Matching Contributions With Respect to Employee Contributions. If the Plan provides a Matching Contribution with respect to a Participant’s Employee Contributions (but not Elective Deferrals), then the lowest Matching Rate for any Participant who is a NHCE among a group of Participants who are NHCEs that consists of half of all Participants who are NHCEs in the Plan for the Plan Year who make Employee Contributions for the Plan Year (or, if greater, the lowest Matching Rate for all Participants who are NHCEs in the Plan who are employed by the Sponsoring Employer on the last day of the Plan Year and who make Employee Contributions for the Plan Year).
Appears in 2 contracts
Sources: 401(k) Non Standardized Prototype Adoption Agreement (Michaels Stores Inc), 401(k) Non Standardized Prototype Adoption Agreement (Littelfuse Inc /De)