Common use of Nonelective Contributions Clause in Contracts

Nonelective Contributions. In lieu of Employer Matching Contributions, the Employer shall make a contribution of 2% of Compensation (Compensation not to 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, or $200,000 for 2002) for each Eligible Employee, regardless of whether the Eligible Employee elects to make Elective Deferrals to the Plan.

Nonelective Contributions. In lieu of Employer Matching Contributions, the Employer shall make a contribution of 2% of Compensation (Compensation not to 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)(17401(a) (17) of the Code, or $200,000 for 2002) for each Eligible Employee, regardless of whether the Eligible Employee elects to make Elective Deferrals to the Plan.