Minimum Allocations Sample Clauses

Minimum Allocations. If a Participant in this Plan who is a Non-Key Employee is covered under another qualified plan maintained by the Employer, the minimum Top Heavy allocation or benefit required under Section 416 of the Code shall be provided to such Non-key Employee under:
Sample 1Sample 2Sample 3See All (19)
AutoNDA by SimpleDocs
Minimum Allocations. Each Active Participant (determined without regard to the Participant's completed Hours of Service) who is not a Key Employee, generally, will receive the minimum top-heavy allocation if the Plan is top-heavy. [See Section 6.3(e) and Section 12.] Requiring a Participant to complete a minimum number of hours or to be employed on the last day of a period may result in a failure to satisfy the nondiscrimination rules, minimum coverage rules and minimum participation rules. [See Section 2.2 and Section 2.19.]
Sample 1Sample 2Sample 3
Minimum Allocations. (a) For any year in which the Plan is a Top-Heavy Plan, each Participant who is not a Key Employee and who is not separated from service at the end of the Plan Year shall receive allocations of Employer contributions and forfeitures under this Plan at least equal to three percent (3%) of Compensation (as defined in Section 2.6) for such year or, if less, the largest percentage of the first two hundred thousand dollars ($200,000) of compensation allocated on behalf of the Key Employee for the Plan Year where the Employer has no defined benefit plan which designates this Plan to satisfy Code Section 401. This minimum allocation shall be determined without regard for any Social Security contribution and shall be provided even though under other provisions the Participant would not otherwise be entitled to receive an allocation or would have received a lesser allocation because of (i) the Participant's failure to complete One Thousand (1,000) Hours of Service (or any equivalent provided in the Plan), or (ii) the Participant's failure to make mandatory Employee contributions to the Plan, or (iii) Compensation less than a stated amount.
Sample 1Sample 2Sample 3
Minimum Allocations. (a) In accordance with the HTF stat- ute, HUD is required to provide each of the States and the District of Columbia with a minimum grant of $3 million. If the formula amount determined for a fiscal year is less than $3 million to any of the 50 States or the District of Columbia, then the allocation to that State or the District of Columbia is in- creased to $3 million, and allocations to States and the District of Columbia above $3 million and to the Common- wealth of Puerto Rico and the insular areas are adjusted by an equal amount on a pro rata basis.
Sample 1Sample 2
Minimum Allocations. Notwithstanding the provisions of Section 5 and Section 2(d), for any Plan Year during which the Plan is deemed a top-heavy plan, the Employer Contributions for such Plan Year shall be allocated such that the minimum contribution for each Employee who was a non-Key Employee pursuant to Section 416 of the Code shall be the lesser of 3% of his Earnings or the highest percentage of compensation contributed for a key employee, as defined under Section 416 of the Code, for the Plan Year.
Sample 1
Minimum Allocations. If a defined benefit plan maintained by the Employer which benefits a Key Employee depends on this Plan to satisfy the nondiscrimination rules of Code Section 401(a)(4) or the coverage rules of Code Section 410 (or another plan benefiting the Key Employee so depends on the defined benefit plan), each Non-Key Employee shall receive a top heavy minimum allocation of five percent (5%) of the Non-Key Employee's Compensation regardless of the contribution rate for the Key Employee. The minimum allocation under this Section shall be provided to each Non-Key Employee who is a Participant and is employed by the Employer on the last day of the Plan Year, whether or not the Participant has been credited with one thousand (1,000) Hours of Service for the Plan Year. The minimum allocation under this Section shall not be provided to any Participant who was not employed by the Employer on the last day of the Plan Year. The provisions of this Section shall not apply to any Participant to the extent the Participant is covered under any other plan or plans of the Employer under which the minimum allocation or benefit requirements under Code Section 416(c)(1) or (c)(2) are met for the Participant."
Sample 1
Minimum Allocations. Each Active Participant (determined without regard to the Participant's completed Hours of Service) who is not a Key Employee, generally, will receive the minimum top-heavy allocation if the Plan is top-heavy. [See (S) 6.3(e) and (S) 12.]
Sample 1
AutoNDA by SimpleDocs
Minimum Allocations. (a) Except as otherwise provided in (c) and (d) 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 three percent 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 and Employee Elective Deferrals, as a percentage of the Key Employee's Compensation as limited by section 401(a)(17) of the Code, 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), or (ii) the Participant's failure to make mandatory employee contributions or elective contributions to the Plan, or (iii) Compensation less than a stated amount. In a Top-Heavy Plan Year in which the Employer maintains another plan or plans covering any Participant under this Plan, then the minimum allocation level as selected in Item 28 of the Adoption Agreement shall be substituted for the three percent (3%) of Compensation described above.
Sample 1
Minimum Allocations. For each Plan Year that the Plan is top- -- ------------------- heavy, there shall be allocated to the account of each Participant who is not a key employee and who is employed by the Company on the last day of the Plan Year, irrespective of whether he has completed 1,000 Hours of Service with the Company during the Plan Year, an amount not less than three percent (3%) of each such Participant's W-2 Compensation (without taking into account Social Security and similar contributions and benefits). Notwithstanding the foregoing, if the contribution for any Plan Year made by the Company is less than three percent (3%) of the aggregate W-2 Compensation of all Participants, then the amount allocable to each nonkey employee shall be such lesser percentage. If the Company maintains both a defined contribution plan and a defined benefit plan with a nonkey employee who participates, or could participate in both plans, then there shall be allocated to the account of each Participant who otherwise would be entitled to receive a minimum allocation as described above an amount not less than five percent (5%) of such Participant's W-2 Compensation (but without taking into account Social Security and similar contributions and benefits). For purposes of this subparagraph C., all defined contribution -- plans of the Company shall be aggregated to the end that the percentage rules shall be satisfied if the aggregate contribution made to all defined contribution plans equals five percent (5%) of any nonkey Participant's W-2 Compensation.
Sample 1

Related to Minimum Allocations

  • Minimum Allocation If the Employer has adopted Sponsor's paired defined contribution plan number 01001, 01004 or 01005 in addition to this Plan, then the minimum allocation required by Section 13.3 will be provided ( ) under this Plan; ( ) under such other paired defined contribution plan. If the Employer has adopted Sponsor's paired defined benefit plan number 02001, then Participants in this Plan (or another paired defined contribution plan) who are covered under the paired defined benefit plan shall receive the minimum top heavy benefit under the paired defined benefit plan and shall receive no minimum allocation. If a Participant in this Plan who is a Non-Key Employee is covered under another qualified plan maintained by the Employer, other than a paired plan of the Sponsor, the minimum top heavy allocation or benefit required under section 416 of the Code shall be provided to such Non-Key Employee under:

  • Other Allocations Except as otherwise provided in this Agreement, all items of Partnership income, loss, deduction, and any other allocations not otherwise provided for shall be divided among the Unit Holders in the same proportions as they share Profits or Losses, as the case may be, for the year.

  • Book Allocations The net income and net loss of the Company shall be allocated entirely to the Member.

  • General Allocations 26 Section 6.3

  • Loss Allocation Limitation No allocation of Net Loss (or items thereof) shall be made to any Holder to the extent that such allocation would create or increase an Adjusted Capital Account Deficit with respect to such Holder.

  • Capital Accounts Allocations There shall be established in respect of each Holder a separate capital account in the books and records of the Up-MACRO Holding Trust in respect of the Holder's Capital Contributions to the Up-MACRO Holding Trust (each, a "Capital Account"), to which the following provisions shall apply:

  • Forfeiture Allocations Upon a forfeiture of any Unvested LTIP Units or Unvested Performance Units by any Partner, gross items of income, gain, loss or deduction shall be allocated to such Partner if and to the extent required by final Regulations promulgated after the Effective Date to ensure that allocations made with respect to all unvested Partnership Interests are recognized under Code Section 704(b).

  • Section 704(c) Allocations Notwithstanding Section 6.5.A hereof, Tax Items with respect to Property that is contributed to the Partnership with an initial Gross Asset Value that varies from its basis in the hands of the contributing Partner immediately preceding the date of contribution shall be allocated among the Holders for income tax purposes pursuant to Regulations promulgated under Code Section 704(c) so as to take into account such variation. With respect to Partnership Property that is contributed to the Partnership in connection with the General Partner’s initial public offering, such variation between basis and initial Gross Asset Value shall be taken into account under the “traditional method” as described in Regulations Section 1.704-3(b). With respect to other Properties, the Partnership shall account for such variation under any method approved under Code Section 704(c) and the applicable Regulations as chosen by the General Partner. In the event that the Gross Asset Value of any Partnership asset is adjusted pursuant to subsection (b) of the definition of “Gross Asset Value” (provided in Article 1 hereof), subsequent allocations of Tax Items with respect to such asset shall take account of the variation, if any, between the adjusted basis of such asset and its Gross Asset Value in the same manner as under Code Section 704(c) and the applicable Regulations and using the method chosen by the General Partner; provided, however, that the “traditional method” as described in Regulations Section 1.704-3(b) shall be used with respect to Partnership Property that is contributed to the Partnership in connection with the General Partner’s initial public offering. Allocations pursuant to this Section 6.5.B are solely for purposes of Federal, state and local income taxes and shall not affect, or in any way be taken into account in computing, any Partner’s Capital Account or share of Net Income, Net Loss, or any other items or distributions pursuant to any provision of this Agreement.

  • Risk Allocation The Product is Regulatorily Continuing.

  • Account Allocations In the event that any of the Sellers is unable for any reason to transfer Receivables to the Trust in accordance with the provisions of this Agreement, including by reason of the application of the provisions of Section 9.02 or any order of any Governmental Authority (a “Transfer Restriction Event”), then, in any such event, (a) the Sellers and the Servicer agree (except as prohibited by any such order) to allocate and pay to the Trust, after the date of such inability, all Collections, including Collections of Receivables transferred to the Trust prior to the occurrence of such event, and all amounts which would have constituted Collections but for such Seller’s inability to transfer Receivables (up to an aggregate amount equal to the amount of Receivables transferred to the Trust by such Seller in the Trust on such date), (b) the Sellers and the Servicer agree that such amounts will be applied as Collections in accordance with Article IV and the terms of each Supplement and (c) for so long as the allocation and application of all Collections and all amounts that would have constituted Collections are made in accordance with clauses (a) and (b) above, Principal Receivables and all amounts which would have constituted Principal Receivables but for such Seller’s inability to transfer Receivables to the Trust which are written off as uncollectible in accordance with this Agreement shall continue to be allocated in accordance with Article IV and the terms of each Supplement. For the purpose of the immediately preceding sentence, the Sellers and the Servicer shall treat the first received Collections with respect to the Accounts as allocable to the Trust until the Trust shall have been allocated and paid Collections in an amount equal to the aggregate amount of Principal Receivables in the Trust as of the date of the occurrence of such event. If any of the Sellers or the Servicer is unable pursuant to any Requirements of Law to allocate Collections as described above, the Sellers and the Servicer agree that, after the occurrence of such event, payments on each Account with respect to the principal balance of such Account shall be allocated first to the oldest principal balance of such Account and shall have such payments applied as Collections in accordance with Article IV and the terms of each Supplement. The parties hereto agree that Finance Charge Receivables, whenever created, accrued in respect of Principal Receivables which have been conveyed to the Trust shall continue to be a part of the Trust notwithstanding any cessation of the transfer of additional Principal Receivables to the Trust and Collections with respect thereto shall continue to be allocated and paid in accordance with Article IV and the terms of each Supplement.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!