Minimum allocation requirements Sample Clauses

Minimum allocation requirements. Except as otherwise provided in (a) and (b) below, the Employer contributions and forfeitures allocated on behalf of any participant who is not a key employee shall not be less than the lesser of 3% of such participant's compensation or, in the case where the Employer has no defined benefit plan which designates this plan to satisfy Section 401 of the Code, the largest percentage of Employer contributions and forfeitures (as a percentage of the first $200,000 of the key employee's compensation) allocated on behalf of any key employee for that year. The minimum allocation is determined without regard to any Social Security contribution. This minimum allocation shall be made even though, under other plan provisions, the participant would not otherwise be entitled to receive an allocation, or would have received a lesser allocation for the year, because of (i) the participant's failure to complete 1,000 hours of service (or any equivalent provided in the plan), (ii) the participant's failure to make mandatory employee contributions to the plan, or (iii) compensation less than a stated amount. For purposes of computing the minimum allocation, compensation shall mean compensation as defined in Section 1.10 of the plan. The provisions of this Section 21.2.1 shall not apply: (a) to any participant who was not employed by the Employer on the last day of the plan year, or (b) to any participant to the extent the participant is covered under any other plan or plans of the Employer and the Employer has provided in Section 21.2.1 of the Adoption Agreement that the minimum allocation or benefit requirement applicable to top-heavy plans will be met in the other plan or plans. The minimum allocation required (to the extent required to be nonforfeitable under Section 416(b) of the Code) may not be forfeited under Section 411(a)(3)(B) or 411(a)(3)(D) of the Code. Notwithstanding the foregoing, if this plan and any other defined contribution plan of the Employer are paired plans, the Employer shall provide a minimum allocation under one such plan equal to 3% of compensation for each non-key employee who is entitled to a minimum allocation under each of the paired plans.
Sample 1
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Minimum allocation requirements. For purposes of satisfying the minimum allocation requirements the Plan will use the following method (select one):
Sample 1

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