Aggregate Limit. For Plan Years beginning before 2002 only, the sum of: (a) 125% of the greater of the Average Deferral Percentage of the Non-Highly Compensated Employees for the Prior Plan Year or the Average Contribution Percentage of Non-Highly Compensated Employees under the Plan subject to Code Section 401(m) for the Plan Year beginning with or within the Prior Plan Year, and (b) the lesser of 200% or two percent plus the lesser of such ADP or ACP. Alternatively, the Aggregate Limit can be determined by substituting “the lesser of 200% or two percent plus“ for “125% of” in (a) above, and substituting “125% of” for “the lesser of 200% or two percent plus” in (b) above if it would result in a larger Aggregate Limit. If the Employer has elected in the Adoption Agreement to use the Current Year Testing Method, then, in calculating the Aggregate Limit for a particular Plan Year, the Non-Highly Compensated Employees’ ADP and ACP for that Plan Year, instead of the prior Plan Year, is used.
Appears in 4 contracts
Sources: Defined Contribution Plan (1st Constitution Bancorp), Defined Contribution Plan (Wellesley Bancorp, Inc.), Defined Contribution Plan (Savannah Bancorp Inc)
Aggregate Limit. For Plan Years beginning before 2002 only, the The sum of:
(a) 125% of the greater of the Average Deferral Percentage of the Non-Highly Compensated Employees for the Prior Plan Year or the Average Contribution Percentage of Non-Highly Compensated Employees under the 401(k) Plan subject to Code Section 401(m) for the Plan Year beginning with or within the Prior Plan Year, and
(b) the lesser of 200% or two percent plus the lesser of such ADP or ACP. Alternatively, the Aggregate Limit can be determined by substituting “the lesser of 200% or two percent plus“ ” for “125% of” in (a) above, and substituting “125% of” for “the lesser of 200% or two percent plus” in (b) above if it would result in a larger Aggregate Limit. If the Employer has elected in the Adoption Agreement to use the Current Year Testing Method, then, in calculating the Aggregate Limit for a particular Plan Year, the Non-Highly Compensated Employees’ ADP and ACP for that Plan Year, instead of the prior Plan Year, is used.
Appears in 4 contracts
Sources: 401(k) Defined Contribution Plan (Measurement Specialties Inc), Defined Contribution Plan (United Community Bancorp), Defined Contribution Plan (Century Bancorp Inc)
Aggregate Limit. For Plan Years beginning before 2002 only, the sum of:
(a) 125% of the greater of the Average Deferral Percentage of the Non-Highly Compensated Employees for the Prior Plan Year or the Average Contribution Percentage of Non-Highly Compensated Employees under the Plan subject to Code Section 401(m) for the Plan Year beginning with or within the Prior Plan Year, and
(b) the lesser of 200% or two percent plus the lesser of such ADP or ACP. Alternatively, the Aggregate Limit can be determined by substituting “the lesser of 200% or two percent plus“ ” for “125% of” in (a) above, and substituting “125% of” for “the lesser of 200% or two percent plus” in (b) above if it would result in a larger Aggregate Limit. If the Employer has elected in the Adoption Agreement to use the Current Year Testing Method, then, in calculating the Aggregate Limit for a particular Plan Year, the Non-Highly Compensated Employees’ ADP and ACP for that Plan Year, instead of the prior Plan Year, is used.
Appears in 3 contracts
Sources: Defined Contribution Plan (ASB Bancorp Inc), Defined Contribution Plan (Fraternity Community Bancorp Inc), Defined Contribution Plan (Old Dominion Freight Line Inc/Va)