Qualified Non-Elective Contributions (QNEC). o a. For purposes of the ADP and ACP Tests, all Non-Elective Contributions made to the Plan will be deemed “Qualified” for purposes of calculating the Actual Deferral Percentage and/or Actual Contribution Percentage. All Non-Elective Contributions must be fully vested when made. o b. For purposes of the ADP and ACP Tests, only the Non-Elective Contributions made to the Plan that are needed to meet the Actual Deferral Percentage or Actual Contribution Percentage Test will be deemed “Qualified” for purposes of calculating the Actual Deferral Percentage and/or Actual Contribution Percentage. All such Non-Elective Contributions used must be fully vested when made.
Appears in 3 contracts
Samples: Nonstandardized Adoption Agreement (First Northwest Bancorp), Adoption Agreement (Sterling Chemicals Inc), Defined Contribution Plan (Athens Bancshares Corp)
Qualified Non-Elective Contributions (QNEC). o a. For purposes of the ADP and ACP Tests, all Non-Elective Contributions made to the Plan will be deemed “"Qualified” " for purposes of calculating the Actual Deferral Percentage and/or Actual Contribution Percentage. All Non-Elective Contributions must be fully vested when made.
o b. For purposes of the ADP and ACP Tests, only the Non-Elective Contributions made to the Plan that are needed to meet the Actual Deferral Percentage or Actual Contribution Percentage Test will be deemed “"Qualified” " for purposes of calculating the Actual Deferral Percentage and/or Actual Contribution Percentage. All such Non-Elective Contributions used must be fully vested when made.
Appears in 1 contract
Samples: Adoption Agreement for Cash or Deferred Profit Sharing Plan (BBCN Bancorp Inc)
