Deferral Percentage. The Employee-Elected Company Contributions -------------------- and the Company Contributions (and a pro rata share of the investment earnings attributable to each) allocated to a Participant shall be reduced if necessary to comply with the deferred percentage limitations of Subsection 401(k)(3) of the Code (a copy of which is attached as Exhibit A). Whether such reduction is necessary shall be determined for each Year. Any such reduction shall be effected by reducing first, Employee-Elected Company Contributions, then (if necessary), the Company Contributions, allocated to Participants who are "highly compensated employees" of the Company (as defined in Section 414(q) of the Code) and whose "actual deferral percentage" (as defined in Section 401(k)(3)(B) of the Code) exceeds the permissible actual deferral percentage for highly compensated employees, commencing with those Participants whose actual deferral percentage is highest. The amount of any Participant's Employee-Elected Company Contributions reduced retroactively shall be paid to her in cash within two and one-half (2-1/2) months after the close of the Plan Year. Alternatively, to the extent provided in Treasury Regulations, UDLP may elect or permit the Participant to elect to treat all or a portion of the amount of excess Employee- Elected Company Contributions as an amount distributed to the Participant and then contributed by the Participant to the Plan.
Deferral Percentage. The ratio of the sum of the Contributions listed below to the Plan made for the Participant to the Participant's Compensation for the Plan Year:
(a) Elective Salary Deferrals pursuant to Plan section 3.7(a), including excess deferrals of Highly Compensated Employees. Elective Salary Deferrals counted in the Participant's Contribution Percentage will be excluded only if the nondiscrimination test in Section 3.7 is satisfied whether or not the deferrals are excluded.
(b) Qualified Nonelective Contributions and Qualified Matching Contributions treated as Elective Salary Deferrals pursuant to Plan section 3.2(d) at the election of the Employer.
(c) Matching Contributions pursuant to Plan section 3.2(d), but only to the extent that they are:
(1) Nonforfeitable at all times, regardless of the Employee's age and/or service or whether the Employee is employed on a specific date,
(2) Not counted in the Employee's Contribution Percentage, and
(3) Subject to the distribution restrictions described in Section 3.7(h). A Participant who did not enter into a Salary Reduction Agreement will be treated as a Participant who elected to have a Deferral Percentage (based on Elective Salary Deferrals) of zero.
Deferral Percentage. For each contribution period, a Participant-may elect that up to 50% of his or her Compensation received during the contribution period be withheld as an Elective Deferral. Elective Deferrals may be made in whole percentages of Compensation or in specific dollar amounts as designated by the Participant. The Administrator will have the right to direct that such percentages of Compensation be rounded to the next highest or lowest dollar. Furthermore, on a uniform nondiscriminatory basis, the Administrator may permit a Participant to identify separate components of the Participant’s Compensation (such as base salary, bonuses, etc.) and to specify that a different percentage (or dollar amount) apply to each such component.
Deferral Percentage. For each contribution period, a Participant may elect that up to 100% of his or her Compensation received during the contribution period be withheld as an Elective Deferral, inclusive of any other amounts allocated to such Participant and counted under Code §415(c) and §§611(b) and 632 of the Economic Growth and Tax Relief Reconciliation Act (EGTRRA), to the maximum dollar amount permitted under Code §402(g). Elective Deferrals may be made in whole percentages (or if permitted by the Administrator, in fractional percentages) of Compensation or in specific dollar amounts as designated by the Participant. The Administrator will have the right to direct that such percentages of Compensation be rounded to the next highest or lowest dollar. Furthermore, on a uniform nondiscriminatory basis, the Administrator may permit a Participant to identify separate components of the Participant’s Compensation (such as base salary, bonuses, etc.) and to specify that a different percentage (or dollar amount) apply to each such component.
Section 3.1 (a)(5) is hereby amended in its entirety to read as follows:
Deferral Percentage. Deferral Percentage" with respect to any Plan Year is the ratio (expressed as a percentage) of a Participant's Elective Deferrals (and Qualified Nonelective Contributions or Qualified Matching Contributions, or both, if treated as Elective Deferrals for purposes of the ADP Test) to such Participant's Testing Compensation.
Deferral Percentage. The Excess 401(k) Contributions of the Highly Compensated Participant(s) (and Family Members(s)) with the highest Actual Deferral Percentage shall be reduced first, such reduction shall continue, as necessary, until such individual's (individuals') Actual Deferral Percentage equal(s) those of the individual(s) with the second highest Actual Deferral Percentage(s).
Deferral Percentage. The ratio of the amount of the Before-Tax Contributions to be paid over to the Savings Fund under the Plan on behalf of an Eligible Participant for a Plan Year to such Participant’s Compensation for such Plan Year. The Deferral Percentage for an Eligible Participant who is a Highly Compensated Employee for the Year and who is eligible to have Before-Tax Contributions allocated to his accounts under two or more plans or arrangements described in Section 401(k) of the Internal Revenue Code that are maintained by one or more Related Employers shall be determined as if all such Before-Tax Contributions were made under a single arrangement. For purposes of determining the Before-Tax Contributions to be taken into account pursuant to this Section 1.25, the following rules shall apply:
A. Before-Tax Contributions shall be taken into account only to the extent such Before-Tax Contributions relate to Compensation that, but for the election under Section 5.1B hereof, either would have been received by the Participant in the Plan Year or is attributable to services performed by the Participant during the Plan Year and would have been received by the Participant within 2-1/2 months after the end of the Plan Year;
B. Before-Tax Contributions shall be taken into account only to the extent such Before-Tax Contributions are allocated to the Participant as of a date within the Plan Year. For purposes of this Section 1.25B, a Before-Tax Contribution is considered allocated as of a date within the Plan Year if the allocation is not contingent on participation and performance of services after such date and the Before-Tax Contribution is actually paid over to the trust fund not less than twelve months after the end of the Plan Year to which such Before-Tax Contribution relates; and
C. Before-Tax Contributions that are made under two or more plans that are aggregated for purposes of Section 401(a)(4) or Section 410(b) (other than Section 410(b)(2)(A)(ii)) of the Internal Revenue Code shall be treated as made under a single plan. If two or more plans are permissibly aggregated for purposes of satisfying Section 401(k) of the Internal Revenue Code, the aggregated plans must also satisfy Sections 401(a)(4) and 410(b) of the Internal Revenue Code as though they were a single plan.
Deferral Percentage. ARTICLE 6: AFTER-TAX EMPLOYEE SAVINGS CONTRIBUTIONS; AVERAGE CONTRIBUTION PERCENTAGE TEST.......................23
Deferral Percentage. That percentage determined as one (1) minus the then current highest combined marginal federal and State of Georgia income tax rate imposed upon a taxpayer (whether corporate or an individual).
Deferral Percentage. Members may elect to defer from 1 to 50 percent of their base compensation to the Plan into an Elective Account on a pretax basis, after tax basis, or a combination of both, not to exceed 50 percent.
