Basic Contributions Clause Samples
The "Basic Contributions" clause defines the fundamental obligations of each party to provide specific resources, services, or deliverables as part of their agreement. Typically, this clause outlines what each party is expected to contribute, such as funding, personnel, equipment, or intellectual property, and may specify timelines or standards for these contributions. By clearly delineating these responsibilities, the clause ensures that all parties understand their roles and helps prevent disputes over unmet expectations or unclear duties.
Basic Contributions. If the employer, at the time of contribution, designates a contribution to be a basic contribution for the Plan Year, the Administrative committee will allocate that basic contribution to the Basic Contributions Account of each Participant eligible for all allocation of that designated contribution, as specified in Section 3.04 of the Employer's Adoption Agreement. The Administrative Committee will make the allocation to each eligible Participant's Account in the same ratio that the Participant's Compensation for the Plan Year bears to the total Compensation of all eligible Participants for the Plan Year. The Administrative Committee will determine a Participant's Compensation in accordance with the general definition of Compensation under Section 1.12 of the Plan, as modified by the Employer in Sections 1.12 and 3.06 of its Adoption Agreement.
Basic Contributions i. Each Participant shall be allowed to have his wage reduced biweekly up to the appropriate maximum bi-weekly amount specified in Exhibit B. Such R bi-weekly wage reduction shall be in multiples of $2 and shall be contributed to the Participant’s account. Such bi-weekly wage reduction shall be known as “Basic Contributions”.
ii. The minimum Basic Contribution shall be $10 for each bi-weekly pay period.
Basic Contributions. Contributions made by an Employer or Participant in accordance with the provisions of Section 3.1 and/or 3.2, respectively.
Basic Contributions. You will contribute by payroll deduction of your earnings and the Employer will contribute an equal amount on your behalf. The maximum amount for which you are allowed tax relief in any one year is limited to the amounts deductible under the provisions of the Income Tax Act. You may contribute any amount of voluntary contributions to the Plan. The amount for which tax relief is allowed in any one year is limited to the amounts deductible under the provisions of the Income Tax Act. If you are contributing voluntary contributions by payroll deduction, in order for you to change the amount being deducted, you must give written notice to the Employer no later than one month before the date of change. Interest is derived from the contributions the Employer has invested in the Daily Interest Account, Term Deposit Account and the Investment Funds Account in the funding contract. If the Employer directs contributions to the Investment Funds Account, the Investment Funds Account will be credited with the number of Investment Units equal in value to such contributions. The value of all contributions will be calculated each month when the Investment Fund is revalued and will reflect the rate of return earned by the Investment Fund. The investment experience of this Account is not guaranteed. The amount of your monthly pension on retirement will be the amount which your Individual Account balance will purchase when applied on the date you retire. However, if you have a spouse with whom you are not living separate and apart on your retirement date, your pension will not be payable in the normal form as stated above. Instead the pension will be payable in the form of a monthly annuity on your retirement date and continuing for your lifetime with o the monthly annuity payable to your spouse for lifetime after your death. You and your spouse may jointly waive the to this payment method, in writing, in the prescribed form required by Legislation or by certified copy of a domestic contract as defined in Part of the Family Law Act, containing the waiver. Such election may be made at any time prior to retirement date but the spousal waiver is not effective unless the written waiver or certified copy is delivered to the Employer within the period of months immediately preceding your annuity commencement date.
Basic Contributions. “Basic Contributions” shall have the same meaning as the definition of the term in the 401(k) Plan.
Basic Contributions. As a Basic contribution, the Employer shall contribute a percentage of the Participant's Compensation based on the Participant's age reached during the Plan year, subject to a minimum Basic contribution, as set forth in Appendix A. The Basic contribution set forth in Appendix A has been determined actuarially based on a career average defined benefit formula of 1.1% of Compensation earned during each Plan year using the unit credit funding method and the 1971 Male Group Annuity Mortality Table with ages set back 3 years for post retirement mortality and interest at 6% per annum compounded annually. The minimum Basic contribution is computed based on a minimum monthly benefit of $15.71 for the Plan year reduced proportionately for less than 2,000 "hours worked," where such term includes actual hours worked while a Participant in the Plan plus hours of pay for vacation, holidays, jury duty and bereavement absence.
Basic Contributions. The Company will contribute a percentage of the employee's base earnings. For a given calendar year, such percentage will be determined in accordance with the following schedule which is based on the sum of the employee's age and service on January 1st of the said calendar year. Sum of Age and Service Basic Company Contributions (in completed years) (% of base earnings) less than 40 3.0% 40 to 49 3.5% 50 to 59 4.0% 60 to 69 4.5% 70 to 79 5.0% 80 to 89 6.0% 90 and more 7.0%
Basic Contributions. You will contribute 2’1% of your regular earnings by payroll deduction and the Company w i l l contribute a matching amount to the Plan on your behalf. All contributions t o the Plan w i l l cease at your normal retirement date. Since your contributions t o the Plan are tax your reduced while you are a member of the Plan.
Basic Contributions. In accordance with the election of a Participant, the Employer shall reduce the Participant's Compensation and, in lieu of payment of such amount to the Participant, make a Basic Contribution, on behalf of such Participant, provided that no election shall be effective and no Basic Contribution shall be made for a Participant unless the Participant agrees to reduce his prospective Compensation by at least (check one): [x] 1 percent If this box [x] is checked, Participants may not defer more than the percentage of their Compensation for any payroll period as indicated below: 15% for all Participants __% for Participant who are highly-compensated employees __% for Participant who are not highly-compensated employees If a Participant has previously elected to have the Employer make the maximum dollar amount of Basic Contribution, the election shall remain in effect until the Participant makes a new election. The Participant's new election shall specify a whole or half percentage of Compensation.
Basic Contributions. Each Participant may elect to have the Employer reduce his cash Compensation by an amount (at least the minimum amount specified in the Adoption Agreement, and thereafter in 1 percent increments, or in one-half of 1 percent increments if practicable for the Employer) and, in lieu of payment of such portion to him, to have such amount contributed as a Basic Contribution under the Program. Basic Contributions shall be withheld from the Participant's Compensation, transmitted to the Trustee and allocated to the Participant's Basic Contribution Subaccount.