Common use of ACP Correction Clause in Contracts

ACP Correction. The HCE with the highest Contribution dollar amount shall have his or her Contribution dollar amount reduced in an amount equal to the lesser of the dollar amount of excess Contributions for all HCES or the dollar amount that would cause his or her Contribution dollar amount to equal that of the HCE with the next highest Contribution dollar amount. The process shall be repeated until the total of the Contribution dollar amount reductions equals the dollar amount of excess Contributions for all HCES. To the extent an HCE's Contributions were determined to be reduced as described in the paragraph above, Employer Contributions shall, by the end of the next Plan Year, be refunded to the HCE as of the end of the Plan Year being tested.

ACP Correction. The HCE with the highest Contribution dollar amount shall have his or her Contribution dollar amount reduced in an amount equal to the lesser of the dollar amount of excess Contributions for all HCES HCEs or the dollar amount that would cause his or her Contribution dollar amount to equal that of the HCE with the next highest Contribution dollar amount. The process shall be repeated until the total of the Contribution dollar amount reductions equals the dollar amount of excess Contributions for all HCESHCEs. To the extent an HCE's Contributions were determined to be reduced as described in the paragraph above, Employer Company Match Contributions shall, by the end of the next Plan Year, be refunded to the HCE as of the end of the Plan Year being testedHCE.

ACP Correction. The HCE with the highest Contribution dollar amount shall have his or her Contribution dollar amount reduced in an amount equal to the lesser of the dollar amount of excess Contributions for all HCES HCEs or the dollar amount that would cause his or her Contribution dollar amount to equal that of the HCE with the next highest Contribution dollar amount. The process shall be repeated until the total of the Contribution dollar amount reductions equals the dollar amount of excess Contributions for all HCESHCEs. To the extent an HCE's Contributions were determined to be reduced as described in the paragraph above, Employer Contributions shall, by the end of the next Plan Year, be refunded to the HCE HCE. The excess amounts shall first be taken from unmatched After-Tax Contributions and then as a proportional combination of the end of the Plan Year being testedmatched After-Tax and Company Match Contributions.

ACP Correction. The HCE with the highest Contribution dollar amount shall have his or her Contribution dollar amount reduced in an amount equal to the lesser of the dollar amount of excess Contributions for all HCES HCEs or the dollar amount that would cause his or her Contribution dollar amount to equal that of the HCE with the next highest Contribution dollar amount. The process shall be repeated until the total of the Contribution dollar amount reductions equals the dollar amount of excess Contributions for all HCESHCEs. To the extent an HCE's Contributions were determined to be reduced as described in the paragraph above, Employer Contributions shall, by the end of the next Plan Year, be refunded to the HCE to the extent vested, and forfeited and used as described in Section 8.6 to the extent such amounts were not vested, as of the end of the Plan Year being tested. The excess amounts shall first be taken from After-Tax Contributions and then from Match Contributions.

ACP Correction. The HCE with the highest Contribution dollar amount shall have his or her Contribution dollar amount reduced in an amount equal to the lesser of the dollar amount of excess Contributions for all HCES HCEs or the dollar amount that would cause his or her Contribution dollar amount to equal that of the HCE with the next highest Contribution dollar amount. The process shall be repeated until the total of the Contribution dollar amount reductions equals the dollar amount of excess Contributions for all HCESHCEs. To the extent an HCE's Contributions were determined to be reduced as described in the paragraph above, Employer Contributions shall, by the end of the next Plan Year, be refunded to the HCE to the extent vested, and forfeited and used as described in Section 8 to the extent such amounts were not vested, as of the end of the Plan Year being tested. The excess amounts shall first be taken from After-Tax Contributions and then from Match Contributions.

ACP Correction. The HCE with the highest Contribution dollar amount shall have his or her Contribution dollar amount reduced in an amount equal to the lesser of the dollar amount of excess Contributions for all HCES HCEs or the dollar amount that would cause his or her Contribution dollar amount to equal that of the HCE with the next highest Contribution dollar amount. The process shall be repeated until the total of the Contribution dollar amount reductions equals the dollar amount of excess Contributions for all HCESHCEs. To the extent an HCE's Contributions were determined to be reduced as described in the paragraph above, Employer MailCoups Matching Contributions shall, by the end of the next Plan Year, be refunded to the HCE to the extent vested, and forfeited and used as described in Section 8 to the extent such amounts were not vested, as of the end of the Plan Year being tested.

ACP Correction. The HCE with the highest Contribution dollar amount shall have his or her Contribution dollar amount reduced in an amount equal to the lesser of the dollar amount of excess Contributions for all HCES HCEs or the dollar amount that would cause his or her Contribution dollar amount to equal that of the HCE with the next highest Contribution dollar amount. The process shall be repeated until the total of the Contribution dollar amount reductions equals the dollar amount of excess Contributions for all HCESHCEs. To the extent an HCE's Contributions were determined to be reduced as described in the paragraph above, Employer Contributions shall, by the end of the next Plan Year, be refunded to the HCE as of the end of the Plan Year being testedHCE. The excess amounts shall first be taken from After-Tax Contributions and then from Matching Contributions.

ACP Correction. The HCE with the highest Contribution dollar amount shall have his or her Contribution dollar amount reduced in an amount equal to the lesser of the dollar amount of excess Contributions for all HCES HCEs or the dollar amount that would cause his or her Contribution dollar amount to equal that of the HCE with the next highest Contribution dollar amount. The process shall be repeated until the total of the Contribution dollar amount reductions equals the dollar amount of excess Contributions for all HCESHCEs. To the extent an HCE's Contributions were determined to be reduced as described in the paragraph above, Employer Contributions shall, by the end of the next Plan Year, be refunded to the HCE to the extent such amounts were not vested, as of the end of the Plan Year being tested. The excess amounts shall be taken from unmatched After-Tax Contributions and then as a proportional combination of matched After-Tax and Matching Contributions.