Common use of Nonelective Contributions Clause in Contracts

Nonelective Contributions. In lieu of making Matching Contributions described in Section 5.3(b), the Employer must make Nonelective Contributions to the SIMPLE IRA for each Eligible Employee in an amount equal to two percent (2%) of the Eligible Employee’s Compensation. In order to elect to make such Nonelective Contributions for a calendar year, the Employer must notify all Eligible Employees of such election within a reasonable time before the Election Period for that Plan Year. Compensation of each Participant taken into account under the Plan in determining the 2% Nonelective Contributions shall not exceed the limits described in Section 401(a)(17) of the Code, as adjusted by the Secretary of the Treasury for increases in the cost of living in accordance with Section 401(a)(17) of the Code. Such adjustments will be in multiples of $5,000. (The Compensation limit for 2002 is $200,000.)

Nonelective Contributions. In lieu of making Matching Contributions described in Section 5.3(b4.3(b), the Employer must make a Nonelective Contributions Contribution to the SIMPLE IRA for each Eligible Employee in an amount equal to two percent (2%) of the Eligible Employee’s Compensation. In order to elect to make such Nonelective Contributions for a calendar year, the Employer must notify all Eligible Employees of such election within a reasonable time before the Election Period for that Plan Year. Compensation of each Participant taken into account under the Plan in determining the 2% Nonelective Contributions Contribution shall not exceed the limits described in Section 401(a)(17) of the Code, as adjusted by the Secretary of the Treasury for increases in the cost of living in accordance with Section 401(a)(17) of the Code. Such adjustments will be in multiples of $5,000. (The Compensation limit for 2002 is $200,000.)