Top-Heavy. Application of the top-heavy rules in Article X.
Top-Heavy. If the Plan is top-heavy, the Employer will satisfy the Top-Heavy Minimum Allocation requirements in accordance with Article X.
Top-Heavy. The Plan will apply the provisions of Article X separately to each Participating Employer. The Plan will be considered separate plans for each Participating Employer and its Employees for purposes of determining whether such a separate plan is top-heavy or is entitled to the exemption described in Section 10.05. For purposes of applying Article X to a Participating Employer, the Participating Employer and any business which is a Related Employer to that Participating Employer are the "Employer." For purposes of Article X, the terms "Key Employee" and "Non-Key Employee" will refer only to the Employees of that Participating Employer and/or its Related Employers. If such a Participating Employer's separate Plan is top-heavy, then:
Top-Heavy. The Plan is Top-Heavy for any Plan Year if any of the following conditions exists:
(1) If the Top-Heavy Ratio for this Plan exceeds 60% and this Plan is not part of any Required Aggregation Group or Permissive Aggregation Group of plans.
(2) If this Plan is a part of a Required Aggregation Group of plans but not part of a Permissive Aggregation Group and the Top-Heavy Ratio for the group of plans exceeds 60%.
(3) If this plan is part of a Required Aggregation Group and part of a Permissive Aggregation Group of Plans and the Top-Heavy Ratio for the Permissive Aggregation group exceeds 60%.
Top-Heavy. If this Plan is a Top-Heavy Plan for any Plan Year, the allocation formula in section 12.3(h)(1) shall apply in lieu of the formula in this section 6.3(a)(2) for such Plan Year.
Top-Heavy. Before completing this Section of the Adoption Agreement, the Employer should carefully read Article XV of the Basic Plan Document paying particular attention to Sections 15.03 thru 15.05. A-15.02 Minimum Top-heavy Allocations: The purpose of this Section A-15.02 is to coordinate Top-Heavy minimum contributions or benefits when two or more plans of the Employer are involved. If the Employer maintains only this plan, and has never maintained a Defined Benefit plan, the Employer is required to complete only Section (d). If the Employer maintains (or has maintained) a Defined Benefit plan, this Section should be completed only with the advice of that plan's actuary. If the Employer maintains two Defined Contribution plans, and has never maintained a Defined Benefit plan, the Employer is required to complete only Sections (c) or (d).
(a) If the Employer maintains a Defined Benefit plan, this Section or --------- - ------- ------- ---- Section
(d) below must be completed. If a non-key Employee participates in both a Defined Benefit plan and a Defined Contribution plan which are part of a Required Aggregation Group or a Permissive Aggregation Group and the Top-Heavy Ratio exceeds 60% (but does not exceed 90%), Top-Heavy minimum benefits shall be provided as follows:
(1) In the Defined Contribution Plan, with a minimum allocation of: [ ] (i) 5% of total compensation (Defined Benefit and Defined Contribution Fractions computed using 100% of the dollar limitation) [ ] (ii) 7.5% of total compensation (Defined Benefit and Defined Contribution Fractions computed using 125% of the dollar limitation)
(2) In the Defined Benefit Plan, with a minimum annual accrual of: [ ] (i) 2% of the highest 5 consecutive year average compensation (Defined Benefit and Defined Contribution fractions computed using 100% of the dollar limitation) [ ] (ii) 3% of the highest 5 consecutive year average compensation (Defined Benefit and Defined Contribution Fractions computed using 125% of the dollar limitation) If the Top-Heavy Ratio exceeds 90%, the minimum benefit shall be provided in:
(3) the Defined Contribution plan with a minimum allocation of 5% of total compensation. [ ] (4) the Defined Benefit plan with a minimum accrual of 2% of the highest 5 consecutive year average compensation Note: When the Top-Heavy Ratio exceeds 90%, the Defined Benefit and Defined Contribution Fractions shall be computed using 100% of the dollar limitation.
Top-Heavy. Top Heavy Plans
1. Plan to which Top-Heavy allocations are made:
i. [ ] This Plan
ii. [ ] Pursuant to the terms of another plan
2. If H.1.ii (another plan) is selected, name of other Plan to which Top-Heavy allocations are made:
3. If H.1.i (This Plan) is selected, type of other plan maintained by the Company that covers employees eligible to participate in this Plan:
i. [ ] N/A - No other plan ii. [ ] Defined Contribution
Top-Heavy. Provisions, Etc.
Top-Heavy. As of the last day of each Plan Year, a determination --------- will be made on whether this Plan is top-heavy as described in Section 13.9 and, if this Plan is top-heavy, the Employer Companies will contribute such amounts, if any, as are necessary to satisfy minimum top-heavy allocation requirements. Any such contributions will be credited as of the last day of such Plan Year to the affected Participants' Employer Company Account.
