Fixed Additional Matching Contribution Clause Samples
The Fixed Additional Matching Contribution clause establishes an employer's obligation to contribute a predetermined, additional amount to an employee's retirement or savings plan, matching a portion of the employee's own contributions. Typically, this clause specifies the percentage or dollar amount the employer will match, up to a certain limit, and outlines the conditions under which the matching contributions are made, such as employee eligibility or vesting requirements. Its core practical function is to incentivize employee savings by providing a guaranteed employer match, thereby enhancing employee benefits and promoting long-term financial security.
Fixed Additional Matching Contribution. The following Fixed Additional Matching Contribution (Choose (i) or (ii). Complete (iii).):
Fixed Additional Matching Contribution. The following Fixed Additional Matching Contribution (Choose (i) and (ii) as applicable and complete (iii) for any election.):
(i) [ ] Uniform percentage. A Matching Contribution equal to % of each Participant's Elective Deferrals but not as to Elective Deferrals exceeding % of the Participant's Compensation.
(ii) [ ] Tiered formula. A Matching Contribution equal to the specified matching rate for the corresponding level of each Participant's Elective Deferral percentage. A Participant's Elective Deferral percentage is equal to the Participant's Elective Deferrals divided by his/her Compensation. % % % % % %
Fixed Additional Matching Contribution. The following Fixed Additional Matching Contribution (Choose (i) or (ii). Complete (iii).):
(i) [ ] Uniform percentage. A Matching Contribution equal to % of each Participant's Elective Deferrals but not as to Elective Deferrals exceeding % of the Participant's Compensation.
(ii) [ ] Tiered formula. A Matching Contribution equal to the specified matching rate for the corresponding level of each Participant's Elective Deferral percentage. A Participant's Elective Deferral percentage is equal to the Participant's Elective Deferrals divided by the Participant's Compensation. Elective Deferral Percentage Matching Rate (e.g., up to 2) % % (e.g., more than 2 up to 5) % % % %
Fixed Additional Matching Contribution. The following Fixed Additional Matching Contribution (Choose (i) and (ii) as applicable and complete (iii) for any election):
Fixed Additional Matching Contribution. The following Fixed Additional Matching Contribution (Choose (i) or (ii). Complete (iii).):
(i) 🞎 Uniform Percentage. A Matching Contribution equal to % of each Participant’s Elective Deferrals but not as to Elective Deferrals exceeding % of the Participant’s Compensation.
Fixed Additional Matching Contribution. The following Fixed Additional Matching Contribution (Choose (i) and (ii) as applicable and complete (iii) for any election.):
(i) [ ] Uniform percentage. A Matching Contribution equal to % of each Participant's Elective Deferrals but not as to Elective Deferrals exceeding % of the Participant's Compensation.
Fixed Additional Matching Contribution. The following Fixed Additional Matching Contribution (select one or more of a. and b.):
a. [ ] Uniform percentage. A Matching Contribution equal to % of each Participant's Elective Deferrals but not as to Elective Deferrals exceeding % of the Participant's Compensation.
b. [ ] Tiered formula. A Matching Contribution equal to the specified matching rate for the corresponding level of each Participant's Elective Deferral percentage. A Participant's Elective Deferral percentage is equal to the Participant's Elective Deferrals divided by his/her Compensation. Time period. For purposes of this Election 30(p)(1), "Compensation" and "Elective Deferrals" mean Compensation and Elective Deferrals determined for: (select one of c. through g.)
c. [ ] Each payroll period
d. [ ] Each month
e. [ ] Each Plan Year quarter
f. [ ] Each Plan Year
g. [ ] Other (Specify uniform, nondiscretionary time period):
Fixed Additional Matching Contribution. The following Fixed Additional Matching Contribution (Choose (i) and (ii) as applicable and complete (iii) for any election):
(i) ¨ Uniform percentage. A Matching Contribution equal to % of each Participant's Elective Deferrals but not as to Elective Deferrals exceeding % of the Participant's Compensation.
(ii) ¨ Tiered formula. A Matching Contribution equal to the specified matching rate for the corresponding level of each Participant's Elective Deferral percentage. A Participant's Elective Deferral percentage is equal to the Participant's Elective Deferrals divided by his/her Compensation. Elective Deferral Percentage Matching Rate ______% ______% ______% ______% ______% ______%