Common use of Aggregate Limit Clause in Contracts

Aggregate Limit. The sum of: (a) 125% of the greater of the Average Deferral Percentage of the Non-Highly Compensated Employees for the Prior Plan Year or the Average Contribution Percentage of Non-Highly Compensated Employees under the 401(k) Plan subject to Code Section 401(m) for the Plan Year beginning with or within the Prior Plan Year, and (b) the lesser of 200% or two percent plus the lesser of such ADP or ACP. Alternatively, the Aggregate Limit can be determined by substituting “the lesser of 200% or two percent plus” for “125% of” in (a) above, and substituting “125% of” for “the lesser of 200% or two percent plus” in (b) above if it would result in a larger Aggregate Limit. If the Employer has elected in the Adoption Agreement to use the Current Year Testing Method, then, in calculating the Aggregate Limit for a particular Plan Year, the Non-Highly Compensated Employees’ ADP and ACP for that Plan Year, instead of the prior Plan Year, is used.

Aggregate Limit. The For Plan Years beginning before 2002 only, the sum of: (a) 125% of the greater of the Average Deferral Percentage of the Non-Highly Compensated Employees for the Prior Plan Year or the Average Contribution Percentage of Non-Highly Compensated Employees under the 401(k) Plan subject to Code Section 401(m) for the Plan Year beginning with or within the Prior Plan Year, and (b) the lesser of 200% or two percent plus the lesser of such ADP or ACP. Alternatively, the Aggregate Limit can be determined by substituting “the lesser of 200% or two percent plus” “ for “125% of” in (a) above, and substituting “125% of” for “the lesser of 200% or two percent plus” in (b) above if it would result in a larger Aggregate Limit. If the Employer has elected in the Adoption Agreement to use the Current Year Testing Method, then, in calculating the Aggregate Limit for a particular Plan Year, the Non-Highly Compensated Employees’ ADP and ACP for that Plan Year, instead of the prior Plan Year, is used.

Aggregate Limit. The For Plan Years beginning before 2002 only, the sum of: (a) 125% of the greater of the Average Deferral Percentage of the Non-Highly Compensated Employees for the Prior Plan Year or the Average Contribution Percentage of Non-Highly Compensated Employees under the 401(k) Plan subject to Code Section 401(m) for the Plan Year beginning with or within the Prior Plan Year, and (b) the lesser of 200% or two percent plus the lesser of such ADP or ACP. Alternatively, the Aggregate Limit can be determined by substituting “the lesser of 200% or two percent plus” for “125% of” in (a) above, and substituting “125% of” for “the lesser of 200% or two percent plus” in (b) above if it would result in a larger Aggregate Limit. If the Employer has elected in the Adoption Agreement to use the Current Year Testing Method, then, in calculating the Aggregate Limit for a particular Plan Year, the Non-Highly Compensated Employees’ ADP and ACP for that Plan Year, instead of the prior Plan Year, is used.