Safe Harbor Contributions Sample Clauses
A Safe Harbor Contributions clause outlines the employer's obligation to make specific, non-discretionary contributions to employees' retirement plans, typically to satisfy IRS requirements for 401(k) plans. These contributions are usually either a fixed percentage of employee compensation or a matching contribution based on employee deferrals, and they must be fully vested immediately. The core function of this clause is to ensure the retirement plan automatically meets certain nondiscrimination standards, thereby exempting the plan from complex annual testing and providing employees with guaranteed employer contributions.
Safe Harbor Contributions. The Safe Harbor Method CODA provisions of Section 3.14 of the Base Plan Document: ¨(1) apply þ(2) do not apply
Safe Harbor Contributions. If the Employer elects under Section 14.02(D) to apply the safe harbor provisions to the Plan, the Employer will allocate the safe harbor contributions to the safe harbor contributions Account of each Participant unless the Employer in an Addendum to its Adoption Agreement elects to limit safe harbor allocations to Nonhighly Compensated Employees.
Safe Harbor Contributions. To qualify as a Safe Harbor 401(k) Plan, the Employer must make a Safe Harbor Matching Contribution or Safe Harbor Employer Contribution. The Safe Harbor Contribution elected under this AA §6C-2 will be in addition to any Employer Contribution or Matching Contribution elected in AA §6 or AA §6B above.
Safe Harbor Contributions. 5.1 ¨ “Mandatory” ADP Safe Harbor Non-Elective Contributions. Subject to Section 3.20 of the Basic Plan, the Employer will make an ADP Safe Harbor Non-Elective Contribution for each Safe Harbor Participant in an amount equal to 3% (or such higher percentage as may be elected by the Employer by resolution) of Compensation, except as may be indicated below. ¨ The ADP Safe Harbor Non-Elective Contribution will be used to offset the allocation that would otherwise be made to the Participant under Section 7 of the Adoption Agreement. If Section 7.2(d) of the Adoption Agreement is checked, this offset applies only to the second step of the Two-Step Formula or the fourth step of the Four-Step Formula, as applicable. ¨ This contribution will be made to the following defined contribution plan in lieu of this Plan:
Safe Harbor Contributions. If so elected under Part 4E of the 401(k) Agreement, the Employer may elect to treat this Plan as a Safe Harbor 401(k) Plan. To qualify as a Safe Harbor 401(k) Plan, the Employer must make a Safe Harbor Nonelective Contribution or a Safe Harbor Matching Contribution under the Plan. Such contributions are subject to special vesting and distribution restrictions and must be allocated to the Eligible Participants’ Safe Harbor Nonelective Contribution Account or Safe Harbor Matching Contribution Account, as applicable. Section 17.6 describes the requirements that must be met to qualify as a Safe Harbor 401(k) Plan and the method for calculating the amount of the Safe Harbor Contribution that must be made under the Plan.
Safe Harbor Contributions. In addition to any Employer Contributions designated in AA §6-2 above, the Employer will make a contribution to this Plan designed to satisfy the Safe Harbor 401(k) Plan provisions under the [insert name of Safe Harbor 401(k) Plan]. Any Safe Harbor Contribution made under this Plan will be determined in accordance with the provisions of the above referenced Safe Harbor 401(k) Plan.
Safe Harbor Contributions. The Plan shall satisfy the contribution requirement of Code Section 401(k)(12) through the use of Safe Harbor Matching Contributions or Safe Harbor Nonelective Contributions as selected in the Adoption Agreement.
Safe Harbor Contributions. An Employer which elects under this Section 3.05(E) to apply the safe harbor provisions must make a Safe Harbor Contribution to the Plan. Except as otherwise provided in this Section 3.05, the Employer must make its Safe Harbor Contributions (and any Additional Matching Contributions which will satisfy the ACP test safe harbor), no later than twelve months after the end of the Plan Year to which such contributions are allocated.
Safe Harbor Contributions. The following requirements must be satisfied to receive an in-service distribution from the Accounts selected in c.: (Select at least one of d.1. through d.4.)
Safe Harbor Contributions. The Company may elect to make safe harbor contributions under Code Section 401(m)(11) for any plan year and the Plan will be deemed to satisfy discrimination testing under Sections 4.3 and 4.4 of the Plan for the plan year. The Company elects to make safe harbor contributions by notifying employees in writing at least 30 days before the beginning of the plan year for which the safe harbor contributions will be made. The notice will describe the safe harbor contribution formula, the procedure for making retirement savings contributions, and the withdrawal rules that apply to safe harbor contributions. The safe harbor contribution will be credited to the safe harbor account of each participant eligible to make retirement savings contributions during the plan year even if the participant is not employed on the last day of the plan year. Reemployed veterans who return during the plan year will be entitled to a safe harbor contribution for all years of military service in which safe harbor contributions are made. The safe harbor contribution will be 100% vested and will be eligible for withdrawal only after termination of employment or age 59 1/2.