Age Based Allocation Clause Samples
Age Based Allocation. The discretionary Employer Contribution designated in AA §6-2(a) will be allocated under the age-based allocation formula so that each Participant receives a pro rata allocation based on adjusted Plan Compensation. For this purpose, a Participant’s adjusted Plan Compensation is determined by multiplying the Participant’s Plan Compensation by an Actuarial Factor (as described in Section 1.04 of the Plan). A Participant’s Actuarial Factor is determined based on a specified interest rate and mortality table. Unless designated otherwise under (1) or (2) below, the Plan will use a designated interest rate of 8.5% and a UP-1984 mortality table.
Age Based Allocation. Each eligible Participant shall receive an allocation of the Employer discretionary contribution based on the age of the Participant as shown in the table below: (Plans intending to provide a schedule that "increases smoothly" under Reg. 1.401(a)(4)-8 must enter percentages that increase, but not more than 5% points or by a ratio of 2.) Ages grouped in 10 year intervals: Attained Age Percentage of Compensation Less than 25 % 25 to 34 % 35 to 44 % 45 to 54 % 55 to 64 % 65 or older %
Age Based Allocation. The Employer will allocate the Employer contributions, plus any forfeitures, if forfeitures are reallocated to Participants, in the same ratio that each Participant's Benefit Factor for the Plan Year bears to the sum of the Benefit Factors of all Participants for the Plan Year. A Participant's Benefit Factor is his or her Plan Compensation for the Plan Year multiplied by the actuarial factor required by the Internal Revenue Service.
(i) Interest rate: ____ % (must be between 7.5% and 8.5%)
(ii) Mortality table: ____
Age Based Allocation. Each eligible Participant shall receive an allocation of the Non- Elective Contribution based on the age of the Participant as shown in the table below: (Plans intending to provide a schedule that "increases smoothly" under Reg. 1.401(a)(4)-8 must enter percentages that increase, but not more than 5 percentage points or by a ratio of 2.) (Requires additional testing)
1. Ages grouped in 10 year intervals: Attained Age Percentage of Attained Age Percentage of Less than 25 % 45 to 54 % 25 to 34 % 55 to 64 % 35 to 44 % 65 or older %
Age Based Allocation. Each eligible Participant shall receive an allocation of the Non-Elective Contribution based on the age of the Participant as shown in the table below: (Plans intending to provide a schedule that ""increases smoothly"" under Reg. 1.401(a)(4)-8 must enter percentages that increase, but not more than 5 percentage points or by a ratio of 2.) (Requires additional testing)
1. Ages grouped in 10 year intervals: Attained Age Percentage of Attained Age Percentage of Less than 25 25 to 34 35 to 44 % 45 to 54 % % 55 to 64 % % 65 or older %
2. Ages grouped in 5 year intervals Attained Age Percentage of Attained Age Percentage of Less than 25 % 45 to 49 % 25 to 29 % 50 to 54 % 30 to 34 % 55 to 59 % 35 to 39 % 60 to 44 % 40 to 44 % 65 or older % x. A percentage of Compensation based on Years of Credited Service as shown in the table below: (Plans intending to provide a schedule that ""increases smoothly"" under Reg. 1.401(a)(4)-8 must enter percentages that increase, but not more than 5 percentage points or by a ratio of 2.) (Requires additional testing)
1. Fifth year in second Credited Service range: (Also select one of x.1.A or x.1.B.)
Age Based Allocation custom range.
Age Based Allocation. 5 years.