How is “compensation” defined for purposes of calculating an Employer Matching Contribution?
For purposes of CRSP, ‘compensation’ is the same figure reported for the Concordia Retirement Plan and the Concordia Disability and Survivor Plan each year (as shown on a worker’s annual Personal Statement of Benefits. It includes your basic wage or salary paid for personal services rendered, including, if applicable, cash utility and cash housing allowances and the monetary value of housing furnished by the employer (which is deemed to be twenty-five percent [25%] of the basic wage or salary. It does not include any bonuses, car allowances, cash allowances (other than described above), or other forms of remuneration.
