Marvin Mandel, Governor                        1773

(k) "State" includes, in addition to the states of the United
States of America, Puerto Rico and the District of Columbia, any
territory of the United States of America which has enacted an
Unemployment Insurance Law complying with standards promul-
gated by the Secretary of Labor of the United States of America
under the terms of the Federal Unemployment TAX Act or Title III
of the Social Security Acts.

(n) "Wages" means all remuneration for personal services, in-
cluding commissions and bonuses and the cash value of all compensa-
tion in any medium other than cash. The reasonable cash value of
compensation in any medium other than cash shall be estimated
and determined in accordance with rules prescribed by the Execu-
tive Director. Amounts paid to traveling salesmen or other individ-
uals as allowance or reimbursement for traveling or other expenses
incurred on the business of the employing unit shall be deemed to
constitute wages only to the extent of the excess of [such] those
amounts over the expenses actually incurred and accounted for by
the individual to his employing unit; provided that the term "wages"
shall not include:

(1)    After January 1st, 1957, that part of remuneration which,
after remuneration equal to $3,000 and beginning January 1st, 1972,
that part of remuneration equal to $4,200 has been paid during the
calendar year to an individual by an employer, or his predecessor,
or by a combination of both the employer and his predecessor, with
respect to employment, is paid during [such] that calendar year to
[such] that individual by [such] that employer or his pred-
ecessor, or by a combination of both the employer and
his predecessor, with respect to employment in this State
or any other state if the employee was in a continuous period of
employment immediately before and immediately subsequent to trans-
fer of business. The term predecessor as used in this subsection shall
mean the same as it means in 8 (c)(5)(6) of this article[, provided,
that]. However, if the maximum amount of wages taxable under the
Federal Unemployment Tax Act or any other federal tax law against
which credit may be taken for contributions into a state unemploy-
ment insurance fund is increased in the future over and above the
amount of [$3,000] $4,200.00 in any calendar year, the limitation
set forth above in this section shall automatically increase in an
amount corresponding to the increase in taxable wages under [said]
the federal law [, but the increase authorized by the federal law
shall not exceed $3,600.00].

(2)    The amount of any payment (including any amount paid by
an employer for insurance or annuities, or into a fund[,] to
provide for any such payment) made to or on behalf of[,] an
employee or any of his dependents under a plan or system estab-
lished by an employer which makes provision for his employees
generally (or for his employees generally and their dependents)
or for a class or classes of his employees (or for a class or classes of
his employees and their dependents), on account of [(A)] retire-
ment, [or (B)] sickness or accident disability, [or (C)] medical
or hospitalization expenses in connection with sickness or accident
disability, or [(D)] death;

(3)    Any payment made to an employee (including any amount
paid by an employer for insurance or annuities, or into a fund to
provide for any such payment) on account of retirement;