Qualified Nonelective Contribution definition

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.

Qualified Nonelective Contribution means any employer contribution allocated to an Eligible Employee’s account under any plan of an Employer or a Related Company that the Participant could not elect instead to receive in cash until distributed from the Plan, that is a qualified nonelective contribution as defined in Code Sections 401(k) and 401(m) and regulations issued thereunder, is nonforfeitable when made, and is distributable (other than for hardships) only as permitted in regulations issued under Code Section 401(k).

Qualified Nonelective Contribution means any Employer Contribution made to the Plan as provided in Article VI that is 100 percent vested when made and may be taken into account to satisfy the limitations on Tax-Deferred Contributions and/or Matching and After-Tax Contributions made by or on behalf of Highly Compensated Employees under Article VII, other than Qualified Matching Contributions.

Examples of Qualified Nonelective Contribution in a sentence

• The balance in each Participant's Elective Deferral Account, Qualified Matching Contribution Account and Qualified Nonelective Contribution Account shall be fully Vested at all times and, except as otherwise provided herein, shall not be subject to Forfeiture for any reason.

• Notwithstanding the above, distributions from the Participant's Elective Deferral Account, Qualified Matching Contribution Account and Qualified Nonelective Contribution Account pursuant to this Section shall be limited solely to the Participant's Elective Deferrals and any income attributable thereto credited to the Participant's Elective Deferral Account as of December 31, 1988.

• Notwithstanding anything herein to the contrary (other than Sections 3.5(h), 4.3(f) and 12.3(f)), Participants shall only share in the allocations of the Employer matching contribution made pursuant to Section 12.1(a)(2), the Employer Nonelective Contributions made pursuant to Section 12.1(a)(3), the Employer Qualified Nonelective Contribution made pursuant to Section 12.1(a)(4), and Forfeitures as provided in the Adoption Agreement.

• If the prior year testing method is used, then a Qualified Nonelective Contribution or an Employer "matching contribution" may not be made to correct the tests set forth in Section 12.6. The Employer shall provide the Administrator with written notification of the amount of the contribution being made and to which provision it relates.

• Each Employer may, in its discretion, make a Qualified Nonelective Contribution to the Plan for the Contribution Period in an amount determined by the Sponsor.

More Definitions of Qualified Nonelective Contribution

Qualified Nonelective Contribution means any Employer Contribution made to the Plan as provided in Article VI that may be taken into account to satisfy the limitations on contributions by Highly Compensated Employees under Article VII.

Qualified Nonelective Contribution means any Employer contributions to the Plan that are designated as such or any other provision of the Plan. All such contributions shall be allocated to the Qualified Nonelective Contribution Account, and shall be fully vested and subject to the restrictions on distributions from that Account.

Qualified Nonelective Contribution or “QNEC” which means an amount contributed by the Employer as described in Section 3.7.

Qualified Nonelective Contribution means a contribution made in the discretion of the Plan Sponsor which is designated by the Plan Sponsor as a Qualified Nonelective Contribution and which falls within the definition of a "qualified nonelective contribution" under Regulation section 1.401(k)-1(g)(13).

Qualified Nonelective Contribution means a contribution made on behalf of an Employee by the Employee's Employing Company pursuant to Section 5.04 of the Plan, which is neither an Employing Company Contribution nor a Pre-Tax Contribution or After-Tax Contribution, which and that is 100% vested at all times and which may not be distributed from the Plan, on account of hardship or otherwise, prior to the termination of employment or death of the Employee, the Employee's attainment of age 59 1/2 or becoming disabled and entitled to receive disability payments under a disability pay plan maintained by the Employing Company, the termination of the Plan without establishment of a successor plan, or the sale of the Employing Company or of substantially all the assets of a division of the Employing Company or of the Employing Company which employs the Employee, as required under Section 401(m)(4) of the Code and regulations issued thereunder.

Qualified Nonelective Contribution means a contribution that (i) is made by the Corporation; (ii) which complies with Treas. Reg. 1.401(k)-(1)(c) and (iii) complies with Treas. Reg. 1.401(k)-(1)(d).

Qualified Nonelective Contribution means a contribution made in the discretion of the Employers which is designated by the Employers as a Qualified Nonelective Contribution.