Common use of Description of the classifications Clause in Contracts

Description of the classifications. The classifications are (Choose a., b. or c.): [Note: Typically, the Employer would select Election 26(d) where it intends to satisfy nondiscrimination requirements using “cross-testing” under Treas. Reg. §1.401(a)(4)-8. However, choosing this Election 26(d) does not necessarily require application of cross-testing and the Plan may be able to satisfy nondiscrimination as to its classification-based allocations by testing allocation rates. This allocation method does not result in a design based safe harbor allocation.] a. Each in Own Classification. Each Participant constitutes a separate classification. b. NHCEs/HCEs. Nonhighly Compensated Employee/Participants and Highly Compensated Employee/Participants. c. Describe the Classifications: (1) a. or applicable to each classification under Elections 26(d)(1)b. or c. for the allocation Plan Year.]

Description of the classifications. [This is a nondesigned based safe harbor allocation method.] The classifications are (Choose one of a., b. b., or c.): [Note: Typically, the Employer would select Election 26(delect 28(d) where it intends to satisfy nondiscrimination requirements using “"cross-testing” " under Treas. Reg. §1.401(a)(4)-8. However, choosing this Election 26(d) election does not necessarily require application of cross-testing and the Plan may be able to satisfy nondiscrimination as to its classification-based allocations by testing allocation rates. This allocation method does not result in a design based safe harbor allocation.] a. [ ] Each in Own Classificationown classification. Each Participant constitutes a separate classification. b. [ ] NHCEs/HCEs. Nonhighly Compensated Employee/Participants and Highly Compensated Employee/Participants. c. [ ] Describe the Classificationsclassifications: (1) a. or applicable to each classification under Elections 26(d)(1)b. or c. for the allocation Plan Year.]

Description of the classifications. The classifications are (Choose a., b. or c.): [Note: Typically, the Employer would select Election 26(d) where it intends to satisfy nondiscrimination requirements using “cross-testing” under Treas. Reg. §1.401(a)(4)-8. However, choosing this Election 26(d) does not necessarily require application of cross-testing and the Plan may be able to satisfy nondiscrimination as to its classification-based allocations by testing allocation rates. This allocation method does not result in a design based safe harbor allocation.] a. 🞎 Each in Own Classification. Each Participant constitutes a separate classification. b. 🞎 NHCEs/HCEs. Nonhighly Compensated Employee/Participants and Highly Compensated Employee/Participants. c. 🞎 Describe the Classifications: (1) a. or applicable to each classification under Elections 26(d)(1)b. or c. for the allocation Plan Year.]