Eligibility for Matching Contribution Clause Samples
The 'Eligibility for Matching Contribution' clause defines the criteria that employees must meet to qualify for employer matching contributions to a retirement or savings plan. Typically, this clause outlines requirements such as minimum length of service, employment status (e.g., full-time or part-time), or minimum employee contribution levels. By clearly specifying who is eligible for matching, the clause ensures fairness and transparency in the allocation of employer contributions, and helps both employers and employees understand the conditions under which additional retirement benefits are provided.
Eligibility for Matching Contribution. A Participant who defers Compensation for the Plan Year shall receive an allocation of Matching Contributions determined in accordance with Section 5.01(a)(i) provided he satisfies the following requirements [complete the ones that are applicable]:
(A) ☐ Describe requirements:
(B) ☐ Is selected by the Employer in its sole discretion to receive an allocation of Matching Contributions
(C) ☐ ▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇
Eligibility for Matching Contribution. A Participant who defers Compensation for the Plan Year shall receive an allocation of Matching Contributions determined in accordance with Section 5.01(a)(i) provided he satisfies the following requirements (complete the ones that are applicable):
(A) r Is employed on the last day of the Plan Year
(B) r Completes [insert number] of hours of service during the Plan Year
(C) r Is selected by the Employer in its sole discretion to receive an allocation of Matching Contributions
(D) r No requirements (E) r Other
Eligibility for Matching Contribution. A Participant who defers Compensation for the Plan Year may receive an allocation of Matching Contributions determined in accordance with Section 5.01(a)(i) provided he is employed by the Employer on the last day of such Plan Year.
Eligibility for Matching Contribution. A Participant who defers Compensation for the Plan Year* shall receive an allocation of Matching Contributions determined in accordance with Section 5.01(a)(i) provided he satisfies the following requirements (complete the ones that are applicable):
(A) x Is employed on the last day of the Plan Year
(B) o Completes _______ [insert number] of hours of service during the Plan Year
(C) o Is selected by the Employer in its sole discretion to receive an allocation of Matching Contributions
(D) o No requirements (E) o Other _______ _______ _______ ________________________ * Or an Eligible Employee whose Compensation for the Plan Year exceeds the Section 401(a)(17) of the Code limit for that year, but who was not offered an opportunity to elect to defer to the Plan for such Plan Year.