Qualified Non-Elective And/Or Matching Contributions. The Employer may make a Qualified Non-Elective Contribution (QNEC) or Qualified Matching Contribution (QMAC) for Non-Highly Compensated Employees (whether or not so designated in the Adoption Agreement) to increase the Average Deferral Percentage and/or Average Contribution Percentage to the point where the Plan passes the ADP Test and/or the ACP Test. The following rules apply with respect to such contributions:
Appears in 5 contracts
Samples: Prototype Defined Contribution Plan (United Community Bancorp), Prototype Defined Contribution Plan (FNB United Corp.), Century Bancorp Inc
Qualified Non-Elective And/Or Matching Contributions. The Employer may make a Qualified Non-Non- Elective Contribution (QNEC) or Qualified Matching Contribution (QMAC) for Non-Highly Compensated Employees (whether or not so designated in the Adoption Agreement) to increase the Average Deferral Percentage and/or Average Contribution Percentage to the point where the Plan passes the ADP Test and/or the ACP Test. The following rules apply with respect to such contributions:
Appears in 1 contract
Samples: Prototype Defined Contribution Plan (Georgetown Bancorp, Inc.)
