Top-Paid Group Election. In determining who is a Highly Compensated Employee, the Employer 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 $95,000, 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. [x] a. The Employer does not make the Top-Paid Group election. [ ] b. The Employer makes the Top-Paid Group election [Plan defaults to this election].
Appears in 4 contracts
Samples: Nonstandardized Adoption Agreement (1st Constitution Bancorp), Nonstandardized Adoption Agreement (Connecticut Water Service Inc / Ct), Prototype Defined Contribution Plan (Old Dominion Freight Line Inc/Va)
Top-Paid Group Election. In determining who is a Highly Compensated Employee, the Employer 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 $95,000, 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. [x] a. The Employer does not make the Top-Paid Group election. [ ] b. The Employer makes the Top-Paid Group election [Plan defaults to this election].
Appears in 1 contract
Samples: Nonstandardized Adoption Agreement (Connecticut Water Service Inc / Ct)
Top-Paid Group Election. In determining who is a Highly Compensated Employee, the Employer 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 $95,000, 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. [xeffective [ ] a. The Employer does not make the Top-Paid Group election. [ [x] b. The Employer makes the Top-Paid Group election [Plan election(Plan defaults to this election]).
Appears in 1 contract
Samples: Prototype Defined Contribution Plan (Savannah Bancorp Inc)
