Common use of Safe Harbor Nonelective Contributions Clause in Contracts

Safe Harbor Nonelective Contributions. As an alternative to the nondiscrimination safe harbor in Section 3.03(f)(1) above, the Employer may satisfy the nondiscrimination safe harbor if the Employer is required, without regard to whether the Participant makes an Elective Deferral, to make a contribution to a defined contribution plan, on behalf of each Nonhighly Compensated Participant and, unless otherwise elected in the Adoption Agreement, to the Highly Compensated Participants, in an amount equal to at least 3% of the Participant’s Compensation.

Safe Harbor Nonelective Contributions. As an alternative to the nondiscrimination safe harbor in Section 3.03(f)(13.03(d)(1) above, the Employer may satisfy the nondiscrimination safe harbor if the Employer is required, without regard to whether the Participant makes an Elective Deferral, to make a contribution to a defined contribution plan, on behalf of each Nonhighly Compensated Participant and, unless otherwise elected in at the Adoption AgreementEmployer’s discretion, to the Highly Compensated ParticipantsEmployees, in an amount equal to at least 3% of the Participant’s Compensation.