Contribution Percentage Amounts Sample Clauses

Contribution Percentage Amounts. The sum of the Employee Nondeductible Contributions, Matching Contributions and Qualified Matching Contributions (to the extent not taken into account for purposes of the ADP test) made under the Plan on behalf of the Participant for the Plan Year. Such Contribution Percentage Amounts shall not include Matching Contributions that are forfeited either to correct Excess Aggregate Contributions or because the contributions to which they relate are Excess Deferrals, Excess Contributions, or Excess Aggregate Contributions. If so elected in the Adoption Agreement the Employer may include Qualified Nonelective Contributions in the Contribution Percentage Amounts. The Employer also may elect to use Elective Deferrals in the Contribution Percentage Amounts so long as the ADP test is met before the Elective Deferrals are used in the ACP test and continues to be met following the exclusion of those Elective Deferrals that are used to meet the ACP test.
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Contribution Percentage Amounts. The sum of the After-Tax Employee Contributions, Matching Contributions, and Qualified Matching Contributions (to the extent not counted for passing the ADP test) made under the Plan on behalf of the Participant for the Plan Year. Contribution Percentage Amounts do not include Matching Contributions forfeited either to correct Excess Aggregate Contributions or because the contributions to which they relate are Excess Deferrals,
Sample 1See All (4)
Contribution Percentage Amounts. The term “Contribution Percentage Amounts” means the sum of the Employee Contributions, Non-Safe Harbor Matching Contributions, Qualified Matching Contributions, Elective Deferrals, and Qualified Non-Elective Contributions made under the Plan on behalf of the Participant for the Plan Year. The calculation of a Participant’s Contribution Percentage Amounts is subject to the following rules:
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Contribution Percentage Amounts. The sum of the Voluntary After-Tax Contributions, Matching Contributions, Qualified Matching Contributions (to the extent not taken into account in calculating the Average Deferral Percentage test described in Plan section 3.7(c)), and Elective Salary Deferrals and Qualified Nonelective Contributions treated as Matching Contributions made for the Participant for the Plan Year. Notwithstanding the foregoing, the Contribution Percentage Amounts shall exclude Elective Salary Deferrals when determining the Contribution Percentage amounts but only if the Average Deferral Percentage test is satisfied before the Elective Salary Deferrals are used in the Average Contribution Percentage test and the former test continues to be satisfied after the Elective Salary Deferral that are used in the Average Contribution Percentage test are excluded. Notwithstanding the foregoing, the Contribution Percentage Amounts shall exclude any Matching Contributions that are forfeited to correct Excess Aggregate Contributions or because the contributions to which they relate constitute Excess Deferrals, Excess Contributions, Excess Aggregate Contributions or Elective Salary Deferrals refunded pursuant to Code section 415.
Sample 1
Contribution Percentage Amounts. The sum of the Employee Contributions, Matching Contributions, and Employer Qualified Non-Elective Contributions (to the extent not taken into account for purposes of the ADP test) made under the Plan on behalf of the Participant for the Plan Year. The Employer may include Employee Elective Deferrals in the Contribution Percentage Amounts so long as the ADP test is met before the Employee Elective Deferrals are used in the ACP test and continues to be met following the exclusion of those Employee Elective Deferrals that are used to meet the ACP test.
Sample 1

Related to Contribution Percentage Amounts

  • DISTRIBUTION OF EXCESS AGGREGATE CONTRIBUTIONS The Advisory Committee will determine excess aggregate contributions after determining excess deferrals under Section 14.07 and excess contributions under Section 14.08. If the Advisory Committee determines the Plan fails to satisfy the ACP test for a Plan Year, it must distribute the excess aggregate contributions, as adjusted for allocable income, during the next Plan Year. However, the Employer will incur an excise tax equal to 10% of the amount of excess aggregate contributions for a Plan Year not distributed to the appropriate Highly Compensated Employees during the first 2 1/2 months of that next Plan Year. The excess aggregate contributions are the amount of aggregate contributions allocated on behalf of the Highly Compensated Employees which causes the Plan to fail to satisfy the ACP test. The Advisory Committee will distribute to each Highly Compensated Employee his respective share of the excess aggregate contributions. The Advisory Committee will determine the respective shares of excess aggregate contributions by starting with the Highly Compensated Employee(s) who has the greatest contribution percentage, reducing his contribution percentage (but not below the next highest contribution percentage), then, if necessary, reducing the contribution percentage of the Highly Compensated Employee(s) at the next highest contribution percentage level (including the contribution percentage of the Highly Compensated Employee(s) whose contribution percentage the Advisory Committee already has reduced), and continuing in this manner until the ACP for the Highly Compensated Group satisfies the ACP test. If the Highly Compensated Employee is part of an aggregated family group, the Advisory Committee, in accordance with the applicable Treasury regulations, will determine each aggregated family member's allocable share of the excess aggregate contributions assigned to the family unit.

  • Distribution of Excess Contributions If the Advisory Committee determines the Plan fails to satisfy the ADP test for a Plan Year, it must distribute the excess contributions, as adjusted for allocable income, during the next Plan Year. However, the Employer will incur an excise tax equal to 10% of the amount of excess contributions for a Plan Year not distributed to the appropriate Highly Compensated Employees during the first 2 1/2 months of that next Plan Year. The excess contributions are the amount of deferral contributions made by the Highly Compensated Employees which causes the Plan to fail to satisfy the ADP test. The Advisory Committee will distribute to each Highly Compensated Employee his respective share of the excess contributions. The Advisory Committee will determine the respective shares of excess contributions by starting with the Highly Compensated Employee(s) who has the greatest ADP, reducing his ADP (but not below the next highest ADP), then, if necessary, reducing the ADP of the Highly Compensated Employee(s) at the next highest ADP level (including the ADP of the Highly Compensated Employee(s) whose ADP the Advisory Committee already has reduced), and continuing in this manner until the average ADP for the Highly Compensated Group satisfies the ADP test. If the Highly Compensated Employee is part of an aggregated family group, the Advisory Committee, in accordance with the applicable Treasury regulations, will determine each aggregated family member's allocable share of the excess contributions assigned to the family unit.

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

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