Minimum Contribution. The employer must make superannuation contributions for each employee to Cbus at a rate that is not less than the charge percentage from time to time under the Superannuation Guarantee (Administration) Act 1992 (C’th)(SGA Act) or any other minimum rate of contribution prescribed by law from time to time (Minimum Contribution Rate).
Minimum Contribution. For any Plan Year in which the Plan is Top-Heavy, the aggregate Employer contributions and forfeitures allocated on behalf of any Participant who is not a Key Employee (without regard to any Social Security contribution) under this Plan, the Employer will contribute 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 Code Section 401, the largest percentage of the Employer contributions and forfeitures, as a percentage of the Key Employee’s Compensation, up to a maximum permitted under Code Section 401(a)(17), as indexed, allocated on behalf of any Key Employee for that year. For this purpose, Elective Deferrals or Xxxx Elective Deferrals as defined in Code Section 401(k) are used in determining the lesser of 3% of Compensation or the amount allocated on behalf of Key Employees. Each Participant who is employed by the Employer on the last day of the Plan Year shall be entitled to receive an allocation of the Employer’s minimum contribution for such Plan Year. The minimum allocation applies 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 the Participant fails to make required contributions to the Plan, the Participant’s Compensation is less than a stated amount, or the Participant fails to complete 1,000 Hours of Service (or such lesser number designated by the Employer in the Adoption Agreement) during the Plan Year. An Employer may elect in the Adoption Agreement by resolution or by Plan amendment whether the Top-Heavy minimum contribution will be made to all Participants or to non-Key Employees. The Top-Heavy minimum contribution does not apply to any Participant to the extent the Participant is covered under any other plan(s) of the Employer and the Employer has provided in the Adoption Agreement that the minimum allocation or benefit requirements applicable to this Plan will be satisfied in the other plan(s). If a Key Employee makes an Elective Deferral or Xxxx Elective Deferral or has an allocation of Matching Contributions credited to his or her account, a Top-Heavy minimum contribution will be required for non-Key Employees who are Participants. For purposes of satisfying the Top-Heavy minimum contribution requirement, Elective Deferrals or Xxxx Elective Deferrals are not taken into account; Matching Contributions shall be ...
Minimum Contribution. The minimum contribution to the bank by any full-time member will be two (2) days and four (4) hours for adjunct unit members. Full-time members may use their available overload sick leave balance for their contribution. An eight-hour contribution shall be equivalent to one (1) day.
Minimum Contribution. (a) Except as otherwise provided in (b) and (c) below, the Fixed/Discretionary Contributions made on behalf of any Participant who is not a Key Employee shall not be less than the lesser of 3 percent (or such other percent elected by the Employer in Section 1.12(c)) 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, as a percentage of the first $200,000 of the Key Employee's Compensation, made on behalf of any Key Employee for that year. If the Employer selected the Integrated Formula in Section 1.05(a)(2), the minimum contribution shall be determined under paragraph (e) of this Section 9.03. Further, the minimum contribution under this Section 9.03 shall be made even though, under other Plan provisions, the Participant would not otherwise be entitled to receive a contribution, or would have received a lesser contribution for the year, because (1) the Participant failed to complete 1,000 Hours of Service or any equivalent service requirement provided in the Adoption Agreement; or (2) the Participant's Compensation was less than a stated amount.
(b) The provisions of (a) above shall not apply to any Participant who was not employed by the Employer on the last day of the Plan Year.
(c) The Employer contributions for the Plan Year made on behalf of each Participant who is not a Key Employee and who is a participant in a defined benefit plan maintained by the Employer shall not be less than 5 percent of such Participant's Compensation, unless the Employer has provided in Section 1.12(c) that the minimum contribution requirement will be met in the other plan or plans of the Employer.
(d) The minimum contribution required under (a) above (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.
(e) If the Employer elected an Integrated Formula in Section 1.05(a)(2), the allocation steps in Section 4.06(b)(2) shall be preceded by the following steps:
(1) The Discretionary Employer Contributions will be allocated to each eligible Participant (as determined under this Section 9.03) in the ratio that the Participant's Compensation bears to all Participants' Compensation, but not in excess of 3% (or such other percent elected by the Employer in Section 1.12(c).
(2) Any Discretionary Employer Contributions remainin...
Minimum Contribution. The minimum contribution to the C.L.B. by any full-time Unit Member will be one (1) day. The minimum contribution to the C.L.B. by any part-time Unit Member will be four (4) hours. Full-time Unit Members may use their available overload sick leave balance for the contribution. For faculty on 35- hour per week contracts, seven (7) hours shall be equivalent to one (1) day.
Minimum Contribution. You may invest with the minimum investment requirements, which is $15 per paycheck.
Minimum Contribution. Notwithstanding the provisions of Section 4.2, with respect to any Plan Year in which this Plan is a Top-Heavy Plan, the Company contributions for such Plan Year shall be allocated in the following order of priority:
(a) first, among the Company Contributions Accounts of all eligible Participants who had not separated from service with the Companies as of the Anniversary Date of that Plan Year regardless of the number of Hours of Service completed by each such Participant during that Plan Year according to the ratio that each Participant's Compensation for that Plan Year bears to the total Compensation of all eligible Participants; provided, however, that the portion of the Company contributions to be allocated pursuant to this Subsection (a) shall not exceed three percent (3%) of the total Compensation of all eligible Participants for that Plan Year;
(b) next, the remaining portion, if any, of the Company contributions for such Plan Year shall be allocated in accordance with Section 4.2; provided, however, that if a Participant also participates in a top-heavy defined benefit plan, he shall receive the minimum benefit for such Plan Year under the defined benefit plan.
Minimum Contribution. Notwithstanding Article IV, as of the last day of each Top-Heavy Year, the Employer will make, for each Participant: (i) the contributions it otherwise would have made under the Plan for such Top-Heavy Year; or, if greater, (ii) contributions for such Top-Heavy Year that, when added to the contributions made by the Employer for such Participant (and any forfeitures allocated to his or her Accounts) for such Top-Heavy Year under all other defined contribution plans of any Commonly Controlled Entity, aggregate three percent (3%) of his or her Annual Compensation; provided, that the Plan will meet the requirements of this subsection (a) without taking into account Pre-Tax Contributions or other employer contributions attributable to a salary reduction or similar arrangements. Employer matching contributions shall be taken into account for purposes of satisfying the minimum contribution requirements of Section 416(c)(2) of the Code and the Plan. The preceding sentence shall apply with respect to matching contributions under the Plan or, if the Plan provides that the minimum contribution requirement shall be met in another plan, such other plan. Employer matching contributions that are used to satisfy the minimum contribution requirements shall be treated as matching contributions for purposes of the actual contribution percentage test and other requirements of Section 401(m) of the Code, with respect to Employees other than Key Employees.
Minimum Contribution. A contribution will be made by the Participating Employer for the Plan Year for each Participant described in ss.1.23
(a) who is not a key employee and who is an Eligible Employee on the last day of that Plan Year that, when added to the employer contributions and forfeitures otherwise allocated on behalf of such individual for such Plan Year under this Plan and any other defined contribution plan maintained by an Affiliate, is equal to
(i) the excess, if any, of:
(A) the lesser of (a) 3% of the Participant's Compensation or (b) the largest amount (expressed as a percentage of Compensation) of Forfeitures, 401(k) Contributions and Matching Contributions allocated for the Plan Year to the Account of any key employee; over
(B) the total Forfeitures and Matching Contributions allocated to the Participant's Account for the Plan Year; or
(ii) for each such Eligible Employee who also participates in a top heavy defined benefit plan maintained by an Affiliate, 5% of such Eligible Employee's Compensation for such year; provided, however, that no such contribution shall be made under this ss. 13.8(b) for any Eligible Employee to the extent such Eligible Employee receives the top heavy minimum contributions (as described in Code ss. 416(c)) under another defined contribution plan maintained by an Affiliate for such Plan Year.
Minimum Contribution. Except as otherwise specifically provided in this Section 13.2, the nonelective Employer contributions made for the Plan Year on behalf of any Eligible Participant who is not a Key Employee shall not be less than the lesser of three percent of such Participant’s Compensation for the Plan Year or, in the case where neither the Employer nor any Affiliated Employer maintains a defined benefit plan which uses the Plan to satisfy Code section 401(a)(4) or 410, the largest percentage of employer contribu- tions (including Elective Contributions) made on behalf of any Key Employee for the Plan Year, expressed as a percentage of the Key Employee’s Compensation for the Plan Year.
