Accounting for Excess Aggregate Contributions. Excess Aggregate Contributions are distributed from the following sources and in the following priority: (A) Employee After-Tax Contributions that are not matched; (B) proportionately from Employee After-Tax Contributions not distributed under (A) and related Employer Matching Contributions that are included in the ACP Test; (C) Employer Matching Contributions included in the ACP Test that are not distributed under (B); (D) Section 401(k) Deferrals included in the ACP Test that are not matched; (E) proportionately from Section 401(k) Deferrals included in the ACP Test that are not distributed under (D) and related Employer Matching Contributions that are included in the ACP Test and not distributed under (B) or (C); and (F) QNECs included in the ACP Test.
Appears in 3 contracts
Sources: Defined Contribution Plan and Trust (National Penn Bancshares Inc), Defined Contribution Prototype Plan and Trust Agreement (Mercantile Bancorp, Inc.), Profit Sharing/401(k) Prototype Plan and Trust (Capital Corp of the West)