Common use of Highly Compensated Employee Clause in Contracts

Highly Compensated Employee. Any Employee who performs service for the Employer during the determination year and who, during the immediate prior year: (a) received Compensation from the Employer in excess of $75,000 [as adjusted pursuant to Code Section 415(d)]; or (b) received Compensation from the Employer in excess of $50,000 [as adjusted pursuant to Code Section 415(d)] and was a member of the Top-Paid Group for such year; or (c) was an officer of the Employer and received Compensation during such year that is greater than 50 percent of the dollar limitation in effect under Code Section 415(b)(1)(A). Notwithstanding (a), (b) and (c), an Employee who was not Highly Compensated during the preceding Plan Year shall not be treated as a Highly Compensated Employee with respect to the current Plan Year, unless such Employee is a member of the 100 Employees paid the greatest Compensation during the year for which such determination is being made. (d) Employees who are five percent (5%) Owners at any time during the immediate prior year or determination year. Highly Compensated Employee includes Highly Compensated active Employees and Highly Compensated former Employees.

Highly Compensated Employee. Any Employee who performs service for the Employer during the determination year and who, during the immediate prior year: (a) received Compensation from the Employer in excess of $75,000 [as adjusted pursuant to Code Section 415(d)]; or (b) received Compensation from the Employer in excess of $50,000 [as adjusted pursuant to Code Section 415(d)] and was a member of the Top-Paid Group for such year; or (c) was an officer of the Employer and received Compensation during such year that is greater than 50 percent of the dollar limitation in effect under Code Section 415(b)(1)(A). Notwithstanding (a), (b) and (c), an Employee who was not Highly Compensated during the preceding Plan Year shall not be treated as a Highly Compensated Employee with respect to the current Plan Year, Year unless such Employee is a member of the 100 Employees paid the greatest Compensation during the year for which such determination is being made. (d) Employees who are five percent (5%) Owners at any time during the immediate prior year or determination year. Highly Compensated Employee includes Highly Compensated active Employees and Highly Compensated former Employees.