Enhanced Matching Contribution Clause Samples
The Enhanced Matching Contribution clause defines an employer's commitment to contribute additional funds to an employee's retirement or savings plan, typically by matching a higher percentage of the employee's own contributions than standard plans. For example, instead of matching 50% of employee contributions up to a certain limit, the employer might match 100% or offer a higher cap. This clause incentivizes employees to save more for retirement and serves as a valuable benefit, helping employers attract and retain talent while encouraging greater employee participation in savings programs.
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Enhanced Matching Contribution. The Employer will make Matching Contributions to the account of each "Eligible Participant" in an amount equal to the sum of:
a. [ ] ________ % (may not be less than 100%) of the Participant's Elective Deferrals that do not exceed _______ % (if over 6% or if left blank, the ACP test will still apply) of the Participant's Compensation, plus
b. [ ] ________ % of the Participant's Elective Deferrals that exceed _________ % of the Participant's Compensation but do not exceed ________ % (if over 6% or if left blank the ACP test will still apply) of the Participant's Compensation. NOTE: a. and b. must be completed so that, at any rate of Elective Deferrals, the matching contribution is at least equal to the matching contribution receivable if the Employer were making Basic Matching Contributions, but the rate of match cannot increase as deferrals increase. For example, if a. is completed to provide a match equal to 100% of deferrals up to 4% of Compensation, then b. need not be completed.
Enhanced Matching Contribution. See Section 3.05(E)(6).
Enhanced Matching Contribution. The Employer will make matching contributions to the account of each "eligible Participant" in an amount equal to the sum of:
a. [ ] % (may not be less than 100%) of the Participant's Elective Deferrals that do not exceed
b. [ ] % of the Participant's Elective Deferrals that exceed % of the Participant's Compensation but do not exceed % (if over 6% or if left blank, the ACP test will still apply) of the Participant's Compensation.
Enhanced Matching Contribution. The Employer will make Matching Contributions to the account of each “Eligible Participant” in an amount equal to the sum of:
a. [ ] _______% (may not be less than 100%) of the Participant’s Elective Deferrals that do not exceed _______% (if over 6% or if left blank, the ACP test will still apply) of the Participant’s Compensation, plus
b. [ ] _______% of the Participant’s Elective Deferrals that exceed _______% of the Participant’s Compensation but do not exceed % (if over 6% or if left blank, the ACP test will still apply) of the Participant’s Compensation.
Enhanced Matching Contribution. The Employer will make matching contributions to the account of each "eligible Participant" in an amount equal to the sum of:
a. (may not be less than 100%) of the Participant's Elective Deferrals that do not exceed
b. of the Participant's Elective Deferrals that exceed % of the Participant's Compensation but do not exceed % (if over 6% or if left blank, the ACP test will still apply) of the Participant's Compensation. Contributions (as defined in 5. d.1. above), but the rate of match cannot increase as deferrals increase. For example, if a. is completed to provide a match equal to 100% of deferrals up to 4% of Compensation, then b. need not be completed.
Enhanced Matching Contribution. The Employer will make a Matching contribution to the account of each Eligible Participant in an amount equal to the sum of:
(i) One Hundred percent (100%) of the Employee’s Elective Deferrals that do not exceed ______________ percent of the Employee’s Compensation for the Plan Year, plus,
(ii) percent of the Employee’s Elective Deferrals that exceed _________ percent of the Employee’s Compensation for the Plan Year and that do not exceed _________ percent of the Employee’s Compensation for the Plan Year. Note: In the blank in (i) and the second blank in (ii), insert a number that is 3 or greater, but not greater than 6. The first and the last blanks in (ii) must be completed so that at any rate of Elective Deferrals, the Matching Contribution is at least equal to the Matching Contribution the Employee would receive if the Employer were making the Basic Matching Contribution, but the rate of the Match cannot increase as deferrals increase. For example, if 4 is inserted in the blank in (i), (ii) need not be completed.
Enhanced Matching Contribution. The Employer will make matching contributions to the account of each "eligible Participant" in an amount equal to the sum of:
a. [ ] % (may not be less than 100%) of the Participant's Elective Deferrals that do not exceed % (may not be less than 3%; if over 6% or if left blank, the ACP test will still apply) of the Participant's Compensation, plus
b. [ ] % of the Participant's Elective Deferrals that exceed % of the Participant's Compensation but do not exceed % (if over 6% or if left blank, the ACP test will still apply) of the Participant's Compensation. NOTE: a. and b. must be completed so that, at any rate of Elective Deferrals, the matching contribution is at least equal to what the matching contribution would be if the Employer were making Basic Matching Contributions (as defined in 29.d.1. above), but the rate of match cannot increase as deferrals increase. For example, if a. is completed to provide a match equal to 100% of deferrals up to 4% of Compensation, then b. need not be completed. AND, the safe harbor matching contribution will be determined on the following basis (and Compensation for such purpose will be based on the applicable period):
Enhanced Matching Contribution. 1.35(F), 3.05(E)(6) Designated R▇▇▇ Account. 7.04(A)(1) Entry Date. 1.26, 2.02(D)(1) Determination Date. 10.06(B)
Enhanced Matching Contribution. The Employer will make Matching Contributions to the account of each "Eligible Participant" in an amount equal to the sum of: