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 constitute a Forfeiture (except for Deferred Compensation which shall be distributed to the ineligible person) for the Plan Year in which the discovery is made.
Appears in 4 contracts
Samples: 401(k) Profit Sharing Plan and Trust Agreement (Ameritrade Holding Corp), Retirement & Profit Sharing Plan (Telxon Corp), 401(k) Savings Plan and Trust Agreement (Fulton Financial Corp)
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 constitute a Forfeiture (except for Deferred Compensation which shall be distributed to the ineligible person) for the Plan Year in which the discovery is made.
Appears in 1 contract
Samples: 401(k) Volume Submitter Plan and Trust Agreement (Krispy Kreme Doughnuts Inc)
