Deemed IRAs. This Article shall apply if elected by the Employer in the Adoption Agreement and shall be effective for Plan Years beginning after the date specified in the Adoption Agreement, but in no event earlier than the Plan Year beginning on or after January 1, 2003. Any Traditional or Xxxx XXX established hereunder to accept Deemed IRA Contributions as permitted by Code Section 408(g) will follow the rules set forth in Code Section 408 and outlined in Article XVIII. Any Xxxx XXX established hereunder to accept Deemed IRA Contributions as permitted by Code Section 408(g) shall follow the rules set forth in Code Section 408A and outlined in Article XIX. Any account established hereunder is for the exclusive benefit of the Participant or his or her Beneficiaries.
Appears in 5 contracts
Samples: Prototype Defined Contribution Plan (Wellesley Bancorp, Inc.), Prototype Defined Contribution Plan (Fraternity Community Bancorp Inc), Prototype Defined Contribution Plan (Athens Bancshares Corp)
Deemed IRAs. This Article shall apply if elected by the Employer in the Adoption Agreement and shall be effective for Plan Years beginning after the date specified in the Adoption Agreement, but in no event earlier than the Plan Year beginning on or after January 1, 2003. Any Traditional or Xxxx XXX Regular IRA established hereunder to accept Deemed IRA Contributions as permitted by Code Section 408(g) will shall follow the rules set forth in Code Section 408 and outlined in Article XVIIIXIX. Any Xxxx XXX established hereunder to accept Deemed IRA Contributions as permitted by Code Section 408(g) shall follow the rules set forth in Code Section 408A and outlined in Article XIX. Any account established hereunder is for the exclusive benefit of the Participant or his or her BeneficiariesXX.
Appears in 2 contracts
Samples: Prototype Defined Contribution Plan (FNB United Corp.), Prototype Defined Contribution Plan (United Community Bancorp)
Deemed IRAs. This Article shall apply if elected by the Employer in the Adoption Agreement and shall be effective for Plan Years beginning after the date specified in the Adoption Agreement, but in no event earlier than the Plan Year beginning on or after January 1, 2003. Any Traditional or Xxxx Rxxx XXX established hereunder to accept Deemed IRA Contributions as permitted by Code Section 408(g) will follow the rules set forth in Code Section 408 and outlined in Article XVIII. Any Xxxx Rxxx XXX established hereunder to accept Deemed IRA Contributions as permitted by Code Section 408(g) shall follow the rules set forth in Code Section 408A and outlined in Article XIX. Any account established hereunder is for the exclusive benefit of the Participant or his or her Beneficiaries.
Appears in 1 contract
Samples: Prototype Defined Contribution Plan (Savannah Bancorp Inc)
Deemed IRAs. This Article shall apply if elected by the Employer in the Adoption Agreement and shall be effective for Plan Years beginning after the date specified in the Adoption Agreement, but in no event earlier than the Plan Year beginning on or after January 1, 2003. Any Traditional or Xxxx XXX Regular IRA established hereunder to accept Deemed IRA Contributions as permitted by Code Section 408(g) will follow the rules set forth in Code Section 408 and outlined in Article XVIII. Any Xxxx XXX established hereunder to accept Deemed IRA Contributions as permitted by Code Section 408(g) shall follow the rules set forth in Code Section 408A and outlined in Article XIX. Any account established hereunder is for the exclusive benefit of the Participant or his or her Beneficiaries.
Appears in 1 contract
Samples: Prototype Defined Contribution Plan (1st Constitution Bancorp)
