Common use of NONELECTIVE EMPLOYER CONTRIBUTIONS Clause in Contracts

NONELECTIVE EMPLOYER CONTRIBUTIONS. If so provided by the Employer in Subsection 1.12(a) and/or (b) of the Adoption Agreement, the Employer shall make Nonelective Employer Contributions to the Trust in accordance with Section 1.12 of the Adoption Agreement to be allocated among “eligible” Participants as indicated therein. Nonelective Employer Contributions shall be allocated as follows: (a) If the Employer has elected a fixed contribution formula, Nonelective Employer Contributions shall be allocated among “eligible” Participants in the manner specified in Section 1.12 of the Adoption Agreement or the 401(k) Safe Harbor Nonelective Employer Contributions Addendum to the Adoption Agreement, as applicable. (b) If the Employer has elected a discretionary contribution amount, Nonelective Employer Contributions shall be allocated among “eligible” Participants, as determined in accordance with Section 1.12 of the Adoption Agreement, as follows: (1) If the non-integrated formula is elected in Subsection 1.12(b)(1) of the Adoption Agreement, Nonelective Employer Contributions shall be allocated to “eligible” Participants in the ratio that each “eligible” Participant’s Compensation bears to the total Compensation paid to all “eligible” Participants for the Contribution Period. (2) If the integrated formula is elected in Subsection 1.12(b)(2) of the Adoption Agreement, Nonelective Employer Contributions shall be allocated in the following steps: (A) First, to each “eligible” Participant in the same ratio that the sum of the “eligible” Participant’s Compensation and “excess Compensation” for the Plan Year bears to the sum of the Compensation and “excess Compensation” of all “eligible” Participants for the Plan Year. This allocation as a percentage of the sum of each “eligible” Participant’s Compensation and “excess Compensation” shall not exceed the “permitted disparity limit”, as defined in Section 1.12 of the Adoption Agreement. Notwithstanding the foregoing, if in any Plan Year an “eligible” Participant has reached the “cumulative permitted disparity limit”, such “eligible” Participant shall receive an allocation under this Subsection 5.10(b)(2)(A) based on two times his Compensation for the Plan Year, rather than the sum of his Compensation and “excess Compensation” for the Plan Year. If an “eligible” Participant did not benefit under a qualified defined benefit plan or target benefit plan for any Plan Year beginning on or after January 1, 1994, the “eligible” Participant shall have no “cumulative disparity limit”. (B) Second, if any Nonelective Employer Contributions remain after the allocation in Subsection 5.10(b)(2)(A), the remaining Nonelective Employer Contributions shall be allocated to each “eligible” Participant in the same ratio that the “eligible” Participant’s Compensation for the Plan Year bears to the total Compensation of all “eligible” Participants for the Plan Year. Notwithstanding the provisions of Subsections 5.10(b)(2)(A) and (B) above, if in any Plan Year an “eligible” Participant benefits under another qualified plan or simplified employee pension, as defined in Code Section 408(k), that provides for or imputes permitted disparity, the Nonelective Employer Contributions for the Plan Year allocated to such “eligible” Participant shall be in the ratio that his Compensation for the Plan Year bears to the total Compensation paid to all “eligible” Participants. For purposes of this Subsection 5.10(b)(2), the following definitions shall apply:

Appears in 3 contracts

Samples: Defined Contribution Plan (Profit Sharing/401(k) Plan) (Alcoa Inc.), Defined Contribution Plan (Profit Sharing/401(k) Plan) (Alcoa Inc.), Defined Contribution Plan (Profit Sharing/401(k) Plan) (Alcoa Inc.)

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NONELECTIVE EMPLOYER CONTRIBUTIONS. If so provided by the Employer in Subsection 1.12(a) and/or (b) Section 1.11 of the Adoption Agreement, the Employer shall make Nonelective Employer Contributions to the Trust in accordance with Section 1.12 Subsection 1.11(a)and/or (b) of the Adoption Agreement to be allocated among “eligible” Participants as indicated therein. Nonelective Employer Contributions shall be allocated as follows: (a) If the Plan is a money purchase pension plan or the Employer has elected a fixed contribution formula, Nonelective Employer Contributions shall be allocated among “eligible” Participants eligible Active Participants, as determined in accordance with Subsection 1.11(c) and Section 1.12 of the Adoption Agreement, in the manner specified in Section 1.12 of the Adoption Agreement Subsection 1.11(a) or the 401(k) Safe Harbor Nonelective Employer Contributions Contribution Addendum to the Adoption Agreement, as applicable. (b) If the Employer has elected a discretionary contribution amount, Nonelective Employer Contributions shall be allocated among “eligible” eligible Active Participants, as determined in accordance with Subsection 1.11(c) and Section 1.12 of the Adoption Agreement, as follows: (1) If the non-integrated formula is elected in Subsection 1.12(b)(11.11(b)(1) of the Adoption Agreement, Nonelective Employer Contributions shall be allocated to “eligible” eligible Active Participants in the ratio that each “eligible” eligible Active Participant’s 's Compensation bears to the total Compensation paid to all “eligible” eligible Active Participants for the Contribution Period.Plan Year; provided, however, that if the Plan is or is deemed to be a "top-heavy plan", as defined in Subsection 15.01(f), for any Plan Year, these allocation provisions shall be modified as provided in Section 15.04; or (2) If the integrated formula is elected in Subsection 1.12(b)(21.11(b)(2) of the Adoption Agreement, Nonelective Employer Contributions shall be allocated in the following steps: (A) First, to each “eligible” eligible Active Participant in the same ratio that the sum of the “eligible” eligible Active Participant’s 's Compensation and "excess Compensation" for the Plan Year bears to the sum of the Compensation and "excess Compensation" of all “eligible” eligible Active Participants for the Plan Year. This allocation as a percentage of the sum of each “eligible” eligible Active Participant’s 's Compensation and "excess Compensation" shall not exceed the "permitted disparity limit", as defined in Section 1.12 1.11 of the Adoption Agreement. Notwithstanding the foregoing, if in any Plan Year an “eligible” eligible Active Participant has reached the "cumulative permitted disparity limit", such “eligible” eligible Active Participant shall receive an allocation under this Subsection 5.10(b)(2)(A) based on two times his Compensation for the Plan Year, rather than the sum of his Compensation and "excess Compensation" for the Plan Year. If an “eligible” Active Participant did not benefit under a qualified defined benefit plan or target benefit plan for any Plan Year beginning on or after January 1, 1994, the “eligible” Active Participant shall have no "cumulative disparity limit". (B) Second, if any Nonelective Employer Contributions remain after the allocation in Subsection 5.10(b)(2)(A), the remaining Nonelective Employer Contributions shall be allocated to each “eligible” eligible Active Participant in the same ratio that the “eligible” eligible Active Participant’s 's Compensation for the Plan Year bears to the total Compensation of all “eligible” eligible Active Participants for the Plan Year. Notwithstanding the provisions of Subsections 5.10(b)(2)(A) and (B) above, if in any Plan Year an “eligible” eligible Active Participant benefits under another qualified plan or simplified employee pension, as defined in Code Section 408(k), that provides for or imputes permitted disparity, the Nonelective Employer Contributions for the Plan Year allocated to such “eligible” eligible Active Participant shall be in the ratio that his Compensation for the Plan Year bears to the total Compensation paid to all “eligible” eligible Active Participants. If the Plan is or is deemed to be a "top-heavy plan", as defined in Subsection 15.01(f), for any Plan Year, the allocation steps in Subsections 5.10(b)(2)(A) and (B) shall be modified as provided in Section 15.04. For purposes of this Subsection 5.10(b)(2), the following definitions shall apply:

Appears in 1 contract

Samples: Retirement Plan Adoption Agreement (Hudson City Bancorp Inc)

NONELECTIVE EMPLOYER CONTRIBUTIONS. If so provided by the Employer in Subsection 1.12(a) and/or (b) Section 1.11 of the Adoption Agreement, the Employer shall make Nonelective Employer Contributions to the Trust in accordance with Section 1.12 Subsection 1.11(a) and/or (b) of the Adoption Agreement to be allocated among “eligible” Participants as indicated therein. Nonelective Employer Contributions shall be allocated as follows: (a) If the Plan is a money purchase pension plan or the Employer has elected a fixed contribution formula, Nonelective Employer Contributions shall be allocated among “eligible” Participants eligible Active Participants, as determined in accordance with Subsection 1.11(c) and Section 1.12 of the Adoption Agreement, in the manner specified in Section 1.12 of the Adoption Agreement Subsection 1.11(a) or the 401(k) Safe Harbor Nonelective Employer Contributions Contribution Addendum to the Adoption Agreement, as applicable. (b) If the Employer has elected a discretionary contribution amount, Nonelective Employer Contributions shall be allocated among “eligible” eligible Active Participants, as determined in accordance with Subsection 1.11(c) and Section 1.12 of the Adoption Agreement, as follows: (1) If the non-integrated formula is elected in Subsection 1.12(b)(11.11(b)(1) of the Adoption Agreement, Nonelective Employer Contributions shall be allocated to “eligible” eligible Active Participants in the ratio that each “eligible” eligible Active Participant’s 's Compensation bears to the total Compensation paid to all “eligible” eligible Active Participants for the Contribution Period.Plan Year; provided, however, that if the Plan is or is deemed to be a "top-heavy plan", as defined in Subsection 15.01(f), for any Plan Year, these allocation provisions shall be modified as provided in Section 15.04; or (2) If the integrated formula is elected in Subsection 1.12(b)(21.11(b)(2) of the Adoption Agreement, Nonelective Employer Contributions shall be allocated in the following steps: (A) First, to each “eligible” eligible Active Participant in the same ratio that the sum of the “eligible” eligible Active Participant’s 's Compensation and "excess Compensation" for the Plan Year bears to the sum of the Compensation and "excess Compensation" of all “eligible” eligible Active Participants for the Plan Year. This allocation as a percentage of the sum of each “eligible” eligible Active Participant’s 's Compensation and "excess Compensation" shall not exceed the "permitted disparity limit", as defined in Section 1.12 1.11 of the Adoption Agreement. Notwithstanding the foregoing, if in any Plan Year an “eligible” eligible Active Participant has reached the "cumulative permitted disparity limit", such “eligible” eligible Active Participant shall receive an allocation under this Subsection 5.10(b)(2)(A) based on two times his Compensation for the Plan Year, rather than the sum of his Compensation and "excess Compensation" for the Plan Year. If an “eligible” Active Participant did not benefit under a qualified defined benefit plan or target benefit plan for any Plan Year beginning on or after January 1, 1994, the “eligible” Active Participant shall have no "cumulative disparity limit". (B) Second, if any Nonelective Employer Contributions remain after the allocation in Subsection 5.10(b)(2)(A), the remaining Nonelective Employer Contributions shall be allocated to each “eligible” eligible Active Participant in the same ratio that the “eligible” eligible Active Participant’s 's Compensation for the Plan Year bears to the total Compensation of all “eligible” eligible Active Participants for the Plan Year. Notwithstanding the provisions of Subsections 5.10(b)(2)(A) and (B) above, if in any Plan Year an “eligible” eligible Active Participant benefits under another qualified plan or simplified employee pension, as defined in Code Section 408(k), that provides for or imputes permitted disparity, the Nonelective Employer Contributions for the Plan Year allocated to such “eligible” eligible Active Participant shall be in the ratio that his Compensation for the Plan Year bears to the total Compensation paid to all “eligible” eligible Active Participants. If the Plan is or is deemed to be a "top-heavy plan", as defined in Subsection 15.01(f), for any Plan Year, the allocation steps in Subsections 5.10(b)(2)(A) and (B) shall be modified as provided in Section 15.04. For purposes of this Subsection 5.10(b)(2), the following definitions shall apply:

Appears in 1 contract

Samples: Corporate Plan Document (Axsys Technologies Inc)

NONELECTIVE EMPLOYER CONTRIBUTIONS. If so provided by the Employer in Subsection 1.12(a) and/or (b) Section 1.11 of the Adoption Agreement, the Employer shall make Nonelective Employer Contributions to the Trust in accordance with Section 1.12 Subsection 1.11(a)and/or (b) of the Adoption Agreement to be allocated among “eligible” Participants as indicated therein. Nonelective Employer Contributions shall be allocated as follows: (a) If the Plan is a money purchase pension plan or the Employer has elected a fixed contribution formula, Nonelective Employer Contributions shall be allocated among “eligible” Participants eligible Active Participants, as determined in accordance with Subsection l.ll(c) and Section 1.12 of the Adoption Agreement, in the manner specified in Section 1.12 of the Adoption Agreement Subsection 1.11 (a) or the 401(k) Safe Harbor Nonelective Employer Contributions Contribution Addendum to the Adoption Agreement, as applicable. (b) If the Employer has elected a discretionary contribution amount, Nonelective Employer Contributions shall be allocated among “eligible” eligible Active Participants, as determined in accordance with Subsection l.ll(c) and Section 1.12 of the Adoption Agreement, as follows: (1) If the non-integrated formula is elected in Subsection 1.12(b)(1l.ll(b) (1) of the Adoption Agreement, Nonelective Employer Contributions shall be allocated to “eligible” eligible Active Participants in the ratio that each “eligible” eligible Active Participant’s 's Compensation bears to the total Compensation paid to all “eligible” eligible Active Participants for the Contribution Period.Plan Year; provided, however, that if the Plan is or is deemed to be a "top-heavy plan", as defined in Subsection 15.01(f), for any Plan Year, these allocation provisions shall be modified as provided in Section 15.04; or (2) If the integrated formula is elected in Subsection 1.12(b)(2l.ll(b) (2) of the Adoption Agreement, Nonelective Employer Contributions shall be allocated in the following steps: (A) First, to each “eligible” eligible Active Participant in the same ratio that the sum of the “eligible” eligible Active Participant’s 's Compensation and "excess Compensation" for the Plan Year bears to the sum of the Compensation and "excess Compensation" of all “eligible” eligible Active Participants for the Plan Year. This allocation as a percentage of the sum of each “eligible” eligible Active Participant’s 's Compensation and "excess Compensation" shall not exceed the "permitted disparity limit", as defined in Section 1.12 1.11 of the Adoption Agreement. Notwithstanding the foregoing, if in any Plan Year an “eligible” eligible Active Participant has reached the "cumulative permitted disparity limit", such “eligible” eligible Active Participant shall receive an allocation under this Subsection 5.10(b)(2)(A) based on two times his Compensation for the Plan Year, rather than the sum of his Compensation and "excess Compensation" for the Plan Year. If an “eligible” Active Participant did not benefit under a qualified defined benefit plan or target benefit plan for any Plan Year beginning on or after January 1, 1994, the “eligible” Active Participant shall have no "cumulative disparity limit". (B) Second, if any Nonelective Employer Contributions remain after the allocation in Subsection 5.10(b)(2)(A5.10(b) (2) (A), the remaining Nonelective Employer Contributions shall be allocated to each “eligible” eligible Active Participant in the same ratio that the “eligible” eligible Active Participant’s 's Compensation for the Plan Year bears to the total Compensation of all “eligible” eligible Active Participants for the Plan Year. Notwithstanding the provisions of Subsections 5.10(b)(2)(A) and (B) above, if in any Plan Year an “eligible” eligible Active Participant benefits under another qualified plan or simplified employee pension, as defined in Code Section 408(k), that provides for or imputes permitted disparity, the Nonelective Employer Contributions for the Plan Year allocated to such “eligible” eligible Active Participant shall be in the ratio that his Compensation for the Plan Year bears to the total Compensation paid to all “eligible” eligible Active Participants. If the Plan is or is deemed to be a "top-heavy plan", as defined in Subsection 15.01(f), for any Plan Year, the allocation steps in Subsections 5.10(b) (2) (A) and (B) shall be modified as provided in Section 15.04. For purposes of this Subsection 5.10(b)(25.10(b) (2), the following definitions shall apply:

Appears in 1 contract

Samples: Retirement Plan Document (Brillian Corp)

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NONELECTIVE EMPLOYER CONTRIBUTIONS. Note: An Employer who has elected the safe harbor formula in Subsection 1.11(a)(3) may also elect a discretionary formula. If so provided both are selected, the discretionary formula shall be treated as an additional Nonelective Employer Contribution and allocated separately in accordance with the allocation formula selected by the Employer. (a) [_] Fixed Formula (check one): (1) [_] Fixed Percentage Employer in Subsection 1.12(a) and/or (b) of the Adoption AgreementContribution - For each Plan Year, the Employer shall make contribute for each eligible Active Participant an amount equal to _____% (not to exceed 15%) of such Active Participant's Compensation. (2) [_] Fixed Flat Dollar Employer Contribution - For each Plan Year, the Employer shall contribute for each eligible Active Participant an amount equal to $____. (3) [_] Safe Harbor Formula - Effective only with respect to Plan Years that begin on or after January 1, 1999, the Nonelective Employer Contributions Contribution is intended to satisfy the Trust in accordance with Section 1.12 of safe harbor contribution requirements under the Adoption Agreement to be allocated among “eligible” Participants as indicated thereinCode such that the "ADP" test is deemed satisfied. Nonelective Employer Contributions shall be allocated as follows: (a) If Please complete the Employer has elected a fixed contribution formula, Nonelective Employer Contributions shall be allocated among “eligible” Participants in the manner specified in Section 1.12 of the Adoption Agreement or the 401(k) Safe Harbor Nonelective Employer Contributions Contribution Addendum to the Adoption Agreement. (Choose only if Option 1.07(a), as applicableDeferral Contributions, is checked.) (b) If the [X] Discretionary Formula - The Employer has elected may decide each Plan Year whether to make a discretionary contribution amount, Nonelective Employer Contributions shall be allocated among “eligible” Participants, as determined Contribution on behalf of eligible Active Participants in accordance with Section 1.12 of 5.10. Such contributions shall be allocated to eligible Active Participants based upon the Adoption Agreement, as follows:following (check (1) or (2)): (1) If the non[X] Non-integrated formula is elected in Subsection 1.12(b)(1) of the Adoption Agreement, Nonelective Employer Contributions shall be allocated to “eligible” Participants in Allocation Formula - In the ratio that each “eligible” eligible Active Participant’s 's Compensation bears to the total Compensation paid to all “eligible” eligible Active Participants for the Contribution PeriodPlan Year. (2) If the integrated formula is elected in Subsection 1.12(b)(2) of the Adoption Agreement, Nonelective Employer Contributions shall be allocated in the following steps: [_] Integrated Allocation Formula - As (A) First, to each “eligible” Participant in the same ratio that the sum of the “eligible” Participant’s Compensation and “excess Compensation” for the Plan Year bears to the sum of the Compensation and “excess Compensation” of all “eligible” Participants for the Plan Year. This allocation as a percentage of the sum each eligible Active Participant's Compensation plus (B) a percentage of each “eligible” eligible Active Participant’s 's Compensation and “in excess Compensation” of the "integration level" as defined below. The percentage of Compensation in excess of the "integration level" shall not exceed be equal to the lesser of the percentage of the Active Participant's Compinsation allocated under (A) above or the "permitted disparity limit”, " as defined in Section 1.12 of the Adoption Agreement. Notwithstanding the foregoing, if in any Plan Year an “eligible” Participant has reached the “cumulative permitted disparity limit”, such “eligible” Participant shall receive an allocation under this Subsection 5.10(b)(2)(A) based on two times his Compensation for the Plan Year, rather than the sum of his Compensation and “excess Compensation” for the Plan Year. If an “eligible” Participant did not benefit under a qualified defined benefit plan or target benefit plan for any Plan Year beginning on or after January 1, 1994, the “eligible” Participant shall have no “cumulative disparity limit”below. (B) Second, if any Nonelective Employer Contributions remain after the allocation in Subsection 5.10(b)(2)(A), the remaining Nonelective Employer Contributions shall be allocated to each “eligible” Participant in the same ratio that the “eligible” Participant’s Compensation for the Plan Year bears to the total Compensation of all “eligible” Participants for the Plan Year. Notwithstanding the provisions of Subsections 5.10(b)(2)(A) and (B) above, if in any Plan Year an “eligible” Participant benefits under another qualified plan or simplified employee pension, as defined in Code Section 408(k), that provides for or imputes permitted disparity, the Nonelective Employer Contributions for the Plan Year allocated to such “eligible” Participant shall be in the ratio that his Compensation for the Plan Year bears to the total Compensation paid to all “eligible” Participants. For purposes of this Subsection 5.10(b)(2), the following definitions shall apply:

Appears in 1 contract

Samples: Retirement Plan Agreement (Craig Corp)

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