QNEC Account definition

QNEC Account means an Account to which Qualified Nonelective Contributions are allocated.

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QNEC Account means the Account to which QNECS and any earnings or losses on those contributions are credited on behalf of a Participant under Section 4.4(f).

QNEC Account means the Account to which are credited QNECs made on behalf of a Participant pursuant to Section 3.5(f) and earnings or losses on those contributions.

Examples of QNEC Account in a sentence

Excess Contributions shall be distributed from the Participant’s QNEC Account only to the extent that such Excess Contributions exceed the Participant’s Elective Deferrals or ▇▇▇▇ Elective Deferrals and QMACs Account for the applicable test year.
The Plan Administrator will establish a separate QNEC Account for each Participant who receives an allocation of QNECs in accordance with Section 7.04(A)(1).
A Participant shall not be entitled to receive a financial hardship distribution of any amount credited to his QNEC Account.
In accordance with procedures established by the Committee, each Member and former Member may designate the percentage of his Employer Matching Contribution Account, QNEC Account, Rollover Contribution Account and Salary Deferral Contribution Account to be invested in each investment fund available under the Plan.
In determining whether a Participant is totally nonvested for purposes of applying the Rule of Parity Break in Service rule, the Participant’s Section 401(k) Deferral Account, Employee After-Tax Contribution Account, QMAC Account, QNEC Account, Safe Harbor Nonelective Contribution Account, Safe Harbor Matching Contribution Account, and Rollover Contribution Account are disregarded.

More Definitions of QNEC Account

QNEC Account. The account of a Participant in the Fund attributable to QNEC Contributions by the Employer. The QNEC Account shall be subdivided into two accounts. One account shall be known as the "Company Stock QNEC Account" and consists of contributions made thereto for periods after February, 1997 allocated thereto pursuant to subparagraph 3.2(c) which are required to be invested in the Company Stock Fund; and the other account shall be known as the "Unrestricted QNEC Account" and consists of contributions which are not required to, but may, be invested in the Company Stock Fund. This account was last referred to as the "Qualified Nonelective Contributions Account" in the Plan as in effect immediately prior to this Restatement of the Plan.

QNEC Account means the subaccount of the participant that is credited with qualified nonelective contributions made on behalf of the participant to the plan or the predecessor plan.

QNEC Account means the record of amounts attributable to the Panel Concepts Savings and Retirement Plan as qualified non-elective contributions that were transferred to the Plan.

QNEC Account means that account of a Participant to which are credited any QNEC made on behalf of the Participant, adjustments for allocations of income and loss, withdrawals and all other information affecting the value of such Account.

QNEC Account means the Account to which are credited ------------ Qualified Nonelective Contributions and all earnings and losses thereon.

QNEC Account means that portion of the Participant’s Account attributable to QNECs, if any, as adjusted for withdrawals and distributions and the earnings, losses and expenses attributable thereto.” 2. By substituting the phrase “Salary Deferral Contributions, Employer Matching Contributions, Employer Discretionary Contributions, QNECs and Rollover Contributions” for the phrase “Salary Deferral Contributions, Employer Matching Contributions, Employer Discretionary Contributions, and Rollover Contributions” where the latter phrase appears in Section 1.15(e). 3. By adding the following new Section 1.28A, as follows: 1. 28A ‘QNECs’ means qualified non-elective contributions, within the meaning of Treasury Regulation Section 1.401(k)-1(g)(13)(ii), used to satisfy either the Actual Deferral Percentage test under Section 6.03 and/or the Actual Contribution Percentage test under Section 6.04 with respect to any Plan Year.” 4. By deleting Section 6.03(c) and substituting therefor the following:

QNEC Account means the Account established pursuant to Section 6.01 to evidence Qualified Non-Elective Contributions, and earnings with respect thereto.