DEFINITION OF HIGHLY COMPENSATED EMPLOYEE Sample Clauses

The "Definition of Highly Compensated Employee" clause establishes the criteria for identifying employees who are considered highly compensated under a particular plan or policy, often referencing specific salary thresholds or job roles. Typically, this clause outlines the minimum annual compensation required or may include additional factors such as ownership interest or job title. Its core function is to ensure compliance with legal or regulatory requirements, such as those found in retirement plan rules, and to clarify eligibility for certain benefits or obligations, thereby preventing ambiguity and ensuring fair application of plan provisions.
DEFINITION OF HIGHLY COMPENSATED EMPLOYEE. The plan permits the employer to make a calendar year election for purposes of identifying highly compensated employees. [ ] The plan will use the calendar year election. [X] The plan will not use the calendar year election.
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DEFINITION OF HIGHLY COMPENSATED EMPLOYEE. In determining which Employees are Highly Compensated (as defined in Section 1.66 of the Plan), the following rules apply: (a) The Top-Paid Group Test does not apply. (b) The Top-Paid Group Test applies. (c) The Calendar Year Election applies. [This (c) may be chosen only if the Plan Year is not the calendar year. If this (c) is not selected, the determination of Highly Compensated Employees is based on the Plan Year. See Section 1.66(d) of the Plan.] 11-3 SPECIAL RULES FOR APPLYING THE CODE §415 LIMITATION. The provisions under Section 5.03 of the Plan apply for purposes of determining the Code §415 Limitation. Complete this AA §11-3 to override the default provisions that apply in determining the Code §415 Limitation under Section 5.03 of the Plan.
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DEFINITION OF HIGHLY COMPENSATED EMPLOYEE. In determining which Employees are Highly Compensated (as defined in Section 1.69 of the Plan), the Top-Paid Group Test does not apply, unless designated otherwise under this AA §11-2.
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DEFINITION OF HIGHLY COMPENSATED EMPLOYEE. In determining which Employees are Highly Compensated (as defined in Section 1.57 of the Plan), the following rules apply: (a) The Top-Paid Group Test does not apply. (b) The Top-Paid Group Test applies. (c) The Calendar Year Election applies. [This (c) may be chosen only if the Plan Year is not the calendar year. If this (c) is not selected, the determination of Highly Compensated Employees is based on the Plan Year. See Section 1.57(d) of the Plan.] 11-3 SPECIAL RULES FOR APPLYING THE CODE §415 LIMITATION. The provisions under Section 5.03 of the Plan apply for purposes of determining the Code §415 Limitation. Complete this AA §11-3 to override the default provisions that apply in determining the Code §415 Limitation under Section 5.03 of the Plan. ¨ (a) Limitation Year. Instead of the Plan Year, the Limitation Year is the 12-month period ending . [Note: If the Plan has a short Plan Year for the first year of establishment, the Limitation Year is deemed to be the 12- month period ending on the last day of the short Plan Year, unless provided otherwise in (c) below.]
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DEFINITION OF HIGHLY COMPENSATED EMPLOYEE. (1) In determining who is a Highly Compensated Employee the Employer makes a top paid group election. The effect of this election is that an Employee (who is not a 5-percent owner at any time during the Determination year or the look-back year) with Compensation in excess of $80,000 (as adjusted) for the look-back year is a Highly Compensated Employee only if the Employee was in the top-paid group for the look-back year. (2) In determining who is a Highly Compensated Employee (other than as a 5-percent owner) the Employer makes a calendar year data election. The effect of this election is that the look-back year is the calendar year beginning with or within the look-back year.
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DEFINITION OF HIGHLY COMPENSATED EMPLOYEE. ❖ An officer of the company. ❖ A 5% or more share holder. ❖ A beneficiary of the mentioned above.
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DEFINITION OF HIGHLY COMPENSATED EMPLOYEE. For each of the Plan Years which begins before the date on which the Employer adopts this amendment and restatement of the Plan, the Employer will define the term "Highly Compensated Employee" ("HCE") by making the following choices:
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DEFINITION OF HIGHLY COMPENSATED EMPLOYEE. Notwithstanding Section 1.38 of the Plan, effective for Plan Years beginning on and after January 1, 1997, "Highly Compensated Employee" shall mean any Employee of the Employer who:
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DEFINITION OF HIGHLY COMPENSATED EMPLOYEE. (a) In determining who is a Highly Compensated Employee the Employer makes a top paid group election. The effect of this election is that an Employee (who is not a 5-percent owner at any time during the determination year or the look-back year) with Compensation in excess of $80,000 (as adjusted) for the look-back year is a Highly Compensated Employee only if the Employee was in the top-paid group for the look-back year.
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Related to DEFINITION OF HIGHLY COMPENSATED EMPLOYEE

  • Highly Compensated Employee The term Highly Compensated Employee includes highly compensated active employees and highly compensated former employees.

  • Elective Deferrals (a) The Committee may establish procedures pursuant to which Employee may elect to defer, until a time or times later than the vesting of a Performance Share Unit, receipt of all or a portion of the shares of Common Stock deliverable in respect of a Performance Share Unit, all on such terms and conditions as the Committee (or its designee) shall determine in its sole discretion. If any such deferrals are permitted for Employee, then notwithstanding any provision of this Agreement or the Plan to the contrary, an Employee who elects such deferral shall not have any rights as a stockholder with respect to any such deferred shares of Common Stock unless and until the date the deferral expires and certificates representing such shares are required to be delivered to Employee. The foregoing notwithstanding, no deferrals of Dividend Equivalents related to any Performance Share Units under this Award will be permitted. Moreover, the Committee further retains the authority and discretion to modify and/or terminate existing deferral elections, procedures and distribution options. (b) Notwithstanding any provision to the contrary in this Agreement, if deferral of Performance Share Units is permitted, each provision of this Agreement shall be interpreted to permit the deferral of compensation only as allowed in compliance with the requirements of Section 409A of the Internal Revenue Code and any provision that would conflict with such requirements shall not be valid or enforceable. Employee acknowledges, without limitation, and consents that application of Section 409A of the Internal Revenue Code to this Agreement may require additional delay of payments otherwise payable under this Agreement. Employee and the Company further hereby agree to execute such further instruments and take such further action as reasonably may be necessary to comply with Section 409A of the Internal Revenue Code.

  • Limitation Year The Limitation Year is: (Choose (c) or (d)) [ x ] (c) The Plan Year. [ ] (d) The 12 consecutive month period ending every _____.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.

  • Plan Year The year for the purposes of the plan shall be from September 1 of one year, to August 31, of the following year, or such other years as the parties may agree to.