ADP Test. As of the end of each Plan Year after Excess Elective Deferrals have been determined, the Plan must satisfy the ADP Test. The ADP Test shall be satisfied using the current year testing method, unless the Employer elected in Item L(2)(a) to use the prior year testing method. An Employer Group may make a separate election under this section. Any elections must be made in writing and in accordance with the regulations under Code Section 401(k) and shall be included as a permanent part of the Plan.
Appears in 2 contracts
Sources: Basic Savings Plan (NB Bancorp, Inc.), Basic Savings Plan (Penske Automotive Group, Inc.)
ADP Test. As of the end of each Plan Year after Excess Elective Deferrals have been determined, the Plan must satisfy the ADP Test. The ADP Test shall be satisfied using the current prior year testing method, unless the Employer we have elected in Item L(2)(aK(2)(a) to use the prior current year testing method. An Employer Group may make a separate election under this section. Any elections must be made in writing and in accordance with the regulations under Code Section 401(k) and shall be included as a permanent part of the Plan.
Appears in 2 contracts
Sources: 401(k) Profit Sharing Plan Adoption Agreement (First Financial Northwest, Inc.), 401(k) Profit Sharing Plan (Community Bancorp)