Common use of Actual Deferral Percentage Test Safe Harbor Clause in Contracts

Actual Deferral Percentage Test Safe Harbor. (1) Unless the Employer elects in the Adoption Agreement to make Enhanced Matching Contributions (as provided in the Adoption Agreement) or safe harbor nonelective contributions, the Employer will contribute monthly or on another periodic basis for the Plan Year a safe harbor matching contribution to the Plan on behalf of each eligible Employee equal to (i) 100 percent of the amount of the Employee’s 401(k) deferrals that do not exceed 3 percent of the Employee’s Salary for the Plan Year, plus (ii) 50 percent of the amount of the Employee’s 401(k) deferrals that exceed 3 percent of the Employee’s Salary but that do not exceed 5 percent of the Employee’s Salary (“Basic Matching Contributions”). (2) The Member’s benefit derived from ADP Test Safe Harbor Contributions is nonforfeitable and may not be distributed earlier than separation from service, death, disability, an event described in §401(k)(10) of the Code, or the attainment of age 59 1/2. In addition, such contributions must satisfy the ADP Test Safe Harbor without regard to permitted disparity under §401(l) of the Code. (3) At least 30 days, but not more than 90 days, before the beginning of the Plan Year, the Employer will provide each Eligible Employee a comprehensive notice of the Employee’s rights and obligations under the Plan, written in a manner calculated to be understood by the average Eligible Employee. If an Employee becomes eligible after the 90th day before the beginning of the Plan Year and does not receive the notice for that reason, the notice must be provided no more than 90 days before the Employee becomes eligible but not later than the date the Employee becomes eligible. (4) In addition to any other election periods provided under the Plan, each Eligible Employee may make or modify a deferral election during the 30-day period immediately following receipt of the notice described above.

Actual Deferral Percentage Test Safe Harbor. (1) Unless the Employer elects in the Adoption Agreement to make Enhanced Matching Contributions (as provided in the Adoption Agreement) or safe harbor nonelective contributions, the Employer will contribute monthly or on another periodic basis for the Plan Year a safe harbor matching contribution to the Plan on behalf of each eligible Employee equal to (i) 100 percent of the amount of the Employee’s 's 401(k) deferrals that do not exceed 3 percent of the Employee’s 's Salary for the Plan Year, plus (ii) 50 percent of the amount of the Employee’s 's 401(k) deferrals that exceed 3 percent of the Employee’s 's Salary but that do not exceed 5 percent of the Employee’s 's Salary (“"Basic Matching Contributions”"). (2) The Member’s 's benefit derived from ADP Test Safe Harbor Contributions is nonforfeitable and may not be distributed earlier than separation from service, death, disability, an event described in §401(k)(10ss.401(k)(10) of the Code, or the attainment of age 59 1/2. In addition, such contributions must satisfy the ADP Test Safe Harbor without regard to permitted disparity under §401(lss.401(l) of the Code. (3) At least 30 days, but not more than 90 days, before the beginning of the Plan Year, the Employer will provide each Eligible Employee a comprehensive notice of the Employee’s 's rights and obligations under the Plan, written in a manner calculated to be understood by the average Eligible Employee. If an Employee becomes eligible after the 90th day before the beginning of the Plan Year and does not receive the notice for that reason, the notice must be provided no more than 90 days before the Employee becomes eligible but not later than the date the Employee becomes eligible. (4) In addition to any other election periods provided under the Plan, each Eligible Employee may make or modify a deferral election during the 30-day period immediately following receipt of the notice described above.

Actual Deferral Percentage Test Safe Harbor. (1) Unless the Employer elects in the Adoption Agreement to make Enhanced Matching Contributions (as provided in the Adoption Agreement) or safe harbor nonelective contributions, the Employer will contribute monthly or on another periodic basis for the Plan Year a safe harbor matching contribution to the Plan on behalf of each eligible Employee equal to (i) 100 percent of the amount of the Employee’s 's 401(k) deferrals that do not exceed 3 percent of the Employee’s 's Salary for the Plan Year, plus (ii) 50 percent of the amount of the Employee’s 's 401(k) deferrals that exceed 3 percent of the Employee’s 's Salary but that do not exceed 5 percent of the Employee’s 's Salary (“"Basic Matching Contributions”"). (2) The Member’s 's benefit derived from ADP Test Safe Harbor Contributions is nonforfeitable and may not be distributed earlier than separation from service, death, disability, an event described in §401(k)(10(S)401(k)(10) of the Code, or the attainment of age 59 1/2. In addition, such contributions must satisfy the ADP Test Safe Harbor without regard to permitted disparity under §401(l) (S)40 of the Code. (3) At least 30 days, but not more than 90 days, before the beginning of the Plan Year, the Employer will provide each Eligible Employee a comprehensive notice of the Employee’s 's rights and obligations under the Plan, written in a manner calculated to be understood by the average Eligible Employee. If an Employee becomes eligible after the 90th 90 day before the beginning of the Plan Year and does not receive the notice for that reason, the notice must be provided no more than 90 days before the Employee becomes eligible but not later than the date the Employee becomes eligible. (4) In addition to any other election periods provided under the Plan, each Eligible Employee may make or modify a deferral election during the 30-day period immediately following receipt of the notice described above.

Actual Deferral Percentage Test Safe Harbor. (1) Unless the Employer elects in the Adoption Agreement to make Enhanced Matching Contributions (as provided in the Adoption Agreement) or safe harbor nonelective contributions, the Employer will contribute monthly or on another periodic basis for the Plan Year a safe harbor matching contribution to the Plan on behalf of each eligible Employee equal to (i) 100 percent of the amount of the Employee’s =s 401(k) deferrals that do not exceed 3 three percent (3%) of the Employee’s =s Salary for the Plan Year, plus (ii) 50 percent of the amount of the Employee’s =s 401(k) deferrals that exceed 3 three percent (3%) of the Employee’s =s Salary but that do not exceed 5 percent of the Employee’s =s Salary (“Basic ABasic Matching Contributions”). (2) The Member’s =s benefit derived from ADP Test Safe Harbor Contributions is nonforfeitable and may not be distributed earlier than separation severance from serviceEmployment, death, disabilityDisability, an event described in §‘401(k)(10) of the Code, or the attainment of age 59 1/2592. In addition, such contributions must satisfy the ADP Test Safe Harbor without regard to permitted disparity under §‘401(l) of the Code. (3) At least 30 days, but not more than 90 days, before the beginning of the Plan Year, the Employer will provide each Eligible Employee a comprehensive notice of the Employee’s =s rights and obligations under the Plan, written in a manner calculated to be understood by the average Eligible Employee. If an Employee becomes eligible after the 90th day before the beginning of the Plan Year and does not receive the notice for that reason, the notice must be provided no more than 90 days before the Employee becomes eligible but not later than the date the Employee becomes eligible. (4) In addition to any other election periods provided under the Plan, each Eligible Employee may make or modify a deferral election during the 30-day period immediately following receipt of the notice described above.

Actual Deferral Percentage Test Safe Harbor. (1) Unless the Employer elects in the Adoption Agreement to make Enhanced Matching Contributions (as provided in the Adoption Agreement) or safe harbor nonelective contributions, the Employer will contribute monthly or on another periodic basis for the Plan Year a safe harbor matching contribution to the Plan on behalf of each eligible Employee equal to (i) 100 percent of the amount of the Employee’s 401(k) deferrals that do not exceed 3 percent of the Employee’s Salary for the Plan Year, plus (ii) 50 percent of the amount of the Employee’s 401(k) deferrals that exceed 3 percent of the Employee’s Salary but that do not exceed 5 percent of the Employee’s Salary (“Basic Matching Contributions”). (2) The Member’s benefit derived from ADP Test Safe Harbor Contributions is nonforfeitable and may not be distributed earlier than separation from service, death, disability, an event described in §401(k)(10) of the Code, or the attainment of age 59 1/2. 59½. In addition, such contributions must satisfy the ADP Test Safe Harbor without regard to permitted disparity under §401(l) of the Code. (3) At least 30 days, but not more than 90 days, before the beginning of the Plan Year, the Employer will provide each Eligible Employee a comprehensive notice of the Employee’s rights and obligations under the Plan, written in a manner calculated to be understood by the average Eligible Employee. If an Employee becomes eligible after the 90th day before the beginning of the Plan Year and does not receive the notice for that reason, the notice must be provided no more than 90 days before the Employee becomes eligible but not later than the date the Employee becomes eligible. (4) In addition to any other election periods provided under the Plan, each Eligible Employee may make or modify a deferral election during the 30-day period immediately following receipt of the notice described above.

Actual Deferral Percentage Test Safe Harbor. (1) Unless the Employer elects in the Adoption Agreement to make Enhanced Matching Contributions (as provided in the Adoption Agreement) or safe harbor nonelective contributions, the Employer will contribute monthly or on another periodic basis for the Plan Year a safe harbor matching contribution to the Plan on behalf of each eligible Employee equal to (i) 100 percent of the amount of the Employee’s 's 401(k) deferrals that do not exceed 3 percent of the Employee’s 's Salary for the Plan Year, plus (ii) 50 percent of the amount of the Employee’s 's 401(k) deferrals that exceed 3 percent of the Employee’s 's Salary but that do not exceed 5 percent of the Employee’s Employee 's Salary (“"Basic Matching Contributions”"). (2) The Member’s 's benefit derived from ADP Test Safe Harbor Contributions is nonforfeitable and may not be distributed earlier than separation from service, death, disability, an event described in §Section 401(k)(10) of the Code, or the attainment of age 59 59-1/2. In addition, such contributions must satisfy the ADP Test Safe Harbor without regard to permitted disparity under §Section 401(l) of the Code. (3) At least 30 days, but not more than 90 days, before the beginning of the Plan Year, the Employer will provide each Eligible Employee a comprehensive notice of the Employee’s 's rights and obligations under the Plan, written in a manner calculated to be understood by the average Eligible Employee. If an Employee becomes eligible after the 90th day before the beginning of the Plan Year and does not receive the notice for that reason, the notice must be provided no more than 90 days before the Employee becomes eligible but not later than the date the Employee becomes eligible. (4) In addition to any other election periods provided under the Plan, each Eligible Employee may make or modify a deferral election during the 30-day period immediately following receipt of the notice described above.

Actual Deferral Percentage Test Safe Harbor. (1) Unless the Employer elects in the Adoption Agreement to make Enhanced Matching Contributions (as provided in the Adoption Agreement) or safe harbor nonelective contributions, the Employer will contribute monthly or on another periodic basis for the Plan Year a safe harbor matching contribution to the Plan on behalf of each eligible Employee equal to (i) 100 percent of the amount of the Employee’s 's 401(k) deferrals that do not exceed 3 percent of the Employee’s 's Salary for the Plan Year, plus (ii) 50 percent of the amount of the Employee’s 's 401(k) deferrals that exceed 3 percent of the Employee’s 's Salary but that do not exceed 5 percent of the Employee’s 's Salary (“"Basic Matching Contributions”"). (2) The Member’s 's benefit derived from ADP Test Safe Harbor Contributions is nonforfeitable and may not be distributed earlier than separation from service, death, disability, an event described in §Section 401(k)(10) of the Code, or the attainment of age 59 1/2. In addition, such contributions must satisfy the ADP Test Safe Harbor without regard to permitted disparity under §Section 401(l) of the Code. (3) At least 30 days, but not more than 90 days, before the beginning of the Plan Year, the Employer will provide each Eligible Employee a comprehensive notice of the Employee’s 's rights and obligations under the Plan, written in a manner calculated to be understood by the average Eligible Employee. If an Employee becomes eligible after the 90th day before the beginning of the Plan Year and does not receive the notice for that reason, the notice must be provided no more than 90 days before the Employee becomes eligible but not later than the date the Employee becomes eligible. (4) In addition to any other election periods provided under the Plan, each Eligible Employee may make or modify a deferral election during the 30-day period immediately following receipt of the notice described above.

Actual Deferral Percentage Test Safe Harbor. (1) Unless the Employer elects in the Adoption Agreement to make Enhanced Matching Contributions (as provided in the Adoption Agreement) or safe harbor nonelective contributions, the Employer will contribute monthly or on another periodic basis for the Plan Year a safe harbor matching contribution to the Plan on behalf of each eligible Employee equal to (i) 100 percent of the amount of the Employee’s 401(k) deferrals that do not exceed 3 three percent (3%) of the Employee’s Salary for the Plan Year, plus (ii) 50 percent of the amount of the Employee’s 401(k) deferrals that exceed 3 three percent (3%) of the Employee’s Salary but that do not exceed 5 percent of the Employee’s Salary (“Basic Matching Contributions”). (2) The Member’s benefit derived from ADP Test Safe Harbor Contributions is nonforfeitable and may not be distributed earlier than separation severance from serviceEmployment, death, disabilityDisability, an event described in §401(k)(10) of the Code, or the attainment of age 59 1/2. In addition, such contributions must satisfy the ADP Test Safe Harbor without regard to permitted disparity under §401(l) of the Code. (3) At least 30 days, but not more than 90 days, before the beginning of the Plan Year, the Employer will provide each Eligible Employee a comprehensive notice of the Employee’s rights and obligations under the Plan, written in a manner calculated to be understood by the average Eligible Employee. If an Employee becomes eligible after the 90th day before the beginning of the Plan Year and does not receive the notice for that reason, the notice must be provided no more than 90 days before the Employee becomes eligible but not later than the date the Employee becomes eligible. (4) In addition to any other election periods provided under the Plan, each Eligible Employee may make or modify a deferral election during the 30-day period immediately following receipt of the notice described above.

Actual Deferral Percentage Test Safe Harbor. (1) Unless the Employer elects in the Adoption Agreement to make Enhanced Matching Contributions (as provided in the Adoption Agreement) or safe harbor nonelective contributions, the Employer will contribute monthly or on another periodic basis for the Plan Year a safe harbor matching contribution to the Plan on behalf of each eligible Employee equal to (i) 100 percent of the amount of the Employee’s 's 401(k) deferrals that do not exceed 3 percent of the Employee’s 's Salary for the Plan Year, plus (ii) 50 percent of the amount of the Employee’s 's 401(k) deferrals that exceed 3 percent of the Employee’s 's Salary but that do not exceed 5 percent of the Employee’s 's Salary (“"Basic Matching Contributions”"). (2) The Member’s 's benefit derived from ADP Test Safe Harbor Contributions is nonforfeitable and may not be distributed earlier than separation from service, death, disability, an event described in §401(k)(10(S)401(k)(10) of the Code, or the attainment of age 59 1/2. In addition, such contributions must satisfy the ADP Test Safe Harbor without regard to permitted disparity under §401(l(S)401(l) of the Code. (3) At least 30 days, but not more than 90 days, before the beginning of the Plan Year, the Employer will provide each Eligible Employee a comprehensive notice of the Employee’s 's rights and obligations under the Plan, written in a manner calculated to be understood by the average Eligible Employee. If an Employee becomes eligible after the 90th day before the beginning of the Plan Year and does not receive the notice for that reason, the notice must be provided no more than 90 days before the Employee becomes eligible but not later than the date the Employee becomes eligible. (4) In addition to any other election periods provided under the Plan, each Eligible Employee may make or modify a deferral election during the 30-day period immediately following receipt of the notice described above.

Actual Deferral Percentage Test Safe Harbor. (1) Unless the Employer elects in the Adoption Agreement to make Enhanced Matching Contributions (as provided in the Adoption Agreement) or safe harbor nonelective contributions, the Employer will contribute monthly or on another periodic basis for the Plan Year a safe harbor matching contribution to the Plan on behalf of each eligible Employee equal to (i) 100 percent of the amount of the Employee’s 's 401(k) deferrals that do not exceed 3 percent of the Employee’s 's Salary for the Plan Year, plus (ii) 50 percent of the amount of the Employee’s 's 401(k) deferrals that exceed 3 percent of the Employee’s 's Salary but that do not exceed 5 percent of the Employee’s 's Salary (“"Basic Matching Contributions”"). (2) The Member’s 's benefit derived from ADP Test Safe Harbor Contributions is nonforfeitable and may not be distributed earlier than separation from service, death, disability, an event described in §401(k)(10ss.401(k)(10) of the Code, or the attainment of age 59 1/2. In addition, such contributions must satisfy the ADP Test Safe Harbor without regard to permitted disparity under §401(lss. 401(I) of the Code. (3) At least 30 days, but not more than 90 days, before the beginning of the Plan Year, the Employer will provide each Eligible Employee a comprehensive notice of the Employee’s 's rights and obligations under the Plan, written in a manner calculated to be understood by the average Eligible Employee. If an Employee becomes eligible after the 90th day before the beginning of the Plan Year and does not receive the notice for that reason, the notice must be provided no more than 90 days before the Employee becomes eligible but not later than the date the Employee becomes eligible. (4) In addition to any other election periods provided under the Plan, each Eligible Employee may make or modify a deferral election during the 30-day period immediately following receipt of the notice described above.

Actual Deferral Percentage Test Safe Harbor. (1) Unless the Employer elects in the Adoption Agreement to make Enhanced Matching Contributions (as provided in the Adoption Agreement) or safe harbor nonelective contributions, the Employer will contribute monthly or on another periodic basis for the Plan Year a safe harbor matching contribution to the Plan on behalf of each eligible Employee equal to (i) 100 percent of the amount of the Employee’s =s 401(k) deferrals that do not exceed 3 three percent (3%) of the Employee’s =s Salary for the Plan Year, plus (ii) 50 percent of the amount of the Employee’s =s 401(k) deferrals that exceed 3 three percent (3%) of the Employee’s =s Salary but that do not exceed 5 percent of the Employee’s =s Salary (“Basic ABasic Matching Contributions”). (2) The Member’s =s benefit derived from ADP Test Safe Harbor Contributions is nonforfeitable and may not be distributed earlier than separation severance from serviceEmployment, death, disabilityDisability, an event described in §'401(k)(10) of the Code, or the attainment of age 59 1/2592. In addition, such contributions must satisfy the ADP Test Safe Harbor without regard to permitted disparity under §'401(l) of the Code. (3) At least 30 days, but not more than 90 days, before the beginning of the Plan Year, the Employer will provide each Eligible Employee a comprehensive notice of the Employee’s =s rights and obligations under the Plan, written in a manner calculated to be understood by the average Eligible Employee. If an Employee becomes eligible after the 90th day before the beginning of the Plan Year and does not receive the notice for that reason, the notice must be provided no more than 90 days before the Employee becomes eligible but not later than the date the Employee becomes eligible. (4) In addition to any other election periods provided under the Plan, each Eligible Employee may make or modify a deferral election during the 30-day period immediately following receipt of the notice described above.