TOP HEAVY REQUIREMENTS Sample Clauses

TOP HEAVY REQUIREMENTS. Neither Elective Deferrals nor Matching Contributions (if used to satisfy the ACP test) may be taken into account for the purpose of satisfying the minimum top-heavy contribution requirement.
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TOP HEAVY REQUIREMENTS. F1 TOP HEAVY DUPLICATIONS (Plan Section 4.3(i)): When a Non-Key Employee is a Participant in this Plan and a Defined Benefit Plan maintained by the Employer, indicate which method shall be utilized to avoid duplication of top heavy minimum benefits.
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TOP HEAVY REQUIREMENTS. Notwithstanding anything contained herein to the contrary, if the Plan is a Top Heavy Plan for any Plan Year beginning after Decem- ber 31, 1983, then the Plan shall meet the following requirements for such Plan Year:
Sample 1
TOP HEAVY REQUIREMENTS. This SEP is "top-heavy" for a plan year if, as of the last day of the previous plan year (or current plan year if this is the first year of the SEP) the total of elective and non-elective contributions made on behalf of key employees for all the years this SEP has been in existence exceeds 60% of such contributions for all employees. If the employer maintains (or maintained within the prior five years) any other SEP or defined contribution plan in which a key employee participates (or participated), the contributions or account balances, whichever is applicable, must be aggregated with the contributions made to this SEP. The employee who ceases to be a key employee or an individual who has not been in the employ of the employer for the previous five years shall be disregarded. During any Plan Year in which this Plan is a Top-heavy Plan, the Employer shall make a minimum contribution or allocation on the last day of the Plan Year for each person who is an Employee on that day and who either was or could have been an Active Participant during the Year. The minimum contribution and allocation for such persons shall be equal to the lesser of (A) or (B) below: (A) Three percent of such person's Compensation (B) If the contribution rate for all Key Employees is less than three percent of Compensation, then the highest contribution rate that applies to any Key Employee. If the Employer Contributions and allocations otherwise required under the defined contribution plans are at least equal to the minimum above, no additional contribution or allocation shall be required. If the Employer Contributions and allocations are less than the minimum above and the Employer Contributions under this Plan are allocated to Participants, the Employer Contributions (other than Elective Deferral Contributions) shall be reallocated to provide the minimum. The remaining Contributions shall be allocated as provided in the preceding articles of this Plan. If total Contributions and allocations are less than the minimum above and the Employer's Contributions under this Plan are not allocated, the Employer shall contribute the difference for the year. The minimum contribution or allocation applies to all of the defined contribution plans in the aggregate which are Top-heavy Plans. A minimum allocation under a profit sharing plan shall be made without regard to whether or not the Employer has profits. If an Employer has more than one Top-heavy Plan, the minimum top-heavy contribution doe...
Sample 1
TOP HEAVY REQUIREMENTS. If the Plan becomes a Top Heavy Plan during any Plan Year, the following provisions shall supersede any conflicting provisions in the Plan or Adoption Agreement and apply for such Plan Year: (a) Except as otherwise provided below, the Employer contributions and forfeitures allocated on behalf of any Participant who is not a Key Employee shall not be less than the lesser of three percent of such Participant's Compensation or in the case where the Employer has no defined benefit plan which designates this plan to satisfy Section 401 of the Code, the largest percentage of Employer contributions and forfeitures, as a percentage of the first $200,000 of the Key Employee's compensation, allocated on behalf of any Key Employee for that year. The minimum allocation is determined without regard to any Social Security contribution. This minimum allocation shall be made even though, under other plan provisions, the Participant would not otherwise be entitled to receive an allocation, or would have received a lesser allocation for the year because of (i) the Participant's failure to complete 1,000 Hours of Service (or any equivalent provided in the plan), or (ii) the Participant's failure to make mandatory employee contributions to the plan, or (iii) compensation less than a stated amount. Neither Elective Deferrals nor Matching Contributions may be taken into account for the purpose of satisfying the minimum allocation.
Sample 1
TOP HEAVY REQUIREMENTS. If the Plan becomes a Top Heavy Plan during any Plan Year, the following provisions shall supersede any conflicting provisions in the Plan or Adoption Agreement and apply for such Plan Year:
Sample 1
TOP HEAVY REQUIREMENTS. Notwithstanding any provision of this Plan to the contrary, if the Plan is or becomes Top Heavy in any Plan Year beginning after December 31, 1983, then the provisions of this Article shall become applicable and supersede any conflicting provisions of this Plan.
Sample 1
TOP HEAVY REQUIREMENTS. A. Unless paragraph B below is checked, the minimum top-heavy contribution for each year must be allocated to the SEP-IRA of each non-key employee eligible to participate in this SEP in accordance with Code section 416. This allocation may not be less than the smaller of: (1) 3% of the non-key employee’s compensation; or (2) the largest percentage of elective deferrals, as a percentage of the first $200,000 of the key employee’s compensation, deferred by any key employee for that year. B. The top-heavy requirements of section 416 will be satisfied through contributions to this employer’s non-elective SEP-IRA. General Information
Sample 1
TOP HEAVY REQUIREMENTS. The top-heavy requirements of Code section 416 and Article XIII of the Plan shall not apply in any Plan Year in which the Plan consists solely of a cash or deferred arrangement which meets the requirements of Code section 401 (k)( 12) and matching contributions with respect to which the requirements of Code section 401(m)(1l) are met.
Sample 1
TOP HEAVY REQUIREMENTS. (A) If the underlying plan document does not designate another plan to satisfy the top-heavy requirements of Section 416 of the Code, or if the underlying plan document allocates less than three (3) percent of each Non-key Employee's top-heavy Compensation under the Plan to such Participant's account for a Plan Year, then the minimum top-heavy allocation under the Plan shall be allocated on behalf of Non-key Employees in accordance with Section 416 of the Code. Such allocation shall not be less than the lesser of three (3) percent of such Participant's Compensation or, in the case where the Employer has no defined benefit plan which designates this Plan to satisfy Section 401 of the Code, the largest percentage of Employer contributions and forfeitures, as a percentage of the first $200,000 of the Key Employee's compensation, allocated on behalf of any Key Employee for that year.
Sample 1