Determination of Average Deferral Percentages Sample Clauses

Determination of Average Deferral Percentages. Notwithstanding anything in this Plan to the contrary, for purposes of this Section 3.3, the average deferral percentage for any group of individuals for a Plan Year (including an Applicable Plan Year) means the average of the individual ratios, for each person in such group, of (i) his share of Elective Contributions (exclusive of Catch-up Contributions) for the Plan Year to (ii) his Total Earnings for such Plan Year (or, if applicable, the portion thereof in which the individual is both a Member and an Eligible Employee). The individual ratios, and the average deferral percentage for any group of individuals, shall be calculated to the nearest one-hundredth of one percent (0.01%). For purposes of calculating the average deferral percentage, Qualified Nonelective Contributions under Section 3.5.4 may be taken into account as Elective Contributions if the conditions of the applicable regulations under section 401(k) of the Code (set forth as Treas. Reg. § 1.401(k)-2(a)(6) effective January 1, 2006, and previously as Treas. Reg. § 1.401(k)-1(b)(5)) and other applicable guidance are met. The Committee shall determine, during and as of the end of each Plan Year, the average deferral percentages relevant for purposes of this Section 3.3, based on Members’ Contribution Agreements and projected Total Earnings then in effect for Section 401(k) Members. If, based on such determination, the Committee concludes that a reduction in the Elective Contributions made for any Section 401(k) Member is necessary or advisable in order to comply with the limitations of this Section 3.3, he shall so notify each affected Section 401(k) Member and his Employer of the reduction he deems necessary or desirable for this purpose. In such event, the allowable Elective Contributions under Section 3.1.1 shall be reduced in accordance with the direction of the Committee, and the Contribution Agreement of each Section 401(k) Member affected by such determination shall be modified accordingly. Any such reduction may apply either to all Section 401(k) Members, only to Section 401(k) Members who are Highly Compensated Employees, or to any other group as the Committee shall determine, in such manner as the Committee shall determine.
Sample 1
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