Definition of SIMPLE Contribution Sample Clauses

The 'Definition of SIMPLE Contribution' clause establishes what constitutes a contribution under a SIMPLE (Savings Incentive Match Plan for Employees) retirement plan. It typically specifies the types of contributions allowed, such as employee salary deferrals and employer matching or non-elective contributions, and may outline limits or eligibility criteria. By clearly defining these terms, the clause ensures all parties understand what payments qualify as SIMPLE contributions, thereby preventing misunderstandings and ensuring compliance with relevant tax and retirement regulations.
Definition of SIMPLE Contribution. A SIMPLE Contribution is one of the following Employer Contribution types: (a) a SIMPLE Matching Contribution equal to 100% of each Participant's Elective Deferrals but not exceeding 3% of Plan Year Compensation or such lower percentage as the Employer may elect under Code §408(p)(2)(C)(ii)(II); or (b) a SIMPLE Nonelective Contribution equal to 2% of Plan Year Compensation for each Participant whose Compensation is at least $5,000.
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