Examples of Discretionary Matching Contributions in a sentence
If this Plan is also utilizing a Safe Harbor Contribution, pursuant to Section VII of this Adoption Agreement, Discretionary Matching Contributions may not exceed 4% of Compensation.
The Participant’s Account shall reflect all Elective Deferrals, Matching Contributions and Discretionary Matching Contributions made for the Participant’s benefit together with any adjustments for income, gain or loss and any payments from the Account.
If the largest contribution on behalf of a key employee for such year, taking into account only Elective Contributions, Qualified Nonelective Contributions, Basic Matching Contributions, and Discretionary Matching Contributions (including forfeitures applied against any such Employer Contributions), is equal to less than 3% of the key employee's Compensation, such lesser percentage shall be the minimum contribution percentage for Participants who are not key employees.
Any Basic Matching Contributions, Discretionary Matching Contributions or Qualified Nonelective Contributions for a Plan Year will be contributed to the Trust at such time as the Employer determines, but in any event no later than the time prescribed by law (including extensions) for filing the Employer's federal income tax return for its taxable year in or with which the Plan Year ends.
In addition to its Regular Matching Contribution, each Employer may make an Additional Discretionary Matching Contribution to the Plan for each Contribution Period on behalf of each of its Eligible Employees who has met the allocation requirements for Additional Discretionary Matching Contributions described in this Article.
The Administrator will establish and maintain (or cause the Trustee to establish and maintain) for each Participant, as necessary, an Elective Contribution Account (also known as the "Salary Reduction Account"), Employer Account (for Basic Matching Contributions and Discretionary Matching Contributions), Participant Account, Rollover Account, ESOP Transfer Account, and such other accounts and subaccounts as the Administrator or the Trustees, as the case may be, in their discretion deem appropriate.
The minimum contribution with respect to any Participant who is not a key employee for the particular year will be offset by any Discretionary Matching Contributions and any Qualified Nonelective Contributions (including forfeitures applied against Discretionary Matching Contributions), but not any other type of contribution, otherwise made for the Participant's benefit for such year.
To the extent the Employer makes Discretionary Matching Contributions, the Plan Administrator will allocate the Discretionary Matching Contributions to the Account of each Participant entitled to the match under the Employer's discretionary matching allocation formula and who satisfies the allocation conditions for Discretionary Matching Contributions, if any, the Employer elects in its Adoption Agreement.
In addition, Qualified Nonelective Contributions, Basic Matching Contributions, and Discretionary Matching Contributions for a Plan Year must be made no later that the last day of the 12-month period immediately following the Plan Year.
The Contribution Period for Additional Discretionary Matching Contributions is each Plan Year.