Plan Provision. First Plan Year Testing Elections For a new 401(k) Plan, the Employer could use either the current or prior year testing methods as well as a rule that deems the prior year ADP/ACP to be 3%.
Appears in 4 contracts
Samples: Prototype Defined Contribution Plan (FNB United Corp.), Prototype Defined Contribution Plan (United Community Bancorp), Nonstandardized Adoption Agreement (Chicopee Bancorp, Inc.)
Plan Provision. First Plan Year Testing Elections FIRST PLAN YEAR TESTING ELECTIONS For a new 401(k) Plan, the Employer could use either the current or prior year testing methods as well as a rule that deems the prior year ADP/ACP to be 3%.
Appears in 3 contracts
Samples: Standardized Adoption Agreement (Thomasville Bancshares Inc), Nonstandardized Adoption Agreement (Jda Software Group Inc), Nonstandardized Adoption Agreement (Banctrust Financial Group Inc)
Plan Provision. First Plan Year Testing Elections For a new 401(k) Plan, the Employer could use either the current or prior year testing methods as well as a rule that deems the prior year ADP/ACP to be 3%. ADP Testing Election: [ ] a. Current year data for all Participants was used. [ ] 1. 1997 Plan Year. [ ] 2. 1998 Plan Year. [ ] 3. 1999 Plan Year. [ ] 4. 2000 Plan Year. [ ] 5. 2001 Plan Year. [ ] 6. 2002 Plan Year.
Appears in 1 contract
Samples: Nonstandardized Adoption Agreement (Banctrust Financial Group Inc)
