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: Prototype Defined Contribution Plan (FNB United Corp.), Prototype Defined Contribution Plan (Georgetown Bancorp, Inc.), Prototype Defined Contribution Plan (United Community Bancorp)
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: Prototype Defined Contribution (Spheris Leasing LLC), Thomasville Bancshares Inc
