- specified employee
USAA key employee (as defined by Section 416(i) of the Internal Revenue Code (IRC)) of a publicly traded company. Specified employees are generally employees that satisfy any of the following conditions:• They own more than 5% of their employer's stock.• They own more than 1% of their employer's stock and receive annual compensation greater than $150,000.• They are among the most highly compensated officers of their employer and earn annual compensation greater than the indexed threshold of $160,000 (in 2010).Section 409A of the IRC contains complex rules for determining specified employees. For more information on determining specified employees, see Practice Note, Specified Employees Under IRC Section 409A (www.practicallaw.com/7-501-1330) and Determining Specified Employees Under Section 409A Checklist (www.practicallaw.com/3-501-1332).
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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