Common use of Inclusion Of Ineligible Employee Clause in Contracts

Inclusion Of Ineligible Employee. If in any Plan Year, any person who should not have been included as a Participant in the Plan is erroneously included and discovery of such incorrect inclusion is not made until after a contribution for the year has been made, the Employer shall not be entitled to recover the contribution made with respect to the ineligible person regardless of whether or not a deduction is allowable with respect to such contribution. In such event, the amount contributed with respect to the ineligible person shall be removed from the ineligible Employee's Account and treated as a forfeiture.

Appears in 2 contracts

Samples: Non Standardized Adoption Agreement (Princeton Review Inc), Adoption Agreement (Shared Technologies Cellular Inc)

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Inclusion Of Ineligible Employee. If If, in any Plan Year, any person who should not have been included as a Participant in the Plan is erroneously included and discovery of such incorrect inclusion is not made until after a contribution for the year has been made, the Employer shall not be entitled to recover the contribution made with respect to the ineligible person regardless of whether or not a deduction is allowable with respect to such contribution. In such event, the amount contributed with respect to the ineligible person shall be removed from constitute a Forfeiture for the ineligible Employee's Account and treated as a forfeiturePlan Year in which the discovery is made.

Appears in 2 contracts

Samples: Allied Employee Stock Ownership Plan and Trust Agreement (Allied Capital Corp), Uwharrie Capital Corp

Inclusion Of Ineligible Employee. If If, in any Plan Year, any person individual who should not have been included as a Participant in the Plan is erroneously included and discovery of such incorrect inclusion is not made until after a contribution an Employer Nonelective Contribution for the year Plan Year has been made, the Employer shall not be entitled to recover the contribution made with respect to the ineligible person individual regardless of whether or not a deduction is allowable with respect to such contribution. In However, such event, contribution shall be used to reduce Employer Nonelective Contributions to the amount contributed Plan with respect to the ineligible person shall be removed from the ineligible Employee's Account and treated as a forfeiturePlan Year or succeeding Plan Years in which such discovery occurs.

Appears in 1 contract

Samples: Titan Corp

Inclusion Of Ineligible Employee. If If, in any Plan Year, any person who should not have been included as a Participant in the Plan is erroneously included and discovery of such incorrect inclusion is not made until after a contribution for the year has been made, the Employer shall not be entitled to recover the contribution made with respect to the ineligible person regardless of whether or not a deduction is allowable with respect to such contribution. In such event, the amount contributed with respect to the ineligible person shall be removed from the ineligible Employee's Account and treated as a forfeiture.

Appears in 1 contract

Samples: Mattel Inc /De/

Inclusion Of Ineligible Employee. If If, in any Plan Year, any person employee who should not have been included as a Participant in the Plan is erroneously included included, and discovery of such incorrect inclusion is not made until after a contribution by the Company for the year Plan Year has been made, the Employer Company shall not be entitled to recover the contribution made with respect to the ineligible person employee regardless of whether or not a deduction is allowable with respect to such contribution. In such event, the amount contributed with respect to the ineligible person employee shall be removed from constitute a forfeiture for the ineligible Employee's Account and treated as a forfeiturePlan Year in which the discovery is made.

Appears in 1 contract

Samples: BRPP LLC

Inclusion Of Ineligible Employee. If in any Plan Year, . any person who should not have been included as a Participant in the Plan is erroneously included and discovery of such incorrect inclusion is not made until after a contribution for the year has been made, the Employer shall not be entitled to recover the contribution made with respect to the ineligible person regardless of whether or not a deduction is allowable with respect to such contribution. In such event, the amount contributed with respect to the ineligible person shall be removed from the ineligible Employee's Account and treated as a forfeiture.

Appears in 1 contract

Samples: Inventa Technologies Inc

Inclusion Of Ineligible Employee. If If, in any Plan Year, any person who should not have been included as a Participant in the Plan is erroneously included and discovery of such incorrect inclusion is not made until after a contribution for the year has been mademade and allocated, the Employer shall not be entitled to recover the contribution made with respect to the ineligible person regardless of whether or not a deduction is allowable with respect to such contribution. In such event, the amount contributed with respect to the ineligible person shall be removed from constitute a forfeiture for the ineligible Employee's Account and treated as a forfeiturePlan Year in which the discovery is made.

Appears in 1 contract

Samples: First Bancorp /Pr/

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Inclusion Of Ineligible Employee. If If, in any Plan Year, any person who should not have been included as a Participant in the Plan is erroneously included and discovery of such incorrect inclusion is not made until after a contribution for the year has been mademade and allocated, the Employer shall not be entitled to recover the contribution made with respect to the ineligible person regardless of whether or not a deduction is allowable with respect to such contribution. In such event, the amount contributed with respect to the ineligible person shall be removed from the ineligible Employee's Account and treated as a forfeiture.

Appears in 1 contract

Samples: Agreement (First Bancorp /Pr/)

Inclusion Of Ineligible Employee. If in any Plan Year, any Year a person who should not have been included as a Participant in the Plan is erroneously included and discovery of such incorrect inclusion is not made until after a contribution for the year has been made, the Employer shall not be entitled to recover the contribution made with respect to the ineligible person regardless of whether or not a deduction is allowable with respect to such contribution. In such event, the amount contributed with respect to the ineligible person shall be removed from constitute a forfeiture for the ineligible Employee's Account and treated as a forfeiturePlan Year in which the discovery is made.

Appears in 1 contract

Samples: Diebold Inc

Inclusion Of Ineligible Employee. If in any Plan Year, any person Employee who should not have been be included as a Participant in the Plan is erroneously included and discovery of such incorrect inclusion is not made until after a contribution for the year has been madeincluded, the Employer shall is not be entitled to recover the contribution made with respect to the ineligible person regardless of whether or not a deduction is allowable with respect to such contribution. In such event, the amount contributed with respect to the ineligible person Employee shall be removed from used to reduce Employer Contributions for the ineligible Employee's Account and treated as a forfeiturePlan Year in which the discovery is made.

Appears in 1 contract

Samples: Union Bankshares LTD

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