Common use of Discretionary Contributions Clause in Contracts

Discretionary Contributions. (i) The Plan Administrator shall determine on a timely basis after the end of a Plan Year whether the Actual Deferral Percentage test results satisfy either of the tests described in Section 3.5(a), as modified by Section 3.6(c). In the event neither test is satisfied, or in the event neither of the tests described in Section 3.6(b), as modified by Section 3.6(c), is satisfied, the Employer may elect to make a "qualified matching contribution" as defined in Treasury Regulation Section 1.401(k)-1(g)(13), referred to herein as a Discretionary Contribution, and to use such contribution to pass such test. Such Discretionary Contribution shall be made with respect to the Plan Year as to which such test was not satisfied. (ii) The Discretionary Contribution shall first be allocated solely to the Discretionary Contribution Accounts of Nonhighly Compensated Employees whose Pay for the Plan Year was $15,000 or less, who made Deferral Contributions with respect to such Plan Year, and who were Active Participants on the last day of such Plan Year. Such Discretionary Contribution shall be allocated among the group of Participants identified above proportionately on the basis of their Section 414 Compensation for the Plan Year. The amount of any such Discretionary Contribution shall be such that the initially failed test described in (i) above is satisfied, but in no event shall any such Participant receive an allocation of greater than three percent (3%) of the Participant's Section 414 Compensation for the Plan Year. (iii) In the event that, after making the maximum Discretionary Contribution permitted under (ii) above, the initially failed test described in (i) above is still not satisfied, and the Employer elects to make a further Discretionary Contribution, the process described in (ii) above may be repeated, with the same maximum allocation (i.e., 3% of Section 414 Compensation) in effect, first with respect to such Participants whose Pay for the Plan Year was between $15,001 and $20,000, then (if necessary) with respect to such Participants whose Pay for the Plan Year was between $20,001 and $25,000, and finally (if necessary) with respect to such Participants whose Pay for the Plan Year was between $25,001 and $30,000, until the initially failed test is satisfied. (iv) Any Discretionary Contribution shall be made within the time period required by any applicable laws and regulations. Any Discretionary Contribution allocated pursuant to this subsection (b) shall be immediately vested as if it was a Deferral Contribution, and shall be subject to the same withdrawal restrictions as post-December 31, 1988 earnings on Deferral Contributions.

Discretionary Contributions. (i) The Plan Administrator shall determine on a timely basis after the end of a Plan Year whether the Actual Deferral Contribution Percentage test results satisfy either of the tests described in Section 3.5(a3.6(b), as modified by Section 3.6(c). In the event neither test is satisfied, or in the event neither of the tests described in Section 3.6(b3.5(a), as modified by Section 3.6(c), is satisfied, the Employer may elect to make a "qualified matching contribution" as defined in Treasury Regulation Section 1.401(k)-1(g)(13), referred to herein as a Discretionary Contribution, and to use such contribution to pass such test. Such Discretionary Contribution shall be made with respect to the Plan Year as to which such test was not satisfied. (ii) The Discretionary Contribution shall first be allocated solely to the Discretionary Contribution Accounts of Nonhighly Compensated Employees whose Pay for the Plan Year was $15,000 or less, who made Deferral Contributions with respect to such Plan Year, and who were Active Participants on the last day of such Plan Year. Such Discretionary Contribution shall be allocated among the group of Participants identified above proportionately on the a per capita basis of their Section 414 Compensation (i.e., an equal dollar amount for the Plan Yeareach such Participant. The amount of any such Discretionary Contribution shall be such that the initially failed test described in (i) above is satisfied, but in no event shall 21 32 any such Participant receive an allocation of greater than three percent five hundred dollars (3%) of the Participant's Section 414 Compensation for the Plan Year$500). (iii) In the event that, after making the maximum Discretionary Contribution permitted under (ii) above, the initially failed test described in (i) above is still not satisfied, and the Employer elects to make a further Discretionary Contribution, the process described in (ii) above may be repeated, with the same maximum allocation (i.e., 3% of Section 414 Compensation$500) in effect, first with respect to such Participants whose Pay for the Plan Year was between $15,001 and $20,000, then (if necessary) with respect to such Participants whose Pay for the Plan Year was between $20,001 and $25,000, and finally (if necessary) with respect to such Participants whose Pay for the Plan Year was between $25,001 and $30,000, until the initially failed test is satisfied. (iv) Any Discretionary Contribution shall be made within the time period required by any applicable laws and regulations. Any Discretionary Contribution allocated pursuant to this subsection (b) shall be immediately vested as if it was a Deferral Contribution, and shall be subject to the same withdrawal restrictions as post-December 31, 1988 earnings on Deferral Contributions.

Discretionary Contributions. (i) The Plan Administrator shall determine on a timely basis after the end of a Plan Year whether the Actual Deferral Percentage test results satisfy either of the tests described in Section 3.5(a), as modified by Section 3.6(c). In the event neither test is satisfied, or in the event neither of the tests described in Section 3.6(b), as modified by Section 3.6(c), is satisfied, the Employer may elect to make a "qualified matching contribution" as defined in Treasury Regulation Section 1.401(k)-1(g)(13), referred to herein as a Discretionary Contribution, and to use such contribution to pass such test. Such Discretionary Contribution shall be made with respect to the Plan Year as to which such test was not satisfied. (ii) The Discretionary Contribution shall first be allocated solely to the Discretionary Contribution Accounts of Nonhighly Compensated Employees whose Pay for the Plan Year was $15,000 or less, who made Deferral Contributions with respect to such Plan Year, and who were Active Participants on the last day of such Plan Year. Such Discretionary Contribution shall be allocated among the group of Participants identified above proportionately on the basis of their Section 414 Compensation for the Plan Year. The amount of any such Discretionary Contribution shall be such that the initially failed test described in (i) above is satisfied, but in no event shall any such Participant receive an allocation of greater than three percent (3%) of the Participant's Section 414 Compensation for the Plan Year. (iii) In the event that, after making the maximum Discretionary Contribution permitted under (ii) above, the initially failed test described in (i) above is still not satisfied, and the Employer elects to make a further Discretionary Contribution, the process described in (ii) above may be repeated, with the same maximum allocation (i.e., 3% of Section 414 Compensation) in effect, first with respect 15 26 to such Participants whose Pay for the Plan Year was between $15,001 and $20,000, then (if necessary) with respect to such Participants whose Pay for the Plan Year was between $20,001 and $25,000, and finally (if necessary) with respect to such Participants whose Pay for the Plan Year was between $25,001 and $30,000, until the initially failed test is satisfied. (iv) Any Discretionary Contribution shall be made within the time period required by any applicable laws and regulations. Any Discretionary Contribution allocated pursuant to this subsection (b) shall be immediately vested as if it was a Deferral Contribution, and shall be subject to the same withdrawal restrictions as post-December 31, 1988 earnings on Deferral Contributions.

Discretionary Contributions. (i) The Plan Administrator shall determine on a timely basis after the end of a Plan Year whether the Actual Deferral Contribution Percentage test results satisfy either of the tests described in Section 3.5(a3.6(b), as modified by Section 3.6(c). In the event neither test is satisfied, or in the event neither of the tests described in Section 3.6(b3.5(a), as modified by Section 3.6(c), is satisfied, the Employer may elect to make a "qualified matching contribution" as defined in Treasury Regulation Section 1.401(k)-1(g)(13), referred to herein as a Discretionary Contribution, and to use such contribution to pass such test. Such Discretionary Contribution shall be made with respect to the Plan Year as to which such test was not satisfied. (ii) The Discretionary Contribution shall first be allocated solely to the Discretionary Contribution Accounts of Nonhighly Compensated Employees whose Pay for the Plan Year was $15,000 or less, who made Deferral Contributions with respect to such Plan Year, and who were Active Participants on the last day of such Plan Year. Such Discretionary Contribution shall be allocated among the group of Participants identified above proportionately on the a per capita basis of their Section 414 Compensation (i.e., an equal dollar amount for the Plan Yeareach such Participant. The amount of any such Discretionary Contribution shall be such that the initially failed test described in (i) above is satisfied, but in no event shall any such Participant receive an allocation of greater than three percent five hundred dollars (3%) of the Participant's Section 414 Compensation for the Plan Year$500). (iii) In the event that, after making the maximum Discretionary Contribution permitted under (ii) above, the initially failed test described in (i) above is still not satisfied, and the Employer elects to make a further Discretionary Contribution, the process described in (ii) above may be repeated, with the same maximum allocation (i.e., 3% of Section 414 Compensation$500) in effect, first with respect to such Participants whose Pay for the Plan Year was between $15,001 and $20,000, then (if necessary) with respect to such Participants whose Pay for the Plan Year was between $20,001 and $25,000, and finally (if necessary) with respect to such Participants whose Pay for the Plan Year was between $25,001 and $30,000, until the initially failed test is satisfied. (iv) Any Discretionary Contribution shall be made within the time period required by any applicable laws and regulations. Any Discretionary Contribution allocated pursuant to this subsection (b) shall be immediately vested as if it was a Deferral Contribution, and shall be subject to the same withdrawal restrictions as post-December 31, 1988 earnings on Deferral Contributions.