Voluntary Deduction definition

Voluntary Deduction means an Employee's payroll deduction contributions other than Salary Reduction contributions.
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Examples of Voluntary Deduction in a sentence

  • If prior to such Break in Service Year he had a vested interest in his ESOP Account, Employer Salary Reduction Account, or Employer Voluntary Deduction Account, Years of Service he had prior to the Break in Service Year shall be reinstated after such Employee completes a Year of Service after such Break in Service Year.

  • Notwithstanding the foregoing, the Committee may, in its sole discretion, (1) reduce the Salary Reduction contributions permitted by a group of Participants if, in the opinion of the Committee, it is advisable to do so in order to satisfy the requirements of section 4.7 or 4.12; or (2) reduce the Voluntary Deduction contributions permitted by a group of Participants if, in the opinion of the Committee, it is advisable to do so in order to satisfy the requirements of section 4.10 or 4.12.

  • In cases where the Participant's Salary Reduction contribution is less than four percent (4%) of his Compensation per pay period, the Employer shall contribute to the Voluntary Deduction Account of such participating Employee an amount equal to 25 percent of the smaller of (a) his Voluntary Deduction contribution, or (b) 4 percent of his Compensation per pay period reduced by his Salary Reduction contribution.

  • The Employee Salary Reduction Account, the Employee Post-1986 Voluntary Deduction Account, and the Employee Pre-1987 Voluntary Deduction Account of each Participant shall be fully vested and nonforfeitable at all times.

  • Notwithstanding the foregoing, the Company may, in its sole discretion, (1) reduce the Salary Reduction contributions permitted by a group of Participants if, in the opinion of the Company, it is advisable to do so in order to satisfy the requirements of section 4.7 or 4.10; or (2) reduce the Voluntary Deduction contributions permitted by a group of Participants if, in the opinion of the Company, it is advisable to do so in order to satisfy the requirements of section 4.10.

  • The contributions in all funds in the Employee Pre-1987 Voluntary Deduction Account must be withdrawn before a withdrawal is permitted from a fund in the Employee Post-1986 Voluntary Deduction Account.

  • Upon termination of a Participant's employment under circumstances other than those described in sections 9.1 and 9.7(c)(ii), the Company shall, subject to the provisions of section 9.7, direct the Trustee to distribute to the Participant an amount equal to the value of the Participant's Employee Pre-1987 Voluntary Deduction Account, Employee Post-1986 Voluntary Deduction Account, and Employee Salary Reduction Account each of which shall be fully vested and nonforfeitable at all times.

  • The amount of an in-service withdrawal from a specific fund in a Voluntary Deduction Account shall not exceed the Employee's contributions in such fund prior to the withdrawal.

  • In cases where the Participant's Salary Reduction allotment is less than 4 percent of his Compensation Rate, the Employer shall contribute to the Voluntary Deduction Account of such participating Employee an amount equal to 25 percent of the smaller of (a) his Voluntary Deduction allotment, or (b) 4 percent of his Compensation Rate reduced by his Salary Reduction allotment.

  • The Employee Salary Reduction Account, the Employee Post-1986 Voluntary Deduction Account, the Employee Pre-1987 Voluntary Deduction Account, and the Rollover Account of each Participant shall be fully vested and nonforfeitable at all times.

Related to Voluntary Deduction

  • Voluntary Withdrawal means a Member’s dissociation with the Company by means other than by a Transfer or an Involuntary Withdrawal.

  • Voluntary Contributions means voluntary amounts contributed by a member or participating member into a health reimbursement account. However, to the extent required by applicable law, voluntary amounts shall not be contributed through a salary reduction election under a cafeteria plan pursuant to section 125 of the internal revenue code, 26 USC 125.

  • Voluntary Contribution Account means the account established and maintained by the Administrator for each Participant with respect to his total interest in the Plan resulting from the Participant's nondeductible voluntary contributions made pursuant to Section 4.12.

  • Involuntary Withdrawal means, with respect to any Member, the occurrence of any of the following events:

  • Excess Contribution means a contribution that exceeds the

  • Elective Deferral Account means the account established hereunder to which Elective Deferrals (including a separate accounting for Catch-Up Contributions) are allocated. Amounts in the Participant's Elective Deferral Account are nonforfeitable when made and are subject to the distribution restrictions of Section 12.2(e). The Elective Deferral Account may consist of the

  • Cumulative Retained Excess Cash Flow Amount means, at any date, an amount, not less than zero in the aggregate, determined on a cumulative basis equal to the aggregate cumulative sum of the Retained Percentage of Excess Cash Flow for all Excess Cash Flow Periods ending after the Closing Date and prior to such date.

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

  • Excess Deferrals means, with respect to any taxable year of a Participant, either (a) those elective deferrals within the meaning of Code §§402(g) or 402A that are made during the Participant's taxable year and exceed the dollar limitation under Code §402(g) (including, if applicable, the dollar limitation on Catch-Up Contributions defined in Code §414(v)) for such year; or (b) are made during a calendar year and exceed the dollar limitation under Code §§402(g) and 402A (including, if applicable, the dollar limitation on Catch-Up Contributions defined in Code §414(v)) for the Participant's taxable year beginning in such calendar year, counting only Elective Deferrals made under this Plan and any other plan, contract or arrangement maintained by the Employer.

  • Excess Aggregate Contributions means, with respect to any Plan Year, the excess of:

  • Contribution Period means the period specified in Article VI for which Employer Contributions shall be made.

  • Net Income or Net Loss means, for each Fiscal Year or other applicable period, an amount equal to the Partnership’s taxable income or loss for such year or period, as determined for federal income tax purposes, determined by the Accountants in accordance with Section 703(a) of the Code (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Section 703(a) of the Code shall be included in taxable income or loss), with the following adjustments:

  • Involuntary Disposition means any loss of, damage to or destruction of, or any condemnation or other taking for public use of, any property of any Loan Party or any Subsidiary.

  • Tax Deduction means a deduction or withholding for or on account of Tax from a payment under a Finance Document.

  • Adjusted Net Earnings means net earnings (loss) attributable to common stockholders as reported in the Company’s periodic reports filed with the Securities and Exchange Commission, provided that such amount shall be adjusted by reversing the following, to the extent such adjustments were made in calculating such net earnings (loss) attributable to common stockholders:

  • Deduction Limitation means the following described limitation on a benefit that may otherwise be distributable pursuant to the provisions of this Plan. Except as otherwise provided, this limitation shall be applied to all distributions that are “subject to the Deduction Limitation” under this Plan. If an Employer determines in good faith prior to a Change in Control that there is a reasonable likelihood that any compensation paid to a Participant for a taxable year of the Employer would not be deductible by the Employer solely by reason of the limitation under Code Section 162(m), then to the extent deemed necessary by the Employer to ensure that the entire amount of any distribution to the Participant pursuant to this Plan prior to the Change in Control is deductible, the Employer may defer all or any portion of a distribution under this Plan. Any amounts deferred pursuant to this limitation shall continue to be credited/debited with additional amounts in accordance with Section 3.8, even if such amount is being paid out in installments. The amounts so deferred and amounts credited thereon shall be distributed to the Participant or the Participant’s Beneficiary (in the event of the Participant’s death) at the earliest possible date, as determined by the Employer in good faith, on which the deductibility of compensation paid or payable to the Participant for the taxable year of the Employer during which the distribution is made will not be limited by Section 162(m). Notwithstanding the foregoing, the Committee shall interpret this Section in a manner that is consistent with Code Section 409A and the regulations thereunder, including without limitation guidance issued in connection with that Section.

  • Qualified Nonelective Contribution (QNEC) means the Employer's contributions to the Plan that are made pursuant to Sections 12.1(a)(4), 12.5 and 12.7 or pursuant to any other Plan provision which provides for such contributions.

  • Payroll deduction means your premium is remitted to Aflac for you by your employer through a payroll deduction process or any other method agreed to by Aflac and the employer.

  • FATCA Deduction means a deduction or withholding from a payment under a Finance Document required by FATCA.

  • Qualified Nonelective Contributions means contributions of the Plan Sponsor or an Affiliate, other than Matching Contributions or Elective Deferrals, which are 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 Code Section 401(k)(2)(B) and the regulations thereunder.

  • Allocation Year Means (i) the period commencing on the Closing Date and ending on December 31, 2006, (ii) any subsequent period commencing on January 1 and ending on the following December 31, or (iii) any portion of the period described in clause (ii) for which the Company is required to allocate Profits, Losses and other items of Company income, gain, loss or deduction pursuant to Article V.

  • Excess Contributions means, with respect to any Plan Year, the excess of:

  • net earnings means such earnings as are calculated in accordance with paragraph 42 or 52, as the case may be;

  • Retained Excess Cash Flow Amount means, at any date of determination, an amount, determined on a cumulative basis, that is equal to the aggregate cumulative sum of the Excess Cash Flow that is not required to be applied as a mandatory prepayment under Section 2.11(b)(i) for all Excess Cash Flow Periods ending after the Closing Date and prior to such date; provided that such amount shall not be less than zero for any Excess Cash Flow Period.

  • Look-Back Year means the twelve (12) month period preceding the Determination Year.