Common use of Automatic Deferral amount Clause in Contracts

Automatic Deferral amount. Unless a Participant makes an Affirmative Election, the Employer will withhold the following Automatic Deferral amount (select one): f. [ ] % of Compensation for each payroll period (if a QACA, must not be more than 10% and may not be less than 3% if escalation provisions used in D. below or 6% if no escalation provisions are selected) g. [ ] $ for each payroll period (may not be selected if a QACA or EACA) SAMPLE h. [ ] QACA statutory minimum schedule (may select even if Plan is not a QACA). Unless a modified QACA statutory schedule is selected below, the Employer will withhold from a Participant's Compensation each payroll period the percentage of Compensation set forth in the following, which is based on the Plan Year of application to a Participant: 1-2 years-3%; 3 years-4%; 4 years-5%; 5 or more-6%. (if selected, skip D.) 1. [ ] The following modified QACA statutory schedule will apply (the limitations in the parentheses below only applies to QACAs): Plan Year of application to a Participant Automatic Deferral Percentage 1 % (not less than 3) 2 % (not less than 3) 3 % (not less than 4) 4 % (not less than 5) 5 % (not less than 6 and not more than 10) 6 % (not less than 6 and not more than 10) 7 % (not less than 6 and not more than 10) 8 % (not less than 6 and not more than 10) 9 % (not less than 6 and not more than 10) 10 and thereafter % (not less than 6 and not more than 10) i. [ ] Other: (in order to satisfy the QACA requirements (if applicable), an alternative Automatic Deferral amount schedule (i) must be uniform based on the number of years, or portions of years, since the beginning of the initial period for a Participant, (ii) must satisfy the minimum percentage requirement in h. above throughout the Plan Year, and (iii) must not exceed 10% of Compensation)

Automatic Deferral amount. Unless a Participant makes an Affirmative Election, the Employer will withhold the following Automatic Deferral amount (select one): f. [ ] % of Compensation for each payroll period (if a QACA, must not be more than 10% and may not be less than 3% if escalation provisions used in D. j. below or 6% if no escalation provisions are selected) g. [ ] $ for each payroll period (may not be selected if a QACA or EACA) SAMPLE) h. [ ] QACA statutory minimum schedule (may select even if Plan is not a QACA). Unless a modified QACA statutory schedule is selected below, the Employer will withhold from a Participant's Compensation each payroll period the percentage of Compensation set forth in the following, which is based on the Plan Year of application to a Participant: 1-2 years-3%; 3 years-4%; 4 years-5%; 5 or more-6%. (if selected, skip D.) 1. [ ] The following modified QACA statutory schedule will apply (the limitations in the parentheses below only applies to QACAs): Plan Year of application to a Participant Automatic Deferral Percentage 1 % (not less than 3) 2 % (not less than 3) 3 % (not less than 4) 4 % (not less than 5) 5 % (not less than 6 and not more than 10) 6 % (not less than 6 and not more than 10) 7 % (not less than 6 and not more than 10) 8 % (not less than 6 and not more than 10) 9 % (not less than 6 and not more than 10) 10 and thereafter % (not less than 6 and not more than 10) i. [ ] Other: (in order to satisfy the QACA requirements (if applicable), an alternative Automatic Deferral amount schedule (i) must be uniform based on the number of years, or portions of years, since the beginning of the initial period for a Participant, (ii) must satisfy the minimum percentage requirement in h. above throughout the Plan Year, and (iii) must not exceed 10% of Compensation)) DRAFT - 1/24/19