Safe Harbor CODA Sample Clauses
The Safe Harbor CODA clause establishes a set of conditions under which a party is protected from liability or penalties, provided they act in good faith and within specified guidelines. In practice, this clause typically applies to compliance with regulations or reporting requirements, ensuring that minor or unintentional errors do not result in harsh consequences if the party has made reasonable efforts to comply. Its core function is to encourage transparency and cooperation by offering reassurance that honest mistakes will not be unduly punished, thereby reducing risk and promoting compliance.
Safe Harbor CODA. If the Employer has elected the safe harbor CODA option in the Adoption Agreement, the provisions of this Section 3.13 shall apply for the Plan Year and any provisions relating to the actual deferral percentage test described in §401(k)(3) of the Code or the actual contribution percentage test described in §401(m)(2) of the Code do not apply. To the extent that any other provision of the Plan is inconsistent with the provisions of this Section and in accordance with Section 401(k)(12) of the Code and Treasury Regulations thereunder, the provisions of this Section govern.
Safe Harbor CODA. If the Adopting Employer has elected the Safe Harbor CODA option in the Adoption Agreement, and if the provisions of this Plan Section 3.03 are followed for the Plan Year, then any provisions relating to the ADP Test described in Code Section 401(k)(3) or the ACP Test described in Code Section 401(m)(2) shall not apply. To the extent that any other provision of the Plan is inconsistent with the provisions of this Plan Section 3.03, the provisions of this Section shall apply.
Safe Harbor CODA. A. SAFE HARBOR CODA PROVISIONS The Safe Harbor Method CODA provisions of Section 3.16 of the Plan: [ ] (1) apply. [X] (2) do not apply.
B. ADP/ACP TEST SAFE HARBOR CONTRIBUTIONS
Safe Harbor CODA. (i) If the Employer has elected in the Adoption Agreement to make Safe Harbor Matching Contributions or Safe Harbor Nonelective Contributions during a Plan Year, the provisions of this Section 3.6 shall not apply.
(ii) If the Employer suspends making Safe Harbor Matching Contributions or Safe Harbor Nonelective Contributions during a Plan Year. the provisions of this Section 3.6 shall apply using Current Year Testing.
(iii) If the Employer wants to maintain the option to amend the Plan during a Plan Year to provide for Safe Harbor Nonelective Contributions during such Plan Year, the ADP and ACP Tests must be applied using Current Year Testing during such Plan Year.
Safe Harbor CODA. (i) If the Employer has elected in the Adoption Agreement to make Safe Harbor Matching Contributions or ACP Test Only Safe Harbor Matching Contributions during a Plan Year, the provisions of this Section 3.7 shall apply as follows:
(A) If only Safe Harbor Matching Contributions (or ACP Test Only Safe Harbor Matching Contributions) or Elective Deferrals, or both, are allowed, the provisions of this Section 3.7 shall not apply.
(B) If Employee After-Tax Contributions are allowed or if the Employer makes any type of matching contribution other than Safe Harbor Matching Contributions or ACP Test Only Safe Harbor Matching Contributions under the Plan during a Plan Year, the provisions of this Section 3.7 shall apply during such Plan Year using Current Year Testing except that the Employer may elect to disregard Safe Harbor Matching Contributions and ACP Test Only Safe Harbor Matching Contributions in performing such Current Year Testing.
(ii) If the Employer suspends making Safe Harbor Matching Contributions or ACP Test Only Safe Harbor Matching Contributions during a Plan Year, the provisions of this Section 3.7 shall apply using Current Year Testing.
(iii) If the Employer wants to maintain the option to amend the Plan during a Plan Year to provide for Safe Harbor Nonelective Contributions during such Plan Year, the ADP and ACP Tests must be applied using Current Year Testing during such Plan Year.
Safe Harbor CODA. The provisions of this Section 3.15 may only be applied to Plan Years beginning on or after January 1, 1999.