Forfeiture of Matching Contributions Clause Samples

The Forfeiture of Matching Contributions clause outlines the conditions under which an employee may lose employer-matched contributions to a retirement or savings plan. Typically, this clause applies if the employee fails to meet certain requirements, such as vesting periods or continued employment for a specified duration. Its core function is to incentivize employee retention and ensure that matching contributions are only fully granted to employees who fulfill the plan’s terms, thereby protecting the employer from providing benefits to short-term employees.
Forfeiture of Matching Contributions. Notwithstanding any other provision of the Plan, any portion of a Matching Contribution attributable to Elective Deferrals that are distributed as excess deferrals or excess contributions in accordance with subsections 8.6 or 8.8 shall be forfeited and applied in accordance with subsection 11.6.
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Forfeiture of Matching Contributions. In the case of any withdrawal made under this subsection (i), any Matching Contributions made with respect to such withdrawn Salary Deferrals must be forfeited.
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Forfeiture of Matching Contributions. In order to satisfy Sections 6.1, 6.2 and 6.3, the Plan Administrator, in its discretion, may forfeit non-Vested Employer Matching Contributions, and the income allocable thereto, in lieu of distributing such amounts. In the event an Employer Matching Contribution relates to an excess deferral under Section 6.1, or an excess Before-Tax Contribution under Sections 6.2 and 6.3, the Employer Matching Contribution and income allocable thereto shall be forfeited. The income allocable to an Employer Matching Contribution shall be determined in accordance with the procedure for determining income allocable to Excess Aggregate Contributions set forth in Section 6.3(c). Forfeited Employer Matching Contributions and the income allocable thereto shall be used to offset future Employer Matching Contributions to the Plan. The forfeited amounts are treated as Annual Additions under the Plan for those Participants from whose Accounts the amounts are forfeited.
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Forfeiture of Matching Contributions. Matching Contributions may be forfeited when: (a) The Elective Deferral to which the Matching Contribution relates is returned because it was determined to be an Excess Deferral, Excess Contribution or Excess Annual Addition; (b) The Employee Contribution to which the Matching Contribution relates is returned because it was determined to be either an Excess Aggregate Contribution or Excess Annual Addition. The requirements of this Section shall be met in whole or in part if the Matching Contribution in question is returned to the Participant as an Excess Aggregate Contribution. Following the forfeiture of Matching Contributions pursuant to this Section, the highest rate of Matching Contribution allocated to any Highly Compensated Employee may not exceed the lowest rate of Matching Contribution allocated to any non-Highly Compensated Employee eligible to receive an allocation of Matching Contributions under this Plan or under all plans in a mandatory or permissive aggregation group. This provision shall not apply in the case of a non-Highly Compensated Employee whose allocation of Matching Contributions is limited by the application of section 415 of the Code. Allocation of Forfeitures under this Section shall be governed by elections regarding the allocation of the forfeiture of Matching Contributions in the Adoption Agreement.
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Forfeiture of Matching Contributions. Matching Contributions shall be forfeited when:
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Related to Forfeiture of Matching Contributions

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Employer Contributions An employer must make such superannuation contributions to a superannuation fund for the benefit of an employee as will avoid the employer being required to pay the superannuation guarantee charge under superannuation legislation with respect to that employee.

  • Company Contributions The Company shall continue to make a Company Contribution for Plan Years 2020, 2021, and 2022, on the same terms and conditions set forth in the Participant Agreement, with the performance metrics and targets in connection with such Company Contributions for such Plan Years to be established in the sole discretion of the Committee, following consultation with the Chief Executive Officer of the Company.

  • Elective Deferrals (a) The Committee may establish procedures pursuant to which Employee may elect to defer, until a time or times later than the vesting of a Performance Share Unit, receipt of all or a portion of the shares of Common Stock deliverable in respect of a Performance Share Unit, all on such terms and conditions as the Committee (or its designee) shall determine in its sole discretion. If any such deferrals are permitted for Employee, then notwithstanding any provision of this Agreement or the Plan to the contrary, an Employee who elects such deferral shall not have any rights as a stockholder with respect to any such deferred shares of Common Stock unless and until the date the deferral expires and certificates representing such shares are required to be delivered to Employee. The foregoing notwithstanding, no deferrals of Dividend Equivalents related to any Performance Share Units under this Award will be permitted. Moreover, the Committee further retains the authority and discretion to modify and/or terminate existing deferral elections, procedures and distribution options. (b) Notwithstanding any provision to the contrary in this Agreement, if deferral of Performance Share Units is permitted, each provision of this Agreement shall be interpreted to permit the deferral of compensation only as allowed in compliance with the requirements of Section 409A of the Internal Revenue Code and any provision that would conflict with such requirements shall not be valid or enforceable. Employee acknowledges, without limitation, and consents that application of Section 409A of the Internal Revenue Code to this Agreement may require additional delay of payments otherwise payable under this Agreement. Employee and the Company further hereby agree to execute such further instruments and take such further action as reasonably may be necessary to comply with Section 409A of the Internal Revenue Code.