TOP-HEAVY MINIMUM CONTRIBUTIONS Sample Clauses

TOP-HEAVY MINIMUM CONTRIBUTIONS. (a) Except as otherwise provided in paragraphs (b) through (e) below, the Employer Contributions made on behalf of any Participant who is not a Key Employee shall not be less than the lesser of 3 percent of such Participant's Compensation or, in the case of any Employer for which this Plan is not in a Required Aggregation Group which enables a defined benefit plan maintained by the Employer to meet the requirements of Code sections 401(a)(4) or 410, the largest percentage of Employer Contributions and Elective Salary Deferrals as a percentage of the Key Employee's Compensation, made on behalf of any Key Employee for the Top-Heavy year. Neither Elective Salary Deferrals nor Matching Contributions may be taken into account for the purpose of satisfying the Top-Heavy minimum contribution under this section 12.5. The minimum contribution is to be determined without regard to any social security contribution. Further, the minimum contribution under this section shall be made even though the Participant would not otherwise be entitled to receive an allocation or would have received a smaller allocation for the year, because (1) the Participant failed to complete 1,000 Hours of Service or any other Year of Service requirement elected in the Adoption Agreement or (2) the Participant's Compensation was less than a stated amount.
Sample 1
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TOP-HEAVY MINIMUM CONTRIBUTIONS. Notwithstanding any other provision of the Plan, for any Plan Year which is a top-heavy plan year, each Participant who is a Participant on the last day of such Plan Year and who is not a key employee shall be entitled to receive a minimum contribution under the Plan equal to the lesser of (a) 3 percent of his or her Compensation for such Plan Year, or (b) if the Company or the Affiliated Company does not maintain a defined benefit plan required to be aggregated with the Plan, the largest percentage of Compensation contributed (exclusive of Employee Contributions) on behalf of a key employee for such Plan Year. If the Company or the Affiliated Company maintains a defined benefit plan required to be aggregated with the Plan, such minimum contribution shall be equal to 5 percent of the Participant's Compensation for the Plan Year. Notwithstanding the foregoing, no minimum contribution will be required with respect to a Participant who is also covered by another top-heavy plan of the Company or an Affiliated Company under which he or she receives the top-heavy minimum contribution or the top-heavy defined benefit minimum.
Sample 1
TOP-HEAVY MINIMUM CONTRIBUTIONS. (a) Except as otherwise provided in paragraphs (b) through (e) below, the Employer Contributions made on behalf of any Participant who is not a Key Employee shall not be less than the lesser of 3 percent of such Participant's Compensation or, in the case of any Employer for which this Plan is not in a Required Aggregation Group which enables a defined benefit plan maintained by the Employer to meet the requirements of Code sections 401(a)(4) or 410, the largest percentage of Employer Contributions (including, for purposes of this section 12.5, Matching Contributions) and Elective Salary Deferrals as a percentage of the Key Employee's Compensation, made on behalf of any Key Employee for the Top-Heavy year. Further, the minimum contribution under this section shall be made even though the Participant would not otherwise be entitled to receive an allocation or would have received a smaller allocation for the year, because (1) the Participant failed to complete 1,000 Hours of Service or any other Year of Service requirement elected in the Adoption Agreement or (2) the Participant's Compensation was less than a stated amount.
Sample 1

Related to TOP-HEAVY MINIMUM CONTRIBUTIONS

  • Qualified Matching Contributions If selected below, the Employer may make Qualified Matching Contributions for each Plan Year (select all those applicable):

  • 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.

  • Catch-Up Contributions Unless otherwise elected in Section 2.4 of this amendment, all employees who are eligible to make elective deferrals under this plan and who have attained age 50 before the close of the plan year shall be eligible to make catch-up contributions in accordance with, and subject to the limitations of, Section 414(v) of the Code. Such catch-up contributions shall not be taken into account for purposes of the provisions of the plan implementing the required limitations of Sections 402(g) and 415 of the Code. The plan shall not be treated as failing to satisfy the provisions of the plan implementing the requirements of Section 401(k)(3), 401(k)(11), 401(k)(12), 410(b), or 416 of the Code, as applicable, by reason of the making of such catch-up contributions.

  • Employer Contributions If Employer contributions are permitted, complete (a) and/or (b). Otherwise complete (c).

  • Elective Deferrals An Employee will be eligible to become a Contributing Participant in the Plan (and thus be eligible to make Elective Deferrals) and receive Matching Contributions (including Qualified Matching Contributions, if applicable) after completing 1 (enter 0, 1 or any fraction less than 1) Years of Eligibility Service.

  • PARTICIPANT NONDEDUCTIBLE CONTRIBUTIONS The Plan: (Choose (a) or (b); (c) is available only with (b)) [X] (a) Does not permit Participant nondeductible contributions. [ ] (b) Permits Participant nondeductible contributions, pursuant to Section 14.04 of the Plan.

  • Qualified Nonelective Contributions If the Employer, at the time of contribution, designates a contribution to be a qualified nonelective contribution for the Plan Year, the Advisory Committee will allocate that qualified nonelective contribution to the Qualified Nonelective Contributions Account of each Participant eligible for an allocation of that designated contribution, as specified in Section 3.04 of the Employer's Adoption Agreement. The Advisory Committee will make the allocation to each eligible Participant's Account in the same ratio that the Participant's Compensation for the Plan Year bears to the total Compensation of all eligible Participants for the Plan Year. The Advisory Committee will determine a Participant's Compensation in accordance with the general definition of Compensation under Section 1.12 of the Plan, as modified by the Employer in Sections 1.12 and 3.06 of its Adoption Agreement.

  • DEFERRAL CONTRIBUTIONS The Advisory Committee will allocate to each Participant's Deferral Contributions Account the amount of Deferral Contributions the Employer makes to the Trust on behalf of the Participant. The Advisory Committee will make this allocation as of the last day of each Plan Year unless, in Adoption Agreement Section 3.04, the Employer elects more frequent allocation dates for salary reduction contributions.

  • EMPLOYEE CONTRIBUTIONS [X] (a) Participants shall be permitted to make Elective Deferrals in any amount from 1 % up to 15 % of their Compensation. If (a) is applicable, Participants shall be permitted to amend their Salary Savings Agreements to change the contribution percentage as provided below:

  • Distribution of Excess Contributions If the Advisory Committee determines the Plan fails to satisfy the ADP test for a Plan Year, it must distribute the excess contributions, as adjusted for allocable income, during the next Plan Year. However, the Employer will incur an excise tax equal to 10% of the amount of excess contributions for a Plan Year not distributed to the appropriate Highly Compensated Employees during the first 2 1/2 months of that next Plan Year. The excess contributions are the amount of deferral contributions made by the Highly Compensated Employees which causes the Plan to fail to satisfy the ADP test. The Advisory Committee will distribute to each Highly Compensated Employee his respective share of the excess contributions. The Advisory Committee will determine the respective shares of excess contributions by starting with the Highly Compensated Employee(s) who has the greatest ADP, reducing his ADP (but not below the next highest ADP), then, if necessary, reducing the ADP of the Highly Compensated Employee(s) at the next highest ADP level (including the ADP of the Highly Compensated Employee(s) whose ADP the Advisory Committee already has reduced), and continuing in this manner until the average ADP for the Highly Compensated Group satisfies the ADP test. If the Highly Compensated Employee is part of an aggregated family group, the Advisory Committee, in accordance with the applicable Treasury regulations, will determine each aggregated family member's allocable share of the excess contributions assigned to the family unit.

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