year with respect to which the Plan is top-heavy, an additional Company contribution shall be allocated on behalf of each Member (or each Employee eligible to become a Member) who is not a “key employee,” and who has not separated from service as of the last day of the Plan Year, to the extent that the amounts allocated to his Accounts as a result of contributions made on his behalf under Sections 5.1 and 5.2 for the Plan Year would otherwise be less than 3% of his Statutory Compensation.
More Definitions of Statutory Compensation
Statutory Compensation. (a) For Plan Years beginning before January 1, 1998, an Employee's Total Compensation plus employee elective salary reduction or similar contributions excluded from Total Compensation by reason of Sections 125, 402(e)(3), 402(h), 403(b), 414(h)(2) and 457(b) of the Code. Statutory Compensation for a Plan Year (or other applicable computation period) shall be limited by the Compensation Limit for all purposes other than determining Family Members, Highly Compensated Employees and Key Employees.
(b) For Plan Years beginning on or after January 1, 1998, an Employee's Total Compensation. Statutory Compensation for a Plan Year (or other applicable computation period) shall be limited by the Compensation Limit for all purposes other than determining Highly Compensated Employees and Key Employees.
Statutory Compensation means “compensation” actually paid or made available to the Participant (or includable in the gross income of the Participant) by the Employer or an Affiliated Employer, where “compensation” includes the items described in Treas. Reg. § 1.415(c)-2(b)(1) and (2), but excludes the items described in Treas. Reg. § 1.415(c)-2(c). Statutory Compensation includes amounts that would otherwise be included in compensation as described in the immediately preceding sentence but for an election under Code Sections 125(a), 132(f)(4), 402(e)(3), 402(h)(1)(B), 402(k), or 457(b); provided, however, that amounts not included in income under Section 125 of the Code include any amount not available to a Participant in cash in lieu of group health coverage because the Participant is unable to certify that he has other health coverage, but only if the Employer or Affiliated Employer does not otherwise request or collect information regarding the Participant’s other health coverage as part of the enrollment process for the health plan. Notwithstanding the foregoing, Statutory Compensation shall not include compensation paid or made available to the Participant after the Participant’s termination of employment with the Employer or Affiliated Employer, except (I) regular pay (within the meaning of Treas. Reg. § 1.415(c)-2(e)(3)(ii)) that is paid by the later of two and one-half months after the Participant terminates employment or the end of the Plan Year or limitation year (as applicable) in which the Participant terminates employment and (II) differential pay amounts required to be included pursuant to Code Section 414(u)(12).
Statutory Compensation means the wages, salaries, and other amounts paid in respect of an Employee for services actually rendered to an Employer or an Affiliated Employer, including by way of example overtime, bonuses, and commissions, but excluding deferred compensation, stock options, and other distributions that receive special tax benefits under the Code. For purposes of determining Highly Compensated Employees under Section 1.25 and key employees under Article 13, Statutory Compensation shall include amounts contributed by the Employer pursuant to a salary reduction agreement that are not includable in the gross income of the Employee under Section 125, (effective January 1, 2001, 132(f)), 402(e)(3), 402(h), or 403(b) of the Code. For all other purposes, Statutory Compensation also shall include the amounts referred to in the preceding sentence, unless the Committee directs otherwise for a particular Plan Year. Statutory Compensation for a Plan Year shall not exceed the Maximum Compensation Limitation, provided that such Limitation shall not be applied in determining Highly Compensated Employees under Section 1.25.
Statutory Compensation means the wages, salary, and other amounts received (without regard to whether or not an amount is paid in cash) by an Employee for personal services actually rendered in the course of employment with the Employer or Affiliated Employer maintaining the Plan to the extent that such amounts are includible in gross income (including by way of example, overtime, bonuses and commissions, compensation for services on the basis of a percentage of profits, bonuses, fringe benefits, reimbursements, and expense allowances). Statutory Compensation shall also include amounts pursuant to Code sections 402(e)(3), 402(h), and 403(b), and amounts contributed to any welfare benefit or qualified transportation fringe benefit plans maintained by the Employer through a reduction in the Employee’s compensation, which, pursuant to Code sections 125 or 132(f)(4), respectively, are not included in the gross income of the Employee for the taxable year in which such amounts are contributed.
Statutory Compensation means the Limitation Compensation paid to or on behalf of an Eligible Employee during the applicable period, but shall in no event exceed $200,000, as adjusted by the Commissioner of Internal Revenue for increases in the cost of living in accordance with Code ss.401(a)(17)(B). The applicable period shall mean the portion of Plan Year during which the Eligible Employee was eligible to participate in the Plan.
Statutory Compensation means be defined in accordance with Article II.
Statutory Compensation means Considered Compensation as defined in the 401(k) Plan for the Plan Year of reference.