Common use of Basic Formula Clause in Contracts

Basic Formula. An Employer Matching Contribution on behalf of each Nonhighly Compensated Participant and, unless otherwise elected in the Adoption Agreement, to the Highly Compensated Participants in an amount equal to the sum of: (i) 100% of the Elective Deferrals of the Participant not to exceed 1% of the Participant’s Compensation, plus (ii) 50% of the Elective Deferrals of the Participant to the extent that such Elective Deferrals exceed 1% of the Participant’s Compensation but do not exceed 6% of the Participant’s Compensation.