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), Nonstandardized Adoption Agreement (United Community Bancorp)
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: Prototype Defined Contribution Plan (United Community Bancorp), Nonstandardized Adoption Agreement (Chicopee Bancorp, Inc.), Prototype Defined Contribution Plan (FNB United Corp.)
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: Prototype Defined Contribution Plan (Savannah Bancorp Inc), Nonstandardized Adoption Agreement (Connecticut Water Service Inc / Ct), Nonstandardized 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
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), Nonstandardized 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 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: Nonstandardized 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
Samples: Standardized Adoption Agreement (Socket Communications 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-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: Prototype Defined Contribution Plan (Old Dominion Freight Line Inc/Va)
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: Nonstandardized Adoption Agreement (BBCN Bancorp Inc)
