Requirements for Non-Safe Harbor Non-Elective Contributions Clause Samples

The "Requirements for Non-Safe Harbor Non-Elective Contributions" clause defines the conditions under which an employer may make non-elective contributions to employees' retirement plans that do not qualify for safe harbor status. Typically, this clause outlines eligibility criteria, contribution formulas, and any vesting schedules that apply to these contributions, ensuring that both the employer and employees understand the terms. Its core function is to provide a clear framework for non-safe harbor contributions, ensuring compliance with legal requirements and preventing misunderstandings about how and when such contributions are made.
Requirements for Non-Safe Harbor Non-Elective Contributions. (1) Age Requirement 0 (max. 21 – enter zero if none) (2) Service Requirement (check one) x A) None ¨ B) -month Period of Service (max. 2, but Vesting must be 100% if more than 1 year is used) ¨ C) -Year Period of Service (max. 24, but Vesting must be 100% if more than 12 months is used) ¨ D) -week Period of Service (max. 104, but Vesting must be 100% if more than 52 weeks are used) ¨ E) -day Period of Service (max. 730, but Vesting must be 100% if more than 365 days are used)
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Requirements for Non-Safe Harbor Non-Elective Contributions. (1) Age Requirement 0 (max. 21 — enter zero if none) (2) Service Requirement (check one) þ A) None o B) Year Period of Service (max. 2, but Vesting must be 100% if more than 1 year is used) o C) month Period of Service (max. 24, but Vesting must be 100% if more than 12 months are used) o D) week Period of Service (max. 104, but Vesting must be 100% if more than 52 weeks are used) o E) day Period of Service (max. 730, but Vesting must be 100% if more than 365 days are used) o F) Year(s) of Service (max. 2, but Vesting must be 100% if more than 1 year is used) o G) 1 Year of Service, or if earlier, (max. 11) consecutive calendar months of employment o in which the Employee is credited with at least Hours of Service per month o H) 1 Year of Service, or if earlier, (max. 51) consecutive weeks of employment o in which the Employee is credited with at least Hours of Service per week o I) 1 Year of Service, or if earlier, (max. 364) consecutive days of employment o in which the Employee is credited with at least Hours of Service per day
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Requirements for Non-Safe Harbor Non-Elective Contributions. (1) Age Requirement (max. 21 – enter zero if none) (2) Service Requirement (check one) o A) None o B) -Year Period of Service (max. 2, but Vesting must be 100% if more than 1 year is used)
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Related to Requirements for Non-Safe Harbor Non-Elective Contributions

  • Safe Harbor The recipient government will then compare the reporting year’s actual tax revenue to the baseline. If actual tax revenue is greater than the baseline, Treasury will deem the recipient government not to have any recognized net reduction for the reporting year, and therefore to be in a safe harbor and outside the ambit of the offset provision. This approach is consistent with the ARPA, which contemplates recoupment of Fiscal Recovery Funds only in the event that such funds are used to offset a reduction in net tax revenue. If net tax revenue has not been reduced, this provision does not apply. In the event that actual tax revenue is above the baseline, the organic revenue growth that has occurred, plus any other revenue-raising changes, by definition must have been enough to offset the in-year costs of the covered changes.

  • 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.

  • 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.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.

  • Rollover Contributions and Transfers The Custodian shall have the right to receive rollover contributions and to receive direct transfers from other custodians or trustees. All contributions must be made in cash or check.