Common use of Multiple Use Clause in Contracts

Multiple Use. If one or more Highly Compensated Employees participate in both a CODA and a plan subject to the ACP test maintained by the Employer and the sum of the ADP and ACP of those Highly Compensated Employees subject to either or both tests exceeds the Aggregate Limit, then the ACP of those Highly Compensated Employees who also participate in a CODA shall be reduced (beginning with such Highly Compensated Employee whose ACP is the highest) so that the limit is not exceeded. The amount by which each Highly Compensated Employee's Contribution Percentage Amounts is reduced shall be treated as an

Appears in 1 contract

Sources: 401(k) Salary Reduction Adoption Agreement (PCB Holding Co)

Multiple Use. If one or more Highly Compensated Employees participate in both a CODA and a plan subject to the ACP test maintained by the Employer and the sum of the ADP and ACP of those Highly Compensated Employees subject to either or both tests exceeds the Aggregate Limitlimit, then the ACP of those Highly Compensated Employees who also participate in a CODA shall will be reduced (beginning with such Highly Compensated Employee whose ACP is the highest) so that the limit is not exceeded. The amount by which each Highly Compensated Employee's Contribution Percentage Amounts is reduced shall be treated as an

Appears in 1 contract

Sources: Tax Sheltered Custodial Account Agreement (New England Funds Trust I)

Multiple Use. If one or more Highly Compensated Employees participate in both a CODA and a plan Plan subject to the ACP test maintained by the Employer and the sum of the ADP and ACP of those Highly Compensated Employees subject to either or both tests exceeds the Aggregate Limit, then the ACP of those Highly Compensated Employees who also participate in a CODA shall will be reduced (beginning with such Highly Compensated Employee whose ACP is the highestHighest) so that the limit is not exceeded. The amount by which each Highly Compensated Employee's Contribution Percentage Amounts is reduced shall be treated as an

Appears in 1 contract

Sources: Defined Contribution Plan and Trust (Trimedyne Inc)

Multiple Use. If one 1 or more Highly Compensated Employees participate in both a CODA and a plan subject to the ACP test maintained by the Employer and the sum of the ADP and ACP of those Highly Compensated Employees subject to either or both tests exceeds the Aggregate Limit, then the ACP of those Highly Compensated Employees who also participate in a CODA shall will be reduced (beginning with such Highly Compensated Employee whose ACP is the highest) so that the limit is not exceeded. The amount by which each Highly Compensated Employee's Contribution Percentage Amounts is reduced shall be treated as an

Appears in 1 contract

Sources: Regional Prototype Profit Sharing Plan and Trust/Custodial Account Nonstandard Plan Adoption Agreement (Greater Bay Bancorp)

Multiple Use. If one or more Highly Compensated Employees participate in both a CODA and a an Employer plan subject to the ACP test maintained by the Employer and the sum of the ADP and ACP of those Highly Compensated Employees subject to either or both tests exceeds the Aggregate Limit, then the ACP of those the Highly Compensated Employees who also participate in a CODA shall be are reduced (beginning with such the Highly Compensated Employee whose ACP is the highest) so that until the limit is not exceeded. The amount by which each Highly Compensated Employee's Contribution Percentage Amounts is reduced shall be is treated as an

Appears in 1 contract

Sources: 401(k) Profit Sharing Adoption Agreement (Kevco Inc)