AVERAGE CONTRIBUTION PERCENTAGE Sample Clauses

AVERAGE CONTRIBUTION PERCENTAGE. (ACP) The average of the Actual Contribution Percentages for each Highly Compensated Employee and for each non-Highly Compensated Employee.

AVERAGE CONTRIBUTION PERCENTAGE. (ACP) TEST If the Employer makes Matching Contributions or if the Plan allows Employees to make Voluntary Contributions the Plan must meet additional nondiscrimination requirements provided under Code Section 401(m). If Employee Contributions (including any Elective Deferrals recharacterized as Voluntary Contributions) are made pursuant to this Plan, then in addition to the ADP test referenced in paragraph 10.8, the Average Contribution Percentage test is also applicable. The Average Contribution Percentage for Participants who are Highly Compensated Employees for each Plan Year and the Average Contribution Percentage for Participants who are Non-Highly Compensated Employees for the same Plan Year must satisfy one of the following tests: (a) The Average Contribution Percentage for Participants who are Highly Compensated Employees for the Plan Year shall not exceed the Average Contribution Percentage for Participants who are non-Highly Compensated Employees for the same Plan Year multiplied by 1.25; or (b) The ACP for Participants who are Highly Compensated Employees for the Plan Year shall not exceed the Average Contribution Percentage for Participants who are non-Highly Compensated Employees for the same Plan Year multiplied by two (2), provided that the Average Contribution Percentage for Participants who are Highly Compensated Employees does not exceed the Average Contribution Percentage for Participants who are non-Highly Compensated Employees by more than two (2) percentage points.

AVERAGE CONTRIBUTION PERCENTAGE. The average (expressed as a percentage) of the Contribution Percentages of the Highly Compensated Employee Group and the Nonhighly Compensated Employee Group.

AVERAGE CONTRIBUTION PERCENTAGE. The average (expressed as a percentage) of the Contribution Percentages of the Eligible Participants in a group.

AVERAGE CONTRIBUTION PERCENTAGE. 2 1.13 Beneficiary....................................................................................2 1.14

AVERAGE CONTRIBUTION PERCENTAGE. 16.1 In computing the Average Contribution Percentage, the employer shall take into account, and include as Contribution Percentage Amounts: a. Elective Deferrals. b. Qualified Non-Elective Contributions under this plan or any employer, as provided by regulations. 16.2 The amount of Qualified Non-Elective Contributions that are made under Section 11.4(l) of this plan and taken into account as Contribution Percentage Amounts for purposes of calculating the Average Contribution Percentage, subject to such other requirements as may be prescribed by Secretary of the Treasury, shall be: a. All such Qualified Non-Elective Contributions. b. Such Qualified Non-Elective Contributions that are needed to meet the Average Contribution Percentage test stated in section 11.8 of the plan. 16.3 The amount of Elective Deferrals made under Section 11.4(B) of this plan and taken into account as Contribution Percentage Amounts for purposes of calculating the Average Contribution Percentage, subject to such other requirements as may be prescribed by the Secretary of the Treasury, shall be: a. All such Elective Deferrals. b. Such Elective Deferrals that are needed to meet the Average Contribution Percentage test stated in section 11.8 of the plan. 17. FORFEITURES of Matching Contributions shall be: (Required if the Employer elects to make Matching Contributions in this Adoption Agreement) 17.1 Applied in the current year of forfeiture to reduce employer contributions. 17.2 Allocated in the current year of forfeiture, after all other forfeitures under the plan to each Participant's Matching Contribution account in the ratio which each Participant's Compensation for the Plan Year bears to the total Compensation of all Participants for such Plan Year. Such forfeitures will not be allocated to the account of any Highly Compensated Employee.

AVERAGE CONTRIBUTION PERCENTAGE. Average Contribution Percentage" is the average of the Contribution Percentages of the eligible Participants in a group.

AVERAGE CONTRIBUTION PERCENTAGE. The average contribution percentage for the participants who are highly compensated employees under this Plan and any other Code Section 401(k) plan maintained by the Company will be limited so that it satisfies one of the following tests: (1) The average contribution percentage of the participants who are highly compensated employees for the plan year is not more than 1.25 times the average contribution percentage of all other participants for the current plan year; or (2) The average contribution percentage of the participants who are highly compensated employees for the plan year is not more than two (2) percentage points greater than the average contribution percentage of all other participants for the current plan year and not more than two (2) times the average contribution percentage of all other participants for the current plan year. The average contribution percentage of a group will be the average of the percentages, calculated separately for each participant in the group, of each participant’s compensation that is contributed as a matching contribution. Except for the average benefit percentage test under Code Section 410(b)(2), if the Plan is dependent upon aggregation with any other qualified plan of the Company for purposes of satisfying Code Sections 401(k), 401(m), 401(a)(4), or 410(b), all such aggregated plans will be treated as a single plan for the discrimination test. Only plans having the same plan year may be aggregated to satisfy Code Sections 401(k) and 401(m). (b) Return of Excess Matching Contributions. Matching contributions for participants who are highly compensated employees that are in excess of the amount allowed by the foregoing test (“excess contributions”) will be distributed to these participants using the method described in Section 4.3(b), except that the excess contributions cannot be recharacterized as catch-up contributions. The excess contributions will be distributed not later than the end of the plan year following the plan year for which the excess contribution was made. The distributions will include a distribution of income that is attributable to the excess contribution. The income attributable to excess contributions will be determined by multiplying the income on the participant’s matching contributions at the end of the plan year by a fraction, the numerator of which is the participant’s excess contribution for the plan year and the denominator of which is the sum of the participant’s matching contributi...

AVERAGE CONTRIBUTION PERCENTAGE. 2 1.13 Beneficiary. . . . . . . . . . . . . . . . . . . . . . . . . . 2 1.14

AVERAGE CONTRIBUTION PERCENTAGE. In computing the average contribution percentage, the Employer shall take into account and include as contribution percentage amounts: X (i) Elective deferrals --- (ii) Qualified non-elective contributions under this plan or any other plan of the Employer, as provided by regulations. The amount of qualified non-elective contributions that are taken into account as contribution percentage amounts for purposes of calculating the average contribution percentage, subject to such other requirements as may be prescribed by the Secretary of the Treasury, shall be: (i) All such qualified non-elective contributions. (ii) Such qualified non-elective contributions that are needed to meet the average contribution percentage test. The amount of elective deferrals taken into account as contribution percentage amounts for purposes of calculating the average contribution percentage, subject to such other requirements as may be prescribed by the Secretary of the Treasury, shall be: (i) All such elective deferrals. X (ii) Such elective deferrals that are needed --- to meet the average contribution percentage test. Forfeitures of excess aggregate contributions shall be: X (i) Applied to reduce Employer --- contributions.