Matching Formula definition

Matching Formula means, with respect to a Participant, the formula under which matching contributions in the Savings and Retirement Plan under which such Participant is eligible to make contributions are determined for such Participant, determined without regard to any limitations on such matching contributions under Section 401(m) or 415 of the Code, or any limitation of compensation taken into account in determining such matching contributions under Section 401(a)(17) of the Code. The “Matching Formula” for a Participant for a Deferral Period shall be determined as of the first day of such Deferral Period (or, if such Participant first becomes eligible to participate in the Plan during such Deferral Period, the date as of which he or she first becomes eligible to participate).

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Matching Formula. [Plan Sec. 5.2(a) or (b)].............

Matching Formula. The Matching Contribution shall be as follows: ____. All Contributions must be 100% vested when made, and the Employer must annualize the contribution. The Matching Contribution made under the above formula, may not be made with respect to Elective Deferrals that exceed 6% of each eligible Employee's compensation. The above formula must provide an aggregate amount of Matching Contributions at least equal to the aggregate amount of Matching Contributions that would have been provided under the basic matching formula. The rate of Matching Contributions may not increase as an Employee's rate of Elective Deferrals increases. If the Safe-Harbor Matching Contribution is not being made to this Plan, the name of the Plan providing the Safe-Harbor Matching Contribution is: ___.

Examples of Matching Formula in a sentence

In no event shall the aggregate amount of Matching Contributions under an Enhanced Matching Formula exceed 6% of an eligible Employee’s Compensation.
A Plan satisfying the ADP Safe Harbor using the Basic Matching Formula automatically satisfies the ACP Test, if no Voluntary After-tax Contributions or other Matching Contribution is made under the Plan.
The Basic Matching Formula provides a Matching Contribution on behalf of each eligible Employee who is making Elective Deferrals or ▇▇▇▇ Elective Deferrals to the Plan in an amount equal to 100% of the amount of the Employee’s Elective Deferrals or ▇▇▇▇ Elective Deferrals that do not exceed 3% of the Employee’s Compensation and 50% of the amount of the Employee’s Elective Deferrals or ▇▇▇▇ Elective Deferrals that exceed 3% of the Employee’s Compensation but do not exceed 5% of the Employee’s Compensation.
Under the Enhanced Matching Formula, the rate of Matching Contributions may not increase as a Participant’s rate of Elective Deferrals or ▇▇▇▇ Elective Deferrals increases.
A Plan satisfying the ADP Safe Harbor using the Enhanced Matching Formula under which Matching Contributions made with respect to Elective Deferrals or ▇▇▇▇ Elective Deferrals that are not made in excess of 6% of the eligible Employee’s Compensation, automatically satisfies the ACP Test if no Voluntary After-tax Contributions or other Matching Contribution is made under the Plan.
A Plan satisfying the ADP Safe Harbor using the Basic Matching Formula automatically satisfies the ACP Test, if no After-tax or other Matching Contribution is made under the Plan.
The Enhanced Matching Formula provides a Matching Contribution on behalf of each Eligible Employee who is making Elective Deferrals or ▇▇▇▇ Elective Deferrals to the Plan under a formula that, at any rate of Elective Deferrals or ▇▇▇▇ Elective Deferrals provides an aggregate amount of Matching Contributions at least equal to the aggregate amount of Matching Contributions that would have been provided under the Basic Matching Formula.
The Enhanced Matching Formula provides a Matching Contribution on behalf of each Eligible Employee who is making Elective Deferrals to the Plan under a formula, that, at any rate of Elective Deferrals, provides an aggregate amount of Matching Contributions at least equal to the aggregate amount of Matching Contributions that would have been provided under the Basic Matching Formula.
A Plan satisfying the ADP Safe Harbor using the Enhanced Matching Formula under which Matching Contributions made with respect to Elective Deferrals are not made in excess of 6% of the eligible Employee’s Compensation, automatically satisfies the ACP Test if no other Matching Contribution is made under the Plan.
Under the Enhanced Matching Formula, the rate of Matching Contributions may not increase as a Participant’s rate of Elective Deferrals increases.

More Definitions of Matching Formula

Matching Formula shall be the computation required to determine the amount of the Bank's Matching Contribution. The Matching Formula shall be designated in the Joinder Agreement.

Matching Formula means the formula under which allocations are made to the respective Matching Contribution Accounts of Participants set forth in Section 3.4(b) and (c).