ADP Test Safe Harbor Contribution definition

ADP Test Safe Harbor Contribution is the contribution elected by the Employer in the Adoption Agreement to be used to satisfy the "ADP Test Safe Harbor." However, if no contribution is elected in the Adoption Agreement, the Employer will contribute to the Plan for the Plan Year a "Basic Matching Contribution" on behalf of each "Eligible Employee." The "Basic Matching Contribution" is equal to (i) one-hundred percent (100%) of the amount of an "Eligible Participant's" Elective Deferrals that do not exceed three percent (3%) of the Participant's "Compensation" for the Plan Year, plus (ii) fifty percent (50%) of the amount of the Participant's Elective Deferrals that exceed three percent (3%) of the Participant's "Compensation" but do not exceed five percent (5%) of the Participant's "Compensation."
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ADP Test Safe Harbor Contribution means an Employer contribution that is used to satisfy the safe harbor methods permitted by Code Sections 401(k)(12) and 401(m)(11). The Administrator may allocate ADP Test Safe Harbor Contributions into either the Qualified Matching Contribution Account (if a Basic or Enhanced Matching Contribution is made) or the Qualified Nonelective Contribution Account (if a Nonelective Contribution is made). ADP Test Safe Harbor Contributions are nonforfeitable when made and are subject to the distribution restrictions of Section 4.2(d), except that no amount may be distributed on account of financial hardship.
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ADP Test Safe Harbor Contribution. Matching Contribution equals 100% on the first ______% of Participant's Compensation which is deferred as an Elective Deferral.
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Examples of ADP Test Safe Harbor Contribution in a sentence

  • Plan Features ADP Test Safe Harbor: Any Employer ADP Test Safe Harbor Contribution must be allocated to all Eligible Employees who have reached age 21 and have at least one Year of Service consisting of 1000 hours during any Eligibility Computation Period.

  • The ADP Test Safe Harbor Contribution selected below will also satisfy the ACP test.

  • The Employer will provide the ADP Test Safe Harbor Contribution to each Participant who is eligible to make Elective Deferrals.

  • The proper ADP Test Safe Harbor Contribution amount may be determined by the Employer at any time during a Plan Year, including, but not limited to, such time as ADP Test Safe Harbor Contributions are delivered to the Trustee (or Custodian, if applicable)) or at the end of the Plan Year so long as the amount of ADP Test Safe Harbor Contributions is determined in a uniform and nondiscriminatory manner.

  • Notwithstanding the foregoing, the Employer will also satisfy the notice requirements of this Plan Section 3.03(C) if the Employer provides a contingent notice that would otherwise satisfy the requirements in the preceding paragraph except that in lieu of specifying the amount of the ADP Test Safe Harbor Contribution, the notice states that the Employer will determine during the Plan Year whether to make a Safe Harbor Nonelective Contribution.