2.07 "Compensation" shall mean the sum of the following for the Program Year paid or payable in cash or in kind by the Employer for personal services:
a. taxable cash salary or wages paid by the Employer for personal services rendered in the course of employment including overtime pay and bonuses, but not including severance pay and the cash value of taxable fringe benefits; and
b. salary-reduction agreements with respect to employment with the Employer:
(1) to a plan qualified under section 125 of the Code; or
(2) to a tax-sheltered annuity described in section 403(b) of the Code.
For Program Years beginning after December 31, 1988, and before January 1, 1994, Compensation in excess of $200,000 shall be disregarded. For Program Years beginning after December 31, 1993, the amount reported on Form W-2 as wages, tips, and other compensation in excess of $150,000 shall be disregarded. Such amount shall be adjusted at the same time and in such manner as permitted under Code section 415(d).
General Conference Webmaster: Susan Brumbaugh
PETS Creator: John Brawn
Petition Text: 21507-FA-NonDis-O
1996 United Methodist General Conference