ACP Testing Election Clause Samples
The ACP Testing Election clause establishes the right or option for a party to elect to conduct Acceptance Criteria Procedures (ACP) testing on a product, service, or deliverable. In practice, this means that before final acceptance, the party can choose to perform specific tests or evaluations to ensure the deliverable meets agreed-upon standards or requirements. This clause is essential for providing a formal mechanism to verify quality and compliance, thereby reducing the risk of accepting substandard work and ensuring that contractual obligations are met before final approval.
ACP Testing Election. ¨ a. Current year data for all Participants was used. ¨ 1. 1997 Plan Year. ¨ 2. 1998 Plan Year. ¨ 3. 1999 Plan Year. ¨ 4. 2000 Plan Year. ¨ 5. 2001 Plan Year. ¨ b. Current year data for Participants who are Highly Compensated Employees will be used. The ACP for Participants who are Non-Highly Compensated Employees was assumed to be 3% or the actual ACP if greater. ¨ 1. 1997 Plan Year. ¨ 2. 1998 Plan Year. ¨ 3. 1999 Plan Year. ¨ 4. 2000 Plan Year. ¨ 5. 2001 Plan Year.
ACP Testing Election. [ ] a. Current year data for all Participants was used. [ ] 1. 1997 Plan Year. [ ] 2. 1998 Plan Year. [ ] 3. 1999 Plan Year. [ ] 4. 2000 Plan Year. [ ] 5. 2001 Plan Year. [ ] 6. 2002 Plan Year. [ ] b. Current year data for Participants who are Highly Compensated Employees will be used. The ACP for Participants who are Non-Highly Compensated Employees was assumed to be 3% or the actual ACP if greater. [ ] 1. 1997 Plan Year. [ ] 2. 1998 Plan Year. [ ] 3. 1999 Plan Year. [ ] 4. 2000 Plan Year. [ ] 5. 2001 Plan Year. [ ] 6. 2002 Plan Year.
ACP Testing Election. ¨ a. Current year data for all Participants was used. ¨ 1. 1997 Plan Year. ¨ 2. 1998 Plan Year. ¨ 3. 1999 Plan Year. ¨ 4. 2000 Plan Year. ¨ 5. 2001 Plan Year. ¨ b. Current year data for Participants who are Highly Compensated Employees will be used. The ACP for Participants who are Non-Highly Compensated Employees was assumed to be 3% or the actual ACP if greater. ¨ 1. 1997 Plan Year. ¨ 2. 1998 Plan Year. ¨ 3. 1999 Plan Year. ¨ 4. 2000 Plan Year. ¨ 5. 2001 Plan Year. 41 §401(k) Plan AA #010 VI. Plan Provision: Distribution Alternatives For Participants Who Are Not A More Than 5% Owner Select (A), (B), (C) and/or (D), whichever is applicable. Subsection (D) must be selected to the extent that there would otherwise be an elimination of a pre-retirement age 70 1/2 distribution option for Employees other than those listed above.
x A. Any Participant who has not had a separation from Service who had attained age 70 1/2 in years after 1995 may elect by April 1 of the calendar year following the calendar year in which the Participant attained age 70 1/2 (or by December 31, 1997, in the case of a Participant attaining age 70 1/2 in 1996) to defer distributions until the calendar year in which the Participant retires. If no such election is made, the Participant will begin receiving distributions by the April 1 of the calendar year following the calendar year in which the Participant attained age 70 1/2 (or by December 31, 1997, in the case of a Participant attaining age 70 1/2 in 1996).
x B. Any Participant who has not had a separation from Service and is currently in benefit payment status because of attainment of age 70 1/2 in years prior to 1997 may elect to stop distributions and recommence by the April 1 of the calendar year following the calendar year in which the Participant retires. There is either (select one):
x 1. a new Annuity Starting Date upon recommencement, or ¨ 2. no new Annuity Starting Date upon recommencement.
x C. Any Participant who has not had a separation from Service, and is currently in benefit payment status because of attainment of age 70 1/2 in 1997 or in a later year (or attained age 70 1/2 in 1996, but had not commenced required minimum distributions in 1996) may elect to stop distributions and recommence by the April 1 of the calendar year following the calendar year in which the Participant retires. There is either (select one):
x 1. a new Annuity Starting Date upon recommencement, or ¨ 2. no new Annuity Starting Date upon recommen...
ACP Testing Election. [ ] a. Current year data for all Participants will be used. [ ] 1. 1997 Plan Year. [ ] 2. 1998 Plan Year. [ ] 3. 1999 Plan Year. [ ] 4. 2000 Plan Year. [ ] 5. 2001 Plan Year. [ ] b. Current year data for Participants who are HCE's will be used. The ACP for Participants who are Non-Highly Compensated Employees is assumed to be 3% or the actual ACP if greater. [ ] 1. 1997 Plan Year. [ ] 2. 1998 Plan Year. [ ] 3. 1999 Plan Year. [ ] 4. 2000 Plan Year. [ ] 5. 2001 Plan Year.
ACP Testing Election. ( ) a. Current year data for all Participants was used. ( ) 1. 1997 Plan Year. ( ) 2. 1998 Plan Year. ( ) 3. 1999 Plan Year. ( ) 4. 2000 Plan Year. ( ) 5. 2001 Plan Year. ( ) 6. 2002 Plan Year. ( ) b. Prior year data for Participants who are Non-Highly Compensated Employees was used. ( ) 1. 1997 Plan Year. ( ) 2. 1998 Plan Year. ( ) 3. 1999 Plan Year. ( ) 4. 2000 Plan Year. ( ) 5. 2001 Plan Year. ( ) 6. 2002 Plan Year. V. Plan Provision: First Plan Year Testing Elections For a new 401(k) Plan, the Employer could use either the current or prior year testing methods as well as a rule that deems the prior year ADP/ACP to be 3%.