Uniformity Requirement. (a) Except as provided in Section 17.09(b) below or if the Employer has elected an increasing Default Percentage in the Adoption Agreement, the same percentage of compensation will be withheld as Default Elective Deferrals from all Covered Employees subject to the Default Percentage. (b) Default Elective Deferrals will be reduced or stopped to meet the limitations under Code §§ 401(a)(17), 402(g), and 415 and to satisfy any suspension period required after a distribution.
Appears in 3 contracts
Samples: Individual 401(k) Plan Purchase Agreement, Employer Sponsored Plan Account Agreement, Employer Sponsored Plan Account Agreement
Uniformity Requirement. (a) Except as provided in Section 17.09(b17.03(b) below or if the Employer has elected an increasing Default Percentage in the Adoption Agreement, the same percentage of compensation will be withheld as Default Elective Deferrals from all Covered Employees subject to the Default Percentage.
(b) Default Elective Deferrals will be reduced or stopped to meet the limitations under Code §§ 401(a)(17), 402(g), and 415 and to satisfy any suspension period required after a distribution.
Appears in 3 contracts
Samples: Individual 401(k) Plan Purchase Agreement, Employer Sponsored Plan Account Agreement, Employer Sponsored Plan Account Agreement
