Common use of ADP Correction Clause in Contracts

ADP Correction. The HCE with the highest Deferral percentage shall have his or her Deferral percentage reduced to the lesser of the extent required to meet the ADP Test or to cause his or her Deferral percentage to equal that of the HCE with the next highest Deferral percentage. The process shall be repeated until the ADP Test is met. To the extent a HCE's Deferrals were determined to be reduced as described in the paragraph above, Before-Tax Contributions shall, by the end of the next Plan Year, be refunded to the HCE in an amount equal to the actual Deferrals minus the product of the maximum percentage and the HCE's Compensation, except that such amount to be refunded shall be reduced by Before-Tax Contributions previously refunded because they exceeded the Contribution Dollar Limit. Excess amounts shall first be taken from unmatched Before-Tax Contributions and then from matched Before-Tax Contributions. Any Matching Contributions attributable to refunded excess Before-Tax Contributions -------------------------------------------------------------------------------- 51 as described in this Section, adjusted for investment gain or loss, shall be forfeited and used to reduce Contributions made by an Employer as soon as administratively feasible.

ADP Correction. The HCE with the highest Deferral percentage shall have his or her Deferral percentage reduced to the lesser of the extent required to meet the ADP Test or to cause his or her Deferral percentage to equal that of the HCE with the next highest Deferral percentage. The process shall be repeated until the ADP Test is met. To the extent a an HCE's Deferrals were determined to be reduced as described in the paragraph above, BeforeEmployee Pre-Tax Contributions shall, by the end of the next Plan Year, be refunded to the HCE in an amount equal to the actual Deferrals minus the product of the maximum percentage and the HCE's Compensation, except that such amount to be refunded shall be reduced by Before-Employee Pre- Tax Contributions previously refunded because they exceeded the Contribution Dollar Limit. Excess The excess amounts shall first be taken from unmatched BeforeEmployee Pre-Tax Contributions and then from matched BeforeEmployee Pre-Tax Contributions. Any Matching Employer Contributions attributable to refunded excess BeforeEmployee Pre-Tax Contributions -------------------------------------------------------------------------------- 51 as described in this Section, adjusted for investment gain or loss, Section shall be forfeited and used to reduce Contributions made by an Employer as soon as administratively feasible.

ADP Correction. The HCE with the highest Deferral percentage shall have his or her Deferral percentage reduced to the lesser of the extent required to meet the ADP Test or to cause his or her Deferral percentage to equal that of the HCE with the next highest Deferral percentage. The process shall be repeated until the ADP Test is met. To the extent a an HCE's Deferrals were determined to be reduced as described in the paragraph above, BeforePre-Tax Contributions shall, by the end of the next Plan Year, be refunded to the HCE in an amount equal to the actual Deferrals minus the product of the maximum percentage and the HCE's Compensation, except that such amount to be refunded shall be reduced by Before-Pre- Tax Contributions previously refunded because they exceeded the Contribution Dollar Limit. Excess The excess amounts shall first be taken from unmatched BeforePre-Tax Contributions and then from matched BeforePre-Tax Contributions. Any Matching Match Contributions attributable to refunded excess BeforePre-Tax Contributions -------------------------------------------------------------------------------- 51 as described in this Section, adjusted for investment gain or loss, Section shall be forfeited and used to reduce Contributions made by an Employer as soon as administratively feasibledescribed in Section 8.6.