Common use of Targeted QNEC Limit Clause in Contracts

Targeted QNEC Limit. Qualified Nonelective Contributions (as defined in Regulation Section 1.401(k)-6) cannot be taken into account under the Actual Contribution Percentage (ACP) test for a Plan Year for an NHCE to the extent such contributions exceed the product of that NHCE’s Code Section 414(s) compensation and the greater of five percent (5%) or two (2) times the Plan’s “representative contribution rate.” Any Qualified Nonelective Contribution taken into account under an Actual Deferral Percentage (ADP) test under Regulation Section 1.401(k)-2(a)(6) (including the determination of the “representative contribution rate” for purposes of Regulation Section 1.401(k)-2(a)(6)(iv)(B)) is not permitted to be taken into account for purposes of this Section (including the determination of the “representative contribution rate” for purposes of subsection (a) below). For purposes of this Section:

Targeted QNEC Limit. Qualified Nonelective Contributions nonelective contributions (as defined in Treasury Regulation Section section 1.401(k)-6) cannot be taken into account under the Actual Contribution Percentage (ACP) actual contribution percentage test for a Plan Year for an NHCE to the extent such contributions exceed the product of that NHCE’s Code Section section 414(s) compensation and the greater of five percent (5%) or two (2) times the Plan’s “representative contribution rate.” Any Qualified Nonelective Contribution qualified nonelective contribution taken into account under an Actual Deferral Percentage (ADP) actual deferral percentage test under Treasury Regulation Section section 1.401(k)-2(a)(6) (including the determination of the “representative contribution rate” for purposes of Treasury Regulation Section section 1.401(k)-2(a)(6)(iv)(B)) is not permitted to be taken into account for purposes of this Section D.1.6(b) (including the determination of the “representative contribution rate” for purposes of subsection (ai) below). For purposes of this Section:Section D.1.6(b):

Targeted QNEC Limit. Qualified Nonelective Contributions nonelective contributions (as defined in Treasury Regulation Section section 1.401(k)-6) cannot be taken into account under the Actual Contribution Percentage (ACP) actual contribution percentage test for a Plan Year for an NHCE to the extent such contributions exceed the product of that NHCE’s Code Section section 414(s) compensation and the greater of five percent (5%) or two (2) times the Plan’s “representative contribution rate.” Any Qualified Nonelective Contribution qualified nonelective contribution taken into account under an Actual Deferral Percentage (ADP) actual deferral percentage test under Treasury Regulation Section section 1.401(k)-2(a)(6) (including the determination of the “representative contribution rate” for purposes of Treasury Regulation Section section 1.401(k)-2(a)(6)(iv)(B)) is not permitted to be taken into account for purposes of this Section E.1.6(b) (including the determination of the “representative contribution rate” for purposes of subsection (ai) below). For purposes of this Section:Section E.1.6(b):

Targeted QNEC Limit. Qualified Nonelective Contributions (as defined in Regulation Section 1.401(k)-61.40l(k)-6) cannot be taken into account under the Actual Contribution Percentage (ACP) test for a Plan Year for an NHCE to the extent such contributions exceed the product of that NHCE’s Code Section 414(s) compensation and the greater of five percent (5%) or two (2) times the Plan’s “representative contribution rate.” Any Qualified Nonelective Contribution taken into account under an Actual Deferral Percentage (ADP) test under Regulation Section 1.401(k)-2(a)(6) (including the determination of the “representative contribution rate” for purposes of Regulation Section 1.401(k)-2(a)(6)(iv)(Bl.401(k)-2(a)(6)(iv)(B)) is not permitted to be taken into account for purposes of this Section (including the determination of the “representative contribution rate” for purposes of subsection (a) below). For purposes of this Section:

Targeted QNEC Limit. Qualified Nonelective Contributions nonelective contributions (as defined in Treasury Regulation Section section 1.401(k)-6) cannot be taken into account under the Actual Contribution Percentage (ACP) actual contribution percentage test for a Plan Year for an NHCE to the extent such contributions exceed the product of that NHCE’s Code Section section 414(s) compensation and the greater of five percent (5%) or two (2) times the Plan’s “representative contribution rate.” Any Qualified Nonelective Contribution qualified nonelective contribution taken into account under an Actual Deferral Percentage (ADP) actual deferral percentage test under Treasury Regulation Section section 1.401(k)-2(a)(6) (including the determination of the “representative contribution rate” for purposes of Treasury Regulation Section section 1.401(k)-2(a)(6)(iv)(B)) is not permitted to be taken into account for purposes of this Section D.6(b) (including the determination of the “representative contribution rate” for purposes of subsection (ai) below). For purposes of this Section:Section D.6(b):