Common use of Multiple Use Clause in Contracts

Multiple Use. If one or more Highly Compensated Employees participate in both a CODA and an Employer plan subject to the ACP test and the sum of the ADP and ACP of those Highly Compensated Employees subject to either or both tests exceeds the Aggregate Limit, then the ACP of the Highly Compensated Employees who also participate in a CODA are reduced (beginning with the Highly Compensated Employee whose ACP is the highest) until the limit is not exceeded. The amount by which each Highly Compensated Employee's Contribution Percentage Amounts is reduced is treated as an

Appears in 1 contract

Samples: Kevco Inc

AutoNDA by SimpleDocs

Multiple Use. If one 1 or more Highly Compensated Employees participate in both a CODA and an Employer a plan subject to the ACP test maintained by the Employer and the sum of the ADP and ACP of those Highly Compensated Employees subject to either or both tests exceeds the Aggregate Limit, then the ACP of the those Highly Compensated Employees who also participate in a CODA are will be reduced (beginning with the such Highly Compensated Employee whose ACP is the highest) until so that the limit is not exceeded. The amount by which each Highly Compensated Employee's Contribution Percentage Amounts is reduced is shall be treated as an

Appears in 1 contract

Samples: Greater Bay Bancorp

Multiple Use. If one or more Highly Compensated Employees participate in both a CODA and an Employer plan a Plan subject to the ACP test maintained by the Employer and the sum of the ADP and ACP of those Highly Compensated Employees subject to either or both tests exceeds the Aggregate Limit, then the ACP of the those Highly Compensated Employees who also participate in a CODA are will be reduced (beginning with the such Highly Compensated Employee whose ACP is the highestHighest) until so that the limit is not exceeded. The amount by which each Highly Compensated Employee's Contribution Percentage Amounts is reduced is shall be treated as an

Appears in 1 contract

Samples: Trimedyne Inc

Multiple Use. If one or more Highly Compensated Employees participate in both a CODA and an Employer a plan subject to the ACP test maintained by the Employer and the sum of the ADP and ACP of those Highly Compensated Employees subject to either or both tests exceeds the Aggregate Limit, then the ACP of the those Highly Compensated Employees who also participate in a CODA are shall be reduced (beginning with the such Highly Compensated Employee whose ACP is the highest) until so that the limit is not exceeded. The amount by which each Highly Compensated Employee's Contribution Percentage Amounts is reduced is shall be treated as an

Appears in 1 contract

Samples: PCB Holding Co

AutoNDA by SimpleDocs

Multiple Use. If one or more Highly Compensated Employees participate in both a CODA and an Employer a plan subject to the ACP test maintained by the Employer and the sum of the ADP and ACP of those Highly Compensated Employees subject to either or both tests exceeds the Aggregate Limitlimit, then the ACP of the those Highly Compensated Employees who also participate in a CODA are will be reduced (beginning with the such Highly Compensated Employee whose ACP is the highest) until so that the limit is not exceeded. The amount by which each Highly Compensated Employee's Contribution Percentage Amounts is reduced is shall be treated as an

Appears in 1 contract

Samples: New England Funds Trust I

Time is Money Join Law Insider Premium to draft better contracts faster.