Alternative method of allocating income. The Plan Administrator may allocate income to excess contributions for the Plan Year by multiplying the income for the Plan Year allocable to the elective contributions and other amounts taken into account under the actual deferral percentage test (including contributions made for the Plan Year), by a fraction, the numerator of which is the excess contributions for the Employee for the Plan Year. and the denominator of which is the sum of the: (1) Account balance attributable to elective contributions and other amounts taken into account under the actual deferral percentage test as of the beginning of the Plan Year, and (2) Any additional amount of such contributions made for the Plan Year.
Appears in 3 contracts
Samples: Fifth Amendment to the Quanex Corporation 401(k) Savings Plan for Hourly Employees (Quanex Corp), Sixth Amendment to the Quanex Corporation Hourly Bargaining Unit Employee Savings Plan (Quanex Corp), 401(k) Savings Plan Amendment (Quanex Corp)
Alternative method of allocating income. The Plan Administrator may allocate income to excess contributions Excess Contributions for the Plan Year by multiplying the income for the Plan Year allocable to the elective contributions Elective Contributions and other amounts taken into account under the actual deferral percentage ADP test (including contributions made for the Plan Year), by a fraction, the numerator of which is the excess contributions Excess Contributions for the Employee for the Plan Year. , and the denominator of which is the sum of the:
(1) Account balance attributable to elective contributions Elective Contributions and other amounts taken into account under the actual deferral percentage ADP test as of the beginning of the Plan Year, and
(2) Any additional amount of such contributions made for the Plan Year.
Appears in 2 contracts
Samples: Adoption Agreement (LSB Bancshares Inc /Nc/), Defined Contribution Plan and Trust (National Penn Bancshares Inc)
Alternative method of allocating income. The Plan Administrator may allocate income to excess contributions Excess Contributions for the Plan Year by multiplying the income for the Plan Year allocable to the elective contributions Elective Contributions and other amounts taken into account under the actual deferral percentage ADP test (including contributions made for the Plan Year), . by a fraction, the numerator of which is the excess contributions Excess Contributions for the Employee for the Plan Year. , and the denominator of which is the sum of the:
(1) Account balance attributable to elective contributions Elective Contributions and other amounts taken into account under the actual deferral percentage ADP test as of the beginning of the Plan Year, . and
(2) Any additional amount of such contributions made for the Plan Year.
Appears in 1 contract
Samples: Adoption Agreement (Talbots Inc)
Alternative method of allocating income. The Plan Administrator may allocate income to excess contributions Excess Contributions for the Plan Year by multiplying the income for the Plan Year allocable to the elective contributions Elective Contributions and other amounts taken into account under the actual deferral percentage ADP test (including contributions made for the Plan Year), by a fraction, the numerator of which is the excess contributions Excess Contributions for the Employee for the Plan Year. , and the denominator of which is the sum of the:
(1a) Account balance attributable to elective contributions Elective Contributions and other amounts taken into account under the actual deferral percentage ADP test as of the beginning of the Plan Year, and
(2b) Any additional amount of such contributions made for the Plan Year.
Appears in 1 contract
Samples: 401(k) and Profit Sharing Retirement Plan (Vulcan Materials Co)
