Common use of Highest Contribution Rate Clause in Contracts

Highest Contribution Rate. Highest Contribution Rate means for any Key Employee, all Employer Contributions (including Elective Deferrals, but not including Employer contributions to Social Security and not including Catch-Up Deferrals) and forfeitures allocated to the Participant's Account for the Plan Year, divided by his/her Compensation for the entire Plan Year. To determine a Key Employee's contribution rate, the Plan Administrator must treat all qualified top-heavy Defined Contribution Plans maintained by the Employer (or by any Related Employer) as a single plan.

Appears in 3 contracts

Samples: Defined Contribution Pre Approved Plan (J&j Snack Foods Corp), 401(k) Profit Sharing Plan (Nci Building Systems Inc), Defined Contribution Prototype and Volume Submitter Plan (Finisar Corp)

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Highest Contribution Rate. Highest Contribution Rate means for any Key Employee, all Employer Contributions (including Elective Deferrals, but not including Employer contributions to Social Security and not including Catch-Up Catch‑Up Deferrals) and forfeitures allocated to the Participant's Account for the Plan Year, divided by his/her Compensation for the entire Plan Year. To determine a Key Employee's contribution rate, the Plan Administrator must treat all qualified top-heavy top‑heavy Defined Contribution Plans maintained by the Employer (or by any Related Employer) as a single plan.

Appears in 1 contract

Samples: Defined Contribution Prototype Plan and Trust Agreement (Bob Evans Farms Inc)

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Highest Contribution Rate. Highest Contribution Rate means for any Key Employee, all Employer Contributions (including Elective Deferrals, but not including Employer contributions to Social Security and not including Catch-Up Deferrals) and forfeitures allocated to the Participant's ’s Account for the Plan Year, divided by his/her Compensation for the entire Plan Year. To determine a Key Employee's ’s contribution rate, the Plan Administrator must treat all qualified top-heavy Defined Contribution Plans maintained by the Employer (or by any Related Employer) as a single plan.

Appears in 1 contract

Samples: 401(k) Plan Adoption Agreement (Knowles Corp)

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