CONTRIBUTIONS TO THE PLAN. The Employer shall make contributions to the Plan in accordance with the formula or formulas selected below. The Employer’s contribution shall be subject to the limitations contained in Articles III and X of the Basic Plan Document #01. For this purpose, a contribution for a Plan Year shall be limited by Compensation earned in the Limitation Year that ends with or within such Plan Year. For Limitation Years beginning on or after January 1, 2002, except to the extent permitted under paragraph 4.6(h) of the Basic Plan Document #01 and under Code Section 414(v), the Annual Addition that may be contributed or allocated to a Participant’s account under the Plan for any Limitation Year beginning after December 31, 2001 shall not exceed the lesser of (a) $40,000, as adjusted for increases in the cost-of-living under Code Section 415(d), or (b) 100% of the Participant’s Compensation within the meaning of Code Section 415(c)(3), for the Limitation Year. A. Elective Deferrals: 1. Participants shall be permitted to make Elective Deferrals: [ ] a. in any amount up to ___________% (may be no more than 100%) of Compensation. [ ] b. in any amount from a minimum of ___________% (may be no less than 1%) to a maximum of ___________% (may be no more than 100%) of their Compensation not to exceed $___________ [may be no more than the Code Section 402(g) limit and Code Section 414(v) limit, if applicable]. [ ] c. in a flat dollar amount from a minimum of $________ (may be no less than $500) to a maximum of $________, [may be no more than the Code Section 402(g) limit and Code Section 414(v) limit, if applicable] not to exceed ___________% (no more than 100%) of their Compensation. [x] d. in any amount up to the maximum percentage of Compensation and dollar amount permissible under Code Section 402(g) and 414(v) not to exceed the limits of Code Section 401(k), 404 and 415. [ ] e. Highly Compensated Employees may defer any amount up to ___________% (may be no more than 100%) of Compensation or $________ [may be no more than the Code Section 402(g) limit and Code Section 414(v) limit, if applicable]. [x] f. Catch-up Contributions may be made by eligible Participants. 2. Participants shall be permitted to terminate their Elective Deferrals (including ▇▇▇▇ Elective Deferrals, if any) at any time upon proper and timely notice to the Employer. Modifications and reinstatement of Participants’ Elective Deferrals will become effective as soon as administratively feasible on a prospective basis as provided for below:
Appears in 1 contract
Sources: Nonstandardized Adoption Agreement (1st Constitution Bancorp)
CONTRIBUTIONS TO THE PLAN. The Employer shall make contributions to the Plan in accordance with the formula or formulas selected below. The Employer’s contribution shall be subject to the limitations contained in Articles III and X of the Basic Plan Document #01. For this purpose, a contribution for a Plan Year shall be limited by Compensation earned in the Limitation Year that ends with or within such Plan Year. For Limitation Years beginning on or after January 1, 2002, except to the extent permitted under paragraph 4.6(h) of the Basic Plan Document #01 and under Code Section 414(v), the Annual Addition that may be contributed or allocated to a Participant’s account under the Plan for any Limitation Year beginning after December 31, 2001 shall not exceed the lesser of (a) $40,000, as adjusted for increases in the cost-of-living under Code Section 415(d), or (b) 100% of the Participant’s Compensation within the meaning of Code Section 415(c)(3), for the Limitation Year.
A. Elective Deferrals:
1. Participants shall be permitted to make Elective Deferrals: [ ] a. in any amount up to ____________% (may be no more than 100%) of Compensation. [ [x] b. in any amount from a minimum of ___________1% (may be no less than 1%) to a maximum of ___________50% (may be no more than 100%) of their Compensation not to exceed $___________ [may be no more than the Code Section 402(g) limit and Code Section 414(v) limit, if applicable]. [ [x] c. in a flat dollar amount from a minimum of $________ 500 (may be no less than $500) to a maximum of $_____________, [may be no more than the Code Section 402(g) limit and Code Section 414(v) limit, if applicable] not to exceed ___________% (no more than 100%) of their Compensation. [x[ ] d. in any amount up to the maximum percentage of Compensation and dollar amount permissible under Code Section 402(g) and 414(v) not to exceed the limits of Code Section 401(k), 404 and 415. [ ] e. Highly Compensated Employees may defer any amount up to ___________% (may be no more than 100%) of Compensation or $__________ [may be no more than the Code Section 402(g) limit and Code Section 414(v) limit, if applicable]. [x] f. Catch-up Contributions may be made by eligible Participants.
2. Participants shall be permitted to terminate their Elective Deferrals (including ▇▇▇▇ Elective Deferrals, if any) at any time upon proper and timely notice to the Employer. Modifications and reinstatement of Participants’ Elective Deferrals will become effective as soon as administratively feasible on a prospective basis as provided for below:: [ ] [ ] On a daily basis. [x] [x] On the first day of each quarter. [ ] [ ] On the first day of the next month. [ ] [ ] The beginning of the next payroll period. [ ] [ ] On the first day of the next semi-annual period. [ ] n/a Upon _____ days notice to the Plan Administrator. n/a [ ] Upon _____ days notice to the Plan Administrator.
Appears in 1 contract
Sources: Adoption Agreement (Connecticut Water Service Inc / Ct)
CONTRIBUTIONS TO THE PLAN. The Employer shall make contributions to the Plan in accordance with the formula or formulas selected below. The Employer’s contribution shall be subject to the limitations contained in Articles III and X of the Basic Plan Document #01. For this purpose, a contribution for a Plan Year shall be limited by Compensation earned in the Limitation Year that ends with or within such Plan Year. For Limitation Years beginning on or after January 1, 2002, except to the extent permitted under paragraph 4.6(h) of the Basic Plan Document #01 and under Code Section 414(v), the Annual Addition that may be contributed or allocated to a Participant’s account under the Plan for any Limitation Year beginning after December 31, 2001 shall not exceed the lesser of (a) $40,000, as adjusted for increases in the cost-of-living under Code Section 415(d), or (b) 100% of the Participant’s Compensation within the meaning of Code Section 415(c)(3), for the Limitation Year.
A. Elective Deferrals:
1. Participants shall be permitted to make Elective Deferrals: [ ] a. in any amount up to ____________% (may be no more than 100%) of Compensation. [ [x] b. in any amount from a minimum of ___________1% (may be no less than 1%) to a maximum of ___________50% (may be no more than 100%) of their Compensation not to exceed $___________ [may be no more than the Code Section 402(g) limit and Code Section 414(v) limit, if applicable]. [ x] c. in a flat dollar amount from a minimum of $________ 500 (may be no less than $500) to a maximum of $_____________, [may be no more than the Code Section 402(g) limit and Code Section 414(v) limit, if applicable] not to exceed ___________% (no more than 100%) of their Compensation. [x[ ] d. in any amount up to the maximum percentage of Compensation and dollar amount permissible under Code Section 402(g) and 414(v) not to exceed the limits of Code Section 401(k), 404 and 415. [ ] e. Highly Compensated Employees may defer any amount up to ___________% (may be no more than 100%) of Compensation or $__________ [may be no more than the Code Section 402(g) limit and Code Section 414(v) limit, if applicable]. [x] f. Catch-up Contributions may be made by eligible Participants.
2. Participants shall be permitted to terminate their Elective Deferrals (including ▇▇▇▇ Elective Deferrals, if any) at any time upon proper and timely notice to the Employer. Modifications and reinstatement of Participants’ Elective Deferrals will become effective as soon as administratively feasible on a prospective basis as provided for below:: [ ] [ ] On a daily basis. [x] [x] On the first day of each quarter. [ ] [ ] On the first day of the next month. [ ] [ ] The beginning of the next payroll period. [ ] [ ] On the first day of the next semi-annual period. [ ] n/a Upon _____ days notice to the Plan Administrator. n/a [ ] Upon _____ days notice to the Plan Administrator.
Appears in 1 contract
Sources: Adoption Agreement (Connecticut Water Service Inc / Ct)