Exclusion of Eligible Employees In a Profit-Sharing Plan Sample Clauses

Exclusion of Eligible Employees In a Profit-Sharing Plan. (a) Correction Methods. (i) VCS Correction Method. Appendix A, section .05 sets forth the VCS correction method for correcting the exclusion of an eligible employee. In the case of a defined contribution plan, the VCS correction method is to make a contribution on behalf of the excluded employee. Section 2.02(2)(a)(ii) below clarifies the VCS correction method in the case of a profit-sharing or stock bonus plan that provides for nonelective contributions (within the meaning of □ 1.401(k)-1(g)(10)).
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Exclusion of Eligible Employees In a Profit-Sharing Plan. (a) Correction Methods. (i) Appendix A Correction Method. Appendix A, section .05 sets forth the correction method for correcting the failure to make a contribution on behalf of the employees improperly excluded from a defined contribution plan or to provide benefit accruals for the employees improperly excluded from a defined benefit plan. In the case of a defined contribution plan, the correction method is to make a contribution on behalf of the excluded employee. Section 2.02(2)(a)(ii) below clarifies the correction method in the case of a profit-sharing or stock bonus plan that provides for nonelective contributions (within the meaning of §1.401(k)-6 and formerly 1.401(k)- 1(g)(10)).
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Exclusion of Eligible Employees In a Profit-Sharing Plan. (a) Correction Methods. (i) Appendix A Correction Method. Appendix A, section .05 sets forth the correction method for correcting the exclusion of an eligible employee. In the case of a defined contribution plan, the correction method is to make a contribution on behalf of the excluded employee. Section 2.02(2)(a)(ii) below clarifies the correction method in the case of a profit-sharing or stock bonus plan that provides for nonelective contributions (within the meaning of § 1.401(k)-1(g)(10)).
Sample 1Sample 2
Exclusion of Eligible Employees In a Profit-Sharing Plan. (a) Correction Methods. (i) VCSAppendix A Correction Method. Appendix A, section .05 sets forth theVCS correction method for correcting the exclusion of an eligible employee. In the case of a defined contribution plan, theVCS correction method is to make a contribution on behalf of the excluded employee. Section 2.02(2)(a)(ii) below clarifies theVCS correction method in the case of a profit-sharing or stock bonus plan that provides for nonelective contributions (within the meaning of § 1.401(k)-1(g)(10)).
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Exclusion of Eligible Employees In a Profit-Sharing Plan 
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Related to Exclusion of Eligible Employees In a Profit-Sharing Plan

  • SALARY DETERMINATION FOR EMPLOYEES IN ADULT EDUCATION [Not applicable in School District No. 62 (Sooke)]

  • Maintaining Eligibility for Employer Contribution The employer's contribution continues as long as the employee remains on the payroll in an insurance eligible position. Employees who complete their regular school year assignment shall receive coverage through August 31.

  • Overtime-Eligible Employees Employees who are covered by the overtime provisions of state and federal law.

  • Elective Deferrals (a) The Committee may establish procedures pursuant to which Employee may elect to defer, until a time or times later than the vesting of a Performance Share Unit, receipt of all or a portion of the shares of Common Stock deliverable in respect of a Performance Share Unit, all on such terms and conditions as the Committee (or its designee) shall determine in its sole discretion. If any such deferrals are permitted for Employee, then notwithstanding any provision of this Agreement or the Plan to the contrary, an Employee who elects such deferral shall not have any rights as a stockholder with respect to any such deferred shares of Common Stock unless and until the date the deferral expires and certificates representing such shares are required to be delivered to Employee. The foregoing notwithstanding, no deferrals of Dividend Equivalents related to any Performance Share Units under this Award will be permitted. Moreover, the Committee further retains the authority and discretion to modify and/or terminate existing deferral elections, procedures and distribution options. (b) Notwithstanding any provision to the contrary in this Agreement, if deferral of Performance Share Units is permitted, each provision of this Agreement shall be interpreted to permit the deferral of compensation only as allowed in compliance with the requirements of Section 409A of the Internal Revenue Code and any provision that would conflict with such requirements shall not be valid or enforceable. Employee acknowledges, without limitation, and consents that application of Section 409A of the Internal Revenue Code to this Agreement may require additional delay of payments otherwise payable under this Agreement. Employee and the Company further hereby agree to execute such further instruments and take such further action as reasonably may be necessary to comply with Section 409A of the Internal Revenue Code.

  • Compensatory Time for Overtime Eligible Employees ‌ A. Compensatory Time Eligibility

  • Probation for Newly Hired Employees (a) The Employer may reject a probationary employee for just cause. A rejection during probation shall not be considered a dismissal for the purpose of Article 11.2

  • Plan Year The year for the purposes of the plan shall be from September 1 of one year, to August 31, of the following year, or such other years as the parties may agree to.

  • Eligible Employees Regular and probationary, full time and less than full-time employees (on a pro rata basis) are eligible to participate in this program. Sec. 903 COURSES ELIGIBLE: The following criteria will be used in determining eligibility for reimbursement:

  • Eligibility for Employer Contribution This section describes eligibility for an Employer Contribution toward the cost of coverage.

  • Eligible Employee For purposes of the SIMPLE 401(k) Plan provisions, any Employee who is entitled to make Elective Deferrals under the terms of the SIMPLE 401(k) Plan.

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