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:
Appears in 2 contracts
Sources: 401(k) Non Standardized Prototype Adoption Agreement (Enpro Industries, Inc), 401(k) Adoption Agreement (Pacific Capital Bancorp /Ca/)
Safe Harbor Contributions. 5.1 ¨ o “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. ¨ o 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. ¨ o This contribution will be made to the following defined contribution plan in lieu of this Plan:
Appears in 1 contract
Sources: 401(k) Non Standardized Prototype Adoption Agreement (Michaels Stores Inc)