Common use of Employer Matching Contributions Clause in Contracts

Employer Matching Contributions. An Employer is generally required to make a matching contribution on behalf of each eligible employee in an amount equal to the Depositor’s salary reduction contributions, up to 3% of the Depositor’s compensation for the applicable Plan Year. The Employer can elect to reduce this matching contribution to not less than 1%, pro- vided notification is provided by the Employer of the Employer’s intention to reduce this limit within a reasonable period of time before the Election Period for that Plan Year, and such a reduction in matching contributions has not occurred in more than two out of the last five years that ends with (and includes) the Plan Year for which the election is effective. The maxi- mum Employer Matching contribution that can be made is the Applicable Limit. The Custodian shall not be responsible for determining the amount of any matching contribution made on behalf of the Depositor, nor shall the Custodian be responsible to recommend or compel any Employer contributions to the Account. The disposition of excess matching contribu- tions will be made in accordance with instructions from the Depositor (or the Depositor’s Authorized Agent, or, after the death of the Depositor, the Beneficiary) or the Depositor’s Employer, as the case may be, to the Custodian in a form and manner acceptable to it. If you, as Depositor, are 50 years of age or older, your Employer must generally match any catch-up contributions you make up to the limits described herein.

Employer Matching Contributions. An Employer is generally required to make a matching contribution on behalf of each eligible employee in an amount equal to the Depositor’s salary reduction contributions, up to 3% of the Depositor’s compensation for the applicable Plan Year. The Employer can elect to reduce this matching contribution to not no less than 1%, pro- vided provided notification is provided by the Employer of the Employer’s intention to reduce this limit within a reasonable period of time before the Election Period for that Plan Year, and such a reduction in matching contributions has not occurred in more than two out of the last five years that ends with (and includes) the Plan Year for which the election is effective. The maxi- mum maximum Employer Matching matching contribution that can be made is the Applicable Limit. The Custodian shall not be responsible for determining the amount of any matching contribution made on behalf of the Depositor, nor shall the Custodian be responsible to recommend or compel any Employer contributions to the Account. The disposition of excess matching contribu- tions contributions will be made in accordance with instructions from the Depositor (or the Depositor’s Authorized Agent, or, after following the death of the Depositor, the Beneficiary) or the Depositor’s Employer, as the case may be, to the Custodian in a form and manner acceptable to it. If youIn addition to the matching contributions described herein, as Depositor, are if the Depositor is 50 years of age or older, your the Employer must generally match any catch-up contributions you make up to the limits described herein.

Employer Matching Contributions. An Employer is generally required to make a matching contribution on behalf of each eligible employee in an amount equal to the Depositor’s salary reduction contributions, up to 3% of the Depositor’s compensation for the applicable Plan Year. The Employer can elect to reduce this matching contribution to not no less than 1%, pro- vided provided notification is provided by the Employer of the Employer’s intention to reduce this limit within a reasonable period of time before the Election Period for that Plan Year, and such a reduction in matching contributions has not occurred in more than two out of the last five years that ends with (and includes) the Plan Year for which the election is effective. The maxi- mum Employer Matching contribution that can be made is the Applicable Limit. The Custodian shall not be responsible for determining the amount of any matching contribution made on behalf of the Depositor, nor shall the Custodian be responsible to recommend or compel any Employer contributions contri- butions to the Account. The disposition of excess matching contribu- tions contributions will be made in accordance with instructions from the Depositor (or the Depositor’s Authorized Agent, or, after the death of the Depositor, the Beneficiary) or the Depositor’s Employer, as the case may be, to the Custodian in a form and manner acceptable to it. If you, as Depositor, are 50 years of age or older, older your Employer must generally match any catch-catch up contributions you make up to the limits described herein.