Qualified Matching. Contributions (QMACs): [Note: Regardless of any elections under this #18, the Employer may make a QMAC to the Plan to correct a failed ADP or ACP Test, as authorized under Sections 17.2(d)(2) and 17.3(d)(2) of the BPD. Any QMAC allocated to correct the ADP or ACP Test which is not specifically authorized under this #18 will be allocated to all Eligible Participants who are Nonhighly Compensated Employees as a uniform percentage of Section 401(k) Deferrals made during the Plan Year. See Section 2.3(c) of the BPD.] [ ] a. All Employer Matching Contributions are designated as QMACs. [ ] b. Only Employer Matching Contributions described in selection(s) ______ under #16 above are designated as QMACs. c. In addition to any Employer Matching Contribution provided under #16 above, the Employer may make a discretionary QMAC that is allocated equally as a percentage of Section 401(k) Deferrals made during the Plan Year. The Employer may allocate QMACs only on Section 401(k) Deferrals that do not exceed a specific dollar amount or a percentage of Included Compensation that is uniformly determined by the Employer. QMACs will be allocated to: (1) Eligible Participants who are Nonhighly Compensated Employees. [ ] (2) all Eligible Participants.
Appears in 1 contract
Samples: Defined Contribution Plan and Trust (National Penn Bancshares Inc)
Qualified Matching. Contributions (QMACs): [Note: Regardless of any elections under this #18, the Employer may make a QMAC to the Plan to correct a failed ADP or ACP Test, as authorized under Sections 17.2(d)(2) and 17.3(d)(2) of the BPD. Any QMAC allocated to correct the ADP or ACP Test which is not specifically authorized under this #18 will be allocated to all Eligible Participants who are Nonhighly Compensated Employees as a uniform percentage of Section 401(k) Deferrals made during the Plan Year. QMACs may only be used in the ADP or ACP Test if the Current Year Testing Method is selected under #31 below. See Section 2.3(c) of the BPD.] [ ] ]
þ a. All Employer Matching Contributions are designated as QMACs. [ ] .
o b. Only Employer Matching Contributions described in selection(s) ______ under #16 above are designated as QMACs.
o c. In addition to any Employer Matching Contribution provided under #16 above, the Employer may make a discretionary QMAC that is allocated equally as a percentage of Section 401(k) Deferrals made during the Plan Year. The Employer may allocate QMACs only on Section 401(k) Deferrals that do not exceed a specific dollar amount or a percentage of Included Compensation that is uniformly determined by the Employer. QMACs will be allocated to:
o (11 ) Eligible Participants who are Nonhighly Compensated Employees. [ ] .
o (22 ) all Eligible Participants.
Appears in 1 contract
Samples: 401(k) Plan Adoption Agreement (Checkfree Corp \Ga\)
Qualified Matching. Contributions (QMACs): [Note: Regardless of any elections under this #18, the Employer may make a QMAC to the Plan to correct a failed ADP or ACP Test, as authorized under Sections 17.2(d)(217.2(d) (2) and 17.3(d)(217.3(d) (2) of the BPD. Any QMAC allocated to correct the ADP or ACP A CP Test which is not specifically authorized under this #18 will be allocated to all Eligible Participants who are Nonhighly Compensated Employees as a uniform percentage of Section 401(k) Deferrals made during the Plan Year. See Section 2.3(c) of the BPD.] [ ] ]
a. All Employer Matching Contributions are designated as QMACs. [ ] b. Only Employer Matching Contributions described in selection(s) ______ under #16 above are designated as QMACs.
c. In addition to any Employer Matching Contribution provided under #16 above, the Employer may make a discretionary QMAC that is allocated equally as a percentage of Section 401(k) Deferrals made during the Plan Year. The Employer may allocate QMACs only on Section 401(k) Deferrals that do not exceed a specific dollar amount or a percentage of Included Compensation that is uniformly determined by the Employer. QMACs will be allocated to:
(1) Eligible Participants who are Nonhighly Compensated Employees. [ ] (2) all Eligible Participants.
Appears in 1 contract
Samples: Profit Sharing/401(k) Plan Adoption Agreement (Capital Corp of the West)
Qualified Matching. Contributions (QMACs): [Note: Regardless of any elections under this #18, the Employer may make a QMAC to the Plan to correct a failed ADP or ACP Test, as authorized under Sections 17.2(d)(2) and 17.3(d)(2) of the BPD. Any QMAC allocated to correct the ADP or ACP Test which is not specifically authorized under this #18 will be allocated to all Eligible Participants who are Nonhighly Compensated Employees as a uniform percentage of Section 401(k) Deferrals made during the Plan Year. QMACs may only be used in the ADP or ACP Test if the Current Year Testing Method is selected under #31 below. See Section 2.3(c) of the BPD.] [ ] ]
þ a. All Employer Matching Contributions are designated as QMACs. [ ] .
o b. Only Employer Matching Contributions described in selection(s) ______ under #16 above are designated as QMACs.
o c. In addition to any Employer Matching Contribution provided under #16 above, the Employer may make a discretionary QMAC that is allocated equally as a percentage of Section 401(k) Deferrals made during the Plan Year. The Employer may allocate QMACs only on Section 401(k) Deferrals that do not exceed a specific dollar amount or a percentage of Included Compensation that is uniformly determined by the Employer. QMACs will be allocated to:
o (11 ) Eligible Participants who are Nonhighly Compensated Employees. [ ] .
o (22 ) all Eligible Participants.
Appears in 1 contract
Samples: 401(k) Plan Adoption Agreement (Checkfree Corp \Ga\)