Common use of Matching Contribution Failures Clause in Contracts

Matching Contribution Failures. The appropriate corrective contribution for the failure to make matching contributions for an employee because the employee was precluded from making elective deferrals (other than designated Xxxx contributions) or after-tax employee contributions for a portion of the plan year is equal to the matching contribution that would have been made for the employee if (1) the employee’s elective deferrals for that portion of the plan year had equaled the employee’s missed deferrals (determined under section 2.02(1)(a)(i)(B)) or (2) the employee’s after-tax contribution for that portion of the plan year had equaled the employee’s missed after-tax employee contribution (determined under section 2.02(1)(a)(ii)(C). This matching contribution is reduced to the extent that (1) the sum of this contribution and other matching contributions actually made on behalf of the employee for the plan year would exceed (2) the maximum matching contribution permitted if the employee had made the maximum matchable contributions permitted under the plan for the plan year. The corrective contribution is adjusted for earnings.