Current Year Testing. If no election is made by the Employer in the Adoption Agreement, the ADP limits in (1) and (2), above, will be applied by comparing the current Plan Year’s ADP for Participants who are Highly Compensated Employees with the current Plan Year’s ADP for Participants who are Non-Highly Compensated Employees. This election can only be changed if the Plan meets the requirements for changing to Prior Plan Year testing set forth in IRS Notice 98-1 (or superseding guidance).
Appears in 7 contracts
Samples: Defined Contribution Plan (FNB United Corp.), Defined Contribution Plan (United Community Bancorp), Defined Contribution Plan (Chicopee Bancorp, Inc.)
Current Year Testing. If no election is made by the Employer in the Adoption Agreement, the ADP limits in (1) and (2), above, will be applied by comparing the current Plan Year’s 's ADP for Participants who are Highly Compensated Employees with the current Plan Year’s 's ADP for Participants who are Non-Highly Compensated Employees. This election can only be changed if the Plan meets the requirements for changing to Prior Plan Year testing set forth in IRS Notice 98-1 (or superseding guidance).
Appears in 2 contracts
Samples: Defined Contribution Plan (Thomasville Bancshares Inc), Defined Contribution Plan (Spheris Leasing LLC)
