Qualified Nonelective Sample Clauses

Qualified Nonelective. Contributions (QNECs): (a) The Employer may elect to make Qualified Nonelective Contributions under the Plan on behalf of Employees as provided in the Adoption Agreement. In addition, if the Employer has elected in the Adoption Agreement to use the Current Year Testing method, in lieu of distributing Excess Contributions as provided in Section 15.07 of the Plan, or Excess Aggregate Contributions as provided in Section 15.14 of the Plan. Notwithstanding the elections made in the Adoption Agreement the Employer may make Qualified Nonelective Contributions (QNECs) on behalf of Participants that are sufficient to satisfy either the Actual Deferral Percentage test or the Average Contribution Percentage test, or both, pursuant to regulations under the Code. Such Contributions will only be made to the NHC employees unless indicated otherwise in the Adoption Agreement. The allocation of QNECs and Targeted QNECs (as defined under 15.10(d)) may be made as follows under one of the options below: (1) To all NHC Employees, unless indicated otherwise in the Adoption Agreement; (2) To all NHC Employees that are eligible, unless otherwise indicated in the Adoption Agreement; (3) The Plan Administrator may limit the allocation of any QNEC only to some or all NHC Employees who are part of the ADP test or a part of the ACP test; or (4) The Plan Administrator may allocate the QNEC to NHC Participants who are eligible to make Elective Deferrals under the Plan even if they do not satisfy the eligibility requirements or allocation requirements for receiving a Nonelective Contribution, including a QNEC. (b) Targeted QNECs: The allocations indicated above in 15.15(a) must satisfy the following targeting rules. (1) The Plan Administrator may include in the ADP test only such Nonelective Contribution amounts (including QNECs) as are not impermissibly targeted. A Nonelective Contribution is impermissibly targeted if the Nonelective Contribution amount allocated to any NHC exceeds the greater of: (i) 5% of Compensation; (ii) the amount of the NHC's Elective Deferrals; or (iii) the product of 2 times the Plan's Representative ADP Rate and the NHC's Elective Deferrals for the Plan Year.
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Qualified Nonelective. Contributions will be made on behalf of (check either (a) or (b) and either (c) or (d)): (a) All Participants (b) Only Participants who are not Highly Compensated Employees who also, for the Plan Year for which the Qualified Nonelective Contributions are made: (c) Are Qualified Participants (as defined in 4.C(4)) [ ] (d) Made Elective Deferrals
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Qualified Nonelective. Employer Contributions shall be distributable only in accordance with the distribution provisions that are applicable to Deferral Contributions; provided, however, that a Participant shall not be permitted to take a hardship withdrawal of amounts credited to his Qualified Nonelective Employer Contributions Account after the later of December 31, 1988 or the last day of the Plan Year ending before July 1, 1989.
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Qualified Nonelective. Contributions will be contributed and allocate to each Eligible Participant in an amount equal to (select one): (a) (no more than 15%) of the Compensation of each Eligible Participant eligible to share in the allocation. (b) Such an amount determined by the Employer, which is needed to meet either the ADP Test or ACP Test.
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Qualified Nonelective. CONTRIBUTIONS -------------------------------------------------------------------------------- PART A. AUTHORIZATION OF QUALIFIED NONELECTIVE CONTRIBUTIONS: Will the Employer make Qualified Nonelective Contributions to the Plan? (Choose one): OPTION 1: [ ] Yes.
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Qualified Nonelective. Contributions means the Employer’s contributions to the Plan that are not Salary Deferral Contributions or Matching Contributions, are allocated to Participants’ Accounts that Participants may not elect to receive in cash until distributed from the Plan, and that are made pursuant to Section 3.11. Such contributions are subject to the restrictions on withdrawals set forth in Section 7.13(b), and are immediately nonforfeitable and 100% vested upon contribution, regardless of the age and service of the Employee or whether the Employee is employed on a specific date.
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Qualified Nonelective. CONTRIBUTIONS
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Qualified Nonelective. Contributions means the Employer’s contributions to the Plan that are not Salary Deferral Contributions, Xxxx 401(k) Contributions, or Matching Contributions, are allocated to Participants’ Accounts that Participants may not elect to receive in cash until distributed from the Plan, and that are made pursuant to Section 3.09. Such contributions are subject to the restrictions on withdrawals set forth in Section 7.14(b), and are immediately nonforfeitable and 100% vested upon contribution, regardless of the age and service of the Employee or whether the Employee is employed on a specific date.
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Related to Qualified Nonelective

  • Safe Harbor The recipient government will then compare the reporting year’s actual tax revenue to the baseline. If actual tax revenue is greater than the baseline, Treasury will deem the recipient government not to have any recognized net reduction for the reporting year, and therefore to be in a safe harbor and outside the ambit of the offset provision. This approach is consistent with the ARPA, which contemplates recoupment of Fiscal Recovery Funds only in the event that such funds are used to offset a reduction in net tax revenue. If net tax revenue has not been reduced, this provision does not apply. In the event that actual tax revenue is above the baseline, the organic revenue growth that has occurred, plus any other revenue-raising changes, by definition must have been enough to offset the in-year costs of the covered changes.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Elective Deferrals (a) The Committee may establish procedures pursuant to which Employee may elect to defer, until a time or times later than the vesting of a Performance Share Unit, receipt of all or a portion of the shares of Common Stock deliverable in respect of a Performance Share Unit, all on such terms and conditions as the Committee (or its designee) shall determine in its sole discretion. If any such deferrals are permitted for Employee, then notwithstanding any provision of this Agreement or the Plan to the contrary, an Employee who elects such deferral shall not have any rights as a stockholder with respect to any such deferred shares of Common Stock unless and until the date the deferral expires and certificates representing such shares are required to be delivered to Employee. The foregoing notwithstanding, no deferrals of Dividend Equivalents related to any Performance Share Units under this Award will be permitted. Moreover, the Committee further retains the authority and discretion to modify and/or terminate existing deferral elections, procedures and distribution options. (b) Notwithstanding any provision to the contrary in this Agreement, if deferral of Performance Share Units is permitted, each provision of this Agreement shall be interpreted to permit the deferral of compensation only as allowed in compliance with the requirements of Section 409A of the Internal Revenue Code and any provision that would conflict with such requirements shall not be valid or enforceable. Employee acknowledges, without limitation, and consents that application of Section 409A of the Internal Revenue Code to this Agreement may require additional delay of payments otherwise payable under this Agreement. Employee and the Company further hereby agree to execute such further instruments and take such further action as reasonably may be necessary to comply with Section 409A of the Internal Revenue Code.

  • Qualified Charitable Distributions If you are age 70½ or older, you may take tax-free Xxxx XXX distributions of up to $100,000 per year and have these distributions paid directly to certain charitable organizations. Special tax rules may apply. For further detailed information and effective dates you may obtain IRS Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs), from the IRS or refer to the IRS website at xxx.xxx.xxx.

  • Allocation of Contributions You may place your contributions in one fund or in any combination of funds, although your employer may place restrictions on investment in certain funds.

  • Charitable Contributions Make any charitable or similar contributions, except in amounts not to exceed five thousand dollars ($5,000) individually, and twenty thousand dollars ($20,000) in the aggregate.

  • Qualified Distributions Qualified distributions from your Xxxx XXX (both the contributions and earnings) are not included in your income. A qualified distribution is a distribution which is made after the expiration of the five-year period beginning January 1 of the first year for which you made a contribution to any Xxxx XXX (including a conversion from a Traditional IRA), and is made on account of one of the following events. • Attainment of age 59½ • Disability • First-time homebuyer purchase • Death For example, if you made a contribution to your Xxxx XXX for 2007, the five-year period for determining whether a distribution is a qualified distribution is satisfied as of January 1, 2012.

  • Hardship Distribution Upon the Board of Director's determination (following petition by the Executive) that the Executive has suffered an unforeseeable financial emergency as described in Section 2.2.2, the Company shall distribute to the Executive all or a portion of the Deferral Account balance as determined by the Company, but in no event shall the distribution be greater than is necessary to relieve the financial hardship.

  • Distributions Upon Income Inclusion Under Section 409A of the Code Upon the inclusion of any portion of the benefits payable pursuant to this Agreement into the Executive’s income as a result of the failure of this non-qualified deferred compensation plan to comply with the requirements of Section 409A of the Code, to the extent such tax liability can be covered by the Executive’s vested accrued liability, a distribution shall be made as soon as is administratively practicable following the discovery of the plan failure.

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