Corrective QNEC Contribution Formula. The Employer shall have the right to make a QNEC contribution in the amount necessary to pass the ADP/ACP Test or the maximum permitted under Code Section 415. This contribution will be allocated to some or all Non-Highly Compensated Participants designated by the Plan Administrator. The allocation will be the lesser of the amount required to pass the ADP/ACP Test, or the maximum permitted under Code Section 415. This part of the Employer’s contribution shall be fully vested when made.
Appears in 8 contracts
Samples: Nonstandardized Adoption Agreement (First Northwest Bancorp), Nonstandardized Adoption Agreement (1st Constitution Bancorp), Defined Contribution Plan (ASB Bancorp Inc)
Corrective QNEC Contribution Formula. The Employer shall have the right to make a QNEC contribution in the amount necessary to pass the ADP/ACP Test or the maximum permitted under Code Section 415. This contribution will be allocated to some or all Non-Highly Compensated Participants designated by the Plan Administrator. The allocation will be the lesser of the amount required to pass the ADP/ACP Test, or the maximum permitted under Code Section 415415 and is not available for in-service withdrawal. This part of the Employer’s contribution shall be fully vested when made.
Appears in 4 contracts
Samples: Defined Contribution Plan (FNB United Corp.), Defined Contribution Plan (United Community Bancorp), Nonstandardized Adoption Agreement (Legacy Bancorp, Inc.)
Corrective QNEC Contribution Formula. The Employer shall have the right to make a QNEC contribution in the amount necessary to pass the ADP/ACP Test or the maximum permitted under Code Section 415. This contribution will be allocated to some or all Non-Highly Compensated Participants designated by the Plan Administrator. The allocation will be the lesser of the amount required to pass the ADP/ACP Test, or the maximum permitted under Code Section 415. This part of the Employer’s 's contribution shall be fully vested when made.
Appears in 3 contracts
Samples: Defined Contribution Plan (Savannah Bancorp Inc), Adoption Agreement (Connecticut Water Service Inc / Ct), Adoption Agreement (Connecticut Water Service Inc / Ct)
Corrective QNEC Contribution Formula. The Employer shall have the right to make a QNEC contribution in the amount necessary to pass the ADP/ACP Test or the maximum permitted under Code Section 415. This contribution will be allocated to some or all Non-Highly Compensated Participants designated by the Plan Administrator. The allocation will be the lesser of the amount required to pass the ADP/ACP Test, Test or the maximum permitted under Code Section 415, and is not available for in-service withdrawal. This part of the Employer’s 's contribution shall be fully vested when made.
Appears in 2 contracts
Samples: Adoption Agreement, Adoption Agreement
Corrective QNEC Contribution Formula. The Employer shall have the right to make a QNEC contribution in the amount necessary to pass the ADP/ACP Test or the maximum permitted under Code Section 415. This contribution will be allocated to some or all Non-Highly Compensated Participants designated by the Plan Administrator. The allocation will be the lesser of the amount required to pass the ADP/ACP Test, or the maximum permitted under Code Section 415415 and is not available for in-service withdrawal. This part of the Employer’s 's contribution shall be fully vested when made.
Appears in 2 contracts
Samples: Nonstandardized Adoption Agreement (Banctrust Financial Group Inc), Adoption Agreement (Atlas America Inc)
Corrective QNEC Contribution Formula. The Employer shall have the right to make a QNEC contribution in the amount necessary to pass the ADP/ACP Test or the maximum permitted under Code Section 415. This contribution will be allocated to some or all Non-Highly Compensated Participants designated by the Plan Administrator. The allocation will be the lesser of the amount required to pass the ADP/ACP Test, or the maximum permitted under Code Section 415. This part of the Employer’s Employers contribution shall be fully vested when made.
Appears in 1 contract
Samples: Adoption Agreement for Cash or Deferred Profit Sharing Plan (BBCN Bancorp Inc)
Corrective QNEC Contribution Formula. The Employer shall have the right to make a QNEC contribution in the amount necessary to pass the ADP/ACP Test or the maximum permitted under Code Section 415. This contribution will be allocated to some or all Non-Highly Compensated Participants designated by the Plan Administrator. The allocation will be the lesser of the amount required to pass the ADP/ACP Test, or the maximum permitted 401(k) NS AA #010 2323 under Code Section 415. This part of the Employer’s 's contribution shall be fully vested when made.
Appears in 1 contract
Samples: Adoption Agreement (Connecticut Water Service Inc / Ct)
Corrective QNEC Contribution Formula. The Employer shall have the right to make a QNEC contribution in the amount necessary to pass the ADP/ACP Test or the maximum permitted under Code Section 415. This contribution will be allocated to some or all Non-Highly Compensated Participants designated by the Plan Administrator. The allocation will be the lesser of the amount required to pass the ADP/ACP Test, or the maximum permitted under Code Section 415415 and is not available for in-service withdrawals. This part of the Employer’s 's contribution shall be fully vested when made.
Appears in 1 contract
Corrective QNEC Contribution Formula. The Employer shall have the right to make a QNEC contribution in the amount necessary to pass the ADP/ACP Test or the maximum permitted under Code Section 415. This contribution will be allocated to some or all Non-Non- Highly Compensated Participants designated by the Plan Administrator. The allocation will be the lesser of the amount required to pass the ADP/ACP Test, or the maximum permitted under Code Section 415. This part of the Employer’s contribution shall be fully vested when made.
Appears in 1 contract
Samples: Defined Contribution Plan (Old Dominion Freight Line Inc/Va)
