Common use of Allocation of Qualified Nonelective Contributions Clause in Contracts

Allocation of Qualified Nonelective Contributions. If the Employer has elected to use Current Year Testing, then on behalf of each Nonhighly Compensated Participant, the Employer may, at its sole discretion, make a Qualified Nonelective Contribution equal a percentage between 0% to 10% of each eligible individual’s Compensation, the exact percentage to be determined each year by the Employer. (1) The Employer shall have the sole discretion to designate which Nonhighly Compensated Participants, if any, shall receive a Qualified Nonelective Contribution, if any, for any Plan Year. (2) In any Plan Year, the Employer may designate which test, either as described in Section 3.05 or as described in Section 3.09 to which such Qualified Nonelective Contributions, if any, shall be applied.

Allocation of Qualified Nonelective Contributions. If the Employer has elected to use Current Year Testing, then on behalf of each Nonhighly Compensated Participant, the Employer may, at its sole discretion, make a Qualified Nonelective Contribution equal a percentage between 0% to 10% of each eligible individual’s 's Compensation, the exact percentage to be determined each year by the Employer. (1) The Employer shall have the sole discretion to designate which Nonhighly Compensated Participants, if any, shall receive a Qualified Nonelective Contribution, if any, for any Plan Year. (2) In any Plan Year, the Employer may designate which test, either as described in Section 3.05 or as described in Section 3.09 to which such Qualified Nonelective Contributions, if any, shall be applied.