Non-Qualified Plan Clause Samples

A Non-Qualified Plan clause defines an employee benefit plan that does not meet the requirements set by the Internal Revenue Code for favorable tax treatment. Such plans are typically used to provide deferred compensation or supplemental retirement benefits to select employees, often executives, and are not subject to the same contribution limits or nondiscrimination rules as qualified plans like 401(k)s. The core function of this clause is to clarify the nature and tax implications of the plan, ensuring both employer and employee understand that the plan is not eligible for certain tax advantages and may carry different risks and reporting requirements.
POPULAR SAMPLE Copied 1 times
Non-Qualified Plan. Non-Qualified Plan shall mean the United Bankshares, Inc. Non-Qualified Retirement and Savings Plan, as it may be amended from time to time.
View Source
Non-Qualified Plan. Executive shall be entitled to participate in the ChoicePoint Inc. Deferred Compensation Plan ("Deferred Compensation Plan") which may include one or more of the following: (i) voluntary deferrals of salary or bonus, (ii) Employer contributions otherwise limited under the Employer's qualified retirement plans on account of limits imposed by the Internal Revenue Code ("Code"), and (iii) a supplemental retirement contribution, as set forth in Exhibit B.
View SourceView Similar (7)
Non-Qualified Plan. 18 4.1 Deferred Compensation Plan.....................................................................18
View SourceView Similar (4)
Non-Qualified Plan. After the date hereof, Tality Employees shall no longer be eligible to contribute to or receive contributions under the Cadence 1994 Deferred Compensation Plan and the 1996 Deferred Compensation Venture Investment Plan; PROVIDED, HOWEVER, that amounts credited to the accounts of Tality Employees shall continue to be credited with gains and losses in accordance with the terms of such plans until such accounts are distributed. Neither the Separation nor Independence of Tality or the Partnership shall of itself constitute a termination of employment or otherwise constitute an event of distribution under either plan. Cadence shall amend the plans as necessary to achieve the effects and results contemplated by this Article IV.
View SourceView Similar (2)
Non-Qualified Plan. 17 4.1 Deferred Compensation Plan.........................................................................17 ARTICLE V HEALTH AND WELFARE PLANS...................................................................................18
View Source
Non-Qualified Plan. 17 4.1 Deferred Compensation Plan........................................... 17 ARTICLE V HEALTH AND WELFARE PLANS............................................ 18 5.1 Health Plans as of the Distribution Date............................. 18 5.2 Health Plans from the Separation Date through the Distribution Date.. 19 TABLE OF CONTENTS (Continued)
View Source
Non-Qualified Plan. In addition to permitting the Executive to participate in such employee benefit pension plan or plans as are generally made available to employees of the Employer from time to time, the Company shall establish and maintain an unfunded nonqualified deferred compensation plan, which shall constitute a “top-hat plan” under the Employee Retirement Income Security Act of 1974, as amended, under which the Executive shall be permitted to elect to defer compensation and to receive payment of such deferred compensation and notional earnings attributable thereto at a future date selected by the Executive (the “NQDC Plan”). In addition to the Executive’s elective deferrals under the NQDC Plan, the Company will make the following annual contributions to the NQDC Plan on the Executive’s behalf: (i) 20.5% of the amount by which the Executive’s Base Salary exceeds the then applicable annual limit on pensionable compensation established pursuant to Section 401(a)(17) of the Internal Revenue Code of 1986, as amended, and (ii) 20.5% of the bonus, if any, awarded to Executive under the Company’s Cash Incentive Plan.
View Source
Non-Qualified Plan 
View Source

Related to Non-Qualified Plan

  • Qualified Plans With respect to each Employee Benefit Plan intended to qualify under Code Section 401(a) or 403(a) (i) the Internal Revenue Service has issued a favorable determination letter, true and correct copies of which have been furnished to Medical Manager, that such plans are qualified and exempt from federal income taxes; (ii) no such determination letter has been revoked nor has revocation been threatened, nor has any amendment or other action or omission occurred with respect to any such plan since the date of its most recent determination letter or application therefor in any respect which would adversely affect its qualification or materially increase its costs; (iii) no such plan has been amended in a manner that would require security to be provided in accordance with Section 401(a)(29) of the Code; (iv) no reportable event (within the meaning of Section 4043 of ERISA) has occurred, other than one for which the 30-day notice requirement has been waived; (v) as of the Effective Date, the present value of all liabilities that would be "benefit liabilities" under Section 4001(a)(16) of ERISA if benefits described in Code Section 411(d)(6)(B) were included will not exceed the then current fair market value of the assets of such plan (determined using the actuarial assumptions used for the most recent actuarial valuation for such plan); (vi) all contributions to, and payments from and with respect to such plans, which may have been required to be made in accordance with such plans and, when applicable, Section 302 of ERISA or Section 412 of the Code, have been timely made; and (vii) all such contributions to the plans, and all payments under the plans (except those to be made from a trust qualified under Section 401(a) of the Code) and all payments with respect to the plans (including, without limitation, PBGC (as defined below) and insurance premiums) for any period ending before the Closing Date that are not yet, but will be, required to be made are properly accrued and reflected on the Current Balance Sheet.

  • TAX LIMITATION ELIGIBILITY In order to be eligible and entitled to receive the value limitation identified in Section 2.4 for the Qualified Property identified in Article III, the Applicant shall: A. have completed the Applicant’s Qualified Investment in the amount of $30,000,000 during the Qualifying Time Period; B. have created and maintained, subject to the provisions of Section 313.0276 of the TEXAS TAX CODE, New Qualifying Jobs as required by the Act; and C. pay an average weekly wage of at least $1,185.50 for all New Non-Qualifying Jobs created by the Applicant.

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • Contribution Eligibility You are eligible to make a regular contribution to your ▇▇▇▇ ▇▇▇, regardless of your age, if you have compensation and your MAGI is below the maximum threshold. Your ▇▇▇▇ ▇▇▇ contribution is not limited by your participation in an employer-sponsored retirement plan, other than a Traditional IRA.

  • Third Party Administrators for Defined Contribution Plans 2.1 The Fund may decide to make available to certain of its customers, a qualified plan program (the “Program”) pursuant to which the customers (“Employers”) may adopt certain plans of deferred compensation (“Plan or Plans”) for the benefit of the individual Plan participant (the “Plan Participant”), such Plan(s) being qualified under Section 401(a) of the Code and administered by TPAs which may be plan administrators as defined in the Employee Retirement Income Security Act of 1974, as amended. 2.2 In accordance with the procedures established in Schedule 2.1 entitled “Third Party Administrator Procedures,” as may be amended by the Transfer Agent and the Fund from time to time (“Schedule 2.1”), the Transfer Agent shall: (a) Treat Shareholder accounts established by the Plans in the name of the Trustees, Plans or TPAs, as the case may be, as omnibus accounts; (b) Maintain omnibus accounts on its records in the name of the TPA or its designee as the Trustee for the benefit of the Plan; and (c) Perform all Services under Section 1 as transfer agent of the Funds and not as a record-keeper for the Plans. 2.3 Transactions identified under Sections 1 and 2 of this Agreement shall be deemed exception services (“Exception Services”) when such transactions: (a) Require the Transfer Agent to use methods and procedures other than those usually employed by the Transfer Agent to perform transfer agency and recordkeeping services; (b) Involve the provision of information to the Transfer Agent after the commencement of the nightly processing cycle of the TA2000 System; or (c) Require more manual intervention by the Transfer Agent, either in the entry of data or in the modification or amendment of reports generated by the TA2000 System, than is normally required.