Examples of Nonhighly Compensated Participant in a sentence
For purposes of this Section and Section 12.5, a Highly Compensated Participant and a Nonhighly Compensated Participant shall include any Employee eligible to make salary deferrals pursuant to Section 12.2 for the Plan Year.
For purposes of applying the Code §415 Limitation, Total Compensation includes imputed compensation for a Nonhighly Compensated Participant who terminates employment on account of becoming Disabled.
For purposes of this Section, a Highly Compensated Participant and a Nonhighly Compensated Participant shall include any Employee eligible make after-tax voluntary Employee contributions pursuant to Section 4.4 (whether or not after-tax voluntary Employee contributions are made) allocated to the Participant's account for the Plan Year.
Additionally, the Actual Deferral Percentage for the Highly Compensated Participant Group shall not exceed the Actual Deferral Percentage for the Nonhighly Compensated Participant Group multiplied by 2.
If at any time, a Nonhighly Compensated Participant is not able to receive a full QNEC allocation under subsection (A) or (B) (e.g., due to the application of the Code §415 Limitation), the Nonhighly Compensated Participant with the next higher level of Plan Compensation (that is not in the QNEC Allocation Group) will be added to the QNEC Allocation Group.
For purposes of this Section and Section 12.5, a Highly Compensated Participant and a Nonhighly Compensated Participant shall include any Employee eligible to make salary deferrals pursuant to Section 12.2 for t he Plan Year.
To the extent that the Board and/or Administrative Committee designates all or any portion of the Supplemental Contributions for a Plan Year as “Per Capita Supplemental Contributions,” such Contributions will be allocated to the Supplemental Accounts of all Eligible Nonhighly Compensated Participants, on a per capita basis (that is, the same dollar amount will be allocated to the Supplemental Account of each Eligible Nonhighly Compensated Participant).
If the Employer has elected to use Current Year Testing, then on behalf of each Nonhighly Compensated Participant, the Employer may, at its sole discretion, make a Qualified Nonelective Contribution equal a percentage between 0% to 10% of each eligible individual’s Compensation, the exact percentage to be determined each year by the Employer.
If at any time, a Nonhighly Compensated Participant is not able to receive a full QNEC allocation under subsection(I) or (II) (e.g., due to the application of the Code §415 Limitation), the Nonhighly Compensated Participant with the next higher level of Plan Compensation (that is not in the QNEC Allocation Group) will be added to the QNEC Allocation Group.
Effective for Plan Years beginning after December 31, 1996, the Actual Deferral Percentage of the Nonhighly Compensated Participant Group shall be the preceding Plan Year data (“Prior Year Testing”).