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

  • Notwithstanding the requirements of (i) above that the Employer make the ADP Test Safe Harbor Contribution to this Plan, if the Plan is a non-standardized plan and the Employer elects in the Adoption Agreement, the ADP Test Safe Harbor Contribution will be made to the defined contribution plan of the Employer indicated in the Adoption Agreement.

  • However, the ADP Test Safe Harbor Contribution must be made to this Plan unless (a) each Employee eligible under this Plan is also eligible under the other plan, and (b) the other Plan has the same Plan Year as this Plan.

  • The ADP Test Safe Harbor Contribution in this section 2.C.1(l)(4)(A) shall be known as Basic Matching Contributions.

  • Notwithstanding the above, for any Plan Year in which the ADP Test Safe Harbor Contribution and Notice requirements of Section 4.1(b) are met, the provisions of this Section of the Plan shall not apply.

  • 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.

  • Nothing in this paragraph precludes a Plan from first implementing an ADP Test Safe Harbor Contribution during a Plan Year so long as the requirements of applicable regulations are satisfied.The ADP Test Safe Harbor Contribution shall be the Basic Matching Contribution set forth in 4.1(b)(1) below, which is intended as a Pension Protection Act (“PPA”) Qualified Automatic Contribution Arrangement (“QACA”).

  • With respect to the ADP Test Safe Harbor Contribution made pursuant to Section 4.1(b), to each Participant’s Qualified Matching Contribution Account (if a Basic or Enhanced Matching Contribution is made) or Qualified Nonelective Contribution Account (if a Nonelective Contribution is made).

  • For a Plan Year in which the Employer wishes to utilize the alternative method of satisfying the ADP Test, the Employer must make an ADP Test Safe Harbor Contribution to the Plan in the form of a "Basic Matching Contribution", an "Enhanced Matching Contribution" and/or a "Safe Harbor Non-Elective Contribution", or a "Safe Harbor Alternative Contribution".

  • ADP Test Safe Harbor Contribution Exception -- Notwithstanding anything in this Plan to the contrary, all benefits attributable to ADP Test Safe Harbor Contributions shall be nonforfeitable at all times.

Related to ADP Test Safe Harbor Contribution

  • Safe Harbor has the meaning set forth in Section 10.2(d).

  • Nonelective Contribution means an amount contributed by a participating

  • Qualified Matching Contribution means any employer contribution allocated to an Eligible Employee’s account under any plan of an Employer or a Related Company solely on account of “elective contributions” made on his behalf or “employee contributions” made by him that is a qualified matching contribution as defined in regulations issued under Code Section 401(k), is nonforfeitable when made, and is distributable only as permitted in regulations issued under Code Section 401(k).

  • Qualified Matching Contributions means Matching Contributions which are immediately nonforfeitable when made, and which would be nonforfeitable, regardless of the age or service of the Employee or whether the Employee is employed on a certain date, and which may not be distributed, except upon one of the events described under Section 401(k)(2)(B) of the Code and the regulations thereunder.

  • Qualified Nonelective Contributions means contributions of the Plan Sponsor or an Affiliate, other than Matching Contributions or Elective Deferrals, which are nonforfeitable when made, and which would be nonforfeitable regardless of the age or service of the Employee or whether the Employee is employed on a certain date, and which may not be distributed, except upon one of the events described under Code Section 401(k)(2)(B) and the regulations thereunder.

  • Elective Deferral means the portion of Compensation which is deferred by a Participant under Section 4.1.

  • Elective Deferrals are all Salary Reduction Contributions and that portion of any Cash or Deferred Contribution which the Employer contributes to the Trust at the election of an Eligible Employee. Any portion of a Cash or Deferred Contribution contributed to the Trust because of the Employee's failure to make a cash election is an elective deferral. However, any portion of a Cash or Deferred Contribution over which the Employee does not have a cash election is not an elective deferral. Elective deferrals do not include amounts which have become currently available to the Employee prior to the election nor amounts designated as nondeductible contributions at the time of deferral or contribution.

  • Elective Contribution means the Employer contributions to the Plan of Deferred Compensation excluding any such amounts distributed as excess “annual additions” pursuant to Section 4.11(a). In addition, any Employer Qualified Non-Elective Contribution made pursuant to Section 4.7(b) which is used to satisfy the “Actual Deferral Percentage” tests shall be considered an Elective Contribution for purposes of the Plan. Any contributions deemed to be Elective Contributions (whether or not used to satisfy the “Actual Deferral Percentage” tests or the “Actual Contribution Percentage” tests) shall be subject to the requirements of Sections 4.2(b) and 4.2(c) and shall further be required to satisfy the nondiscrimination requirements of Regulation 1.401(k)-1(b)(5) and Regulation 1.401(m)-1(b)(5), the provisions of which are specifically incorporated herein by reference.

  • Qualified Nonelective Contribution (QNEC) means the Employer's contributions to the Plan that are made pursuant to Sections 12.1(a)(4), 12.5 and 12.7 or pursuant to any other Plan provision which provides for such contributions.

  • Employer Contribution means the amount paid by an employer, as determined by the employer rate, including the normal and deficiency rates, contributions, and funds wherever used in this chapter.

  • Matching Contributions means local cash and/or in-kind contributions made by the Contractor, a subcontractor, or other local resources that qualify as match for the Contract funding.

  • Safe Harbor Election has the meaning set forth in Section 10.2(d).

  • Excess Elective Deferrals means the amount of Elective Deferrals (as defined below) for a calendar year that the Participant designates to the Plan pursuant to the following procedure. The Participant’s designation: shall be submitted to the Administrator in writing no later than March 1; shall specify the Participant’s Excess Elective Deferrals for the preceding calendar year; and shall be accompanied by the Participant’s written statement that if the Excess Elective Deferrals is not distributed, it will, when added to amounts deferred under other plans or arrangements described in Section 401(k), 408(k) or 403(b) of the Code, exceed the limit imposed on the Participant by Section 402(g) of the Code for the year in which the deferral occurred. Excess Elective Deferrals shall mean those Elective Deferrals that are includible in a Participant's gross income under Section 402(g) of the Code to the extent such Participant's Elective Deferrals for a taxable year exceed the dollar limitation under such Code section.

  • Deferral Contributions are Salary Reduction Contributions and Cash or Deferred Contributions the Employer contributes to the Trust on behalf of an Eligible Employee, irrespective of whether, in the case of Cash or Deferred Contributions, the contribution is at the election of the Employee. For Salary Reduction Contributions, the terms "deferral contributions" and "elective deferrals" have the same meaning.

  • Matching Contribution means Employer contributions made to this Plan or any other defined contribution plan by reason of Thrift Contributions or Elective Deferrals under this Plan.

  • Deferral Contribution means any contribution made to the Plan by the Employer in accordance with the provisions of Section 5.03.

  • Rollover Contribution means any rollover contribution to the Plan made by a Participant as may be permitted under Article V.

  • Non-Elective Contribution means the Employer contributions to the Plan excluding, however, contributions made pursuant to the Participant's deferral election provided for in Section 4.2 and any Qualified Non-Elective Contribution used in the "Actual Deferral Percentage" tests.

  • Qualifying contribution means, with respect to a

  • Qualified Non-Elective Contribution means any Employer contributions made pursuant to Section 4.1(c) and Section 4.6(b) and Section 4.8(f). Such contributions shall be considered an Elective Contribution for the purposes of the Plan and may be used to satisfy the "Actual Deferral Percentage" tests or the "Actual Contribution Percentage" tests.

  • Employee Contributions are contributions made by a Participant on an after-tax basis, whether voluntary or mandatory, and designated, at the time of contribution, as an employee (or nondeductible) contribution. Elective deferrals and deferral contributions are not employee contributions. Participant nondeductible contributions, made pursuant to Section 4.01 of the Plan, are employee contributions.

  • Employer Matching Contributions means the Employer matching contributions made to the Trust Fund pursuant to Article V (Employer Matching Contributions).

  • Member contribution means a contribution under regulation 32;

  • Employer Contributions means all amounts paid into ASRS by an

  • Rollover Contributions means, for any Participant, his rollover contributions as provided in Section 7.1.