Common use of Allocation Accrual Requirements Clause in Contracts

Allocation Accrual Requirements. No Hours of Service or last day requirement may be imposed on any Employer contribution that is subject to the Safe Harbor Plan rules. x 1. There are no allocation requirements for Participants to receive any contribution made to the Plan; however, a Participant must have received Compensation from the Employer to be entitled to an allocation of contributions. o 2. Employer contributions will be allocated to all Participants employed on the last day of the Plan Year regardless of hours worked. o 3. The Plan is using the Elapsed Time method; contributions will be allocated to all Participants who have completed _____ [not more than twelve (12)] months of Service regardless of the hours credited. If left blank, the Plan will use twelve (12) months. o 4. Employer contributions for a Plan Year will be allocated to all Participants upon completion of the hours and/or employment requirements below. a. A Year of Service for allocation accrual purposes cannot be less than one (1) Hour of Service nor greater than 1,000 hours by operation of law. If left blank, the Plan will use 1,000 hours. Enter whole digit numbers only.

Allocation Accrual Requirements. No Hours of Service or last day requirement may be imposed on any Employer contribution that is subject to the Safe Harbor Plan rules. x þ 1. There are no allocation requirements for Participants to receive any contribution made to the Plan; however, a Participant must have received Compensation from the Employer to be entitled to an allocation of contributions. o 2. Employer contributions will be allocated to all Participants employed on the last day of the Plan Year regardless of hours worked. o 3. The Plan is using the Elapsed Time method; contributions will be allocated to all Participants who have completed _____ [not more than twelve (12)] months of Service regardless of the hours credited. If left blank, the Plan will use twelve (12) months. o 4. Employer contributions for a Plan Year will be allocated to all Participants upon completion of the hours and/or employment requirements below. a. A Year of Service for allocation accrual purposes cannot be less than one (1) Hour of Service nor greater than 1,000 hours by operation of law. If left blank, the Plan will use 1,000 hours. Enter whole digit numbers only.