Alternate Formula. Each Plan Sponsor electing the Alternate Formula will compute and make a Qualified Matching Contribution for each Match Period based on an alternate matching formula specified in the Adoption Agreement in accordance with which: (A) the aggregate amount of Qualified Matching Contributions at least equals that of the Standard Formula above, (B) the rate of Qualified Matching Contributions does not increase as the Participant’s contributions increase, e.g., the Plan Sponsor cannot match at a 50% rate on the first x% of Compensation and 100% on the next y% of Compensation, and (C) Qualified Matching Contributions are not awarded in excess of the first six percent of Compensation.
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Sources: Horizon 401(k) Plan, 401(k) Plan