Top-Paid Group Election. In determining who is a Highly Compensated Employee, the Employer makes the Top-Paid Group election. The effect of this election is that an Employee (who is not a 5% owner at any time during the determination year or the look-back year) who earned more than $80,000, as indexed for the look-back year, is a Highly Compensated Employee if the Employee was in the Top-Paid Group for the look-back year. This election is applicable for the Plan Year in which this Plan is effective.
Appears in 13 contracts
Samples: Nonstandardized Adoption Agreement (Legacy Bancorp, Inc.), Nonstandardized Adoption Agreement (Banctrust Financial Group Inc), Nonstandardized Adoption Agreement (Chicopee Bancorp, Inc.)
Top-Paid Group Election. In determining who is a Highly Compensated Employee, the Employer makes may make the Top-Paid Group election. The effect of this election is that an Employee (who is not a 5% owner at any time during the determination year or the look-back year) who earned more than $80,00095,000, as indexed for the look-back year, is a Highly Compensated Employee if the Employee was in the Top-Paid Group for the look-back year. This election is applicable for the Plan Year in which this Plan is effective.
Appears in 8 contracts
Samples: Nonstandardized Adoption Agreement (BBCN Bancorp Inc), Nonstandardized Adoption Agreement (First Northwest Bancorp), Nonstandardized Adoption Agreement (United Community Bancorp)
Top-Paid Group Election. In determining who is a Highly Compensated Employee, the Employer makes the Top-Paid Group election. The effect of this election is that an Employee (who is not a 5% owner at any time during the determination year or the look-back year) who earned more than $80,000, as indexed for the look-back year, is a Highly Compensated Employee if the Employee was in the Top-Paid Group for the look-back year. This election is applicable for the Plan Year in which this Plan is effective.. o
Appears in 1 contract
Samples: Danvers Bancorp, Inc.
Top-Paid Group Election. In determining who is a Highly Compensated Employee, the The Employer makes the Top-Paid Group top paid group election. The effect of this election is that an Employee employee (who is not a 5% owner at any time during the determination year Determination Year or the lookLook-back yearBack Year) who earned more than with compensation in excess of $80,000, 80,000 (as indexed adjusted) for the lookLook-back year, Back Year is a Highly Compensated Employee only if the Employee employee was in the Top-Paid Group for the look-back yeartop paid group. This election is applicable effective for the Plan Year in which this Plan is effectiveYears beginning on or after ___________. [Enter a date not earlier than January 1, 2000].
Appears in 1 contract
Samples: Master Defined Contribution Plan (Southern National Bancorp of Virginia Inc)