Calendar Year Data Election. If elected in the Adoption Agreement an Employer may make a calendar year data election for a Determination Year. The effect of the calendar year data election is that the calendar year beginning with or within the look-back year is treated as the Employer's look-back year for purposes of determining whether an Employee is an HCE on account of the Employee's Compensation for a look-back year under section 414(q)(1)(B). A calendar year data election, once made, applies for all subsequent Determination Years until subsequently amended by the Employer.
Appears in 3 contracts
Sources: Individual 401(k) Plan Purchase Agreement, Employer Sponsored Plan Account Agreement, Employer Sponsored Plan Account Agreement